市场狂欢时，最了解公司的人正在悄然离场。 数据显示，2025年下半年以来A股重要股东减持金额已接近900亿元。 2025年9月的A股市场呈现冰火两重天的奇特景象。 上证指数连续突破3600点、3700点、3800点整数关口，两市成交额频频突破万亿元，而与此同时上市公司重要股东减持计划也密集涌现。 据统计，从7月初到9月12日，A股上市公司重要股东减持金额累计约为889.81亿元，净减持金额约为662.23亿元。 仅9月前半个月，A股上市公司发布的股东减持相关公告数量就已经超过500份。 更令人惊讶的是，9月前10天，就有400多家公司股东成功套现190亿元，同比实现翻倍增长。 这股减持潮不仅来势汹汹，而且涉及范围广泛，从半导体、人工智能到生物医药、新能源，几乎覆盖了所有热门赛道。 2025年A股市场的减持现象呈现出规模大、范围广、主体多元的特点。 根据执中ZERONE统计，2025年上半年，共有428家A股上市公司的股东进行减持，涉及1315起减持事件，对应减持交易金额近600亿元。 这一数据相较于2024年同期，减持事件数量、减持股数、减持金额均实现约翻倍增长。 进入下半年后，减持步伐进一步加快。 7月份， ...

A股三大指数今日（12月8日）集体上攻！截至收盘，沪指涨0.54%，深证成指涨1.39%，创业板指涨 2.60%。沪深两市全天成交额超过2.03万亿元，较上一交易日大幅放量超3100亿元。 盘面上，AI、科技方向大面积上攻，光模块CPO、高速铜连接等算力硬件强势爆发，光模块CPO含量超 56%的创业板人工智能ETF华宝（159363）场内放量突破，收涨5.41%再创上市新高；百分百布局新质 生产力的硬科技宽基——双创龙头ETF（588330）场内收涨3.09%；国内首只科技龙头先锋——科技 ETF（515000）、荟聚电子板块核心龙头的电子ETF（515260）场内双双收涨超2%。券商上演绝地反 击，400亿顶流券商ETF（512000）高开高走，场内价格一度涨逾3%。 港股方面，A+H芯片半导体再度携手走强，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF （159131）全天窄幅震荡，放量收涨0.95%。 消息面上，高层今日召开重要会议，分析研究2026年经济工作等。会议指出，明年经济工作要坚持稳中 求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量政策集成 效应，加大 ...

今年开启的这轮牛市行情，不是一个短期的行情，也不是到4000点就结束的行情，而是一轮慢牛长期行 情，有可能会持续两到三年以上。而现在，大盘到4000点左右出现一定的多空分歧也是正常的。正是因 为存在多空分歧，那反而说明行情并没有结束。因为行情结束的时候往往是一致预期的时候，华尔街有 句名言叫"一致的时候是最危险的时候"。当所有人都积极看多、拼命看多，那么这时候行情才会真正的 见顶。而多空分歧大，说明市场行情还是在上涨的过程之中，还有很多人没有看多，也就是说后续还会 有很多增量资金进来。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：石秀珍 SF183 今年开启的这轮牛市行情，不是一个短期的行情，也不是到4000点就结束的行情，而是一轮慢牛长期行 情，有可能会持续两到三年以上。而现在，大盘到4000点左右出现一定的多空分歧也是正常的。正是因 为存在多空分歧，那反而说明行情并没有结束。因为行情结束的时候往往是一致预期的时候，华尔街有 句名言叫"一致的时候是最危险的时候"。当所有 ...

Market Overview - The A-share and Hong Kong stock markets have rebounded significantly, continuing the upward trend from the previous week, indicating the start of the year-end market rally [1] - The recent market adjustment, particularly in the technology sector, is viewed as a normal correction rather than the end of the bullish trend, suggesting that the market is still in a growth phase [1] Technology Sector Insights - The current bull market is driven by multiple factors, including the recently approved "14th Five-Year Plan," which emphasizes support for technology innovation in areas such as AI, robotics, semiconductors, and biomedicine [2] - The technology sector is expected to continue leading the market, with significant profit opportunities anticipated in 2026 as the bull market deepens [2][3] Investment Strategy - Investors are encouraged to adopt a balanced allocation strategy to capture structural opportunities across various sectors, including technology, new energy, and consumer goods [3][4] - The bull market is expected to last longer than a short-term spike, providing a more sustainable investment environment that can enhance household wealth and stimulate economic recovery [4] Future Market Expectations - The technology bull market is projected to persist into 2026, with an anticipated sequence of market leadership starting with "small tech stocks," followed by "mid-tech stocks," and eventually traditional sectors [3] - The current market dynamics suggest a rotation pattern that could become a defining characteristic of this bull market, highlighting the importance of both growth and value investments [4]

A股今日震荡走强，芯片半导体板块持续反弹。截至13:50，北京君正涨超16%，传音控股、华润微涨超 8%。受盘面影响，科创板50ETF（588080）、芯片ETF易方达（516350）标的指数分别上涨0.6%和 1.6%。 消息面上，10月份全球半导体需求持续改善，PC、平板保持小幅增长，TWS耳机、可穿戴腕式设备、 智能家居快速增长，AI服务器保持高速增长，需求在11月或将继续复苏。 （文章来源：每日经济新闻） 有券商表示，当前全球AI算力投入仍在大幅增长，存储结构性缺货局面仍在持续。在AIGC和消费类下 游需求向好的加持下，半导体行业将继续向好发展，同时我国半导体产业国产化进程有望进一步提速， 看好包括先进制程制造、芯片架构升级对整体国产算力水平的拉动。 资料显示，科创板50指数由科创板中市值大、流动性好的50只股票组成，"硬科技"龙头特征显著，数字 芯片设计与集成电路制造行业合计占比超50%；中证芯片产业指数聚焦芯片产业链各细分环节龙头，数 字芯片设计占比超50%，半导体设备行业占比近20%。科创板50ETF（588080）、芯片ETF易方达 （516350）分别跟踪以上指数，为投资者提供了布局芯片半导 ...

无论是经济增长潜力的充分释放、科技自立自强水平的提高， 还是人民生活品质的提高，都离不开企业和企业家，都需要企 业家精神。企业家的角色不可替代。 作者： 社论 封图：图虫创意 在已经走过的四分之一世纪，我们一直在问自己：什么样的企业和企业家是受尊敬的？之所以不停 地问这样一个问题，是因为从2001年创刊起，经济观察报就以理性、建设性为办报宗旨，要求自 己不冲动、不虚伪、不媚俗、不破坏，将推动中国和世界的商业文明与进步作为自己的使命。 受尊敬企业年会也是从2001年开始举办的。20多年来，我们见证了中国经济的狂飙突进，也见证 了中国企业在商业上的成功。特别是近些年来，中国企业在新能源、人工智能、芯片半导体等领域 不断实现突破，表现出强劲的竞争力，一批优秀的中国企业正迎来高光时刻。 这个过程也是中国企业和企业家赢得尊敬的过程。经济观察报和这样的企业一路前行，我们陪伴了 企业和企业家的成长，也对何以受尊敬有了更深刻的认识。我们以为，如果从创业那一天起，就把 追求受尊敬作为基本信条，这样的企业就不大容易为短期利益所惑，做出违背初心的决定。因为它 更在乎长远。它不仅会考虑股东回报，也会在乎员工权益和供应商的利益。 经济 ...

Group 1 - Beijing plans to construct and operate a large-scale centralized data center system with over 1 GW power capacity in a 700-800 km orbit to support AI computing in space [1] - The data center system will consist of subsystems for space computing, relay transmission, and ground control, with construction divided into three phases from 2025 to 2035 [1] - East Wu Securities highlights that companies with comprehensive AI stack capabilities will benefit from the growing demand for computing power, indicating a robust market space for computing infrastructure [1] Group 2 - The Hong Kong stock market's semiconductor industry chain showed resilience, with the first ETF focused on the "Hong Kong chip" industry gaining 0.55% [2][4] - The ETF (159131) is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with significant weights in companies like SMIC and Xiaomi [4] - The ETF aims to capture the momentum of the AI hard technology sector in Hong Kong, excluding major internet companies for a sharper focus [4]

Group 1 - The Hong Kong stock market's semiconductor industry chain is experiencing an upward trend, with the Hang Seng Technology Index rising nearly 1%, and notable increases in stocks such as Hua Hong Semiconductor and SMIC [1] - The first Hong Kong ETF focusing on the semiconductor industry chain (159131) has seen a price increase of 2.26%, indicating strong buying interest and confirming a rebound pattern [1] - According to Guojin Securities, the current market is at the beginning of a new storage cycle driven by AI demand, suggesting a focus on storage inventory, price data, and the impact of AI on storage chip demand [1] Group 2 - The Hong Kong ETF (159131) is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with significant weights in companies like SMIC and Xiaomi [2] - The ETF excludes major internet companies like Alibaba and Tencent, allowing for a sharper focus on the AI hard technology market in Hong Kong [2]

Group 1: Market Performance - The Hong Kong stock market's semiconductor industry chain is experiencing an upward trend, with the Hang Seng Technology Index rising nearly 1% [1] - Notable stock performances include Huahong Semiconductor up over 5%, SMIC and Jiantao Laminated Board up over 4%, and several other stocks like Hongteng Precision, Meitu, and Xiaomi Group rising over 3% [1] - The first Hong Kong ETF focusing on the semiconductor industry chain (159131) has seen a price increase of 2.26%, indicating a potential recovery trend, with a trading volume exceeding 33 million yuan [1] Group 2: Industry Insights - The semiconductor industry is expected to enter a new storage cycle driven by emerging technologies, with AI demand expected to boost the market [2] - The China Semiconductor Industry Association predicts that the total sales of the chip design industry will reach 835.73 billion yuan by 2025, a 29.4% increase from 2024 [3] - The domestic chip development is seen as a long-term trend, with current conditions viewed as the best time for growth in the sector [5] Group 3: ETF and Index Information - The newly launched Hong Kong Information Technology ETF (159131) tracks an index composed of 70% hardware and 30% software, focusing on semiconductor, electronics, and computer software sectors [7] - The ETF includes 42 Hong Kong hard-tech companies, with significant weights assigned to SMIC (20.27%), Xiaomi Group (9.11%), and Huahong Semiconductor (5.64%) [7] - The index aims to capture the performance of the AI hard-tech sector, excluding major internet companies like Alibaba and Tencent, thus providing a sharper focus on the semiconductor industry [7]

Group 1 - The Hong Kong semiconductor industry chain is experiencing a significant upward trend, with the Hang Seng Technology Index rising nearly 1% and several stocks, including Hua Hong Semiconductor and SMIC, increasing by over 4% [1] - The first Hong Kong ETF focusing on the semiconductor industry (159131) has seen a price increase of 2.26%, confirming a rebound pattern, with a trading volume exceeding 330 million yuan [1] - The semiconductor market is entering a new cycle driven by AI demand, with a recommendation to monitor inventory and pricing data closely [2][3] Group 2 - The sales forecast for the chip design industry in China is projected to reach 835.73 billion yuan by 2025, representing a growth of 29.4% compared to 2024 [3] - The domestic chip production process is seen as a long-term trend, with current conditions viewed as the best time for development, particularly in advanced manufacturing and chip architecture upgrades [5] - The valuation of many Chinese tech companies is significantly lower than their U.S. counterparts, with Hong Kong tech stocks showing even more attractive valuations, as indicated by a PE ratio of around 39% compared to higher ratios in other markets [6] Group 3 - The newly launched Hong Kong ETF (159131) tracks an index composed of 70% hardware and 30% software, focusing on semiconductor and electronic companies, with significant weights assigned to SMIC and Xiaomi [8] - The ETF aims to capture the momentum of the AI hard technology sector, excluding major internet companies like Alibaba and Tencent, thus providing a sharper focus on the semiconductor industry [8]