Market Overview - A-shares experienced slight fluctuations this week, with technology growth stocks performing well, as the ChiNext Index and STAR Market Index reached new highs, while the Shanghai Composite Index and Shanghai 50 Index showed sideways movement [1] - Weekly trading volume decreased to 11.57 trillion yuan, marking a six-week low due to holiday effects [1] Electronic Industry - The electronic sector attracted significant capital, with a net financing purchase exceeding 45.8 billion yuan for the week, marking the 14th consecutive week of net purchases over 10 billion yuan [2] - The electronic industry received a net inflow of over 412 billion yuan from major funds over the week, leading all sectors in net inflow [2] - Other sectors such as power equipment, telecommunications, and computers also saw substantial net purchases, while non-ferrous metals and non-bank financial sectors experienced net selling [2] Wind Power and Chemical Industries - The wind power sector showed strong performance, with the wind power equipment index rising for four consecutive days, reaching a two-and-a-half-year high [3] - The average bidding price for onshore wind turbines increased by 12.8% from 2024 to 2025, indicating a positive trend in the wind power market [3] - The chemical sector also saw collective strength, with new listings and significant price increases in various chemical products, including refrigerants and titanium dioxide [4][5] Future Outlook - Analysts expect certain chemical sub-industries to experience a phase of improvement due to ongoing policy effects, leading to healthier and more sustainable industry development [5] - The technology sector is anticipated to remain a core focus for the market, with structural opportunities expected to arise in the near future [7]

Group 1 - The central government emphasizes the importance of social stability and long-term peace in Xinjiang, aligning with the overall strategy of the Communist Party of China [1][4] - The Xinjiang Production and Construction Corps (XPCC) plays a crucial role in promoting social stability and development in the region, acting as a "stabilizer" and "melting pot" [2][5] - There is a focus on enhancing vocational education to align with local industries, aiming to cultivate high-quality skilled talent for Xinjiang's development [2][3] Group 2 - The central delegation is actively assessing various sectors, including cultural heritage protection, agricultural innovation, and community development, to ensure comprehensive growth in Xinjiang [3][4][6] - The importance of cultural integration and the promotion of the shared values of the Chinese nation is highlighted as a key strategy for fostering unity among different ethnic groups [5][6] - The delegation's visits to various enterprises and educational institutions indicate a commitment to leveraging local resources and enhancing economic development through innovation and collaboration [4][7]

Core Viewpoint - The G7 and EU's recent decision to impose minimum prices, tariffs, and carbon taxes on rare earth exports from China reflects a strategic anxiety and a misguided approach to reducing dependency on Chinese resources, which may ultimately harm their own industries rather than China’s [1][3][19] Group 1: Background and Context - The G7 and EU's actions are a response to a series of challenges over the past year, including renewed trade tensions between the US and China and stricter Chinese export controls on rare earths [3][5] - European companies are already feeling the pressure, with some resorting to depleting their inventories due to fears of supply shortages, particularly in the automotive sector [3][5] Group 2: Policy Implications - The G7's plan to set minimum prices and impose tariffs on rare earths is seen as an attempt to force domestic companies to source non-Chinese rare earths, but this could lead to increased costs and operational challenges for these companies [5][11] - The European Union's rare earth reserves account for less than 1% of global supply, making it difficult for them to achieve self-sufficiency in the short term [7][9] Group 3: Industry Impact - Industries heavily reliant on rare earths, such as renewable energy, electronics, and automotive, are likely to face significant cost increases, which could undermine their competitiveness [11][13] - The imposition of minimum prices may disrupt market dynamics, potentially leading to black market activities and further complicating supply chains [11][13] Group 4: China's Position - China remains in a strong position as it controls over 80% of global rare earth supply and is actively seeking to expand its market presence in Asia and Africa [15][19] - The G7 and EU's actions may inadvertently strengthen China's market position by pushing other countries to develop their rare earth resources, which will take time and investment [15][19] Group 5: Future Considerations - The G7 and EU's approach may exacerbate internal structural issues within their industries rather than effectively countering China's dominance in the rare earth market [17][19] - A collaborative approach with China to stabilize supply chains and promote mutual development may be a more effective strategy than isolationist policies [19]

Core Viewpoint - Jixin Technology (601218) experienced a trading halt today with a daily turnover rate of 21.14%, a transaction amount of 1.125 billion yuan, and a price fluctuation of 10.96% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "龙虎榜" due to a daily price deviation of 10.75%, with a net buying amount of 23.998 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 233 million yuan, with a buying amount of 129 million yuan and a selling amount of 105 million yuan, resulting in a net buying of 23.998 million yuan [2] - The largest buying and selling brokerage was Kaiyuan Securities Co., Ltd. with a buying amount of 36.7898 million yuan and a selling amount of 35.0483 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the "龙虎榜" seven times, with an average price increase of 0.92% the day after being listed and an average decline of 4.38% in the following five days [3] - The stock saw a net inflow of 160 million yuan from major funds today, with a significant single order net inflow of 189 million yuan and a large order net outflow of 28.6126 million yuan [3] - In the past five days, the net inflow of major funds totaled 259 million yuan [3] Financing and Earnings - As of September 25, the stock's margin trading balance was 216 million yuan, with a financing balance of 216 million yuan and a securities lending balance of 3.86 million yuan [3] - In the past five days, the financing balance decreased by 50.6588 million yuan, a decline of 18.97%, while the securities lending balance decreased by 0.89 million yuan, a decline of 18.72% [3] - The company reported a revenue of 715 million yuan for the first half of the year, representing a year-on-year growth of 23.20%, and a net profit of 81.5617 million yuan, reflecting a year-on-year increase of 143.18% [3]

（编辑 姚尧） 证券日报网讯 9月26日晚间，吉鑫科技发布公告称，公司股票于2025年9月24日、9月25日、9月26日连 续3个交易日收盘价格涨幅偏离值累计达20%，属于股票交易异常波动。目前公司经营情况正常，内外 部经营环境未发生重大变化。 ...

Market Overview - A-shares experienced an overall upward trend this week, with a focus on technology sectors such as semiconductors, wind power equipment, precious metals, and storage chips [1] - The Hang Seng Index retreated this week, with weakness observed in technology, innovative pharmaceuticals, and new consumption sectors [1] Index Performance - The CSI 300 Index rose by 1.1%, the CSI A500 Index increased by 1.2%, the ChiNext Index grew by 2.0%, and the STAR Market 50 Index surged by 6.5%. In contrast, the Hang Seng China Enterprises Index fell by 1.8% [1][3] Index Characteristics - The CSI 300 Index consists of 500 large-cap, liquid securities covering 91 out of 93 tertiary industries [4] - The ChiNext Index is composed of 100 stocks from the ChiNext board, with a high proportion in strategic emerging industries, particularly in power equipment, pharmaceuticals, and electronics, which together account for over 55% [4] - The STAR Market 50 Index includes 50 large-cap stocks from the STAR Market, with a significant focus on "hard technology," where semiconductors represent over 50% and combined with medical devices and photovoltaic equipment, they account for nearly 75% [4] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks from mainland Chinese companies listed in Hong Kong, covering a wide range of industries, with consumer discretionary, financials, information technology, and energy sectors making up over 85% [4] ETF Tracking - There are currently 29 ETFs tracking the CSI 300 Index, 40 ETFs for the CSI A500 Index, 16 ETFs for the ChiNext Index, 18 ETFs for the STAR Market 50 Index, and 4 ETFs for the Hang Seng China Enterprises Index [4]

中新社北京9月26日电 (记者 陈康亮)中国A股26日(周五)"遇冷"，主要股指悉数下跌。板块方面，风电设 备板块当天逆势上涨，表现亮眼。 就当天A股主要指数的表现而言，截至收盘，上证指数报3828点，跌幅为0.65%；深证成指报13209点， 跌幅为1.76%；创业板指报3151点，跌2.6%。沪深两市成交总额约21469亿元人民币，较上一个交易日 缩量约2242亿元人民币。(完) 诚通证券分析师王子璕表示，2025年上半年，中国风电价格较2024年同期提升显著，招标量同比保持增 长，预计下半年中国风电产业链有望延续复苏态势，利好相关上市公司。 消息面上，据媒体报道，近日，国际咨询公司伍德麦肯兹(Wood Mackenzie)发布报告称，预计未来10年 全球风电市场有望迎来前所未有的增长。其中，未来5年内，全球年均新增风电装机容量将超过170吉 瓦。全球风电市场的增长，很大程度上得益于中国陆上风电装机容量的大幅提升。受数据中心和电气化 需求推动，中国今年第三季度陆上风电装机容量增长显著。 根据金融数据服务商东方财富的统计，风电设备板块当天上涨3.04%，领涨A股所有板块。个股方面， 威力传动、吉鑫科技、明阳 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Market Overview - On September 26, the three major A-share indices opened slightly lower and experienced fluctuations, with the Shanghai Composite Index down by 0.65%, the Shenzhen Component Index down by 1.76%, and the ChiNext Index down by 2.6% [1] Sector Performance - Technology stocks experienced a broad pullback, particularly in computing power and artificial intelligence sectors [1] - The chemical fiber sector showed strength against the market trend, with Shennong Co. hitting the daily limit [1] - The military industry sector rose, with Chengfei Integration and Xiangdian Co. also hitting the daily limit [1] - Wind power concepts were active, with Mingyang Smart Energy and Jixin Technology reaching the daily limit [1] Non-Ferrous Metals Sector - The non-ferrous metals sector performed strongly, with Jingyi Co. achieving three consecutive daily limits, and Jiangxi Copper, Tongling Nonferrous Metals, and others following suit [5] - A meeting of the Copper Industry Association highlighted ongoing issues with low processing fees due to "involution" competition in the copper smelting industry [5] Wind Power and Renewable Energy - On September 24, China announced a new round of national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach six times that of 2020 [4] - Research reports indicate that the wind power value chain has successfully achieved "anti-involution" through industry self-discipline, with a turnaround in pricing and overall profitability expected by early 2025 [4] Semiconductor Sector - The semiconductor industry chain saw significant gains, with companies like Liandong Technology and Jingcheng Machinery rising over 10% [6] - Analysts predict that domestic wafer fabs could increase their global market share from 10% to 30%, indicating a potential threefold expansion opportunity [7] - Short-term trends show strong performance in the semiconductor sector, driven by a "catch-up" demand and recent price increases in upstream materials like silicon wafers [8]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [13]. Core Viewpoints - The A-share market experienced slight fluctuations with a notable resistance at 3856 points for the Shanghai Composite Index, while sectors such as aerospace, wind power equipment, automotive, and chemical fibers performed well [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.72 times and 50.62 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][12]. - The total trading volume on the two exchanges reached 21,663 billion, indicating a robust market activity above the median of the past three years [3][12]. - Government policies are expected to support economic recovery, with a focus on consumer promotion and real estate stabilization, providing a solid foundation for the market [3][12]. - The market is anticipated to present new investment opportunities amidst fluctuations, with a recommendation to focus on sectors like chemical fibers, aerospace, automotive, and wind power equipment [3][12]. Summary by Sections A-share Market Overview - On September 26, the A-share market faced resistance and exhibited slight fluctuations, with the Shanghai Composite Index closing at 3828.11 points, down 0.65% [6][7]. - The trading volume for the day was 21,663 billion, showing a decrease compared to the previous trading day [6][12]. - Over 60% of stocks declined, with notable gains in wind power equipment, chemical fibers, fertilizers, insurance, and pesticides, while sectors like gaming, consumer electronics, and software development saw significant declines [6][8]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as chemical fibers, aerospace, automotive, and wind power equipment for potential investment opportunities [3][12]. - Investors are advised to remain cautious and avoid blind chasing of high prices, while optimizing their investment strategies based on market conditions [3][12].