9月18日，三大指数冲高快速回落。板块上，旅游及酒店概念股逆势拉升，曲江文旅涨停，云南旅游实 现"2连板"，西藏旅游、西安旅游、华天酒店等多股跟涨。 0:00 万联证券研报称，在居民旅游出行需求持续复苏以及政策支持的双重驱动下，旅游及景区公司营收回 暖。从五一黄金周旅游数据来看，居民旅游热情高涨，旅游市场持续回暖，240小时免签入境停留时间 叠加新推出的离境退税"即买即退"优惠政策陆续出台，共同推动入境人数再攀高峰。调休工作日的减少 使得更多游客选择拼假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和丰富消费场 景，以多元供给激发消费潜力、市场活力，为游客带来深度体验。 消息面上，商务部等9部门日前发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措进一 步扩大服务消费。包括开展"服务消费季"系列促消费活动，支持优质消费资源与知名IP跨界合作，因地 制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约，优化学生假期安排，完善配 套政策等，增加优质服务供给，更好满足人民群众多样化服务消费需求。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） ...

Market Overview - On September 18, A-shares experienced a significant decline, with all three major indices dropping over 1%, specifically the ChiNext Index down 1.64%, Shanghai Composite Index down 1.15%, and Shenzhen Component Index down 1.06% [1] - The total trading volume in the A-share market reached 3.17 trillion yuan, an increase of 763.7 billion yuan compared to the previous day [1] - Over 4,300 stocks in the market fell, while the robotics sector continued to perform strongly, with Shoukai Co. hitting the daily limit for the 11th time in 12 days [1] Federal Reserve Rate Cut - The Federal Reserve's decision to cut interest rates by 25 basis points was in line with market expectations, with Chairman Powell indicating no broad support for a larger cut [2] - Following the rate cut, global commodity prices, including gold, saw a significant decline, with spot gold dropping from a historical high of $3,700 per ounce to around $3,650 per ounce [2] Banking Sector Performance - The banking sector faced a comprehensive downturn on September 18, with major banks like Changshu Bank and Agricultural Bank of China seeing declines of over 2% [3] - Since reaching a historical high on July 11, the banking sector indices have fallen over 13%, breaking below the 120-day moving average for the first time in a year [3] Shareholder Actions - Despite the downturn in the banking sector, several listed banks have seen shareholder increases, indicating confidence in their future prospects [4][5] - For instance, Everbright Bank's major shareholder has increased its stake by 0.02%, while Nanjing Bank's major shareholder raised its stake from 12.56% to 13.02% [5] Future Market Outlook - Analysts suggest that the recent market decline may be a temporary adjustment, with expectations of a potential upward trend resuming after the correction [8] - Historical patterns indicate that if the market is in a slow bull phase, significant increases may not occur in the next six months, while a fast bull phase could lead to a shorter adjustment period [8] - The possibility of a global central bank rate cut following the Fed's decision could provide further support for the A-share market, potentially leading to a second wave of upward movement [8]

Market Performance - On September 18, the three major A-share indices collectively closed lower, with the Shanghai Composite Index at 3831.66, down 1.15%; the Shenzhen Component Index at 13015.66, down 1.06%; and the ChiNext Index at 3095.85, down 1.64% [1] - The total trading volume for the day was 31,666 billion yuan, an increase of 7,637 billion yuan compared to the previous day [1] Sector Performance - In terms of sector performance, tourism and hotel, CPO hardware, pharmaceutical commerce, and wind power equipment sectors saw the largest gains [5] - Notable stocks included Yunnan Tourism and Qujiang Cultural Tourism, which hit the daily limit, while Xizang Tourism, Xian Tourism, and Huatian Hotel rose over 6% [5] - The CPO sector saw Dekeli and Huafeng Technology also hit the daily limit, with Guangku Technology rising by 15% [5] - In the pharmaceutical sector, China National Pharmaceutical surged to the daily limit, and Liuyuan Group rose over 5% [5] Monetary Policy Impact - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate to a range of 4% to 4.25% [5] - The rate cut is viewed as a "risk management" measure rather than the beginning of a series of cuts, which has led to some market disappointment [5] - Analysts suggest that the Fed's decision opens up more room for monetary policy adjustments in China, potentially leading to rate cuts and reserve requirement ratio reductions to stimulate the economy and stabilize the real estate and stock markets [6][7] - The overall sentiment is that the current A-share and Hong Kong markets are in a slow bull market, expected to last two to three years, encouraging investors to maintain confidence and patience [6]

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 1.15%, Shenzhen Component Index down 1.06%, and ChiNext Index down 1.64% [1][2] - The total market turnover reached 31,666 billion, an increase of 7,637 billion compared to the previous day [1][2] Sector Performance - The tourism sector saw a notable rise, with Qujiang Cultural Tourism hitting the daily limit and Yunnan Tourism achieving a "two consecutive boards" performance [5][6] - The robotics sector showed mixed results, while the chip industry chain rose against the trend, with SMIC reaching a historical high [4] - Other sectors such as non-ferrous metals, large finance, and rare earth permanent magnets faced declines [4] Tourism Sector Insights - The Ministry of Commerce and other departments released policies to expand service consumption, including 19 measures to promote tourism and optimize service offerings [7] - Online travel platform Fliggy reported that bookings for the National Day holiday are significantly ahead of last year, with transportation and long-distance travel bookings increasing by 4% and 53% respectively [7] - Ctrip's report indicated a 45% year-on-year increase in cross-province travel orders for the National Day holiday [7] Company-Specific Developments - China National Pharmaceutical Group reported a revenue of 17.076 billion and a net profit of 294 million for the first half of the year, with innovative business segments growing by 81% [9][10] - The company announced a cash acquisition of 302 million for 100% of Jinsui Technology, aiming to enhance its marketing and supply chain capabilities [10]

Market Performance - A-shares experienced a significant decline on September 18, with the Shanghai Composite Index closing at 3831.66 points, down 1.15% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day, marking the third highest volume of the year [1] - The tourism sector showed resilience, with stocks like Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit [1] Sector Highlights - The tourism and hotel, automotive services, pharmaceutical commerce, F5G, CPO, and photolithography sectors saw significant gains [2] - Conversely, sectors such as precious metals, securities, diversified finance, gold, internet insurance, and pork experienced notable declines [2] Institutional Insights - According to Jifeng Investment Advisory, the tourism and hotel sector is leading in gains, supported by a loosening of liquidity in the domestic capital market due to the Federal Reserve's interest rate cuts [3] - China International Capital Corporation noted that the Federal Reserve's recent 25 basis point rate cut aligns with market expectations, but there are significant divisions regarding future rate cuts [3] Industry Developments - The National Energy Administration reported that as of the end of August, the total number of electric vehicle charging infrastructure units reached 17.348 million, a year-on-year increase of 53.5% [5] - The National Development Bank disclosed that it has issued over 6 trillion yuan in loans for key infrastructure projects since the beginning of the 14th Five-Year Plan [6] Company Innovations - Panasonic plans to launch its next-generation solid-state batteries aimed at the robotics market by the fiscal year ending March 2027 [8] - The new batteries will first be applied in industrial robots and tire pressure monitoring systems, leveraging their advantages in high-temperature environments [8]

Market Overview - The A-share market experienced a collective downturn in the afternoon session, with the Shanghai Composite Index closing at 3831.66 points, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66 points, down 1.06% [1] - The ChiNext Index closed at 3095.85 points, down 1.64% [1] - Total trading volume reached 13659.62 billion yuan for Shanghai and 17691.95 billion yuan for Shenzhen [1] Sector Performance Gaining Sectors - The tourism and hotel sector led the gains with an increase of 2.19%, totaling a trading volume of 1906.88 million hands and a net inflow of 191.33 million yuan [2] - The automotive services sector rose by 2.14%, with a trading volume of 877.84 million hands and a net outflow of 10.25 million yuan [2] - The rubber products sector increased by 1.64%, with a trading volume of 380.43 million hands and a net inflow of 60.28 million yuan [2] Declining Sectors - The high-end materials sector saw the largest decline at -4.80%, with a trading volume of 779.60 million hands and a net outflow of 12.64 million yuan [2] - The industrial metals sector fell by 3.93%, with a trading volume of 5334.15 million hands and a net outflow of 88.56 million yuan [2] - The small metals sector decreased by 3.62%, with a trading volume of 1186.68 million hands and a net outflow of 48.01 million yuan [2]

A股三大指数今日集体下跌，截至收盘，上证指数跌1.15%，深证成指跌1.06%，创业板指跌1.64%，北 证50指数跌1.01%。沪深京三市全天成交额31666亿元，较上日放量7637亿元。全市场超4300只个股下 跌。板块题材上，旅游及酒店、CPO等算力硬件、医药商业、风电设备板块涨幅居前；有色金属、证 券、猪肉、影视院线、房地产、煤炭板块跌幅居前。盘面上，黄金、有色金属板块集体大跌，卧龙新能 触及跌停，湖南白银、锡业股份、罗平锌电跌幅居前。证券板块午后持续走弱，长城证券、国盛金控盘 中跌超5%。此外，猪肉、稀土、影视院线等多股板块午后跳水。旅游及酒店板块今日逆市上扬，云南 旅游、曲江文旅涨停。半导体、算力硬件股早盘走强，工业富联、中芯国际、海光信息等多股早盘一度 创新高。 ...

板块方面，多元金融、风电设备、橡胶制品等板块涨幅居前，贵金属、旅游及酒店、白酒等板块跌幅居前。 A股市场板块涨跌幅排行 中国经济网北京9月17日讯 A股三大指数今日集体上涨，截至收盘，上证指数报3876.34点，涨幅0.37%，成交额10066.79亿元；深证成指报13215.46点， 涨幅1.16%，成交额13700.59亿元；创业板指报3147.35点，涨幅1.95%，成交额6629.44亿元。 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量 (万手) ▼ 总成交额 (亿元) ▼ | 浄流入（亿元） ▼ | 上涨家数 | 下跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 多元金融 | 2.87 | 2071.86 | 178.51 | 17.56 | 25 | 2 | | 2 | 风电设备 | 2.66 | 990.98 | 139.18 | 17.75 | 24 | ഗ | | ന | 橡胶制品 | 2.19 | 191.41 | 32.07 | 0.96 | 14 | ব | | ব | 电机 | 2.13 | 1227 ...

Group 1 - The tourism and hotel sector experienced a significant rally on September 17, with Yunnan Tourism hitting the daily limit up [1] - Lijiang Co. saw an increase of over 3%, while other companies such as Xi'an Tourism, Tibet Tourism, and Xiangyuan Cultural Tourism also experienced gains [1]

Core Viewpoint - The A-share market opened with slight declines across the three major indices, indicating a cautious market sentiment at the start of the trading day [1] Market Performance - The Shanghai Composite Index opened down 0.2% at 3854.07 points [1] - The Shenzhen Component Index opened down 0.01% [1] - The ChiNext Index opened down 0.04% [1] Sector Highlights - The photolithography machine concept stocks were active at the beginning of the trading session, with Wave Optoelectronics hitting the daily limit up and Yongxin Optical also reaching the daily limit up [1] - SMIC reportedly tested China's first domestically produced DUV photolithography machine [1] - The tourism and hotel sector opened high, with Yunnan Tourism hitting the daily limit up and Lijiang Shares rising over 4% [1] - The Ministry of Commerce and eight other departments released policies to expand service consumption [1] - Gold stocks continued to retreat, with Xiaocheng Technology and Western Gold both falling over 3% [1] Technical Indicators - A MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]