市场表现方面，机构买入型评级个股今日平均上涨1.07%，表现强于沪指。股价上涨的有14只，涨停的 有大洋电机等。涨幅居前的有芯原股份、香农芯创、灿芯股份等，今日涨幅分别为17.34%、13.07%、 8.23%。跌幅较大的个股有上海家化、乖宝宠物、天齐锂业等，跌幅分别为2.84%、2.78%、2.53%。 行业来看，电子行业最受青睐，汉朔科技、香农芯创等5只个股上榜机构买入评级榜。汽车、食品饮料 等行业也较受机构关注，分别有4只、3只个股上榜。（数据宝） 今日获机构买入型评级个股中，共有14条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有9股上涨空间超20%，高伟达上涨空间最高，9月22日东吴证券预计 公司目标价为51.50元，上涨空间达98.76%，上涨空间较高的个股还有大洋电机、日联科技等，上涨空 间分别为61.81%、61.11%。 从机构评级变动看，今日机构买入型评级记录中，有17条评级记录为机构首次关注，涉及灿芯股份、大 洋电机等17只个股。 35只个股今日获机构买入型评级，特变电工最新评级被调高，17股机构首次关注。 机构今日买入型评级记录 证券时报·数据 ...

Summary of Key Points Core Viewpoint - In the past month, 62 companies listed on the Beijing Stock Exchange (BSE) have been investigated by institutions, with Audiwei being the most notable, attracting 65 participating institutions [1]. Group 1: Institutional Research - A total of 62 BSE companies were subject to institutional research, with 65 institutions participating in the research of Audiwei, making it the most focused company [1]. - The types of institutions conducting research include 62 brokerages, 48 funds, 42 private equity firms, 24 insurance companies, and 5 overseas institutions [1]. - The companies receiving institutional research belong to 17 different industries, with a concentration in machinery equipment (14 companies), basic chemicals (8 companies), and electronics (8 companies) [1]. - Far航精密 had the highest frequency of institutional research, receiving 3 investigations, while Audiwei, 海达尔, and 同力股份 were each investigated 2 times [1]. Group 2: Market Performance - The average stock price of the companies that received institutional research declined by 1.80% over the past month, with 21 companies experiencing price increases [2]. - The top gainers included 开特股份 (up 53.42%), 贝特瑞 (up 36.79%), and 德瑞锂电 (up 15.11%) [2]. - The average daily turnover rate for the researched companies was 6.26%, with the highest turnover rates recorded for 盖世食品 (20.64%), 武汉蓝电 (15.96%), and 吉冈精密 (12.82%) [2]. - As of September 22, the average market capitalization of all BSE companies was 3.294 billion yuan, while the average market capitalization of the researched companies was 4.679 billion yuan [2]. Group 3: Company-Specific Data - Audiwei (832491) had 65 institutions participating in its research, with a closing price of 34.06 yuan and a price increase of 6.27% [2]. - 海达尔 (836699) had 64 institutions involved, closing at 65.62 yuan with a 6.70% increase [2]. - 远航精密 (833914) was researched by 59 institutions, with a closing price of 37.31 yuan and a 4.95% increase [2]. - 同力股份 (834599) had 55 institutions participating, closing at 19.74 yuan with a decline of 22.59% [2]. - Other notable companies include 贝特瑞 (15 institutions, 31.42 yuan, up 36.79%) and 开特股份 (25 institutions, 46.15 yuan, up 53.42%) [2][3].

- The report discusses a "Momentum Sentiment Indicator" model, which is used for market timing based on the proportion of stocks with positive returns in the CSI 300 Index over a specific period. The model calculates the proportion of stocks with positive returns over N days and applies smoothing with two moving averages (N1 and N2). When the short-term moving average exceeds the long-term moving average, it signals a bullish market sentiment[26][27][29] - The "Moving Average Sentiment Indicator" is another model that evaluates the CSI 300 Index's sentiment by comparing the closing price with eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233). If the closing price exceeds more than five of these moving averages, the model signals a bullish sentiment[33][34] - The report evaluates the "Cross-Sectional Volatility" factor, which measures the dispersion of stock returns within an index. A higher cross-sectional volatility indicates a favorable alpha environment. Recent data shows a decline in cross-sectional volatility for the CSI 300, CSI 500, and CSI 1000 indices, suggesting a short-term deterioration in the alpha environment[39][41] - The "Time-Series Volatility" factor is also analyzed, which measures the historical volatility of index returns. The report notes a recent decline in time-series volatility for the CSI 300, CSI 500, and CSI 1000 indices, indicating a less favorable alpha environment in the short term[40][44] - The "Fund Concentration Divergence" indicator is introduced to monitor the degree of fund clustering. It calculates the standard deviation of cross-sectional returns within a fund portfolio. A lower standard deviation indicates higher clustering, while a higher standard deviation suggests fund divergence. The report notes a slight decrease in divergence in the most recent week[80][83] - The "Momentum Sentiment Indicator" model's backtest results show that the fast line is currently above the slow line, indicating a bullish sentiment for the CSI 300 Index[27][29] - The "Moving Average Sentiment Indicator" model's backtest results indicate that the CSI 300 Index is currently in a positive sentiment zone, as the closing price exceeds more than five of the eight moving averages[34][36] - The "Cross-Sectional Volatility" factor's recent values are as follows: CSI 300 (1.98%), CSI 500 (2.12%), and CSI 1000 (2.37%) for the past quarter, with respective percentile rankings of 69.77%, 69.84%, and 65.34% over the past two years[41] - The "Time-Series Volatility" factor's recent values are as follows: CSI 300 (0.62%), CSI 500 (0.44%), and CSI 1000 (0.24%) for the past quarter, with respective percentile rankings of 58.18%, 74.60%, and 57.37% over the past two years[44] - The "Fund Concentration Divergence" indicator shows a slight decrease in divergence, with fund and stock excess returns improving week-over-week[80][83]

近日，"2025年中国企业500强"榜单重磅发布，浙江企业表现亮眼，共有56家企业入选，彰显出强劲的 经济实力与发展活力。其中，杭州、湖州、嘉兴、绍兴四市共有近30家民营企业上榜，展现出区域民营 经济的蓬勃发展态势。而在上月底全国工商联发布的"2025中国民营企业500强"榜单中，杭湖嘉绍四市 共有63家企业入围，入围数量占全国的12.6%，占浙江省的58.87% ，凸显出杭州都市圈在浙江乃至全国 民营经济领域的重要地位。 如果将视野缩小到县域，可以看到都市圈产业集聚效应明显。杭州周边县市中，德清、柯桥、诸暨、桐 乡均有2家及以上企业入榜民营企业500强。其中，桐乡有4家企业入选，占整个嘉兴地区的一半以上； 诸暨有2家企业入榜，分别排名第六（海亮集团）和第十三（天洁集团），含金量极高。而在杭州市 内，萧山区以12家的"成绩"一骑绝尘，其中紧邻绍兴柯桥区的衙前镇，就有4家上榜企业。 杭州都市圈有"长三角金南翼"之称，如果将这个圈再画得大一些，以上海为核心，北至苏锡常，南至杭 湖嘉绍甬，这一面积仅占全国约0.71%的区域，集中了民营企业500强榜单中近三分之一的企业。其 中，苏锡常都市圈共有59家企业入围，宁波和 ...

Report Information - Report Title: Credit Business Weekly: What's the Impact of the Fed's Interest Rate Cut on A-Shares? - Report Date: September 22, 2025 - Research Institute: Zhongtai Securities Research Institute - Analysts: Xu Chi, Zhang Wenyu [1] 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - The short - term A - share market is in a volatile adjustment phase, but the medium - term trend remains upward. The Fourth Plenary Session in October may clarify the strategic position of technological innovation and new - quality productivity, strengthening the market's fundamental repair expectations. The easing of Sino - US relations can repair market risk appetite, and the Fed's interest rate cut may boost the stock market in the medium term [6]. - The current market volatility is a short - term adjustment, and investors can take advantage of the adjustment to make structural allocations in the directions of technological innovation, domestic demand and the "anti - involution" theme, and sectors benefiting from the easing of Sino - US relations [8]. 3. Summary by Relevant Catalogs Market Observation Impact of Sino - US Easing and Fed's Interest Rate Cut on A - Shares' Medium - Term Trend - Last week, the A - share market was volatile. The Fed's interest rate cut and the weak performance of the brokerage sector were the main influencing factors. The brokerage index fell 3.55% last week and has retraced 9.63% from its August 25 high [6]. - Despite short - term volatility, the medium - term trend of the A - share market remains positive. The upcoming Fourth Plenary Session in October may bring policy support, and the easing of Sino - US relations can improve market sentiment. The Fed's interest rate cut may have a positive impact on the stock market in the medium term [6]. View on the Recent Uptrend of A - Share Technology Sector - Last week, the capital situation remained loose. There was a "high - to - low" rotation of funds. The two - margin balance continued to grow, and the net reduction of shareholder holdings decreased, alleviating market supply pressure [7]. Investment Advice - Investors can make structural allocations during the market adjustment: focus on the technology innovation main line such as consumer electronics, robots, and games; pay attention to domestic demand and "anti - involution" themes including high - growth industries in the Growth Enterprise Market and sectors benefiting from infrastructure and manufacturing repair; consider sectors benefiting from the easing of Sino - US relations like Hang Seng Tech Index constituents, leading innovative drug companies, and the brokerage sector [8]. Market Review Market Performance - Most major market indices rose last week, with the ChiNext 50 having the largest increase of 2.84%. Among major industries, the optional consumption and information technology indices performed well, while the financial and daily consumption indices performed poorly. Among the 30 Shenwan primary industries, 13 industries rose, with coal, power equipment, and electronics having larger increases, and banking, non - ferrous metals, and non - bank finance having larger declines [9][17][19]. Trading Heat - The average daily trading volume of the Wind All - A Index last week was 25178.46 billion yuan, up from the previous value of 23264.15 billion yuan, at a very high historical level (96.70% of the three - year historical quantile) [22]. Valuation Tracking - As of September 19, 2025, the PE_TTM of the Wind All - A Index was 22.10, down 0.15 from last week, at the 89.70% quantile of the past five - year history. Thirteen out of 30 Shenwan primary industries saw valuation (PE_TTM) repairs [27]. Weekly Global Economic Calendar - Domestic economic data: On September 22, the People's Bank of China will release the 1 - year Loan Prime Rate (LPR). - Overseas economic data: On September 23, the US Markit Composite PMI will be released; on September 24, Fed Chairman Jerome Powell will speak and the US M2 money supply data will be released; on September 26, Fed Vice Chairman for Supervision Michael Barr will speak and the Atlanta Fed will release its GDPNow economic growth forecast [29].

转自：新华财经 其次是基础化工、电力设备和汽车行业，均被调研不少于50次，被调研个股数量不少于10只。 长期备受公募调研关注的电子行业，上周公募调研关注度明显下降，该行业上周仅有12只个股获得公募 调研关注，合计调研次数仅37次，无论是被调研个股数量还是被调研次数，均远低于之前的水平。 机构来看，富国基金上周调研24次居首，成为调研最勤奋的公募机构，其参与调研的个股中，钢铁行业 个股数量最多达5只，其次是基础化工和商贸零售，被调研个股均为3只。 汽车和基础化工行业均有2只个股入围前十，其中汽车行业中入围前十的个股包括双环传动和雷迪克， 基础化工行业中入围前十个股包括广东宏大和易普力。 | | | 上周公募调研次数排名前十个股 | | | --- | --- | --- | --- | | A 股简称 | 申万一级行业 | 股价涨跌幅(%) | 被调研次数(次) | | 杰普特 | 机械设备 | -3.50 | 43 | | 悍高集团 | 轻工制造 | 13.00 | 32 | | 双环传动 | 汽车 | 18.62 | 25 | | 能辉科技 | 建筑装饰 | -6. 70 | 23 | | 广东宏大 | 基 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved significant revenue growth in 25H1, driven by the accelerated penetration of new products and expansion into new markets, particularly in the industrial sector [2][4] - The company has established deep ties with leading home appliance clients, becoming the preferred brand for power chips in the industry [3] - The industrial market revenue saw a substantial increase of 57% in 25H1, with expectations that industrial and AI applications will provide additional performance growth [4][9] Financial Summary - The company reported a revenue of 636 million yuan in 25H1, a year-on-year increase of 40.32%, and a net profit of 90 million yuan, up 106.02% year-on-year [1][2] - The gross margin for 25H1 was 37.33%, an increase of 0.85 percentage points year-on-year, while the net margin was 14.09%, up 4.69 percentage points year-on-year [2] - The company expects to achieve revenues of 1.225 billion yuan in 2025, with a projected net profit of 170 million yuan [1][9] Product Development and Market Position - The company has successfully developed and mass-produced various high and low voltage integrated power and driver chips, enhancing its product matrix in the home appliance sector [3] - The company has introduced new products such as integrated Buck/Boost chips and high-voltage isolation half-bridge chips, which are expected to strengthen its market position [3] - The company has formed a complete power solution system for the industrial power market, covering primary, secondary, and tertiary power applications [9]

Core Insights - As of September 19, the financing balance of the A-share market reached 2.38161 trillion yuan, with a margin trading balance of 16.575 billion yuan, indicating an increase of 46.646 billion yuan in financing balance over the past week [1][2] - The electronic industry saw a significant increase in financing balance, exceeding 16 billion yuan, with Shenghong Technology being the stock with the highest net buying amount [1][3] Financing and Margin Trading Overview - From August 13 to September 19, the A-share market experienced 28 consecutive trading days with transaction volumes and margin trading balances exceeding 2 trillion yuan [2][3] - During the last week, the financing balance increased by 46.646 billion yuan, with notable daily increases on September 15 (18.337 billion yuan), September 16 (22.511 billion yuan), and September 17 (12.711 billion yuan) [2][3] Industry Performance - Among the 31 industries tracked, 25 saw an increase in financing balance, with the electronic, non-bank financial, and power equipment sectors leading in net buying amounts of 16.642 billion yuan, 5.034 billion yuan, and 4.528 billion yuan respectively [3] - Conversely, the non-ferrous metals, defense, and coal industries experienced the highest net selling amounts of 1.158 billion yuan, 0.952 billion yuan, and 0.273 billion yuan respectively [3] Stock-Specific Activity - Last week, financing clients increased their positions in 202 stocks by over 100 million yuan, with the top ten stocks being Shenghong Technology (2.112 billion yuan), SMIC (2.056 billion yuan), and CITIC Securities (1.775 billion yuan) [4] - The top ten stocks with the highest net selling amounts included Xinyi Technology (1.577 billion yuan), Zijin Mining (0.964 billion yuan), and Haiguang Information (0.964 billion yuan) [5] Margin Trading Details - As of September 19, the margin trading balance was 16.575 billion yuan, with a slight decrease of 0.032 billion yuan over the past week [5] - The stocks with the highest margin trading balances included Ningde Times (119 million yuan), Shenghong Technology (98 million yuan), and Kweichow Moutai (82 million yuan) [5][6]

证券之星消息，9月22日其他电子板块较上一交易日上涨3.42%，润欣科技领涨。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。其他电子板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002130 | 沃尔核材 | 4.03亿 | 8.88% | -2.69 Z- | -5.92% | -1.34 Z | -2.96% | | 300475 | 香衣芯创 | 2.55 Z | 5.09% | -2.21 乙 | -4.41% | -3412.88万 | -0.68% | | 300493 润欣科技 | | 2.20 乙 | 8.30% | -1.01亿 | -3.79% | -1.20 Z | -4.51% | | 001287 | 中电港 | 1.87亿 | 13.52% | -1082.81万 | -0.78% | -1.76 Z | -1 ...

Group 1 - The company, Weifeng Electronics (301328), has not yet entered the liquid cooling sector as of September 22 [1]