Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.46% to close at 3875.53 points, while the Shenzhen Component rose by 1.05% to 12828.95 points. The Sci-Tech 50 index gained 1.18% to reach 1357.15 points, and the ChiNext Index surged by 2.29% to 2956.37 points. Overall, 3206 stocks rose, 2085 fell, and 133 remained unchanged, with a total trading volume of 27.5 billion yuan, a decrease of 483.37 million yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, telecommunications, comprehensive services, non-ferrous metals, pharmaceutical biology, electronics, and machinery equipment led the gains. Conversely, non-bank financials, banking, household appliances, transportation, automotive, and defense industries experienced declines [1][2]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), gold and jewelry, optical chips, cobalt mines, advanced packaging, CRO, innovative drugs, optical communications, the SMIC industrial chain, generic drugs, weight loss drugs, high turnover, selected rare metals, germanium-gallium-antimony ink, and semiconductor equipment [2].

| | | 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) | | 天字通信 | 通信 | 61.54 | 87 | | 迈瑞医疗 | 医药生物 | -0. 60 | 71 | | 银轮股份 | 汽车 | 4.73 | 56 | | 华丰科技 | 国防军工 | 33. 81 | 50 | | 爱博医疗 | 医药生物 | 0.12 | 48 | | 立讯精密 | 电子 | 7.68 | 43 | | 胜宏科技 | 电子 | 21. 44 | 42 | | 深南电路 | 电子 | 32. 07 | 39 | | 太阳纸业 | 轻工制造 | 4. 85 | 36 | | | | 数据整理自：公募排排网，统计周期 2025年 8 月 25 日-8 月 31 日，以上内容不构成股 | | 转自：新华财经 新华财经上海9月1日电 伴随上市公司中报的披露，公募机构调研热情持续攀升。公募排排网数据显 示，上周（2025年8月25日-8月31日）共有160家公募机构参与到A股调研活动中，覆盖到27个申万一级 行业中 ...

Group 1: Core Views - Short - term macro factors will increase market disturbances, but long - term policy guidance is bullish. In September, overseas focus on the Fed's interest - rate decision and the progress of the Russia - Ukraine issue, while domestic attention is on the 14th Five - Year Plan and Q4 economic policy guidance [4]. - The real estate market is in a weak state with both new and second - hand housing sales at low levels, but there is potential for improvement during the "Golden September and Silver October". The service industry is structurally differentiated and resilient at high levels, and the manufacturing industry is rebalancing after tariff policy disturbances [4]. - Domestic and overseas liquidity is tending to be loose. The domestic stock market has attracted leveraged funds and household deposits, but the pressure of share unlocks is increasing, and market divergence has emerged [4]. - After a sharp short - term rise, the valuation of each index has reached a relatively high historical level, and the stock - bond premium rate at home and abroad is low, so the attractiveness of allocation funds is average [4]. - It is recommended to adopt a high - selling and low - buying strategy for stock index futures in September. Consider going long on IF and IH during sharp drops or a short - term arbitrage opportunity of going long on IF and short on IM [4]. Group 2: Market Review Global Stock Market Performance - In the past month, A - shares led the rise, and German stocks led the decline. The performance order is:科创50 index > ChiNext Index > Shanghai Composite Index > Nikkei 225 > Hang Seng Tech Index > NASDAQ > S&P 500 > FTSE Emerging Markets > FTSE Europe > German DAX [8]. Industry Performance - In the past month, the communication industry led the rise, and the banking industry led the decline. The order is: communication > electronics > non - ferrous metals > computer > new energy… > transportation > steel > construction > coal > bank [12]. Futures Performance - In the past month, the basis rates of the four major stock index futures (IH, IF, IC, and IM) changed by 0.07%, 0.34%, - 0.04%, and - 0.23% respectively. The discounts of IF and IH narrowed. The inter - period spread rates (current month and next month) changed by - 0.09%, 0.21%, 0.33%, and 0.29% respectively, and the inter - period discounts of IF, IC, and IM significantly converged. The inter - period spread rates (next quarter and current month) changed by - 0.04%, 0.7%, 1.14%, and 1.36% respectively, and the long - term discounts of IF, IC, and IM converged significantly [21]. Group 3: Fund Flows Margin Trading and Stabilizing Funds - In August, margin trading funds flowed in 259.09 billion yuan, and the margin balance accounted for 2.39% of the circulating market value of the Shanghai and Shenzhen stock markets, an increase of 0.06%. The scale of passive stock ETF funds increased by 321.65 billion yuan to 3.49364 trillion yuan, with a share redemption of 14.8 billion shares last month and a subscription of 215.2 billion shares in the latest week [24]. Industrial Capital - In July - August, equity financing was 20.78 billion yuan, with 3 companies. IPO financing was 2.56 billion yuan, private placement was 18.21 billion yuan, and convertible bond financing was 3.22 billion yuan. In August, the market value of share unlocks was 539.34 billion yuan, an increase of 250.95 billion yuan from the previous month [27]. Group 4: Liquidity Monetary Supply - In August, the central bank's OMO reverse repurchase matured at 7.235 trillion yuan, and the reverse repurchase was 7.8518 trillion yuan, with a net monetary injection of 61.68 billion yuan. MLF had a net injection of 3 billion yuan, with a continuous net injection for six months and an increasing margin [29]. Monetary Demand - In August, the net monetary demand for national debt was 828.88 billion yuan, local debt was 804.34 billion yuan, and other bonds was 544.59 billion yuan. The total net monetary demand for the bond market was 2177.81 billion yuan [32]. Fund Price - In August, DR007, R001, and SHIBOR overnight rates changed by - 3.8bp, - 14.5bp, and - 6bp respectively. The inter - bank certificate of deposit issuance rate decreased by 0.8bp, and the CD rate of joint - stock banks rebounded by 4bp. The fund price rebounded slightly at a low level [35]. Term Structure - In August, the yield curve steepened significantly. The long - end yields of national debt and policy - bank bonds rebounded, and the long - end credit spread between national debt and policy - bank bonds widened [39]. Sino - US Interest Rate Spread - In August, the US 10 - year Treasury yield decreased by 11.0bp, the inflation expectation decreased by 2.0bp, and the real interest rate decreased by 9.0bp. The Sino - US interest rate spread inversion narrowed by 20.04bp, and the offshore RMB appreciated by 1.22% [42]. Group 5: Macroeconomic Fundamentals Real Estate Demand - As of August 28, the weekly transaction area of commercial housing in 30 large and medium - sized cities seasonally rebounded but was at a low level compared to the same period in 2019. Second - hand housing sales decreased seasonally. The real estate market is in a weak state, but rigid demand supports the lower limit [45]. Service Industry Activity - As of August 29, the subway passenger volume in 28 large cities remained high, with a year - on - year increase of 4.5% compared to last year and 51% compared to 2021. The traffic congestion delay index in 100 cities rebounded, and the service industry's economic activity is trending towards a natural and stable growth level [48]. Manufacturing Tracking - In August, the capacity utilization rates of the manufacturing industry declined under the anti - involution policy. The average operating rate of the chemical industry chain related to external demand increased by 0.58% [52]. Freight Flow - Freight and passenger flows remained at relatively high levels. The postal express and civil aviation sectors grew strongly, while highway transportation was relatively weak, and railway transportation rebounded significantly [57]. Import and Export - China's exports continued to grow strongly. After three rounds of Sino - US negotiations, a 90 - day exemption was extended, and Q3 exports were stronger than the season, which may continue [60]. Overseas Situation - In July, US PCE inflation continued to rebound, and the market's optimistic expectation of the Fed's interest rate cut this year has weakened. The market expects 2 interest rate cuts in 2025, with a total cut of about 50bp [62][66]. Group 6: Other Analyses Valuation - In the past month, the stock - bond risk premium was 2.64%, a significant decrease of 0.43% from the previous month. The foreign capital risk premium index was 3.63%, a decrease of 0.42% from the previous month. The valuations of the SSE 50, CSI 300, CSI 500, and CSI 1000 indices were at relatively high levels in the past 5 years [69][74]. Quantitative Diagnosis - According to seasonal patterns, the stock market is likely to be in a state of seasonal shock and decline in September, with a growth style that first outperforms and then corrects. It is recommended to pay attention to the arbitrage opportunity of shorting IC and IM and going long on IF and IH [77].

Market Performance - The other electronic sector increased by 2.37% on September 1, with Zhongrong Electric leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Zhongrong Electric (301031) closed at 111.72, up 20.00% with a trading volume of 59,200 lots and a transaction value of 643 million [1] - Shannon Chip (300475) closed at 46.90, up 11.30% with a trading volume of 501,600 lots and a transaction value of 2.298 billion [1] - Xuguang Electronics (600353) closed at 19.68, up 10.01% with a trading volume of 643,700 lots and a transaction value of 1.257 billion [1] Other Notable Stocks - Fuxin Technology (688662) closed at 49.12, up 4.71% with a trading volume of 67,500 lots [1] - Yingfang Micro (000670) closed at 9.60, up 4.69% with a trading volume of 1,311,400 lots [1] - Keleke (002782) closed at 17.02, up 4.23% with a trading volume of 299,800 lots [1] Market Outflows and Inflows - The other electronic sector experienced a net outflow of 72.9743 million from main funds, while retail investors saw a net inflow of 285 million [2] - The overall market showed a mixed trend with significant outflows from main and speculative funds [2] Fund Flow Analysis - Xuguang Electronics had a main fund net inflow of 302 million, while it faced a speculative fund outflow of 148 million [3] - Zhongrong Electric saw a main fund net inflow of 69.8256 million, with a speculative fund outflow of 49.5947 million [3] - Keleke had a main fund net inflow of 47.6653 million, while it faced a speculative fund outflow of 827,990 [3]

Market Overview - The A-share indices experienced an overall increase during the week from August 25 to August 29, 2025, with the Shanghai Composite Index rising by 0.84%, the Shenzhen Component Index by 4.36%, and the ChiNext Index by 7.74% [2][3] - Among the 31 first-level industries, 15 saw gains while 16 experienced declines, with the top three performing sectors being Communication (up 12.38%), Non-ferrous Metals (up 7.16%), and Electronics (up 6.28%) [2][4] - The average daily trading volume for the week was 29,831 billion yuan [2] Bond Market Review - The central bank conducted a net monetary injection of 196.1 billion yuan, with total monetary supply at 22,731 billion yuan and monetary withdrawal at 20,770 billion yuan [8] - Most interest rates declined, with the interbank pledged repo rates for 1D, 7D, 14D, and 1M changing by -2.58 BP, +0.23 BP, -0.85 BP, and +1.49 BP respectively [11] - The major bond market indices mostly saw declines, with the China Bond Composite Index changing by +0.08% and the China Convertible Bond Index decreasing by -2.58% [20] Public Fund Products Review - A total of 36 new funds were established during the week, with a total issuance of 26.337 billion units, including 25 equity funds and 5 bond funds [21][23] - As of August 29, 2025, there were 13,120 public funds in China, with a total net asset value of 34,601.8 billion yuan, including 3,164 equity funds and 3,903 bond funds [25] Fund Manager Insights - Fund managers highlighted the importance of sectors such as AI, semiconductor, and consumer electronics, indicating a focus on growth opportunities in these areas [41][43] - The macroeconomic environment remains stable, with expectations of a continued upward trend in the A-share market, particularly in the technology sector [45] - Concerns regarding U.S.-China trade tensions persist, but the market appears to be desensitized to these issues, with potential for a bullish market outlook [46]

格隆汇9月1日丨光莆股份(300632.SZ)于投资者互动平台表示，公司的光传感集成封测类产品、柔性复 合材料均可应用于航天航空、无人机、机器人、消费电子、可穿戴设备、人工智能等领域。 ...

Choice统计显示，9月1日，沪深两市可交易A股中，上涨个股有3059只，下跌个股有1964只，平盘个股 122只。不含当日上市新股，共有121只个股涨停，7只个股跌停。从所属行业来看，涨停个股主要集中 在医药生物、有色金属、电子、传媒、机械设备、建筑装饰等行业。 （文章来源：证券时报网） ...

Core Insights - The role of the board secretary (董秘) is crucial in connecting investors and listed companies, with responsibilities including information disclosure and investor relations [1] - The average age of board secretaries in A-share listed companies shows a significant distribution, with the majority being between 41-50 years old, indicating a reliance on experience and maturity [3][4] - Educational qualifications of board secretaries are predominantly high, with over 91% holding at least a bachelor's degree, reflecting the professional demands of the role [21][22] Age Distribution - The age distribution of board secretaries reveals that 48.09% are aged 41-50, making them the dominant group [3] - Younger board secretaries (aged 31-40) account for 23.98%, indicating a gradual influx of younger talent into this critical position [3] - The average age of board secretaries varies significantly by industry, with traditional sectors like coal and banking having older secretaries compared to emerging industries [6][7][8] Tenure and Experience - Nearly 40% of board secretaries have a tenure of less than three years, highlighting a high turnover rate in this role [18] - The average tenure across the market is 5.34 years, with a small percentage (1.17%) having over 15 years of experience [19] - The high turnover may be linked to the pressures and performance expectations associated with the role [19] Educational Background - The educational background of board secretaries is highly specialized, with 46.76% holding master's degrees and 2.53% holding doctoral degrees [21][24] - The financial sector shows the highest educational qualifications, with 87.5% of bank secretaries holding master's or doctoral degrees [24] - The trend indicates a growing demand for high-education talent in sectors that require complex compliance and strategic communication [22][24] Salary Insights - The average salary for board secretaries is 792,700 yuan, with significant variations based on education and industry [30][32] - Board secretaries with doctoral degrees earn an average of 1,232,500 yuan, while those in the financial sector earn the highest salaries, averaging 1,457,100 yuan [30][32] - Salary levels are also influenced by company size, with secretaries in companies valued over 100 billion yuan earning an average of 1,790,000 yuan [38] Regional Salary Differences - There are notable regional disparities in board secretary salaries, with Shanghai averaging 990,000 yuan, while regions like Heilongjiang average 590,000 yuan [40][41] - The salary differences reflect the economic vitality and capital market development in various regions [41] Investor Relations and Market Attention - A significant portion of A-share listed companies experience low investor engagement, with nearly 20% receiving no institutional research attention [43][44] - Companies in high-growth sectors like renewable energy and AI attract more investor interest, indicating a concentration of market attention [43][44] Recommendations for Improvement - Companies are encouraged to enhance their board secretaries' capabilities through improved information disclosure strategies and investor relations practices [46][47] - Emphasizing digital transformation and effective communication can help board secretaries meet the evolving demands of the capital market [46][47]

招商证券认为，9月市场风格可能相对偏大盘，成长风格有望继续占优，建议重点关注受益于PPI触底、 美联储降息的领域，以及业绩增速较高且有望迎来拐点的领域，包括电子（半导体、消费电子）、计算 机（计算机设备、软件开发）、电力设备（电池、光伏设备、风电设备）、机械设备（自动化设备、工 程机械）、美容护理等细分行业。 编辑：罗浩 转自：中国证券报 新华财经北京9月1日电 8月A股行情向好，各类投资机构调研上市公司热情高涨。记者梳理发现，不少 上半年业绩优异的标的，成为机构调研中的"香饽饽"。 以德赛西威为例，公司2025年上半年实现归母净利润12.23亿元，同比增长逾45%，其8月以来累计接待 351家机构调研，在同期接待调研的上市公司中高居第二位。调研纪要显示，公司智能化产品全栈的能 力布局、政策对公司智能驾驶业务未来发展影响等问题被机构关注。 德赛西威表示，公司具备领先且灵活的硬件货架快速开发能力、深度软件设计与开发能力、软件算法的 顶层布局等，通过多个维度着力打造先进的智驾系统解决方案以及无人配送物流车解决方案。 包括德赛西威在内，三花智控、天孚通信、新易盛、九号公司-WD等2025年上半年归母净利润均较上年 ...

Quantitative Models and Construction Methods Model Name: Broker Gold Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection of stocks from the broker gold stock pool to outperform the median of active equity funds[39][43]. - **Model Construction Process**: - The model uses the broker gold stock pool as the stock selection space and constraint benchmark. - It employs portfolio optimization to control deviations in individual stocks and styles from the broker gold stock pool. - The industry distribution of all public funds is used as the industry allocation benchmark. - The model's detailed construction method can be found in the report "Broker Gold Stock Full Analysis - Data, Modeling, and Practice" published on February 18, 2022[39][43]. - **Model Evaluation**: The model has shown stable performance historically, consistently outperforming the active equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][39]. Model Backtesting Results Broker Gold Stock Performance Enhancement Portfolio - **Absolute Return (Monthly)**: 15.49%[5][42] - **Excess Return Relative to Active Equity Fund Index (Monthly)**: 3.59%[5][42] - **Absolute Return (Year-to-Date)**: 34.01%[5][42] - **Excess Return Relative to Active Equity Fund Index (Year-to-Date)**: 5.72%[5][42] - **Ranking in Active Equity Funds (Year-to-Date)**: 30.38% percentile (1054/3469)[5][42] Quantitative Factors and Construction Methods Factor Name: Single Quarter Net Profit Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of net profit in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net profit for the current quarter. - Compare it to the net profit of the same quarter in the previous year. - The formula is: $ \text{Net Profit Growth Rate} = \frac{\text{Current Quarter Net Profit} - \text{Previous Year Same Quarter Net Profit}}{\text{Previous Year Same Quarter Net Profit}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter ROE - **Factor Construction Idea**: This factor measures the return on equity for a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net income for the quarter. - Divide it by the average shareholders' equity for the quarter. - The formula is: $ \text{ROE} = \frac{\text{Net Income}}{\text{Average Shareholders' Equity}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter Revenue Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of revenue in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the revenue for the current quarter. - Compare it to the revenue of the same quarter in the previous year. - The formula is: $ \text{Revenue Growth Rate} = \frac{\text{Current Quarter Revenue} - \text{Previous Year Same Quarter Revenue}}{\text{Previous Year Same Quarter Revenue}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Backtesting Results Single Quarter Net Profit Growth Rate - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter ROE - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter Revenue Growth Rate - **Performance**: This factor has shown good performance recently[3][28].