周二（8月19日），算力硬件股逆市走强，光模块龙头再次集体新高，光模块含量超41%的创业板人工 智能再度大涨超2.5%连创新高！多只成份股大涨，诚迈科技20CM涨停，兆龙互连涨超11%，"易中 天"（新易盛、中际旭创、天孚通信）均涨超5%均创历史新高，中际旭创市值首超3000亿元！ 热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）全天逆市大涨，场 内价格收涨2.52%再创上市新高！量能大幅激增，全天成交额达8.25亿元，创历史新高！火热行情吸引 资金加速布局，159363获资金单日火爆增持2.3亿份，此前近四日累计吸金超2.5亿元。 从中长期逻辑分析，创业板人工智能连续走强或具备强逻辑。近期消息显示，全球AI建设持续升温， 算力需求激增：①OpenAI近期表示，在未来投入数万亿美元用于开发和运行人工智能服务所需的基础 设施建设；②北美超大规模云服务商2025年第二季度财报显示资本支出持续扩张；③国内互联网大厂持 续加码AI基础设施建设。 注：统计区间为2025.1.1-2025.8.19，创业板人工智能指数基日为2018.12.28，发布日期为2024.7.11。创 业板人 ...

Core Viewpoint - The article emphasizes that not all stocks with doubled earnings are genuine growth stocks, and distinguishing between true growth and inflated figures is crucial for investment success [3][4]. Group 1: True vs. Pseudo Growth - True growth is characterized by substantial business improvement, such as high order volumes and increased production capacity, exemplified by companies like Jiao Cheng Ultrasound, which saw contract liabilities triple and capacity utilization at 95% [3][4]. - Pseudo growth often relies on government subsidies or minor profit increases from previous losses, as seen with Huayin Power, which reported a net profit of only 1.9 million last year, making this year's doubling less impressive [3][4]. Group 2: Screening Methodology - A three-step screening method is proposed to identify genuine growth stocks: 1. Filter out "watered-down earnings" by ensuring net profit growth exceeds 50% after excluding non-recurring income, and that cash received is over 80% of net profit [4]. 2. Identify opportunities with unrecognized market potential, such as companies exceeding growth forecasts or having lower-than-average P/E ratios [4]. 3. Assess industry health, focusing on sectors with high certainty, like AI and high-end manufacturing, where companies show significant contract growth and high capacity utilization [4]. Group 3: Investment Strategies - Three practical strategies for buying and selling stocks are outlined: 1. The "Golden Pit First Jump" strategy targets stocks that show significant initial earnings growth and high trading volume [5]. 2. The "Quarterly Report Scholar Relay" strategy focuses on stocks with consistent earnings growth across quarters, particularly when the stock price remains stable after positive reports [5]. 3. The "Windfall Ambush" strategy seeks stocks in trending sectors that show substantial growth but are temporarily undervalued [5]. Group 4: Exit Strategies - For profit-taking, sell when the P/E ratio exceeds the industry average by 20% or when the stock price reaches new highs but shows declining momentum [6]. - For loss-cutting, exit if the stock price fills a gap within three days or if earnings are proven false [6]. Group 5: Key Investment Principles - The article concludes that the best opportunities during earnings season lie within the triangle of "exceeding expectations, undervaluation, and high industry health" [6].

市场回顾 7月下半月市场继续走强,政治局会议强调"宏观政 策持续发力",新质生产力催化市场风险偏好,但7月制 造业PMI回落至49.3%,经济复苏动能偏弱。行业分化显 著,AI算力及医药生物领涨,钢铁、煤炭等顺周期板块受 大宗商品价格拖累回调。资金面呈现"宽基ETF净流出、 港股及科技主题ETF吸金"特征。建议投资者采取"核心+ 卫星"策略,攻守兼备。进攻端关注AI算力和半导体板 日元源-TF 防守端关注高股息+低波动资产。 块. ... | 湖南分公司 | 副总经理 王雷 证券投资顾问登记编号:S1180614060014 ● 湖南省湖湘青年英才，中南 · 硕士，14年证券从业经验， 中南大学 超10 年投顾咨询经验 · 2024年第七届新财富最佳投资顾 问评选ETF组全国榜第194名 奖公示 双周达人 2025.7.30-2025.8.12 学校 .. 冠军 对方案 2 2 前瞻盈溢兽 我是一只鱼 4764267 +10.86% +9.23% +8.53% 京东E卡 京东E卡 京东E卡 ¥1000 ×1000 x1000 1000元京东E卡 1000元京东E卡 1000元京东E卡 te 2017 京东E卡 ...

每经AI快讯，中信证券表示，市场风格进入高位震荡期。从主题环境来看，综合流动性指标和市场风 格特征，市场边际利好因素影响减弱，8月下旬是中报披露密集期，市场预计将回归业绩主线。从催化 因素和时序上看，下半年通常是国产科技行业的密集技术发布周期，同时AI算力、消费电子、军工、 创新药等方向确定性持续增强。结合市场环境、催化因素以及综合量化指标研判，建议关注上述方向。 ...

中信证券研报称，市场风格进入高位震荡期。从主题环境来看，综合流动性指标和市场风格特征，市场 边际利好因素影响减弱，8月下旬是中报披露密集期，市场预计将回归业绩主线。从催化因素和时序上 看，下半年通常是国产科技行业的密集技术发布周期，同时AI算力、消费电子、军工、创新药等方向 确定性持续增强。结合市场环境、催化因素以及综合量化指标研判，建议关注上述方向。 ...

当前港股科技板块的估值吸引力显著，核心逻辑可从以下多维度分析： 一、 横向对比：显著低估 1. 全球估值洼地 1. 盈利改善预期 1. 资金面支撑 结论：战略性配置窗口已至 港股科技板块兼具 低估值、高成长、政策催化 三重优势，是中长期资金布局的理想选择。建议关注： 恒生科技指数动态市盈率约25.8倍（2025年8月数据），较纳斯达克100指数折让约20%，中美科技龙头估值差达10-20倍（如腾讯、阿里动态 PE不足20倍，远低于美股同类企业）。 恒生指数整体PE为10.2倍，低于标普500（22.3倍）和日经225（18.6倍），科技板块的估值优势更为突出。 1. 与A股对比 港股科技股因稀缺性（如腾讯、美团等未在A股上市）和流动性差异，估值普遍低于A股同类型企业，存在跨市场套利空间。 二、 纵向历史：处于低位区间 恒生科技指数PE当前处于近五年分位数的8%，显著低于历史中位数，尤其是互联网板块（如电商、游戏）经历2023-2024年调整后，估值泡 沫已充分消化。 部分龙头股如阿里巴巴、百度等因AI业务转型，估值中枢正从"消费股"向"科技成长股"切换，但股价尚未充分反映技术升级潜力。 三、 驱动因素：修复与 ...

如何看待本轮行情？A股市值首次突破100万亿元后，牛市开启？指数创新高后，后市如何布局？来看 看机构最新观点。 如何看待本轮行情？ 银河证券指出，近期一系列市场表现释放出积极信号，市场量能迈上新台阶。两融余额持续增长，自 2015年以来重返2万亿元大关，在反映投资者积极情绪的同时，也是A股市场增量资金的重要体现。随 着市场风险偏好回暖带动赚钱效应扩散，资金面流入成为行情向上的重要推动力量。 兴业证券指出，本轮市场的上涨并不在于宏观经济预期的上修，背后更重要的是政策托底下，新动能的 持续显现，带动市场信心活化、增量资金入市不断形成合力。市场调整更多在于连续上涨之后，市场需 要一个阶段性休整的窗口，近期国内外政策的落地只是提供了一个契机。整体而言，支撑此前市场上涨 的三个核心逻辑：政策底线思维、新动能亮点涌现、增量资金入市，均未出现任何变化。 如何看待本轮行情？A股市值首次突破100万亿元后，牛市开启？指数创新高后，后市如何布局？来看 看机构最新观点。 8月18日，沪指成功站上3700点，盘中突破2021年2月曾触及的3731.69点的高点，刷新近十年来新高。 深证成指、创业板指盘中均突破2024年10月8日高点 ...

Group 1 - The A-share market has been performing strongly, with trading volume exceeding 2 trillion yuan for several consecutive days, indicating a structural slow bull market [1] - Investment focus should be on technology growth sectors such as AI computing power, robotics, and innovative pharmaceuticals, as well as the financial sector including brokerage and insurance [1] - Attention should also be given to cyclical industries that may benefit from capacity clearing, presenting opportunities in dividend assets [1] Group 2 - There is a need to be cautious of sector differentiation risks, avoiding chasing high prices and ensuring strict control of leverage while utilizing pullbacks to position in core assets [1]

Core Insights - Fund managers have made clear adjustments in their portfolios during Q2, indicating strong signals in their investment directions [1][2] Group 1: Sector Focus - The technology sector continues to lead, with significant investments in AI and semiconductor industries, reflecting a strong demand for AI computing power [4][9] - The defense and military industry has seen a holding increase to 4.2%, driven by geopolitical tensions, making it a preferred choice for risk-averse and aggressive investors [6] - The financial sector is experiencing a valuation recovery, with bank holdings rising to 4.9%, supported by low valuations and high dividend yields [7] Group 2: Investment Trends - Passive funds, including ETFs, have seen substantial inflows, with the CSI 300 and CSI 1000 ETFs increasing by 241 million and 115 million shares, respectively, indicating a strong market interest [8] - The electronic industry maintains a high holding of 18.8%, but the high concentration in semiconductors may limit future aggressive investments due to potential adjustment risks [9] - The wine sector has seen a significant reduction in holdings, dropping to 2% after excluding certain funds, signaling a potential exit from this market [11] Group 3: Market Dynamics - Certain sectors like automotive, food and beverage, and power equipment have experienced notable reductions in holdings, with food and beverage seeing a 2.1 percentage point decline, influenced by regulatory pressures [13] - The cyclical and defensive sectors are rising, with agriculture and livestock holdings at 1.6%, indicating a positive shift in fundamentals for these segments [6]

Group 1 - In August 2023, a significant number of leading companies in various industries reported a doubling of their performance, indicating strong internal growth dynamics in the A-share market [1][2] - As of August 15, 2023, 378 listed companies disclosed their mid-year reports for 2023, with 325 companies reporting profits, representing over 80% of the total [1] - The overall profitability quality of listed companies is improving, with key indicators such as ROE and operating cash flow showing strong growth, exemplified by CATL's 11.63% ROE and a 31.26% increase in operating cash flow to 58.687 billion yuan [2][4] Group 2 - The secondary market is experiencing positive changes, with total trading volume in the Shanghai and Shenzhen markets exceeding 2 trillion yuan on multiple occasions, reflecting institutional recognition of listed companies' profitability [3] - High-tech companies are leading the performance surge, with significant profit increases reported by firms in high-end manufacturing, new energy, and AI sectors, such as WuXi AppTec's 101.92% profit growth [4] - The continuous optimization of capital market mechanisms, including reforms in IPO processes and stricter regulations, is enhancing the overall quality and operational standards of listed companies [5] Group 3 - The internal growth dynamics observed in the mid-year reports of listed companies serve as a stabilizing factor for market confidence and a window to assess the effectiveness of China's economic transformation [6]