近日，徐州市鼓楼区铜沛街道举办"以商引商 共绘精彩"招商推介会。活动中，该街道大党委联系单位 ——徐州市福建商会被聘请为辖区招商顾问，与街道签订闽商产业园共建协议，在园区建设、项目招 引、人才引进等方面建立常态化合作机制。 今年以来，铜沛街道聚焦经济发展提质增效，通过"筑巢引凤、招新引优、有中生新"三向发力，统筹资 源、凝聚合力，探索实施"党建领航产业向新蝶变"项目，切实把组织优势转化为发展动能，有效破解楼 宇载体利用不足、招商碎片化、企业转型乏力等问题，为街道经济社会高质量发展注入新动能。 筑巢引凤 打造楼宇经济"新高地" 5月底，位于中心商圈庆云桥北侧高139米的凯旋门商业综合体顺利竣工，这个集办公、特色餐饮、教育 中心于一体的商业综合体，是铜沛街道高标准打造商业楼宇、发展现代服务业的新探索。目前，该商业 体已入驻麦当劳、711便利店、库迪咖啡等5家连锁品牌，苏宁臻悦酒店、上海中因（徐州）律所、江苏 汉斯律所、知许知识产权等7家知名企业，计划年底对外运营。 作为该街道重要的传统商业楼宇，九里峰景商业综合体、市政建设科研大厦等也不断转型，通过优化共 享办公空间与功能布局、提升空间利用率和办公舒适度，吸引更多 ...

| 数据 | 来源：Choice金融终端 | | --- | --- | | 数据 | | 来源：Choice金融终端 来源：上海证券报·中国证券网 上证报中国证券网讯 截至9月15日11时，申万一级行业板块中，主力资金净流入汽车、农林牧渔等板 块，其中，汽车板块净流入近32亿元。主力资金净流出电子、计算机、通信等板块，其中，电子板块净 流出超60亿元。 ...

Core Insights - As of September 12, the latest market financing balance reached 23,349.63 billion yuan, an increase of 112.82 billion yuan compared to the previous trading day [1] - Among the 21 primary industries under Shenwan, the electronic industry saw the largest increase in financing balance, rising by 46.45 billion yuan [1] - The industries with notable increases in financing balance also include non-ferrous metals, banks, and machinery equipment, with increases of 29.83 billion yuan, 14.25 billion yuan, and 10.93 billion yuan respectively [1] - Conversely, 10 industries experienced a decrease in financing balance, with significant reductions in defense and military, media, and agriculture, forestry, animal husbandry, and fishery, decreasing by 3.92 billion yuan, 2.73 billion yuan, and 2.10 billion yuan respectively [1] Industry Summary - The non-ferrous metals industry had the highest growth rate in financing balance, reaching 1,102.00 billion yuan, with a month-on-month increase of 2.78% [1] - Other industries with notable month-on-month increases include banks (1.96%), electronics (1.47%), and building materials (1.15%) [1] - Industries with the largest month-on-month declines include light industry manufacturing, agriculture, forestry, animal husbandry, and fishery, and social services, with decreases of 0.79%, 0.76%, and 0.67% respectively [1][2] - The latest financing balances for various industries are as follows: - Electronics: 3,215.30 billion yuan, increase of 46.45 billion yuan, growth rate of 1.47% [1] - Non-ferrous metals: 1,102.00 billion yuan, increase of 29.83 billion yuan, growth rate of 2.78% [1] - Banks: 739.29 billion yuan, increase of 14.25 billion yuan, growth rate of 1.96% [1] - Machinery equipment: 1,238.74 billion yuan, increase of 10.93 billion yuan, growth rate of 0.89% [1] - Other industries also reported various changes in financing balances [1][2]

转自：智通财经 【主力资金监控：比亚迪净买入超10亿】智通财经9月15日电，智通财经星矿数据显示，今日早盘主力 资金净流入交运设备、汽车整车、电力设备等板块，净流出电子、计算机、通信等板块，其中电子板块 净流出超60亿元。个股方面，比亚迪上涨，主力资金净买入10.26亿元位居首位，宁德时代、拓普集 团、上海贝岭获主力资金净流入居前；北方稀土遭净卖出超12亿元，卧龙电驱、芯原股份、胜宏科技主 力资金净流出额居前。 ...

金融工程| 证券研究报告 —周报 2025 年 9 月 15 日 中银量化大类资产跟踪 中小盘反弹力度领先，微盘拥挤度降至低位 股票市场概览 本周 A 股上涨，港股上涨，美股上涨，其他海外权益市场普遍上涨。 A 股风格与拥挤度 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利风 格拥挤度近期处于历史较低位置。 小盘 vs 大盘：小盘风格超额净值及拥挤度均处于历史低位，大盘风格 拥挤度近期上升至历史较高位置。 微盘股 vs 基金重仓：微盘股拥挤度下降至历史低位；基金重仓超额累 计净值持续处于历史低位，拥挤度近期上行至历史高位。 A 股行情及成交热度 本周领涨的行业为电子、非银行金融、农林牧渔；领跌的行业为银行、综 合金融、医药。本周成交热度最高的行业为国防军工、纺织服装、纺织服 装；成交热度最低的行业为煤炭、综合金融、石油石化。 A 股估值与股债性价比 A 股资金面 机构调研活跃度 当前机构调研活跃度历史分位居前的行业为有色金属、房地产、石油石 化，居后的行业为银行、机械、医药。 利率市场 本周中国国债利率上涨，美国国债利率下跌，中美利差处于历史高位。 汇率市场 近一周在岸人民币较美元升值，离岸 ...

Habts ETF小伙伴亮相! 鹏宝 今天 10:00 ··· 市场变化莫测,要想乘风破浪,"配置"二字常挂心 头,那该如何选择呢?莫急~鹏友圈里有几位朋友可 以介绍给大家认识哦~它们来自不同领域,适合多样 化需求呢。 均衡配置 年合沉波 神科 素 #鹏友圈自我介绍 #资产配置 国企红利ETF 159515 广告 军名刷而 我是实力雄厚的"优质红利筛选者"-国 红狮,优质国企叠加红利增强,组合底 仓投我一票! 数字经济ETF 560800 我是敏捷聪慧的"AI产业捕捉者"-数小 狐,聚焦数字经济核心产业,成长机会 or长期价值?不好意思,我全要! 30年国债ETF 511090 我是平滑波动的"长期资产守护者"-长 债鲲,T+0灵活交易,高久期、高弹性,对 冲股票的好帮手,流动性好才是真的 好! 双创50ETF 588350 我是灵活敏捷的"双创科技领航员"-双 创燕,紧跟科技走势,新兴龙头一键投 500质量成长ETF 560500 是活力十足的"中小盘黑马挖掘者" 双创熊 截至2025年9月15日 09:59，中证500质量成长指数(930939)上涨0.60%，成分股万向钱潮(000559)上涨 10.0 ...

一、证券市场回顾 上周有3只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 301668.SZ | 吴创瑞通 | 20250911 | | 603418.SH | 友升股份 | 20250912 | | 920022.BJ | 世昌股份 | 20250909 | 南财金融终端数据显示，上周(9月8日-9月12日,下同)，上证综指周内上涨1.52%，收于3870.6点，最高3892.74点；深证成指周内上涨2.65%，收于12924.13 点，最高13048.52点；创业板指周内上涨2.1%，收于3020.42点，最高3056.53点。在全球市场中，主要指数均上涨。纳斯达克综指上涨2.03%，道琼斯工业指 数上涨0.95%，标普500上涨1.59%。亚太地区，恒生指数上涨3.82%，日经225指数上涨4.07%。 二、新股申购情况 | 代码 | 股票名称 | 融资买 | | --- | --- | --- | | 300476.SZ | 胜宏科技 | ム | | 300308.SZ | 中际旭创 | | | 300502.SZ | 新易盛 | 1 ...

Market Overview - The A-share market experienced a comprehensive rise, with the Shanghai Composite Index reaching a new high of 3892.74 points, and the average daily trading volume in the Shanghai and Shenzhen markets at 2.29 trillion yuan, despite a decline over the past two weeks [1][9] - The bond market faced adjustments with a tightening of the funding environment, leading to declines in both interest rate bonds and credit bonds [1][27] Stock Market Insights - The fundamental driving force behind the current market rally is a combination of capital inflow and industry catalysts, particularly in the technology sector, which has shown significant revenue and profit growth in the ChiNext and STAR Market [4] - Recent investments in technology, such as OpenAI's substantial funding, and domestic initiatives in energy storage and power equipment, indicate that the global competition in technology will continue, providing long-term investment opportunities [4] Bond Market Analysis - The bond market is currently experiencing increased volatility and reduced yield potential, with a focus on short-duration and coupon strategies [5] - The tightening of the funding environment has led to a sell-off in bonds, particularly affecting long-term bonds [1][27] Commodity Market Trends - Gold prices have seen a rapid increase, but profit-taking has slowed bullish momentum; the recommendation is to wait for a pullback for better entry points while maintaining a long-term positive outlook on gold [6] - The commodity market showed mixed performance, with the South China Commodity Index rising slightly by 0.02%, while specific sectors like precious metals saw gains [33] Overseas Market Developments - The U.S. stock market reached new highs, supported by weak employment data and moderate inflation, which further raised expectations for interest rate cuts [2][7] - The bond market has already priced in 2-3 rate cuts for the year, and the performance of U.S. bonds will depend on changes in rate cut expectations [7] Industry Performance - In the past week, the electronics, real estate, and agriculture sectors performed notably well, with respective gains of +6.15%, +5.98%, and +4.81% [22]

Core Viewpoint - The current PE valuations of various industries are at historically high levels, indicating potential investment risks, particularly in coal, automotive, steel, media, retail, electronics, computing, and real estate sectors [1][7]. Valuation Levels - The current Buffett Indicator for A-shares is at 87.14%, which is considered relatively high and above the safe zone [5][25]. - Major broad market indices have PE valuations (TTM) exceeding 20%, with the following percentile levels: - CSI 300: 85.15% - SSE 50: 90.79% - SSE Composite: 97.37% - NEEQ 50: 99.39% - STAR 50: 99.78% - CSI A100: 99.92% [6][12]. Industry-Specific Valuations - The PE valuations (TTM) for the following industries are at high historical percentiles: - Coal: 80.06% - Automotive: 81.76% - Steel: 82.81% - Media: 84.16% - Retail: 90.11% - Electronics: 92.84% - Computing: 97.82% - Real Estate: 100.00% [1][7]. - Conversely, the PE valuations for the food and beverage, and agriculture, forestry, animal husbandry, and fishery sectors are below the 20th percentile, at 12.01% and 14.32% respectively, indicating potential investment opportunities [7]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 621,551.02 billion, with an average PE ratio of 15.78 [21]. - In Shenzhen, the total market capitalization is around 416,680.98 billion, with an average PE ratio of 30.65 [22]. Industry Valuation Levels - The PE valuation levels for various industries are as follows: - Agriculture, Forestry, Animal Husbandry, and Fishery: 14.95 (↑2.43%) - Basic Chemicals: 12.52 (↑1.01%) - Steel: 5.69 (↓1.06%) - Electronics: 20.32 (↓3.88%) - Food and Beverage: 16.52 (↑0.18%) [36]. - The PB valuation levels for industries include: - Agriculture, Forestry, Animal Husbandry, and Fishery: 2.02 (↑3.44%) - Basic Chemicals: 1.41 (↑0.47%) - Steel: 0.73 (↑0.90%) - Electronics: 1.92 (↑1.66%) [40]. Summary of Key Indices - The current PE and PB valuation levels for key indices indicate a trend of increasing valuations, with some indices reaching historically high percentiles, suggesting caution for potential investors [10][11][15][29].

一旦降息落地后市场风格切换，资金将从"炒预期"转向"要业绩"，高估值科技股将面临戴维斯双杀。历史数据显示，2019年美联储降息周期中，A股电子行 业指数在降息后3个月内下跌12%，跌幅居所有行业首位。 美联储降息通常伴随美元走弱，人民币被动升值压力增大。2024年9月美联储首次降息后，人民币汇率从7.3升至6.8，导致A股出口型企业利润承压。以家电 行业为例，美的集团2024年海外收入占比达45%，人民币每升值1%，净利润将减少0.8%；而其股价在降息后3个月内下跌18%，跑输沪深300指数12个百分 点。 美联储降息周期即将开启，全球资本市场的神经再次紧绷。对A股投资者而言，这既是流动性宽松的潜在利好，也是资产重新定价的重大风险。历史数据显 示，在美联储降息落地前后，A股市场往往出现剧烈分化——部分板块因估值泡沫、资金撤离或基本面恶化，成为下跌重灾区。 结合2024-2025年最新市场数据与美联储7次降息历史规律，三类A股需在降息前夕果断清仓，避免成为"结构性行情"的牺牲品。 科技股是美联储降息周期中"成也萧何，败也萧何"的典型。2020年预防式降息期间，纳斯达克指数因流动性泛滥暴涨68%，但2021年应对 ...