一、证券市场回顾 二、新股申购情况 上周有5只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 001285.SZ | 瑞立科密 | 20250919 | | 301563.SZ | 云汉芯城 | 20250919 | | 301584.SZ | 建发致新 | 20250916 | | 301656.SZ | 联合动力 | 20250915 | | 920015.BJ | 锦华新材 | 20250916 | 三、融资融券情况 南财金融终端数据显示，上周(9月15日-9月19日,下同)，上证综指周内下跌1.3%，收于3820.09点，最高 3899.96点；深证成指周内上涨1.14%，收于13070.86点，最高13328.1点；创业板指周内上涨2.34%，收 于3091.0点，最高3168.68点。在全球市场中，主要指数均上涨。纳斯达克综指上涨2.21%，道琼斯工业 指数上涨1.05%，标普500上涨1.22%。亚太地区，恒生指数上涨0.59%，日经225指数上涨0.62%。 上周有23只新基金发行,分别为:信澳信利6个月持有期债券C、信澳月月盈 ...

本文作者为创金合信基金首席经济学家魏凤春 上期《首席视点》明确指出风险溢价又起波澜，从资产运行的结果看，美联储确实降息了，A股确实调 整了，外部冲击确实存在。我们提醒，不能善意忽视"对等关税"的影响，尽管目前因中美博弈而暂停冲 击。随着国内宏观经济数据预示的经济内生动力的边际弱化，我们从8月中旬提示的动力转化问题开始 成为市场的共识。短期市场出现两大分歧：1）股债要切换了。理由有三，一是国家资产负债表缩表速 度加快，二是风险偏好基本修复完毕，三是监管层在引导长牛和慢牛。2）市场情绪高涨，A股要冲击 3900点的高点，近期人工智能消息层出不穷，风险资产将会势如破竹。 一、上周市场回顾：煤炭一枝独秀 随着美联储降息的兑现，黄金的涨幅开始变慢，伦敦金现上周上涨1.2%，今年以来上涨40%，在预期美 联储进一步宽松、地缘政治紧张局势和强劲的央行购买的背景下，反复创下历史新高。美联储主席鲍威 尔发表了谨慎的言论，称此举为"风险管理式降息"。同时还上调了国内生产总值增长预测，表明经济持 续强劲。失业救济人数低于预期，暗示劳动力市场疲软可能不及担忧程度。即使这样，投资者还是对降 息表达了欢迎，恒生科技上周涨幅为5%，纳斯达 ...

Core Viewpoint - The liquidity in the Hong Kong stock market is currently supported by both international and domestic factors, with a notable influence from the US dollar index and the ongoing interest rate cuts by the Federal Reserve [1]. International Factors - The Hong Kong stock market is particularly sensitive to changes in the US Federal Reserve's monetary policy due to its currency peg to the US dollar, which amplifies the spillover effects of US monetary policy [1]. - Historical data indicates a significant negative correlation between the Hang Seng Index and the US dollar index, suggesting that a weaker dollar leads to increased international capital inflow into Hong Kong stocks [1]. - The Federal Reserve is expected to continue its rate-cutting cycle, with predictions of two additional cuts by 2025, which historically correlates with strong stock performance during such periods [1]. Domestic Factors - Southbound capital has become a stabilizing force in the Hong Kong stock market, with a cumulative net inflow exceeding 1 trillion HKD since the beginning of the year [1]. - Key sectors attracting this inflow include commerce and retail (including e-commerce), telecommunications, electronics, media, and computer technology, driven by ongoing domestic policy support for technological innovation and a rebound in global tech sectors like AI [1]. - The simultaneous inflow of domestic and international funds provides robust liquidity support for the technology sector in the Hong Kong stock market [1]. Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1]. - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1].

9月22日，概伦电子涨5.11%，截至发稿，报37.85元/股，成交1.49亿元，换手率0.93%，总市值164.71亿 元。 资料显示，上海概伦电子股份有限公司位于中国(上海)自由贸易试验区申江路5709号,秋月路26号4幢901 室，成立日期2010年3月18日，上市日期2021年12月28日，公司主营业务涉及向客户提供被全球领先集 成电路设计和制造企业长期广泛验证和使用的EDA产品及解决方案。主营业务收入构成为：EDA工具 授权67.95%，技术开发解决方案21.23%，半导体器件特性测试系统10.63%，其他(补充)0.18%。 从基金十大重仓股角度 数据显示，兴业基金旗下1只基金重仓概伦电子。兴业聚源混合A（002660）二季度持有股数3.6万股， 占基金净值比例为2.67%，位居第一大重仓股。根据测算，今日浮盈赚取约6.62万元。 兴业聚源混合A（002660）基金经理为倪侃。 截至发稿，倪侃累计任职时间7年67天，现任基金资产总规模258.21亿元，任职期间最佳基金回报 18.08%， 任职期间最差基金回报0.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的 ...

公募排排网 . 以下文章来源于公募排排网 ，作者排排产品研究中心 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 一、市场回顾 9月18日，A股主要指数午后快速下挫，上证指数跌幅超1%，创业板指与创业板50等成长板块领跌；19日市场延续震荡偏弱格局，行情整体呈 现分化态势，主要指数涨跌互现，资金活跃度有所减弱，基本面趋势则受多重因素影响。 二、短期波动的原因 首先，外部扰动增加。 美联储降息落地后，美元波动加大，叠加海外风险事件与地缘不确定性，风险偏好阶段性承压。同时，资金面亦有所承 压，部分融资盘去杠杆及主力调仓加剧波动，短期获利盘兑现压力集中释放。此外，调整集中在有色金属、房地产、银行、非银金融等传统行 业。 与此同时，为了判断指数当前的交易热度，我们通过沪深300指数成分股个股合成指数的方式，结合成交额在全A成交额占比、指数层面换手 率、波动率等指标等权拟合，计算出当前指数交易拥挤度水平。 从结果来看，指数交易拥挤度处于近两年相对较高位置，交投活跃度的确明显 上升，同时也说明获利盘存在获利了结行为。但我们也发现，当前以沪深300 ...

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.12% at $3,719.4 per ounce and a weekly gain of 0.9%, and COMEX silver futures up 2.96% at $43.365 per ounce and a weekly gain of 1.25% [3] - International oil prices weakened, with the U.S. oil main contract down 1.42% at $62.36 per barrel and a weekly decline of 0.53%, and the Brent crude main contract down 1.3% at $66.05 per barrel and a weekly decline of 1.4% [4] - Most London base metals fell, with LME tin up 1.51% at $34,220 per ton and a weekly decline of 2.16%, LME copper up 0.57% at $9,996.50 per ton and a weekly decline of 0.71%, etc [4] - As of the close on September 19 at 23:00, domestic futures main contracts showed mixed results, with coking coal, iron ore, glass, and rapeseed meal up over 1%, and fuel oil, LPG, and low - sulfur fuel oil down over 1% [4] 2. Important News Macro News - The State Council executive meeting emphasized ecological protection and green development, and the Ministry of Commerce will promote the release of the automotive aftermarket consumption potential [7] - Fed's Kashkari said two more interest rate cuts this year are appropriate, and the State Council Information Office will hold a press conference on the "14th Five - Year Plan" achievements in the financial industry [7] - President Xi Jinping had a phone call with U.S. President Trump, and the U.S. Chief Justice asked Fed Governor Cook to respond to Trump's request [8] - Fed Governor Milan said gradually reaching the neutral interest rate at 50 - basis - point increments is reasonable [10] Energy and Chemical Futures - China's styrene factory output decreased by 2.03% week - on - week, and PVC production enterprise capacity utilization rates declined [12] - Russian oil product exports showed a significant decline in early September, and the EU plans to increase pressure on Russia's access to oil dollars [12][13] - U.S. President Trump called on European countries to stop buying Russian oil [14] Metal Futures - China has formed three lithium carbonate production process routes, and the Simandou iron ore project in Guinea has started the first - batch mining operations [17] - Citi expects the gold bull market to continue in the short term and forecasts Brent crude prices to decline [18] - Congo is considering extending the cobalt export ban, and the inventory of some metals in the domestic market changed last week [18][21] - India is considering establishing a strategic reserve mechanism for critical minerals [22] Black - Series Futures - Independent electric arc furnace construction steel mills are in a serious loss state and may continue to cut production [24] - Last week, the scale of construction steel mill overhauls increased, and Shanghai issued a pilot method for property tax on some personal housing [24] - The total inventory of construction steel in cities decreased by 0.58% week - on - week [25] Agricultural Product Futures - Malaysia has raised its October crude palm oil reference price, and there was news of domestic soybean oil exports to India [28] - India's sugar exports this year may be less than 800,000 tons, and the soybean crushing volume and开机率 of domestic oil mills are expected to change [28][29] - The profit of pig farming has declined, and Malaysia's palm oil exports from September 1 - 20 increased by 8.7% compared to the same period last month [29][30] 3. Financial Markets Finance - Since the implementation of the "9·24" package of policies, the A - share market has shown positive trends, with increased trading volume and new accounts [33] - Institutions have conducted intensive research on A - share companies, especially in "hard - tech" fields [33] - Goldman Sachs believes the current rally in the Chinese stock market is sustainable, and Fed's interest rate cut may drive foreign capital back to A - shares and Hong Kong stocks [34] - The average position of domestic stock private equity institutions has reached the highest level this year [36] - The number of brokerage analysts has exceeded 6,000 [37] Industry - The head of the National Data Bureau emphasized data investment in the manufacturing industry, and the government is promoting the formulation of pre - prepared food national standards [38] - China has completed the "14th Five - Year Plan" goal for pumped - storage power stations, and the power spot market has shown a guiding role in new energy consumption [40] - The operating data of some private banks showed mixed results, and China's civil aviation transport scale reached a new high in August [40][41] - The medical logistics cost in China in the first half of 2025 exceeded 50 billion yuan, and the Sanya government issued a policy on affordable rental housing [41] - The International Low - Altitude Economy Expo will be held in 2026, and Shanxi's coalbed methane production reached a record high in the first 8 months [42][43] Overseas - South Korea and the U.S. have differences in the $350 billion investment issue, and Wall Street is betting on faster and larger interest rate cuts by the Fed [45] - India and the U.S. are seeking a "mutual - benefit" trade agreement, and Argentina is negotiating to avoid a debt crisis [45] - Australia, Canada, and the UK recognized the State of Palestine [46] International Stock Markets - Musk's social platform X's revenue in Q2 2025 dropped by 40% compared to 2022, and it is accelerating its transformation into the AI field [47] Commodities - The Shanghai Futures Exchange launched new trading businesses for international copper and alumina standard warehouse receipts [49] - If Congo extends the cobalt export ban, the cobalt price may rise sharply in the short term [49] - The Oseberg oil field in Norway had an unplanned shutdown, and Iraq increased oil exports [50] Bonds - Many banks have redeemed "Tier 2 and Perpetual Bonds", and the issuance scale of special new special bonds for "repaying local government arrears to enterprises" has exceeded 1.2 trillion yuan [51] 4. Upcoming Economic Data and Events - Economic data to be released include China's September LPR, China Hong Kong's August CPI, etc [54] - Events include the Australian Reserve Bank Governor's testimony, a press conference on the financial industry's "14th Five - Year Plan" achievements, etc [56]

早盘科创50ETF小幅低开后快速拉升，截至10:01，科创50ETF上涨0.98%，持仓股票芯原股份、海光信 息、澜起科技涨幅居前。 从周线维度来看，科创50指数已突破整理平台，如果量能不减，还有冲高动能。从日线形态来看，短期 有一定背离，如向下调整可参考20日均线支撑。 （文章来源：每日经济新闻） 科创50ETF追踪科创50指数，指数持仓电子行业68.77%，医药生物行业9.85%，合计78.62%，与当前国 产芯片、人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、 光伏设备等多个细分领域，硬科技含量高。从当前位置来看，参照创业板历史走势，未来成长空间值得 期待。看好中国硬科技长期发展前景的投资者建议持续关注。 ...

截至2025年9月22日 09:57，上证科创板100指数上涨0.64%，成分股凌云光上涨8.32%，乐鑫科技上涨 6.33%，盛科通信上涨4.70%，国盾量子上涨4.65%，云天励飞上涨3.86%。科创100指数ETF(588030)盘 中最高上涨1.04%，现上涨0.59%，最新价报1.35元。拉长时间看，截至2025年9月19日，科创100指数 ETF近1周累计上涨1.66%。 流动性方面，科创100指数ETF盘中换手1.15%，成交7124.92万元。拉长时间看，截至9月19日，科创 100指数ETF近1年日均成交4.40亿元，排名可比基金第一。 【事件/资讯】 电子板块： 1、据报道，国家互联网信息办公室已要求国内大型科技企业暂停采购英伟达为中国市场定制的RTX Pro 6000D芯片，并取消现有订单。 2、据报道，OpenAI已与国内供应商达成协议，共同生产未来的OpenAI设备。OpenAI计划在2026年末 或2027年初推出其首款设备（智能眼镜、录音设备和别针式可穿戴装置）。 3、国产GPU厂商摩尔线程定于9月26日科创板IPO上会。 医药板块： 国家组织药品联合采购办公室9月20日发布《全 ...

Core Insights - The latest financing balance of the ChiNext market is 503.632 billion yuan, a decrease of 2.051 billion yuan compared to the previous period, with 37 stocks experiencing a financing balance increase of over 10% [1] - On September 19, the ChiNext index fell by 0.16%, with a total margin balance of 505.245 billion yuan, down by 2.063 billion yuan from the previous trading day [1] - Among the stocks with increased financing balances, the largest increase was seen in Weikang Pharmaceutical, which had a financing balance of 46.5396 million yuan, up by 35.67% [1][3] Financing Balance Increase - A total of 358 stocks in the ChiNext market saw an increase in financing balance, with 37 stocks increasing by more than 10% [1] - The stocks with significant financing balance increases include: - Weikang Pharmaceutical: 46.5396 million yuan, +35.67%, closing price 23.80 yuan, +6.06% [3] - Kailong High-Tech: 90.1017 million yuan, +34.63%, closing price 19.00 yuan, -7.27% [3] - Kalait: 176.0133 million yuan, +30.05%, closing price 71.84 yuan, +14.29% [3] - The average increase for stocks with over 10% financing balance growth was 2.11%, with notable performers including Kalait, Tongyu New Materials, and Suzhou Tianmai, which saw increases of 14.29%, 12.14%, and 11.55% respectively [1][3] Financing Balance Decrease - A total of 586 stocks experienced a decrease in financing balance, with 10 stocks seeing a decline of over 10% [4] - The stocks with the largest decreases in financing balance include: - Junting Hotel: 16.921 million yuan, -17.52%, closing price 26.47 yuan, +3.16% [4] - Wavelength Optoelectronics: 36.291 million yuan, -17.37%, closing price 108.30 yuan, +14.60% [4] - Fushite: 5.4887 million yuan, -16.62%, closing price 32.72 yuan, -3.71% [4] Fund Flow - On September 19, among the stocks with increased financing balances, 25 stocks saw net inflows of main funds, with the highest inflows in Kunlun Wanwei, Capital Online, and Sanhuan Group, amounting to 573 million yuan, 182 million yuan, and 123 million yuan respectively [2] - Conversely, 12 stocks experienced net outflows, with the largest outflows in Lihexing, Suao Sensor, and Sudawige, totaling 178 million yuan, 75.5 million yuan, and 46.1427 million yuan respectively [2]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计显示，天山电子所属的电子行业，目前整体涨幅为2.07%，行业内，目前股价上涨 的有361只，涨停的有冠捷科技、国光电器等6只。股价下跌的有118只，跌幅居前的有臻镭科技、永新 光学、晶赛科技等，跌幅分别为13.54%、7.73%、5.95%。 两融数据显示，该股最新（9月19日）两融余额为2.25亿元，其中，融资余额为2.25亿元，近10日增加 927.91万元，环比增长4.30%。 公司发布的半年报数据显示，上半年公司共实现营业收入8.56亿元，同比增长29.66%，实现净利润 7492.80万元，同比增长15.46%，基本每股收益为0.3829元，加权平均净资产收益率5.37%。（数据宝） 天山电子股价创出历史新高，截至9:46，该股上涨6.74%，股价报31.53元，成交量1575.79万股，成交金 额4.82亿元，换手率12.44%，该股最新A股总市值达62.29亿元，该股A股流通市值39.94亿元。 ...