没有股票账户的投资者可关注国泰中证香港内地国有企业ETF发起联接(QDII)A（021044），国泰中证 香港内地国有企业ETF发起联接(QDII)C（021045）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 港股国企ETF（159519）盘中上涨2%。 申万宏源证券指出，中游制造行业供需格局改善的起点大概率在2026年中前后，2025年二季报已显示供 需格局及规模效应对盈利的负面影响减弱，海外政策拉动和行业竞争优化开始显现积极效果。科技新兴 产业行情触底回升，后续扩散空间较大。固态电池和电力设备反内卷成为市场新热点，AI算力维持高 景气且估值仍有提升空间。反内卷下，全球市占率高的光伏和化工行业受益于集中度提升及价格联盟短 期预期升温。此外，9月美联储降息预期下，港股相对A股有望修复超额收益。 港股国企ETF（159519）跟踪的是内地国有 ...

电新行业 2025 年半年报业绩总结 乘势笃行，静待花开 2025 年 09 月 10 日 ➢ 板块整体业绩表现承压，25Q2 盈利环比改善。2025H1 板块共实现营收 16755.54 亿元，同比增加 3.49%，归母净利润 861.47 亿元，同比增加 16.04%。 2025Q2 板块共实现营收 9206.13 亿元，同比增长 5.22%，环比增长 21.95%， 实现归母净利润 495.89 亿元，同比增加 26.97%，环比增加 35.64%。2025H1， 板块毛利率均值为 19.50%，同比减少 1.88Pcts，净利率均值为 1.91%，同比下 降 1.91Pcts。2025Q2，板块毛利率均值为 19.56%，同比减少 1.24Pcts，环比 增加 0.45 Pcts，净利率均值为 2.34%，同比下降 0.78Pcts，环比增加 2.73 Pcts。 ➢ 新能源车板块：业绩呈现向好态势。2025H1 板块实现营收 6747.57 亿元， 同比上升 10.67%；归母净利润 580.45 亿元，同比下降 41.93%。2025Q2 实现 营收 3578.87 亿元，同比上升 10.20%； ...

东吴证券指出，9月份市场波动持续加剧，新能源板块异军突起，电力设备行业表现最好。从风格指数 来看，大盘成长和国证成长表现相对较好。市场可能呈现宽幅震荡的上涨行情，结构性行情持续涌现。 从基金配置角度，或可关注偏科技成长型的ETF。 （文章来源：每日经济新闻） 科创创业ETF（588360）跟踪的是科创创业50指数（931643），最大涨跌幅为20%，该指数从科创板与 创业板中筛选市值较大、流动性良好的50只新兴产业股票作为指数样本，覆盖新能源、生物医药等核心 科技领域。指数样本兼具高成长性和行业均衡性特点，旨在综合反映中国前沿科技创新企业的整体市场 表现。 ...

证券时报·数据宝统计，截至下午13:58，今日沪指涨0.26%，A股成交量1013.91亿股，成交金额16316.30 亿元，比上一个交易日减少6.89%。个股方面，2382只个股上涨，其中涨停54只，2848只个股下跌，其 中跌停5只。从申万行业来看，通信、电子、传媒等涨幅最大，涨幅分别为3.42%、2.70%、1.67%；电 力设备、综合、基础化工等跌幅最大，跌幅分别为1.29%、1.17%、1.06%。（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（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 3.42 | 1228.20 | 43.45 | 元道通信 | 20.01 | | 电子 | 2.70 | 2660.86 | 6.48 | 思泉新材 | 19.33 | | 传媒 | 1.67 | 571.93 | 15.06 | 幸福蓝海 | 15.42 | | 计算机 | 0.98 | 1089.70 | -6.86 | 宇瞳光学 | 12.48 | ...

【主力资金监控：电新行业净流出超99亿】智通财经9月10日电，智通财经星矿数据显示，今日主力资 金净流入通信、电子、计算机等板块，净流出电新行业、电力设备、有色金属等板块，其中电新行业净 流出超99亿元。个股方面，工业富联涨停，主力资金净买入39.91亿元位居首位，中际旭创、利欧股 份、中国联通主力资金净流入居前；宁德时代遭净卖出超8亿元位居首位，卧龙电驱、科森科技、国轩 高科主力资金净流出额居前。 转自：智通财经 ...

证券研究报告 2025年09月10日 如何布局"十五五"规划的投资机会 胡国鹏(证券分析师) 袁稻雨(证券分析师) S0350521080003 S0350521080002 hugp@ghzq.com.cn yuandy@ghzq.com.cn 最近一年走势 相关报告 《海外映射视角下的AI应用投资机会*袁稻雨，胡国鹏》——2025-09-09 《策略周报：反内卷行情有望进入第二阶段*陈艺鑫，袁稻雨》——2025-08- 24 《美国降息周期中的"第四种"交易模式——策略专题报告*胡国鹏，袁野， 袁稻雨》——2025-08-14 -5% 5% 15% 25% 36% 46% 2024/09/10 2024/11/10 2025/01/10 2025/03/10 2025/05/10 2025/07/10 沪深300 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 沪深300 | 8.1% | 14.2% | 38.9% | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 请务必阅读报告附注中的风险提示和免责声明 3 本篇报告主 ...

电力设备系列：核心资产视角看出海公司的投资价值 20250909 摘要 全球电力基建投资增速显著，2021-2024 年复合增速约为 12.7%，主 要由新能源发电成本结构和 AI、电动汽车发展驱动用电量增长支撑。 电网投资增速滞后于电源建设，2021-2024 年全球电网投资复合增速 约为 6.7%，审批延误和高可靠性要求是主要原因，但也为国内企业出 海提供了时间窗口。 电力设备行业面临供给侧挑战，包括 2015-2020 年基建收缩和疫情导 致的原材料价格上涨，高压设备产能释放不及预期，国内企业迎来出海 机遇。 国内企业在海外市场具备市占率提升空间、供应链成本和服务质量优势， 高压设备短缺加速了国内企业进入门槛的突破。 中国头部主设备企业应继续开拓老客户的新产品类别和新市场，凭借供 应链成本和服务优势广泛布局，并加强本地化运营能力巩固市场地位。 市场对高压设备公司估值存在隐忧，PEG 估值偏贵，但海外高压设备股 持续上涨和外资大量买入表明深度调整可能性较低。 电表行业受国内业务和市场周期影响经历调整，但头部企业全球化能力 突出，是良好配置机会，如三星医疗、海兴电力等。 Q&A 当前全球电力基础设施投资的主 ...

"出海"竞争：哪些新趋势？20250908 摘要 中国对外直接投资存量位居全球前列，自 2016 年起超越多个发达经济 体，2022 年与美国、荷兰、英国同处领先地位。尽管全球对外直接投 资存量在 2020 年有所下降，但中国的降幅相对较小，显示出较强的投 资韧性。 中国企业出海模式发生结构性变化，对外并购占比显著下降（从 2016 年的 44.1%降至不足 10%），绿地投资日益活跃，成为对外直接投资 的重要支撑。这反映出企业出海的驱动因素从跨境避税转向产业输出。 中国企业在不同经济体中的产业布局差异明显。租赁商务服务业和批零 行业主要分布在亚洲和拉丁美洲，制造业更多流向欧洲和北美洲，采矿 业和建筑业则在大洋洲和非洲占据主导地位，这与当地的资源禀赋和需 求密切相关。 2023 年数据显示，披露海外收入的中国公司海外业务收入占总营收比 例约为 20%，其中电子行业规模和比重均居首位。电力设备、汽车及家 用电器等行业海外业务收入规模也较大，占比约为 30%。 Q&A 中国企业在全球竞争中有哪些结构性变化？ 过去几年，中国对外直接投资（OFDI）一直处于全球领先位置。根据中国对外 直接投资统计公报和联合国贸发会议 ...

Group 1 - The overall profit of A-shares in the first half of 2025 increased by 2.44% year-on-year, but the growth rate has slowed down compared to the first quarter [2][9][10] - The net profit of non-financial A-shares rose by 1.03% year-on-year, a decrease of 3.48 percentage points from the first quarter [9][10] - The net profit of the non-financial and non-oil and gas A-shares increased by 4.82% year-on-year, with a decrease of 3.08 percentage points from the first quarter [9][10] Group 2 - The total revenue of all A-shares increased by 0.03% year-on-year, marking a return to positive growth after a year of decline [15][19] - The revenue growth rates for the ChiNext and Sci-Tech Innovation Board were 7.04% and 4.81% respectively, while the North Stock A-share saw a growth of 5.66% [18][19] - The main board's revenue growth rate decreased by 0.5% year-on-year, but improved by 0.25 percentage points from the first quarter [19] Group 3 - The overall gross profit margin for A-shares was 17.84%, a slight increase from the first quarter [22][24] - The gross profit margins for the ChiNext and Sci-Tech Innovation Board were 23.25% and 28.98% respectively, with the latter maintaining a high level [24][25] - The gross profit margin for the main board decreased by 0.03 percentage points compared to the first quarter [24] Group 4 - Major expenses for non-financial enterprises saw a year-on-year decline, with sales expenses down by 2.29% and financial expenses down by 15.38% [29][30] - The revenue and cost growth rates for non-financial enterprises were -0.18% and -0.17% respectively, indicating a narrowing decline [29][30] - The overall economic environment is expected to improve, with policies aimed at boosting consumption and stabilizing infrastructure investment [30] Group 5 - The return on equity (ROE) for all A-shares remained stable at 7.73%, with slight variations across different sectors [33][34] - The sales net profit margin for all A-shares increased slightly to 7.87% [33][34] - The total asset turnover ratio for all A-shares improved, indicating better efficiency in asset utilization [33][34] Group 6 - In the upstream sector, the performance of the coal industry was weak, with revenue and net profit declining significantly [41][42] - The agricultural sector showed signs of recovery, with a revenue increase of 8.95% and a notable rise in net profit [42] - The machinery equipment sector experienced steady growth, with revenue and net profit increasing by 7.26% and 18.08% respectively [44] Group 7 - The real estate sector continued to face pressure, with a year-on-year revenue decline of 11.92% [46] - The consumer sector showed overall performance slowdown, with the automotive sector's revenue growth rate decreasing significantly [47] - The TMT sector exhibited mixed results, with the electronic sector showing strong growth while the media sector experienced a decline [48] Group 8 - The banking sector's net profit growth turned positive, with a year-on-year increase of 0.77% [49] - Non-bank financial institutions continued to perform well, with a net profit increase of 18.36% [49] - Other sectors such as transportation and defense showed improvement, while environmental and public utility sectors faced challenges [50]

Group 1: Solar Power - The prices of silicon materials, battery cells, and modules have slightly increased this week, indicating a resurgence of supply-side reform expectations [2][3] - Strong demand from overseas markets has supported orders from downstream battery manufacturers, leading to a rise in battery cell prices following news of potential export tax cancellations in July and August [2] Group 2: Wind Power - Recent announcements of successful bids for offshore wind projects include a 1000MW project by Huadian Group, a 1300MW project by Longyuan Power, and a 2500MW project by Huaneng Jiangsu Company, indicating a rapid increase in gigawatt-level offshore wind projects [3] Group 3: Energy Storage - In August, domestic energy storage procurement reached a record high of 82.7GWh, while Australia's household storage also hit a new high of 423MWh [4] - Rising prices of energy storage cells confirm strong downstream demand, supported by favorable provincial policies in China and ongoing robust bidding activity in Europe [4] Group 4: Power Grid Equipment - The construction preparation for the ultra-high voltage direct current project from Inner Mongolia to Beijing-Tianjin-Hebei has commenced, highlighting investment opportunities in ultra-high voltage infrastructure [5] Group 5: Electric Vehicles - EVE Energy has launched a solid-state battery, and the pre-sale of the new AITO M7 has been highly successful, causing server crashes [8] - The market is advised to focus on stable profit-generating battery and structural component sectors, with long-term attention on materials benefiting from solid-state battery advancements [8] Group 6: Automotive Parts - The automotive market is expected to stabilize in August, with a decrease in aggressive pricing and promotions due to a wave of new car launches in Q3 [9] - The importance of certainty in performance, new products, and customer relationships is increasing, suggesting a focus on automotive parts with higher certainty in the second half of the year [9]