证券时报记者 程丹 随着中国股市持续走强，外资机构加仓的步伐加快。截至8月18日，在已披露的半年报中，超过70家上市公司的前 十大流通股股东名单中出现合格境外机构投资者（QFII）身影，合计持股市值约68亿元。 外资机构对中国市场的"看多"氛围也同步升温，高盛、瑞银、摩根士丹利等多家外资机构发布的最新观点均表 示，持续看好中国股市。瑞银资产管理中国股票主管施斌表示，目前是参与中国市场的良机，尤其看好具备市场 领导地位的科技公司。 海外机构重返中国市场 在"真金白银"加仓的同时，外资机构对中国资产持续唱多。高盛中国首席股票策略分析师刘劲津日前将MSCI中国 指数的12个月目标点位从85点上调至90点，并维持对中国股市在亚太区域内"超配"的立场。 刘劲津表示，美国市场分散配置的需求、人民币兑美元的升值潜力、中国人工智能大模型及其应用的崛起，以及 中国股市相较全球主要股市的估值折价是主要驱动因素。 摩根士丹利预计，中国股票市场的获利修正幅度在全球主要市场排名靠前，且估值更低，大概率会继续吸引更多 资金流入。随着越来越接近美联储的降息时间，以及对美元走软形成更广泛共识，全球投资者配置非美市场资产 的意愿会进一步增强。 ...

融资净买入额的大幅回升，助推两融余额进一步增长。据数据统计，截至8月18日，两融余额重回2.1万 亿元，达21023.09亿元，这是时隔10年两融余额再次突破2.1万亿元。 据数据统计，8月18日申万31个一级行业中，28个行业获融资净买入，净买入额前三大行业分别为电 子、计算机、机械设备，净买入额分别为80.94亿元、40.71亿元、28.52亿元；此外，有色金属、电力设 备、通信、非银金融、基础化工、医药生物、汽车、银行等行业净买入额均超10亿元，净买入额介于 27.87亿元至12.62亿元之间。净卖出前三大行业分别为传媒、美容护理、轻工制造，净卖出额介于2.42 亿元至0.11亿元之间。 从融资净买入个股来看，8月18日共有2325只股票获融资净买入，净买入金额超1000万元的有965只，净 买入金额超1亿元的有97只，净买入金额超2亿元的有29只。北方稀土融资净买入金额居首，当日净买入 7.36亿元，中芯国际、中兴通讯位居二、三名，融资净买入金额分别为6.61亿元、6.14亿元。融资净买 入金额居前的还有指南针、招商银行、新易盛等，当天净买入金额均超3亿元。 【深圳商报讯】（记者钟国斌）连日来，沪深京 ...

Core Insights - The report highlights the significant holdings of 100 billion-level private equity firms in A-shares, with a total market value of 22.55 billion yuan as of the end of Q2 2025, focusing on technology growth sectors such as electronics, computers, and pharmaceuticals [1][2] Group 1: Investment Trends - 17 private equity firms are heavily invested in 33 A-shares, with a total holding value of 22.55 billion yuan [1] - The core investment focus is on the electronic, computer, and pharmaceutical sectors, which collectively cover 14 stocks [2] - High-end manufacturing and cyclical recovery sectors are emerging as new investment targets, indicating a balanced growth and recovery strategy [1][2] Group 2: Specific Stock Movements - High Yi Asset remains a major player, holding 9.37 billion yuan in Hikvision despite reducing its stake by 12 million shares; it also significantly increased its holdings in Longbai Group and Angel Yeast [2][3] - Multiple private equity firms are actively investing in high-end manufacturing, with notable new positions in companies like Daoshi Technology and Rabbit Baby [3] Group 3: Investment Characteristics - The private equity holdings exhibit three main characteristics: dominance of industry leaders, stable performance, and reasonable valuation [4] - The investment strategy is characterized by a focus on large technology sectors and industries benefiting from a reversal of market trends [4] Group 4: Market Environment and Strategy - The A-share financing balance has been rising, with margin trading remaining above 2 trillion yuan, prompting suggestions for a balanced investment strategy across various sectors [5] - Investors are advised to maintain positions in high-growth sectors while diversifying into high-dividend sectors like power, banking, and coal [5]

（央视财经《经济信息联播》）近期，A股上市公司2025年半年报加速披露，截至今天（8月19日）16 时，A股已有666家上市公司对外披露2025年半年报，432家实现归母净利润同比增长，占比超六成。从 数据来看，不少头部上市公司业绩表现不俗。 截至8月19日16时，A股共有666家公司披露2025年半年报。其中，432家公司上半年归母净利润实现同 比增长，48家实现扭亏为盈，110家业绩同比倍增，整体增长动能强劲。 前海开源基金首席经济学家 杨德龙：当前，券商经纪收入对券商业绩仍有较强支撑，两融规模提升或 推动券商信用业务收入增长。今年以来，资本市场回稳向好，整体投资收益率提升，主动权益型基金业 绩改善，资产管理与基金代销业务收入修复进程也有望提速。 转载请注明央视财经 编辑：王昕宇 中金公司研究部首席策略分析师 李求索：上半年宏观经济温和复苏，叠加AI、新能源这些新兴产业需 求爆发，推动整体盈利增速高于营收增速，显示部分优质企业盈利能力提升。分行业看，半导体、新能 源、医药生物这些科技制造板块贡献主要增长动能，半导体板块成为半年报比较亮眼的赛道之一，设 计、设备、材料全产业链业绩高增。 与此同时，近期A股市 ...

简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22日)、中欧瑾泉灵 活配置混合型证券投资基金基金经理(2015年3月16日起至2016年4月22日)、中欧瑾源灵活配置混合型证 券投资基金基金经理(2015年3月31日起至2016年4月22日)、中欧瑾和灵活配置混合型证券投资基金基金 经理(2015年4月13日起至2016年4月22日)。现任中欧医疗健康混合型证券投资基金基金经理(自2016年9 月29日起至今),中欧明睿新起点混合型证券投资基金基金经理(自2018年7月12日起至今)、中欧阿尔法混 合型证券投资基金基金经理(2020年8月20日起至2023年9月28日)。赵磊女士:中国国籍,研究生学历、硕 士学位。历任中泰证券股份有限公司医药生物行业研究员、联席首席分析师(2016.7-2021.4)。2021年5月 加入中欧基金管理有限公司,历任研究员、高级研究员,现任基金经理/ ...

盘后数据出炉。 今日（8月19日），A股市场主要指数表现出现一定分化。截至收盘，上证指数报3727.29点，下跌0.02%；深证成指报11821.63点，下跌0.12%；创业板指报 2601.74点，下跌0.17%；北证50指数上涨1.27%。A股市场合计成交26412.63亿元，较上一交易日减少1683.64亿元。 1.A股市场主力资金净流出450.86亿元 今日A股市场主力资金开盘净流出177.48亿元，尾盘净流出37.84亿元，A股市场全天主力资金净流出450.86亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-8-19 | -450. 86 | -177. 48 | -37. 84 | -187.77 | | 2025-8-18 | -137. 49 | -54. 81 | -14. 71 | 53. 80 | | 2025-8-15 | 23. 60 | -51. 49 | 19. 28 | 123. 45 | | 20 ...

➢ 横向分析哪些正股相对其他标的更有估值性价比。哪些是行业"适用"的一 级指标？我们将指标"不适用"的判断分为三个维度，分别是：有效数据点不足、 指标跨期稳定性不足、个股估值离散过大，通过这种方式筛选出行业适用的指标。 对于不同的估值方法哪些二级指标是有效的？通过将 PE（3 年非负均值）、LnPB 可转债策略系列 横/纵向估值法挖掘正股估值性价比 2025 年 08 月 19 日 ➢ 构建估值评分体系评估转债正股赔率 随着权益市场升温，由转债正股驱动的收益占比可能进一步提升，如何在控制回 撤的前提下，快速精准地评估个股估值水平并捕捉超额收益，成为投资的核心问 题。为此，我们构建了跨行业的转债正股估值评分框架，采用纵向（个股相对于 自身历史水平）和横向（个股在同行业中的相对位置）两个维度，对正股进行二 维定位。 无论是纵向还是横向分析中我们都秉持着一个中心思路，即"把估值拆为两层"， 一级为基础的估值方法，二级则是财务指标的调整级，这样的拆解其实是与实务 中我们"给估值"的过程极为相似的，在估值中枢的基础上再根据个股盈利能力、 未来空间、财务状况等对估值进行上下调整。 （结合 PB-ROE 的模型）和 PS ...

Group 1 - The report analyzes the recent bull market in the ChiNext index, which closed at 2606.20 points on August 18, 2023, reflecting a year-to-date increase of 21.69% [3] - The report identifies the best-performing years for the ChiNext index since 2011, highlighting 2015 (84%), 2013 (83%), 2020 (65%), and 2019 (44%) as significant years of growth [3] - The analysis compares two previous bull markets (2013-2015 and 2018-2021), noting that the 2013-2015 period was characterized by broad-based growth, while the 2018-2021 period exhibited more structural characteristics [3][4] Group 2 - The first bull market (2013-2015) saw the ChiNext index rise from 705.34 points to 3982.25 points, a total increase of 464.6%, driven by the rise of emerging industries and strong growth expectations [5][15] - During this period, approximately 93% of ChiNext stocks experienced gains, with many stocks increasing by 2-5 times [3][5] - Key sectors during this bull market included computer, power equipment, electronics, pharmaceuticals, and machinery, with the computer sector leading with an average increase of 338.26% [6] Group 3 - The second bull market (2018-2021) saw the ChiNext index rise from 1205.03 points to 3563.13 points, a total increase of 195.7%, characterized by a more selective approach to stock performance [8][16] - In this period, about 74% of ChiNext stocks rose, but most gains were limited to within 2 times [3][8] - The leading sectors included power equipment, electronics, pharmaceuticals, and computers, with power equipment achieving an average increase of 220.94% [9] Group 4 - The report highlights the differences between the two bull markets, noting that the first was marked by broad participation and high volatility, while the second was more focused on quality and structural growth [11][12] - The first bull market tolerated high valuations, while the second market showed a preference for reasonable valuations, indicating a shift towards more rational investment behavior [12][13] - The report emphasizes the importance of policy support and technological innovation as key drivers for both bull markets, with a focus on emerging industries and structural economic changes [11][16]

Group 1 - The core viewpoint is that financial services for entities will focus on technological innovation and expanding consumption, with increasing credit support and improved financing channels for tech innovation companies [1] - In terms of expanding consumption, policies will focus on three main points: implementing service consumption and elderly re-loans, broadening financing channels for consumption entities, and enhancing policy coordination on the demand side to boost consumer capacity and willingness [1] - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation and Entrepreneurship 50 Index (931643), which can have a daily fluctuation of up to 20%, reflecting the performance of 50 large-cap emerging industry companies [1] Group 2 - The index components are primarily concentrated in high-tech sectors such as pharmaceuticals, electrical equipment, electronics, and computers, showcasing high growth potential and significant technological attributes [1] - Investors without stock accounts can consider the Guotai CSI Sci-Tech Innovation and Entrepreneurship 50 ETF Initiated Link C (013307) and Link A (013306) [1]

Core Viewpoint - On August 19, a total of 105 stocks reached the daily limit up in the A-share market, primarily concentrated in the pharmaceutical, electronics, machinery, automotive, computer, and home appliance sectors [1] Industry Summary - The pharmaceutical and biotechnology sector saw significant activity, contributing to a large number of stocks hitting the daily limit up [1] - The electronics industry also experienced a notable increase in stock prices, indicating strong market interest [1] - Other sectors such as machinery equipment, automotive, computer, and home appliances showed positive performance, with multiple stocks achieving limit up [1] Market Performance - On the same day, there were 2,796 stocks that rose, while 2,177 stocks fell, and 171 stocks remained flat, reflecting a generally positive market sentiment [1] - Excluding newly listed stocks, the data indicates a robust performance in the A-share market, with a significant number of stocks reaching their upper price limits [1]