从所属行业来看，养老金持有股票主要集中在电子、医药生物、国防军工行业，分别有5只、4只、3只 个股上榜。 从持有时间来看，养老金账户连续持股超过两个报告期的有15只，煜邦电力、凯立新材等均被养老金连 续持有12个报告期。 科创板股机构持股动向曝光，二季度末养老金共现身21只科创板股前十大流通股东榜，新进6只，增持3 只。 证券时报 数据宝统计显示，养老金最新出现在21只科创板股前十大流通股东名单中，合计持股量 7268.10万股，期末持股市值合计34.56亿元。持股变动显示，新进6只，增持3只，减持6只，6只股持股 量保持不变。 养老金最新重仓股名单中，持有比例最多的是海泰新光，持股量占流通股比例为4.20%，其次是容知日 新、华丰科技，养老金持股比例分别为4.04%、2.67%。持股数量方面，养老金持股量居前的有传音控 股、三一重能、生益电子，持股量分别为1771.73万股、535.55万股、533.39万股。养老金持股市值居前 的有传音控股、华丰科技、生益电子，持股市值分别为14.12亿元、2.77亿元、2.73亿元。 养老金持有的科创板股 | 代码 | 简称 | 养老金家 | | 养老金持股量（万 | ...

他介绍，从全国居民人均可支配收入来看，2020年为32189元，2024年为41314元，4年复合增长率为 6.4%。再看全国居民存款余额，2020年底是93万亿人民币，2024年底达到152万亿人民币，4年复合增 长率是13%，大幅超过了同期人均可支配收入的增长速度。此外，如果看居民存款与贷款的差额，2020 年底约30万亿，2024年底增长到约70万亿，居民的超额储蓄增加了约40万亿。 智通财经8月30日讯（记者 封其娟）公募2025年中报已渐次披露。面对市场层面围绕消费复苏的担忧情 绪，张坤依旧否定悲观预期。 从隐形重仓股的调整情况来看，张坤旗下4只基金均展现出较高的换股频率。其中，易方达优质企业三 年的调整幅度最为显著，较去年年末实现 "全换仓"，无一只隐形重仓股延续持仓；其余3只基金虽未完 全更换，但调整力度同样较大，易方达蓝筹精选、易方达优质精选（QDII）、易方达亚洲精选较去年 年末，分别有 8 只、7 只、6 只隐形重仓股发生更替。 从新进个股来看，今年上半年，美团－W 同时新进易方达优质企业三年、易方达蓝筹精选、易方达亚 洲精选的隐形重仓股名单；贝壳－W则同时进入易方达优质企业三年、易方达蓝 ...

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 相关研究报告 《十组数据透视北交所四载蜕变：从 "试验田"到"专精特新主阵地"，万 亿市场开启新征程—北交所四周年策 略专题报告》-2025.8.31 《氨基酸原料药新锐技术升级，全球 化布局焕发新动能升—北交所信息更 新》-2025.8.29 《浙江省首批智能工厂认证，汽车门 窗及车身电子放量，2025H1 扣非归母 净利润 +63% — 北交所信息更新》 -2025.8.29 北证 2025 中报"成绩单"：营收+6%净利+11%双增领跑，韧性凸显结构亮点纷呈 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025H1 北交所"成绩单"出炉，北交所企业业绩整体修复趋势明显 截至 2025 年 8 月 30 日，北交所 274 家上市公司 2025 半年度报告已全部出炉。 从整体北交所公司而言，在经济大环境逐步修复的情况下，企业营收和利润较 2024 上半年有所改善。274 家公司 2025 上半年合计实现营收 920.40 亿元，同比 增长 5.98%，实 ...

Overall Analysis - In Q2 2025, the overall A-share market experienced a decline in profitability, with a year-on-year growth rate of 1.41% for net profit attributable to shareholders, down from 2.57% in H1 2025 [11][12] - The revenue growth for the entire A-share market in H1 2025 was 0.21%, with Q2 showing a slight improvement to 0.49% [12][19] - The return on equity (ROE) for the non-financial and non-oil sectors stabilized at 6.26% in Q2 2025, indicating a need for further observation regarding upward elasticity [28][31] Industry Analysis - The industries with the highest year-on-year net profit growth in Q2 2025 included comprehensive services (+239.7%), steel (+82.2%), electronics (+27.6%), and electric equipment (+24.6%) [3][24] - The real estate, electric equipment, and defense industries showed improvements in net profit growth compared to Q1 2025 [3][24] - The TMT sector (Technology, Media, and Telecommunications) demonstrated strong performance, with electronics and computing sectors showing significant improvements [3][24] Cash Flow Analysis - Operating cash flow showed a year-on-year improvement in Q2 2025, although overall cash flow levels remained low compared to the past decade [12][19] - The financing cash flow indicated a reduction in corporate debt repayment pressure, while investment cash flow remained stable [12][19] Dividend Distribution - As of August 30, 2025, 813 listed companies had disclosed and implemented dividends, with a total dividend payout of 642.8 billion yuan, reflecting an increase from 2024 [4][25]

报 告 正 文 2.主要央行货币政策 特朗普解雇美联储理事。 美联储方面， 理事沃勒 呼吁降低利率，公开支持在 9 月份 降息 25 个基点 ，并预计未来三到六个月内将进一步降息。目前 市场对 9 月 降息 25 个基点的预期已升至 85% 以上 。特朗普 25 日以涉嫌住房抵押贷款欺诈为由，宣布解雇美联储理事莉萨·库克（ Lisa Cook ），将降息施压的行动升级。历 史上虽有总统对美联储施压，但罢免美联储理事为首次。 28 日，库克正式向法院提起诉讼，指控其"非法"。 欧洲方面， 欧央行管委公开表示，由于通胀率已处于 2% 的目标水平，且自 6 月预测以来，经济前景未发生显著变化，因此没有必要进一步降息。 美债收益率持续下行。 股市方面，本周全球主要股市涨少跌多。美股三大指数来看，本周标普 500 上涨 0.5% ，道琼斯指数持平，纳斯达克指数下跌 0.2% 。法国 CAC40 指数下跌 3.3% ，或因法国政治不确定性升温。债市方面， 10 年期美债收益率继续下降3 bp ，美联储降息预期持续发酵。商品方面，原油价格反弹， WTI 原油和布伦特原油本周分别上涨 1.5% 和 1.3% 。本周伦敦金价上 ...

Industry Overview - The power equipment industry saw the largest net inflow of funds today, amounting to 3.12% increase in share price and a net inflow of 3.131 billion yuan [1] - The computer industry experienced the largest net outflow of funds, with a decrease of 1.48% in share price and a net outflow of 17.304 billion yuan [2] Fund Flow Summary - Power Equipment: - Trading volume: 9.698 billion shares, down 9.11% from the previous day - Turnover rate: 3.88% - Net inflow: 3.131 billion yuan [1] - Food and Beverage: - Trading volume: 2.092 billion shares, down 3.30% - Turnover rate: 2.28% - Net inflow: 1.626 billion yuan [1] - Defense Industry: - Trading volume: 3.998 billion shares, down 3.42% - Turnover rate: 4.67% - Net inflow: 919 million yuan [1] - Pharmaceutical and Biological: - Trading volume: 6.918 billion shares, down 21.79% - Turnover rate: 2.53% - Net inflow: 624 million yuan [1] - Non-banking Financial: - Trading volume: 8.681 billion shares, down 2.97% - Turnover rate: 2.09% - Net outflow: 1.475 billion yuan [2] - Media: - Trading volume: 5.436 billion shares, down 23.53% - Turnover rate: 3.71% - Net outflow: 1.551 billion yuan [2] - Transportation: - Trading volume: 5.232 billion shares, up 8.73% - Turnover rate: 1.24% - Net outflow: 2.823 billion yuan [2] - Real Estate: - Trading volume: 4.889 billion shares, up 2.35% - Turnover rate: 2.25% - Net outflow: 3.166 billion yuan [2]

Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains, led by the comprehensive and electric equipment sectors, which increased by 3.86% and 3.12% respectively [1] - The defense and military industry saw an increase of 0.76% [1] - The sectors with the largest declines were household appliances and transportation, which fell by 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets, with 7 sectors experiencing net inflows [1] - The electric equipment sector led the net inflow with 3.12% increase and a total inflow of 3.13 billion yuan, followed by the food and beverage sector with a 2.42% increase and an inflow of 1.63 billion yuan [1] - The computer sector had the largest net outflow, totaling 17.30 billion yuan, followed by the electronics sector with a net outflow of 13.11 billion yuan [1] Defense and Military Industry Performance - The defense and military industry had a net inflow of 919 million yuan, with 76 out of 139 stocks in the sector rising [2] - The top three stocks with the highest net inflow were China Satellite Communications with 916 million yuan, Great Wall Military with 301 million yuan, and North Navigation with 261 million yuan [2] - The sector also had 6 stocks with net outflows exceeding 100 million yuan, led by Guangqi Technology with a net outflow of 754 million yuan [4] Top Gainers in Defense and Military Industry - The top gainers in the defense and military sector included: - China Satellite Communications: +8.82%, turnover rate 5.38%, net inflow 915.68 million yuan - Great Wall Military: +10.00%, turnover rate 15.52%, net inflow 301.08 million yuan - North Navigation: +5.79%, turnover rate 9.31%, net inflow 261.12 million yuan [2] Top Losers in Defense and Military Industry - The top losers in the defense and military sector included: - Guangqi Technology: -1.50%, turnover rate 2.66%, net outflow 754.39 million yuan - Jingjia Micro: -3.30%, turnover rate 6.56%, net outflow 271.68 million yuan - China Satellite: +1.90%, turnover rate 11.46%, net outflow 126.12 million yuan [4]

Core Viewpoint - The defense and military industry sector is experiencing significant upward momentum, driven by increased trading activity and positive fundamental developments, particularly in the context of the National Defense Military ETF (512810) [1][4][6]. Trading Activity - On August 29, the market showed strong performance, with the National Defense Military ETF (512810) rising by 1.2%, reaching a new three-and-a-half-year high, with a trading volume of 1.62 billion yuan [1]. - The ETF has seen a continuous inflow of capital, with over 1.1 billion yuan raised in the previous four days alone [1]. - The ETF's trading volume for the week reached 9.27 billion yuan, marking a new high since its inception nine years ago [4]. Stock Performance - Several constituent stocks of the National Defense Military ETF experienced significant price movements, with Longcheng Military and AVIC Chengfei both hitting their daily limit up, while China Satellite and other stocks also saw notable gains [3]. - The ETF's performance is reflected in the fact that 60 out of 72 disclosed military stocks reported profits in the first half of the year, with over 83% achieving positive net income growth [6][7]. Fundamental Developments - The recent rally in the defense sector is attributed to a recovery in the fundamental performance of companies, with many reporting improved earnings in their mid-year reports [6]. - The outlook for military orders is positive, with expectations for continued growth through the third and fourth quarters of 2025, supported by the "14th Five-Year Plan" for equipment development [6]. - Notably, some companies reported substantial increases in net profit, with Aerospace Science and Technology's net profit surging over 21 times [6][7]. Market Sentiment - The National Defense Military ETF (512810) has become a popular investment tool, covering various sectors including commercial aerospace, low-altitude economy, and military AI, making it an efficient way to invest in core defense assets [8].

Market Overview - A-shares experienced a volatile rise, with major indices such as the Shenzhen Component Index, ChiNext Index, and CSI 300 reaching multi-year highs, while the Shanghai Composite Index and other indices showed slight gains [1] - The market turnover decreased to 2.83 trillion yuan, indicating a slight contraction in trading activity [1] Sector Performance - The defense and military, new energy vehicles, rare metals, and consumer electronics sectors saw significant gains, while logistics, semiconductors, cloud services, and education sectors faced declines [1] - The power equipment industry attracted over 14.7 billion yuan in net inflows, with non-ferrous metals and pharmaceutical sectors also receiving over 8 billion yuan each [1] Investment Trends - The computer sector experienced a net outflow of over 10.8 billion yuan, while the electronics sector saw a net outflow of over 7.3 billion yuan [1] - Real estate and telecommunications sectors also faced net outflows exceeding 2 billion yuan [1] Defense and Military Sector - The defense and military concept saw a resurgence, with the ground equipment sector leading the gains, and the index rising from 2% to over 6% in the last hour of trading [2] - Notable stocks such as Beifang Changlong and Changcheng Military both hit the 20% limit up in the final minutes of trading [2] New Energy Vehicle Sector - The new energy vehicle sector continued its strong performance, reaching a new phase high, with several stocks hitting their daily limit [2] - The China Passenger Car Association raised its forecast for 2025 passenger car retail sales to 24.35 million units, a 6% year-on-year increase, and adjusted the export forecast to 5.46 million units, a 14% increase [2] - In the new energy vehicle segment, wholesale sales are expected to reach 15.48 million units in 2025, reflecting a 27% year-on-year growth, with a market penetration rate projected to reach 56% [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.36 CNY [2][4] Core Views - The company's H1 2025 revenue reached 1.817 billion CNY, reflecting a 5.07% increase, while the net profit attributable to shareholders was 64.52% lower at 64 million CNY [1] - The fluctuation in product prices has significantly impacted profit performance, but a recovery in industry demand is expected to reverse the company's fundamentals [1][8] - The company completed a private placement of shares, raising 280 million CNY, which is anticipated to improve liquidity and support downstream demand [8] Financial Summary - Revenue projections for 2025 are set at 4.021 billion CNY, with a year-on-year growth of 14.1% [3] - The net profit attributable to shareholders is forecasted to be 198 million CNY in 2025, down 20.2% from the previous year [3] - The company's gross margin is expected to be 28.3% in 2025, a decrease from 31.7% in 2024 [3] - The earnings per share (EPS) for 2025 is projected at 0.25 CNY, with subsequent years showing an increase to 0.44 CNY in 2026 and 0.53 CNY in 2027 [2][3]