Market Overview - The Hang Seng Index declined by 0.76% to 26,344.14, while the Hang Seng Technology Index fell by 0.58% to 6,257.91, and the Hang Seng China Enterprises Index decreased by 1.07% to 9,370.73 [3] - In the A-share market, the Shanghai Composite Index rose by 0.22%, the CSI 300 increased by 0.46%, and the Wind All A Index gained 0.52%, while the Dividend Index fell by 0.84% [3] Sector Performance - Among the sectors in the Hong Kong Stock Connect, Electronics (+1.85%), Steel (+1.58%), and Non-ferrous Metals (+1.39%) led the gains, while Defense and Military (-2.59%), Comprehensive Finance (-2.44%), and Comprehensive (-2.39%) were the biggest losers [3] - Concept indices showed significant movements, with the Foxconn Index rising by 15.02%, the OLED Index increasing by 10.30%, and the Apple Index up by 6.57%. Conversely, the Port Transportation Index fell by 3.57%, the Charging Pile Index decreased by 3.34%, and the Fuel Cell Index dropped by 3.19% [3] Market Commentary - On September 22, 2025, the total trading volume in the Hong Kong market reached HKD 290.54 billion, with net inflows from southbound funds amounting to HKD 12.736 billion [4] - The decline in the Hong Kong stock indices is attributed to macroeconomic factors, particularly the Federal Reserve's decision to cut interest rates by 25 basis points, which was already anticipated by the market [4] - The sentiment in the automotive sector was negatively impacted by news of overseas shareholders reducing their stakes, while upcoming increases in port service fees for Chinese vessels entering U.S. ports are expected to suppress the performance of the transportation sector [4] Future Outlook - The Hong Kong market may reach new highs driven by three key factors: 1) AI technology and new consumption trends, which are expected to have significant growth potential [5] 2) Continued inflows of southbound funds, enhancing marginal pricing power [5] 3) The transmission of wide monetary policy to wide credit, alongside potential further interest rate cuts in the U.S. to improve global liquidity [5]

Core Insights - The A-share market is experiencing a consolidation phase with a slight increase in major indices, reflecting a strong wait-and-see sentiment among investors. The technology sector continues to lead gains, while the consumer sector is undergoing a collective pullback [2][6][8]. Market Performance - On September 22, 2025, the Shanghai Composite Index rose by 0.22%, the Shenzhen Component increased by 0.67%, the ChiNext Index gained 0.55%, the SSE 50 rose by 0.43%, the CSI 300 increased by 0.46%, the STAR 50 surged by 3.38%, and the CSI 1000 rose by 0.69%. The total market turnover was 2.14 trillion yuan, with 2,175 stocks rising [2][8]. Sector Performance - In the A-share market on September 22, 2025, the electronic sector led with a gain of 3.55%, followed by the computer sector at 1.76%, and comprehensive finance at 1.10%. Conversely, the social services sector fell by 1.86%, food and beverage by 1.20%, and household decoration and leisure by 1.13% [8]. Conceptual Trends - Key concepts showing strong performance include Moore Threads (+6.10%), smart speakers (+6.07%), GPUs (+5.69%), and memory chips (+4.69%). In contrast, sectors such as travel, shipping, duty-free shops, and phosphorus chemicals experienced declines [8]. Market Drivers - The A-share market's slight rise is attributed to a consolidation phase, with technology stocks leading the way. The IPO news of Moore Threads significantly boosted related stocks, while the strong sales of the iPhone 17 positively impacted the consumer electronics supply chain. Additionally, the rise in gold and silver prices has supported the precious metals sector [8]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, emphasizing the importance of "liquidity" in 2025. It suggests that the market is expected to perform well, drawing parallels to previous bull markets in 1999, 2014, and 2019 [8]. Investment Strategy - Short-term focus should be on sectors with recent revenue growth and improving gross margins, such as fiberglass, cement, paper, fine chemicals, oil services, and medical services. For technology growth, attention should be on "double innovation" and the Hang Seng Technology Index, particularly in lithium batteries, military industry, and Hong Kong internet sectors [8]. Long-term Perspective - In the technology growth sector, continued optimism is expressed for AI computing, Hong Kong innovative pharmaceuticals, and military industries. There is also a focus on sectors benefiting from the "anti-involution" trend, including metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [8].

9月22日，A股市场整体上涨。 截至收盘，上证指数收报3828.58点，上涨0.22%；深证成指收报13157.97点，上涨0.67%；创业板指收报3107.89 点，上涨0.55%。两市合计成交21214.83亿元，较上一交易日减少2023.47亿元。 1. 两市主力资金净流出近150亿元 | | | 沪深两市最近五个交易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 | | 2025-9-22 | -149.51 | -77.29 | 37. 32 | -12. 91 | | 2025-9-19 | -431.42 | -147.94 | -31. 05 | -206. 34 | | 2025-9-18 | -760.44 | -203. 53 | -196. 21 | -332. 00 | | 2025-9-17 | -328.39 | -128. 05 | -39.90 | -150. 90 | | 2025-9-16 | -165.54 | -44. 85 | 4. 6 ...

Macro Liquidity - The US dollar index has rebounded, and the degree of the China-US interest rate "inversion" has deepened, with inflation expectations also rising [1][14] - Offshore US dollar liquidity has generally loosened, while the domestic interbank funding situation remains balanced [1][19] Market Trading Activity - Overall market trading activity has increased, with most industry trading activities remaining above the 80th percentile [2][25] - Major indices' volatility has also risen, with the communication sector's volatility exceeding the 80th historical percentile [2][31] - Market liquidity indicators have declined, with all sectors' liquidity indicators below the 40th historical percentile [2][36] Institutional Research - The electronic, pharmaceutical, communication, non-ferrous metals, and automotive sectors have seen high research activity, while sectors like steel, electricity, utilities, machinery, light industry, building materials, and real estate have shown a rising trend in research activity [3][43] Analyst Forecasts - Analysts have continued to lower the net profit forecasts for the entire A-share market for 2025/2026, with the proportion of stocks with upward revisions increasing [4][50] - The net profit forecasts for sectors such as non-bank financials, chemicals, coal, and retail have been raised for 2025/2026 [4][21] - The net profit forecast for the Shanghai Stock Exchange 50 index for 2025/2026 has been adjusted upward [4][23] Northbound Trading Activity - Northbound trading activity has increased, but there continues to be a net sell-off overall [5][31] - Based on the top 10 active stocks, the buy-sell ratio in sectors like electronics, electric new energy, and communication has risen, while it has decreased in non-bank financials, pharmaceuticals, and non-ferrous metals [5][32] Margin Financing Activity - Margin financing has reached a high point not seen since September 2024, with a net purchase of 466.70 billion yuan last week [6][35] - The main net purchases in margin financing were in the electronic, non-bank financial, and machinery sectors, while net sales were seen in military, non-ferrous metals, and coal sectors [6][39] Active Equity Funds and ETFs - Active equity funds have increased their positions, particularly in coal, communication, and home appliance sectors, while reducing positions in computers, non-bank financials, and electronics [7][45] - ETFs have continued to see net subscriptions, primarily in personal ETFs, with significant net purchases in non-bank financials, non-ferrous metals, and machinery sectors [7][52]

9月22日，A股市场整体上涨。 截至收盘，上证指数收报3828.58点，上涨0.22%；深证成指收报13157.97点，上涨0.67%；创业板指收报 3107.89点，上涨0.55%。两市合计成交21214.83亿元，较上一交易日减少2023.47亿元。 1. 两市主力资金净流出近150亿元 今日沪深两市主力资金开盘净流出77.29亿元，尾盘净流入37.32亿元，全天净流出149.51亿元。 | | | 沪深两市最近五个交易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 | | 2025-9-22 | -149.51 | -77.29 | 37. 32 | -12. 91 | | 2025-9-19 | -431.42 | -147.94 | -31. 05 | -206. 34 | | 2025-9-18 | -760.44 | -203. 53 | -196. 21 | -332. 00 | | 2025-9-17 | -328.39 | -128. 05 | -39.90 ...

一、沪深股通前十大成交 今日沪股通总成交金额为1294.61亿，深股通总成交金额为1414.22亿。 从沪股通前十大成交个股来看，工业富联位居首位；海光信息和寒武纪分居二、三位。 从深股通前十大成交个股来看，中际旭创位居首位；宁德时代和胜宏科技分居二、三位。 二、板块个股主力大单资金 从板块表现来看，贵金属、芯片产业链、消费电子等板块涨幅居前，影视院线、旅游等板块下跌。 | | | 星矿板块主力资金监控:今日买入前五榜(2025年9月22日) | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | 1 | 电子 | 84.30 | 1.72 | | 2 | 未言体 | 39.53 | 1.80 | | ਤੇ | 音受属 | 16.08 | 9.47 | | র্ব | 计算机 | 12.34 | 0.65 | | ર | 房地产 | 6.52 | 1.85 | | | | 星矿板块主力资金监控:今日卖出前五榜(2025年9月22日) | | | 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) ...

沪深股通今日合计成交2708.83亿，其中工业富联和中际旭创分居沪股通和深股通个股成交额首位。板 块主力资金方面，电子板块主力资金净流入居首。ETF成交方面，消费电子ETF（159732）成交额环比 增长167%。期指持仓方面，IC合约空头减仓数量大于空头。龙虎榜方面，多路资金博弈立讯精密，一 线游资现分歧，获国泰海通证券南京太平南路席位买入3.87亿，遭中信建投证券杭州庆春路卖出1.25 亿，同时遭深股通席位卖出1.38亿，两家机构席位合计卖出2.81亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1294.61亿，深股通总成交金额为1414.22亿。 | | | | 沪股通( 9月22日 ) | | | | --- | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金額 (亿元) | 前一交易日净买入额 (亿元) | 法幅(%) | | 1 | 601138 | ■ | 38.09 | | | | 2 | 688041 | 海元信息 | 35.80 | | | | 3 | 688256 | 惠武纪 | 26.48 | | | | 4 | 68 ...

Group 1 - The report indicates a strong consensus on interest rate cuts, with the market experiencing fluctuations and an overall decline of -0.18% during the week of September 15-19. The ChiNext Index, STAR 50, and Shenzhen Component Index led the gains, while micro-cap stocks and the Shanghai 50 Index faced declines. Advanced manufacturing and technology sectors showed strength, while pharmaceuticals, finance, and real estate lagged behind [2][10][14]. - The report highlights a decrease in the stock-bond yield spread to 0.5%, which is below the +1 standard deviation threshold, indicating a rise in valuation dispersion. Market sentiment has improved, but the intensity of industry rotation has decreased [3][22][23]. - The report notes that the average daily trading volume of the Stock Connect increased by 120 billion yuan compared to the previous week, with a significant net inflow of 476 billion yuan into leveraged funds, primarily in the electronics, non-bank financials, and electric equipment sectors [3][35][32]. Group 2 - Industry hotspots include Huawei's announcement of a three-year development roadmap for its Ascend AI chips, emphasizing self-sufficiency and accelerated development. Additionally, the Meta Connect conference showcased new AI glasses, indicating a growing trend in AI applications [4][44][45]. - The report suggests a favorable outlook for the Hang Seng Technology sector, driven by the appreciation of the yuan and expectations of U.S. Federal Reserve interest rate cuts. The report recommends focusing on AI core assets within this sector [4][49]. - The report discusses the potential for growth in the energy storage sector, supported by favorable market conditions and the narrative surrounding solid-state batteries. It also highlights the accelerating pace of satellite internet development and the upcoming opportunities in commercial aerospace [4][49].

Core Viewpoint - The article emphasizes the importance of intelligent manufacturing as a core engine for high-quality development in China's economy, particularly in the context of the digital economy's rapid growth [1]. Group 1: Economic Growth and Digital Transformation - In the first half of 2025, China's digital industry achieved a business revenue growth of 9.3% year-on-year, highlighting the acceleration of digital economic development and the transition towards new quality in the economy [1]. - The theme for the 2024-2025 "Respected Enterprises" initiative is "Intelligent Creation for the Future, Moving Towards New Heights," focusing on leveraging new technologies for cost reduction and efficiency improvement [1]. Group 2: Evaluation Criteria for Respected Enterprises - The evaluation of respected enterprises will be based on five dimensions: operational quality, innovation breakthroughs, public trust, social contribution, and annual impact [2][4]. - From 2022 to 2024, 1,861 companies showed continuous revenue growth, 1,066 companies had consistent net profit growth, and 3,312 companies experienced total asset growth over three years [2]. - Only 253 companies demonstrated growth across all five dimensions for three consecutive years, with notable representation from the power equipment, machinery, pharmaceutical, automotive, and electronics industries [2]. Group 3: Evaluation Process and Goals - A diverse jury composed of public reviewers, industry experts, scholars, and entrepreneurs will rigorously assess the nominated enterprises to identify those significantly contributing to economic development, technological innovation, and public welfare [3]. - The announcement of the shortlisted enterprises for the 2024-2025 "Respected Enterprises" will begin on September 23, aiming to highlight outstanding companies that contribute to high-quality economic development in China [3].

Group 1: Liquidity and Fund Flow - Leverage funds and newly issued public funds remain at high levels, with net inflow of leverage funds and new issuance of equity public funds continuing to be robust[10] - Southbound funds have seen a net inflow exceeding 460 billion over the past four months, averaging over 10 billion per week[10] - The total net inflow of leverage funds reached approximately 467 billion, while the total net inflow of equity public funds was 127 billion, maintaining a high percentile ranking of 88% and 95% respectively[11] Group 2: Trading Activity and Market Sentiment - Trading heat in the new energy vehicle sector increased by 16 percentage points to 57%, while the real estate sector rose by 7 percentage points to 77%[4] - The brokerage sector saw a decline of 20 percentage points to 42%, and the military industry dropped by 17 percentage points to 33%[4] - Retail investor net inflow in the A-share market reached 186.82 billion, marking a significant increase of 693.7 billion from the previous value, placing it in the 92.5 percentile over the past five years[4] Group 3: Market Trends and Investor Behavior - The Shanghai Composite Index rose from 2600 to 3400 primarily due to state-owned funds and retail investor inflows, with a notable increase in new fund issuance in recent months[5] - The recent week saw a significant increase in search interest for A-shares on Douyin, reaching a new high since April[4] - The overall sentiment in the ETF market improved, with a net inflow of 80.8 billion, reversing the previous outflow of 41.5 billion[25]