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。 ...

公司发布的半年报数据显示，上半年公司共实现营业收入49.44亿元，同比增长38.18%，实现净利润 4.32亿元，同比增长20.76%，基本每股收益为1.2600元，加权平均净资产收益率12.51%。（数据宝） 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） 协创数据股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至09:46，该股目前上涨4.32%，股价报170.49元，成交785.68万股，成交金额13.41亿元，换手 率2.28%，该股最新A股总市值达590.10亿元，该股A股流通市值588.41亿元。 证券时报·数据宝统计显示，协创数据所属的电子行业，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37.97亿元，其中，融资余额为37.73亿元，近10日增加 15.78亿元，环比增长71.87%。 ...

（文章来源：证券时报网） 两融数据显示，该股最新（9月19日）两融余额为7.64亿元，其中，融资余额为7.64亿元，近10日增加 3.48亿元，环比增长83.71%。 公司发布的半年报数据显示，上半年公司共实现营业收入2.63亿元，同比增长24.29%，实现净利润 3658.88万元，同比增长11.47%，基本每股收益为0.2800元，加权平均净资产收益率3.92%。（数据宝） 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。 腾景科技股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至09:47，该股目前上涨4.87%，股价报138.57元，成交495.53万股，成交金额6.59亿元，换手 率3.83%，该股最新A股总市值达179.24亿元，该股A股流通市值179.24亿元。 证券时报·数据宝统计显示，腾景科技所属的电子行业，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%。 ...

国金证券近日发布电子行业周报：看好AI-PCB及算力硬件、苹果链、AI驱动及自主可 控受益产业链。我们认为下游推理需求激增，带动ASIC需求强劲增长，英伟达技术不断升 级，带动PCB价量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，下半 年业绩高增长有望持续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙 头厂商有望积极受益。 以下为研究报告摘要： 重点关注三季度业绩有望超预期方向。我们研判AI-PCB产业链业绩有望继续超预期， 主要有几个方面的驱动：英伟达NVL72机架（GB200/300）及八卡服务器积极拉货，良率逐 步提升，下半年出货量大幅增长；ASIC需求强劲，谷歌及亚马逊ASIC服务器出货量同比高 速增长；AI-PCB厂商积极扩产，三季度有新产能释放，下半年传统PCB也迎来需求旺季， 覆铜板也有涨价情况。我们预测，承载CPX的PCB，价值量积极提升，叠加CX9网卡新增 PCB需求，VR NVL144CPX的PCB价值量提升显著。英伟达正在推进正交背板研发，也有望 采用M9+Q布，如果采用，单机架PCB价值量有望实现翻倍以上的成长。此外，ASIC芯片用 PCB技术也在不断 ...

Summary of Key Points Core Viewpoint - As of September 19, the total market financing balance decreased to 2.38 trillion yuan, with notable reductions in both the Shanghai and Shenzhen stock exchanges, indicating a trend of reduced leverage in the market [1]. Company Insights - On September 19, a total of 1,589 stocks experienced net financing inflows, with 442 stocks having net inflows exceeding 10 million yuan, and 42 stocks exceeding 100 million yuan [1]. - The top stock by net financing inflow was O-film Tech, with a net inflow of 634 million yuan, followed by Junsheng Electronics and Zhongwei Company with net inflows of 577 million yuan and 537 million yuan, respectively [2]. - Other significant stocks with high net inflows included Luxshare Precision, Kunlun Wanwei, and CATL [1]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing inflows exceeding 100 million yuan were electronics, communications, and power equipment, with 13, 8, and 5 stocks respectively [1]. - The distribution of stocks with large net inflows showed that 27 were from the main board, 10 from the ChiNext board, and 5 from the Sci-Tech Innovation board [1]. Financing Balance Insights - The average financing balance as a percentage of the circulating market value for stocks with significant net inflows was 4.13%, with Suao Sensor having the highest ratio at 9.04% [2]. - Other stocks with high financing balance ratios included Shannon Chip and Xian Dao Intelligent, both around 7.07% [2].

今年，全球见证了一轮20世纪30年代以来涉及国别最广、加征幅度最高的贸易战，即便如此，中国出口 却始终坚挺。 前8月，中国出口总值2.5万亿美元，同比增长5.9%，8月出口(以美元计价)增幅为4.4%，较7月有所放 缓，实际出口并未降温，8月增速下滑主要原因是去年"格美"台风将7月出口延至8月，导致基数太高。 从出口国分析，中国对新兴市场，尤其是东盟、非洲、拉美等出口增速持续增强，对冲了对美出口的下 滑。1-8月，以美元计价，中国对非洲、东盟和拉美的出口增速分别为24.7%、14.6%、5.8%，而对美出 口下降15.5%。 分产品来看，8月，机电产品出口延续高增势头，其中集成电路、液晶平板显示模组表现亮眼。 受抢出口退潮影响，中国对美出口或边际放缓，但支撑中国出口韧性的核心驱动力始终不变。 中国企业正在加速出口市场多元化和出海转移。任何一次人为提高关税，都会推动中国企业加速出海， 即产业链转移。这种趋势不会因为今后美国关税政策的改变而改变。 特朗普1.0时代，美国对中国多数产业加征关税，中国企业通过成本优化和产业结构优化，已经逐渐适 应了这一关税。承受不了这部分关税的行业，有的转移到了墨西哥，有的转移到了东 ...

港股苹果概念股盘初走高，高伟电子、蓝思科技涨超6%，比亚迪电子涨超4%，舜宇光学科技、伟仕佳 杰涨幅居前。 ...

Market Performance - The A-share market has experienced a significant bull market since September 24, 2024, with major indices showing substantial increases, including a 39% rise in the Shanghai Composite Index and a 102% increase in the ChiNext Index as of September 19, 2025 [1][2] - The total market capitalization of A-shares reached approximately 104 trillion yuan, reflecting a growth of about 36 trillion yuan over the past year [4] Policy Impact - The bull market is characterized as a "policy bull" and a "confidence bull," driven by a series of financial policies announced by regulatory bodies aimed at promoting economic growth [1][2] - The Central Political Bureau meeting emphasized the need to boost the capital market and facilitate long-term capital inflows, supporting mergers and acquisitions of listed companies [2] Sector Performance - All 30 sectors in the CITIC classification have seen increases, with the top five sectors being Communication, Electronics, Computer, Media, and Machinery, which rose approximately 120%, 108%, 99%, 88%, and 76% respectively [6] - Conversely, the bottom five sectors, including Coal, Oil and Petrochemicals, and Utilities, showed modest gains ranging from 6% to 24% [6] Stock Performance - Over 3,000 stocks have risen by more than 50%, with 1,400 stocks increasing by over 100% since the bull market began [1][6] - Notably, over 400 stocks have surged by more than 200%, with the top three stocks experiencing increases exceeding 1000% [8] Future Outlook - Analysts suggest that the current bull market has further potential, despite recent adjustments due to external factors such as the Federal Reserve's interest rate changes [9][10] - The market is expected to undergo structural shifts in the fourth quarter, with potential opportunities in cyclical sectors and low-position technology branches [10]

| | | 全球大类资产本周表现 (2025/9/15-2025/9/19) | | | | | --- | --- | --- | --- | --- | --- | | 全球指数 | 涨跌幅 | A股领涨行业 | 涨跌幅 | 外汇 | 涨跌幅 | | 恒生科技 | 5.09% | 煤炭 | 3.51% | 美元兑英镑 | 0.65% | | 巴西IBOVESPA指数 | 2.53% | 电力设备 | 3.07% | 美元兑日元 | 0.21% | | 创业板指 | 2.34% | 电子 | 2.96% | 欧元兑美元 | 0.09% | | 纳斯达克指数 | 2.21% | 汽车 | 2.95% | 美元兑新加坡元 | 0.05% | | 罗素2000指数 | 2.16% | 机械设备 | 2.23% | 美元指数 | 0.03% | | 科创50 | 1.84% | A股领跌行业 | 涨跌幅 | 欧元兑人民币 | 0.00% | | 多伦多300 | 1.65% | 银行 | -4.21% | 美元兑离岸人民币 | -0.06% | | 韩国综合指数 | 1.46% | 有色金属 | -4.02% | ...