格隆汇9月28日丨*ST天茂(000627.SZ)公布，2025年9月25日，公司收到深圳证券交易所（简称"深交 所"）《关于天茂实业集团股份有限公司股票终止上市的决定》，同意公司股票主动终止上市。公司股 票将在2025年9月30日摘牌。 ...

Core Insights - The report indicates that despite short-term fluctuations before the holiday, the overall market trend remains positive, with structural opportunities in sectors like technology and new energy [1][2][38]. Market Overview - During the week of September 22 to September 26, the A-share market experienced a slight upward trend, with the overall index rising by 0.25%. The STAR 50 index led the gains with an increase of 6.47%, while the ChiNext index rose nearly 2%. However, the Northbound 50 and CSI 1000 indices recorded declines [2][4]. - The market displayed significant structural volatility, with hotspots focusing on semiconductors, new energy, and non-ferrous metals [4][8]. Fund Flow - The trading activity in the A-share market saw a decrease, with an average daily turnover of 23,132 billion yuan, down by 2,046.53 billion yuan from the previous week. The average turnover rate was 1.9084%, a decrease of 0.35 percentage points [13][15]. - Northbound capital's average daily turnover was 2,917.83 billion yuan, down by 203.84 billion yuan from the previous week. The margin trading balance increased to 24,443.17 billion yuan, up by 461.73 billion yuan [15][21]. Valuation Changes - As of September 26, the overall A-share index's PE (TTM) valuation rose by 0.1% to 22.12 times, placing it at the 88.75 percentile since 2010. The PB (LF) valuation increased by 0.12% to 1.80 times, at the 48.55 percentile [30][34]. - The report highlights that 20 out of 31 primary industries have PE valuations above the 50th percentile since 2010, indicating a generally high valuation environment [33][34]. Investment Outlook - The report suggests that the market is expected to experience a key window period with the upcoming 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan." This could enhance market risk appetite [38][39]. - Key investment themes include: - New quality productivity: Emphasizing technology self-reliance and supporting companies with genuine technological barriers [39]. - Anti-involution policies: Encouraging companies to focus on product value and service quality, leading to better resource allocation [39]. - Consumer sector: The expansion of domestic demand policies is anticipated to boost the consumer sector [39]. - Major infrastructure projects: Accelerated construction of significant projects is expected to drive related industry growth [39].

Market Overview - The A-share market shows a mixed performance with the ChiNext Index reaching a three-year high, indicating a strong upward trend in the growth sector [1][4] - The Shanghai Composite Index closed at 3853.30, slightly down by 0.01%, while the ChiNext Index rose by 1.58% to 3235.76, reflecting a divergence in market sentiment [2][4] Sector Performance - The top-performing sectors include Media (up 2.23%), Communication (up 1.99%), and Non-ferrous Metals (up 1.87%), indicating strong investor interest in these areas [3] - Conversely, sectors such as Textiles and Apparel (down 1.45%) and Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.22%) faced declines, suggesting a rotation away from these industries [3] Future Outlook - The report highlights a "slow bull" market characterized by a stable capital market and a need for further policy support to sustain growth [5] - The trading volume in the A-share market reached 2.37 trillion, marking the 11th consecutive day above 2 trillion, which indicates robust liquidity and investor engagement [6] - The market is expected to maintain a volatile pattern in the short term, influenced by ongoing U.S.-China trade negotiations and domestic policy developments [6] Investment Recommendations - The report suggests focusing on sectors such as Technology, Media, Telecommunications (TMT), Public Utilities, Non-ferrous Metals, and Financials for potential investment opportunities [6]

Core Viewpoint - The company *ST Tianmao (000627.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective September 25, 2025 [1] Group 1 - The Shenzhen Stock Exchange has issued a notice regarding the termination of the company's stock listing [1] - The company's stock will be delisted within five trading days following the announcement of the termination decision [1]

9月25日，加拿大菲沙研究所发布《世界经济自由度2025年度报告》，香港继续获评为全球最自由经济 体。在五个评估大项中，香港在"国际贸易自由"蝉联首位，在"稳健货币"及"监管"的排名亦高踞全球第 三位。 香港特别行政区政府发言人表示，菲沙研究所的报告再一次肯定香港的自由市场优势以及开放、高效和 公平的营商环境。在当前地缘政治、单边主义和保护主义加剧、冲击国际贸易体系和全球经济秩序之 际，香港将一如既往坚定保持自由港的地位、实行自由贸易、简单低税制等政策，维持资金、资讯、货 物和人才自由流动，发挥"超级联系人"和"超级增值人"的角色和功能，欢迎海内外的企业和人才来港投 资兴业和发展事业。 （文章来源：央视新闻） ...

格隆汇9月25日丨申华控股(600653.SH)公布，公司拟将控股子公司申华东投的注册资本由20,000万元减 少至3,660万元；拟将全资子公司内蒙古申华电力的注册资本从2,000万元减少至30万元。 ...

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with seven industries experiencing gains, led by Media and Communication, which rose by 2.23% and 1.99% respectively. The Computer industry also saw an increase of 1.55% [1] - The total net outflow of capital from the two markets was 28.778 billion yuan, with five industries recording net inflows. The Electric Equipment industry had the highest net inflow of 3.916 billion yuan, followed by the Computer industry with a net inflow of 2.545 billion yuan [1] Computer Industry Performance - The Computer industry experienced a rise of 1.55%, with a total net inflow of 2.545 billion yuan. Out of 335 stocks in this sector, 183 stocks increased in value, and four stocks hit the daily limit [2] - The top three stocks with the highest net inflow in the Computer industry were Inspur Information (19.48 billion yuan), Yonyou Network (1.011 billion yuan), and Nasda (382 million yuan) [2] Capital Inflow and Outflow - The top stocks in terms of capital inflow included: - Inspur Information: +9.99%, turnover rate 9.55%, net inflow 1.948 billion yuan - Yonyou Network: +6.61%, turnover rate 7.83%, net inflow 1.011 billion yuan - Nasda: +10.02%, turnover rate 4.39%, net inflow 382 million yuan [2] - The top stocks with the highest capital outflow included: - Yinzhijie: -2.34%, turnover rate 6.44%, net outflow 320 million yuan - Guiding Compass: -1.26%, turnover rate 5.57%, net outflow 305 million yuan - Donghua Software: -3.24%, turnover rate 8.88%, net outflow 217 million yuan [3]

Group 1 - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of the 28 sectors rising, led by Media and Communication sectors, which increased by 2.23% and 1.99% respectively [1] - The Comprehensive sector experienced a decline of 1.30%, with a net outflow of 22.6 million yuan in main capital throughout the day, and all 16 stocks in this sector fell [1] - Among the stocks in the Comprehensive sector, Tianchen Co. saw the highest net inflow of capital at 3.96 million yuan, followed by Taida Co. and Yatai Group with net inflows of 1.19 million yuan and 1.18 million yuan respectively [1] Group 2 - The stocks with the largest net outflows in the Comprehensive sector included Dongyangguang, Yuegui Co., and Nanjing Xinbai, with net outflows of 159 million yuan, 27.49 million yuan, and 14.65 million yuan respectively [1] - The table provided lists various stocks in the Comprehensive sector, detailing their daily price changes, turnover rates, and main capital flow, highlighting significant declines in stocks such as Dongyangguang (-1.23%) and Nanjing Xinbai (-1.74%) [1]

Core Insights - A new round of financial policies was introduced on September 24, 2024, initiating a fresh rally in the A-share market [2] - Over the past year, 5,137 stocks have risen, accounting for over 90% of the total [2] - All 31 first-level industries in the Shenwan classification experienced gains, but the extent of these gains varied significantly across sectors [2] Industry Performance - The electronics, comprehensive, and media sectors led the market with impressive gains of 203.35%, 177.08%, and 129.05% respectively [2] - Traditional cyclical sectors, such as oil and petrochemicals, and coal, showed relatively poor performance with gains of less than 10% [2] - The real estate and banking sectors recorded increases of 41.96% and 32.26% respectively, placing them among the lower-performing sectors [2]

Core Insights - The report highlights the current industry allocation of the Bank of China’s multi-strategy system, with significant positions in non-bank financials (11.7%), steel (11.0%), and comprehensive sectors (10.1%) [1] - The average weekly return for the CITIC primary industries was -0.4%, while the average return over the past month was 2.3% [3][10] - The report identifies the top-performing industries for the week as automotive (4.4%), electronics (4.4%), and electric equipment and new energy (4.1%), while the worst performers were banking (-5.6%), non-bank financials (-4.4%), and food and beverage (-3.6%) [3][10] Industry Performance Review - The report provides a detailed performance review of CITIC primary industries, indicating that the automotive sector has a year-to-date return of 34.4%, while electronics and electric equipment and new energy have returns of 48.0% and 36.0%, respectively [11] - The report notes that the composite strategy has achieved a cumulative return of 24.5% year-to-date, outperforming the CITIC primary industry equal-weight benchmark return of 22.2% by 2.2% [3] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with a PB ratio above the 95th percentile as overvalued [12][13] - Currently, the industries triggering high valuation warnings include retail, media, computing, and automotive, with their PB ratios exceeding the 95th percentile [13] Single Strategy Rankings and Recent Performance - The report outlines the top three industries based on the high profitability tracking strategy as non-bank financials, agriculture, and steel [15][16] - The report also details the performance of various strategies, with the S2 strategy (implied sentiment momentum tracking) highlighting mechanical, electric equipment and new energy, and comprehensive sectors as the top three industries [20] Macro Style Rotation Strategy - The macro style rotation strategy identifies the top six industries based on current macro indicators as comprehensive finance, computing, communication, national defense, electronics, and media [24] - The report emphasizes the importance of macroeconomic indicators in predicting industry performance, utilizing a multi-factor approach to assess industry exposure to various macroeconomic styles [22][23]