Group 1 - The core viewpoint of the article is the signing of a framework cooperation agreement between Kunming Municipal Government, ZTE Corporation, and Yunnan Nantian Electronics Information Industry Co., Ltd. on September 3 [1] - The cooperation will focus on areas such as digital infrastructure construction, application scenario development, and talent cultivation [1]

新易盛成交额达200亿元，现跌10.25%。 ...

Group 1 - Communication concept stocks experienced a decline in early trading, with New Yisheng dropping over 14%, Zhongji Xuchuang down over 13%, Tianfu Communication falling over 12%, and Guangxun Technology decreasing over 6% [1] - Multiple communication-related ETFs fell by more than 6% due to market influences [1] Group 2 - Several communication ETFs reported significant declines, with the main communication equipment ETF down 7.33% to 1.997, the main communication ETF down 7.04% to 2.417, and the main 5G communication ETF down 5.89% to 1.823 [2] - Analysts indicated that leading companies in servers and connectors are benefiting from AI demand and increased capital expenditures from domestic and international internet firms, with a positive outlook for the switch sector as it is expected to recover [2] - The acceleration of domestic large model iterations and applications is anticipated, suggesting a focus on sectors such as servers, IDC, switches, and connectors driven by domestic AI development, as well as servers and optical modules driven by overseas AI development [2]

Domestic Market Overview - The domestic market experienced a high opening followed by a decline, with the Shanghai Composite Index closing at 3813.56 points, down 1.16% [1][9] - The Shenzhen Component Index closed at 12472 points, down 0.65%, while the ChiNext Index rose by 0.95% [1][9] - Among 30 sectors, 28 saw declines, with the defense, comprehensive finance, and non-bank financial sectors leading the losses; only telecommunications, electric equipment, and new energy sectors gained [1][9] - The total trading volume of the A-share market was 23957 billion, showing a decrease compared to the previous day [1][9] Overseas Market Overview - The US stock market showed mixed results, with the Dow Jones down 0.05%, the S&P 500 up 0.51%, and the Nasdaq up 1.02% [2] - Notably, Google shares surged over 9%, reaching a record high, while Apple rose more than 3% [2] Key Drivers - A joint meeting between the Ministry of Finance and the People's Bank of China discussed financial market operations and government bond issuance management, aiming to ensure the smooth implementation of fiscal and monetary policies [10] - In the A-share market, 823 stocks rose while 4560 fell, indicating a significant adjustment with some risk being released [10] Economic Data - In August, the retail sales of new energy vehicles in China reached 1.079 million units, a year-on-year increase of 5% and a month-on-month increase of 9%, with a market penetration rate of 55.3% [20] - The US job openings fell to 7.181 million in July, marking a 10-month low, which was below expectations [21]

Core Viewpoint - The A-share market is experiencing significant fluctuations, particularly in technology sectors such as AI chips, PCB, optical modules, and liquid cooling, driven by profit-taking from a structural bull market that began in April [1][3] Market Environment - Despite structural pressures, there is no systemic risk in the current market environment, with liquidity support from coordinated fiscal and monetary policies [4] - The market's short-term adjustments are seen as normal profit-taking rather than a trend reversal, with expectations for continued upward movement after the current fluctuations [4] Sector Performance - The technology sector is outperforming traditional industries, with new industries and consumption showing significant growth [5][6] - The share of traditional industries in GDP is declining, while high-tech industries are expanding rapidly, with the "three new" sectors expected to account for 18.01% of GDP by 2024 [6][8] - Earnings reports indicate strong performance in the electronics and computer sectors, with revenue and profit growth significantly outpacing traditional sectors [10] Policy Support - The Chinese government continues to emphasize technology innovation as a core directive, with upcoming policies expected to further support the technology sector [13] - The focus on "AI+" initiatives and the upcoming 14th Five-Year Plan discussions suggest ongoing policy backing for technological advancements [13] Investment Recommendations - In the medium to long term, sectors such as AI and robotics are expected to remain core investment themes, despite current market overheating [14] - High-growth sectors with reasonable valuations, such as non-ferrous metals and innovative pharmaceuticals, are highlighted as attractive investment opportunities [14][15] - The pet economy and smart home appliances within the new consumption sector are also identified as having significant growth potential [16] - Additionally, undervalued sectors like photovoltaics and lithium batteries are recommended for investment due to improving supply-demand dynamics and favorable valuations [17]

董秘回答(万马科技SZ300698)： 尊敬的投资者您好，公司在临时公告和定期报告中披露的为框架协议，具体业务合作如达到信息披露标 准，公司将依法依规及时予以公告，您可以通过定期报告、临时公告及公司公众号等平台获取公司相关 业务合作信息。公司目前业务进展、合作进展等一切正常，感谢您的关注。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 尊敬的董秘您好，公司和控股子公司的中标情况，签署框架协议情况，重大合同进展情况公司一次也没 主动自愿披露过，是不是太不重视合同了？ 登录新浪财经APP 搜索【信披】查看更多考评等级 投资者提问： ...

Market Overview - On September 3, the Shanghai Composite Index fell by 1.16%, while the Shenzhen Component Index decreased by 0.65%, and the ChiNext Index rose by 0.95%[4] - The total trading volume in both markets exceeded 2.36 trillion yuan, showing a significant decline compared to previous sessions[1] - Since April 7, the Shanghai Composite Index has seen a maximum increase of nearly 28%, while the ChiNext Index has surged over 69%[1] Sector Performance - Key sectors that performed well include fourth-generation semiconductors, photovoltaic equipment, gaming, precious metals, and biopharmaceuticals, indicating strong capital inflow into these areas[1][2] - Conversely, sectors such as aerospace, shipbuilding, small metals, securities, communication services, and diversified finance experienced adjustments[1] Capital Flow - On September 3, the Shanghai Stock Exchange saw a net outflow of 20.649 billion yuan, while the Shenzhen Stock Exchange recorded a net inflow of 5.467 billion yuan[5] - The top three sectors for capital inflow were communication equipment, IT services, and photovoltaic equipment, while the sectors with the highest outflow were securities, software development, and aerospace equipment[5] Gold Market - Domestic gold jewelry prices have surpassed 1,050 yuan per gram, with international gold prices reaching a historical high of 3,546.92 USD per ounce[6] - The recent rise in gold prices has made it a safe haven for investors amid expectations of interest rate cuts by the Federal Reserve[3] Fundraising Trends - In September, there are 124 new fund launches planned, with 85 being equity funds, accounting for nearly 70% of the total[15] - The enthusiasm for new fund launches is attributed to strong market performance and supportive policies, with equity fund indices reaching near three-year highs and a 50% increase over the past year[15]

昨日A股 9月3日，市场全天震荡分化，三大指数涨跌不一。沪深两市全天成交额2.36万亿，较上个交易日缩量 5109亿。截至收盘，沪指跌1.16%，深成指跌0.65%，创业板指涨0.95%。 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超4500只个股下跌。从板块来看，光伏、储能概念 股震荡走强，CPO概念股局部反弹，创新药概念股一度冲高。下跌方面，券商股集体调整。板块方面， 光伏、贵金属、游戏等板块涨幅居前，小金属、证券、软件开发、农业等板块跌幅居前。 | 名称 | 最新点位 | 、涨跌幅 | | --- | --- | --- | | 上证指数 | 3813.56 | -44.57 (-1.16%) | | 深证指数 | 12472.0 | -81.84(-0.65%) | | 创业板指 | 2899.37 | +27.15(0.95%) | | | 日期:9月3日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指9月3日涨跌不一。截至当天收盘，道琼斯工业平均指数比前一交易日下跌24.58点， 收于45271.23点，跌幅为0.05%；标准普尔500种股票指数上涨32.72点，收于6448.26点，涨 ...

Core Insights - The report highlights the resilience of China's manufacturing sector, indicating early signs of recovery amidst a complex global environment characterized by trade conflicts and geopolitical risks [2][9] - The analysis emphasizes the ongoing improvement in the technology, media, and telecommunications (TMT) sectors, driven by domestic demand and advancements in artificial intelligence [2][9] - The report identifies key investment opportunities in sectors such as AI applications, pharmaceuticals, and renewable energy equipment, suggesting a potential shift in market focus towards undervalued sectors [2][9][10] Financial Indicators and Industry Performance - In Q2 2025, the report notes that key financial indicators improved in four or more industries, particularly in high-performing electronics and sectors experiencing bottoming out, such as defense, agriculture, and power equipment [9][10] - The profitability structure of A-shares is gradually concentrating in manufacturing and cyclical industries, with financial and real estate sectors contributing over 50% of total profits [9][10] - The report indicates that the manufacturing sector's capital expenditure has shown signs of recovery, with expectations for a clearer turning point in the economic cycle by 2026 [9][10] Supply and Demand Dynamics - The report discusses the ongoing supply clearing process across various industries, with many sectors experiencing negative employment growth, indicating a reduction in supply [9][10] - It highlights that while some industries are facing high inventory levels, others are seeing a significant increase in order growth, particularly in defense electronics and renewable energy sectors [9][10] - The report suggests that the "anti-involution" policies are likely to continue driving supply clearing, with expectations for peak conditions in the second half of 2025 to 2026 [9][10] Impact of Tariffs on Overseas Performance - The report analyzes the performance of industries with significant overseas revenue, noting that despite increased tariff conflicts, many sectors have seen a rise in overseas income proportions [9][10] - It highlights that industries with high overseas revenue, such as machinery and telecommunications, have maintained or improved their profit margins compared to domestic averages [9][10] Dividend Trends and Valuation Framework - The report notes that mid-term dividend distributions are continuing, with banks and other sectors reporting substantial dividend payouts in the first half of 2025 [9][10] - It discusses the current valuation landscape, identifying sectors with low price-to-book (PB) and return on equity (ROE) as potential areas for investment, particularly in pharmaceuticals and AI applications [9][10]

Group 1 - The General Administration of Customs released the 2024 National Comprehensive Bonded Zone Development Performance Evaluation Ranking, with Qianhai Comprehensive Bonded Zone ranking third nationally, becoming the only bonded zone in the Guangdong-Hong Kong-Macao Greater Bay Area to enter the top three [1] - In 2024, Qianhai Comprehensive Bonded Zone achieved a total import and export value of 375.25 billion yuan, a year-on-year increase of 49.9%, significantly surpassing the national average growth rate [1] - From January to July this year, the import and export scale reached 221.5 billion yuan, marking a historical high for the same period, with a year-on-year growth of 19.1% [1] Group 2 - Longgang District in Shenzhen has seen a net increase of 84,000 enterprises over the past year, the highest in the city, bringing the total number of enterprises to nearly 570,000 [2] - The district has implemented a "cadre assistance to enterprises" initiative, with 1,872 cadres pairing with 8,404 key enterprises to address challenges and facilitate cooperation [2] - The "Longi Enterprise" platform achieved a 95% resolution rate for requests in the first half of the year, reflecting a proactive service approach [2] Group 3 - Shenzhen's Industrial and Information Technology Bureau is publicly soliciting opinions and suggestions for the "14th Five-Year Plan" in the industrial and information sector, aiming to enhance the planning's scientific, democratic, and transparent nature [3] - The solicitation focuses on key areas such as promoting manufacturing, advancing new industrialization, and fostering the integration of technological and industrial innovation [3] Group 4 - The Ministry of Finance and the People's Bank of China held a second group leader meeting to promote more proactive macro policies and strengthen coordination between fiscal and monetary policies [4] - The meeting acknowledged the achievements of the joint working group since its establishment and discussed topics such as financial market operations and government bond issuance management [4] Group 5 - FTSE Russell announced changes to the FTSE China A50 Index, including the addition of stocks like NewEase and Zhongji Xuchuang, which are expected to attract more passive fund inflows [6] - The changes will take effect after the market closes on September 19, with a backup list of stocks available for future adjustments [6] Group 6 - Southbound capital has seen a net inflow exceeding 1 trillion Hong Kong dollars this year, marking the highest annual inflow since the launch of the Stock Connect mechanism [7] - The Hang Seng Index and Hang Seng Tech Index have both risen over 25% year-to-date, reflecting strong market performance [7] Group 7 - In August, local government bond issuance reached 977.6 billion yuan, with special bonds accounting for nearly half of the total [8] - The cumulative issuance of new special bonds from January to August reached 3.26 trillion yuan, representing 74% of the annual quota [8] Group 8 - The price of gold reached a historical high, with London gold hitting $3,546.9 per ounce, driven by expectations of a potential interest rate cut by the Federal Reserve [9][10] - The increase in gold prices is attributed to weak economic data from the U.S. and concerns over the independence of the Federal Reserve [9][11] Group 9 - Apple plans to launch its first foldable iPhone in 2026, with expected shipments of 8 to 10 million units, and a foldable iPad in 2028 [12] - The foldable iPad is anticipated to have a larger display area, with a more premium pricing strategy [12] Group 10 - The expiration of the electric vehicle tax credit in the U.S. on September 30 may lead to a significant drop in sales for manufacturers like Tesla and General Motors, with estimates suggesting a potential 50% decrease in electric vehicle sales [13] - The tax credit, established under the Inflation Reduction Act, incentivized purchases of electric vehicles, and its removal is expected to negatively impact market dynamics [13]