Market Performance - The three major A-share indices collectively rose on Wednesday, with the Shanghai Composite Index up 0.37% closing at 3876.34 points, the Shenzhen Component Index up 1.16% closing at 13215.46 points, and the ChiNext Index up 1.95% closing at 3147.35 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23,767 billion yuan, a slight increase of 353 billion yuan compared to Tuesday [1] - Over 2,500 stocks rose, with 80 stocks hitting the daily limit [1] Hong Kong Market Dynamics - The Hong Kong stock market has shown signs of significant upward momentum, particularly following the increasing expectations of a Federal Reserve interest rate cut [1] - Despite lagging behind other major global capital markets this year, the Hong Kong market is now exhibiting a trend of catching up with A-shares [1] - The anticipated Federal Reserve rate cut is expected to lead to a return of overseas liquidity, presenting new opportunities for Chinese assets [1] Capital Flow and Investment Opportunities - Southbound capital has consistently net flowed into the Hong Kong market this year, providing strong financial support [1] - The enhanced expectations of a Federal Reserve rate cut are prompting global capital to reallocate assets, with the undervaluation of Hong Kong stocks attracting international capital [1] - The combined force of domestic and foreign capital is a significant driver of the recent rise in the Hong Kong market [1] Investment Focus Areas - Investors should closely monitor two core variables: the specific progress of the Federal Reserve's interest rate cuts and the subsequent domestic policy responses [2] - Growth sectors such as biotechnology and technology hardware may offer higher elasticity due to liquidity easing and increased risk appetite [2] - Local dividend sectors benefiting from Hong Kong's interest rate cuts, along with sectors closely tied to China's economic recovery, such as consumption and infrastructure, are also expected to present investment opportunities [2] Market Trends and Future Outlook - The market still has potential for further upward movement as long as the 5-day moving average remains intact [2] - Trading volume is crucial for the strength of future market performance; recent trading volumes have not yet reached the 24 trillion yuan level needed to support continuous index rises [2] - The market is maintaining a healthy rotation of hot sectors, with robotics, semiconductors, AI computing power, and batteries showing repeated activity [2]

■李乔宇 9月8日，中国电信股份有限公司（以下简称"中国电信"）H股正式成为恒生指数成份股。此次调整，恰 逢中国电信披露2025年中期业绩并宣布"云改数转智惠"战略升级的重要时点。数据显示，今年上半年， 天翼云收入为573亿元，同比增长3.8%。曾被视为"管道运营商"的通信巨头，如今正以"云服务商"的身 份获得新定价。 这一变化背后，是资本市场估值逻辑的深刻转变。作为港股风向标，恒生指数成份股兼顾"市值+成交 额"。中国电信的入围不仅是对其市值管理与转型成果的直接肯定，更传递出传统产业并非资本市场"边 缘板块"的明确信号。可以预见，通过向科技、数字领域延伸，培育出清晰的第二增长曲线，将有更多 传统行业龙头上市公司获得投资者青睐。 近期，A股及港股市场多个重要指数密集调整引发广泛关注。 具体来看，国际指数编制公司富时罗素对富时中国50指数、富时中国A50指数、富时中国A150指数、富 时中国A200指数、富时中国A400指数的季度审核变更，将于9月19日收盘后生效。9月8日，恒生指数成 份股调整正式生效，成份股数量由85只增加至88只。8月29日，上交所与中证指数有限公司发布关于科 创50等指数三季度定期调整结 ...

猫哥来了，直接上干货。 今天三大指数集体上涨，但还没有突破3800-3892的箱体，继续震荡，挣钱的板块抱团趋势明显，涨跌个股数量基本持平，成交量接近 2.4万亿，整体平淡，但是，明天非常值得期待。 来源：市场资讯 （来源：大猫财经） 作者| 猫哥 01 因为美联储要降息了，现在的分歧是降25基点还是50基点，又要在全世界掀起新的货币流动大潮。 降息本来早该来了，但是被美国统计局耽搁了，美联储的货币政策调整关键看就业和通胀。 结果2024年就业数据好的不得了，新增180万，所以美联储硬扛着特朗普就不降息，结果前些日子，这个数据下修了！而且一修就是91万 人，也就是说，之前公布的就业数据，没了一半。 统计局说是方法问题，但特朗普说，这就是操纵，给老拜登脸上贴金，他一怒之下，把统计局长给开了。 下修数据表明美国经济没那么好，迟到的降息终于还是来了，这对A股是个大利好。 这个板块最吓人的是，还没有进入量产，但是板块热度超前，年内平均涨幅89%，如果大规模的量产和接入更广泛的应用，那很多龙头 企业的空间是很难想象，减速器电机、丝杠、peek材料这些肯定大爆发，最关键的是，这一轮产业迭代，会把很多原本属于制造业的公 司 ...

格隆汇9月17日｜国盛证券研报指出，东阳光正经历一场从传统制造业巨头向AI算力一体化平台提供商 的深刻跃迁。面对北美四大云厂商2025年合计资本开支新高，以及国内阿里巴巴宣布未来三年投入3800 亿元用于AI基础设施的浪潮，公司近年来的转型动作是把握AI时代核心战略资源的必然选择，而非简 单的业务拓展，通过纵向一体化生态闭环，有望重塑公司在AI时代的价值定义和竞争地位。通过战略 性拟收购秦淮数据中国，公司将获得稀缺的算力入口与顶级客户接口，奠定其生态级玩家的地位。液 冷、光通信与电源技术三位一体，共同构成东阳光差异化竞争优势。在不考虑秦淮数据中国利润增厚及 液冷业务放量预期情况下，主要针对公司现有传统主业，预计公司2025-2027年收入为157/248/300亿 元，归母净利润为14/22/28亿元，对应PE分别为51/32/25倍。公司积极布局AI基建，切入AIDC，同时布 局散热液冷+电源+机器人等多赛道，有望充分受益于AI算力需求爆发，维持"买入"评级。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Technology is still the main force, with certain extreme characteristics in the trading structure, and the volatility of recently over - rising technology blue - chips has increased significantly; there is still room for the revaluation of Chinese assets, and the persistency requires the support of macro - policies. Futures on stock indices should be bought on dips [4]. - The current policies to stabilize the capital market are positive, the bottom line of stock indices is clear, and new technologies and new consumption are promoting the stabilization and recovery of economic expectations [6]. - It is recommended to focus on allocating technology - growth sectors with profit certainty, such as semiconductors and AI computing power, and also pay attention to the rotation allocation value of low - valuation defensive sectors such as finance, securities, and consumption [7]. 3. Summary According to Relevant Catalogs 3.1 Market Performance - This week, domestic stock indices rebounded, and the ChiNext and STAR Market continued to strengthen. The Shanghai Composite Index rose 1.52%, the ChiNext Index rose 2.10%, and the STAR 50 Index soared 5.48%. Most of the 31 Shenwan primary industry indices rose, with sectors such as electronics, real estate, and agriculture, forestry, animal husbandry, and fishery rising significantly [16][20]. - As of September 12, 2025, the Nasdaq Composite Index rose 2.03%, the S&P 500 Index rose 1.58%, and the Hang Seng Tech Index rose 5.31% [20]. 3.2 Liquidity - The 7 - day reverse repurchase rate (DR007) of inter - bank deposit - type financial institutions remained low, and the net MLF injection in July was 40 billion yuan. The yield of the 10 - year Treasury bond dropped to around 1.7% [21]. - In August, the total social financing increased less year - on - year. The new social financing in August was 2.57 trillion yuan, a year - on - year decrease of 483 billion yuan. The year - on - year growth rate of social financing stock dropped to 8.8%, 0.2 percentage points lower than at the end of last month, the first year - on - year decrease in the past 8 months. The main reasons were the year - on - year decrease in RMB loans to the real economy and the large - scale issuance of government bonds in August last year [21]. - The "scissors gap" between M1 and M2 continued to narrow. In August, the narrow - sense money M1 was 11.23 trillion yuan, a year - on - year increase of 6.0%, the highest since May 2002 [21]. 3.3 Trading Data and Sentiment - This week, the trading volume of the two markets increased slightly, and stock indices regained their upward momentum. The average daily trading volume of the two markets (MA5) reached around 2.5 trillion yuan, and the new account opening numbers in different months showed fluctuations [29]. - The one - month new account opening number was 1.57 million, the two - month new account opening number was 2.88 million, the three - month new account opening number was 3.06 million, the four - month new account opening number dropped to 1.92 million, the five - month new account opening number continued to drop to 1.555 million, the six - month new account opening number slightly rose to 1.6464 million, the seven - month new account opening number was 1.9636 million, and the eight - month new account opening number was 2.6503 million [29]. 3.4 Index Valuation - As of September 12, 2025, the latest PE of the Shanghai Composite Index was 16.58, with a percentile of 3.68, and the latest PE of the entire market was 22.24, with a percentile of 86.31. In terms of major stock indices, the valuation percentiles were in the order of CSI 1000 < CSI 500 < SSE 50 < SSE 300 [37]. - The absolute valuation of indices was at a low level [36]. 3.5 Index Industry Weights (as of June 30, 2025) - In the SSE 50, the weights of banking, non - banking finance, and food and beverage were relatively high, at 21.34%, 15.48%, and 13.88% respectively, and the electronics industry became the fourth - largest weighted industry [46][47]. - In the SSE 300, the weights were relatively dispersed, and the top three weighted industries were banking, non - banking finance, and electronics [47]. - In the CSI 500, the top three weighted industries were electronics, pharmaceutical biology, and non - banking finance [47]. - In the CSI 1000, the top three weighted industries were electronics, pharmaceutical biology, and computer [47]. 3.6 Other Overseas and Domestic Policy Tracking - The United States is about to enter a new interest - rate cut cycle. As of September 10, the probability of the Fed cutting interest rates in September was nearly 100%, and the expected interest - rate cut within the year was 50 - 75 BP [52]. - In 2025, the government work report and the Two Sessions in March set the economic growth target at 5%, the CPI increase at about 2%, implemented a moderately loose monetary policy, and a more active fiscal policy, and planned to issue 1.3 trillion yuan of ultra - long - term special treasury bonds [53]. - At the State Council Information Office press conference on May 7, 2025, the deposit reserve ratio was lowered by 0.5 percentage points, the policy interest rate was lowered by 0.1 percentage points, a 500 - billion - yuan service consumption and elderly care re - loan was established, and measures were taken to support the entry of various medium - and long - term funds into the market [53].

Market Overview - The A-share market experienced a rebound last week (September 8-12, 2025), with the Shanghai Composite Index rising by 1.52%, the Shenzhen Component Index by 2.65%, the Sci-Tech 50 by 5.48%, and the ChiNext Index by 2.10% [3][17] - The average daily trading volume in A-shares was 2.33 trillion yuan, showing a decrease compared to the previous week [3][17] - The technology growth sector was boosted by optimistic guidance from Oracle's earnings, leading to a recovery in market sentiment [3][17] Sector Analysis AI Computing - Within the AI sector, several sub-sectors remain at relatively low levels due to limited short-term catalysts and insufficient bullish narratives [4][19] - Potential future catalysts include technological breakthroughs or new standout products, which could significantly enhance investment returns in areas like storage and AI applications [4][19] Solid-State Batteries - The solid-state battery sector is characterized by a combination of demand-driven and technology-driven growth [20] - The market is expected to see increased activity as leading companies disclose advancements in solid-state products, particularly for use in electric vehicles [20] Fund Market Dynamics - In the first half of 2025, the top 100 fund distribution institutions reported a total equity and non-cash asset scale of 5.14 trillion yuan and 10.20 trillion yuan, respectively, reflecting growth of 6% and 7% since the beginning of the year [21][22] - The growth in the fund market is heavily concentrated in passive investment products, while active fund scales have seen limited growth due to client redemption behaviors [21][22] Active Equity Fund Index Performance - The Active Equity Fund Index rose by 2.41% last week, achieving a cumulative excess return of 12.88% since inception [6] - The Growth Stock Fund Index saw a weekly increase of 3.75%, with a cumulative excess return of 15.78% since inception [9][34] - The Technology Stock Fund Index increased by 3.55%, with a cumulative excess return of 19.94% since inception [12][43]

一、短期是性价比消化期、预期锚定切换期、新主线新催化等待期。但近期科技产业趋势连续催化，维持了市场热度。这个阶段，发挥作用的是产 业发展的趋势和规律。催化剂不断强化产业趋势，可以使得股价突破静态的性价比约束，也是结构性行情走向极端的必要条件。 本周市场重新走强，但我们对短期市场的理解不变，现阶段A股需消化解决三个方面的问题：1. 短期性价比偏低，结构性矛盾突出。我们跟踪的性 价比指标普遍处于高位小幅回落状态；而创业板相对沪深300的赚钱效应快速收缩至低位(科技成长方向上涨股票的普遍性是快速下降的)。2. 预期 需要重新锚定，从市场上涨可以作为前提，转变为长中短期景气和性价比评估的重要性回归。重新锚定后，A股中期预期依然向上，但切换期难免有 震荡。3. A股指数继续上台阶的结构主线尚不清晰，市场进入新主线和新催化的等待期。 短期是观察等待新催化的阶段，而近期科技产业趋势确实连续催化，这是市场挑战新高的直接原因。海外AI资本开支高增的信号进一步强化，AI算 力景气趋势延续，另外三季报总体业绩可能进一步回落，而AI算力景气验证大概率持续，AI算力相对业绩趋势绝对占优格局本就能延续。同时，储 能市场化需求初步显现，神 ...

Group 1 - The core viewpoint indicates that investor focus on fundamentals has diminished recently, but as market valuations recover and enter a slow bull phase, fundamental factors may regain attention [1][3][17] - The slow bull market requires a strong economic sector as a leader, but it is challenging to form without overall fundamental support, particularly needing a reversal of deflationary trends to attract foreign investment in Chinese assets [1][3][17] Group 2 - The AI computing sector is experiencing a resurgence, with the Shanghai Composite Index rising by 1.5% and the STAR Market Index increasing by 5.5% [3][6] - Recent trading volumes have decreased, with average daily turnover dropping from nearly 3 trillion yuan to around 2.3 trillion yuan [3][11] - Margin trading has seen a significant improvement, with net inflows of 518 billion yuan compared to 256 billion yuan the previous week [3][11] Group 3 - Inflation factors are expected to return to market focus, with August CPI showing a year-on-year decline of 0.4% and core CPI rising by 0.9% [4][17] - The PPI remained flat month-on-month, ending a streak of eight consecutive months of decline, with a year-on-year decrease of 2.9% [4][17] - The improvement in PPI for upstream industries like coal, oil, and steel suggests that anti-involution policies may be starting to take effect [4][17] Group 4 - Expectations for U.S. interest rate cuts are rising, with a 25 basis point cut anticipated in September and two additional cuts of 50 basis points expected later in the year [28] - The U.S. labor market is showing signs of weakness, with significant downward revisions to non-farm employment data, increasing pressure on the Federal Reserve to lower rates [28] Group 5 - The slow bull market phase is focusing on high-growth sectors, with AI computing remaining a key driver [39] - Global investments in AI infrastructure are accelerating, with major companies like NVIDIA and Oracle reporting substantial revenue growth [39] - Domestic companies are also increasing capital expenditures, indicating a robust growth trajectory in the AI sector [39] Group 6 - The new energy vehicle market is maintaining high growth, with global sales reaching 9.1 million units in the first half of 2025, a 28% year-on-year increase [43] - The domestic energy storage market is also expanding, with a 125.37% year-on-year increase in new tenders [43][48] - The demand for power batteries is expected to grow by 35% to 1,313 GWh by 2025, driven by both new energy vehicles and energy storage [48] Group 7 - The pig farming industry is undergoing significant adjustments, with government measures aimed at reducing excess production capacity [50] - Recent policies include the reduction of breeding sows and the release of frozen pork reserves to stabilize supply and prices [50]

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the shifting focus of market funds between sectors, particularly between AI computing power and new energy sectors like solid-state batteries and energy storage [2][5]. Group 1: AI Computing Power - The leading sector in the current market rally is AI computing power, with companies like Cambricon, NewEase, and Tianfu Communication showing significant growth [9][12]. - The growth in AI computing power is driven by unexpected advancements in application and computing power industries, leading to increased capital expenditures from major players like Meta, Google, and AWS [11]. - Despite the high expectations, the AI computing power sector has seen a decline in stock prices as the market digests these expectations, with companies like Cambricon facing high valuation metrics [14]. Group 2: New Energy Sector - The new energy sector, particularly solid-state batteries and energy storage, is experiencing a resurgence, although it faces challenges such as overcapacity and low prices [17][18]. - Solid-state batteries are gaining attention due to their safety and performance advantages, with companies like Gotion High-Tech and EVE Energy planning to launch new products in the coming years [21][24]. - Energy storage systems have seen record-high order volumes, indicating strong domestic demand and a shift towards independent energy storage business models [27][30]. - The photovoltaic sector is awaiting policy changes to address overcapacity issues, particularly concerning silicon material production, which is crucial for the industry's supply-demand balance [36][38]. Group 3: Market Dynamics - The article emphasizes the need for new narratives and expectations in the market, as funds shift from high-performing sectors like AI to those with potential for recovery, such as new energy [8][15]. - The solid-state battery sector still has room for growth and narrative development, while energy storage requires further confirmation through orders and tenders [41]. - The interplay between AI computing power and new energy developments illustrates the dynamic nature of market investments, with capital continuously seeking value [41].

Core Viewpoint - The A-share market is experiencing fluctuations with capital shifting between sectors, particularly between AI computing power and new energy sectors [1][2][3]. Group 1: AI Computing Power - The recent surge in AI computing power stocks is driven by unexpected advancements in application and computing power industries, leading to a significant increase in capital expenditure from major cloud service providers like Meta, Google, and AWS [6][7]. - Companies in the AI computing power supply chain, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, reported substantial profit growth in the first half of 2025, with net profits increasing by 69.40%, 355.68%, and 37.46% respectively [7]. - Despite the high expectations, the AI computing power sector has seen a decline in stock prices following the announcement of significant investments by Meta, indicating that the market may have fully priced in these expectations [10][11]. Group 2: New Energy Sector - The new energy sector, particularly solid-state batteries and energy storage, is experiencing renewed interest due to potential demand growth and supportive government policies aimed at reducing overcapacity [12][13]. - Solid-state batteries are gaining attention for their safety and performance advantages, with companies like Qian Dao Intelligent and Yiwei Lithium Energy making significant advancements and securing orders for production lines [13][14]. - The energy storage market has seen record-high orders, with a reported 25.8 GW and 69.4 GWh of systems and EPC orders in August 2025, indicating strong domestic demand and a shift towards independent energy storage business models [15][16]. Group 3: Market Dynamics - The market is currently in a phase of "high-cut low," where funds are moving towards sectors with less growth potential, such as new energy, due to a lack of new stories or expectations in the AI computing power sector [10][11]. - The new energy sector's recovery is contingent on the successful implementation of policies aimed at reducing supply chain pressures, particularly in the silicon material segment of the photovoltaic industry [18][19][20]. - The solid-state battery and energy storage sectors are expected to continue to attract investment, while the photovoltaic sector awaits clearer policy directions to confirm supply-demand balance [21][22].