Group 1 - The A-share market experienced a mixed performance, with the Shanghai Composite Index down 1.30%, while the Shenzhen Component and ChiNext Index rose by 1.14% and 2.34% respectively [1] - Everbright Securities predicts increased market volatility in the short term due to profit-taking pressures and a relatively high valuation level since 2010 [1] - The firm suggests focusing on sectors such as power equipment, communication, computer, electronics, automotive, and media in the short term, while emphasizing TMT sectors for the medium to long term [1] Group 2 - CITIC Securities maintains a focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming, driven by supply constraints and global geopolitical tensions [2] - The firm highlights the importance of China's manufacturing leaders in global markets, aiming to convert market share advantages into pricing power and improved profit margins [2] - The investment strategy includes a left-side focus on chemicals and military industries, with a recent emphasis on the expansion of AI from cloud to edge computing [2] Group 3 - Xiangcai Securities anticipates a "slow bull" market for A-shares by 2025, influenced by the new "National Nine Articles" and similar investment policies [3] - The firm expects significant impacts from the ongoing "14th Five-Year Plan," with key focus areas including technology, green initiatives, and consumer services [3] - In the short term, the market is expected to exhibit wide fluctuations with a gradual upward trend, recommending attention to anti-involution sectors, AI-related technology, and environmental protection sectors [3] Group 4 - Galaxy Securities identifies four main investment lines in the construction industry during the "14th Five-Year Plan" period, as urban development shifts from expansion to quality improvement [4] - The firm anticipates increased efforts in urban renewal and a new wave of global industrial transfer benefiting Southeast Asia, driving demand for infrastructure [4] - Recommended investment lines include major engineering projects, overseas expansion, high dividend stocks, and sectors with favorable supply-demand dynamics such as coal chemical, nuclear power, and cleanroom engineering [4]

Group 1 - The State Council Information Office will hold a press conference on September 22, 2025, to discuss the achievements of the financial industry during the "14th Five-Year Plan" period, featuring key officials from the People's Bank of China and financial regulatory bodies [1] - The Loan Prime Rate (LPR) for one-year and five-year loans will be announced on September 22, with the previous rates remaining unchanged at 3.0% and 3.5% respectively for three consecutive months [2] - The next window for fuel price adjustments will open on September 23, with analysts suggesting that geopolitical tensions and weak economic data from the U.S. may continue to impact market sentiment [3] Group 2 - A total of 28.79 billion shares with a market value of approximately 614.3 billion yuan will be released from lock-up next week, with significant contributions from companies like Hehe Information and Wireless Media [5] - Specific companies with notable lock-up releases include: - Hehe Information with 0.687 billion shares valued at 108.348 million yuan [6] - Wireless Media with 1.167 billion shares valued at 55.209 million yuan [7] - One new stock, Aomeisen, will be issued on September 22 at a price of 8.25 yuan per share [8]

投资策略周报 2025 年 09 月 20 日 策略研究团队 坚持科技，高低切的时机尚未到来 （1）近期，在中枢抬升的过程中，A 股市场呈现显著的"增量市"特征，成交 额放大与资金活跃度提升成为核心标志。同时本轮居民更多通过 ETF 入市，带 来了和历史上的"指数牛"不同的特征：①ETF 的流入强化"龙头"风格，尤其 是 ETF 权重股重要性提升，对微盘股造成虹吸；②ETF 被动配置，缺乏主动基 金经理填"估值坑"，导致本轮牛市行业之间的涨幅差异扩大，赚钱效应更集中， 未来"选行业"可能比"选股"更重要，即更容易出现在某板块躲牛市的情况。 （2）本轮产业层面的积极催化持续涌现：全球 AI 革命性发展、科技竞赛、国 产算力需求的快速增长、创新药 BD 大单、国产半导体和芯片的创新发展等多维 度的产业层面的积极催化持续涌现。 （3）但与此同时，宏观预期尚未显著变化，A 股盈利尚未出现明显的拐点信号。 从上半年的财报来看，A 股盈利和收入增速尚在底部；截至 8 月末，70 大城市 的新房销售仍在环比下降；截至 7 月末，工业企业利润同比仍在负增长区间。 高低切需要的条件：短期和长期，目前尚不具备高低切条件 （1）短 ...

Core Insights - The release of data value is accelerating the reconstruction of content production, user interaction, and platform service models in the media industry, injecting new vitality into the sector [1] - Data-driven decision-making is replacing traditional experience-based judgments, optimizing resource allocation, and enhancing operational efficiency in media services [2] Group 1 - The application of data is transforming brand communication from a broad approach to precise targeting, enhancing the attractiveness and interactivity of brand messaging [2] - The media industry's data capability construction is accelerating, with a focus on exploring the value of data elements while ensuring data security and compliance [2] - The integration of local media with urban business environments is expected to enhance the core advantages of information dissemination and resource linking, shaping city images and showcasing urban vitality [2]

Core Viewpoint - The company participated in the 2025 Shanghai Listed Companies Collective Reception Day and mid-year performance briefing, focusing on its strategic direction and business developments in the cultural media sector [1][2]. Performance Briefing Details - The performance briefing was held on September 19, 2025, from 15:00 to 17:00 via the "Panorama Roadshow" website [1]. - Key executives, including the chairman and independent directors, engaged with investors to address their inquiries within the scope of information disclosure [1]. Investor Questions and Company Responses - The company aims to leverage its capital and industry platforms to enhance its investment logic, focusing on digitalization and cultural tourism sectors to optimize its asset utilization and profitability [2]. - The company does not hold direct equity in Manus and any indirect holdings would not significantly impact its overall revenue and profit [2]. - The company confirmed that it meets the "one province, one network" requirement as the sole cable TV operator in Shanghai [2]. - The company is in the process of filing for the Zhengzhou Airport Advanced Computing Phase I Venture Capital Fund and will disclose further details once agreements are finalized [3]. - The company is committed to digital transformation and enhancing its operational capabilities, focusing on AI and smart applications across its media and tourism businesses [5]. - The company is actively engaging with new media platforms like Douyin and TikTok to expand its digital content offerings [5]. - The controlling shareholder holds 46.69% of the company's shares, indicating a strong backing from state-owned enterprises [5]. - The company holds a 7.36% stake in Huanwei Digital and will disclose any IPO or reverse listing plans as they develop [5]. - The company is focusing on AI-driven innovations across various business segments, including smart broadcasting and retail, to create new growth drivers [5]. - The company reported a 0.3% increase in visitor numbers during the 2025 May Day holiday compared to 2024, and a 6.8% increase compared to 2019, indicating a recovery in its tourism business [5]. - The company is enhancing its digital capabilities and exploring new business models to counteract declines in traditional media revenue [5].

Market Overview - On September 19, the Shanghai Composite Index fell by 0.30%, the Shenzhen Component Index decreased by 0.04%, and the ChiNext Index dropped by 0.16%, while the CSI 300 Index rose by 0.08% [1] - Among the tradable A-shares, 1,910 stocks increased, accounting for 35.23%, while 3,404 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 58.733 billion yuan, marking the sixth consecutive trading day of net outflows [1] - The ChiNext saw a net outflow of 16.844 billion yuan, the Sci-Tech Innovation Board had a net outflow of 8.018 billion yuan, and the CSI 300 constituent stocks experienced a net outflow of 7.981 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 16 industries saw an increase, with coal and non-ferrous metals leading with gains of 1.97% and 1.19%, respectively [1] - The industries with the largest declines were automotive and pharmaceutical biology, with decreases of 1.94% and 1.41%, respectively [1] Industry Capital Inflow - Eight industries experienced net inflows of main capital, with the non-ferrous metals industry leading with a net inflow of 0.872 billion yuan and a daily increase of 1.19% [1] - The media industry followed with a daily increase of 0.49% and a net inflow of 0.692 billion yuan [1] Individual Stock Performance - A total of 1,728 stocks had net inflows, with 694 stocks seeing inflows exceeding 10 million yuan, and 97 stocks with inflows over 100 million yuan [3] - The stock with the highest net inflow was O-film Tech, which rose by 6.45% with a net inflow of 2.213 billion yuan, followed by Ganfeng Lithium and Luxshare Precision with net inflows of 1.796 billion yuan and 1.275 billion yuan, respectively [3] - Stocks with net outflows exceeding 100 million yuan included Wolong Electric, Shanzhi Gaoke, and Jinfat Technology, with net outflows of 2.362 billion yuan, 1.685 billion yuan, and 1.663 billion yuan, respectively [3]

Group 1 - The 2025 Belt and Road Media Cooperation Dialogue was held in Kunming, Yunnan Province, with over 120 media representatives from more than 40 countries and regions participating [2][4][6] - The dialogue focused on three main topics: promoting high-quality co-construction of the Belt and Road, the vitality of China and the Belt and Road, and creative short videos to inspire cross-cultural resonance [2][4] - Azerbaijani media representative emphasized that the Belt and Road initiative is not just about infrastructure but also about connecting people and fostering understanding through collaborative projects [2][3] Group 2 - The Pakistani media highlighted China's cultural vitality, particularly in the gaming industry, showcasing the global attention received by the game "Black Myth: Wukong" as a representation of China's growing confidence in its cultural industry [2][3] - The founder of a Georgian media center noted the public's interest in authentic stories about China, particularly regarding the development and cuisine of different provinces, with Yunnan being a prime example [3] - The People's Daily English client launched a short video sharing plan and promotional clips during the dialogue, indicating a focus on media collaboration under the Belt and Road initiative [4][6]

Group 1 - The A500 index has shown a slight increase of 0.02% as of September 19, 2025, with notable gains from stocks such as Wanda Film (+10.04%) and Ganfeng Lithium (+10.00) [1] - The A500 ETF fund has demonstrated active trading with a turnover rate of 26.52% and a transaction volume of 4.237 billion yuan, indicating a vibrant market [1] - According to Everbright Securities, despite a recent pullback, the upward trend of the index remains intact, with expectations for continued oscillation upwards due to favorable domestic policies [1] Group 2 - The A500 index consists of 500 securities selected from various industries, reflecting the overall performance of the most representative listed companies [2] - As of July 31, 2025, the top ten weighted stocks in the A500 index account for 19.83% of the index, including major companies like Kweichow Moutai and Ningde Times [2] - The A500 ETF fund and its enhanced version closely track the A500 index, with various related index funds available for investors [2]

2025年以来，A股市场整体震荡上扬，部分权益类基金表现较为亮眼，实现了业绩与规模双提升。 数据显示，截至9月18日（下同），鑫元基金旗下鑫元数字经济混合A近一年收益达到62.38%，远超沪深300指数收益率，而基 金最新规模也实现了翻倍式增长。 截至2025年二季度末，鑫元数字经济混合重仓股包括海尔智家、老板电器、玲珑轮胎、中集车辆、新宝股份等企业。 鑫元数字经济混合A：近1年净值上涨62.38% 鑫元数字经济混合成立于2023年7月，基金投资目标为：主要投资于数字经济主题相关证券，在严格控制投资组合风险的前提 下，力争实现基金资产的长期稳健增值。 基金业绩比较基准为中证沪港深数字经济主题指数收益率*80%+中证全债指数收益率*20%。 截至9月18日数据显示，近1年以来，鑫元数字经济混合A净值上涨62.38%，远远跑赢同期沪深300指数41.85%的收益率，同类 排名居前。今年以来，基金净值上涨达到23%。 从中长期业绩表现来看，鑫元数字经济混合A成立以来净值累计上涨44.05%，同类排名613/3724，而同期沪深300指数涨幅仅 为18.21%。 基金经理在中报中称：" 本基金上半年依然按原则投资。一 ...

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]