新华社约翰内斯堡9月23日电（记者白舸 蒋国鹏）南非-中国贸易投资促进大会暨第九届中国-南非 贸易博览会开幕式23日在南非约翰内斯堡举行。此次活动由中国驻南非大使馆与南非贸易、工业和竞争 部联合主办，吸引500余家中南企业参会交流。 中国驻南非大使吴鹏在开幕式上表示，当前中南关系持续快速发展，各领域互利合作不断深化，给 两国民众带来巨大好处。本次大会是加强贸易投资合作共识的务实举措，也是推动两国资本、技术、资 源和市场高效对接的重要平台。 南非贸易、工业和竞争部副部长祖科·戈德林皮说，南非与中国长期以来的贸易与投资伙伴关系为 南非经济、就业和整体发展发挥了重要作用。南非政府将持续优化营商环境，重点推动矿业、制造业、 绿色经济、制药和基础设施等领域合作，期待吸引更多中国投资，共同塑造更加公平、互利共赢的未 来。 开幕式后举行了签约仪式。南中经贸协会与南非商业联合会签署了谅解备忘录，双方将在信息共 享、企业交流及联合研究等领域深化合作。此外，8家中方机构与南非当地企业签署了战略合作协议和 合作意向书。 据了解，本次展会为期3天，共吸引来自中国13个省份44个城市的数百家企业参会，涵盖纺织、家 电、电子、建材、家具 ...

中新社约翰内斯堡9月23日电 (记者孙翔)南非—中国贸易投资促进大会暨第九届中国—南非贸易博览会 开幕式23日在约翰内斯堡举行。活动由中国驻南非大使馆与南非贸易、工业和竞争部联合主办，吸引两 国政、商、学界等数百名代表出席。 中国驻南非大使吴鹏在开幕式上致辞。他表示，本次大会是落实中南两国元首重要共识，助力南非实现 工业化、出口多元化，践行高水平中南命运共同体的务实举措。希望双方企业通过今天的活动找到合作 好伙伴，为扩大双边贸易、加强产能投资注入新动力。 （文章来源：中国新闻网） 南非贸易、工业和竞争部副部长祖科·戈德林皮说，南非与中国的关系是南南合作的重要典范。长期以 来，南非与中国的经贸往来在促进南非经济增长、创造就业和推动整体发展方面发挥了重要作用。南非 政府将持续优化营商环境，重点推动矿业、制造业、服务业、能源、绿色经济、制药和基础设施等领域 合作。 开幕式后，南中经贸协会与南非联合工商会签署了谅解备忘录，双方将在信息共享、企业交流及联合研 究等领域深化合作。此外，8家中方机构与南非当地企业签署了战略合作协议和合作意向书。 本次展会为期3天，共吸引来自中国13个省份44个城市的数百家企业参会，涵盖纺织 ...

Core Viewpoint - The A-share market has shown significant upward momentum over the past year, with major indices experiencing substantial gains, although recent fluctuations indicate a short-term adjustment phase [1][2][3][7]. Market Performance - As of September 23, 2024, major A-share indices have recorded impressive annual increases: Shanghai Composite Index up 39.03%, Shenzhen Component Index up 62.31%, and ChiNext Index up 103.50% [3]. - The total market capitalization of A-shares rose from 74.71 trillion yuan to 113.71 trillion yuan, an increase of 39 trillion yuan, representing a growth rate of 52.20% [3]. - The trading volume on September 23 was 2.52 trillion yuan, marking a 376 billion yuan increase from the previous trading day, with 30 consecutive trading days exceeding 2 trillion yuan in volume [2][5]. Sector Performance - The technology sector has been particularly strong, with telecommunications, electronics, and comprehensive industries leading the gains, each rising over 100% in the past year [4]. - Among the 31 sectors tracked, all have shown positive growth, with telecommunications and electronics sectors seeing increases of 124.09% and 121.05%, respectively [4]. Individual Stock Highlights - Over the past year, 5,167 A-share stocks have shown positive returns, with 1,435 stocks rising over 100% and 420 stocks exceeding 200% [5]. - Notable high-performing stocks include Upwind New Materials, which surged by 1,720.50%, and ST Yushun, which increased by 1,133.01% [5]. Valuation Metrics - The rolling P/E ratios for major indices have significantly increased: Shanghai Composite from 12.24 to 16.38, Shenzhen Component from 19.59 to 30.85, and ChiNext from 23.53 to 43.62 [3][4]. - The technology sector's valuation has also risen sharply, with the telecommunications sector's rolling P/E increasing from 25.78 to 47.33 [4]. Market Outlook - Analysts suggest that the current market adjustment does not alter the medium-term upward trend, with expectations for continued growth driven by fundamental improvements in sectors related to new productive forces [6][7]. - The market is anticipated to experience increased volatility in the short term, but the overall positive trend is expected to persist [7][8].

9月23日，A股市场下探回升，深证成指、创业板指盘中均一度跌逾2%，收盘时创业板指上涨0.21%。 截至9月23日收盘，近一年（2024年9月24日-2025年9月23日）A股市场持续上涨，上证指数、深证成 指、创业板指分别累计上涨39.03%、62.31%、103.50%，A股主要股指估值均有明显提升。科技板块表 现强势，通信、电子、综合行业领涨，均涨逾100%。近一年超1400只股票涨幅超100%，上纬新材涨逾 1700%。 分析人士表示，短期市场处于震荡调整阶段，后续市场短期博弈加剧，或将延续热点轮动格局，但中期 向好趋势不改。 ● 本报记者 吴玉华 A股估值明显提升 9月23日，A股市场下探回升，盘中上证指数一度跌逾1%，深证成指、创业板指均一度跌逾2%。截至收 盘，上证指数、深证成指、科创50指数、北证50指数分别下跌0.18%、0.29%、0.10%、2.63%，创业板 指上涨0.21%。当日A股市场成交额为2.52万亿元，较前一个交易日增加3760亿元。自8月13日以来，A 股市场成交额已连续30个交易日超2万亿元。 从盘面上看，科技相关板块表现强势，半导体设备、半导体硅片、光刻机等板块表现活跃 ...

当上证指数上涨到3800点附近，A股日成交额连续多个交易日站稳2万亿元上方，上市公司分红金额频 频创出新高时，我们在时间轴上寻找到这一切的转折点——2024年9月24日。这一日，一揽子金融支持 经济高质量发展的改革举措推出，一系列超预期的政策"组合拳"精准发力，稳市场、稳信心、稳预期目 的明确，意在增强A股市场韧性。 改革之轮滚滚向前，"9·24"新政行至一年，资本市场生态变化更趋积极，各项改革举措风劲，系统性地 重塑了市场的基础制度和监管底层逻辑。市场预期和信心明显改善，中长期资金持续入市，市场发展的 质量和稳定性不断增强，可以说资本市场发展硕果累累。 在政策风向、资金流向等因素相互交织下，资本市场高质量发展的改革路线图愈加清晰明了。华西证券 首席策略分析师李立峰认为，中国资本市场在过去一年全球表现最佳，是对市场改革发展成果的最佳注 脚。从中长期来看，资本市场全面深化改革仍在继续，政策将保持改革的连续性、稳定性和一致性，促 进资本市场的高质量发展， 市场稳：各路资金汇聚而来 结构性货币政策创新工具提供充足流动性、中国版平准基金横空出世、险资入市空间拓宽、上市公司增 持回购、券商和公募基金等市场机构自购……过 ...

2024年9月24日，中国人民银行、金融监管总局、证监会联合推出一揽子金融支持经济高质量发展的改 革举措，为低迷的A股注入强心剂。一年后的今天，上证指数已悄然逼近3900点关口，市场活力持续迸 发。记者梳理出十组核心数据，全方位解析A股一年间发生的系统性、结构性变迁。 上证指数震荡攀升 特征凸显 过去一年间，上证指数震荡攀升，市场逐渐摆脱短期投机思维，向价值投资转变，呈现出市场内在的稳 定性和可持续发展潜力。 据证券时报·数据宝统计，一年间，上证指数累计涨幅超33%，最高触及3899.96点，创下10年多以来新 高。从其间表现来看，上证指数在"9·24"快速反弹后，呈现放量攀升格局，尤其是今年4月7日以来，上 证指数单日最大涨跌幅均维持在2%以内。市场结构方面，科技板块活力迸发，北证50指数累计大涨 150%，科创50、创业板指分别大涨111%、93%，市场整体呈现"硬科技领涨、蓝筹托底"的特征。 成交活跃度明显提升 市场交投活跃是行情发展的直观体现，也反映出投资者对A股市场信心的增强。数据显示，"9·24"一揽 子金融政策落地前，A股日均成交额维持在5000亿元左右水平，近期已连续30个交易日突破2万亿元。 ...

Core Insights - The introduction of a comprehensive financial policy on September 24 has led to a significant increase in the holdings of patient capital, which has reached historical highs, providing stability to the A-share market [1][2][6] Group 1: Patient Capital Growth - As of the end of August, the total market value of various long-term funds holding A-shares has reached 21.4 trillion yuan, a 32% increase compared to the end of the 13th Five-Year Plan [2] - The "national team," including central financial institutions, has a combined A-share holding value exceeding 3.7 trillion yuan, nearing historical peaks [2] - Insurance funds and social security funds have also reached record high holdings, surpassing 2 trillion yuan [2] Group 2: Investor Activity - The number of new individual investor accounts has surged, with 6.8468 million new accounts opened in October 2024, a 274.67% increase month-on-month, marking the highest level since June 2015 [3] - Since September 24, 2024, the total number of new A-share accounts has increased by over 80% compared to the previous 11 months, totaling 28.79 million [3] Group 3: Margin Financing Expansion - The margin financing balance has increased from 1.39 trillion yuan on September 24 to 2.42 trillion yuan, a growth of 41.97% [4] - The financing balance has reached a historical high of over 2.4 trillion yuan, with the financing buy-in amount consistently representing about 12% of A-share trading volume [4] Group 4: Foreign Capital Inflow - As of the end of the second quarter of 2025, the total market value of northbound funds has reached 2.29 trillion yuan, reflecting a more than 2% increase from the previous quarter [5] - Foreign capital is increasingly focusing on long-term and value investments, with significant holdings in companies like Ningde Times and WuXi AppTec [5] Group 5: Market Stability and Future Outlook - The combined efforts of various patient capital sources have led to a qualitative transformation in the market ecosystem, with the annualized volatility of the Shanghai Composite Index decreasing from 18.7% to 15.9% [5][6] - The market is expected to transition from scale expansion to quality improvement, supported by the influx of long-term capital [6]

Investment Rating - The report provides a positive investment outlook for the AI sector, highlighting significant growth potential and commercial viability of AI applications and products. Core Insights - The AI industry is experiencing rapid growth, with domestic AI product access rates outpacing global counterparts. Notably, the revenue share of AI in some listed companies has increased to 10-30% by mid-2025 [3][42]. - Major players in the AI market are focusing on commercializing their products, with a notable increase in bidding for large AI models, indicating a strong demand for AI technology in various sectors [3][42]. - The report emphasizes the importance of user engagement and product stickiness, suggesting that products with strong user bases and integration into daily workflows are less likely to be replaced by emerging AI models [3][42]. Summary by Sections 1. Investment Logic - The report discusses the ongoing recruitment of AI talent by major domestic companies, which is expected to enhance the commercialization of AI products. The growth in AI product access rates is significant, with domestic AI products showing a month-on-month increase of 11.9% compared to a global increase of 3.5% [3][8]. - By mid-2025, some computer companies have seen their AI revenue share rise to between 10-30% [3][42]. 2. AI Product User Engagement - The top 20 AI products globally are dominated by leading internet companies and AI model developers, with ChatGPT consistently ranking first in user access [8][10]. - The report highlights that the competitive landscape for AI products is intensifying, particularly among mid-tier applications, while top-tier products maintain a stable market position [10][19]. 3. AI Product Monetization - The report identifies that the top AI products by annual recurring revenue (ARR) are primarily from leading tech companies, with ChatGPT leading at $14.279 billion, followed by Claude at $5 billion [35][38]. - In the domestic market, the top AI products also show strong revenue performance, with PictureThis leading at $143 million [38][39]. 4. Domestic AI Model Bidding Demand - The report notes a significant increase in the number of domestic AI model bidding projects, with a year-on-year growth rate of 1190% in January 2025, indicating a rapid acceptance and implementation of AI technologies in the market [42][43].

自去年"9·24"行情启动以来，近一年（2024年9月24日至2025年9月23日）A股市场持续上涨，上证指 数、深证成指、创业板指分别累计上涨39.03%、62.31%、103.50%。 近一年，A股累计涨幅最大的行业是通信行业，板块涨幅达124.09%。 近一年，1435只股票涨幅超100%，其中上纬新材累计上涨1720.50%，为期间涨幅最大的个股。 数据显示，截至9月23日收盘，A股总市值为113.71万亿元，近一年增加约39万亿元。 | 证券简称 | 近一年涨 | 2024年9月23 | 2025年9月23 | | --- | --- | --- | --- | | | 幅(%) | 日滚动市盈率 | 日滚动市盈率 | | | | (倍) | (倍) | | 通信(申万) | 124. 09 | 25. 78 | 47. 33 | | 电子(申万) | 121. 05 | 38. 44 | 72. 65 | | 综合(申万) | 108. 05 | 44. 68 | 55. 96 | | 计算机(申万) | 82. 15 | 45. 45 | 92. 33 | | 机械设备(申万) | 80. 80 ...

Market Overview - The A-share market has experienced a significant increase since the "9·24" market rally, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 39.03%, 62.31%, and 103.50% respectively over the past year [1] - The total market capitalization of A-shares reached 113.71 trillion yuan, increasing by approximately 39 trillion yuan in the last year [1] Industry Performance - All 31 primary industries tracked by Shenwan have seen gains over the past year, with the technology sector leading the market [3] - The telecommunications industry recorded the highest increase at 124.09%, followed by electronics at 121.05% and the comprehensive sector at 108.05% [3][5] - The rolling price-to-earnings (P/E) ratios for major sectors have increased significantly, with telecommunications rising from 25.78 to 47.33, and electronics from 38.44 to 72.65 [3][5] Stock Performance - A total of 1,435 stocks have increased by over 100% in the past year, with 5167 stocks showing positive growth [6] - The stock with the highest increase is Aowei New Materials, which surged by 1720.50%, with its market cap growing from 2.05 billion yuan to 37 billion yuan [7][8] - Other notable stocks include *ST Yushun, which rose by 1133.01%, and Shenghong Technology, which increased by 1061.66% [7][8]