Group 1 - The core viewpoint of the articles indicates a positive outlook for Hong Kong stocks, with significant increases in various indices, suggesting strong market performance and potential for future growth [1] - The CSI Hong Kong Stock Connect Healthcare Index rose by 5.1%, while the Hang Seng New Economy Index increased by 4%, indicating robust investor interest in these sectors [1] - The report from Founder Securities highlights the attractiveness of Hong Kong stocks in terms of valuation, particularly in sectors like artificial intelligence and innovative pharmaceuticals, which are expected to attract continued inflows from southbound and foreign capital [1] Group 2 - The Hang Seng New Economy ETF tracks the Hang Seng Stock Connect New Economy Index, which consists of 50 large-cap stocks in the new economy sector, showing a rolling P/E ratio of 23.0 times and a valuation percentile of 42.4% since 2018 [2] - The Hang Seng Technology ETF, which tracks the Hang Seng Technology Index, comprises 30 major tech-related stocks, with a rolling P/E ratio of 21.2 times and a valuation percentile of 17.7% since its inception in 2020 [2] - The CSI Hong Kong Stock Connect Healthcare Index, which includes 50 liquid and large-cap healthcare stocks, has a rolling P/E ratio of 29.9 times and a valuation percentile of 47.4% since 2017 [3] - The CSI Hong Kong Stock Connect Internet Index consists of 30 leading internet companies, with a rolling P/E ratio of 22.5 times and a valuation percentile of 13.3% since its launch in 2021 [3] - The CSI Hong Kong Stock Connect Consumption Theme Index includes 50 large-cap consumer stocks, with a rolling P/E ratio of 20.6 times and a valuation percentile of 14.4% since its inception in 2020 [3]

*ST高鸿股价跌破1元。 9月1日晚间，*ST高鸿（000851）发布公告，提示公司股票存在可能因股价低于面值被终止上市的风险。 当天，*ST高鸿股价一字跌停，收报0.98元/股，总市值11亿元。公司公告称，9月1日，公司股票收盘价首次低于1元。根据《深圳证券交易所股票上市规 则(2025年修订)》第9.2.1条、第9.2.3条的相关规定，在深圳证券交易所仅发行A股股票的上市公司，通过深圳证券交易所交易系统连续20个交易日的股票 收盘价均低于1元，深圳证券交易所终止其股票上市交易。因触及交易类强制退市情形而终止上市的股票不进入退市整理期。 值得注意的是，自8月11日以来，公司股价便连续出现跌停，截至9月1日，公司股价已经连续16个交易日跌停，累计跌幅超55%。公司本轮连续暴跌的"导 火索"，或是公司触及强制退市。 8月8日晚，公司发布公告称，当天收到中国证监会下发的《行政处罚事先告知书》(以下简称《告知书》)。根据《告知书》的认定，公司2020年非公开发 行股票构成欺诈发行、2015年至2023年年度报告存在虚假记载，将触及《深圳证券交易所股票上市规则》第9.5.1条第一项、第9.5.2条第一款第（六）项规 ...

Group 1 - The Beijing Stock Exchange (BSE) has shown steady development over the past four years, with a total of 274 listed companies and a market capitalization exceeding 900 billion yuan [1][2] - The BSE has successfully positioned itself as a platform for innovative small and medium-sized enterprises (SMEs), achieving significant results in this area [1][3] - The number of qualified investors has increased by approximately 5 million since the exchange's inception, indicating a growing and optimizing investor base [2] Group 2 - In 2023, the BSE has led the A-share market in IPO applications, with 115 out of 177 applications directed to the BSE, reflecting its attractiveness for new listings [4] - The performance of new stocks has been remarkable, with several stocks experiencing first-day gains exceeding 400%, showcasing strong market interest [6] - The North Certificate 50 Index has outperformed other major indices, with a nearly 40% increase in the first half of the year, indicating improved market liquidity and investor confidence [5][7] Group 3 - The BSE has implemented various reforms, including the "Deep Reform 19 Measures," aimed at enhancing market liquidity and attracting long-term capital [8][9] - There is a strong expectation for further policy initiatives to accelerate the implementation of reforms and improve the overall market ecosystem [8] - Recommendations for future reforms include optimizing the listing process, enhancing market liquidity, and strengthening international cooperation to attract foreign capital [9]

债券研究 可转债研究 正股行情延续，转债精选板块 相关研究： 证券研究报告 2025 年 09 月 01 日 湘财证券研究所 核心要点： ❑ 8 月权益市场交投持续活跃，转债继续跑输正股 根据 Wind 数据，8 月（8.1-8.29）中证转债指数上涨 4.32%，中证全指上涨 10.74%；年初至今，中证转债指数、中证全指分别上涨 14.85%、20.49%。8 月权益市场延续了较高的成交活跃度，市场风险偏好明显上升，因此转债 表现整体弱于正股，中证转债指数分别跑输沪深 300、中证 500 指数 6pct、 9pct。 按价格分类看，8 月万得高价转债指数涨幅（+8.92%）大幅领先于低价 （+3.14%）和中价指数（+3.26%），连续 4 个月大幅上涨。主要原因在于 高价转债股性较强，在权益市场持续上行期具备更强的跟涨能力，另一方 面则体现出资金对于当前行情持续性的确认。年初至今，高价转债指数累 计上涨 20.35%，尤其是 7-8 月显著跑赢中价、低价指数。 ❑ 科技板块延续强势表现，但涨幅仍不及正股 根据 Wind 一级行业分类，8 月信息技术转债指数上涨 6.62%，延续了上月 的强劲表现，全年 ...

去年，在复杂多变的国内外环境下，科创板多数公司仍保持稳健经营，板块业绩领跑A股，展现了 我国"硬科技"企业的活力与韧性。 上交所数据显示，2022年，科创板公司营业收入达1.21万亿元，同比增长29%；归母净利润合计 1135.89亿元，同比增长6%，业绩跑赢A股平均水平。今年一季度科创板实现经营业绩"开门稳"。截至4 月底，除中芯国际、百济神州和诺诚健华3家多地上市红筹企业未披露一季报外，近六成科创板公司一 季度营收实现同比增长，超四成科创板公司一季度净利润实现同比增长。 派能科技董秘叶文举对《证券日报》记者表示，科创板公司"硬科技"底色持续彰显，整体业绩延续 了较快增长态势。 板块特色更加鲜明 从细分行业来看，去年以来，新能源领域中光伏、储能领域公司业绩持续稳定增长。行业人士认 为，在国家政策支持下，行业高景气度有望延续。 晶科能源相关人士对记者表示，受益于全球光伏装机量和组件出货量增加，光伏行业一体化组件头 部公司今年一季度业绩普遍同比增速较快。展望全年，预计拥有较大比例N型先进产能的头部一体化组 件企业的业绩将有较好表现。 科创板业绩稳定增长，持续吸引机构投资者的目光。据财通证券研报统计，自2019年 ...

董秘： 尊敬的投资者您好！佳缘科技正式加入华为"AI SSD创新联盟"。作为华为认证级解决方案开发 伙伴，佳缘科技此前已在AI医疗与算力领域与华为建立合作基础；此次加入联盟，标志着双方合作从 软件协同进一步扩展至硬件层面的深度融合。凭借深厚的行业场景理解与解决方案能力，公司将与华为 先进的存储技术实现高效协同——通过融合华为OceanDisk AI SSD硬件加速能力，佳缘科技解决方案在 性能与效率上都将得到显著提升。公司携手华为，依托其创新的AI SSD技术，将率先在医疗、政务等 重点行业释放技术价值，加速AI应用的大规模落地。敬请注意投资风险！谢谢关注！ 当日关注点 来自交易信息汇总：8月29日主力资金净流入1170.6万元，显示主力对个股的积极介入。 截至2025年8月29日收盘，佳缘科技(301117)报收于35.29元，上涨0.8%，换手率10.15%，成交量8.07万 手，成交额2.82亿元。 交易信息汇总资金流向 董秘最新回复 8月29日主力资金净流入1170.6万元；游资资金净流出385.14万元；散户资金净流出785.46万元。 投资者： 尊敬的张总：您好！8月27日，华为在上海重磅宣布携手 ...

中华人民共和国和亚美尼亚共和国关于建立战略伙伴关系的联合声明 中华人民共和国和亚美尼亚共和国（以下称"双方"）一致认为，自1992年4月6日建立外交关系以来，双边关系在世代 友好基础上保持快速发展，各领域合作取得积极成果。 双方一致决定建立战略伙伴关系，继续遵循平等、相互尊重与信任、合作共赢的双边关系基本原则，拓展两国政治、 经济、文化、社会人文等领域合作，加强国际事务合作，促进地区乃至世界和平与稳定。 政治对话 （一）双方遵循和平共处五项原则：互相尊重主权和领土完整、互不侵犯、互不干涉内政、平等互利、和平共处。 （二）双方尊重对方走符合本国国情的发展道路，独立自主决定双边关系方针政策。双方互做可靠伙伴，不从事损害 对方主权、安全、发展利益的活动，不采取任何损害两国互信、人民友好的行动。 （十）双方愿加强执法安全合作，联合打击恐怖主义、分裂主义、极端主义、网络犯罪和其他跨国犯罪。 （三）亚方坚持一个中国原则，承认世界上只有一个中国，台湾是中国领土不可分割的一部分，中华人民共和国政府 是代表全中国的唯一合法政府，坚决反对任何形式的"台湾独立"，坚定支持中国为实现国家统一所作努力。 （四）中方坚定支持亚美尼亚政治 ...

Group 1 - The A-share market is expected to continue its upward trend, with a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][6] - In August, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [1] - Several brokerages have released their investment portfolios for September, covering various sectors including consumption, technology, and finance [1] Group 2 - The most frequently recommended stock among brokerages is ZTE Corporation, receiving recommendations from three brokerages [3] - Other notable stocks include Kingsoft Office, Neway Technology, Crystal Clear Technology, and Race Intelligent, each receiving two recommendations [3] - Neway Technology had the highest increase in August, with a rise of over 88%, closing at 356.2 yuan [3] Group 3 - The market is characterized by a preference for small-cap stocks and growth over value, driven by an increase in risk appetite [6] - The focus remains on technology and advanced manufacturing, with significant attention on AI, autonomous control, humanoid robots, and low-altitude economy sectors [6][7] - The "anti-involution" policy is promoting high-quality industrial development, with ongoing attention to sectors like electric equipment and basic chemicals [7] Group 4 - Domestic demand policies are expected to create opportunities in industries such as machinery, home appliances, automobiles, and consumer electronics [7]

Group 1 - The A-share market is expected to continue its upward trend, with a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][6] - In August, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [1] - Multiple brokerages have released their investment portfolios for September, covering various sectors including consumption, technology, and finance [1] Group 2 - The most frequently recommended stocks include ZTE Corporation, which received recommendations from three brokerages, while Kingsoft Office, New Yisheng, Crystal Morning, and Race Intelligent received two recommendations each [4] - ZTE Corporation's stock price increased by 32.52% in August, closing at 45.44 yuan, with a market capitalization of 207.15 billion yuan [5] - New Yisheng had the highest increase in August, with a rise of over 88%, closing at 356.2 yuan [4][5] Group 3 - Brokerages suggest focusing on technology and advanced manufacturing as key growth areas, with high-tech manufacturing maintaining strong profitability [7] - The "anti-involution" policy is expected to promote high-quality industrial development, with a focus on sectors like electric equipment and basic chemicals [8] - Domestic demand policies are anticipated to create opportunities in industries such as machinery, home appliances, automobiles, and consumer electronics [8]

1 科技巨头高歌猛进 AI从概念走向变现 来源：市场资讯 （来源：好买财富） 美国上市公司二季度财报季逐步接近尾声，超过92%的标普500指数成份股企业都已经交上了自己的答 卷。这份成绩单堪称自2021年三季度以来最为亮眼的一次，创造了"业绩超预期频率"的历史级表现。 高盛最新数据显示，美股企业营收与利润均实现显著增长，利润同比增幅达到12%，远超分析师在7月 预估的5%。然而，在这份整体向好的财报背后，不同行业和公司之间呈现出明显的结构性分化。 那么，这份成绩单背后，哪些行业成了"增长引擎"？又有哪些领域仍陷困境？美股企业的韧性究竟从何 而来？科技板块是否仍具备配置价值？随着财报季接近尾声，我们不妨揭开这份"惊喜答卷"的全貌。 本季度最引人注目的当属科技"七巨头"的强势表现，本轮增长中约三分之二集中于通信服务和信息技术 两大板块，科技巨头成为拉动整体业绩的核心引擎。 Meta交出了令人瞩目的成绩单：AI技术驱动营收同比增长22%，净利润大幅增长36%。其营业利润率也 从38%跃升至43%，证明AI技术正在实质性地提升企业运营效率。 微软同样表现亮眼：智能云营收同比增25.62%，AI应用和货币化发力，成为了 ...