【导读】创业板指大涨 4% ，"牛市旗手"、芯片股集体爆发，A股掀涨停潮 个股表现方面，超73只涨停，3386只飘红。 | < w | 创业板指(399006) | | Q | | --- | --- | --- | --- | | | 09-11 11:30:03 | | | | 3029.58 | 昨收 昨 | 2904.27 成交额 | 4162.01亿 | | 125.31 4.31% | 今年 | 2917.77 | 144.4亿 | | 上 涨 1028 | 平 盘 | 26 下 跌 | 286 | | 最高价 3029.83 | 市盈率 | 42.4 近20日 | 22.67% | | 最低价 | 2899.83 市净率 | 5.27 今年来 | 41.46% | 创业板指站上 3000 点，创 2022 年 1 月以来新高。 板 块 方 面，算 力 硬 件 权 重 股 持 续 领 涨，芯 片 股 盘 中 爆 发，通 信 设 备 、 光 模 块 、 电 子 元 器 件 板 块 震 荡 走 强，券 商 股 异 动 拉 升；创 新 药 、 生 物 科 技 、 餐 饮 旅 游 等 板 块 集 体 走 ...

9月11日早盘，A股三大指数震荡走强，"双创"指数涨幅居前：创业板指涨超4%站上3000点，创3年多新 高；科创50指数涨超5%。截至午间收盘，上证指数报3855.10点，涨1.12%；深证成指报12887.73点，涨 2.63%；创业板指报3029.58点，涨4.31%。沪深北三市半日成交14962亿元。 算力硬件股再度走强 万亿市值巨头工业富联2连板 早盘，算力硬件股再度成为市场焦点，液冷、CPO、PCB等多个方向上涨，工业富联、中际旭创、新易 盛、胜宏科技、寒武纪五大龙头股集体走强。截至午间收盘，炬光科技以20%幅度涨停，中际旭创、新 易盛、天孚通信、寒武纪均涨超10%，景旺电子、东山精密、剑桥科技等多股涨停。 | < > | CPO概念 | | | ri Q | | --- | --- | --- | --- | --- | | | 4255.89 7.10% | | | | | 分时 | 五日 日K | 围 K | 目K | 更多, | | 成份股 | 股吧 | | 资讯 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 炬光科技 | 144.96 | 20.00% | | 24.16 ...

盘面上，CPO、PCB等算力硬件股爆发，中际旭创涨近14%，新易盛涨超12%，工业富联、景旺电子、 剑桥科技等多股涨停，甲骨文隔夜飙升近36%，财报显示AI业务井喷式增长，并与OpenAI签订3000亿 美元算力大单；半导体股集体走高，新相微、炬光科技、海光信息20cm涨停，寒武纪涨超10%；苹果 周三凌晨发布iPhone17系列新机，苹果概念股走强，东山精密、宏和科技涨停；券商股盘中拉升，国海 证券涨停，太平洋涨超7%。 另外，黄金股继续回调，白银有色跌停，西部黄金跌超6%：影视院线板块跌幅居前，幸福蓝海跌超 16%，慈文传媒、欢瑞世纪跌超2%。(格隆汇) 格隆汇9月11日｜A股三大指数早盘集体大涨，截至午盘，沪指涨1.12%，深成指涨2.63%，创业板指涨 4.31%突破3000点整数关口，创2022年1月以来新高，科创50指数涨5.34%。沪深京三市半日成交额 14962亿元，较上日放量1934亿元，全市场超3300只个股上涨。 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 09 月 11 日 资料来源：聚源，中原证券研究所 -1% 7% 16% 24% 33% 42% 50% 59% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,812.22 | 0.13 | | 深证成指 | | 12,557.68 | 0.38 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,445.36 | 0.21 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,244.40 | 0.19 | | 中证 | 500 ...

Core Viewpoint - The A-share market has experienced increased volatility since September, with investors showing a strong interest in industry-themed ETFs, particularly in battery and securities sectors, while shifting away from technology sectors like chips and artificial intelligence [1][4][6]. Fund Flows and ETF Performance - From September 1 to September 9, 12 stock ETFs saw net inflows exceeding 1 billion yuan, with industry-themed ETFs leading the way [1][4]. - Battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted significant net inflows of 35.23 billion yuan, 22.97 billion yuan, and 21.17 billion yuan respectively during this period [4][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan, indicating a strong market interest [6][7]. - The performance of battery ETFs has been notable, with returns of 40% for Huatai-PB Battery 50 ETF and CMB Battery ETF from August 9 to September 9 [7]. Investment Trends and Shifts - Investors are increasingly favoring assets with reasonable valuations and high earnings certainty, as evidenced by the shift from technology sectors to high-growth areas like batteries and securities [4][6]. - The trend of significant inflows into non-broad-based ETFs suggests a change in how retail investors are entering the market, with a preference for thematic and sector-focused investments [14][15]. - The shift in investment strategy indicates that selecting industries may become more critical than selecting individual stocks in the current market environment [15]. Market Dynamics and Future Outlook - The inflow into securities ETFs, such as Guotai Junan ETF, which saw a net inflow of 50.84 billion yuan, reflects the active trading environment in the market [10][11]. - The overall trend shows that non-broad-based ETFs have experienced a rapid expansion, with net inflows of 227.9 billion yuan from June to August, while broad-based ETFs faced significant outflows [14]. - The changing dynamics of retail investor participation may lead to a more concentrated market effect, emphasizing the importance of industry selection in investment strategies [15].

来源：滚动播报 自8月底调整以来，市场整体处于多空拉锯的胶着阶段，这种僵持状态的背后，是资金面呈现出的脆弱 性特征。一方面，两融余额持续突破，创下2016年以来的历史新高，显示市场参与热情仍在；但另一方 面，市场平均担保比例下降，这意味着投资者的杠杆率有所提高，投资的安全边际随之降低。多空双方 在当前位置各有考量，既没有足够的力量推动指数大幅上行，也缺乏导致指数深度调整的因素，使得市 场陷入了进退两难的僵持局面。 A股三大指数周三集体上涨，截至收盘，沪指涨0.13%，收报3812.22点；深证成指涨0.38%，收报 12557.68点；创业板指涨1.27%，收报2904.27点。沪深两市成交额19781亿元，较周二缩量1404亿元。 个股方面，上涨股票数量超过2400只，逾60只股票涨停。 2.券商板块同时受益于国内政策支持和资本市场深化改革。在加快建设金融强国背景下，进一步深化改 革仍是资本市场下半年工作重点。居民储蓄正在加速向资本市场转移，形成持续的增量资金来源，为券 商业务带来持续动力。 周三A股市场延续了近期的震荡态势，整体行情呈现出温和波动的特点。此前沪深两市成交金额曾连续 多日突破2万亿元，而周三 ...

Market Performance - The Shanghai Composite Index closed at 3812.22, up by 4.93 points or 0.13%[1] - The CSI 300 Index closed at 4445.36, increasing by 9.11 points or 0.21%[1] - The China Convertible Bond Index fell to 474.40, down by 3.01 points or -0.63%[1] Trading Volume and Market Sentiment - The total trading volume for the day was 2.00 trillion yuan, a decrease of 148.1 billion yuan compared to the previous day[2] - Stock ETFs experienced a net outflow of 4.2 billion yuan, while margin financing increased by 6 billion yuan[2] - The market sentiment remains cautious, with a notable reduction in trading volume indicating uncertainty among investors[5] Sector Analysis - From September 2 to 9, stock ETFs saw significant net inflows in the brokerage sector, with 4.295 billion yuan into securities ETFs and 2.627 billion yuan into brokerage ETFs[3] - The non-bank financial and metals sectors also saw inflows of 4.7 billion yuan and 3.3 billion yuan respectively, indicating a shift in investment focus[3] Technology Sector Insights - AI computing power rebounded, with Oracle projecting a 77% growth in cloud infrastructure business to reach 18 billion USD this year, significantly exceeding market expectations[4] - The market's upward movement is not solely concentrated in AI, as sectors like ice and snow tourism, and healthcare services also showed strength, indicating a diversification of investment interests[4] Bond Market Dynamics - The yield on 10-year and 30-year government bonds rose to 1.829% and 2.108% respectively, reflecting increased selling pressure in the bond market[7] - The central bank initiated a net injection of 74.9 billion yuan, shifting the funding environment towards balance[6] Risk Considerations - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy shifts that could impact market stability[9]

Core Viewpoint - The report highlights the strong performance of 42 listed securities firms in the first half of 2025, with total operating revenue reaching 251.9 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders amounting to 104 billion yuan, up 65% [1]. Group 1: Revenue and Profit Analysis - The self-operated investment business has become the main pillar of performance, generating 112.35 billion yuan in revenue, a year-on-year growth of 53.53%, accounting for nearly 45% of total revenue [1]. - The self-operated business revenue of Shouchao Securities increased by 50.86% year-on-year, reaching 873 million yuan [5]. Group 2: Asset Composition and Ratios - Shouchao Securities has the highest proportion of self-operated equity securities and derivatives to net capital at 53.28%, while Guojin Securities has the lowest at 1.98% [3][4]. - The ratio of self-operated fixed-income securities to net capital for Shouchao Securities is 249.88%, indicating a significant reliance on fixed-income assets [4]. Group 3: Business Dependency and Risks - Shouchao Securities relies heavily on its self-operated business, with self-operated income accounting for 67.98% of total revenue, ranking second among peers [8]. - The asset management business of Shouchao Securities saw a revenue decline of 54.06% due to market conditions, although the asset management scale grew steadily [10]. Group 4: Future Prospects and International Expansion - Shouchao Securities plans to list on the Hong Kong Stock Exchange to enhance capital strength and competitiveness, aiming to integrate international resources and improve global influence [11].

Core Points - The China Securities Regulatory Commission (CSRC) has issued a significant document aimed at reducing various sales fees for public funds, which is expected to increase annual earnings for investors by over 50 billion yuan [1] Group 1: Impact on Fund Fees - The new regulations will lower sales service fees for public funds, with a specific example being the reduction of the sales service fee for money market funds like Yu'ebao from 0.25% to a maximum of 0.15%, potentially saving nearly 1.2 billion yuan annually for investors [2] - The new rule mandates a minimum redemption fee of 0.5% for any fund type if held for less than six months, which encourages long-term holding and reduces frequent trading [3][5] Group 2: Changes in Fund Investment Strategy - Investors are encouraged to choose A-share funds and hold them for over six months, as the new rules diminish the advantages of C-share funds for short-term investors [5] - Bond fund investors should be cautious, as the new regulations also apply to bond funds, which will now require a minimum holding period of six months to avoid redemption fees [5] Group 3: Market Dynamics and Competition - The new regulations are likely to exacerbate the trend of consolidation among public funds, as funds with shorter holding periods will see a shift towards A-share funds or ETFs, benefiting larger fund companies [5] - Sales service fee reductions may negatively impact fund distribution platforms that rely heavily on fund sales for revenue, prompting them to pivot towards providing advisory services instead [7]

Core Viewpoint - Robinhood Markets Inc. is launching its own social media platform, "Robinhood Social," aimed at creating a community for retail investors similar to Reddit's WallStreetBets, allowing users to share trading strategies and holdings in real-time [1][3]. Group 1: Platform Features - The initial phase of Robinhood Social will invite a select group of customers, with plans to expand access later [1]. - Users will be able to post trades related to stocks, options, or other assets, and these posts will allow for real-time updates and comments [1]. - The platform will feature profiles of influential investors, including public figures like Nancy Pelosi and hedge fund manager Bill Ackman, whose trading details will be disclosed as required by U.S. law [2]. Group 2: Community Engagement - Robinhood aims to leverage the strong community engagement seen during the COVID-19 pandemic, where retail investors flocked to platforms like WallStreetBets [3]. - The company believes that Robinhood Social can provide unique, real-time insights that other platforms do not offer, despite users likely maintaining their existing social media accounts [3][4]. Group 3: Investment Strategies - The platform will also enable retail investors to short stocks, a more advanced investment strategy, and will introduce overnight trading for certain index options starting early next year [4]. - The rise of WallStreetBets has shown that low trading costs, meme culture, and verifiable retail trading can create a powerful community that influences market dynamics [5][6]. Group 4: Market Impact - The emergence of WallStreetBets has been attributed to a combination of factors, including the low-cost trading revolution, meme culture, and significant events like the GameStop incident, which have all contributed to its mainstream popularity [6]. - The platform's design aims to replicate the success of WallStreetBets by fostering a similar environment for retail investors to engage and influence market trends [6].