Group 1: Report Industry Investment Ratings - No specific industry investment ratings provided in the report Group 2: Core Views of the Report - The risk appetite in the market has been restored. The stock index futures showed a V-shaped rebound and are in high-level oscillations. The stock index options suggest continuing to hold bull spreads. The bond market curve of treasury bond futures is steepening [1][2][3] Group 3: Summary by Relevant Catalogs 1. Market Views Stock Index Futures - The market outlook is oscillating with a bullish bias. The IF, IH, IC, and IM contracts showed specific changes in basis, inter - period spreads, and positions. The market sentiment has been repaired, with a preference for technology - growth stocks. It is considered a bull - market oscillation, and dips are good opportunities to add positions. The recommended operation is to allocate IM long positions [7] Stock Index Options - The market outlook is oscillating. The option market turnover remained stable, and the mid - term sentiment is optimistic. The volatility of different varieties varies. It is recommended to continue holding bull spreads [2][8] Treasury Bond Futures - The market outlook is oscillating. The treasury bond futures closed down across the board, and the yield curve continued to steepen. The central bank's net injection supported the short - end of the bond market, while the long - end was under pressure. Short - term opportunities in long - end arbitrage and curve steepening can be focused on. Different strategies such as trend, hedging, basis, and curve strategies are recommended [8][9][10] 2. Economic Calendar - The economic calendar includes data from the US, China, and Japan, such as new home sales, house price indices, industrial enterprise profits, and unemployment claims [11] 3. Important Information and News Tracking - The government released an opinion on promoting high - quality urban development, covering housing construction, community improvement, and urban renewal. Multiple small and medium - sized banks have lowered RMB deposit rates, and the deposit rates are still under downward pressure. The Chinese Ministry of Commerce is involved in international economic and trade negotiations [12][13][14] 4. Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content [15][19][31]

Market Overview - The market experienced a V-shaped rebound in the afternoon, with the Sci-Tech 50 index surging by 7.23% [1][3] - Major indices closed higher, with the Shanghai Composite Index up 1.14%, Shenzhen Component Index up 2.25%, and the ChiNext Index leading with a 3.82% increase [1][3] Sector Performance - The top-performing sectors included Communication (up 7.14%), Electronics (up 5.53%), and Defense & Military (up 2.29%) [2] - Conversely, sectors such as Coal (-0.81%), Agriculture, Forestry, Animal Husbandry and Fishery (-0.73%), and Textiles and Apparel (-0.47%) lagged behind [2] Conceptual Indices - Conceptual indices that performed well included Copper Cable High-Speed Connection (up 5.61%), Co-packaged Optics (CPO) (up 5.13%), and F5G Concept (up 5.12%) [2] - Underperforming conceptual indices included Genetically Modified Organisms (-1.81%) and Alzheimer’s Concept (-1.07%) [2] Future Outlook - The report indicates that the market's upward momentum is driven by industrial policy support and ample liquidity, with expectations of a fiscal stimulus window in the 3rd to 4th quarter [5] - It is suggested to focus on technology growth and financial sectors for investment opportunities, while cyclical industries and new energy may see performance improvements in the latter half of the year [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 29 日 浙商早知道 2025 年 08 月 29 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 1.1%，沪深 300 上涨 1.8%，科创 50 上涨 7.2%，中证 1000 上涨 1.5%，创业板指上涨 3.8%，恒生指数下跌 0.8%。 ❑ 行业：周四表现最好的行业分别是通信（+7.1%)、电子（+5.5%)、国防军工（+2.3%)、计算机（+2.1%)、非银金 融（+1.5%)，表现最差的行业分别是煤炭（-0.8%)、农林牧渔（-0.7%)、纺织服饰（-0.5%)、食品饮料（-0.4%)、 医药生物（-0.2%)。 ❑ 资金：周四沪深两市总成交额为 29708 亿元，南下资金净流出 204.4 亿港元。 ❑ 【浙商传媒互联网 冯翠婷/陈磊】神州泰岳（300002）公司点评：产品周期过渡期，新游有望 ...

资金面上看，两市主力资金全天净流出443.43亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨5.53%，全天净流入资金105.53亿元，其次是通信行业，日涨幅为 7.14%，净流入资金为49.98亿元。 沪指8月28日上涨1.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、电子，涨幅 分别为7.14%、5.53%。跌幅居前的行业为煤炭、农林牧渔，跌幅分别为0.81%、0.73%。医药生物行业 今日下跌0.20%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600211 | 西藏药业 | 9.00 | 11.64 | 32028.90 | | 300049 | 福瑞股份 | 15.35 | 19.73 | 29335.67 | | 603222 | 济民健康 | 9.96 | 24.19 | 12589.52 | | 603087 | 甘李药业 | 4.40 | 3.94 | 8203.50 | | 000963 | 华东医药 | -0. ...

沪指8月28日上涨1.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、电子，涨幅 分别为7.14%、5.53%。跌幅居前的行业为煤炭、农林牧渔，跌幅分别为0.81%、0.73%。农林牧渔行业 位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出443.43亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨5.53%，全天净流入资金105.53亿元，其次是通信行业，日涨幅为 7.14%，净流入资金为49.98亿元。 主力资金净流出的行业有26个，计算机行业主力资金净流出规模居首，全天净流出资金110.07亿元，其 次是医药生物行业，净流出资金为78.92亿元，净流出资金较多的还有电力设备、机械设备、汽车等行 业。 农林牧渔行业今日下跌0.73%，全天主力资金净流出13.63亿元，该行业所属的个股共105只，今日上涨 的有24只，涨停的有1只；下跌的有77只。以资金流向数据进行统计，该行业资金净流入的个股有25 只，其中，净流入资金超千万元的有6只，净流入资金居首的是佩蒂股份，今日净流入资金3207.51万 元，紧随其后的是晓鸣股份、华英农业，净流入资金分别 ...

Group 1 - The overall profit growth rate of A-shares has rebounded significantly, with a year-on-year growth rate of +4.7% as of August 27, 2025, compared to a decline of -3.32% in the same period of 2024 [5][7][9] - The disclosure rate of A-share mid-term reports reached 81.1%, with 4,401 out of 5,426 listed companies having disclosed their performance [5][7][9] - Among the disclosed companies, 47.1% achieved positive profit growth, with the main board, ChiNext, and STAR Market showing varying growth rates [5][9][10] Group 2 - The cyclical and growth industries have shown superior profit growth rates, particularly in agriculture, forestry, animal husbandry, fishery, steel, building materials, media, computers, non-ferrous metals, and electronics, with growth rates reaching as high as 194% and 168% [9][10][18] - The banking, non-banking, automotive, and other sectors also reported high proportions of positive profit growth, with non-banking financials at 84.9% and automotive at 57.1% [9][10][18] - Conversely, industries such as real estate, coal, and light manufacturing reported negative profit growth rates, with real estate at -128% [9][10][18] Group 3 - Industrial profit growth has improved, with the cumulative year-on-year growth rate for industrial enterprises in April to June 2025 at -1.8%, an improvement from -3.3% in 2024 [12][13][16] - Specific sectors such as transportation, electrical new energy, non-ferrous metals, and machinery have shown high profit growth rates, with transportation at 39.2% and electrical new energy at 13.0% [12][16][17] - The automotive sector also experienced a slight profit increase of 3.6% during the same period [12][16][17] Group 4 - The real estate, computer, and other industries face low year-on-year growth rate bases, which may benefit their performance in 2025 [18][19] - Industries like agriculture, electronics, and automotive had high growth rates in 2024, which may pose challenges in 2025 due to high base effects [18][19] - Conversely, sectors such as steel, building materials, and media are expected to benefit from low base effects, with significant year-on-year growth rates anticipated [18][19] Group 5 - The upstream sectors, particularly non-ferrous metals, have seen price increases, contributing to improved industry sentiment [21][22] - The midstream sectors, including electronics and transportation, have also shown signs of recovery, with significant profit growth in the first half of 2025 [31][33] - Downstream sectors like automotive and retail are expected to improve, driven by strong demand and supportive policies [37][38]

Core Insights - The article highlights the transformation of the Khatou Plain, where previously barren land has been converted into productive agricultural and ecological zones, showcasing a successful model of ecological governance and industrial revitalization [1][2]. Agricultural Development - In the Urat Front Banner, the introduction of high-quality glutinous corn has created a "golden chain" for local farmers, with guaranteed prices increasing from 0.4-0.8 yuan to 1 yuan per stick, leading to stable earnings of 3,000 yuan per mu [5][6]. - The average yield of glutinous corn in Dashi Tai Town reached 1,266.2 kg per mu, with a record single yield of 1,473.27 kg per mu expected in 2024 [5][6]. - The town has implemented technological advancements such as variety improvement and integrated water and fertilizer management across 70,000 mu to enhance both yield and quality [5][6]. Ecological Restoration - The Urat Back Banner has seen the establishment of over 2,400 acres of ecological economic forests through local initiatives to combat desertification, significantly improving the local environment and economy [2]. - The area has initiated multiple ecological governance projects, with a total treatment area expected to reach 7.3 million acres by the end of the year [2]. Circular Economy - The corn processing facility in Ulan Village recycles 3,500 tons of corn husks annually, generating a net income of 168,000 yuan for the village and providing local employment opportunities [6]. - The town aims to enhance its processing capacity from 50 million to 150 million corn ears over the next three years, establishing itself as the largest fresh corn base in western Inner Mongolia [6].

Market Performance - On August 28, 2025, the Shanghai Composite Index rose by 1.14%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.82%[3] - The total market turnover was 30,008.89 billion CNY, a decrease of 1,969.02 billion CNY from the previous trading day[3] - A total of 2,867 stocks rose while 2,402 stocks fell across the market[3] Sector and Style Analysis - The top-performing sectors included Communication (up 7.15%), Electronics (up 5.33%), and Comprehensive Finance (up 2.38%)[3] - The worst-performing sectors were Coal (down 1.05%), Agriculture, Forestry, Animal Husbandry, and Fishery (down 0.53%), and Comprehensive (down 0.42%)[3] - Growth stocks outperformed value stocks, with the ranking being Growth > Finance > Cyclical > Stable > 0 > Consumption[3] Capital Flow - On August 28, 2025, the net outflow of main funds was 443.43 billion CNY, with large orders seeing a net outflow of 283.76 billion CNY[4] - Small orders continued to see a net inflow of 622.35 billion CNY, indicating retail investor interest[4] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw changes in turnover, with the Huaxia SSE 50 ETF increasing by 4.62 billion CNY to 35.25 billion CNY[4] - The total turnover for the major ETFs was as follows: Huaxia SSE 50 ETF (35.25 billion CNY), Huatai-PB CSI 300 ETF (57.46 billion CNY), and others showing mixed results[4] Global Market Trends - On August 28, 2025, the Hang Seng Index fell by 0.81%, while the Nikkei 225 Index rose by 0.73%[5] - The US stock indices showed a general upward trend, with the Dow Jones Industrial Average increasing by 0.32%[6]

2025.08. 28 A胶二天指数呈现亚者才化后的修复定穷，搅址巾场彻仕。 沪指早窗一 皮大寸 30UU 点整数关口,午后在科技股带动下强势反弹,创业板指受"政策+业绩+资金"三重 催化,延续结构性行情。 2867家上涨 涨跌停比 个股反弹修复,分化明显。国产替代+AI算力需 求下,硬科技全线爆发,半导体芯片、CPO/光 通信、卫星互联网领跑,受政策预期落空+资金 调仓,防御板块集体溃退,农林牧渔、医药生 物、消费板块、电力/煤炭跌势明显。 两市成交额 两市成交额缩量调整,仍维持高位。防御板块 （农业、医药）资金流出，部分高位科技股获利 了结,科技主线维持高活跃度(中芯国际、CPO 概念成交稳居前列），显示产业趋势与政策支撑 未变,深市占比57.6%反映资金仍偏好成长性, 结性机会明确。 资金情绪 主力资金净流出 5 3 3 3 散户资金净流入 机构调仓科技龙头,规避防御板块,资金流入半导体、通信设备、电子元件,聚焦AI硬件国产替代逻辑,撤离软 件开发、互联网服务、医药生物。散户跟风交易，资金集中流向微盛股(如胜宏科技)及防御板块(农业、医 药)。 散户情绪 52.29% 上 证 指 数 3843.60 電 ...

Group 1: Automotive Industry - Chinese automakers' carbon credit income in Europe may exceed expectations due to strict emission regulations in the EU and UK, with examples like Leap Motor potentially reducing fines for Stellantis by approximately €8,900 per vehicle [8][9] - The penetration of economical vehicles is crucial for increasing the share of new energy vehicles (NEVs) in Europe, with a focus on B and C segment vehicles, particularly B-class SUVs, which have a large sales base but low NEV penetration [9] - Continued optimism for Chinese automakers exporting NEVs to Europe, with rapid growth in plug-in hybrid vehicle sales, and companies like BYD and SAIC expected to benefit during the EU's carbon emission assessment transition period [9][10] Group 2: Pharmaceutical Industry - Healion-B (2256.HK) is initiating global commercialization with its product Pimicotinib, which has received priority review status in China and breakthrough therapy designation in the US, indicating strong market potential [12][13] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 612.1 million, 678.8 million, and 627.2 million yuan, reflecting a compound annual growth rate of 21.5%, 10.9%, and -7.6% respectively [14] - Boteng Co., Ltd. (300363.SZ) reported significant revenue and profit growth, with expected revenues of 34.29 billion, 39.80 billion, and 47.32 billion yuan from 2025 to 2027, and net profits projected to grow by 128.7%, 199.1%, and 110.1% respectively [4][15] Group 3: Healthcare Services - Ping An Good Doctor (1833.HK) has shown a notable increase in profit margins, with projected revenues of 55.04 billion, 62.76 billion, and 70.74 billion yuan from 2025 to 2027, reflecting growth rates of 14.5%, 14.0%, and 12.7% [6][21] - The company has expanded its B-end corporate health and elderly care services, with significant growth in both revenue and user numbers, indicating a strong market position [20] Group 4: Energy and Equipment - DeYe Co., Ltd. reported a revenue increase of 16.58% in H1 2025, driven by strong demand for industrial storage products, with total sales of 76.38 million inverters [22][23] - The company is expanding its battery pack product line, achieving a revenue growth of 85.80% in H1 2025, indicating a robust market presence [23] Group 5: Construction Materials - Conch Cement (600585.SH) reported a revenue of 412.92 billion yuan in H1 2025, with a net profit increase of 31.34%, showcasing resilience in the cement industry despite a slight decline in overall sales [29][30] - The company is focusing on enhancing its market control and exploring acquisition opportunities to strengthen its position in the domestic cement market [30] Group 6: Entertainment Industry - Maoyan Entertainment (1896.HK) achieved a revenue of 24.72 billion yuan in H1 2025, with a focus on maintaining high engagement in offline performances and exploring IP derivative businesses [34][35] - The company has a strong content pipeline, with a record number of films under its control, indicating a robust position in the entertainment market [35]