Core Viewpoint - The stock market showed mixed performance with the Shanghai Composite Index rising by 0.37% and the Shenzhen Component Index increasing by 0.99%, while the total trading volume decreased compared to the previous day [1]. Group 1: Market Overview - The Shanghai Composite Index closed at 3857.93 points, up 0.37% - The Shenzhen Component Index closed at 12696.15 points, up 0.99% - The ChiNext Index closed at 2890.13 points, up 2.23% - Total trading volume in both markets was 27,982.97 billion, a decrease of 1,725.05 billion from the previous trading day [1]. Group 2: Capital Flow - The net outflow of main funds in the two markets was nearly 530 billion, with an opening net outflow of 222.09 billion and a closing net outflow of 41.04 billion, totaling 527.66 billion for the day [2]. - The net outflow for the CSI 300 was 126.1 billion, while the ChiNext saw a net outflow of 161.98 billion [2][4]. Group 3: Sector Performance - The electric power equipment sector saw a net inflow of 63.62 billion, with a growth of 0.89% - The food and beverage sector had a net inflow of 46.95 billion, increasing by 1.03% - The non-ferrous metals sector recorded a net inflow of 33.88 billion, up 1.36% - The computer sector experienced the largest net outflow of 233.02 billion, declining by 1.27% - The electronics sector had a net outflow of 200.08 billion, down 1.22% [5][6]. Group 4: Institutional Focus - The top stocks with significant institutional net purchases included Wancheng Group with a net buy of 30,789.36 million, and Longyang Electronics with a net buy of 9,226.96 million [9]. - Notable stocks with strong institutional interest also included Xian Dao Intelligent and Hong Baoli, with respective net buys of 7,157.43 million and 5,466.88 million [9]. Group 5: Latest Institutional Ratings - Sichuan Chengyu received a strong buy rating from Huachuang Securities with a target price of 8, indicating a potential upside of 41.34% from its latest closing price of 5.66 [11]. - Industrial Bank was rated buy by Huatai Securities with a target price of 27.1, suggesting a 20.93% upside from its latest closing price of 22.41 [11].

Group 1 - The German stock market is currently at a historical high valuation, with the DAX index up 21% this year, and the expected P/E ratio approaching 16 times, exceeding the past decade's average of 13 times [1] - Analysts predict a 4% growth in earnings per share for DAX constituents by 2025, with a 14% profit growth expected next year, surpassing the S&P 500's projections [2] - The strong performance of the DAX index is primarily attributed to four major stocks: Rheinmetall, Siemens, Allianz, and Deutsche Bank, which collectively contributed nearly half of the index's gains [3] Group 2 - There is caution regarding the sustainability of the current market rally, as some leading stocks may have limited domestic revenue exposure, raising concerns about actual earnings meeting expectations [3] - The German government's €500 billion infrastructure fund, allocated over 12 years, presents uncertainties, as some funds may be used to fill state budget gaps rather than for new investments [4] - Over 80% of DAX constituents derive their revenue from overseas, making them vulnerable to global economic slowdowns, particularly in export-oriented sectors like the automotive industry [5]

Group 1 - The defense and military industry sector experienced a significant rebound, with the high-profile defense ETF (512810) reaching a new three-and-a-half-year high and achieving nearly 140 million yuan in trading volume, marking 14 consecutive trading days of over 100 million yuan in daily transactions [1][3] - Notable stocks in the sector saw substantial gains, with AVIC Aircraft soaring over 8%, China Satcom approaching the daily limit, and Great Wall Industry and Aerospace Science and Technology also rising more than 8% [3] - Upcoming events, such as the Air Force's aviation open activities in Changchun and the 93rd National Day military parade, are expected to act as catalysts for the defense industry, with new equipment and platforms anticipated to drive future growth [3][4] Group 2 - The defense ETF (512810) encompasses a wide range of themes, including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, making it an efficient tool for investing in core defense assets [4] - Recent research indicates that the current defense industry rally is not solely dependent on the military parade, as the fundamental recovery is expected to continue, with military orders projected to be fulfilled from Q3 to Q4 of 2025 [3][4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The communication industry is booming, and the stock index is recovering. Domestically, policies aim for high - quality urban development by 2030 and 2035. Overseas, the US Q2 GDP shows better - than - expected growth, and the number of initial jobless claims is slightly lower than expected. In the A - share market, the three major indices rebounded, with communication, electronics and other sectors rising, and coal and other sectors falling. The trading volume of the two markets was 3 trillion yuan. US stock indices also rose slightly. In the futures market, the basis of stock index futures declined, and the trading volume increased with increased positions in IF and IM [1]. - In a bull - market expectation, market adjustments are often presented through intensified intraday fluctuations, and this feature is expected to continue until the parade. A more sufficient short - term adjustment is beneficial for the long - term market trend [2]. Summary of Sections Market Analysis - **Macro - economic situation**: Domestically, the policy is to promote high - quality urban development, with key progress by 2030 and basic completion by 2035. Overseas, the US Q2 real GDP annualized revised value increased by 3.3% quarter - on - quarter, higher than the expected 3.1% and the initial value of 3%. The number of initial jobless claims last week was 229,000, slightly lower than the expected 230,000 [1]. - **Spot market**: A - share indices rebounded. The Shanghai Composite Index rose 1.14% to 3,843.6 points, and the ChiNext Index rose 3.82%. The communication, electronics and other sectors led the gains, while coal and other sectors led the losses. The trading volume of the two markets was 3 trillion yuan. US stock indices rose slightly, with the S&P 500 rising 0.32% to 6,501.86 points [1]. - **Futures market**: The basis of stock index futures declined again, with near - month contracts in contango. The trading volume of stock index futures increased, and the positions of IF and IM increased [1]. Strategy - Market adjustments are likely to continue to show intensified intraday fluctuations until the parade. A more thorough short - term adjustment is favorable for the long - term market [2]. Chart References - **Macro - economic charts**: Include charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends [4][5]. - **Spot market tracking charts**: Present the daily performance of major domestic stock indices, trading volume of the two markets and margin trading balance [4][5][12]. - **Stock index futures tracking charts**: Provide data on the trading volume, positions, basis and inter - period spreads of stock index futures [4][5][14].

Core Viewpoint - The insurance industry is increasingly favoring high-dividend stocks as a key investment strategy, with significant growth in stock allocations and a notable shift in investment preferences towards equities over bonds [1][5][6]. Group 1: Investment Trends - As of June 2025, the stock investment scale of China Insurance has increased by 60.7% compared to the beginning of the year, outperforming the CSI 300 Dividend Index by 7.8 percentage points [1]. - By the end of Q2 2025, the total stock investment balance of property and life insurance companies reached 3.07 trillion yuan, a 26.3% increase from the end of 2024 [2]. - The proportion of stock investments in property insurance companies rose from 7.21% at the end of 2024 to 8.33% by Q2 2025, while life insurance companies saw an increase from 7.57% to 8.81% [1][2]. Group 2: Asset Allocation Strategy - The insurance sector is adopting a "barbell" strategy, balancing fixed income and equity investments to mitigate duration mismatch risks and enhance portfolio yield [3]. - The preference for stocks is driven by a low interest rate environment and a policy framework encouraging long-term investments, leading to a sustained demand for equity assets [5][6]. Group 3: Market Activity - In 2025, insurance capital has been a major source of incremental funds in the stock market, injecting over 600 billion yuan in the first half of the year [2]. - Insurance companies have engaged in 30 equity stakes this year, with a focus on banks and other sectors, indicating a resurgence in "stake acquisition" activities [4]. Group 4: Future Outlook - Insurance institutions expect to maintain their asset allocation ratios from early 2025, with a slight increase in stock and bond investments anticipated [5]. - The sectors expected to perform well include pharmaceuticals, electronics, banking, and defense, with a focus on high-dividend and innovative assets [6][7].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings provided in the report Group 2: Core Views of the Report - The risk appetite in the market has been restored. The stock index futures showed a V-shaped rebound and are in high-level oscillations. The stock index options suggest continuing to hold bull spreads. The bond market curve of treasury bond futures is steepening [1][2][3] Group 3: Summary by Relevant Catalogs 1. Market Views Stock Index Futures - The market outlook is oscillating with a bullish bias. The IF, IH, IC, and IM contracts showed specific changes in basis, inter - period spreads, and positions. The market sentiment has been repaired, with a preference for technology - growth stocks. It is considered a bull - market oscillation, and dips are good opportunities to add positions. The recommended operation is to allocate IM long positions [7] Stock Index Options - The market outlook is oscillating. The option market turnover remained stable, and the mid - term sentiment is optimistic. The volatility of different varieties varies. It is recommended to continue holding bull spreads [2][8] Treasury Bond Futures - The market outlook is oscillating. The treasury bond futures closed down across the board, and the yield curve continued to steepen. The central bank's net injection supported the short - end of the bond market, while the long - end was under pressure. Short - term opportunities in long - end arbitrage and curve steepening can be focused on. Different strategies such as trend, hedging, basis, and curve strategies are recommended [8][9][10] 2. Economic Calendar - The economic calendar includes data from the US, China, and Japan, such as new home sales, house price indices, industrial enterprise profits, and unemployment claims [11] 3. Important Information and News Tracking - The government released an opinion on promoting high - quality urban development, covering housing construction, community improvement, and urban renewal. Multiple small and medium - sized banks have lowered RMB deposit rates, and the deposit rates are still under downward pressure. The Chinese Ministry of Commerce is involved in international economic and trade negotiations [12][13][14] 4. Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content [15][19][31]

Market Overview - The market experienced a V-shaped rebound in the afternoon, with the Sci-Tech 50 index surging by 7.23% [1][3] - Major indices closed higher, with the Shanghai Composite Index up 1.14%, Shenzhen Component Index up 2.25%, and the ChiNext Index leading with a 3.82% increase [1][3] Sector Performance - The top-performing sectors included Communication (up 7.14%), Electronics (up 5.53%), and Defense & Military (up 2.29%) [2] - Conversely, sectors such as Coal (-0.81%), Agriculture, Forestry, Animal Husbandry and Fishery (-0.73%), and Textiles and Apparel (-0.47%) lagged behind [2] Conceptual Indices - Conceptual indices that performed well included Copper Cable High-Speed Connection (up 5.61%), Co-packaged Optics (CPO) (up 5.13%), and F5G Concept (up 5.12%) [2] - Underperforming conceptual indices included Genetically Modified Organisms (-1.81%) and Alzheimer’s Concept (-1.07%) [2] Future Outlook - The report indicates that the market's upward momentum is driven by industrial policy support and ample liquidity, with expectations of a fiscal stimulus window in the 3rd to 4th quarter [5] - It is suggested to focus on technology growth and financial sectors for investment opportunities, while cyclical industries and new energy may see performance improvements in the latter half of the year [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 29 日 浙商早知道 2025 年 08 月 29 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 1.1%，沪深 300 上涨 1.8%，科创 50 上涨 7.2%，中证 1000 上涨 1.5%，创业板指上涨 3.8%，恒生指数下跌 0.8%。 ❑ 行业：周四表现最好的行业分别是通信（+7.1%)、电子（+5.5%)、国防军工（+2.3%)、计算机（+2.1%)、非银金 融（+1.5%)，表现最差的行业分别是煤炭（-0.8%)、农林牧渔（-0.7%)、纺织服饰（-0.5%)、食品饮料（-0.4%)、 医药生物（-0.2%)。 ❑ 资金：周四沪深两市总成交额为 29708 亿元，南下资金净流出 204.4 亿港元。 ❑ 【浙商传媒互联网 冯翠婷/陈磊】神州泰岳（300002）公司点评：产品周期过渡期，新游有望 ...

主力资金净流出的行业有26个，计算机行业主力资金净流出规模居首，全天净流出资金110.07亿元，其 次是医药生物行业，净流出资金为78.92亿元，净流出资金较多的还有电力设备、机械设备、汽车等行 业。 国防军工行业今日上涨2.29%，全天主力资金净流出33.11亿元，该行业所属的个股共139只，今日上涨 的有113只，涨停的有1只；下跌的有25只，跌停的有1只。以资金流向数据进行统计，该行业资金净流 入的个股有35只，其中，净流入资金超5000万元的有7只，净流入资金居首的是菲利华，今日净流入资 金3.70亿元，紧随其后的是星网宇达、华丰科技，净流入资金分别为2.36亿元、2.29亿元。国防军工行 业资金净流出个股中，资金净流出超亿元的有14只，净流出资金居前的有高德红外、中航成飞、光启技 术，净流出资金分别为3.59亿元、3.38亿元、2.50亿元。（数据宝） 国防军工行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300395 | 菲利华 | 13.95 | 7.08 | 37 ...

Market Commentary - The market experienced significant volatility on August 28, with the Shanghai Composite Index rising by 1.14% and the ChiNext Index increasing by 3.82%, reaching a new high for this round [3] - The total trading volume for the A-share market remained high at 3 trillion, slightly down from the previous day, indicating strong trading activity [4] - There was a clear sector divergence, with telecommunications (up 7.14%), electronics (up 5.53%), and defense industry (up 2.29%) leading the gains, while coal (down 0.47%), agriculture (down 0.73%), and textiles (down 0.81%) lagged [3][4] Investor Sentiment - Investor sentiment remains optimistic, with a consensus that the market has upward momentum despite recent declines [4] - The total margin financing balance has increased to 2.21 trillion, marking a nearly 10-year high, reflecting strong investor confidence [4] Performance of Computing Power Stocks - Computing power stocks reported strong earnings, with significant revenue and profit growth, aligning with institutional investor preferences [5] - Notable performances include Cambrian's revenue growth of 4347.8% year-on-year, turning a loss of 530 million to a profit of 1.04 billion [5] - Other companies like New Yisheng and Zhongji Xuchuang also reported impressive revenue growth rates of 282.6% and 37.0%, respectively, with corresponding profit growth rates of 355.7% and 69.4% [5] Investment Strategy - The report emphasizes focusing on high elasticity growth technology sectors, including AI, computing power, robotics, and military industry, which are expected to perform well in a bullish market [6] - The second investment focus is on sectors with strong support or exceeding performance expectations, such as rare earth permanent magnets, precious metals, and engineering machinery [9] - The third focus is on the real estate sector, which is expected to stabilize, with ongoing policy support likely to lead to valuation recovery [9]