一、大势观察 今日A股呈现"主板冲高回落、创业板强势领涨、个股普跌背离"的典型结构性行情。在外围科技利好持 续发酵与国内消费政策加码共振下，市场风格进一步向成长端倾斜。截至收盘，沪指微跌0.15%，深成 指涨1.02%，创业板指大涨2.14%，创近一周新高。两市全天成交额1.78万亿元，较昨日缩量288亿元， 显示权重板块承压、资金聚焦局部主线。 今日市场完成了一次主线纯化过程：资金高度聚焦于AI算力硬件（光模块/CPO）与抗流感医药两大具 备真实需求+产业数据支撑的方向，其他题材则被边缘化。这种"强者恒强、弱者速弃"的格局，既是市 场效率提升的体现，也意味着容错率降低——只认主线，不炒杂毛。 （1）光模块/CPO强势延续，中际旭创（300308）创历史新高 长光华芯、特发信息（000070）大涨，中际旭创涨超13%。驱动来自：Meta拟大规模采购谷歌TPU + 英 伟达Blackwell供不应求 + 阿里AI云资本开支加码。市场确认"无论GPU还是TPU架构，光模块都是必经 之路"，逻辑坚实，机构主导行情。 （2）抗流感概念全面爆发，刚需属性引爆医药链 技术面上，沪指连续三日受阻于60日均线（3880附近） ...

Group 1 - The domestic stock market experienced a broad increase last week (August 18-22, 2025), with growth style significantly outperforming value style, and small-cap stocks leading in relative gains. The Shanghai Composite Index rose by 3.49%, the CSI 300 increased by 4.18%, the ChiNext Index climbed by 5.85%, and the STAR 50 surged by 13.31% [3][11] - The leading sectors were concentrated in the AI industry chain, non-ferrous metals, and innovative pharmaceuticals, indicating a persistent structural characteristic in the market [3][11] - The current market sentiment is at a neutral to high level, but not extreme, suggesting the potential for continued upward movement in the absence of significant negative news [11] Group 2 - The domestic computing power sector showed strong performance, driven by breakthroughs from DeepSeek, with a focus on domestic GPU and equipment as well as the expansion into computing power leasing and AI applications [4][12][13] - The military industry is expected to see collaborative development across the entire industry chain, driven by advancements in artificial intelligence, cybersecurity, and underwater operations, as highlighted by the recent military parade [4][13] - The Hong Kong tech sector's performance has been bolstered by scarce assets in innovative pharmaceuticals and new consumption, with expectations of reduced negative impacts from liquidity constraints following dovish signals from the Federal Reserve [4][14] Group 3 - On August 22, 2025, the China Securities Regulatory Commission announced modifications to the classification of securities companies, aiming to enhance the regulatory framework and support the differentiated development of small and medium-sized institutions [4][15] - The new regulations introduce specific indicators for self-operated investments in equity assets, asset management products, and fund distribution, guiding securities firms to strengthen their capabilities in serving the real economy and investors [4][15] Group 4 - The Active Equity Fund Index rose by 3.35% last week, achieving a cumulative excess return of 11.01% since inception [5] - The Value Equity Fund Index increased by 1.88%, with a cumulative excess return of -2.06% since inception [6] - The Balanced Equity Fund Index rose by 3.44%, with a cumulative excess return of 7.76% since inception [7] - The Growth Equity Fund Index increased by 4.56%, achieving a cumulative excess return of 18.11% since inception [8] - The Pharmaceutical Equity Fund Index rose by 0.01%, with a cumulative excess return of 22.86% since inception [9] - The Consumer Equity Fund Index increased by 3.41%, achieving a cumulative excess return of 17.06% since inception [9] - The Technology Equity Fund Index rose by 5.99%, with a cumulative excess return of 18.31% since inception [9] - The High-end Manufacturing Equity Fund Index increased by 2.75%, with a cumulative excess return of -4.27% since inception [9] - The Cyclical Equity Fund Index rose by 1.03%, with a cumulative excess return of -2.58% since inception [9]