| | 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。 ...

Market Overview - The three major A-share indices experienced a collective decline on the morning of the 4th, with the Shanghai Composite Index dropping by 1.97%, the Shenzhen Component Index falling by 2.37%, and the ChiNext Index decreasing by 3.2% [2] - The North Stock 50 Index rose by 0.58%, while the Sci-Tech Innovation 50 Index fell by 5.38%, closing at 1236.24 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 16,187 billion yuan, an increase of 1,465 billion yuan compared to the previous day [2] Sector Performance - Over 2,600 stocks in the market declined, with notable sectors showing varied performance [2] - Retail, tourism and hotel, photovoltaic storage, and paper sectors saw the highest gains, while CPO, semiconductors, precious metals, military equipment, and non-ferrous metals sectors faced the largest declines [2] - Significant drops were observed in computing power hardware stocks, with companies like Cambrian, Zhongji Xuchuang, and others experiencing declines exceeding 10% [2] - The military equipment sector underwent substantial adjustments, with companies such as Great Wall Military Industry and Inner Mongolia First Machinery Group hitting the daily limit down [2] - The non-ferrous metals sector also performed poorly, with silver non-ferrous and Luoyang Molybdenum hitting the daily limit down [2] Notable Stocks - Consumer sectors such as retail, tourism, and food showed resilience, with stocks like Lingnan Holdings and Bubugao hitting the daily limit up [2] - The battery and energy storage sectors were active, with companies like Tianji Co. and Zhengye Technology reaching the daily limit up [2] - The paper sector also performed positively, with Jingxing Paper hitting the daily limit up [2]

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 | | ...

Market Overview - The market experienced a downward trend in early trading, with the ChiNext Index leading the decline and the CSI A500 Index dropping by 2.58% [1] - Consumer stocks showed resilience, particularly in the retail sector, while solid-state battery concept stocks remained strong. In contrast, computing hardware stocks fell across the board [1] ETF Performance - Several ETFs tracking the CSI A500 Index saw declines exceeding 2%, with 15 ETFs recording transaction volumes over 100 million yuan, and 3 exceeding 2.3 billion yuan. The transaction volumes for A500 ETF Fund, A500 ETF Southern, and CSI A500 ETF were 3.484 billion yuan, 2.995 billion yuan, and 2.370 billion yuan, respectively [1][2] Market Sentiment - Analysts suggest that the market may enter a phase of consolidation after rapid rotations, although the medium-term positive trend remains intact. The current rally is liquidity-driven, indicating that as long as trading volume does not significantly contract, there will be opportunities for active rotations [1] - Overall, it is expected that funds will continue to seek a balance between technology growth and defensive sectors, leading to a pronounced structural market characteristic, with the A-share market likely entering a period of consolidation in the short term [1]

Market Overview - The three major stock indices experienced declines, with the Shenzhen Component Index dropping over 2%, the ChiNext Index falling more than 3%, and the Sci-Tech Innovation 50 Index decreasing over 5% [1] - As of the midday close, the Shanghai Composite Index was at 3738.32 points, down 1.97%; the Shenzhen Component Index was at 12176.90 points, down 2.37%; and the ChiNext Index was at 2806.63 points, down 3.20% [1] Sector Performance - The retail sector showed strength in the morning, with stocks such as Huijia Times, Guofang Group, and Eurasia Group hitting the daily limit [1] - The photovoltaic equipment sector was active, led by Shangneng Electric, with Tongrun Equipment and An彩高科 also reaching the daily limit [1] - The tourism and hotel sector saw gains, with Lingnan Holdings hitting the daily limit [1] - Conversely, the CPO concept experienced a pullback, with Yuanjie Technology leading the declines [1] - The military industry sector continued to adjust, with multiple stocks like Great Wall Military Industry and Construction Industry hitting the daily limit down [1] - The semiconductor sector weakened, with Cambrian Technology dropping over 10% and Zhaoyi Innovation hitting the daily limit down [1] Overall Market Sentiment - The overall market sentiment was mixed, with over 2500 stocks declining [1] - The tourism and hotel, ice and snow industry, and duty-free shop sectors had the highest gains, while the CPO concept, semiconductors, and China AI 50 sectors faced the largest declines [1]