2025 年 9 月 19 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/09/05-2025/09/18） 行 业 iPhone17 系列预购火热，英伟达推出 CPX 芯片 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（09/05-09/18）累计上涨13.53%， 跑赢沪深300指数10.48个百分点，在申万行业中排名第1名；板块9月累 计上涨3.82%，跑赢沪深300指数3.79个百分点，在申万行业中排名第9 名；板块今年累计上涨43.63%，跑赢沪深300指数29.32个百分点，在申 万行业中排名第4名。估值方面，截至9月18日，SW电子板块PE TTM（剔 除负值）为63.86倍，处于近5年100.00%分位、近10年97.25%分位。 周 报 SAC 执业证书编号： 电子行业指数走势 相关报告 产业 ...

证券研究报告 AI云侧端侧持续突破，景气度+国产 化全面共振 2025年9月19日 ——2025年电子行业四季度投资策略 行业评级：看好 | 分析师 | 王凌涛 | 分析师 | 厉秋迪 | | --- | --- | --- | --- | | 邮箱 | wanglingtao@stocke.co m.cn | 邮箱 | liqiudi@stocke.com.cn | | 电话 | 15657180605 | 电话 | 18817391071 | | 证书编号 | S1230523120008 | 证书编号 | S1230523020001 | 目录 C O N T E N T S 综述 消费电子：2025果链换机潮仍是行业重心，AI端侧落地节奏逐渐加强 半导体： AI算力势如破竹，底层国产化势在必行 消费电子 延续弱复苏态势，亟待功能端创新升级 智能眼镜：对话类AI眼镜有望进入爆量前夜 战略拓展人形机器人与新能源车，消费电子供应链不可或缺 03 算力硬件：巨头争相大额投入，开启推理军备竞赛 IC设计：SOC需求旺盛，模拟芯片周期拐点 底层国产化：先进代工持续扩产，自主可控势在必行 04 风险提示 2 01 ...

（文章来源：证券时报网） Choice统计显示，9月19日，沪深两市可交易A股中，上涨个股有1846只，下跌个股有3199只，平盘个 股105只。不含当日上市新股，共有60只个股涨停，27只个股跌停。从所属行业来看，涨停个股主要集 中在电子、轻工制造、机械设备、纺织服饰、建筑装饰等行业。 ...

Core Viewpoint - Zhongfu Circuit's stock price reached a historical high, increasing by 9.99% to 54.30 yuan, with a trading volume of 12.3846 million shares and a transaction amount of 629 million yuan [1] Company Summary - Zhongfu Circuit's latest A-share total market capitalization is 10.395 billion yuan, with the same amount for its circulating market capitalization [1] - The company reported a revenue of 849 million yuan for the first half of the year, representing a year-on-year growth of 27.84%, while net profit was 16.7848 million yuan, a year-on-year decline of 34.13% [1] - Basic earnings per share are 0.0900 yuan, and the weighted average return on equity is 1.19% [1] Industry Summary - The overall electronic industry has seen a slight increase of 0.33%, with 202 stocks rising and 7 stocks hitting the daily limit up, including Fuxin Technology and Tianshan Electronics [1] - Conversely, 279 stocks have declined, with the largest drops from Fengyan Technology, Kosen Technology, and Changying Precision, with declines of 10.51%, 8.87%, and 8.41% respectively [1] - As of September 18, the margin trading balance for Zhongfu Circuit is 376 million yuan, with a financing balance of the same amount, reflecting an increase of 62.4717 million yuan over the past 10 days, a growth of 19.95% [1]

美联储重启降息通道不仅提振全球风险偏好，更显著改善新兴市场流动性预期，预计A股与港股市场将迎来风险偏好修复与外资回流的双重利好。有专家认 为，从结构性机会看，科技成长、红利及部分景气度回升的板块值得关注，四季度市场或呈现"政策驱动+盈利改善"双向支撑下的震荡上行态势。 来源：智通财经 北京时间9月18日凌晨，美国联邦储备委员会宣布，将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。这是美联储2025年第一次降息，也是继 2024年三次降息后再次降息。 此时，攻守兼备的红利质量指数就显示出其特有优势：该指数由红利因子和质量因子复合作用，反映的是分红预期较高、盈利能力较强的上市公司证券的整 体表现，因此与传统红利指数，银行占比高不同，当前该指数银行股含量为0，权重第一和第二大板块是电子与医药生物，同时由于红利因子的存在，它也 有食品饮料和交通运输等行业高权重，因此整个指数有着"攻守兼备"的特性。 数据显示，杠杆资金持续布局中。红利质量ETF连续7天获杠杆资金净买入，最高单日获得686.49万元净买入，最新融资余额达2401.04万元。从估值层面来 看，红利质量ETF跟踪的中证红利质量指数最新市盈率 ...

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on market performance, sector analysis, ETF premiums/discounts, institutional activities, and other market-related data. There is no relevant information to summarize under the requested structure for quantitative models or factors.

Group 1 - The overall A-share market experienced fluctuations following the Federal Reserve's interest rate cut expectations, but trading activity remained robust, with a total trading volume exceeding 3.1 trillion yuan on September 18, 2025, marking a 763.6 billion yuan increase from the previous trading day, ranking as the fourth highest in history [1] - As of September 18, 2025, the total trading volume of A-shares for the year reached 283.59 trillion yuan, doubling compared to the same period in 2024, indicating a recovery in investor confidence and increased market participation [1] - Foreign capital is gradually increasing its allocation to Chinese assets, with Goldman Sachs maintaining an overweight rating on A-shares and H-shares, focusing on themes such as leading private enterprises, artificial intelligence, anti-involution, and shareholder returns [1] Group 2 - The CSI A500 Index, which covers a wide range of industries, has gained attention in the market, with a 14.44% increase over the past six months, outperforming other indices such as CSI 800 (13.95%), SSE 50 (6.39%), and CSI 1000 (13.46%) [1] - The A500 ETF by Huatai-PB (563360) is the only product with a scale exceeding 21 billion yuan among all ETFs tracking the CSI A500 Index, demonstrating significant size and liquidity [1] - The A500 ETF has seen net inflows of 710 million yuan over six trading days in the past ten days, bringing its latest share count to 18.329 billion and total scale to 22.182 billion yuan as of September 18, 2025 [1] Group 3 - The A500 ETF closely tracks the CSI A500 Index, which focuses on 500 large-cap, liquid stocks across various industries, with the top five sectors being electronics, power equipment, banking, pharmaceuticals, and non-bank financials, showcasing balanced industry allocation [1] - The A500 ETF and its linked funds have a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, which are among the lowest in the A-share market [2] - As of June 30, 2025, the A500 ETF has achieved a cumulative return of 1.55% for the first half of 2025 and 2.50% since inception, outperforming its benchmark, the CSI A500 Index, which had a return of 0.47% and 19.18% during the same periods [3]

Market Overview - The Shanghai Composite Index decreased by 0.03% at the close, with a trading volume of 979.60 million shares and a turnover of 15,108.13 billion yuan, representing a 12.16% decrease from the previous trading day [1] Industry Performance - The coal industry showed the highest increase at 1.97%, with a transaction amount of 111.71 billion yuan, up 41.65% from the previous day, led by Huayang Co., which rose by 8.09% [1] - The defense and military industry increased by 1.66%, with a transaction amount of 431.15 billion yuan, up 6.87%, led by Guorui Technology, which rose by 9.99% [1] - The non-ferrous metals sector rose by 1.42%, with a transaction amount of 597.97 billion yuan, down 14.34%, led by Ganfeng Lithium, which increased by 10.00% [1] - The automotive sector experienced the largest decline at 1.63%, with a transaction amount of 1,040.70 billion yuan, down 7.43%, led by Haon Automotive, which fell by 11.48% [2] - The pharmaceutical and biological sector decreased by 1.04%, with a transaction amount of 682.17 billion yuan, down 8.78%, led by Saily Medical, which fell by 6.22% [2] - The real estate sector declined by 0.97%, with a transaction amount of 242.96 billion yuan, down 8.46%, led by Suning Universal, which decreased by 10.12% [2]

Market Overview - The Shanghai Composite Index decreased by 0.03% as of 10:28 AM, with a trading volume of 728.05 million shares and a turnover of 1,119.718 billion yuan, representing a 12.47% decrease compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Defense and Military Industry: Increased by 2.07% with a transaction amount of 34.625 billion yuan, led by Aerospace South Lake, which rose by 12.12% [1] - Electronics: Increased by 1.53% with a transaction amount of 235.917 billion yuan, led by Wavelength Optoelectronics, which rose by 20.00% [1] - Non-ferrous Metals: Increased by 1.44% with a transaction amount of 41.637 billion yuan, led by Ganfeng Lithium, which rose by 10.00% [1] - The sectors with the largest declines included: - Real Estate: Decreased by 1.47% with a transaction amount of 18.470 billion yuan, led by Suning Universal, which fell by 10.12% [2] - Banking: Decreased by 1.38% with a transaction amount of 12.231 billion yuan, led by Industrial and Commercial Bank of China, which fell by 2.33% [2] - Automotive: Decreased by 1.33% with a transaction amount of 78.453 billion yuan, led by Haon Automotive, which fell by 10.37% [2] Summary of Sector Changes - The following sectors showed notable changes: - Power Equipment: Increased by 0.89% with a transaction amount of 114.051 billion yuan, led by Sany Heavy Energy, which rose by 10.84% [1] - Communication: Increased by 0.86% with a transaction amount of 72.474 billion yuan, led by Dingxin Communication, which rose by 10.07% [1] - Environmental Protection: Slight decrease of 0.03% with a transaction amount of 9.337 billion yuan, led by Xin'an Clean, which fell by 5.80% [1]

【编者按】在深圳华强北的街头，橙马甲志愿者手持 AI 翻译机为外国客商指引路线，无人机在低空穿梭运送货物，一米柜台前金发碧眼的采购商 正通过直播设备与海外客户连线看样。这座曾经以电子元器件闻名的电子街，正蜕变为全球新质生产力的策源地。 21世纪经济报道记者 李金萍 深圳报道 深圳华强北的一家无人机店内，100㎡的店铺在周末也人头攒动，店员为避免人流拥挤易读在门口拉起围栏。 "入境消费客群占四成左右，在门店的外国顾客中，欧美客户占比70%。"该店店员告诉南方财经记者，他们更喜欢买一款第一视角飞行体验无人 机。 中国多个城市正在建设国际化街区，最新的案例是深圳华强北。这座闻名遐迩的"中国电子第一街"，正在推出一揽子措施，全力打造国际化"无界 街区"。 记者获悉，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%；其中外籍人士超过7000人次，同比翻番。 布局建设国际化街区，向来是一座城市提升国际化水平，打造国际消费中心城市的重要方面。 （原标题：每天7000老外涌入华强北 "无界街区"链动全球创新） 2019年，深圳出台意见，于全国率先提出创建国际化街区，提升城市国际化水平。2022年，深圳发布 ...