Market Performance - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 1.25%, Shenzhen Component down 2.83%, and ChiNext down 4.25% [1] - The trading volume in the Shanghai and Shenzhen markets reached 25,443 billion, an increase of 1,802 billion compared to the previous day [1] - A total of 2,297 stocks rose while 2,990 stocks fell, with a median decline of 0.35% in stock prices [1] Sector Analysis - Recently, sectors such as semiconductors, communication equipment, electronic chemicals, and aerospace saw significant declines, while consumer sectors like retail, beauty care, food and beverage, and tourism showed gains [1] - The market adjustment is attributed to the crowded trading in technology sectors, particularly AI hardware, which has seen rapid price increases [1][2] Market Outlook - The market is expected to experience a period of consolidation, with the Shanghai Composite Index showing signs of increased volatility as it approaches key resistance levels [3] - Historical patterns indicate that significant market corrections often occur during bull markets, typically lasting 1-2 months [4][5][7][10] - The potential for deep market corrections is considered low, with expectations leaning towards range-bound trading as a form of market rest [9] Key Indicators - The recent decline in AI hardware stocks is marked by the appearance of two significant bearish candles, indicating a phase of adjustment or consolidation for this sector [9] - The upcoming third-quarter earnings reports are seen as a critical window for assessing the performance of leading AI hardware companies, which could influence market trends [12][13] Investment Opportunities - During the current market adjustment, sectors that have not seen significant gains, such as tourism, retail, and food services, may present short-term investment opportunities, especially with the upcoming National Day holiday driving consumer spending [13]

Group 1: Sports Industry Development - The State Council issued an opinion to promote the high-quality development of the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 and cultivating a number of world-influential sports enterprises and events [2][3]. Group 2: Electronic Information Manufacturing - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors from 2025 to 2026, with an overall annual revenue growth of over 5% [2][3]. - By 2026, it is expected that the revenue scale and export ratio will maintain the top position among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue from electronic information manufacturing [2][3]. Group 3: Stock Market and Company Announcements - China Shipbuilding announced that the A-shares of China Heavy Industry will be delisted on September 5, 2025, as part of a stock swap merger [7]. - Agricultural Bank's stock surged over 5%, marking the highest single-day increase since May 2023, with a total market value reaching 2.63 trillion yuan and a year-to-date increase of 47.45% [3][7].

1、9月4日，国务院办公厅对外印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》 （下文简称《意见》），提出6方面20条重点举措。《意见》明确提出到2030年，培育一批具有世界影 响力的体育企业和体育赛事，体育产业发展水平大幅跃升，总规模超过7万亿元。详情>>> 2、针对商务部近日公布中国首起反规避调查裁决，商务部新闻发言人4日回应：反规避调查符合中国法 律和世贸规则，中国一贯审慎、克制实施贸易救济措施，坚定维护公平和自由贸易。 （原标题：国办印发释放体育消费潜力"20条"；央行开展1万亿元买断式逆回购操作｜南财早新闻） 今日关注 3、央行9月4日公告称，9月5日，将以固定数量、利率招标、多重价位中标方式开展10000亿元买断式逆 回购操作，期限为3个月（91天），以保持银行体系流动性充裕。由于本月还有3000亿元6个月期买断式 逆回购到期，业内专家预计，本月央行还会开展一次6个月期买断式逆回购操作，以应对流动性收紧态 势。不排除后续超额续作6个月期买断式逆回购的可能性。 宏观经济 1、9月4日，工业和信息化部、市场监督管理总局印发《电子信息制造业2025—2026年稳增长行动方 案》。主要预期目 ...

Market Overview - The A-share market has experienced a continuous decline for three days, with the Shanghai Composite Index dropping from -0.45% to -1.25%, temporarily leaving the 3800-point mark [3][7] - Major weight stocks such as Agricultural Bank and Postal Savings Bank saw significant gains, with Agricultural Bank rising over 5% and Postal Savings Bank nearly 3%, both reaching historical highs [1] ETF Performance - The communication equipment ETF and various AI-related ETFs have faced substantial declines, with the communication equipment ETF down 9.98% on the day and 64.55% year-to-date [5] - The top-performing AI ETFs have also seen significant drops, with declines ranging from 9.28% to 9.64% for various funds [5] Index Performance - The "Double Innovation Index" has led the decline, with the Sci-Tech 50, Sci-Tech Composite, Sci-Tech 100, and ChiNext Index falling by 9.59%, 8.74%, 8.35%, and 6.09% respectively [7][8] - Blue-chip indices such as the CSI A500 and CSI 300 experienced smaller declines of 4.18% and 3.5% respectively [7] Fund Flows - Recent data indicates a significant inflow of funds into the market, with net purchases of 105.3 billion yuan in leveraged funds last week, marking the second-highest historical figure [13] - However, there has been a shift in fund flows, with a net outflow from broad-based ETFs amounting to 139 billion yuan, while industry-themed ETFs saw a net inflow of over 500 billion yuan [15][20] Index Adjustments - FTSE Russell announced quarterly adjustments to several indices, including the FTSE China 50 and FTSE China A50, with new inclusions such as BeiGene and WuXi AppTec, while removing stocks like China Nuclear Power and China Unicom [22][25] - These adjustments are expected to influence trading volumes and stock prices significantly around the effective date, as passive funds will need to realign their holdings [25]

Core Viewpoint - The launch of Huawei Mate XTs "Extraordinary Master" folding phone signifies a strategic collaboration with three leading companies: Wind, Tencent, and Feishu, highlighting the development of a comprehensive smart interconnectivity ecosystem based on HarmonyOS [1][3]. Group 1: Strategic Partnerships - The inclusion of Tencent represents immersive experiences in entertainment and social interaction [3]. - Feishu symbolizes new productivity in enterprise office and collaboration [3]. - Wind opens up possibilities for professional-grade industry applications, covering the entire user journey in work, life, and investment [3]. Group 2: Wind's Role - Wind's participation is particularly notable as it compresses a complete PC-level financial terminal into a mobile device, addressing the complex needs of financial professionals [4][10]. - The Mate XTs features a 10.2-inch display that allows users to access vast amounts of global data seamlessly [6]. - Multi-tasking capabilities enable users to view financial reports on one screen while accessing databases and market sentiment on another [7]. Group 3: AI Integration - Wind is revolutionizing the work of financial professionals with AI Agents that provide 24/7 assistance [11]. - The AI Briefing Agent delivers global market updates and stock alerts every morning [11]. - The Investment Morning Report Agent monitors global markets overnight and presents results at dawn [11]. Group 4: Future Vision - The collaboration of these three companies at the launch not only supports the Mate XTs but also points towards a future of cross-industry and cross-scenario smart interconnectivity [12]. - For Huawei, this initiative represents both a product and a strategic direction, while for Wind, it is an opportunity to showcase its capabilities [12]. - Users can expect smart devices to evolve from mere tools to integral ecological partners in their daily lives [12]. Group 5: Industry Impact - The Mate XTs folding phone is perceived as a new possibility for financial professionals, investors, and office workers [13]. - Wind's technology allows financial tasks to be performed on-the-go, effectively putting a PC in the user's pocket [13]. - Tencent enhances the immersive experience for entertainment, while Feishu facilitates efficient collaboration across different scenarios [13].

Market Performance - The A-share market experienced a decline, with the three major indices falling, particularly the ChiNext index which dropped over 5% at one point [1] - The Shanghai Composite Index closed down 1.25% at 3765.88 points, the Shenzhen Component Index fell 2.83% to 12118.70 points, and the ChiNext Index decreased by 4.25% to 2776.25 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 25,443 billion yuan [1] Sector Performance - Retail, food, paper, and photovoltaic sectors showed strong gains, while CPO, semiconductor, components, and military industries faced significant declines [2] - The CPO concept saw a sharp drop, with stocks like Tianfu Communication, Taicheng Light, and Xinyi Sheng each falling over 10% [2] - The semiconductor and storage chip sectors also experienced major declines, with companies like Cambrian, Haiguang Information, and Huahong Technology dropping over 10% [2] - Conversely, large consumer stocks performed well, with retail and food sectors leading the gains, including stocks like Guoguang Chain and Anji Food reaching their daily limit [2] Market Outlook - According to Dongfang Securities, there is a clear characteristic of high-low switching and sector rotation, with expectations that the decline will be limited but upward movement will also be weak [2] - The recent rapid rise in indices driven by large-cap technology leaders has led to a market style shift from extreme consistency to rebalancing, resulting in short-term high-level fluctuations and increased volatility, with adjustments reflecting more structural control [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to benefit significantly from the capital expenditure on 5G-A by operators, leading to a substantial increase in its main business of filters. The HTCC production capacity is anticipated to be gradually released in 2025, enhancing the company's growth potential and improving the stability of future performance. The company is also expected to apply its products in various fields, including robotics [2][10] - The company's financial data indicates that the utilization rate has a significant impact on profitability. With rapid revenue growth and improved utilization rates, there may be an increase in gross margin, a decrease in expense ratio, and an enhancement in net profit margin [10] Financial Performance - In the first half of 2025, the company achieved operating revenue of 287 million yuan, a year-on-year increase of 52.76%, and a net profit attributable to the parent company of 52 million yuan, up 51.94% year-on-year. In the second quarter of 2025, the operating revenue was 162 million yuan, with a year-on-year increase of 52.36%, and a net profit of 29 million yuan, up 49.30% year-on-year [6][10] - The company is projected to achieve net profits attributable to the parent company of 104 million yuan, 214 million yuan, and 362 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth of 80%, 106%, and 70%. The corresponding PE valuations are expected to be 106x, 51x, and 30x [10]

Monetary Policy - On September 5, 2025, the People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation with a term of 3 months (91 days) to maintain liquidity in the banking system [2][4]. Technology and Innovation - Huawei launched the new Mate XTs folding smartphone, featuring the Kirin 9020 chip and HarmonyOS, with a performance improvement of 36% [7]. - As of the end of Q2 2025, the total scale of asset management products by various financial institutions reached 75.38 trillion yuan [4]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued an action plan to boost growth in the electronic information manufacturing industry, focusing on CPU and AI server development [4]. Corporate Developments - China Shipbuilding Industry Corporation plans to absorb and merge China Shipbuilding Heavy Industry Company through a share exchange, with the exchange ratio set at 1:0.1339 [12]. - Xizhi Technology announced the completion of over 1.5 billion yuan in Series C financing, attracting notable investment institutions [5]. - Junsheng Electronics has begun mass supply of customized main control boards in collaboration with leading clients [13]. Market Trends - The sports industry in China is expected to exceed 7 trillion yuan by 2030, driven by government policies aimed at enhancing sports consumption and event development [10]. - In the first half of 2025, China's folding screen smartphone shipments reached 4.98 million units, with Huawei capturing 75% of the market share [7]. Investment Activity - Tianfu Communication received a net purchase of 6.23 billion yuan from institutional investors on September 4, 2025, driven by strong demand for its active products [18]. - New Yiseng saw a net purchase of 4.09 billion yuan from institutional investors, with expectations of strong performance in the second half of the year [20]. Industry Performance - Salt Lake Industry reported stable production and operations for its core products, with significant breakthroughs in lithium salt integration projects [22]. - Luxshare Precision achieved a revenue of 97.799 billion yuan in the first half of 2025, marking a year-on-year growth of 14.32% [22].

爆火的基金虽然波动相对较大，但一天跌掉10%也是不多见的。 而今天晚上，这样的基金批量出现。 | 比如永赢基金旗下这只产品：永赢高端制造，A份额今天的跌幅是10.84%，几乎"领跌"全市场（排除目前净值未更新产品）。 | | --- | | 序号 | 代码 | 名称 | 现价 | 日回报 ▲ | | --- | --- | --- | --- | --- | | 1 | 007113 | 永赢高端制造A | 1.5771 | -10.84% | | 2 | 022446 | 前海开源周期精选A | 1.1035 | -10.76% | | 3 | 001437 | 易方达瑞享I | 5.4929 | -10.43% | | ব | 011899 | 长安鑫瑞科技先锋6个月 | 0.8492 | -10.29% | | 5 | 014478 | 中加低碳经济六个月持? | 1.1466 | -10.29% | | 6 | 008528 | 华泰柏瑞质量成长A | 1.3927 | -10.27% | | 7 | 165528 | 中信保诚鼎利A | 1.6457 | -10.20% | | 8 | 020440 ...

在华为 Mate XTs「非凡大师」三折叠的发布现场，除了硬件科技的惊艳，全场更令人侧目的，是台上三家同台亮相的企业。 Wind —— 全球金融数据服务的领军者； 腾讯 —— 游戏行业的绝对龙头； 飞书 —— 企业社交协作的标杆代表。 这是华为在全球范围内仅邀请的三家战略伙伴。金融、娱乐、协作三大核心场景顶流齐聚，不仅为新品赋能真实应用，更向外界释放一个信号：鸿蒙生 态，正在构建全场景智慧互联。 一、为什么是这三家？ 折叠屏并非新鲜事物，但"为什么要折叠"一直缺乏杀手级答案。华为这一次给出了更高维度的解法： • 腾讯的加入，代表了 娱乐与社交 的沉浸体验； • 飞书的加入，代表了 企业办公与协作 的新生产力； • Wind 的加入，则打开了 专业级行业应用 的想象空间。 | D C D E | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 酸票 开始 | 债券 商品 | 外汇 基金 | 指数 | | 衍生品 资管 ...