Market Overview - Global liquidity easing expectations have risen, boosting risk appetite and leading technology growth to drive global market performance [1] - Major stock indices have generally risen, with US indices reaching historical highs; the Nasdaq increased by 2.21%, S&P 500 by 1.22%, and Dow Jones by 1.05% [1] - The Hong Kong stock market saw a significant rebound in the technology sector, with the Hang Seng Technology Index rising by 5.09%, marking the largest weekly gain of the year [1] A-share Market Dynamics - The A-share market displayed a clear "growth strong, cycle weak" characteristic, with funds continuously flowing into growth sectors [2] - The ChiNext Index rose by 2.34%, and the STAR 50 Index increased by 1.84%, while the Shanghai Composite Index fell by 1.30% [2] - The trading volume in the Shenzhen market was higher than in the Shanghai market, indicating concentrated capital inflow into growth tracks [2] Sector Performance - In the A-share market, the coal sector led gains with a rise of 3.51%, followed by power equipment, electronics, and automotive sectors, each exceeding 2.9% [2] - The financial sector faced pressure, with banks, non-ferrous metals, and non-bank financials declining over 3.5% [2] - In the concept sectors, photolithography machines, optical modules, semiconductor equipment, and automotive parts saw index increases exceeding 5% [3] Commodity Market Trends - The commodity market exhibited a "strong energy, weak metals" pattern, with iron ore rising by 1.13% and INE crude oil increasing by 1.55% [3] - Precious metals faced pressure, with SHFE gold declining by 0.35% due to a stronger dollar and rising real interest rates [3] - Industrial metals generally weakened, with SHFE copper and INE international copper dropping by 0.93% and 1.16%, respectively [3] Policy and Economic Signals - Domestic and international signals of easing have been released, with the Federal Reserve lowering interest rates by 25 basis points for the first time this year [3] - The People's Bank of China conducted a 600 billion yuan reverse repurchase operation to maintain reasonable liquidity [3] - The joint issuance of the "Automobile Industry Stabilization Growth Work Plan" by eight departments aims to promote the development of smart connected vehicles [3]

重要新闻提示 第十一批国家组织药品集中采购规则发布 网信部门依法查处微博、快手破坏网络生态案件 电影《731》累计票房突破10亿元 财经新闻 3. 据"网信中国"微信公众号9月20日消息，近日，针对微博平台未落实信息内容管理主体责任，在热搜 榜单主榜高位呈现大量炒作明星个人动态和琐事类词条等不良信息内容，破坏网络生态的问题，针对快 手平台未落实信息内容管理主体责任，在热搜榜单主榜扎堆呈现炒作明星个人动态和琐事类词条等不良 信息内容，存在泛娱乐化倾向问题，国家网信办指导北京市网信办，依据《网络信息内容生态治理规 定》等有关规定，对微博平台、快手平台采取约谈、责令限期改正、警告、从严处理责任人等处置处罚 措施。详见《网信部门依法查处微博、快手破坏网络生态案件》 1. 据国新网消息，国务院新闻办公室将于9月22日（星期一）下午3时举行 "高质量完成'十四五'规划"系 列主题新闻发布会，请中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中 国人民银行副行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 4. 据国家医保局网站消息，9月20日，国家组织药品联合采购办公室发布第十 ...

Macro Economy - The National Healthcare Security Administration released the rules for the 11th batch of national drug centralized procurement, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [3] - The "East Data West Computing" project has driven social investment exceeding 1 trillion yuan since its implementation [3] Investment News - As of September 19, 99 listed companies have implemented private placements this year, raising a total of 757.234 billion yuan, a year-on-year increase of 534.49% [4] - The average position of domestic stock private equity institutions exceeded 78% as of September 12, reaching the highest level this year [5] - The margin balance of the A-share market has further climbed, surpassing 2.4 trillion yuan, setting a historical high as of September 18 [5] Company Movements - Huawei and SAIC have launched their first model, the Shangjie H5, which is now available for test drives across over 200 cities and 1,000 stores [6] - Huawei plans to invest 15 billion yuan in ecosystem development and support for 15,000 people in its ecosystem platform [6] - Baidu has announced over 200 AI-related job openings for campus recruitment, with AI positions accounting for over 90% of the total offers [6]

A股成交额连续28个交易日超2万亿元。 9月19日，A股市场成交额（为表述方便，本文所指A股市场成交额，为沪深北三市全市场股票成交额之和）约2.35万亿 元，环比有所减少，但仍在2万亿元之上，维持了相对较高的水平。 | 证券简称 | 日均成交额(亿元) | 所属申万一级行业 | | --- | --- | --- | | 胜宏科技 | 207.82 | 电子 | | 中际旭创 | 203.83 | 通信 | | 寒武纪-U | 195.6 | 电子 | | 新易盛 | 191.23 | 通信 | | 阳光电源 | 171.99 | 电力设备 | | 宁德时代 | 159.03 | 电力设备 | | 工业富联 | 155.06 | 电子 | | 中芯国际 | 153.72 | 电子 | | 东方财富 | 144.54 | 非银金融 | | 立讯精密 | 139.17 | 电子 | | 先导智能 | 130 | 电力设备 | | 海光信息 | 127.02 | 电子 | | --- | --- | --- | | 卧龙电驱 | 120.64 | 电力设备 | | 中科曙光 | 106.38 | 计算机 | | 北 ...

A股成交额连续28个交易日超2万亿元。 9月19日，A股市场成交额（为表述方便，本文所指A股市场成交额，为沪深北三市全市场股票成交额之和）约2.35万亿元，环比有所减少，但仍在2万亿元之 上，维持了相对较高的水平。 据同花顺iFinD数据，自今年8月13日以来，A股市场成交额已连续28个交易日超过2万亿元，再刷新历史纪录。今年9月以来，A股市场日均成交额达2.48万 亿元，较去年同期增长逾3倍。 而成交额能够持续保持较高水平，除了市场整体股价上涨的因素外，全市场整体成交股数的高涨也是重要原因。同花顺iFinD数据显示，自今年6月24日开 始，沪深北三市合计成交股数已连续64个交易日超过1000亿股，接近去年9月至今年初的情形。历史数据显示，去年9月24日至今年1月8日，沪深北三市合 计成交股数曾连续71个交易日超过1000亿股。 个股方面，据Wind数据，从最近10个交易日的情况来看，有近50只股票日均成交额超过50亿元，其中胜宏科技、中际旭创、寒武纪-U、新易盛、阳光电 源、宁德时代、工业富联、东方财富等16只股票最近10个交易日里日均成交额超过100亿元。这里面，胜宏科技、中际旭创日均成交额更是超过200 ...

1、 国内股票私募机构平均仓位升破78%，达到今年以来最高位；百亿级股票私募平均仓位也环比 大幅上升。 截至9月12日，全市场股票私募机构平均仓位为78.04%，较前一周上升2.96个百分 点，达到今年以来最高位，与4月初的今年前高水平持平。具体来看，重仓或满仓（仓位大于八 成）的私募比例大幅提升至60.02%，较前一周增加5.81个百分点；空仓的私募比例则降至 5.08%，环比下降0.77个百分点。 2、 进入9月以来，A股市场两融余额整体进一步攀升，并于近日突破2.4万亿元，创出历史新高。 9月初 至9月18日，绝大多数行业板块实现融资净买入，制造业融资净买入额近千亿元居首。24只股票融资净 买入额超过10亿元，阳光电源融资净买入额超过50亿元居首，胜宏科技、先导智能、寒武纪-U、中际 旭创、宁德时代、新易盛、中信证券、东山精密、立讯精密融资净买入额亦居于前列。 1、 2025世界制造业大会在安徽合肥开幕，全球40多个国家和地区的嘉宾参与。 大会聚焦无人 机、人工智能和机器人、数字经济、高端装备等核心展示板块，促成合作项目735个，投资额3802 亿元。 1、 商务部新闻发言人就TikTok问题进展情况表 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][38] Core Views - The AI and semiconductor industry is experiencing a high growth trend, with Huawei announcing a three-year roadmap for AI chip development, including the launch of several new AI chips from 2026 to 2028 [4] - The report highlights the continuous growth of global AI infrastructure and the increasing demand for customized AI ASIC chips [4] - Investment opportunities are identified in the domestic chip supply chain, including companies involved in design, manufacturing, and testing [4] Summary by Sections Industry Performance - The electronic sector has shown strong performance with a relative return of 10.65% over 1 month, 25.96% over 3 months, and 68.02% over 12 months [3] - Absolute returns for the same periods are 17.25%, 43.11%, and 108.88% respectively [3] Key Developments - Huawei has launched several AI products, including the Ascend 910C AI chip and various AI supernodes and servers [4] - Nvidia has invested $5 billion in Intel, acquiring 215 million shares, which represents 4.91% of Intel's total shares [4] - Microsoft is building two AI data centers in Wisconsin with a total investment of $7.3 billion, expected to be operational by early 2026 [4] Investment Recommendations - The report recommends focusing on the entire domestic chip supply chain, highlighting key companies such as Cambricon, Haiguang Information, SMIC, and others [4] - It also suggests monitoring the AI PCB supply chain, with specific companies like Shenghong Technology and Huadian Holdings being of interest [4] Market Trends - The semiconductor sector has shown a positive trend, with the Philadelphia Semiconductor Index rising from 6,059.83 points on September 15 to 6,232.24 points on September 19 [12] - The report notes that the semiconductor equipment sector had the highest increase among sub-sectors, rising by 9.98% [8]

记者丨李金萍 编辑丨孙超逸 下午3点，22岁的中国游客王丽举着手机，在华强北电子世界的灯光打卡点前调整角度，准备 拍摄下打卡华强北的第一张照片。 不远处，一名来自印度的采购商正用翻译机与商户砍价，他在该店铺一次性采购了六台无人机 设备。 每天，这样的场景，都在华强北上演。这片位于深圳福田的街区，正打造国际化"无界街区"。 图源：21世纪经济报道 这个曾以"中国电子第一街" 闻名的专业市场，正悄然完成一场身份转变，它不再只是商户与 采购商的交易场， 更成了以00后为代表的年轻人追逐潮流科技、外国人体验"中国智造" 的打 卡地标。 最新官方数据显示，2025年上半年，华强北商圈日均客流量已达75万人次，同比增长50%；其 中外籍人士日均超过7000人次，同比翻番。 是什么让一个专业市场突破圈层，吸引两类看似毫无交集的群体争相到访？ 一位在华强北经营多年的商家告诉记者，在华强北，不仅聚集着销售商户，还有一批消费电子 产业链上的相关企业，他们可能上午完成图纸设计，下午即可打样，次日就能送工厂量产，高 效的创新节奏让商圈在电子小商品领域具备核心竞争力。 除了年轻群体，外国人也将华强北作为来深圳的必打卡点。 "来华强北时 ...

Market Overview - A-shares experienced a pullback after reaching a 10-year high, with the Shanghai Composite Index adjusting quickly, while the Shenzhen Component, Sci-Tech 50, and ChiNext also consolidated after hitting multi-year highs. Weekly trading volume increased to 12.59 trillion yuan [1] - Margin trading saw a significant net buy of 50.8 billion yuan this week, marking the 13th consecutive week of net purchases exceeding 10 billion yuan, with the margin balance reaching a historical high of 2.39 trillion yuan [1] Sector Performance - The electronics sector attracted nearly 15 billion yuan in net financing for the week, leading all sectors, while non-bank financials saw over 6.5 billion yuan in net purchases. Other sectors like machinery, automotive, and power equipment each received over 4 billion yuan in net inflows [1] - The electronic industry recorded a net inflow of 41.6 billion yuan for the week, maintaining the top position, with net inflows of 104.5 billion yuan over the last 20 trading days and 380.7 billion yuan over the last 60 trading days [1] - The metals sector experienced a net outflow of over 13.1 billion yuan, while pharmaceuticals saw a net outflow of over 9 billion yuan, and banks and food & beverage sectors also faced significant net outflows [1] Future Outlook - According to招商证券, the A-share market is expected to continue along low penetration rate tracks, focusing on eight key areas: AI, humanoid robots, solid-state batteries, controllable nuclear fusion, military trade, commercial aerospace, semiconductor self-sufficiency, and innovative pharmaceuticals [2] - 中金公司 suggests that the A-share market is in a short-term adjustment phase with limited downside risk, as rapid increases in trading volume typically do not alter the medium-term trend [2] - The upcoming 20th Central Committee's Fourth Plenary Session is anticipated to discuss the "14th Five-Year Plan" recommendations, which may increase investor focus on long-term reform directions [2] Sector Highlights - The technology sector continues to strengthen, particularly in the chip sector, with the photolithography machine segment performing exceptionally well, achieving historical highs during market adjustments [2] - The tourism sector is experiencing a surge, with indices reaching a four-and-a-half-year high, driven by strong performance from companies like Yunnan Tourism and Qujiang Cultural Tourism [4] - Data from 同程旅行 indicates a significant increase in travel demand, with popular outbound travel routes selling out quickly and a projected record number of tourists and tourism revenue during the National Day holiday [6]

Report Industry Investment Rating - No relevant content provided Core View of the Report - From the beginning of 2025 to September 19, the convertible bond market performed slightly worse than the equity market. The current valuation of convertible bonds is relatively high, and adjustments are ongoing. In the long - term, convertible bonds are still relatively high - quality assets, but one needs to focus on the structure [1][3] Summary by Related Catalogs Market行情 - From September 15 to 19, 2025, the CSI Convertible Bond Index decreased by 1.5% (last week it was +0.4%), and the CSI All - Share Index changed by -0.2% (last week it was +2.1%). Since the beginning of 2025, the CSI Convertible Bond Index has increased by 14.2%, and the CSI All - Share Index has increased by 21.0% [1] - By rating, high - rated bonds (AA+ and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) decreased by 1.68%, 1.06%, and 1.22% respectively this week, with high - rated bonds having the largest decline [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) decreased by 1.98%, 1.33%, and 1.20% respectively this week, with large - scale convertible bonds having the largest decline [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) decreased by 0.20%, 2.03%, 1.36%, 1.54%, and 1.57% respectively this week, with ultra - high - parity bonds having the smallest decline [2] Current Convertible Bond Valuation Levels - As of September 19, 2025, there were 432 outstanding convertible bonds (437 at the end of last week), with a balance of 599.191 billion yuan (607.826 billion yuan at the end of last week) [2] - The average convertible bond price was 130.41 yuan (132.0 yuan last week), with a percentile of 98.3% - The average convertible bond parity was 105.51 yuan (105.10 yuan last week), with a percentile of 95.5% - The average conversion premium rate of convertible bonds was 25.2% (26.0% last week), with a percentile of 47.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.1% (28.8% last week), higher than the median of the conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [2] Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index is still in the adjustment phase. In the long - term, convertible bonds are relatively high - quality assets, but the current overall valuation level is high, so one needs to focus on the structure [3] Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Jingxing Convertible Bond, Hengshuai Convertible Bond, etc. Each bond has different positive stock gains and corresponding convertible bond gains [21]