上周(9月8日-9月14日)共有129家公募机构参与了154家A股上市公司的调研，合计调研频次达702次。行 业方面，电力设备成为上周最受公募调研青睐行业，合计调研次数达143次。此外，电子、计算机、医 药生物、汽车、有色金属等行业亦获得较高关注。富国基金认为，后续将逢低布局具有产业趋势或政策 逻辑的方向。科技板块仍是行情核心主线，关注AI、机器人、创新药等，与市场行情联动性较强的非 银金融也有望持续受益。此外，根据政策节奏增加对存在政策倾斜的服务消费，以及受益于反内卷和海 外降息后流动性环境和制造业修复的化工、有色、新能源等方向的关注。 ...

记者注意到，9月以来新股发行有所提速。根据时间安排，本周将有联合动力、锦华新材、建发致新 （301584）、瑞立科密（001285）、云汉芯城（301563）等5只新股发行，这意味着单周有5只新股发 行，而今年仅有3月10日当周出现过单周5只新股发行的案例。 【深圳商报讯】（记者 陈燕青）随着上周昊创瑞通（301668）等3家IPO公司完成发行，今年以来A股 IPO募资额已超过去年全年。根据统计，截至9月14日，按照网上发行日计算，今年以来已有68家新股 完成发行，合计募资额达677.4亿元。 去年全年，共有102家新股完成发行，合计募资662.8亿元。也就是说，今年至今IPO募资额已超去年全 年。 IPO募资额超过去年全年，得益于今年有几个募资额较高的新股。其中，华电新能（600930）IPO募资 额高达181.7亿元，位居榜首。紧随其后的是中策橡胶（603049）、天有为（603202），募资额分别为 40.7亿元和37.4亿元。此外，联合动力（301656）、屹唐股份、友升股份（603418）募资额超过20亿 元。 近日，中国电建（601669）旗下电建新能沪市主板IPO申请获受理，公司拟募资90亿元， ...

Group 1 - The fund "Quanguo Xuyuan Three-Year Holding Period Mixed Fund" is set to welcome its first redemption date next month, after three years of operation, during which it has remained in a loss state, underperforming its peers by approximately 14 percentage points [1] - As of September 12, the fund's A share net value has decreased by 1.87% from October 18, 2022, while the average return of similar funds during the same period was 12.52% [1] - The fund is the first public offering launched by Quanguo Fund and is currently the largest product under the company's management [1] Group 2 - Since the second half of this year, the net value of the fund has shown a rebound, with a cumulative increase of 27.87% from July 1 to September 12, outperforming the benchmark return by nearly 18 percentage points and also surpassing the average return of similar funds by 21.23% [2] - The top holdings of the fund have performed well, with the largest holding, Keda Li, increasing nearly 35% in price, and the second largest holding, Ningde Times, rising by 41% [2] - Many investors are expressing their anticipation for the redemption, with some stating they have been waiting for three years to break even, while others feel that they would have been better off investing in an index three years ago [2]

Core Insights - The article emphasizes that artificial intelligence (AI) is fundamentally reshaping Oracle and the entire computer industry, with significant implications for growth and investment opportunities [1] Financial Performance Highlights - Oracle's stock surged 36% following the release of its Q1 FY2026 earnings report, indicating strong market interest despite subsequent adjustments [1] - The company’s cloud infrastructure (OCI) revenue is projected to grow from $10.2 billion in FY2025 to $32 billion in FY2026, and is expected to exceed $144 billion by FY2030, reflecting a compound annual growth rate of nearly 70% [2] - Oracle has signed four multi-billion dollar contracts with three clients, including OpenAI, indicating a strong demand for its services [3] - The remaining performance obligations (RPO) surged 359% year-over-year to $455 billion, significantly exceeding market expectations, with projections to surpass $500 billion in the coming months [4] Competitive Advantages - Oracle's growth is attributed to three core competitive strengths: - The company recognizes that the AI sector is undergoing a fundamental transformation, with inference applications expected to become the next growth engine, surpassing model training opportunities [5] - Oracle's OCI has developed unique advantages through modular design and rapid data center deployment capabilities, allowing it to respond quickly to customer needs amid AI compute shortages [6] - The company holds a significant amount of core data globally, providing it with a "data entry" advantage in enterprise AI deployment [7] Industry Implications - The earnings report reveals broader trends in the AI industry, with three key insights for investors: - AI transformation is in its early stages, with future growth expected from the scaling of inference applications, enterprise and sovereign AI adoption, and breakthroughs in intelligent agent AI [8] - There remains a significant supply gap in computing power, with Oracle planning to invest $35 billion in capital expenditures for FY2026, indicating strong demand and potential growth in related sectors [9] - Investors are advised to adopt a "full-stack" approach, covering three layers: enabling infrastructure (compute, network, storage), intelligent services (large models, core data, cloud providers), and application-level AI services [10]

9月15日，A股市场整体涨跌互现。 截至收盘，上证指数收报3860.5点，下跌0.26%，深证成指收报13005.77点，上涨0.63%，创业板指收报3066.18点，上涨1.52%，北证50指数上涨0.38%。A 股市场合计成交23033.97亿元，较上一交易日减少2452.42亿元。 1.A股市场全天主力资金净流出340.54亿元 | 今日A股市场主力资金开盘净流出113.3亿元，尾盘净流出57.04亿元，A股市场全天主力资金净流出340.54亿元。 | | --- | | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-9-15 | -340. 54 | -113. 30 | -57. 04 | -189. 15 | | 2025-9-12 | -372. 78 | -120. 57 | -58. 33 | -211. 27 | | 2025-9-11 | 103. 09 | -124.72 | 60. 54 | 260. 09 | | ...

Group 1 - The report maintains an optimistic outlook on the market, predicting a "systematic slow bull" trend with the Shanghai Composite Index expected to challenge the 0.618 retracement level of the largest decline since 2015, indicating ample bullish potential [4][68][69] - The report emphasizes a market style rotation favoring mid to large-cap stocks, with a focus on growth-oriented valuations, particularly in the consumer, cyclical, and growth sectors [5][81] - The report identifies three key "expectation gaps" for industry allocation: the dominance of large financials in market height, the need for investment and consumption to meet GDP growth targets, and the potential shift in technology investments from hardware to software sectors [6][84] Group 2 - The report highlights that the macroeconomic environment is expected to improve for growth, consumption, and cyclical styles, while financial and stable styles may see a decline [84] - The report notes that the recent policy measures have been supportive, with a focus on technology, real estate, and consumption, aligning with the current economic characteristics [12][18] - The report suggests that the construction of new policy financial tools is likely to support infrastructure investment growth, which may positively impact related sectors [18][84]

9月15日，沪指下跌0.26%，深成指上涨0.63%，创业板指上涨1.51%，沪深300指数上涨0.24%。可交易 A股中，上涨的有1916只，占比35.34%，下跌的3375只。 资金面上，今日主力资金全天净流出597.54亿元。其中，创业板主力资金净流出147.60亿元；科创板主 力资金净流出44.13亿元；沪深300成份股主力资金净流出199.95亿元。 分行业来看，申万所属的一级行业中，今日上涨的有15个，涨幅居前的行业为电力设备、传媒，涨幅为 2.22%、1.94%。跌幅居前的行业为综合、通信，跌幅为1.80%、1.52%。 （文章来源：证券时报网） 主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，今日下跌0.04%，全天净流出资金 87.73亿元，其次是有色金属行业，今日跌幅为0.81%，净流出资金为86.06亿元，净流出资金较多的还 有计算机、通信、电力设备等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 汽车 | ...

Core Insights - The Shenzhen State-owned Enterprises ESG Index (970055) closed at 1384.37 points on September 15, with a slight increase of 0.02% and a trading volume of 39.287 billion yuan, reflecting a turnover rate of 1.34% [1] Group 1: Index Performance - Among the index constituents, 17 stocks rose while 31 stocks fell, with Chuangjie Technology leading the gainers at a 10.04% increase, and Zhongtung High-tech leading the decliners with a 3.44% drop [1] - The top ten constituents of the Shenzhen State-owned Enterprises ESG Index include Hikvision, BOE Technology Group, and Wrigley, with respective weights of 9.85%, 9.61%, and 9.32% [1] Group 2: Market Capitalization and Sector Breakdown - The total market capitalization of Hikvision is approximately 279.437 billion yuan, while BOE Technology Group and Wrigley have market capitalizations of about 155.642 billion yuan and 491.606 billion yuan, respectively [1] - The sectors represented in the top ten constituents include computer, electronics, food and beverage, automotive, defense, non-banking finance, non-ferrous metals, communication, and real estate [1] Group 3: Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 1.137 billion yuan, while retail investors saw a net inflow of 732 million yuan [1] - The detailed capital flow indicates that Chuangjie Technology experienced a net inflow of 232 million yuan from main funds, while other stocks like BOE Technology Group and China Merchants Shekou saw varying levels of net inflow and outflow [2]

以最新收盘价计算，科创板平均股价为40.13元，其中股价超100元的有64只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有195只，下跌的有390只，以收盘价为基准测算，科 创板平均股价为40.13元，其中，收盘价超过100元的有64只，股价在50元至100元之间的有143只，股价 在30元至50元的有153只。 资金流向方面，科创板百元股今日主力资金合计净流出22.51亿元，净流入资金居前的有海光信息、腾 景科技、恒玄科技等，净流入资金分别为14622.04万元、10796.37万元、10409.93万元；净流出资金居 前的有芯原股份、澜起科技、中芯国际等，净流出资金分别为89701.41万元、43556.30万元、38381.01 万元。 科创板股中，收盘价最高的是寒武纪-U，今日报收1440.00元，下跌3.23%，其次是茂莱光学、源杰科技 等，最新收盘价分别为422.58元、365.10元。 科创板百元股中，今日平均上涨0.73%，具体来看，今日上涨的有29只，涨幅居前的有开普云、纳芯 微、国盾量子等。下跌的有35只，跌幅居前的有浙海德曼、精智达、鼎通科技等。 向前追溯发现 ...

变革真实存在，却也完全可预测。 当革命性技术催生出一波又一波具备投资价值的创新企业时，企业家与投资者才能借此积累财富。无论是铁路、贝塞麦炼钢法、电力、内燃机，还是微处 理器 —— 每一项技术都如同烟花厂中的零星火花，引爆了数十年的后续创新，渗透到社会的方方面面，并将一批新的发明家与投资者推向权力、影响力 与财富的高峰。 然而，有些技术创新即便对社会产生了变革性影响，却难以催生新的财富，反而会巩固现有的格局。在微处理器问世 15 年前，另一项革命性技术 —— 集 装箱运输 —— 诞生于一个 "时机不佳" 的时代：当时的技术进步如同《爱丽丝梦境奇遇记》里的 "红皇后赛跑"（Red Queen's race），发明家与投资者即便 不停奔跑，最终也未能获得更好的结果。 任何投资 "新新事物" 的人都必须回答两个问题：第一，这项创新能创造多少价值？第二，谁能捕获这些价值？信息通信技术（ICT）革命的价值被初创企 业捕获，催生出数千名新晋富豪创始人、员工与投资者；反观集装箱运输革命，其价值被过度分散，最终只让一位创始人短暂致富，仅一位投资者略微获 利。 生成式人工智能更接近前者，还是后者？它会成为未来众多行业财富的基石， ...