一、证券市场回顾 三、基金发行情况 昨日有2只新基金发行，分别为：华夏信选混合C、华夏信选混合A，详情见下表： | 伏马 | 总会名称 | 发行日期 | 投资类型 | 基金公司 | | --- | --- | --- | --- | --- | | 024422.OF | 华夏信选混合C | 20250828 | 混合型 | 华夏基金管理有限公司 | | 024421.OF | 年夏信选混合A | 20250828 | 泥合型 | 年夏基金管理有限公司 | 四、龙虎榜情况 南财金融终端数据显示，昨日（8月28日，下同）上证综指日内上涨1.14%，收于3843.6点，最高 3845.09点；深证成指日内上涨2.25%，收于12571.37点，最高12571.37点；创业板指日内上涨3.82%，收 于2827.17点，最高2827.17点。 二、融资融券情况 昨日沪深两市的融资融券余额为22365.43亿元，其中融资余额22210.57亿元，融券余额154.85亿元。两 市融资融券余额较前一交易日增加165.19亿元。分市场来看，沪市两融余额为11432.63亿元，相较前一 交易日增加94.1亿元；深市两融余额1 ...

Group 1: Report Industry Investment Ratings - No specific industry investment ratings provided in the report Group 2: Core Views of the Report - The risk appetite in the market has been restored. The stock index futures showed a V-shaped rebound and are in high-level oscillations. The stock index options suggest continuing to hold bull spreads. The bond market curve of treasury bond futures is steepening [1][2][3] Group 3: Summary by Relevant Catalogs 1. Market Views Stock Index Futures - The market outlook is oscillating with a bullish bias. The IF, IH, IC, and IM contracts showed specific changes in basis, inter - period spreads, and positions. The market sentiment has been repaired, with a preference for technology - growth stocks. It is considered a bull - market oscillation, and dips are good opportunities to add positions. The recommended operation is to allocate IM long positions [7] Stock Index Options - The market outlook is oscillating. The option market turnover remained stable, and the mid - term sentiment is optimistic. The volatility of different varieties varies. It is recommended to continue holding bull spreads [2][8] Treasury Bond Futures - The market outlook is oscillating. The treasury bond futures closed down across the board, and the yield curve continued to steepen. The central bank's net injection supported the short - end of the bond market, while the long - end was under pressure. Short - term opportunities in long - end arbitrage and curve steepening can be focused on. Different strategies such as trend, hedging, basis, and curve strategies are recommended [8][9][10] 2. Economic Calendar - The economic calendar includes data from the US, China, and Japan, such as new home sales, house price indices, industrial enterprise profits, and unemployment claims [11] 3. Important Information and News Tracking - The government released an opinion on promoting high - quality urban development, covering housing construction, community improvement, and urban renewal. Multiple small and medium - sized banks have lowered RMB deposit rates, and the deposit rates are still under downward pressure. The Chinese Ministry of Commerce is involved in international economic and trade negotiations [12][13][14] 4. Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content [15][19][31]

Market Overview - The market experienced a V-shaped rebound in the afternoon, with the Sci-Tech 50 index surging by 7.23% [1][3] - Major indices closed higher, with the Shanghai Composite Index up 1.14%, Shenzhen Component Index up 2.25%, and the ChiNext Index leading with a 3.82% increase [1][3] Sector Performance - The top-performing sectors included Communication (up 7.14%), Electronics (up 5.53%), and Defense & Military (up 2.29%) [2] - Conversely, sectors such as Coal (-0.81%), Agriculture, Forestry, Animal Husbandry and Fishery (-0.73%), and Textiles and Apparel (-0.47%) lagged behind [2] Conceptual Indices - Conceptual indices that performed well included Copper Cable High-Speed Connection (up 5.61%), Co-packaged Optics (CPO) (up 5.13%), and F5G Concept (up 5.12%) [2] - Underperforming conceptual indices included Genetically Modified Organisms (-1.81%) and Alzheimer’s Concept (-1.07%) [2] Future Outlook - The report indicates that the market's upward momentum is driven by industrial policy support and ample liquidity, with expectations of a fiscal stimulus window in the 3rd to 4th quarter [5] - It is suggested to focus on technology growth and financial sectors for investment opportunities, while cyclical industries and new energy may see performance improvements in the latter half of the year [5]

Group 1 - The financing balance of the Sci-Tech Innovation Board increased by 6.616 billion yuan compared to the previous day, marking a continuous increase for 34 trading days [1] - As of August 28, the total margin financing balance on the Sci-Tech Innovation Board reached 224.638 billion yuan, with a financing balance of 223.868 billion yuan [1] - Among the stocks on the Sci-Tech Innovation Board, 471 had a financing balance exceeding 100 million yuan, with 30 stocks having a balance over 1 billion yuan [1] Group 2 - The stock with the highest net financing inflow was Cambrian, with a latest financing balance of 10.770 billion yuan, increasing by 1.566 billion yuan, and the stock rose by 15.73% on that day [2] - Other stocks with significant net financing inflows included SMIC and Lattice Semiconductor, with net inflows of 1.348 billion yuan and 480 million yuan, respectively [2] - The average increase for stocks with net financing inflows exceeding 50 million yuan was 7.12%, with notable gainers including Qi Anxin and SMIC, which rose by 18.00% and 17.45% respectively [2] Group 3 - The stocks with the highest financing balance as a percentage of their market capitalization included Youfang Technology at 7.72%, followed by Ruikeda and Yuntian Lefe, with ratios of 6.32% and 6.23% respectively [2] - The sectors attracting the most interest from financing clients were electronics, computers, and power equipment, with 17, 6, and 2 stocks respectively [2] - Stocks with significant financing inflows also showed varied performance, with some experiencing declines, such as Zhongxin Bo and Huana Pharmaceutical, which fell by 5.57% and 2.27% respectively [3]

创业板公司最新融资余额4587.41亿元，已连续14个交易日增加，其间累计增加585.05亿元。 证券时报·数据宝统计显示，截至8月28日，创业板两融余额合计4602.43亿元，较上一交易日增加30.26 亿元。其中，融资余额合计4587.41亿元，较上一交易日增加29.82亿元，为连续14个交易日增加，其间 累计增加585.05亿元。 创业板两融余额及变动 | 日期 | 两融余额（亿元） | 环比增减（亿元） | 融资余额（亿元） | 环比增减（亿元） | | --- | --- | --- | --- | --- | | 2025.08.28 | 4602.43 | 30.26 | 4587.41 | 29.82 | | 2025.08.27 | 4572.17 | 39.06 | 4557.60 | 39.05 | | 2025.08.26 | 4533.11 | 48.78 | 4518.54 | 48.84 | | 2025.08.25 | 4484.33 | 100.50 | 4469.70 | 99.95 | | 2025.08.22 | 4383.83 | 9.07 | 4369.75 | 8 ...

Domestic Market Overview - The domestic market experienced wide fluctuations and a strong rebound on August 28, with the Shanghai Composite Index closing at 3843.6 points, up 1.14%, and the Shenzhen Component Index closing at 12571.37 points, up 2.25% [1][4] - The STAR 50 index rose by 7.23%, and the ChiNext index increased by 3.82%. The total trading volume of the A-share market was 300.09 billion yuan, showing a decrease compared to the previous day [1][4] - Among the 30 first-level industries of CITIC, 22 industries declined, with significant gains in communication, electronics, and comprehensive finance, while coal, agriculture, forestry, animal husbandry, and fishery saw the largest declines [1][4] Overseas Market Overview - On August 28, the three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.16%, the S&P 500 up 0.32%, and the Nasdaq up 0.53%. Notably, Google rose over 2% [2][4] - The U.S. technology giants index increased by 0.47%, with significant gains from companies like Cisco and Salesforce, which rose over 1% [2][4] - Chinese concept stocks showed mixed results, with Ctrip Group rising nearly 15% and Newegg falling over 18% [2][4] Key News - The Central Committee of the Communist Party of China and the State Council issued opinions on promoting high-quality urban development, aiming for significant progress in modern urban construction by 2030 [3][11] - The Central Education Working Group released an action plan for optimizing the adjustment of higher education disciplines and majors from 2025 to 2027, focusing on establishing a coordinated mechanism and improving the talent supply-demand matching system [3][12] - The 28th China-Canada Economic and Trade Joint Committee was held in Ottawa, focusing on improving bilateral economic relations and addressing trade concerns [3][13][14] - The "2025 China Top 500 Private Enterprises" list was released, with JD Group, Alibaba, and Hengli Group ranking in the top three, and the total revenue of these enterprises reaching 43.05 trillion yuan [3][16]

Summary of Key Points Core Viewpoint - On August 28, Xin Heng Hui's stock increased by 0.46% with a trading volume of 990 million yuan, indicating a stable market performance despite a net financing outflow [1][2]. Financing and Trading Data - On the same day, Xin Heng Hui had a financing purchase amount of 98.05 million yuan, while the financing repayment was 106 million yuan, resulting in a net financing outflow of 8.45 million yuan [1][2]. - As of August 28, the total financing and securities lending balance for Xin Heng Hui was 437 million yuan, which represents 9.98% of its circulating market value [2]. Company Overview - Xin Heng Hui Electronic Co., Ltd. is located in Zibo City, Shandong Province, and was established on December 7, 2017, with its listing date set for June 20, 2025 [2]. - The company's main business includes smart card operations (59.74% of revenue), etched lead frame business (28.34%), and IoT eSIM chip testing services (6.16%), with other revenues accounting for 5.76% [2]. Financial Performance - For the first half of 2025, Xin Heng Hui reported a revenue of 474 million yuan, reflecting a year-on-year growth of 14.51%. However, the net profit attributable to shareholders was 88.95 million yuan, showing a year-on-year decrease of 11.94% [2]. - As of June 30, the number of shareholders for Xin Heng Hui was 37,300, a decrease of 30.05% from the previous period, while the average circulating shares per person increased by 42.96% to 1,219 shares [2].

Core Viewpoint - The margin trading balance in the market has been continuously increasing, reaching 22,439.28 billion yuan, with a notable increase in leveraged funds in various stocks [1]. Margin Trading Balance Overview - As of August 28, the total margin trading balance for the Shanghai and Shenzhen markets is 22,439.28 billion yuan, an increase of 164.31 billion yuan from the previous trading day [1]. - The financing balance is 22,284.42 billion yuan, up by 160.88 billion yuan [1]. - The Shanghai market's margin trading balance is 11,432.63 billion yuan, increasing by 94.10 billion yuan, while the Shenzhen market's balance is 10,932.79 billion yuan, up by 71.09 billion yuan [1]. - The North Exchange's margin trading balance is 73.86 billion yuan, decreasing by 8.74 million yuan [1]. - The total increase in margin trading balance over the last five trading days is 971.33 billion yuan [1]. Industry Analysis - Among the 31 industries categorized by Shenwan, 29 industries saw an increase in financing balance, with the electronics industry experiencing the largest increase of 343.29 billion yuan [1][2]. - The electronics industry had the highest growth rate in financing balance at 12.87%, followed by the communication and beauty care industries with growth rates of 12.15% and 8.05%, respectively [1][2]. Individual Stock Performance - During the period of increasing margin trading balance, 58.30% of the stocks saw an increase in financing balance, with 56 stocks experiencing a growth of over 50% [3]. - Tianming Technology had the highest increase in financing balance, growing by 147.44% to 16.88 million yuan, followed by Qianjin Technology with a growth of 138.03% to 10.74 million yuan [3][5]. - The electronics sector had the most stocks with financing balance increases over 50%, totaling 12 stocks, followed by the computer and machinery equipment sectors with 5 stocks each [3]. Significant Increases in Financing Balance - A total of 964.90 billion yuan was added to the margin trading balance, with 11 stocks seeing an increase of over 10 billion yuan [6]. - Shenghong Technology had the largest increase in financing balance, adding 4.85 billion yuan, a growth of 75.62% [6].

Group 1 - On August 28, among the 31 first-level industries, 18 industries received net financing inflows, with the electronics industry leading at a net inflow of 8.103 billion [1] - Other industries with significant net financing inflows included telecommunications, non-ferrous metals, automotive, computer, and pharmaceutical biology, each exceeding 600 million [1] Group 2 - A total of 1,860 individual stocks received net financing inflows on August 28, with 67 stocks having inflows exceeding 100 million [1] - Among these, 29 stocks had net inflows over 200 million, with Cambricon Technologies leading at 1.565 billion [1] - Other notable stocks with significant net inflows included SMIC, Newyea, ZTE, Zhongji Xuchuang, China Rare Earth, and Lanke Technology, each exceeding 400 million [1]

Core Viewpoint - The research from the University of Maryland presents a breakthrough in sustainable electronics by utilizing 3D printing technology to create water-soluble circuit boards, which could significantly reduce electronic waste and promote a more sustainable future for the consumer electronics industry [1][2]. Group 1: Innovation and Technology - The team developed circuit boards using polyvinyl alcohol (PVA), a water-soluble polymer, and demonstrated the assembly of functional electronic products like Bluetooth speakers and toys [1]. - The circuit boards can dissolve in water after a certain period, allowing for easy separation of electronic components and the recovery of up to 99% of the PVA material after evaporation [1]. Group 2: Environmental Impact - Traditional printed circuit boards contribute to significant electronic waste, with only a small fraction being recycled; the new technology offers a more environmentally friendly alternative [1][2]. - According to a UN report, Asia generates 600,000 tons of waste circuit boards annually with a recycling rate of only 17%, while Europe and North America produce around 300,000 tons each, with recycling rates of 61% and 44%, respectively [2]. Group 3: Market Application and Limitations - The dissolvable circuit boards are particularly suitable for rapid prototyping and testing of electronic devices, presenting an eco-friendly advantage over traditional circuit boards [2]. - Current limitations include the durability of the circuit boards, which makes them more appropriate for prototype development rather than large-scale production; the team is in discussions with manufacturers to explore feasible pathways for broader application [2].