证券时报·数据宝统计，截至下午13:58，今日沪指跌1.15%，A股成交量1186.09亿股，成交金额18732.31 亿元，比上一个交易日减少23.96%。个股方面，967只个股上涨，其中涨停33只，4391只个股下跌，其 中跌停10只。从申万行业来看，综合、电力设备、医药生物等涨幅最大，涨幅分别为1.95%、0.79%、 0.33%；国防军工、非银金融、计算机等跌幅最大，跌幅分别为5.87%、3.02%、2.18%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 综合 | 1.95 | 48.75 | -18.17 | 东阳光 | 6.23 | | 电力设备 | 0.79 | 1948.04 | -8.54 | 海博思创 | 18.00 | | 医药生物 | 0.33 | 1257.92 | -22.73 | 成都先导 | 12.28 | | 传媒 | 0.21 | 491.42 | -17.34 | 金逸影视 | ...

Market Overview - The market experienced a wide fluctuation after a strong opening, with the ChiNext index showing resilience but later retracting gains, raising questions about whether the A-share market has peaked in the short term [1] - Zhejiang Securities maintains that the current "systematic slow bull" trend remains healthy in the medium term, despite short-term uncertainties and increased volatility [1] - CITIC Securities indicates that A-share earnings have reached a confirmation turning point, entering a mild recovery phase, but structural differentiation is more pronounced than overall trends [1] Sector Insights - The focus remains on a balanced allocation between "large finance and broad technology," with increased attention on previously lagging sectors such as real estate and state-owned enterprises [1] - The financial technology sector is highlighted as a key area of interest, benefiting from a vibrant capital market and regulatory support for both consumer-facing and business-facing financial technology companies [3] - The computer sector's investment opportunities are primarily concentrated in financial technology, with expectations of improved performance in the second half of the year due to macroeconomic conditions easing demand-side pressures [3] Fund Performance - The financial technology ETF (159851) has seen significant interest, with a recent scale exceeding 10 billion yuan and an average daily trading volume of over 1.3 billion yuan in the past month, indicating strong liquidity [3] - The ETF is positioned to benefit from the prosperity of the capital market, with growth potential in areas such as stablecoins and domestic innovation driven by policy support [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the content. 2. Core Viewpoints of the Report The report provides a daily tracking of stock index futures data on September 2, 2025, including the index trends, the impact of sector fluctuations on the indices, the basis and annualized opening costs of stock index futures, and the points differences and annualized costs of stock index futures roll - over [1]. 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 2, the Shanghai Composite Index fell 0.45% to close at 3858.13 points, with a trading volume of 1222.778 billion yuan; the Shenzhen Component Index fell 2.14% to close at 12553.84 points, with a trading volume of 1652.214 billion yuan [1]. - The CSI 1000 Index fell 2.5% with a trading volume of 598.514 billion yuan, opening at 7498.44, closing at 7313.88, with a daily high of 7499.6 and a low of 7258.59 [1]. - The CSI 500 Index fell 2.09% with a trading volume of 541.494 billion yuan, opening at 7108.94, closing at 6961.69, with a daily high of 7108.94 and a low of 6909.72 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. 3.2 Impact of Sector Fluctuations on the Indices - The CSI 1000 Index dropped 187.27 points from the previous closing price, and sectors such as communication, computer, and electronics significantly pulled the index down [3]. - The CSI 500 Index dropped 148.6 points from the previous closing price, and sectors such as computer and electronics significantly pulled the index down [3]. - The SSE 300 Index dropped 33.26 points from the previous closing price. Sectors such as banks significantly pulled the index up, while sectors such as computer, communication, and electronics pulled it down [3]. - The SSE 50 Index rose 11.68 points from the previous closing price. Sectors such as banks, food and beverage, and petroleum and petrochemicals significantly pulled the index up, while sectors such as non - bank finance and electronics pulled it down [3]. 3.3 Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 79.56, IM01 had - 138.59, IM02 had - 271.34, and IM03 had - 446.93 [14]. - For IC contracts, IC00 had an average daily basis of - 74.3, IC01 had - 122.99, IC02 had - 224.75, and IC03 had - 369.83 [14]. - For IF contracts, IF00 had an average daily basis of - 10.05, IF01 had - 15.77, IF02 had - 30.9, and IF03 had - 51.13 [14]. - For IH contracts, IH00 had an average daily basis of - 0.65, IH01 had - 2.19, IH02 had - 1.79, and IH03 had - 0.25 [14]. 3.4 Points Differences and Annualized Costs of Stock Index Futures Roll - over - The document provides the 15 - minute average points differences and their annualized costs for IM, IC, IF, and IH contracts' roll - over, including data such as IM00 - 01, IM00 - 02, etc. for different time points from 09:45 to 15:00 [23][25][27][26].

Core Conclusions - The report emphasizes the importance of focusing on low-position elastic sectors during the mid-bull market phase, suggesting that these sectors may experience significant rebounds due to their low valuations, low holdings, and low growth rates [3][14]. - The report identifies a shift in market styles, indicating that while the TMT sector has led the recent market rally, there is potential for growth in previously underperforming sectors as economic conditions improve and policies shift [3][14]. Market Style Discussion - Recent market performance shows that the TMT sector has outperformed, driven by strong fundamentals in AI investments, which are on an upward trajectory globally [3][13]. - The report suggests that mid-bull market sectors are likely to expand, and it is advisable to pay attention to low-position sectors that may benefit from style shifts, particularly those with improving policies or fundamentals [14][15]. - Historical data indicates that the style of leading sectors during the mid-bull market often differs from that of the early bull market, with sectors that performed well initially not necessarily maintaining their momentum [16][18]. Sector Recommendations - Non-bank financials are highlighted as a sector with high certainty of performance improvement and still low valuations [15]. - The military and non-ferrous metals sectors are recommended due to favorable supply-demand dynamics and limited impact from macroeconomic changes [15]. - The media sector is noted for its favorable policy environment and relatively high valuation attractiveness compared to other AI sub-sectors [15]. - Cyclical sectors such as steel, construction materials, and chemicals are expected to benefit from supply-side policies and potential demand-side support, with low valuations making them attractive [15][24]. Style and Sector Analysis - The report discusses the potential for style shifts in the market, particularly as low-valuation sectors may see increased interest from institutional investors due to low holdings and the anticipated shift in market focus [21][22]. - The analysis indicates that sectors currently at low valuations, low holdings, and low growth rates include construction decoration, petroleum and petrochemicals, and real estate, which may present opportunities for recovery [23][24]. Seasonal Trends - The report notes that September typically shows weak seasonal trends for market styles, with a higher probability of style shifts occurring in Q4 [25][26]. - Historical data suggests that while small-cap growth has dominated in August, the likelihood of value styles gaining traction increases as the year progresses into the fourth quarter [26].

Core Viewpoint - The A-share market is experiencing fluctuations, with the MSCI China A50 Connect Index showing a decline of approximately 0.7%, despite positive sentiment from global investors due to the internationalization of the RMB and improving corporate earnings [1] Group 1: Market Performance - The A-share market opened high but saw a decline, with key stocks like Hengrui Medicine, Zhongji Xuchuang, and Zijin Mining leading the gains [1] - The MSCI China A50 Connect Index is closely aligned with the holdings of northbound funds, indicating a strong correlation in investment strategies [1] Group 2: Investor Sentiment - Institutions like UBS report a significant increase in global investor confidence in the A-share market, driven by favorable factors such as the internationalization of the RMB and a gradual recovery in corporate profits [1] - There is ample room for overseas funds to increase their allocations in A-shares, suggesting a positive outlook for future investments [1] Group 3: Index Composition - The MSCI China A50 Connect Index includes major sectors such as electronics, banking, food and beverage, non-bank financials, and power equipment [1] - The top ten constituents of the index are Zijin Mining, CATL, Industrial Fulian, Kweichow Moutai, Cambricon Technologies, BYD, Haiguang Information, Hengrui Medicine, Zhongji Xuchuang, and China Merchants Bank [1] Group 4: Investment Products - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a packaged investment option for 50 leading stocks, thus appealing to both domestic and international investors [1] - The MSCI China A50 Connect Index emphasizes liquidity and sector balance during its compilation, highlighting its significant large-cap characteristics compared to other "beautiful 50" indices [1]

Summary of Key Points Core Viewpoint - As of September 2, the latest market financing balance is 22,723.66 billion yuan, showing a decrease of 8.462 billion yuan compared to the previous trading day. Industry Financing Balance Changes - 14 industries saw an increase in financing balance, with the non-bank financial sector leading with an increase of 1.468 billion yuan [1] - Other notable increases were in the pharmaceutical and biological sector (0.373 billion yuan), non-ferrous metals (0.250 billion yuan), and basic chemicals (0.210 billion yuan) [1] - 17 industries experienced a decrease in financing balance, with significant reductions in the computer, communication, and electric equipment sectors, decreasing by 2.104 billion yuan, 2.103 billion yuan, and 1.712 billion yuan respectively [1][2] Financing Balance by Industry - The non-bank financial sector has a latest financing balance of 1,815.13 billion yuan, with a 0.82% increase [1] - The pharmaceutical and biological sector has a financing balance of 1,613.38 billion yuan, with a 0.23% increase [1] - The non-ferrous metals sector has a financing balance of 1,037.04 billion yuan, with a 0.24% increase [1] - The basic chemicals sector has a financing balance of 905.79 billion yuan, with a 0.23% increase [1] - The communication sector has a financing balance of 962.85 billion yuan, with a 2.14% decrease [2] - The steel sector has a financing balance of 164.18 billion yuan, with a 1.50% decrease [2] - The computer sector has a financing balance of 1,765.28 billion yuan, with a 1.18% decrease [2]

Market Overview - On September 2, the Shanghai Composite Index fell by 0.45%, with the total margin trading balance at 22,884.52 billion yuan, a decrease of 8.539 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 11,692.60 billion yuan, down by 2.508 billion yuan; in the Shenzhen market, it was 11,118.61 billion yuan, down by 6.029 billion yuan; and in the Beijing Stock Exchange, it was 73.31 million yuan, down by 179.46 thousand yuan [1] Industry Analysis - Among the industries classified by Shenwan, 14 industries saw an increase in margin trading balance, with the non-bank financial sector leading with an increase of 1.468 billion yuan, followed by the pharmaceutical and biological sector and the non-ferrous metals sector, which increased by 373 million yuan and 250 million yuan, respectively [1] Individual Stock Performance - A total of 1,658 stocks experienced an increase in margin trading balance, accounting for 44.58% of the total, with 362 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Ruixing Co., with a latest balance of 3.8166 million yuan, an increase of 100.61% from the previous trading day, and its stock price rose by 2.35% [1] - Other notable stocks with significant increases in margin trading balance included Xin'an Clean and Kexin New Materials, with increases of 85.15% and 77.92%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in margin trading balance, the average increase in stock price was 4.67%, with Hengjin Induction, Mankalon, and Xinquan Co. leading with increases of 29.99%, 11.91%, and 10.00%, respectively [2] - Conversely, the stocks with the largest declines included Zhongrong Electric, Haizheng New Materials, and Guangxin Technology, with declines of 7.60%, 6.06%, and 2.94%, respectively [2] Margin Trading Balance Changes - The top 20 stocks with the largest increase in margin trading balance included Ruixing Co. (381.66 million yuan, +100.61%), Xin'an Clean (942.68 million yuan, +85.15%), and Kexin New Materials (731.40 million yuan, +77.92%) [3] - In contrast, the top 20 stocks with the largest decrease in margin trading balance included Henghe Co. (60.06 million yuan, -43.16%), Ningxin New Materials (1,158.41 million yuan, -34.20%), and Zhongshi Consulting (270.81 million yuan, -31.01%) [4][5]

Group 1 - On September 2, among the 31 first-level industries tracked by Shenwan, 14 industries experienced net financing inflows, with the non-bank financial sector leading at a net inflow of 1.468 billion yuan [1] - Other industries with significant net financing inflows included pharmaceuticals and biotechnology, non-ferrous metals, chemicals, and oil and petrochemicals, each exceeding 100 million yuan in net inflow [1] Group 2 - A total of 1,658 individual stocks received net financing inflows on September 2, with 96 stocks having net inflows exceeding 50 million yuan [1] - Among these, 37 stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 1.367 billion yuan [1] - Other notable stocks with significant net inflows included Dongfang Wealth, Top Group, BeiGene, Data Port, Pacific, Sanhua Intelligent Control, Kunlun Wanwei, and Huahong Semiconductor, each with net inflows exceeding 200 million yuan [1]

ab 2 September 2025 Global Research China Equity Strategy A-share Q225 earnings review Overall A-share earnings +0.7% YoY in Q2, -3.2% YoY for ex-financials Overall A-share earnings grew 2.3% in H125, or 0.6% YoY for ex-financials. Specifically, overall A-share earnings edged up 0.7% YoY in Q225 (Figure 10A-share nigsowth bysector), slower than +3.7% YoY in Q125. Given intensified China-US trade frictions and the property sector's ongoing bottoming in Q225, non-financial sectors' earnings growth was again i ...

Group 1 - The overall performance of A-shares is at a low point, with a focus on transformation and recovery in various sectors [2] - The sectors showing positive economic sentiment include electronics, home appliances, non-bank financials, machinery, non-ferrous metals, computers, food and beverages, defense, telecommunications, media, and agriculture [3][13] - The revenue growth rate for Q2 2025 shows a cumulative year-on-year decline, but the quarterly growth rate is on the rise, with leading sectors including defense, electronics, agriculture, automotive, computers, and non-bank financials [4][53] Group 2 - The overall ROE for Q2 2025 has slightly declined, with the best performance in essential consumer goods at 10.2% [5] - The gross profit margin for non-financial A-shares has slightly decreased, with essential consumer goods showing the highest margin at 30.4% [5][22] - Inventory turnover rates have increased, while accounts payable and receivable turnover rates have decreased [5][18] Group 3 - Most industries are actively replenishing inventory, while agriculture, home appliances, pharmaceuticals, public utilities, construction decoration, telecommunications, and environmental protection are in a passive destocking phase [6][24] - Capital expenditure intentions have rebounded in Q2 2025, although they remain negative overall [6][28] Group 4 - From June 30 to August 30, 2025, the industries with the highest upward revisions in net profit forecasts include steel, non-ferrous metals, beauty care, non-bank financials, and banking [7][30] - The phenomenon of net profit discontinuity is more likely to occur in sectors such as food and beverages, beauty care, non-bank financials, banking, and transportation [7][31]