1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current margin balance is less than 30 billion yuan from the historical high. Among public - fund categories with a high proportion of stock investment, only partial - stock hybrid funds still have some room for position replenishment. The end of the rapid capital inflow window coincides with the military parade time point. It is expected that the subsequent upward rhythm of the market may slow down, and attention should be paid to the risk of a staged correction [2]. 3. Summary by Directory 3.1 Market Analysis - **Macroeconomic Situation**: The eurozone's manufacturing PMI in August reached a three - year high of 50.7, up from 49.8 in July, and expanded for the first time since mid - 2022. In China, President Xi Jinping chaired the 25th meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization. Member states signed and issued multiple important documents [1]. - **Spot Market**: A - share major indices closed up. The Shanghai Composite Index rose 0.46% to 3875.53 points, and the ChiNext Index rose 2.29%. Most sector indices increased, with communication, non - ferrous metals, pharmaceutical biology, and electronics leading the gains, while non - bank finance, banking, and household appliances led the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.75 trillion yuan. U.S. stocks were closed for the Labor Day holiday [1]. - **Futures Market**: In the futures market, the basis of stock index futures deepened rapidly, and the basis of IC and IM was at a historically low level. The trading volume and open interest of stock index futures declined simultaneously [1]. 3.2 Strategy - The current margin balance is close to the historical high, and only partial - stock hybrid funds have room for position replenishment. The end of the rapid capital inflow window points to the military parade time, so the market's upward rhythm may slow down, and there is a risk of a staged correction [2]. 3.3 Charts - **Macroeconomic Charts**: Include charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rate and A - share trends, and U.S. Treasury yields and A - share style trends [4][5]. - **Spot Market Tracking Charts**: Present the daily performance of major domestic stock indices on September 1, 2025, and August 31, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., along with their daily changes. Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin balance [4][5][12]. - **Stock Index Futures Tracking Charts**: Provide data on the trading volume and open interest of IF, IH, IC, and IM contracts, their changes, the basis of different contracts, and the inter - period spreads of different contracts. There are also charts showing the open interest, open - interest ratio, and net open interest of foreign investors for different contracts [4][5][14].

座谈会上，浦口区市场监管局汇报了近些年标准化建设方面开展的工作、取得的成果及下一步规划。围绕设区市地方标准改革、服务产业发展等主题，与 会人员进行了深入交流与研讨。随后，调研组一行先后参观了南京市民用无人驾驶航空运行管理中心、南京长空科技有限公司，充分了解区域特色产业及 重点企业在标准方面的现状和需求，推动改革工作行稳致远、落地落实。 8月29日，国家市场监督管理总局标准创新管理司处长许建军携中国标准化研究院专家赴南京市浦口区调研标准化相关工作。江苏省市场监管局标准化处 处长孙健，南京市市场监管局标准化处处长董晓燕，浦口区市场监管局副局长毛如虎、三级高级主办马宏斌，南航无人机研究院党委书记、南京长空科技 有限公司董事长王伟华等陪同调研。 十年 (co 3.07 t f 浦口区全面推进标准化工作 近年来，按照总局、省市局统一部署要求，浦口区全面推进标准化工作，深入开展标准监督检查，持续发挥标准引领产业创新作用。 鼓励企业开展国际、国家标准及先进标准制修订。南京老山药业股份有限公司主导制定《蜂王浆生产规范》等国际标准2项，南京审计大学参与制定国际 标准《审计数据采集》，南京三乐集团有限公司主导制定国家标准《L波段 ...

Group 1 - The report discusses how price increases are transmitted through the industrial chain, emphasizing the correlation between PPI and various manufacturing sectors, with a focus on six consumer goods chains: construction materials, electrical equipment, home appliances, automobiles, food and beverage, and apparel [1][9][10] - It highlights that upstream price increases in mining, metallurgy, and chemicals show strong correlation, while downstream sectors like components, equipment, and consumer goods exhibit a lag of 3 to 12 months in price transmission [1][9][10] - The report also analyzes the transmission of PPI to CPI, noting that since 2017, PPI has generally led CPI by about 6 months, indicating a potential widening of transmission lags across different industrial chains [2][19][22] Group 2 - The market review for August indicates a strong bullish sentiment, with A-shares leading the market, driven by AI catalysts and rising expectations of interest rate cuts by the Federal Reserve [3][31] - The report notes that the growth style has outperformed, particularly in the TMT sector, while traditional sectors like banking have seen slight declines [3][31][34] - It mentions that the inflow of margin financing has accelerated, with a net inflow of approximately 274 billion yuan in August, particularly favoring sectors like computing, communication, and electrical equipment [34][38] Group 3 - The report suggests investment strategies that balance win rates and payoffs, recommending a focus on cyclical sectors and potential catalysts in the market [4][5] - It emphasizes the importance of monitoring price signals in specific products and the verification of transmission across the industrial chain as key to the next profit cycle [29][30] - The report also highlights the potential for a global monetary easing trend if interest rate cut expectations continue to rise, which could support asset pricing in commodities and equities [4][5]

1.1 行业分散 对科创50、科创100和科创200的成分股所属申万一级行业权重比例进行分析，可以发现，相较于科创50集中于电子（半导体）行业，科创100指数成分股行 业更为分散，其电子行业权重39.69%、远低于科创50的69.77%。科创100第二至第四大权重行业分别为医药生物（19.31%）、电力设备（13.18%）、计算机 （11.2%），均高于科创50相应行业权重占比。 9月2日午盘，A股三大指数集体调整，创新药板块维持强势，科创100指数ETF (588030)回撤超3%，成交额超4亿元。截至9月1日，今年以来累计上涨超 50%。 成分股涨跌不一，上涨方面，成都华微超12%，百济神州一度超14%，凌云光、海阳科技等股票跟涨；下跌方面，乐鑫科技、盛科通信-U、华丰科技跌超 11%，华虹公司、铂力特、复旦微电等股票跟跌。 其他相关ETF中，科创AIETF (588790) 回调超3%，成交额超9亿元，交投活跃。拉长时间看，截至9月1日，科创AIETF今年以来累计上涨超70%，近5个交易 日内有3日资金净流入，合计"吸金"超12亿元。 一、指数特征：行业分散+科创中盘+科技成长 而相较于小盘指数科创20 ...

近期，以半导体、CPO为代表的硬科技主线持续演绎，截至2025年8月28日，聚焦硬科技龙头企业的科 创50指数收盘价达1，364.60 ，再次刷新2022年2月以来历史新高。此外指数成份股的亮丽业绩进一步验 证了板块的高景气度。截至9月1日，科创50指数成份股已全部公布2025年半年报数据。其中，有29家于 2025年上半年实现营收、净利润同比双增长。在龙头公司靓丽财报业绩的提振下，相关ETF产品交投活 跃。（数据来源：Wind、上市公司定期报告，指数过往涨跌不代表未来表现，不构成基金业绩表现的 保证或承诺，请投资者关注指数波动风险。） 作为市场首批跟踪科创50指数的ETF，科创板ETF（588090）自8月22日以来连续7个交易日单日成交额 突破3亿元，期间日均成交额达5.03亿元，交投活跃度显著升温，其中更是有3日获资金净流入。在增量 资金的积极布局下，基金最新规模和最新份额分别达55.64亿元和39.81亿份。（科创板ETF成立于 20/9/28，数据来源：Wind、交易所，截至2025/9/1） 按照申万一级行业分类，科创50指数主要覆盖电子、医药生物、计算机、电力设备等具有高成长属性的 硬科技板块， ...

Market Overview - The Shanghai Composite Index decreased by 0.50% as of 13:59, with a trading volume of 1,491.12 million shares and a transaction amount of 24,636.03 billion yuan, an increase of 8.18% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Increased by 1.78% with a transaction amount of 133.75 billion yuan, led by Unification Holdings which rose by 6.76% [1] - Banking: Increased by 1.56% with a transaction amount of 391.73 billion yuan, led by Chongqing Rural Commercial Bank which rose by 3.92% [1] - Home Appliances: Increased by 0.89% with a transaction amount of 396.24 billion yuan, led by Shibibai which surged by 16.71% [1] - The worst-performing industries included: - Communication: Decreased by 4.51% with a transaction amount of 1,872.10 billion yuan, led by Dekeli which fell by 14.34% [2] - Electronics: Decreased by 3.75% with a transaction amount of 4,338.23 billion yuan, led by Longyang Electronics which dropped by 12.01% [2] - Computers: Decreased by 3.54% with a transaction amount of 2,337.90 billion yuan, led by Hongjing Technology which fell by 11.28% [2] Summary of Industry Changes - Significant increases were observed in the Oil and Petrochemicals, Banking, and Home Appliances sectors, while notable declines were seen in Communication, Electronics, and Computers [1][2]

Group 1 - The core viewpoint of the article highlights significant changes in fund holdings across various sectors, with notable increases in the pharmaceutical, banking, and electronics sectors, while the power equipment, food and beverage, and coal sectors experienced declines [1] - As of the end of the reporting period, the largest three sectors by fund holding scale are electronics, pharmaceuticals, and power equipment [1] - Individual stocks that saw the highest increase in fund holding as a percentage of circulating market value include Shutai Shen, Anglikang, and Weichai Heavy Industry [1] Group 2 - In terms of fund holding market value growth, Guotai Haitong, Shenghong Technology, and Zijin Mining lead the rankings [1] - The concentration of fund holdings is highest in Nocera Health, Maolai Optics, and Dekeli, while the top three in terms of fund holding market value are Ningde Times, Kweichow Moutai, and China Merchants Bank [1]

Core Viewpoint - The A-share market experienced a pullback with all three major indices declining, while the robotics sector showed resilience with significant gains in related stocks and ETFs [1][2]. Market Performance - As of September 2, the A-share market saw a rapid increase in trading volume, surpassing 2 trillion yuan, marking the 15th consecutive trading day above this threshold [1]. - The TMT (Technology, Media, and Telecommunications) sector accounted for approximately 40% of total trading volume, indicating strong market interest [1]. Robotics Industry Insights - The robotics industry is accelerating due to continuous technological advancements and the realization of industrial orders, with significant orders such as a 124 million yuan contract from China Mobile marking a shift towards large-scale production [3][6]. - The integration of AI language models and multi-modal sensor technology is enhancing the capabilities of humanoid robots, improving their understanding and perception [3]. Investment Opportunities - The robotics sector is highlighted as a potential area for investment, particularly in sub-sectors like semiconductors and battery technology, which have shown resilience and potential for future growth [6]. - The Robot Index ETF (560770) tracks the robotics industry and includes major companies such as Huichuan Technology and iFlytek, indicating a diversified exposure to the sector [6][7]. Future Projections - According to forecasts, the number of humanoid robots in use in China could exceed 100 million by 2045, with a market size reaching approximately 10 trillion yuan, covering various applications from industrial manufacturing to healthcare [7]. Fund Management Perspective - The fund manager of the Robot Index ETF believes that the robotics industry is in a rapid development phase, with increasing capital allocation, suggesting a positive outlook for future investments [8].

Core Viewpoint - The Sci-Tech Innovation 50 Index is experiencing a correction after a continuous rise, with the Sci-Tech 50 ETF (588000) down by 3.49% as of the report time [1] Group 1: Market Performance - The index has seen a cumulative profit increase during the months of June to August, and the recent profit-taking is considered a normal adjustment [1] - Several constituent stocks, including Siwei Technology, Lanke Technology, and others, have experienced declines exceeding 5% [1] Group 2: Technical Analysis - The short, medium, and long-term moving averages of the Sci-Tech 50 Index are aligned, indicating that the bullish trend remains intact [1] - Attention is advised on the competition around the 5-day moving average in the coming days [1] Group 3: Industry Composition - The index has a significant concentration in the electronics sector, accounting for 63.74%, and the pharmaceutical and biological sector at 11.78%, totaling 75.52% [1] - The index encompasses multiple sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] Group 4: Future Outlook - The current position of the Sci-Tech 50 Index is near its base point, and referencing the historical performance of the ChiNext Index suggests promising growth potential in the future [1] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to maintain their focus [1]

Group 1 - The core viewpoint of the article highlights the performance of the Shanghai Stock Exchange Science and Technology Innovation Board Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, predominantly in the electronic and pharmaceutical industries, accounting for nearly 75% of the index [3] - As of the midday close, the index has experienced a decline of 3.2% [3] - The rolling price-to-earnings (P/E) ratio of the index stands at 217.7 times, indicating a high valuation relative to earnings [3] Group 2 - The index was launched on November 4, 2022, and is designed to track high-growth companies within the Science and Technology Innovation Board [3] - The valuation metrics used, such as rolling P/E ratio and valuation percentile, are closely related to corporate earnings and are suitable for industries that are relatively stable and less affected by economic cycles [3] - The index's historical performance and valuation data are referenced up to September 1, 2025, providing a future outlook for investors [3]