在业内看来，短暂多空博弈不影响中长期向好趋势。 9月18日，A股市场先扬后抑，三大指数早盘均创出阶段性新高，但午后集体回调。两融余额在前一天首度站上2.4万亿元关口，后市资金动向和行情受到市 场关注。 截至17日，两融余额达到2.4054万亿元，刷新历史纪录，两融余额占A股流通市值的比例为2.51%，仍低于2015年的峰值4.73%。杠杆资金青睐的行业主要为 电子、电力设备、非银金融、计算机等行业，9月以来融资净买入较多的个股也多为近阶段涨势不俗的热门股。 18日早盘，A股市场整体涨势喜人，上证指数、深证成指、创业板指均创出阶段性新高，其中沪指逼近3900点，但午后集体下跌，最终三大指数分别收跌 1.15%、1.06%、1.64%。 在业内看来，A股前期高速上涨之后，多空力量可能会博弈一段时间，其中高估值的科技股在缺乏连续宽松支撑下相对承压，但中长期向好的趋势不会改 变。 两融余额首度站上2.4万亿 随着A股市场震荡上行，杠杆资金也陆续跑步入场。9月1日，两融余额创出历史新高之后，持续刷新历史数据，到17日首度站上2.4万亿元关口。 较前一个交易日，17日的两融余额增加127.92亿元，两融余额占A股流通市值 ...

以最新收盘价计算，A股平均股价为13.49元，其中股价超过100元的有165只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至9月18日 收盘，沪指报收3831.66点，下跌1.15%，A股平均股价为13.49元，个股股价分布看，股价超过100元的 有165只，股价在50元至100元的有456只，股价在30元至50元的有774只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1467.96元，下跌1.68%，其次是寒武纪、吉比 特等，最新收盘价分别为1420.99元、552.00元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.67%，跑赢沪指1.82个百分点。今日上涨的有77 只，涨停的有长飞光纤、永新光学等，下跌的有88只，跌幅居前的有指南针、东芯股份等。 追溯发现，最新百元股近一个月平均上涨25.44%，其间沪指上涨3.65%，涨幅居前的有豪恩汽电、开普 云、剑桥科技等，涨幅分别为171.60%、164.53%、116.03%，今年以来平均涨幅为98.96%，强于沪指 84.64%，累计涨幅居前的有胜宏科技、浙江荣泰、思泉新材等，涨幅分别为671.71 ...

分行业看，今日换手率超5%的个股中，所属电子行业个股最多，有83只个股上榜；机械设备、计算机 等紧随其后，分别有29只、27只个股上榜。 科创50指数今日上涨0.72%，报收1380.35点，科创板全日成交量68.79亿股，成交额3610.47亿元，加权 平均换手率为3.66%。 证券时报·数据宝统计显示，今日可交易科创板股中，175只股收盘上涨，涨幅超过10%的有11只，其 中，德科立、华丰科技等2股涨停，涨幅在5%至10%的有23只，收盘下跌的有408只。 科创板股换手率区间分布显示，换手率超过20%的有4只，换手率10%~20%的有47只，换手率5%~10% 的153只，换手率3%~5%的145只，换手率1%~3%的205只，换手率不足1%的有35只。 换手率最高的是利扬芯片，该股今日收盘上涨5.38%，全天换手率24.65%，成交额18.65亿元，其次是中 巨芯，该股今日收盘上涨4.85%，全天换手率24.21%，成交额14.16亿元，换手率居前的还有华丰科技、 迈威生物、中研股份等，换手率分别为23.25%、21.87%、19.10%。 市场表现看，换手率超5%的个股中，今日上涨的有100只，涨幅居 ...

Group 1: Industry Insights - The overall attention on the computer, media, and non-ferrous metal industries has increased on a week-on-week basis [3][12][17] - In the last week, the total number of research engagements across all A-shares was 833, which is lower than the 1,412 engagements in the same period of 2024 [13] - The monthly total for August was 1,828 engagements, still below the 2,050 engagements recorded in August 2024 [19][22] Group 2: Individual Company Insights - Companies such as Jingsheng Electromechanical and Nandu Energy have received significant market attention, with both being researched twice in the last week [28][4] - Jingsheng Electromechanical has made progress in semiconductor substrate materials and has secured orders from international clients, indicating a strong market position [28] - Nandu Energy focuses on new energy storage applications and data centers, with a significant portion of its products aimed at the North American market, highlighting its international reach [4][28] Group 3: Research Engagement Trends - The computer, media, and non-ferrous metal sectors saw a week-on-week increase in research attention, with specific numbers indicating a rise in engagements [3][17] - In the last month, companies like Yunnan Copper and Ice Wheel Environment were among those with high research engagement, reflecting their growing market interest [30][25] - The report emphasizes the importance of institutional research as a timely and multidimensional source of information for investors, supplementing traditional financial data [10][11]

对此，长城证券总部投顾团队指出，从8月25日开始计算，到9月17日，上证指数在这里（3900点附近） 维持了18个交易日的震荡行情。4月以来只有5月14日到6月24日的平台和当前的平台相当。当时震荡阶 段维持了29个交易日。从平台的性质看，两个平台的性质类似，都是大幅上涨后，市场等待主线的出 现。早先的平台由于银行板块的大幅拉升选择方向向上，而目前的平台尚无类似主线打破僵局。 另外，今日还有一个对A股市场未来可能产生深远影响的事件——美联储降息。 北京时间2025年9月18日，美联储宣布降息25BP。市场观点普遍认为，本次美联储降息符合预期，可能 是为预防经济衰退而进行的预防型降息。 市场共识，沪指3900点大关，或迟或早一定会突破。但至少，没有选择今天——2025年9月18日。 早盘，沪指开盘几乎平开，随后震荡整理。9:50分左右开始拉升，10:26分上攻至3899.96点。就在距离 3900点只有0.04点便被攻破、只需要一脚轻轻的油门时，市场却选择了"踩刹车"，至11：13分，已经往 下回撤20个点。 随后在多方的炮火下，沪指重拾升势，午盘前又回到了3895点附近。又是距离3900点只有一小步。 然而下 ...

Company Overview - Ningbo Junsheng Optoelectronics Co., Ltd. was recently established with a registered capital of 300 million RMB [1][2] - The legal representative of the company is Li Junyu, and it is wholly owned by Junsheng Electronics (600699) [1][2] Business Scope - The company's business scope includes manufacturing and sales of optoelectronic devices, power electronic components, and communication equipment [1][2] - Additional activities include integrated circuit design and sales, IoT technology services, and software development [2] Registration Details - The company was registered on September 17, 2025, and is classified as a limited liability company [2] - The registration is managed by the Ningbo Market Supervision Administration [2]

Economic Overview - Guizhou's industrial added value increased by 8.0% year-on-year from January to August, with industrial investment growing by 12.6% [1][2] Industry Performance - The automotive manufacturing sector saw a significant increase in added value, growing by 67.0% year-on-year [1] - The electrical machinery and equipment manufacturing industry grew by 66.3% [1] - The computer, communication, and other electronic equipment manufacturing sector increased by 36.7% [1] - The non-ferrous metal smelting and rolling processing industry grew by 32.0% [1] - The chemical raw materials and chemical products manufacturing sector increased by 13.7% [1] - Coal mining and washing industry grew by 12.2% [1] - Tobacco products industry increased by 5.5% [1] - Power and heat production and supply industry grew by 5.4% [1] - The production of wine, beverages, and refined tea increased by 1.7% [1] Product Output - Automotive production in Guizhou increased by 176.8% year-on-year [1] - Electronic components production grew by 15.3% [1] - Aluminum production increased by 15.7% [1] - Phosphate fertilizer production grew by 4.8% [1] - Power generation increased by 4.4% [1] Investment Trends - Fixed asset investment in Guizhou increased by 1.2% year-on-year, with industrial investment growing by 12.6% [2] - Investment in the electricity, heat, gas, and water production and supply industry grew by 35.9% [2] - Investment in information transmission, software, and information technology services increased by 23.5% [2] - Education sector investment grew by 10.6% [2] - Investment in health and social work increased by 10.2% [2] - Real estate development investment grew by 1.7% [2] - Private investment increased by 5.5% [2] - High-tech industry investment grew by 17.0% [2] Economic Type Performance - State-owned enterprises' added value increased by 6.0% year-on-year [1] - Shareholding enterprises grew by 8.6% [1] - Foreign and Hong Kong, Macao, and Taiwan investment enterprises increased by 3.6% [1] - Private enterprises saw an increase of 11.4% [1]

英伟达淡出云服务后与国内云厂商形成简单上下游关系，国内云厂商构建云服务时不再 担心与英伟达的竞争，同时也可借机加快国产GPU构建自有算力生态，对自主可控战略形成 利好窗口期。维持计算机行业增持的投资评级，由本周市场数据来看，电子行业市占率再创 新高，但部分传统行业开始对TMT板块形成市场资金争夺。短期策略上建议继续看好电子 行业(AI芯片)，谨慎看好通信行业（光模块）及计算机行业（AI服务器）。风险因素分析： 宏观刺激政策不及预期风险、境外对中出台针对性措施风险、中美关税战进一步升级等。 (金元证券 周强) 【责任编辑：杨梓安 】 以下为研究报告摘要： 本周沪指再创新高，沪深300指数周上涨1.38%，计算机行业指数涨3.37%，跑赢沪深300 指数1.99个百分点，本周TMT行业再成市场主要热点。英伟达正在淡出其面向外部客户的云 服务角色，淡出云服务是一种"守护护城河、避免分心"的选择，它巩固了英伟达GPU龙头地 位，但也意味着放弃了部分"向上整合"的机会。 金元证券近日发布计算机行业周报：本周沪指再创新高，沪深300指数周上涨1.38%，计 算机行业指数涨3.37%，跑赢沪深300指数1.99个百分点，本 ...

Group 1 - The Federal Reserve's recent interest rate cut of 25 basis points is expected to prevent economic recession and aligns with historical patterns of preemptive rate cuts [1][7][6] - The U.S. job market shows signs of cooling, with the unemployment rate rising to 4.3% in August and non-farm payrolls being significantly revised downwards, indicating a potential economic slowdown [7][8][11] - A-share market is expected to maintain a strong slow bull trend in the short term, supported by the Fed's rate cut and domestic growth policies [13][19][20] Group 2 - The technology sector and certain core assets are likely to outperform following the Fed's rate cut, driven by liquidity easing and upward industry trends [19][20][21] - Historical data shows that after 18 rate cuts since 2005, sectors such as electronics, pharmaceuticals, and communications have frequently ranked among the top performers [19][22][27] - The easing of liquidity is expected to attract foreign capital into A-shares, with significant inflows observed during previous rate cut cycles [19][20][21]

Core Viewpoint - Hualan Micro, a storage controller chip company based in Hangzhou, is restarting its IPO process after previously withdrawing its application in May 2024 due to strategic considerations [2][3][10] Company Overview - Hualan Micro was established on July 15, 2011, with a registered capital of 150 million yuan [2] - The company operates in the computer, communication, and other electronic equipment manufacturing industry [2] - The company has no controlling shareholder or actual controller, and this situation has not changed in the last two years [2][5] Financial Performance - Hualan Micro's revenue from 2019 to the first three quarters of 2023 was as follows: - 2019: 291 million yuan - 2020: 435 million yuan - 2021: 595 million yuan - 2022: 565 million yuan - 2023 (first three quarters): 348 million yuan - The net losses during the same period were: - 2019: 22 million yuan - 2020: 132 million yuan - 2021: 88 million yuan - 2022: 25 million yuan - 2023 (first three quarters): 54 million yuan [3] Business Development - The company has expanded its business through acquisitions, including the control of Jiyue Industrial and the acquisition of Zhizhi Technology, enhancing its product offerings from chips to modules and system-level applications [3] - Hualan Micro has undergone multiple rounds of financing, completing 14 rounds from 2013 to 2024, with notable investors including Shenzhen Capital Group, Silver River Capital, and TCL Venture Capital [5][6] IPO History - Hualan Micro previously applied for an IPO on the Sci-Tech Innovation Board in December 2022, aiming to raise 657 million yuan, but withdrew the application in May 2024 after only one round of inquiries [2][3] - The current IPO advisory is still provided by Huatai United Securities, the same institution that assisted in the previous IPO attempt [3] Shareholding Structure - The largest shareholder, Hualan Chuanghe Partnership, is controlled by the founder, Luo Jianjun, who holds 1.5% of the shares, while another shareholder, Zhou Bin, holds 1.012%, collectively controlling 8.41% of the company [7] - The company has multiple investors, leading to a dispersed shareholding structure without a dominant controlling party [5][9]