S1130525070007 1 • 本周（2025/08/11-2025/08/15，下同），沪深300上涨2.37%，主动股票及偏股混合基金整体测算股票仓位上升1.18%，至87.68%。 风险提示：测算模型失效风险；重仓股补全与实际差异较大风险；基金持仓、久期大幅度偏离的风险。基金相关信息及数据仅作为基金研究 使用，不作为募集材料或者宣传材料；本文涉及所有基金历史业绩均不代表未来表现 2 • 本周主动股票及偏股混合型基金前5大行业：电子（12.91%）、电力设备（8.38%）、医药生物（7.11%）、通信（6.95%）、汽车（6.19%）。 • 加仓前3大行业：有色金属(+0.78%）、通信(+0.73%）、非银金融(+0.37%）；减仓前3大行业：食品饮料(-0.43%）、电子(-0.28%）、银行(-0.25%）。 • 本周中债10年期国开债到期收益率上行8bps，中长期纯债整体测算久期中位数上升0.19，至3.79年，位于近5年的1 00.00%分位数。近4周平均久期 中位数为3.67年；本周久期分歧度有所上升，测算久期标准差上升0.28，至2.02年。短期纯债久期中位数上升0.00，至1.20年 ...

Core Viewpoint - In August, 178 A-share listed companies received broker research, with a significant focus on consumer and technology sectors, leading to over 80% of these companies achieving positive returns in the secondary market [1][4]. Group 1: Company Research Highlights - Zhongchong Co. received the most attention with 68 broker research sessions, focusing on the competitive landscape of the pet food industry, highlighting a shift in consumer preferences towards brand reputation and product quality [4]. - Other companies like Ninebot, Jereh, Jin Chengzi, Hikvision, and Ganyuan Food also attracted significant broker interest, each receiving over 40 research sessions [4]. - Tonghui Electronics, specializing in electronic testing instruments, received 17 broker research sessions, with inquiries about its cash flow decline and profit growth exceeding revenue growth [5]. Group 2: Market Performance - Among the 178 companies, 147 achieved positive returns since August, representing over 80% of the total [5]. - Feilong Co. saw a stock price increase of 73.01% since August 15, marking it as the best performer among the researched companies [5]. - The electronic and mechanical equipment sectors showed strong performance, with several stocks experiencing significant gains [7]. Group 3: Industry Trends and Investment Opportunities - The electronic, mechanical equipment, and biopharmaceutical sectors had over 20 companies each receiving broker research, indicating strong investor interest [7]. - Investment recommendations include focusing on AI industry chain companies, undervalued leaders, and firms experiencing "turnaround" potential, driven by robust demand for AI servers and components [8]. - The robotics industry is expanding, with a focus on practical applications and enhanced capabilities from component manufacturers, suggesting a growing market for diverse robotic products [8].

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech 50 ETF, which has seen a continuous rise, driven by the significant growth in the AI application sector and the demand for computing power [1][2] - Stone Technology reported a revenue of 7.903 billion yuan for the first half of 2025, marking a year-on-year increase of 78.96%, while its net profit attributable to shareholders decreased by 39.55% to 678 million yuan [1] - First Shanghai Securities expresses optimism regarding the sustained high growth in computing power demand driven by AI applications, indicating a pivotal moment for the proliferation of AI applications both domestically and internationally [1] Group 2 - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, with a significant concentration in the electronics sector (63.74%) and the pharmaceutical and biological sector (11.78%), totaling 75.52% [2] - The index encompasses various sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors are encouraged to continue monitoring the long-term development prospects of China's hard technology sector, as the current position of the Sci-Tech 50 Index suggests potential growth opportunities [2]

Core Viewpoint - The A-share market has been experiencing a significant rally, with a notable increase in the number of stocks doubling in value this year [1]. Summary by Sections Market Performance - As of August 15, over 4406 A-shares have shown positive growth this year, accounting for more than 80% of the total [1]. - Among these, 1100 stocks have increased by over 50%, and 310 stocks have more than doubled in value [1]. Low-Priced Stocks - The number of low-priced stocks (with a closing price below 2 yuan) has decreased to only 39 [1]. Top Performing Sectors - The sectors with the highest number of stocks that have doubled include: - Pharmaceutical and Biological: 57 stocks - Machinery Equipment: 54 stocks - Automotive, Basic Chemicals, and Computer sectors each have over 20 stocks [1]. Notable Stocks - The top ten stocks with the highest growth rates this year include: - Shangwei New Materials: 1357.74% increase, market cap increased from 2.686 billion to 39 billion yuan - Shutaishen: 621.86% increase, market cap increased from 3.54 billion to 25.556 billion yuan - *ST Yushun: 602.25% increase, market cap increased from 0.998 billion to 7.006 billion yuan - Shenghong Technology: 450.34% increase, market cap increased from 36.311 billion to 199.022 billion yuan - Changcheng Military Industry: 412.413% increase, market cap increased from 8.517 billion to 43.642 billion yuan - Guangsheng Tang: 411.91% increase, market cap increased from 5.203 billion to 26.636 billion yuan - United Chemicals: 397.08% increase, market cap increased from 2.164 billion to 10.739 billion yuan - Feiling'er: 374.63% increase, market cap increased from 1.681 billion to 7.981 billion yuan - *ST Yazhen: 346.98% increase, market cap increased from 1.611 billion to 7.199 billion yuan - Beifang Changlong: 346.96% increase, market cap increased from 3.164 billion to 14.144 billion yuan [2].

Core Insights - The number of stocks priced over 100 yuan in the A-share market has significantly increased, reaching 122 on August 15, marking a new high in nearly 506 trading days [2][4][5]. Market Activity - The average daily number of stocks priced over 100 yuan exceeded 110 in August, indicating heightened market activity [3]. - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a new phase high and northbound capital transactions surpassing 300 billion yuan for the first time this year [2]. Stock Characteristics - The 122 stocks priced over 100 yuan are distributed across 16 industries, with the electronics sector having the highest representation at 36 stocks, followed by computer and pharmaceutical industries [7]. - These stocks are primarily from the innovation-driven sectors, with 52 from the Sci-Tech Innovation Board and 38 from the Growth Enterprise Market [7]. Financial Metrics - Stocks priced over 100 yuan exhibit stronger earnings growth potential, with projected net profit growth rates exceeding 17% for 2023 and 2024, while non-100 yuan stocks are expected to see declines [8][11]. - The average price-to-earnings ratio of these high-priced stocks is competitive compared to their industry peers, with 29.51% classified as undervalued [8]. Institutional Interest - Nearly 80% of stocks priced over 100 yuan have received institutional research attention, significantly higher than the less than 50% for non-100 yuan stocks [8][11]. - The financing balance for these stocks has increased by over 30% since the end of last year, compared to less than 11% for non-100 yuan stocks [8][11]. Potential High-Value Stocks - A selection of 17 potential high-value stocks has been identified, all priced between 80 and 100 yuan, with strong institutional interest and projected earnings growth [12]. - These stocks are primarily concentrated in the innovation sectors, particularly in semiconductors and humanoid robotics [12][14].

资金潮涌香江，港股核心资产备受关注。 今年以来，港股科技板块凭借估值优势与成长确定性，率先引领中国资产价值重估，成为全球资金增配中国科技的核心标 的。今年上半年，南向资金累计净流入港股超6870亿港元，下半年还在加速。8月15日，南向资金净买入354.23亿港元，今年 以来南向资金累计净流入超9000亿港元，创年度净流入额历史新高，显著超过2024年净流入的8078.69亿港元。港股主题ETF 净申购额也超过千亿元。 在此背景下，华夏国证港股通科技交易型开放式指数证券投资基金 （简称：港股通科技 ETF 基金，代码：159101） 于 8 月 18 日起重磅发售，该指数通过紧密跟踪国证港股通科技指数（代码：987008），为投资者提供了一键布局港股科技龙头的便 捷工具。 最猛赛道，港股主题ETF"吸金"强劲 今年港股通ETF市场迎来历史性突破，规模节节攀升，各类资金争相涌入，可谓是市场"新宠"。尤其是7月以来，有超500亿元 资金涌入港股主题ETF，今年以来的净申购额更是突破千亿元大关。统计数据显示，今年前7个月，港股主题ETF净申购额达 1025亿元。其中大部分通过港股通渠道流 入。 今年以来，南向资金成为 ...

随着今年A股的持续走高，高价股队伍也在壮大。根据Wind统计，截至8月15日收盘，A股百元股达122 只，较去年底大增近七成。其中，百元股中只有6只为今年刚上市的新股。业内人士认为，对于百元股 应结合公司业绩、估值以及行业竞争力等综合分析。 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。今年百元股数量随着市场走势经历了波 动：2月曾达100只以上，4月因市场大跌一度缩减至67只，随后逐步回升至7月超100只。总体来看，百 元股的家数与市场整体走势密切相关。 数据显示，去年底百元股只有72只。今年年内新进百元股46只。贵州茅台以1422.08元的股价稳居第 一，寒武纪以923.7元的股价排名第二，逼近千元关口；吉比特跃升至第三高价股，最新股价报411元。 不过，上述三只个股今年走势差异较大。贵州茅台今年以来下跌5%，寒武纪年内上涨四成，而吉比特 年内飙升九成。根据统计，今年下跌的百元股共有19只。其中，中科蓝讯下跌21%，古井贡酒下跌 12%。 从百元股分布情况来看，如果按照上市板块划分，科创板股票最多，达52只，占比近五成；其次为创业 板，达38只，而沪深主板则为28只。从上市时间来看，百元股中仅有6 ...

□本报记者 王宇露 上周市场表现强势，中证新华社民族品牌工程指数上涨3.64%，报1780.22点。阳光电源（300274）、东 方财富（300059）、中际旭创（300308）等成分股上周表现优异；下半年以来，中际旭创、科沃斯 （603486）、药明康德（603259）等成分股涨幅居前。 展望后市，机构认为，后续市场风险偏好和交投情绪或持续高涨，流动性充裕将成为驱动力，市场仍存 在着较多的投资机会，在流动性驱动后，基本面驱动有望接棒。 多只成分股表现强势 上周市场大幅上涨，上证指数上涨1.70%，深证成指上涨4.55%，创业板指上涨8.58%，沪深300指数上 涨2.37%，品牌工程指数上涨3.64%，报1780.22点。 下半年以来，中际旭创上涨63.20%，排在涨幅榜首位；科沃斯上涨57.31%，居次席；药明康德上涨 40.62%；阳光电源、达仁堂、泰格医药涨逾30%；我武生物（300357）和恒瑞医药（600276）分别上涨 29.22%和22.16%；智飞生物（300122）、国瓷材料、盾安环境、石头科技、东方财富、复星医药、泸 州老窖（000568）、康泰生物（300601）、步长制药（60385 ...

Group 1 - Public funds have conducted over 3,800 research visits in the past month, with more than 150 institutions participating, indicating a strong interest in stock selection [2][3] - The average stock price increase of the companies researched by public funds reached 14.96%, significantly outperforming the market, with the top ten stocks seeing increases exceeding 73% [2] - The most favored sectors by public funds are TMT (Technology, Media, and Telecommunications) and pharmaceuticals, with 63 electronic companies and 47 pharmaceutical companies being researched extensively [3] Group 2 - The focus on AI technology is seen as a revolutionary change, with ongoing demand expected to drive growth across various industries [3] - In the pharmaceutical sector, there is an expectation of increased revenue for innovative drug companies, attracting long-term investments, with 2025 projected as a pivotal year for profitability [4] - The Chinese pharmaceutical industry is undergoing a valuation reset, with expectations of extended product life cycles and increased sales peaks due to the integration of commercial strategies [4]

Group 1 - A total of 81 listed companies in the Shanghai and Shenzhen markets have been investigated by institutions this week, with the highest frequency of inquiries in the electronics, machinery equipment, and pharmaceutical biology sectors [1] - The semiconductor, medical device, and specialized equipment sectors are the top three areas of institutional interest, while automation equipment and power industries have seen increased attention [2][3] Group 2 - Weisheng Information has the highest number of investigations, reaching 3 times, while Nanwei Medical, Anjisi, and Jinchengzi rank highest in institutional visit reception, with 184, 177, and 166 visits respectively [3][5] - The liquid cooling concept stocks have been active this week, with Feilong Co., Ltd. reporting significant developments in the liquid cooling field, including a production capacity of up to 1.2 million units annually and ongoing projects with over 120 clients [5][6] - Keda's data center business has shown year-on-year growth, with optimistic expectations for the future, benefiting from AI development [8] - Yimikang is expanding its overseas market presence, particularly in the Middle East and Southeast Asia, while also focusing on product development for domestic market needs [10] - Bojie Co., Ltd. is providing AI server testing equipment to overseas clients, incorporating self-developed liquid cooling solutions into their products [11]