Market Overview - The three major A-share indices showed mixed performance on September 12, with the Shanghai Composite Index reaching a new high before closing slightly down by 0.12% at 3870.6 points [1] - The ChiNext Index increased by 0.9% to 1338.02 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.43% and 1.09%, closing at 12924.13 points and 3020.42 points respectively [1] Trading Volume and Stock Performance - A total of 1926 stocks rose, while 3370 stocks fell, with 130 stocks remaining flat across the two exchanges and the Beijing Stock Exchange [3] - The total trading volume reached 25,209 billion yuan, an increase of 832 billion yuan from the previous trading day [3] Sector Performance - The semiconductor sector saw significant gains, with stocks like Chipone Technology and Beijing Junzheng hitting the daily limit or rising over 10% [5] - The non-ferrous metals sector led the market, with companies such as Electric Alloy and Shengda Resources also hitting the daily limit or rising over 10% [6] - Real estate stocks showed strong performance, with several companies reaching the daily limit [6] - The financial sector, particularly banks and non-bank financials, underperformed, with notable declines in stocks like Shanghai Pudong Development Bank [6] Market Sentiment and Future Outlook - Dongguan Securities indicated that the market is in a healthy rotation structure, with strong momentum and high market sentiment, suggesting the A-share market may continue its strong trend [8] - Pacific Securities noted that the current index consolidation period is shorter than expected, reflecting the strength of the bull market [9] - CITIC Securities highlighted that the technology sector, particularly semiconductor and computing power-related stocks, has become a key driver for market growth [10]

板块题材上，有色金属、存储芯片、影视院线、房地产、钢铁板块涨幅居前；保险、白酒、银行、证券、PEEK材料概念 股跌幅居前。 盘面上，贵金属、有色金属板块集体上涨，湖南白银、北方铜业、盛达资源等多股涨停。存储芯片板块午后走高，北京君 正、香农芯创、江波龙大涨超10%。房地产板块表现活跃，荣盛发展、香江控股、华夏幸福多股封板涨停。此外，钢铁、创新 药、影视院线等板块盘中均有所异动。银行板块午后震荡走低，浦发银行跌超3%。白酒股冲高回落，酒鬼酒、舍得酒业、水 井坊均有所下跌。 A股三大指数今日集体下跌，截至收盘，沪指跌0.12%，深证成指跌0.43%，创业板指跌1.09%，北证50跌2.11%。沪深京三 市全天成交额25483亿元，较上日放量837亿元。全市场超3300只个股下跌。 ...

Core Viewpoint - The Shanghai Composite Index increased by 0.21%, with the real estate sector showing the highest growth among various industries [2] Industry Performance Summary - Real Estate: Increased by 2.24%, with a transaction volume of 321.84 billion yuan, up 39.35% from the previous day; leading stock was Xiangjiang Holdings, up 10.11% [2] - Electronics: Also rose by 2.24%, with a transaction volume of 4171.71 billion yuan, up 7.99%; leading stock was Chipone Technology, up 20.00% [2] - Non-ferrous Metals: Increased by 2.10%, with a transaction volume of 1338.55 billion yuan, up 44.83%; leading stock was Electric Alloy, up 17.16% [2] - Steel: Increased by 2.05%, with a transaction volume of 142.50 billion yuan, up 87.19%; leading stock was Bayi Steel, up 10.02% [2] - Construction Decoration: Increased by 1.02%, with a transaction volume of 310.03 billion yuan, up 41.85%; leading stock was Roman Holdings, up 10.01% [2] - Computer: Increased by 0.82%, with a transaction volume of 1811.68 billion yuan, up 9.06%; leading stock was Kaipu Cloud, up 16.96% [2] - Pharmaceutical Biology: Increased by 0.62%, with a transaction volume of 1166.56 billion yuan, down 9.51%; leading stock was Haooubo, up 18.09% [2] - Defense Industry: Increased by 0.61%, with a transaction volume of 522.31 billion yuan, up 11.86%; leading stock was Jinxinno, up 13.19% [2] - Basic Chemicals: Increased by 0.30%, with a transaction volume of 807.35 billion yuan, up 14.40%; leading stock was Hangzhou High-tech, up 12.17% [2] - Power Equipment: Increased by 0.19%, with a transaction volume of 2285.83 billion yuan, up 4.86%; leading stock was Mengguli, up 14.48% [2] - Machinery: Increased by 0.06%, with a transaction volume of 1543.58 billion yuan, up 6.50%; leading stock was Jingzhida, up 20.00% [2] - Transportation: Increased by 0.03%, with a transaction volume of 223.88 billion yuan, up 17.79%; leading stock was Three Gorges Tourism, up 10.03% [2] Declining Industries Summary - Coal: Decreased by 0.05%, with a transaction volume of 77.64 billion yuan, up 54.93%; leading stock was New Dazhou A, down 2.11% [2] - Building Materials: Decreased by 0.06%, with a transaction volume of 158.26 billion yuan, up 3.91%; leading stock was Donghe New Materials, down 5.51% [2] - Textiles and Apparel: Decreased by 0.09%, with a transaction volume of 123.17 billion yuan, up 5.92%; leading stock was Aimer, down 8.97% [2] - Media: Decreased by 0.11%, with a transaction volume of 540.29 billion yuan, up 2.43%; leading stock was Youzu Network, down 4.76% [2] - Environmental Protection: Decreased by 0.13%, with a transaction volume of 157.17 billion yuan, up 3.33%; leading stock was Langkun Technology, down 4.11% [2] - Agriculture, Forestry, Animal Husbandry, and Fishery: Decreased by 0.18%, with a transaction volume of 208.90 billion yuan, down 20.91%; leading stock was Andeli, down 7.36% [2] - Retail: Decreased by 0.25%, with a transaction volume of 288.17 billion yuan, up 14.01%; leading stock was Maoye Commercial, down 2.98% [2] - Social Services: Decreased by 0.25%, with a transaction volume of 156.51 billion yuan, down 6.86%; leading stock was Shibai Testing, down 3.14% [2] - Public Utilities: Decreased by 0.27%, with a transaction volume of 307.20 billion yuan, up 9.24%; leading stock was Huaguang Huaneng, down 10.02% [2] - Automotive: Decreased by 0.32%, with a transaction volume of 948.70 billion yuan, up 3.92%; leading stock was Yapu, down 5.24% [2] - Light Industry Manufacturing: Decreased by 0.58%, with a transaction volume of 195.84 billion yuan, down 2.46%; leading stock was C Aifenda, down 7.71% [2] - Oil and Petrochemicals: Decreased by 0.59%, with a transaction volume of 80.04 billion yuan, down 19.85%; leading stock was Bohui, down 2.76% [2] - Beauty and Personal Care: Decreased by 0.71%, with a transaction volume of 47.25 billion yuan, up 9.02%; leading stock was Shanghai Jahwa, down 3.96% [2] - Home Appliances: Decreased by 0.72%, with a transaction volume of 287.54 billion yuan, up 7.46%; leading stock was Tongzhou Electronics, down 7.23% [2] - Food and Beverage: Decreased by 0.75%, with a transaction volume of 286.99 billion yuan, down 0.68%; leading stock was Jiu Gui Jiu, down 3.83% [2] - Non-bank Financials: Decreased by 0.90%, with a transaction volume of 566.03 billion yuan, down 22.64%; leading stock was Guohai Securities, down 2.65% [2] - Banking: Decreased by 1.05%, with a transaction volume of 254.33 billion yuan, down 0.58%; leading stock was Pudong Development Bank, down 3.97% [2] - Telecommunications: Decreased by 1.09%, with a transaction volume of 1285.91 billion yuan, down 14.30%; leading stock was Dingtong Technology, down 8.28% [2] - Comprehensive: Decreased by 1.57%, with a transaction volume of 62.17 billion yuan, down 10.93%; leading stock was Dongyangguang, down 5.01% [2]

Inflation Overview - August CPI year-on-year growth increased to 2.9%, up from the previous month, with a month-on-month increase of 0.4%[3] - Core CPI year-on-year growth remained stable but slightly increased by 0.05 percentage points[3] Commodity Inflation - Core commodity year-on-year growth reached 1.5%, the highest since June 2023, with a month-on-month increase of 0.3 percentage points[4] - Used car prices surged, with a year-on-year growth rate of 6% and a month-on-month increase of 1%[4] - New car prices increased to a year-on-year growth of 0.7%[4] Energy Inflation - CPI energy component year-on-year growth turned positive at 0.2%, up 1.8 percentage points from the previous month[11] - Brent crude oil average price fell to $68.4 per barrel, influenced by easing geopolitical tensions[11] Service Inflation - Core service year-on-year growth remained stable at 3.6%, with a slight month-on-month decrease to 0.3%[4] - Owner's equivalent rent year-on-year growth decreased by 0.1 percentage points to 4%[4] Market Expectations - Market anticipates an average of 2.9 interest rate cuts within the year, with a strong expectation for a cut in September[4] - Recent labor market adjustments indicate a potential oversupply, impacting inflation expectations[4] Risk Factors - Risks include unexpected downturns in the U.S. economy and potential over-tightening by the Federal Reserve[23]

Global Market Overview - The Hang Seng Index closed at 26,086, down 0.43% for the day but up 30.04% year-to-date [1] - The Shanghai Composite Index rose by 1.65% to 3,875, with a year-to-date increase of 15.62% [1] - The US markets saw the Dow Jones increase by 1.36% to 46,108, with a year-to-date gain of 8.38% [1] Sector Performance - In the Hong Kong market, the healthcare, energy, and consumer discretionary sectors led the decline, while materials, utilities, and industrials saw gains [3] - The semiconductor and rare metals sectors performed notably well, with significant inflows from southbound funds amounting to HKD 189.89 billion [3] Economic Indicators - The European Central Bank (ECB) maintained interest rates and revised down its inflation forecast for 2027 to 1.9% [3] - The US Consumer Price Index (CPI) showed a month-on-month increase of 0.4% and a year-on-year increase of 2.9%, aligning with market expectations [3] Investment Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 33% [4] - Luckin Coffee is also rated as a "Buy" with a target price of USD 44.95, indicating a 19% upside [4] - Semiconductor companies like Horizon Robotics and Beike Micro are rated as "Buy" with target prices of HKD 12.30 and HKD 93.00, respectively, showing potential upsides of 19% and 76% [4]

【导读】 A股三大指数涨势分化，芯片半导体板块活跃，有色金属、地产股掀"涨停潮" 中国基金报记者 张舟 经历了昨日的强势上涨行情后， 9月 12 日上午，A股三大股指 呈现震荡态势 。截至午间收盘，沪指报38 85.17 点， 涨0.25 % ； 深证 成指 涨0.16 %，创业板指 涨0.51 %。 截至上午港股收盘，阿里巴巴报151.8港元/股，最新市值为2.9万亿港元。隔夜美股市场上，阿里巴巴收涨8%，报155.44美元/股。 消息面上，The Information援引四名直接知情人士的消息称，阿里巴巴和百度已开始使用自主设计的芯片训练其AI模型，部分替代了英伟 达生产的芯片。 芯片、半导体板块持续活跃 9月12日上午，芯片、半导体概念板块活跃。科创芯片指数、芯片产业指数涨逾1%，消费电子指数涨1.3%。服务器概念指数涨近3%， GPU概念指数大涨2.62%。 沪深两市半日成交额为1. 63 万亿元， 较 上个交易 日增加1511亿元 。个股跌多涨少，市场共 2164 只个股上涨， 57 只个股涨停， 3082 只个股下跌。 从板块看， 芯片、半导体概念板块继续领涨市场，有色金属、贵金属、稀土板块大涨 ...

Market Overview - The Shanghai Composite Index increased by 0.24% today, with a trading volume of 1,024.16 million shares and a transaction value of 1,648.749 billion yuan, representing a 10.20% increase compared to the previous trading day [1][2] Industry Performance - The real estate sector led the gains with an increase of 2.87%, followed by non-ferrous metals at 2.60% and steel at 2.43% [1] - The sectors with the largest declines included comprehensive services at -1.83%, telecommunications at -1.17%, and beauty care at -0.79% [2] Top Performing Stocks - In the real estate sector, Xiangjiang Holdings saw a significant rise of 10.11% [1] - Electric Alloy in the non-ferrous metals sector surged by 17.36% [1] - Huazhong Steel in the steel sector increased by 8.93% [1] Detailed Industry Data - Real Estate: 2.87% increase, transaction value of 257.88 billion yuan, leading stock: Xiangjiang Holdings, 10.11% increase [1] - Non-Ferrous Metals: 2.60% increase, transaction value of 1,127.90 billion yuan, leading stock: Electric Alloy, 17.36% increase [1] - Steel: 2.43% increase, transaction value of 106.78 billion yuan, leading stock: Huazhong Steel, 8.93% increase [1] - Telecommunications: -1.17% decrease, transaction value of 1,084.93 billion yuan, leading stock: Tianfu Communication, -5.98% decrease [2] - Comprehensive Services: -1.83% decrease, transaction value of 53.31 billion yuan, leading stock: Dongyangguang, -5.72% decrease [2]

Market Overview - The market showed a mixed performance in the morning session, with the Shanghai Composite Index reaching a peak of 3892 points, marking a new high for the period [1] - The total trading volume across the market was 16,487 billion yuan, an increase of 1,526 billion yuan compared to the previous day [1] Sector Performance - The sectors that performed well included non-ferrous metals, storage chips, real estate, and steel, while sectors such as liquor, gaming, photovoltaic equipment, and CRO concept stocks saw declines [1] - The Hang Seng Index showed strong performance across the board, with technology stocks continuing their recent upward trend and pharmaceutical stocks rebounding strongly [1] Index Movements - As of the midday close, the CSI A500 Index rose by 0.1%, the CSI 300 Index increased by 0.02%, the ChiNext Index fell by 0.5%, the STAR Market 50 Index rose by 0.6%, and the Hang Seng China Enterprises Index increased by 1.6% [1]

9月12日午后，房地产板块表现活跃。香江控股、荣盛发展、新大正等多股涨停。特发服务涨超6%，金 融街涨逾5%。 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.24% to 3884.71 points, marking a new high since August 19, 2015 [1] - The Shenzhen Component Index increased by 0.15%, while the ChiNext Index fell by 0.52%, and the North Star 50 Index dropped by 1.26% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6487 trillion yuan, an increase of 152.6 billion yuan compared to the previous day, with over 3000 stocks declining [1] Sector Performance - The non-ferrous metals and gold sectors performed strongly, with Electric Alloy (300697) rising over 16%, and several companies including Shengda Resources and Yuguang Gold & Lead hitting the daily limit [3] - The steel sector saw a rally near noon, with Hualing Steel (000932) touching the daily limit and other companies like Shougang Co. and New Steel Co. rising over 5% [3] - The real estate sector strengthened, with companies such as Xiangjiang Holdings and Rongsheng Development hitting the daily limit, indicating improved confidence in quality real estate companies [3] Chip and Beverage Sector - The storage chip sector also saw gains, with companies like Kaipu Cloud and Dongxin Co. rising over 10%, and Demingli hitting the daily limit, following a significant increase of over 7.5% in major storage manufacturer Micron [4] - Conversely, the liquor sector faced declines, with Guizhou Moutai (000799) dropping over 3% and Shede Liquor (600702) falling over 2% [4] - Brokerage stocks generally declined, with Guohai Securities (000750) down over 2%, and other firms like Pacific Securities and Tianfeng Securities falling over 1% [4]