Core Viewpoint - The A-share market is entering a peak period for the disclosure of mid-year performance reports, with all reports expected to be completed by August 29. The market's focus on performance has significantly increased recently [2][5]. Group 1: Performance Overview - As of August 26, 3,233 listed companies have disclosed their mid-year performance reports, achieving a disclosure rate of 60.85% [2]. - The net profit growth rates for the first half of 2025 for all A-shares, non-financial A-shares, and the main board are 9.85%, 6.74%, and 9.23% respectively, indicating sustained economic vitality in the second quarter [7][11]. - The second quarter performance growth is primarily concentrated in cyclical industries, brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. Group 2: Industry Insights - The industries with high growth in Q2 include cyclical sectors (steel, non-ferrous metals, building materials), brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. - Other sectors showing performance potential include TMT (Technology, Media, and Telecommunications), consumer goods, and manufacturing [11][12]. - The current low-priced high-performing sectors are mainly in consumer goods, as well as certain cyclical and manufacturing sectors, including agriculture, new consumption (beverages, personal care products), and medical services [12].

Market Overview - The glass and fiberglass sector experienced a decline of 1.27% on August 26, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance: - International Composites (301526) closed at 6.85, up 2.54% with a trading volume of 2.49 million shares and a turnover of 1.781 billion yuan [1] - China Jushi (600176) closed at 13.77, up 1.40% with a trading volume of 815,100 shares and a turnover of 1.122 billion yuan [1] - Honghe Technology (603256) closed at 39.65, down 4.89% with a trading volume of 301,800 shares and a turnover of 1.213 billion yuan [2] Capital Flow - The glass and fiberglass sector saw a net outflow of 178 million yuan from institutional investors and 108 million yuan from retail investors, while retail investors had a net inflow of 286 million yuan [2] - Detailed capital flow for specific stocks indicates: - China Jushi had a net outflow of 45.45 million yuan from institutional investors [3] - North Glass (002613) experienced a net outflow of 4.02 million yuan from institutional investors but a net inflow of 7.02 million yuan from retail investors [3]

Core Viewpoint - The stock price of International Composite Materials has increased by 4.01% to 6.48 yuan, indicating positive market sentiment and trading activity [1] Company Overview - International Composite Materials specializes in the research, production, and sales of fiberglass and composite materials, with applications in electronics, construction, and transportation [1] - The company operates in sectors including fiberglass, PCB, and Huawei concepts [1] Market Activity - On August 22, the net inflow of main funds was 131.49 million yuan, accounting for 1.44% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 405.56 million yuan, representing 4.46% of the circulating market value [1] - The stock reached a high of 6.75 yuan and a low of 6.17 yuan during the trading session, with a total trading volume of 1.561 billion yuan and a turnover rate of 17.06% [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - During a bull market, market corrections are often completed in a short period. For small - scale pullbacks of 2 - 4 weeks, it may be a good buying opportunity. Chasing the previous strong sectors during this period has a high probability of success, and even chasing at the market peak can often yield positive returns [1][4]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends [1][5]. - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. These sectors are mostly cyclical and resource - related [1][6]. Summary by Directory 1. How to Respond When a Small Platform Appears in a Bull Market 1.1 Chasing the Previous Strong Sectors During a Small - Scale Bull - Market Correction Has the Highest Probability of Success - During a bull market, small - scale pullbacks of 2 - 4 weeks may be a good buying opportunity. When considering whether to chase the previous high - performing sectors or switch to low - lying sectors for catch - up, historical data shows that in the "first wave of rise - platform pullback - second wave of rise" scenarios, the top 20% of sub - industries in the previous wave of rise are likely to have the largest pullbacks during the adjustment but also tend to have higher increases in the second wave of rise. The bottom 20% of sub - industries in the previous wave of rise usually do not end up at the bottom in the second wave of rise [10]. - When buying at the market's highest point before adjustment (fully "chasing up"), the TOP20% group and the DOWN20% group have similar returns, but the TOP20% group has a higher probability of success and always maintains positive returns. When buying at the lowest point of the market adjustment, the TOP20% group is likely to have better returns [4][13]. 1.2 When Not to Chase Up - The statement that "chasing the previous strong sectors during a small - scale bull - market correction has the highest probability of success" is the result of strong sectors with excess returns continuing to lead the rise and sectors with weakening marginal excess returns rising in line with the market. Excluding sectors with weakening marginal excess returns may be a good choice when a "small - scale bull - market correction" occurs [16]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends, possibly because the sector has completed the pricing of its own logic and there is no incremental logic to change this situation. Conversely, if a sector can maintain strong excess returns during a correction, it is likely to continue to do so in the future [5][19]. 1.3 Which Industries Currently Have Weakening Marginal Excess Returns - Currently, most secondary industries with continuous excess returns have not shown signs of weakening marginal excess returns. Sectors such as the consumer electronics sector have had continuous excess returns relative to the broader market for 10 weeks. As of August 20, 2025, sectors with continuous excess returns of five weeks or more include general equipment, special equipment, electronic chemicals, rubber, semiconductors, and photovoltaic equipment [20]. - Sectors that have shown weakening marginal excess returns include the gaming sector in AI applications, the aviation equipment sector in the military industry, and the wind power and glass - fiber sectors in the "anti - involution" category [20]. 1.4 How to Find Sectors That May Earn Odds When Excess Returns Weaken - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. Examples include special steel from March to July 2009, rail transit equipment from February to April 2015, rural commercial banks from December 2016 to April 2017, energy metals, small metals, general steel, and coal mining from May to September 2017, and chemical fibers and agricultural product processing from November 2020 to January 2021 [23]. - These sectors are mostly cyclical and resource - related. Before the correction, the rise is due to market beta and the difference between weak reality and strong expectations. During the correction, the negative excess return is due to the friction when moving from long - term speculation to the reality - realization stage. After the correction, the excess return comes from the reality catching up with the strong expectations. Resource sectors price their own logic more "slowly" than growth sectors. When the marginal excess returns of growth stocks weaken, it is difficult for them to restart without new incremental logic. However, for resource sectors, the realization of logic (i.e., the realization of supply - demand structure expectations) is still an incremental logic [6][23].

Market Performance - The glass fiber sector increased by 5.11% on August 22, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 35.29, up 10.01%, with a trading volume of 599,100 shares and a transaction value of 2.053 billion [1] - Honghe Technology (603256) closed at 40.50, up 9.99%, with a trading volume of 141,300 shares and a transaction value of 558 million [1] - Other notable performers include Changhai Co. (300196) up 4.44%, China Jushi (600176) up 4.15%, and International Composite Materials (301526) up 4.01% [1] Capital Flow Analysis - The glass fiber sector saw a net inflow of 549 million from institutional investors, while retail investors experienced a net outflow of 218 million [2][3] - Major stocks like Zhongcai Technology and Honghe Technology attracted significant institutional investment, with Zhongcai Technology receiving a net inflow of 366 million [3] Summary of Stock Movements - The table of stock movements indicates that Zhongcai Technology and Honghe Technology were the top gainers, while stocks like Yao Pi Glass (618009) and Kaisheng New Energy (600876) faced declines [2][3] - The overall trend shows a strong performance in the glass fiber sector, with institutional investors showing confidence in leading companies [2][3]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices reaching new highs not seen since August 2015, indicating a potential bullish market sentiment and increased investor interest in A-shares [1]. Market Performance - As of 13:31, the Shanghai Composite Index rose by 0.78% to 3800.53 points, the Shenzhen Component increased by 1.45% to 12092.66 points, and the ChiNext Index surged by 2.64% to 2663.89 points [1]. - The STAR 50 Index saw a significant increase of approximately 7% [1]. Sector Performance - Among the Shenwan secondary industry sectors, the semiconductor, glass fiber, communication equipment, components, and computer equipment sectors showed the highest gains [1]. - Conversely, the fisheries, airport, food processing, city commercial banks, and real estate services sectors experienced the largest declines [1]. Market Outlook - According to Dongxing Securities, the market is expected to target the 4000-point mark in the short term, reinforcing a narrative of a slow bull market and potentially activating off-market funds' interest in A-shares [1]. - In a longer-term perspective, there is confidence that the Chinese stock market will reach new heights [1].

Group 1 - The core conclusion indicates that during a bull market, market corrections often occur within a short timeframe, and a 2-4 week minor pullback may present a smooth buying opportunity. It is suggested to consider chasing the previously strong sectors or switching to low-position sectors for a rebound [1][2][12] - Historical analysis of eight similar "first wave rise - platform pullback - second wave rise" intervals shows that the top 20% of sectors in the previous rise tend to experience the largest pullbacks and subsequently lead in the next rise [9][12] - The report emphasizes that sectors with negative excess returns during pullbacks are likely to struggle to regain positive excess returns afterward, indicating a potential "escape signal" for market tops [3][18] Group 2 - Currently, most secondary industries with continuous excess returns have not shown signs of weakening excess margins. Strong sectors include consumer electronics, which have maintained excess returns for 10 consecutive weeks, and others like general equipment and semiconductors [19][21] - Sectors that have shown signs of weakening excess margins include AI application games, military aviation equipment, and "anti-involution" sectors such as wind power and glass fiber [20][22] - The report identifies that certain sectors, even when experiencing relative weakness during minor bull market pullbacks, can still offer good odds for gains post-adjustment. These sectors are often cyclical and resource-based, which tend to have slower pricing logic compared to growth stocks [4][23][24]

Group 1 - The stock price of Honghe Technology closed at 36.82 yuan on August 21, 2025, with a slight increase of 0.02 yuan, representing a 0.05% rise [1] - The company specializes in the research, production, and sales of electronic-grade fiberglass cloth, primarily used in the printed circuit board (PCB) sector [1] - Honghe Technology has received notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities, which is pending approval from the regulatory authorities [1] Group 2 - On August 21, the net inflow of main funds into Honghe Technology was 17.45 million yuan, accounting for 0.05% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 191.44 million yuan, representing 0.59% of its circulating market value [1]

证券之星消息，8月21日玻璃玻纤板块较上一交易日下跌0.05%，国际复材领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002613 | 北玻股份 | 4.59 | 10.07% | | 188.21万 | 8.46亿 | | 603601 | 再升科技 | 6.41 | 9.95% | | 212.39万 | 13.36亿 | | 000012 | 南 玻 A | 4.89 | 1.88% | | 41.30万 | 2.02亿 | | 618000 | 耀皮玻璃 | 6.58 | 1.70% | 1 | 25.08万 | 1.64亿 | | 600586 | 金晶科技 | 5.08 | 0.20% | | 22.97万 | 1.16亿 | | 603256 | 宏和科技 | 36.82 | 0.05% | | 40.46万 | 14.41亿 | ...

（文章来源：第一财经） 中国银河证券认为，2025年7月以来，反内卷板块涉及的大宗商品价格多数上涨，直接驱动板块指数行 情。7月1日-8月15日，沪深300指数上涨6.76%，而钢铁、水泥、玻璃玻纤、工程机械、光伏设备、能源 金属、工业金属等均涨超10%；此外，装修建材、电池也跑赢沪深300指数。在交易拥挤度方面，受反 内卷政策影响，2025年7月中上旬，煤炭、钢铁、水泥、玻璃玻纤、装修建材、建筑装饰、工程机械、 光伏设备、电池等板块成交额占全A指数成交额比例显著提升。但7月下旬以来，上述板块成交额占比 陆续冲高回落。此外，短期内，随着一系列旨在缓解行业内卷的政策密集出台，市场对相关板块的业绩 改善预期迅速升温，大量资金涌入，交投活跃度快速攀升，反内卷板块估值明显提升。中长期来看，反 内卷政策通过提高毛利率、产能利用率促进业绩改善，提升相关板块中长期投资价值。 ...