Group 1 - The A-share market experienced a collective rise on September 1, 2025, with a trading volume of approximately 27,499.61 billion yuan, driven by sectors such as gold, CPO, innovative drugs, and storage chips [1] - As of August 29, 2025, the A-share financing balance reached a new high of 22,454.72 billion yuan, just 211.63 billion yuan short of the historical peak, with the Shenzhen market financing balance also hitting a record [1] - Market sentiment has been buoyed by factors such as the expectation of a Federal Reserve interest rate cut, significant upcoming events, structural prosperity in mid-year reports, and advancements in the domestic AI industry, leading to substantial inflows of incremental capital [1] Group 2 - The A500 index rose by 0.85% as of September 1, 2025, with the leading A500 ETF (563800) increasing by 0.62%, marking three consecutive days of gains [2] - Financial institutions suggest that the A-share market's chip structure has improved following significant fluctuations, with the "anti-involution" policy and demand-side policies being crucial for market performance [2] - Core assets are becoming a focal point for the market, with expectations of a recovery in ROE as net profit margins improve and turnover stabilizes, indicating a potential end to the downward cycle [2] Group 3 - The market is expected to maintain a trend of oscillating upward in September, although at a potentially slower rate compared to August, driven by positive feedback from incremental capital inflows [3] - The external environment appears stable, with high expectations for the Federal Reserve to initiate interest rate cuts, enhancing the attractiveness of RMB assets [3]

Core Insights - ZTE Corporation is deepening its "connection + computing power" strategy, showing significant results with a revenue of 71.55 billion yuan in the first half of 2025, a year-on-year increase of 14.5% [1] - The company is embracing AI opportunities, with revenue from computing power and terminal products growing nearly 100% year-on-year, accounting for over 35% of total revenue [1] - The recent release of the "Artificial Intelligence +" action plan aligns with ZTE's focus on comprehensive layout and technological breakthroughs in the "connection + computing power" field [1] Group 1: Computing Power Infrastructure - ZTE has developed a "distributed high-performance domestic intelligent computing resource pool" that supports various computing power acceleration hardware, contributing to multiple large-scale projects [3] - The AI Booster training platform enables efficient deployment of large models, significantly reducing migration costs [3] - ZTE's AiCube intelligent computing machine supports large models with 671 billion parameters, achieving millisecond-level responses and allowing thousands of concurrent users [5] Group 2: Green Computing Initiatives - ZTE's modular data center solution shortens construction time by 40%, supporting 850,000 5G base stations and achieving a carbon reduction of 6 million tons annually [6] - The company integrates a five-dimensional intelligent system in its manufacturing processes, exemplifying the fusion of intelligent manufacturing and green computing [6] Group 3: AI Technology Innovations - ZTE's Nebula Coder-V6 model scored 67.4 points in the SuperCLUE Chinese model evaluation, excelling in scientific reasoning and code generation [7] - The company has filed over 5,500 AI-related patents, with nearly 50% granted, establishing a strong foundation in AI technology research [7] - ZTE's AIR Net high-level intelligent solution enhances network operations, while its low-altitude comprehensive solution has completed over 100 commercial and pilot projects [7] Group 4: Industry Applications and Ecosystem - ZTE's digital star cloud 4.0 platform integrates large model technology to create benchmark projects across 18 industries, improving operational efficiency in various sectors [8][10] - The company is building a comprehensive AI ecosystem that spans industry applications and consumer terminals, promoting AI education and healthcare solutions [10][11] - ZTE's new human-computer interaction paradigm is showcased in its Nubia series terminals, enhancing user experience through AI capabilities [13] Group 5: Future Directions - ZTE's president emphasizes the company's commitment to being a leader in network connectivity and intelligent computing power, focusing on "intelligent symbiosis and digital-physical integration" [15] - The company aims to drive AI technology from laboratory settings to industrial applications, contributing to the high-quality development of China's AI industry [15]

今日（9月1日），CPO板块再度活跃，截至收盘，源杰科技、腾景科技、汇绿生态、旭光电子、华工科 技涨停。同时，板块"三杰"新易盛、中际旭创、天孚通信也涨幅明显，分别达9.07%、14.42%、 11.90%，且三股均创历史新高。 | 全部A股 沪深A股 | 沪市A股 | 深市A股 北京A股 | 创业板 | 科创版 | 风险警示 | 退市整理 共封装光学(CPO) ▼ | | 地域 ▼ | 行业 ▼ 指标股 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | સ્દર્શત | 名称 | SEMBER | HIGH | 深层 | 2016 | 成交额 | 换手% | 总书馆 | 涨停状态 所属行业 | | 688498 ■ 限 源:科技 | | +20.00% | 358.80 | 59.80 | 0.00 | 17.60亿 | 8.78% | 308.38亿 | 草板 出合体 | | 2 688195 ■ 膳 腾景科技 | | +20.00% | 85.50 | 14.25 | 0.00 | 11.29亿 | 11.19% | ...

高盛发布研报称，中兴通讯(00763)第二季收入同比增长21%至390亿元人民币，较该行及市场预期高出 8%及12%，净利润符合预期，但毛利率逊预期。经营溢利同比跌36%至17亿元人民币，较该行及市场预 测低39%及26%。惟非经营溢利表现胜预期，令第二季净利润按季升6%至260万元人民币，基本符合预 期。该行对中兴通讯在非电信业务的持续扩张持乐观态度，对其维持"中性"评级，并对其2025至2027年 净利润预测下调14%、9%和3%，收入预测上调7%、11%和13%，目标价升14%至33.5港元。 来源：智通财经网 ...

今日（9月1日），CPO板块再度活跃，截至收盘，源杰科技、腾景科技、汇绿生态、旭光电子、华工科技涨停。同时， 板块"三杰"新易 盛、中际旭创、天孚通信也涨幅明显，分别达9.07%、14.42%、11.90%，且三股均创历史新高。 | 全部A股 沪深A股 沪市A股 | | 深市A股 北京A股 创业板 | | 科创板 风险警示 | | | 退市発理 共封装光学(CPO) ▼ 地域 ▼ | | 行业 ▼ 指标股 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | મદર્શત | 涨幅%1 | માત્રસ | 源铁 | 新闻 | 成交额 | 换手% | 总书师 | 涨停状态 所属行业 | | 1 688498 ■ 源 源杰科技 | | +20.00% | 358.80 | 59.80 | 0.00 | 17.60亿 | 8.78% | 308.38亿 | 草板 出身体 | | 2 | 688195 ■ 膳 腾景科技 | +20.00% | 85,50 | 14.25 | 0.00 | 11.29亿 | 11.19% | ...

智通财经APP获悉，富瑞发布研报称，中兴通讯(00763)过去三个月股价累升约52%，受人工智能及 ASIC芯片增长憧憬，但第二季业绩逊预期显示市场过度乐观。该行称，目前其对中兴今明两年净利润 预测较市场预测低出分别26%及31%，22倍市盈率估值对比未来三年净利润负增长并不吸引，投资评级 由"持有"降至"跑输大市"，H股目标价由18.82港元上调至27.27港元。 该行指，人工智能增长可从服务 器收入增长达两倍见到，但毛利率或为4%至5%，因此收入胜预期下核心经营溢利及净利润逊预期。公 司可能在美国制裁或面临制裁风险下，从竞争对手取得服务器客户，电讯业务收入持续下跌，毛利率下 降推动该行下调对公司盈利预测。 该信息由智通财经网提供 ...

2025-09-01 九月行情展望 长江证券研究所金融工程研究小组 %% %% %% %% research.95579.com 2 8月行情强度 research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% 统计意义上的强度属于一般高的范畴，但鉴于涨幅榜前20有4只起涨时自由流通市值已在100亿以上的个股， 甚至有起步时已1403亿的寒武纪，且起涨时成交额均是10亿量级的，8月的实质强度较大 表1：8月涨幅榜前20 | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 新产品 | 赛诺医疗 | 238 86% . | 13 92 . | 42 81 . | 40 53 . | | 并购重组 | 开普云 | 163 56% . | 62 28 . | 19 71 . | 37 91 . | | 算力 | 华胜天成 ...

Investment Rating - The report recommends a positive investment rating for sectors such as securities, communication equipment, and liquor [2]. Core Insights - The strategy report indicates a model recommendation for the week of September 1, 2025, to allocate investments in sectors including securities, communication equipment, and liquor, with additional holdings in various ETFs [2]. - The strategy has achieved a cumulative net return of approximately 6.58% during the period from August 25 to August 29, 2025, outperforming the CSI 300 ETF by about 3.86% [2][11]. - Since October 14, 2024, the strategy has recorded a cumulative return of approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2]. Summary by Sections Strategy Update - For the week of September 1, 2025, the model recommends adding holdings in the securities broker ETF, consumer 30 ETF, and defense ETF, while continuing to hold communication equipment ETF, satellite ETF, and battery ETF [2]. Performance Tracking - The strategy's cumulative net return from August 25 to August 29, 2025, is approximately 6.58%, with an excess return of about 3.86% over the CSI 300 ETF [2][11]. - The cumulative return since October 14, 2024, is approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2].

Market Performance - The communication equipment sector rose by 6.39% on September 1, with Ruijie Networks leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Ruijie Networks (301165) closed at 103.61, up 16.02% with a trading volume of 241,200 shares and a transaction value of 2.376 billion [1] - Zhongji Xuchuang (300308) closed at 406.10, up 14.42% with a trading volume of 598,700 shares and a transaction value of 23.174 billion [1] - Guangku Technology (300620) closed at 110.56, up 13.99% with a trading volume of 367,000 shares and a transaction value of 3.821 billion [1] Top Losers - Changjiang Communication (600345) closed at 30.55, down 5.77% with a trading volume of 235,900 shares and a transaction value of 720 million [2] - ST Gaohong (000851) closed at 0.98, down 4.85% with a trading volume of 37,200 shares and a transaction value of 3.6432 million [2] - ST Jinglun (600355) closed at 3.63, down 4.22% with a trading volume of 322,700 shares and a transaction value of 117 million [2] Capital Flow - The communication equipment sector saw a net inflow of 1.291 billion from institutional investors, while retail investors contributed a net inflow of 588 million [2] - The sector experienced a net outflow of 1.879 billion from speculative funds [2] Individual Stock Capital Flow - Hengbao Co. (002104) had a net inflow of 1.382 billion from institutional investors, but a net outflow of 676 million from speculative funds [3] - ZTE Corporation (000063) saw a net inflow of 1.136 billion from institutional investors, with a net outflow of 561 million from speculative funds [3] - StarNet Ruijie (002396) had a net inflow of 103 million from institutional investors, while speculative funds saw a net inflow of 19.39 million [3]

我们来看中际旭创和天孚通信的OBV状态： 这俩OBV实在太丝滑了，两个字：完美。 但是新易盛就有点凹斑： 这个结构，我觉得爆量之后出骑点应该是可以的，其它条件都满足，就OBV这关过不了。 正在扼腕可惜之际，忽然就想起了很久以前的发明：WOBV 威廉变异离散量改进之后的OBV指标 立即接上看看： 抱住光连才算做对牛市，目前为止仍然没有见顶迹象。 光连三杰易中天，都是堆量骑点牛，但是调试新易盛时一直有点小问题卡住，今天忽然灵感来袭，一下解决了。 问题在堆量的特性描述，思考堆量描述时，我最先想到的是用OBV指标，实验证明，确实管用，很快就帮我过滤掉了很多貌似堆量的股票。条件很简 单，就是OBV>MA(OBV,20); 就是说，量柱如果一直是阳柱，那么累计值肯定一直向上，不会击穿中期均线，但凡期间阴柱过长或者过多，就会出毛病。其实红肥绿瘦也是这么回事， 所以从这个角度看，OBV保持丝滑推升状态正是表明量柱结构比较良性。 哈哈，简直不要太完美。两颗骑点信号迅即点亮。 这是不是可以佐证WOBV的原理比OBV更合理呢？ 今天盘后新得到两只骑点信号： 注意，骑点公式目前还在跟踪测试中，并不表示骑点出现马上就会上涨。事实上，上 ...