Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Externally, although the Sino-US tariff negotiations have entered a period of easing, the US government's expansion in Europe and pressure on Russia have increased geopolitical uncertainties. There are still significant differences within the Federal Reserve regarding future interest rate cuts, leading to increased volatility in peripheral assets. [3][10] - Domestically, the current fundamental recovery remains weak, and incremental policies are anticipated. The A-share market is in a technology - driven structural bull market. The CSRC Chairman Wu Qing stated that efforts will be made to increase the proportion of A-share technology market value, signaling a future structural transformation of the A-share market. Attention should be focused on the technology sector. [3][10] - In the short - term, the recent A - share trend indicates strong support below 3750 - 3800 points for the broader market, but significant pressure at 3900 points. With 4 trading days left until the National Day holiday, it is expected that the stock index will continue to consolidate in a volatile manner before the holiday. [3][10] 3. Summary by Relevant Catalogs 3.1行情观点 - **海外隔夜** - US new home sales in August reached an annualized 800,000 units, higher than the expected 650,000 and the previous value of 664,000, indicating the resilience of the US real estate market. [2][5] - Federal Reserve official Goolsbee said he would not support a rate cut at the next meeting. After Fed Chairman Powell sent an uncertain signal about future monetary policy, the hawkish signals from Fed officials suggest significant differences in internal views, dampening market expectations for a Fed rate cut. [2][5] - Overnight, the US dollar index rose, US Treasury yields increased at both short and long ends, gold prices fell, the three major US stock indexes declined, the Nasdaq Golden Dragon China Index rose, and the offshore RMB exchange rate depreciated. Geopolitical uncertainties and the risk of Russian sanctions are rising, increasing asset volatility. [2][5] - **国内行情回顾** - On Wednesday, the broader market rose 0.83%, the Shenzhen Component Index rose 1.8%, and the ChiNext Index rose 2.28%, showing a rebound. Compared with the sharp rise of the index a year ago on September 24th, the current rise is slower, mainly a structural market around the technology sector. [2][6] - Sectors such as power equipment, electronics, media, computers, and real estate led the gains, while banks, coal, and communications declined. There were 4457 rising stocks and 852 falling stocks in the entire market. Alibaba CEO Wu Yongming's plan to invest 380 billion yuan in AI infrastructure in three years boosted market sentiment towards the technology sector. [2][6] - **重要资讯** - US Treasury Secretary Yellen believes that the Fed's interest rates have been too high for too long and that the US will enter an easing cycle, suggesting that Powell should signal a 100 - 150 basis - point rate cut. [7] - FOMC voting member Goolsbee warns against a series of rate cuts due to inflation concerns and will not support a rate cut at the next meeting, while San Francisco Fed President Daly believes that economic growth and labor market indicators have slowed, and inflation is lower than expected, suggesting a further rate cut. [7] - The US officially lowered the tariff on EU cars to 15% starting from August 1, 2025. [7] - The Kremlin criticized Trump, saying he is trying to force the world to buy US oil and gas at higher prices. [7] - China aims to reduce net greenhouse gas emissions by 7% - 10% from the peak in the entire economic scope by 2035. [8] - Chinese Minister of Commerce Wang Wentao held a round - table meeting with some Chinese - funded enterprises in the US. [9] - Eight departments including the Ministry of Commerce issued policies to promote service exports and develop digital consumption. [9] - **今日策略** - The external environment has geopolitical uncertainties, and the Federal Reserve has internal differences on rate cuts. The domestic fundamental recovery is weak, and A - shares are in a technology - driven structural bull market. Focus on the technology sector, and expect the stock index to consolidate in a volatile manner before the National Day holiday. [3][10] 3.2期货市场跟踪 - **期货市场表现** - Data on the closing prices, settlement prices, price changes, price change percentages, basis, and other indicators of various stock index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided. [12] - **期货成交与持仓** - Data on trading volume, trading volume changes, trading turnover, trading turnover changes, open interest, open interest changes, and other indicators of various stock index futures contracts are presented, as well as data on the positions of the top 20 member institutions. [13] 3.3现货市场跟踪 - **现货市场表现** - Information on the current points, daily, weekly, monthly, and annual price changes, trading turnover, and price - to - earnings ratios of various stock indexes such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided. [35] - **市场风格对指数涨跌影响** - Analyzes the impact of different market styles (cyclical, consumer, growth, financial, stable) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes in terms of weight, daily, weekly, monthly, and annual contributions. [36][37] - **估值情况** - Presents the current valuations and historical percentile rankings of important indexes and Shenwan sectors. [39][42] - **其他市场指标** - Includes data on market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, changes in index trading turnover, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and margin trading net purchases and their proportions in A - share trading turnover. [44][45][46] 3.4流动性跟踪 - **央行公开市场操作** - Displays data on currency injection, currency withdrawal, and net currency injection in the central bank's open - market operations. [49][50] - **Shibor利率水平** - Shows the levels of SHIBOR overnight, 1 - week, 2 - week, and 1 - month interest rates. [52]

题图｜AI生成 2023年7月，农冰立开始管理他在景顺长城的第一个产品景顺长城品质长青混合A，对成长股有敏锐嗅觉和广阔视野的他， 在2023年四季度开始重仓了受益AI产业爆发的PCB、光模块龙头，在科技成长行情中一路走高。Wind数据显示，截至2025 年9月19日，该基金近一年收益141.88%（同期业绩基准37.43%）。 这是今年科技成长风格表现优异的缩影。 今年以来A股表现可谓惊艳，其中科技成长板块是上涨的主力。包括人形机器人、创新药、AI算力、新能源电池、军工等 板块轮番表现，市场充满了赚钱效应。甚至可以说，今年的市场本质上是科技成长行情推动的。主动权益基金也迎来了明 显的业绩改善，中证主动偏股型基金指数年内收益已经达到31.47%。（数据来源：Wind，截至9月19日，下同） 证监会主席吴清最近也表示，资本市场服务科技创新跑出"加速度"，含"科"量上升，目前A股科技板块市值占比超过1／4， 已明显高于银行、房地产行业市值合计占比。市值前50名公司中科技企业从"十三五"末的18家提升至当前的24家。 展望接下来的行情，投资者最关心的是，这轮科技股行情能否持续，以及如何更好地把握这轮投资机会？选择通过 ...

Market Overview - A-shares experienced slight fluctuations today, with technology growth stocks being relatively active, as the ChiNext Index and the Sci-Tech Innovation 50 both rose over 1%, reaching a three-and-a-half-year high [1] - The Shenzhen Component Index and CSI 300 also hit new highs, while the Shanghai Composite Index fluctuated around yesterday's closing level, with over 3,900 stocks declining and a total turnover of 2.39 trillion yuan [1] Sector Performance - Sectors such as new energy power, gaming, non-ferrous metals, and communication equipment saw significant gains, while precious metals, environmental protection equipment, professional chains, and ground military equipment experienced notable declines [1] Fund Flow Analysis - The computer industry attracted over 14.2 billion yuan in net inflow from major funds, while electric power equipment and communication sectors saw net inflows of over 9.4 billion yuan and 7.8 billion yuan, respectively [3] - Conversely, transportation faced a net outflow of over 2 billion yuan, with defense, real estate, and food and beverage sectors also experiencing net outflows exceeding 1 billion yuan [3] Market Outlook - Dongwu Securities noted that historical data suggests a style switch in the fourth quarter, with lower probabilities for previously leading sectors to continue their upward trend [3] - Investors are likely to take profits from previously strong sectors and shift towards defensive sectors to stabilize annual returns, with cyclical styles entering a trading window [3] - Pacific Securities indicated that market volatility is increasing as the holiday approaches, with a decline in the market's profit-making effect and overall risk appetite [3] New Energy Sector Insights - The new energy power sector showed collective strength, with the controllable nuclear fusion sector index reaching a historical high, and other power generation equipment indices surging over 4%, marking a ten-year high [3] - The wind power equipment sector also reached a two-and-a-half-year high, while photovoltaic equipment showed strong upward momentum [3] Industry Events - The "2025 New Power System Development Forum" was held in Hebei, focusing on the theme of "Green Development, Co-creating the Future," discussing innovative developments in new power systems [5] - The National Energy Administration emphasized the urgency of constructing a new power system, highlighting key actions outlined in the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" [5] Stock Performance - Companies such as Hanhua Huatong and Shanghai Electric saw significant stock price increases, with Shanghai Electric's trading volume exceeding 12 billion yuan [6] - However, some previously popular stocks experienced sharp declines, with Hangzhou Electric and others facing consecutive trading halts [7]

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.01% at 3853.3 points, while the Shenzhen Component Index rose by 0.67% to 13445.9 points. The ChiNext Index increased by 1.58% to 3235.76 points, and the STAR Market 50 Index gained 1.24% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 23.92 billion yuan [1] Sector Performance - Sectors such as logistics, real estate, oil, agriculture, banking, liquor, and pharmaceuticals saw declines, while sectors like non-ferrous metals and media showed gains. AI application concepts and controllable nuclear fusion concepts were particularly active [1] Investment Insights - Pacific Securities noted increased volatility and accelerated sector rotation as the holiday approaches. Given the generally poor performance of A-shares before holidays, investors are advised to avoid sectors with high financing ratios. However, the banking sector shows significant bottom support and may be worth monitoring [1] - Yinhua Fund indicated that with the "National Day" holiday approaching, some funds may exit the market. The short-term risk outlook appears stable, with future attention on potential interest rate cuts domestically and U.S. tariff policies towards China. Overall, a bullish market atmosphere is expected to continue, with the market likely to maintain a fluctuating upward trend [1]

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 传媒 | 2.27 | 500.82 | 52.07 | 昆仑万维 | 10.22 | | 有色金属 | 2.22 | 879.93 | 70.89 | 中洲特材 | 11.36 | | 电力设备 | 2.19 | 1873.46 | 20.04 | 聚和材料 | 11.10 | | 计算机 | 2.13 | 1469.49 | 34.01 | 品茗科技 | 20.01 | | 通信 | 1.49 | 1014.01 | 24.31 | 线上线下 | 12.69 | | 电子 | 0.67 | 3555.33 | -8.65 | 晶合集成 | 14.38 | | 医药生物 | 0.55 | 708.93 | 15.87 | N建发致 | 514.18 | | 非银金融 | 0.25 | 303.73 | 9.48 | 国金证券 | 3.27 | | 基础化工 | 0.23 | 520.48 | -3.88 | N锦华 | ...

Group 1: Market Performance - The ChiNext Index experienced a significant increase, surpassing 3200 points and reaching a new high [1][3] - The index rose by 2.22% at midday, while the Shanghai Composite Index increased by 0.16% and the Shenzhen Component Index rose by 1.14% [2] - Among the ChiNext constituents, Ningde Times' stock price exceeded 400 yuan, with a total market capitalization surpassing 1.8 trillion yuan, overtaking Kweichow Moutai [1][3] Group 2: Notable Stocks - Kunlun Wanwei saw a substantial increase of 10.22%, and Dingsheng Technology rose by 8.71% [5] - Other notable stocks included Upwind New Materials, which experienced a continuous 20% limit-up for two trading days, with a year-to-date increase of nearly 1900% [5] - Upwind New Materials announced a planned acquisition by Shanghai Zhiyuan Hengyue Technology Partnership, aiming to acquire 37% of the company's shares at a price of 7.78 yuan per share, with a maximum total funding requirement of 1.161 billion yuan [5] Group 3: New Stocks Performance - Three new stocks listed today, all experiencing significant gains [7] - Jianfa Zhixin's stock price surged over 500%, focusing on high-value medical device distribution and providing centralized operation services for medical consumables [8] - United Power's stock price increased by over 190%, specializing in intelligent electric vehicle components and solutions [9] - Jinhua New Materials saw its stock price rise by over 160%, focusing on the research, production, and sales of ketoxime series fine chemicals [10] Group 4: Hong Kong Market - The Hang Seng Tech Index showed a strong performance, rising approximately 2% [11] - Key constituents such as Huahong Semiconductor and JD Group saw their stock prices increase by over 6% [11]

公司发布的半年报数据显示，上半年公司共实现营业收入172.07亿元，同比增长85.50%，实现净利润 26.56亿元，同比增长129.33%，基本每股收益为0.3700元，加权平均净资产收益率10.15%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） ST华通股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:42，该股目前上涨2.15%，股价报21.37元，成交2406.92万股，成交金额5.09亿元，换手 率0.35%，该股最新A股总市值达1587.38亿元，该股A股流通市值1464.75亿元。 证券时报·数据宝统计显示，ST华通所属的传媒行业，目前整体涨幅为1.16%，行业内，目前股价上涨的 有91只，涨幅居前的有冰川网络、欢瑞世纪、完美世界等，涨幅分别为6.48%、6.31%、4.83%。股价下 跌的有30只，跌幅居前的有紫天退、博纳影业、果麦文化等，跌幅分别为6.12%、2.89%、2.42%。 ...

Group 1 - The Hong Kong stock market showed volatility on September 25, with the Hang Seng Tech Index rising by 0.17% [1] - The Hong Kong Tech 30 ETF (513160) increased by 0.99%, with a trading volume exceeding 1 billion yuan and a premium rate of 0.24% [1] - Key components of the ETF, such as Kingsoft Cloud, Ubiquiti, and China Software International, saw gains of over 4%, while Huahong Semiconductor and ZTE also rose [1] - The ETF has experienced significant capital inflow, with net inflows on 9 out of the last 10 trading days, totaling over 720 million yuan [1] - The ETF's circulating scale reached a record high of 4.588 billion yuan [1] Group 2 - Alibaba Cloud announced a partnership with NVIDIA in the field of Physical AI during the 2025 Hangzhou Cloud Summit [2] - The integration of NVIDIA's Physical AI software stack into Alibaba Cloud's AI platform PAI will enhance services for enterprises, including data preprocessing and model training [2] - By 2032, Alibaba Cloud's global data center energy consumption is expected to increase tenfold compared to 2022, indicating a significant rise in computing power investment [2] - Analysts from Western Securities and Guotai Junan Securities expressed optimism about the domestic AI computing chain and the ongoing capital expenditure expansion cycle in emerging industries [2]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of September 24, there are 1,007 stocks with a circulating market value below 3 billion yuan, and 415 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,679 stocks have a total market value below 5 billion yuan, with 602 stocks having a total market value below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - Zitian Tui: 0.79 million yuan - *ST Gao Hong: 4.75 million yuan - *ST Yuan Cheng: 5.73 million yuan [1] - The three stocks with the smallest total market values are the same as above [1] Selected Small-Cap Stocks Overview - A list of small-cap stocks with their respective circulating market values, total market values, and P/E ratios includes: - Zitian Tui: Circulating market value 0.79 million yuan, Total market value 0.79 million yuan, P/E ratio 7.03 [1] - *ST Gao Hong: Circulating market value 4.75 million yuan, Total market value 4.86 million yuan, P/E ratio not available [1] - *ST Yuan Cheng: Circulating market value 5.73 million yuan, Total market value 5.73 million yuan, P/E ratio not available [1] - Other notable stocks include Bo Fei Electric (6.00 million yuan, P/E 152.92) and Kun Tai Co. (6.27 million yuan, P/E 51.56) [1][2]

Group 1: Market Overview - The Shanghai Composite Index closed at 3853.64 points, with a gain of 0.83% on September 24, 2025 [2] - The Shenzhen Component Index rose by 1.80%, closing at 13356.14 points, while the ChiNext Index increased by 1.84% to 3921.15 points [2] - The total trading volume across major indices was approximately 10157.07 billion CNY for Shanghai and 13110.76 billion CNY for Shenzhen [2] Group 2: Media and Internet Industry - The media sector saw a weekly increase of 0.38%, outperforming the Shanghai and Shenzhen 300 Index, but underperforming the ChiNext Index [6] - Notable performers included Jishi Media and Guomai Culture, while companies like Happiness Blue Ocean and ST Huayang faced declines [6] - The film "731" achieved a box office of nearly 1 billion CNY within its first three days of release [7] Group 3: Investment Recommendations - The report suggests a positive outlook for the gaming sector and a potential bottom reversal in the film industry, emphasizing opportunities in AI applications [9] - Specific stock recommendations include Kaiying Network, G-bits, and Xindong Company in the gaming sector, and media companies like Focus Media and Bilibili [9] - The report highlights the importance of product cycles and performance in the gaming sector, alongside advertising growth driven by economic recovery [9] Group 4: LIZHU Group Financial Performance - LIZHU Group reported a revenue of 6.272 billion CNY for the first half of 2025, a slight decrease of 0.2%, while net profit increased by 9.4% to 1.281 billion CNY [10] - The chemical preparation segment generated 3.270 billion CNY in sales, with a gross margin of 81.17% [10] - The company is actively developing innovative products in various therapeutic areas, including digestive, reproductive, and neurological fields [12] Group 5: Clinical Trials and Product Development - LZM012, an IL-17A/F monoclonal antibody developed by LIZHU Group, showed superior efficacy in clinical trials for psoriasis compared to Secukinumab [11] - The company is advancing its pipeline with several products expected to reach the market, enhancing its competitive position [12] - Revenue projections for LIZHU Group are estimated at 12.337 billion CNY for 2025, with net profits expected to reach 2.199 billion CNY [12]