风险提示：本材料中的观点和判断仅供参考，不构成投资、法律、会计或税务的最终操作建议或实际的 投资结果。本基金管理人不保证其中的观点和判断不会发生任何调整或变更，且不就材料中的内容对最 终操作建议做出任何担保。投资有风险，入市须谨慎。基金产品由基金管理公司发行与管理，销售机构 不承担产品的投资、兑付风险管理责任。 上周国内权益市场保持强势，万得全A周涨幅为2.12%，日均成交量维持在2.5万亿元的较高水平，并创 出此轮反弹新高。美国科技巨头AI领域资本开支大幅增加，受此影响，国内TMT板块表现亮眼，电 子、传媒和计算机上周分别上涨5.98%、4.44%和4.26%。 9月8日以来，各项8月份的宏观经济数据陆续发布。泓德基金表示，综合来看，8月国内经济运行保持平 稳，物价水平边际有所改善，外需明显强于内需的态势仍在延续。泓德基金具体分析，一是从海关总署 发布的货物贸易进出口数据观察，8月份，我国货物贸易进出口总值3.87万亿元，同比增长3.5%，出 口、进口连续3个月实现双增长。前8个月，我国外贸顺差金额近7900亿美元，同比涨幅超过28%，再度 创下历史新高。这不仅体现了我国外贸结构的持续优化，更凸显出在全球经 ...

Group 1 - The core viewpoint of the article highlights that Gongda Electronics' DM-ToF technology has broad applications in various sectors including smart logistics, smart home, and healthcare [2]

Group 1: Market Overview - The market experienced narrow fluctuations in the first half of the week, followed by a rebound attempt, but faced a pullback on Friday, with an average daily trading volume of approximately 23,264 billion [1] - Growth stocks outperformed value stocks, with a relatively balanced performance between large-cap and small-cap stocks; sectors such as electronics, real estate, and agriculture saw significant gains, while banking, oil and gas, and pharmaceuticals faced declines [1] Group 2: Macroeconomic Analysis - Domestic macro data released last week indicated resilient domestic demand, although August exports showed signs of weakening compared to July, primarily due to declining U.S. import demand [2] - The core CPI in August continued to rise for four consecutive months, while PPI's year-on-year decline narrowed; however, CPI has remained below 1% for 30 months, and PPI has been negative for 35 months, indicating ongoing pressure on domestic demand [2] - The growth rate of social financing fell to around 8.8% in August, with strong fiscal support observed this year, suggesting limited room for further increases [2] Group 3: U.S. Economic Indicators - The U.S. CPI met expectations, but PPI significantly underperformed, and initial jobless claims unexpectedly surged, reinforcing expectations for interest rate cuts [3] - The upcoming September FOMC meeting is expected to price in rate cuts, with projections indicating 2 to 3 potential cuts by the end of the year [3] Group 4: Investment Strategy - The market is currently in a mid-cycle fluctuation phase, with expectations of upward movement but increased volatility; AI-related sectors remain a focal point for investment [4] - Despite potential external shocks, if market sentiment remains strong, indices are likely to stay in an upward trend, with short-term fluctuations providing reallocation opportunities [4] - A neutral outlook suggests that if macro and policy environments remain stable, the Shanghai Composite Index may experience narrow fluctuations until late October, with potential upward movement following the 20th National Congress [5]

资金面上看，两市主力资金全天净流出597.54亿元，今日有4个行业主力资金净流入，汽车行业主力资 金净流入规模居首，该行业今日上涨1.44%，全天净流入资金31.66亿元，其次是传媒行业，日涨幅为 1.94%，净流入资金为7.23亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600673 | 东阳光 | -3.72 | 3.30 | -35949.73 | | 000833 | 粤桂股份 | -2.02 | 21.41 | -4897.67 | | 600770 | 综艺股份 | -3.11 | 2.70 | -3296.79 | | 600689 | 上海三毛 | -2.66 | 8.71 | -2734.13 | | 600805 | 悦达投资 | -2.05 | 2.73 | -2366.79 | | 000025 | 特力A | -1.03 | 2.74 | -1851.94 | | 600682 | 南京新百 | -1.37 | 1.73 | -1321.06 | | 0006 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688662 | 富信科技 | 43.79 | -2.41% | 1.88万 | 8256.99万 | | 001298 | 好上好 | 35.76 | -2.32% | 23.62万 | 8.50亿 | | 688103 | 国力电子 | 64.16 | -2.18% | ● 1.28万 | 8280.83万 | | 300493 | 润欣科技 | 21.55 | -1.73% | P 20.80万 | 4.52亿 | | 688093 | 世华科技 | 39.23 | -1.61% | 2.87万 | 1.13亿 | | 300184 | 力源信息 | 12.11 | -1.54% | 119.32万 | 14.66亿 | | 002782 | 可立克 | 16.72 | -1.47% | 11.35万 | 1.90亿 | | 002859 | 洁美科技 | 32.21 | -1.38% | 6.05万 | 1.95亿 | | 002130 | ...

Market Liquidity Overview - R007 increased from 1.4566% to 1.4651%, a rise of 0.85 basis points, while DR007 rose from 1.4372% to 1.4575%, an increase of 2.03 basis points. The spread between R007 and DR007 narrowed by 1.18 basis points [1][9] - The net inflow of funds this week was 2.997 billion, a decrease of 64.904 billion from the previous week. Fund supply was 110.177 billion, and fund demand was 107.180 billion. Fund supply increased by 15.540 billion, with net financing purchases rising by 37.822 billion [1][13] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose this week, with the real estate sector showing the most significant increase at 6.99%. Other sectors like electronics and agriculture also saw slight gains. Conversely, the banking and comprehensive finance sectors led the declines, falling by 0.64% and 0.58%, respectively [2][18] - The electronic industry received the highest net inflow of leveraged funds, totaling 16.839 billion, while the transportation sector experienced a net outflow of 1.031 billion, marking the most significant reduction [21][22] Style Sector Liquidity Tracking - Growth and cyclical styles led the performance this week, with increases of 3.56% and 1.87%, respectively. The growth style accounted for 58.61% of the average daily trading volume, indicating it was the most active sector [3][19] - The average turnover rate for the growth style was the highest at 3.45%, while financial and stable styles had relatively low turnover rates [3][19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Insights - The company is experiencing a gradual improvement in performance, with Q2 2025 showing a revenue increase of 38.20% year-on-year and a 53.50% quarter-on-quarter growth, despite a net loss [1][2]. - The global storage market is recovering, with a projected market size of $165.52 billion in 2024, driven by data center infrastructure, 5G, and cloud computing growth [9]. - The company is actively developing AI edge technology and products, with successful mass production of its self-developed main control chip, enhancing its competitive edge in various AI applications [3][8]. Financial Summary - Revenue is projected to grow from 3,591 million yuan in 2023 to 13,397 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.9% [1][10]. - The company expects to achieve a net profit of 466 million yuan in 2025, increasing to 944 million yuan by 2027, reflecting a significant turnaround from previous losses [1][10]. - The overall gross margin for the first half of 2025 was 9.07%, with a notable recovery in Q2, where the gross margin increased by 11.7 percentage points [2]. Market Position and Strategy - The company is focusing on vertical integration in the semiconductor storage industry, combining storage solutions with advanced packaging to create a differentiated competitive advantage [9]. - The company has a comprehensive product line covering embedded storage, solid-state drives, memory modules, and storage cards, positioning itself well within the NAND Flash and DRAM markets [10]. - The company is also expanding its customer base among leading domestic and international clients, aiming for significant sales growth across its product lines [10].

Market Overview - The market experienced narrow fluctuations in the first half of the week, followed by a rebound attempt, but faced a pullback on Friday. The average daily trading volume was approximately 23.264 billion yuan. Growth stocks outperformed value stocks, with a balanced performance between large and small caps. The electronics, real estate, and agriculture sectors saw the highest gains, while banking, oil and petrochemicals, and pharmaceuticals faced declines [1] Macroeconomic Analysis - Domestic macro data released last week indicated resilient domestic demand. However, August exports showed signs of weakening compared to July, primarily due to declining U.S. import demand. The "export rush" effect is expected to weaken, posing risks to exports in the coming months. Inflation showed positive changes, with the core CPI rising for four consecutive months, while PPI's decline narrowed. Nonetheless, CPI has remained below 1% for 30 months, and PPI has been negative for 35 months, indicating ongoing pressure on domestic demand. The social financing growth rate fell to around 8.8% in August, suggesting limited upward potential for financing in the future [2] U.S. Economic Indicators - The U.S. CPI met expectations, but PPI significantly underperformed. Initial jobless claims unexpectedly surged, reinforcing rate cut expectations. The upcoming September FOMC meeting has already priced in rate cuts, with expectations of 2 to 3 cuts by the end of the year. Unlike last year, the market may price in more medium-term rate cuts following the September meeting [3] Investment Strategy - The market is currently in a medium-term oscillation phase, aligning with previous expectations for this month's market behavior. The AI-related sectors continue to attract investment, but there is a need for consolidation due to significant gains. Some funds are shifting towards sectors benefiting from anticipated rate cuts, such as non-ferrous metals and new energy. The trading volume remains strong, and while external shocks may occur, the market's bullish sentiment could keep indices in an upward trend. A narrow range of oscillation is expected until late October, with potential for further upward movement post the 20th National Congress [4][5] Sector Focus - Key sectors to focus on include PCB and optical modules in overseas computing power, GPU and ASIC in domestic computing power, and innovative drugs and medical devices in the pharmaceutical sector. There is a notable adjustment and rotation among leading sectors, suggesting opportunities for positioning at the bottom of significant oscillations [6]

Group 1: Market Overview - The market is currently in a phase of increased volatility and divergence, necessitating a focus on deterministic investments to mitigate risks [1] - Gold's upward trend has weakened, aligning with the assessment that the Fed's rate cut trades are largely concluded, leading to increased investor confidence in gold pricing [2] - The performance of various asset classes shows a clear distinction in investor sentiment towards traditional versus emerging technologies, with significant movements in the tech sector [3] Group 2: Economic Indicators - Recent macroeconomic data reflects the effects of anti-involution policies, with CPI indicating weak consumer demand and PPI showing a rebound as a direct result of these policies [4] - The growth rate of social financing remains stable, indicating no significant influx of funds into the stock market or a clear signal of credit expansion in the real economy [4] - New RMB loans in August were 589 billion, lower than the previous year's 900 billion, suggesting weak credit demand despite the central bank's easing measures [4] Group 3: External Factors and Risk Premium - External shocks, including geopolitical tensions and trade negotiations, have heightened risk premiums, impacting asset allocation strategies [5][6] - The ongoing U.S.-China trade negotiations and the potential for increased conflict have raised concerns about the stability of risk premiums in the market [7] - The Citi Economic Surprise Index indicates a trend of rising risk premiums, reflecting the market's reaction to economic data versus expectations [7] Group 4: Strategic Outlook - The current economic environment suggests that low-volatility strategies may be effective, with a narrowing divergence between stocks and bonds [8] - The anticipated anti-dumping investigation into U.S. imports of simulated chips may reignite import substitution trends, serving as a bargaining chip in U.S.-China negotiations [8] - Emphasis on self-sustaining market demand as the true source of value investment is highlighted, particularly in the context of global supply chain restructuring [8]

Core Insights - The 2025 Dongguan Taiwan Products Expo achieved a procurement intention of 4.01 billion yuan, with over 54.1 million participants and more than 7,000 buyers attending the event [1][2]. Group 1: Event Overview - The expo was co-hosted by the Taiwan Affairs Office of Guangdong Province, Dongguan Municipal Government, and the National Association of Taiwanese Investment Enterprises, aiming to promote cross-strait integration and high-quality development [2]. - The exhibition covered an area of 33,000 square meters, featuring eight themed pavilions, including artificial intelligence, youth innovation and entrepreneurship, and agricultural technology [2]. Group 2: Business Engagement - During the expo, strategic cooperation agreements were signed between Dongguan's Taiwanese business association and various Taiwanese and international organizations, resulting in significant on-site transactions exceeding 10 million yuan for several companies [4]. - The expo attracted 20 Taiwanese companies expressing intent to invest in Dongguan, with a total intended investment area of 85,000 square meters and an investment amount of 300 million yuan [4]. Group 3: Consumer Interest - The last two days of the expo saw a surge in consumer demand, with food vendors selling out quickly and certain products, such as wooden toys and Taiwanese snacks, experiencing high demand [4].