2025年9月1日-9月5日 本周盘面盘点 0 | 指数表现 上证指数 收盘3812.51, 下跌 1.18% 1 P. 日均成交额 深圳成指 收盘12590.56,下跌 0.83% 上海市场 11061亿元，环比减少 12.1% 深圳市场 14615亿元，环比减少13.7% L 行业涨跌 WN 社会服务 纺织服饰 建筑材料 综合 建筑装饰 食品饮料 传媒 公用事业 农林牧渔 美容护理 环保 煤炭 轻工制造 石油石化 机械设备 钢铁 电子 国防军工 计算机 400,000 800,000 -800,000 -400,000 0 1,200,000 1,600,000 ■ 排名■ 累计净买入额(万元) 期间融资净买入额前十个股: | 证券代码 | 证券名称 | 融资净买入额(万元) | 申银万国行业 | | --- | --- | --- | --- | | 300059.SZ | 东方财富 | 80,629 | 非银金融 | | 688981.5H | 中芯国际 | 37,307 | 电子 | | 302132.SZ | 中航成飞 | 30,497 | 国防军工 | | 002475.SZ | 立讯精密 | ...

Group 1 - On September 10, among the 31 first-level industries tracked by Shenwan, 25 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 2.075 billion yuan [1] - Other industries with significant net financing inflows included computer, machinery equipment, media, communication, and non-bank financial sectors, each exceeding 300 million yuan in net inflows [1] Group 2 - A total of 1,865 individual stocks received net financing inflows on September 10, with 81 stocks having net inflows exceeding 50 million yuan [1] - Among these, 28 stocks had net inflows exceeding 100 million yuan, with Industrial Fulian leading at a net inflow of 729 million yuan [1] - Other notable stocks with significant net inflows included Shenghong Technology, Dongshan Precision, SMIC, Lio股份, and Top Group, each with net inflows exceeding 300 million yuan [1]

等待新驱动 A股市场交投热度有所下降，沪深两市成交额小幅回落，增量资金短期尚未形成一致性预期，短期市场 将维持宽幅震荡状态。 近期A股市场整体震荡运行，且板块轮动特征明显。受益于降息预期和"反内卷"政策，电力设备、有色 金属等板块涨幅居前，而前期涨幅较大的计算机、通信等板块表现疲软，科创50周内跌幅超过5%。上 证指数自4月以来持续上涨，在创出近10年新高后，部分中低风险偏好资金逐步止盈离场，市场风格发 生切换，资金偏向于有盈利改善预期和政策催化的板块。 海关总署公布的数据显示，8月，按美元计价，我国出口同比增长4.4%，预期为5.9%，前值为7.2%；进 口同比增长1.3%，预期为3.3%，前值为4.1%。整体来看，边际增速虽有回落，但绝对值相对稳定，处 于近期均值水平。从出口市场来看，对美出口继续走弱，8月我国对美出口降幅扩大至33.1%，拖累总 出口5.1个百分点，而对欧盟、东盟等的出口均高于前值。8月12日中美发布斯德哥尔摩经贸会谈联合声 明，将24%的关税继续暂停90天，9—10月出口面临的不确定性下降，叠加基数较低，预计9月出口表现 偏强。 国家统计局公布的数据显示，8月，我国CPI增速环比持平， ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 核心观点： 景气度稳步向上，AI成核心引擎 2025H1总结： 营收增速同比提升，盈利能力明显改善。 1）营收端 ：收入增速同比提升，算力贡献重要增量。2025H1，板块实现营业收入9321.54亿元，同比增长 20.25%；若剔除服务器类代表公司，同比增速1.27%；营收增速中位数为3.72%，同比提升2.05pcts。 2）利润端 ：盈利能力显著提升，同比增长较快。2025H1，板块实 现归母净利润187.44亿元，同比增长40.48%，增速中位数为5.00%，2024H1为-9.10%；实现扣非净利润138.07亿元，同比增长56.95%，2024H1为-7.01%。 3）毛利率 ： 板块毛利率中位数下降2.03pcts至34.40%，主要受毛利率相对较低的服务器业务占比提升所致。 4）费用率 ：整体保持稳定，销售、管理、研发费用率的中位数分别为 10.29%、11.69%、13.77%，较2024H1变动-0.35、+0.50、-0.76pcts。 5）现金流 ：经营性现金流持续改善。板块经营性 ...

Core Viewpoint - The A-share market has experienced fluctuations and adjustments since September, with an increase in risk aversion, leading some funds to shift towards dividend assets characterized by low valuations and high dividends [1] Market Overview - Since September, the Shanghai Composite Index has declined by 1.18%, indicating a volatile market with structural characteristics becoming more pronounced [2] - Industries such as defense, computer, and electronics have seen significant pullbacks, with the defense industry index dropping over 10% [2] - Conversely, cyclical industries like electric equipment, non-ferrous metals, and public utilities have strengthened, with electric equipment industry rising over 5% [2] Stock Performance - Over 3,000 stocks have declined since September, with over 450 stocks falling more than 10%, while over 400 stocks have increased by more than 10% [3] - Stocks that have risen by at least 10% exhibit notable high dividend characteristics, with the average market capitalization of these "big gainers" being below 15 billion, compared to nearly 19 billion for "big losers" [4] Dividend Assets - High dividends are a significant feature of the stocks that have surged in September, with dividend assets attracting considerable capital [5] - As of September 9, the overall stock market saw a net outflow of over 8 billion in stock ETFs, while dividend-themed ETFs experienced a net inflow of over 800 million [5] - Financing balances in industries like electric equipment and non-ferrous metals have increased, with electric equipment seeing a rise of over 15% [5] Stability and Risk Buffer - Dividend assets have shown significant anti-drawdown characteristics during market downturns, outperforming the Shanghai Composite Index in several instances since 2020 [6][7] - The dividend index has a lower price-to-earnings ratio compared to other indices, indicating a more attractive valuation for risk-averse investors [8] Investment Strategy - The dividend sector, characterized by low valuations and high dividend yields, serves as a strong defensive choice in a volatile market [9] - The consumer sector, while undervalued, offers stable dividend returns and growth potential, suitable for long-term investors [9] - The technology sector, despite its high growth potential, presents certain investment risks due to lower dividend yields and relatively high valuations [9]

Group 1 - In August, A-shares led global stock markets, with equity funds performing well, particularly those focused on the TMT (Technology, Media, and Telecommunications) sector, while pharmaceutical sector funds saw declines [1] - A total of 32 equity funds achieved returns exceeding 40% in August, indicating a significant shift in market dynamics [1] - The "霸榜" (top ranking) trend previously dominated by the North Exchange and pharmaceutical-themed funds has changed, with technology-heavy funds now leading [1] Group 2 - The fund managed by Wu Yuanyi, Guangfa Value Core A, achieved a nearly one-year return of 101.36% as of September 5, outperforming its benchmark by 67.56% with a Sharpe ratio of 2.66 [1] - Guangfa Value Core A, established in January 2021, is a full-market fund that can invest in A-shares and Hong Kong Stock Connect, showcasing a stable stock position and diversified industry allocation [1] - The fund's top ten holdings account for approximately 50% of its net value, with a balanced distribution across various sectors including pharmaceuticals, automotive, electronics, textiles, machinery, and computers [1] Group 3 - Wu Yuanyi dynamically adjusts the stock allocation between A-shares and Hong Kong stocks based on market conditions, increasing the Hong Kong stock allocation from about 11% at the end of Q1 2024 to over 31% by the end of Q4 2024 [2] - The fund has effectively captured both beta and alpha returns in the recent Hong Kong market rally, focusing on innovative pharmaceuticals and new consumption sectors [2] - Recent quarterly reports indicate strong performance from newly added stocks, with significant price increases for stocks like Weixin Bio and Haoyuan Pharmaceutical, showcasing effective stock selection capabilities [2] Group 4 - Looking ahead, the focus will be on fast-moving consumer goods, innovative pharmaceuticals, high-end manufacturing, robotics, and AI sectors [3] - The fast-moving consumer goods sector is recovering first due to its "high frequency and low price" characteristics [3] - In the pharmaceutical innovation sector, China is transitioning from auxiliary research to becoming a global leader in original innovative drugs [3]

Core Insights - Guangdong Province's listed companies have shown robust performance in the first half of 2025, with total revenue reaching 5.14 trillion yuan, a year-on-year increase of 6.3%, and net profit of 400.12 billion yuan, up 2.63%, surpassing national averages [1] Manufacturing Sector Performance - The manufacturing sector continues to be a cornerstone for Guangdong's economy, with 634 listed manufacturing companies generating 2.94 trillion yuan in revenue, a 13% increase year-on-year, and net profit of 172.19 billion yuan, up 6.3% [2] - The computer, communication, and other electronic equipment manufacturing industries led the growth, with 225 companies reporting 1.1 trillion yuan in revenue, a 19.6% increase, and net profit of 49.18 billion yuan, up 15.5% [2] - The machinery and equipment sector also showed steady growth, with 191 companies achieving 769.2 billion yuan in revenue and 70.61 billion yuan in net profit, reflecting increases of 9.6% and 5.6% respectively [2] Other Industry Highlights - The cultural entertainment and business services sectors are recovering, with 17 companies reporting 67.38 billion yuan in revenue, a slight decline of 1.1%, but a net profit increase of 63.3% to 1.03 billion yuan [3] - The home appliance and furniture sector demonstrated solid performance, with 52 companies achieving 499.09 billion yuan in revenue, an 8% increase, and net profit of 48.61 billion yuan, up 15.2% [3] Investment and R&D - Capital expenditure for Guangdong's listed companies reached 316.3 billion yuan, a 2.8% increase, exceeding the national average by 14.1 percentage points [4] - R&D spending totaled 158.9 billion yuan, a year-on-year increase of 11.6%, with R&D expenses accounting for 3.7% of revenue, reflecting a 0.1 percentage point increase [4] International Expansion - Manufacturing companies reported overseas revenue of 832.75 billion yuan, a 16.2% increase, outpacing the national average of 10.5% [5] - Private enterprises played a significant role, with 425 companies generating 766.15 billion yuan in overseas income, representing 89.1% of the total [5] Mergers and Acquisitions - The M&A market in Guangdong has seen over 250 companies engage in transactions exceeding 150 billion yuan, with more than 30 major asset restructurings [6][7] - Notable transactions include TCL Technology's acquisitions in the display sector and Lixun Precision's acquisition of a subsidiary to enhance its capabilities [6] - Companies are also diversifying through cross-industry acquisitions, such as *ST Songfa's purchase of a shipbuilding company to pivot from ceramics to high-end shipbuilding [7] Dividend Trends - The number of companies implementing mid-year dividends has increased, with 74 companies distributing a total of 16.069 billion yuan, up from the previous year [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603516 证券简称：淳中科技 公告编号：2025-053 北京淳中科技股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: ● 北京淳中科技股份有限公司（以下简称"公司"）股票于2025年9月8日、9月9日、9月10日连续三个交 易日内收盘价格涨幅偏离值累计达到20%，属于《上海证券交易所交易规则》规定的股票交易异常波动 情形。2025年9月10日，公司股票静态市盈率为295.26，远高于同期计算机、通信和其他电子设备制造 行业最新静态市盈率53.14。公司基本面未发生重大变化，但近期公司股票价格严重脱离公司基本面情 况，投资者参与交易可能面临较大风险。 ● 公司2025年8月29日于上海证券交易所网站（www.sse.com.cn）披露了《北京淳中科技股份有限公司 股东减持股份计划公告》，公司董事长何仕达先生、董事张峻峰先生、董事付国义先生、董事王志涛先 生、高管程锐先生计划于2025年9月19日～2025年1 ...

Market Overview - Since September, the A-share market has experienced fluctuations and adjustments, with increased risk aversion leading some funds to shift towards dividend assets characterized by low valuations and high dividends [1] - The Shanghai Composite Index has dropped by 1.18% since September, indicating a structural divergence in the market [2] Sector Performance - The defense, computer, and electronics sectors, which previously led the market, have seen significant corrections, with the defense sector index declining over 10% [2] - Conversely, cyclical sectors such as electric equipment, non-ferrous metals, and public utilities have strengthened, with the electric equipment sector rising over 5% [2] - The strong performance of cyclical sectors is attributed to steady demand recovery and the appeal of high dividend yields in the current market environment [2] Stock Characteristics - Over 3,000 stocks have declined since September, with more than 450 stocks falling over 10%, while over 400 stocks have risen more than 10% [3] - Stocks that have increased by at least 10% exhibit significant high dividend characteristics, with their average market capitalization below 15 billion and average P/E ratios lower than those of declining stocks [4] Fund Flows - Dividend assets have attracted significant capital, with dividend-themed ETFs seeing a net inflow of over 800 million, while other sectors like technology and AI have experienced substantial outflows [5] - Financing balances in sectors such as electric equipment and non-ferrous metals have increased, while sectors like defense and computing have seen declines [5] Stability and Risk Buffer - Dividend assets have shown notable resilience during market downturns, outperforming the Shanghai Composite Index in several instances since 2020 [6][7] - The dividend index has a lower P/E ratio compared to consumer and technology indices, indicating a more attractive valuation for risk-averse investors [8] Investment Strategy - The dividend sector is seen as a strong defensive choice in a volatile market, while the consumer sector offers stable returns and growth potential for long-term investors [9] - The technology sector, despite its high growth potential, carries investment risks due to lower dividend yields and higher valuations [9]

Report Key Points Summary 1. Report Industry Investment Rating No industry investment rating is provided in the content. 2. Report's Core View - From September 1 - 6, 2025, the convertible bond market repaired. Medium - sized varieties gained more attention, while the trading volume proportion of small - sized ones declined, indicating a shift in capital preference. Valuations stretched overall, with the median market price oscillating upwards and remaining at a high level. The implied volatility rose slightly, reflecting increased market optimism [2][6]. - In the industry, power equipment and light manufacturing performed well, while communication and computer sectors faced pressure. Trading was concentrated in electronics, power equipment, and machinery. Individual bonds were still driven by underlying stocks, and some callable bonds achieved high returns. Overall, medium - sized convertible bonds have relative advantages in terms of scale and scarcity. It is advisable to focus on individual bonds with underlying stock support and stable fundamentals, while being vigilant about short - term volatility risks in highly crowded areas [2][6]. 3. Summary by Related Catalogs Market Theme and Style Shift - There may be a trend in the equity market of switching from small - cap to mid - and large - cap indices. Since August 2025, the trading volume proportion of small - cap indices has declined, while that of mid - and large - cap indices has increased. The rolling excess returns of mid - and large - cap indices have also slightly risen since August 2025 [18]. - The attention to medium - sized convertible bonds has increased. The trading volume proportion of medium - and small - sized convertible bond indices shows a significant negative correlation. The proportion of small - sized indices has been in a downward trend since the end of June 2025, and the 12 - week rolling excess return of medium - sized convertible bonds is on the rise, indicating a possible style shift from small - to medium - sized [20]. - Medium - sized convertible bonds currently have relatively low overall scale compared to the previous high of the median market price. With scarcity and a relatively loose market environment, they may be supported to strengthen. Their valuation is in a reasonable range, with the balance - weighted conversion premium rate at the 31.4% quantile since September 2020 and the median premium rate at the 46.4% quantile [22]. Market Weekly Review - **Equity Market**: A - share major indices oscillated and consolidated, with the ChiNext Index rising against the trend. The large - cap sector showed relative resilience. Main funds continued to flow out, but the outflow pressure eased. On Friday, some funds flowed back, indicating market confidence in the future. Industries showed differentiation, with power equipment, non - ferrous metals and other cyclical and resource products strengthening, while AI and military sectors declined. Trading concentration remained high, with funds concentrated in electronics, power equipment, and computer sectors [10]. - **Convertible Bond Market**: The convertible bond market repaired overall, with large - cap varieties rebounding more prominently and small - cap ones relatively under pressure. Market sentiment improved. Valuations stretched overall, with the median market price oscillating upwards and remaining at a high level. The implied volatility rose slightly, reflecting market optimism. Power equipment and light manufacturing led the rise, while communication and computer sectors were relatively weak. Trading activity was concentrated in power equipment, electronics, and machinery. Individual bonds were mainly driven by underlying stocks, and some callable bonds continued to achieve high returns [10]. - **Primary Market**: The primary market supply was stable. There were no new bond listings, but 6 companies updated their issuance plans, indicating sufficient future reserves. In terms of terms, 4 bonds announced potential downward revisions, 4 announced no downward revisions, and 3 proposed downward revisions. In terms of redemptions, 5 bonds were expected to trigger redemptions, 2 announced no early redemptions, and 5 announced early redemptions [10].