Group 1: Core Insights - The article discusses various dividend ETFs, including E Fund's dividend ETF, which tracks the China Securities Dividend Index composed of 100 high cash dividend yield stocks, primarily from the banking, coal, and transportation sectors, accounting for over 55% of the index [2] - The E Fund's low volatility dividend ETF tracks the China Securities Low Volatility Dividend Index, consisting of 50 stocks with good liquidity and stable dividend payments, with a sector concentration of over 70% in banking, transportation, and construction [2] - The Hang Seng Low Volatility Dividend ETF tracks the Hang Seng High Dividend Low Volatility Index, made up of 50 stocks within the Hong Kong Stock Connect that have low volatility and stable dividends, with significant representation from the financial and industrial sectors [2] Group 2: Performance Metrics - As of the latest trading session, the China Securities Dividend Index showed a change of 0.3% with a rolling P/E ratio of 8.2 times and a valuation percentile of 67.9% since its inception in 2013 [2] - The China Securities Low Volatility Dividend Index experienced a change of 0.5% with a rolling P/E ratio of 8.2 times and a valuation percentile of 76.1% since its launch in 2013 [2] - The Hang Seng High Dividend Low Volatility Index reported a change of -0.6% with a rolling P/E ratio of 7.2 times and a valuation percentile of 84.2% since its introduction in 2017 [2]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市公司：白银有色（601212），金徽股份（603132），甘肃能化（000552），庄园牧场（002910）， 亚太实业（000691），佛慈制药（002644），陇神戎发（300534），海默科技（300084），蓝科高新 （601798），兰石重装（603169），甘肃能源（000791） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-5月，甘肃省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为3291 个，和上年同期相比，增加了280个，同比增长9.3%，占全国的比重为0.63%。 ...

上市公司：兴业银锡（000426），电投能源（002128），银泰黄金（000975），北方稀土（600111）， 赤峰黄金（600988），伊利股份（600887），骑士乳业（832786），大唐药业（836433），北方股份 （600262），内蒙华电（600863） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 2025年1-5月，内蒙古自治区工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011 年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元） 为4194个，和上年同期相比，增加了285个，同比增长7.29%，占全国的比重为0.81%。 ...

改革是高质量发展的动力源，是增进人民幸福感的关键点。 近一年来，南京紧扣党的二十届三中全会部署的目标任务深化改革，聚焦事关全局的重点改革事项 攻坚克难，从老百姓急难愁盼中找准改革的发力点和突破口，推出更多务实管用的改革举措，努力形成 更多高质量的改革成果。 在全省率先推行工业领域AEO制度试点、率先开发"跨境电商线上快速备案"系统；探索服务退役军 人高质量创业改革新路，全市退役军人创办的经营主体已达2.6万余家，年增值税纳税额超30亿元；鼓 楼区探索建立可持续的城市更新模式，颐和路历史文化街区保护利用路径入选住建部城市更新典型案 例；创新打造"养老顾问"服务站，系统整合养老资源、畅通养老服务供需对接……改革赋能，南京全面 激活"发展引擎"。 凝聚改革共识 改革方向更明确、氛围更浓厚 南京深入学习贯彻党的二十届三中全会精神，系统谋划部署，一体推进落实，形成进一步全面深化 改革的"任务书"： 制定《中共南京市委关于贯彻落实党的二十届三中全会精神，进一步全面深化改革、在推进中国式 现代化中走在前做示范的实施意见》，出台《实施意见推进计划（2024—2028年）》，为未来五年的 南京改革绘就新蓝图、明确新路径； 制定 ...

Core Viewpoint - The A-share market has reached a historic milestone, with the total market capitalization surpassing 100 trillion yuan for the first time, driven by significant increases in various sectors, particularly the information technology sector [1][8]. Market Performance - On August 18, the Shanghai Composite Index opened high and broke through the previous high of 3731.69 points, marking a ten-year high since August 2015 [1]. - The total market capitalization of A-shares reached 100.19 trillion yuan, an increase of 14.33 trillion yuan since the beginning of the year [1]. - The total trading volume for the year has reached 223.65 trillion yuan, with an average daily trading volume of 1.47 trillion yuan [1]. Sector Performance - The information technology sector has seen a market capitalization increase of 11.55% since August, making it the largest contributor to the overall market capitalization growth [7]. - Other sectors such as materials and industrials also experienced significant growth, with market capitalization increases of 7.10% and 6.54%, respectively [7]. - The financial sector maintained a strong position with a market capitalization of 177.02 trillion yuan, reflecting a 3.39% increase [7]. Investor Behavior - There is a notable influx of retail investors into the market, although their overall participation remains cautious due to a prevailing "fear of heights" sentiment [8][9]. - New individual investor accounts have shown marginal improvement since May, but the absolute numbers remain low, indicating a lack of significant capital inflow from retail investors [8][9]. - The trend of "capital migration" among residents is expected to continue, with a decrease in the attractiveness of low-interest savings and financial products, potentially leading to increased investment in the stock market [10]. Future Outlook - Institutional funds are anticipated to continue flowing into A-shares, with foreign capital shifting from net selling to net buying [10]. - The report suggests focusing on three investment directions: technology sectors such as consumer electronics and AI software, new consumption trends, and thematic investments like commercial aerospace and brain-computer interfaces [10].

Core Viewpoint - The China Securities Consumer Services Leading Index has shown positive performance, with a year-to-date increase of 7.51% and a recent monthly rise of 5.11% [1][2] Group 1: Index Performance - The China Securities Consumer Services Leading Index rose by 1.12%, closing at 8689.98 points, with a trading volume of 222.535 billion yuan [1] - The index has increased by 5.11% over the past month and 5.97% over the last three months [1] Group 2: Index Composition - The index comprises 100 listed companies in sectors such as food and beverage, clothing, education and sports, pharmaceuticals, finance, cultural communication, and household goods [1] - The top ten weighted companies in the index include: - Heng Rui Medicine (5.5%) - WuXi AppTec (5.15%) - Kweichow Moutai (4.52%) - Cambricon Technologies (4.06%) - Ping An Insurance (3.32%) - Wuliangye (3.17%) - China Merchants Bank (2.76%) - China Telecom (2.39%) - iFlytek (2.39%) - SF Holding (2.36%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shanghai Stock Exchange (67.06%) and the Shenzhen Stock Exchange (32.94%) [1] Group 4: Industry Breakdown - The industry composition of the index includes: - Healthcare: 27.01% - Finance: 20.29% - Consumer Staples: 18.31% - Information Technology: 13.58% - Communication Services: 11.20% - Industrials: 7.41% - Consumer Discretionary: 2.20% [2] Group 5: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Sample adjustments generally do not exceed 10%, with new samples prioritized based on rankings [2]

Group 1 - The core viewpoint emphasizes that developing new productive forces is a crucial policy direction for the domestic economy, with a focus on excess returns for technology and innovation companies under a backdrop of liquidity easing [1] - Key sectors identified for growth include artificial intelligence, innovative pharmaceuticals, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion [1] - The transformation and upgrading of industries are driving a year-on-year price recovery in related sectors, with positive price changes observed in emerging fields such as caustic soda, aircraft manufacturing, wearable smart devices, microwave communication equipment, and servers [1] Group 2 - The expansion of overseas AI data center construction is driving demand for high-speed optical modules, with global tech giants increasing their computing power layout, which is expected to boost the optical communication equipment market [1] - The demand for 800G Ethernet optical modules is strong, and 1.6T products are beginning to emerge, with an anticipated growth rate of around 50% for the global Ethernet optical module market by 2025 [1] - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), which selects 50 large-cap emerging industry companies from the Sci-Tech Board and the ChiNext to reflect the overall performance of representative emerging industries [1]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：铜陵有色（000630），楚江新材（002171），鑫铂股份（003038），众源新材（603527）， 恒源煤电（600971），淮北矿业（600985），皖天然气（603689），龙磁科技（300835），鑫科材料 （600255），神剑股份（002361），安利股份（300218），万朗磁塑（603150），会通股份 （688219），浩淼科技（831856），安凯客车（000868），汉马科技（600375），江淮汽车（600418） 数据来源：国家统计局，智研咨询整理 2025年1-5月，安徽省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为24665 个，和上年同期相比，增加了1492个，同比增长6.44%，占全国的比 ...

本周港股流动性:（1）本周港交所日均成交金额为2568.58亿港元，较上周增加303.13亿港元。本周日均 沽空金额为291.22亿港元，较上周增加14.03亿港元；沽空金额占成交额比例的日均值为11.27%，较上 周下降0.98个百分点。（2）本周南向资金累计净买入381.21亿港元，较上周增加163.7亿港元。其中，8 月15日（周五）南向资金单日创纪录净流入358.76亿港元。 港股估值与风险偏好:（1）截至8月15日，恒生指数的PE、PB分别为11.52倍、1.2倍，分别较上周五上 涨1.68%、1.15%，分别处于2019年以来85%、85%分位数水平。恒生科技指数的PE、PB分别为21.94 倍、3.12倍，分别处于2019年以来23%、66%分位数水平。（2）截至8月15日，10年期美国国债到期收 益率较上周五上行6BP至4.33%，港股恒生指数的风险溢价率为4.35%，为3年滚动均值-2.24倍标准差， 处于2010年以来5%分位。10年期中国国债到期收益率较上周五上行5.74BP至1.7465%，从而港股恒生指 数的风险溢价率为6.93%，为均值（3年滚动）-1.65倍标准差，处于2010年 ...

Group 1 - The report highlights that the current market trend is supported by the rapid iteration of AI and technology industries, with new productivity narratives such as DeepSeek and humanoid robots driving growth for small and medium-sized enterprises on the Beijing Stock Exchange [1][2] - As of August 15, 2025, the valuation ratio of micro-cap stocks to large-cap stocks has not reached historical extremes, with the difference in PE TTM between micro-cap stocks and the CSI 300 at 40.30X, slightly above the average since 2015 [1][16] - The liquidity indicators show that the turnover rate of micro-cap stocks is at a high level, with a turnover rate of 7.12%, placing it in the 97.60th percentile since 2015 [1][21] Group 2 - The report indicates that the North Exchange 50 Index has shown a gradual convergence towards the CSI 2000 Index, with average total market capitalization, trading volume, and turnover rate data becoming increasingly similar [1][16][12] - The North Exchange A-shares have experienced an increase in overall PE valuation, rising from 51.64X to 52.07X, while the ChiNext and STAR Market also saw increases in their PE valuations [2][24] - The report emphasizes the scarcity and specialization of companies on the North Exchange, particularly those representing new productivity in the technology sector, suggesting a focus on companies with strong half-year performance and reasonable valuations [2][44] Group 3 - The report provides an overview of the IPO situation on the North Exchange, noting that two companies have registered and two have passed the review process as of August 15, 2025 [3][50] - The report mentions that the average first-day price fluctuation for newly listed companies on the North Exchange since January 1, 2025, is 326.11% [50] - The report includes a stock pool that highlights companies with stable performance and reasonable valuations, such as Haidar and Knight Dairy, while removing companies with significant price increases [44][47]