今日市场震荡走低，科创50指数跌超6%，沪指一度跌超2%。市场全天成交2.5万亿，较前一交易日放量 超1800亿，两市下跌股近3000只。 盘面上看，前期强势的科技股大幅走弱，算力和半导体产业链跌幅居前，寒武纪大跌超10%；而处于相 对低位的新能源赛道和大消费表现活跃，银行板块逆势拉升，农业银行创出历史新高。 对于当前市场走势，东方证券认为，总体来看，近期大市值科技龙头股推动指数快速冲高，随着市场风 格由极度一致到再平衡，市场短期进入高位震荡，波动幅度有所扩大，但调整更多体现为结构化控制， 高低切换与行业轮动特征明显，预计回落幅度有限，但上行同样乏力。 从个股看，两市上涨2297家，下跌2990家，140家涨幅持平。两市共44股涨停，共48股跌停。 截至收盘，沪指跌1.25%报3765.88点，成交11079亿元；深成指跌2.83%报12118.70点，成交14364亿 元。创业板指下跌4.25%，报2776.25点。 资金动向 今日主力资金重点抢筹零售、电池、光伏设备等板块，主力净流入居前的个股包括步步高、胜利精密、 天通股份等。 要闻回顾 1、两部门印发《电子信息制造业2025－2026年稳增长行动方案》 ...

Core Viewpoint - The article discusses the concept of "original company trauma," highlighting the negative experiences young professionals often face in their first jobs, which can lead to long-lasting psychological impacts [5]. Group 1: Experiences of Original Company Trauma - Many young professionals enter their first jobs with unrealistic expectations, leading to confusion and potential psychological harm due to the stark differences between academic and corporate environments [5]. - Numerous stories shared by individuals illustrate various forms of trauma, such as excessive criticism, lack of support, and toxic work cultures that contribute to feelings of inadequacy and anxiety [7][9][11][15][17][19][21][23][33]. - The prevalence of toxic management practices, including manipulation and emotional abuse (PUA), is a common theme in these narratives, indicating a systemic issue within certain corporate cultures [11][15][41]. Group 2: Cultural and Structural Issues in Companies - The article highlights the detrimental effects of a culture that prioritizes overwork, such as the expectation to work long hours without regard for personal well-being, which can lead to burnout and mental health issues [17][21][22][41]. - There are accounts of companies implementing punitive measures for absenteeism, which can create a fear-based environment that discourages employees from taking necessary breaks or sick leave [17][19]. - The narratives also reflect a lack of accountability and support within organizations, where employees feel they are blamed for failures without constructive feedback or solutions [15][19][23]. Group 3: Positive Experiences and Reflections - Some individuals report positive experiences in their first jobs, emphasizing supportive environments that foster growth and healthy work relationships, contrasting sharply with the negative experiences shared by others [42][43][45]. - These positive accounts suggest that not all companies contribute to original company trauma, and that a nurturing workplace can significantly influence an employee's career trajectory and mental health [42][43][45].

| | 短期期間形成系 | | | | | --- | --- | --- | --- | --- | | 名称 *● | 威新 | 涨幅% | 涨跌 涨跌家数 | 金额 | | 上证指数 | 3765.88 | -1.25 -47.68 | 902/1347 | 0.01 7.10亿 66.1万 1.11万亿 | | 深证成指 | 12118.70 | -2.83 -353.30 1236/1601 | | 0.08 8.99亿 181万 1.44万亿 | | 北证50 | 1538.98 | -0.80 -12.47 | 191/82 | 0.01 1670万 24.3万 379.60亿 | | 创业板指 | 2776.25 | -4.25 -123.12 | 506/863 | 0.15 2.63亿 75.9万 7163.17亿 | 盘面上，市场热点较为杂乱，个股跌多涨少，全市场近3000只个股下跌。从板块来看，大消费股逆势走 强，国光连锁等多股涨停。银行股探底回升，农业银行再创历史新高。光伏、储能概念股一度冲高，安 彩高科涨停。下跌方面，算力硬件、芯片股集体大跌，新易盛等多股跌超10%。 板块方面，零 ...

Core Viewpoint - The "ticket root economy" in Beijing is evolving into a new consumption model that integrates various sectors such as culture, commerce, tourism, and entertainment, driven by the 2025 Beijing Summer Film Carnival and a subsidy of 10 million yuan [1][3][10]. Group 1: Economic Impact - The Beijing Summer Film Carnival has allocated 10 million yuan in subsidies to stimulate the film market, offering citizens daily discounts of 20 to 30 yuan on movie tickets and exclusive viewing prices as low as 19.9 yuan [3][4]. - The initiative has successfully increased public enthusiasm for cinema, which in turn benefits local businesses in the cinema's vicinity through increased foot traffic and sales [3][10]. - During the first half of the year, the Beijing International Film Festival attracted 76.66 million visitors and generated 25.17 billion yuan in consumption, showcasing the potential of the "ticket root economy" [10]. Group 2: Consumer Engagement - Consumers are utilizing movie ticket stubs as a "pass" to access various discounts across different sectors, including dining, shopping, and entertainment, enhancing their overall experience [3][4]. - The initiative has led to significant participation from over 30 shopping districts and more than 20 cinemas, promoting cross-industry discounts and benefits [4][7]. - The "ticket root" activities have proven effective in attracting new customers to businesses, with many establishments reporting increased exposure and customer engagement due to the promotional events [6][7]. Group 3: Future Prospects - The "ticket root economy" is expected to evolve into a sustainable consumption ecosystem, potentially unlocking a second "hundred billion" market beyond box office revenues [10]. - The model aligns with the preferences of younger consumers who seek value and experience, indicating a promising future for integrated consumption strategies [10].

A股今日集体下跌，截至收盘，上证指数跌1.25%，深证成指跌2.83%，创业板跌4.25%，北证50跌 0.8%。沪深京三市全天成交额25819亿元，较上日放量1862亿元。全市场近3000只个股下跌。板块题材 上，乳业、零售、美容、旅游等大消费板块涨幅居前；算力硬件股、稀土永磁、军工板块跌幅居前。盘 面上，CPO、液冷服务器、算力硬件股集体大跌，天孚通信、新易盛、中际旭创、寒武纪、海光信息盘 中均跌超10%。军工装备板块表现弱势，建设工业、长城军工、内蒙一机封板跌停。稀土板块同样大幅 调整，中国稀土盘中触及跌停。大消费板块集体走强，乳业、零售、旅游方向领涨，国芳集团、安记食 品、岭南控股多股涨停。银行板块午后探底回升，农业银行盘中涨超5%创历史新高。 ...

A股三大指数4日早盘集体下跌，截至午盘，沪指跌1.97%，深成指跌2.37%，创业板指跌3.2%，北证50 指数涨0.58%，科创50指数跌5.38%，报1236.24点。沪深京三市半日成交额16187亿元，较上日放量1465 亿元。全市场超2600只个股下跌。板块题材方面，零售、旅游及酒店、光伏储能、造纸板块涨幅居前； CPO、半导体、贵金属、军工装备、有色金属板块跌幅居前。盘面上，CPO、半导体等算力硬件股集体 大跌，寒武纪、中际旭创、新易盛、天孚通信、太辰光多股盘中大跌超10%。军工装备板块大幅调整， 长城军工、建设工业、内蒙一机跌停。有色金属板块同样表现低迷，白银有色、洛阳钼业触及跌停。零 售、旅游、食品等大消费板块逆市走强，岭南控股、步步高、国芳集团、安记食品盘中纷纷涨停。电 池、储能板块表现活跃，天际股份、正业科技、通润装备涨停。造纸板块同样表现积极，景兴纸业封板 涨停。 （来源同花顺，以上信息为南都·湾财社AI大数据自动生成） ...

Core Viewpoint - The global market is showing cautious optimism in the first half of 2025, rebounding from tariffs, interest rate uncertainties, and debt concerns, with stocks, bonds, and commercial real estate (CRE) sectors demonstrating resilience [5][6]. Group 1: Macroeconomic Themes - De-globalization, monetary policy divergence, and debt sustainability are the three dominant themes in the global macroeconomic landscape [6][8]. - Concerns over tariffs and trade tensions have highlighted the trend of de-globalization, with initial fears easing as the year progressed [6][8]. - The debt-to-GDP ratio in the US and UK has surpassed 100%, raising concerns about government debt sustainability and leading to a steeper yield curve [6][8]. Group 2: Market Performance - After a sharp sell-off in the first quarter due to tariff announcements, the stock market experienced a V-shaped recovery, with the S&P 500 showing strong earnings performance [8][10]. - Global market earnings revisions appear to have bottomed out, indicating a potential turning point as earnings expectations remain resilient [10]. - The retail sector saw a decline in earnings growth, with a projected -1.7% in the second quarter, marking the first negative growth since the pandemic [14]. Group 3: Real Estate and Mortgage-Backed Securities - The institutional residential mortgage-backed securities (RMBS) market showed resilience due to stable new issuance and improving market sentiment [16]. - Housing activity has slightly rebounded, supported by increased inventory and builder incentives, helping to offset affordability pressures [16]. - The outlook for commercial real estate (CRE) and commercial mortgage-backed securities (CMBS) issuance is expected to improve, with refinancing volumes anticipated to rise due to expected Fed rate cuts [8][19]. Group 4: Credit Market Outlook - Expectations of Fed rate cuts later in the year are providing new momentum for the collateralized loan obligation (CLO) market, with revised forecasts for refinancing and reset issuance [19]. - The overall credit fundamentals for CLOs are expected to remain stable, with a slowdown in rating downgrades anticipated by year-end [19]. - The projected issuance for BSL new AAA and BB rated bonds is expected to narrow to 125 basis points and 500 basis points, respectively, by year-end [19].

Market Overview - The stock indices in the two markets experienced significant declines, with the Shanghai Composite Index dropping nearly 2% and falling below 3800 points, while the STAR Market 50 Index plummeted over 5% [1] - By midday, the Shanghai Composite Index was down nearly 2% at 3738.32 points, the Shenzhen Component Index fell by 2.37%, the ChiNext Index decreased by 3.2%, and the STAR Market 50 Index dropped by 5.38% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 161.89 billion yuan [1] Sector Performance - The semiconductor and military sectors saw the largest declines, while insurance, non-ferrous metals, pharmaceuticals, and banking sectors also experienced downturns [1] - Conversely, sectors such as tourism, catering, retail, food and beverage, and textiles and apparel showed gains, with solid-state batteries and duty-free concepts being particularly active [1] Market Dynamics - According to Industrial Securities, the market has shown extreme structural differentiation recently, with volatility significantly increasing, reaching a new high since June 23 in the current upward trend [1] - The increase in volatility is attributed to the need for the market to digest and consolidate after a continuous rise, indicating that for the current "healthy bull" market to sustain, sectors must alternate and rotate upward [1] Future Outlook - Looking ahead, as new momentum sectors begin to flourish, there are numerous sub-sectors within the technology growth sector that warrant exploration, emphasizing the importance of structure over rhythm [2] - For the market to progress further and remain healthy, a "multi-point blooming" approach is necessary, with a focus on the rotation and expansion of five key areas: Hong Kong internet, semiconductor equipment and materials, software applications, innovative pharmaceuticals, and the new energy industry chain [2]

另外，CPO概念高开低走，长飞光纤(601869)、华工科技(000988)、东山精密(002384)跌停；半导体股大 幅回调，寒武纪、东芯股份跌约12%，通富微电(002156)、兆易创新(603986)跌停；有色金属股普跌， 洛阳钼业(603993)、白银有色(601212)一度触及跌停，华钰矿业(601020)跌超9%。(格隆汇) (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月4日｜A股三大指数早盘集体下跌，截至午盘，沪指跌1.97%报3738.32点，深成指跌2.37%， 创业板指跌3.2%，科创50指数跌5.38%。沪深京三市半日成交额16187亿元，较上日放量1465亿元。全 市场超2600只个股下跌。 盘面上，大消费板块逆势上涨，旅游、零售、食品乳业方向涨幅靠前，岭南控股(000524)、国芳集团 (601086)、安记食品(603696)涨停；光 ...

今天上午，科技股走弱，算力和半导体产业链跌幅居前，中际旭创、新易盛、寒武纪等龙头股下跌。上 一交易日，证券板块调整，带动指数走弱。 近期强势板块接连调整，处于相对低位的新能源赛道和大消费上午表现活跃，大消费走势较强，旅游酒 店、免税店、零售等板块涨幅居前。 上午收盘，上证指数下跌1.97%，深证成指下跌2.37%，创业板指下跌3.2%。 今天上午，百济神州、新易盛、药明康德、中际旭创这四只龙头股股价巨震。其中，新易盛、中际旭创 波动幅度较大，带动算力板块下跌。 具体来看，中际旭创、新易盛上午分别下跌11.83%、13.61%，成交额分别为269.6亿元、248.7亿元，居 A股第一、第二位。此外，寒武纪、天孚通信、兆易创新、海光信息等个股下跌。 | | V | 创业板指 2806.63 -3.20% | | | | --- | --- | --- | --- | --- | | 新闻 | 成分股 | 诊大盘 基金 | 资金 | 简况(F10) | | 最新 | 公告调整 | 历史调整 | | | | 名称/代码 | | 成交额 = | 流通市值 ◆ | 总市值 + | | 宁德时代 融 300750 | | ...