周四，A股15连阳，不过今日实际小幅收跌。根据交易所数据，上证指数跌0.07%报4082.98点，深证成指跌0.51%，创业板指跌0.82%，沪深300跌0.82%，科 创50涨0.82%。 沪深两市3533股上涨，1514股下跌，136股持平，合计成交额2.80万亿元，较前一交易日缩量约538.34亿元；大盘主力资金净流出536.40亿元，航天航空主力 资金净流入46.53亿元居首，通信设备主力资金净流出95.05亿元居首。 题材板块中，太空算力、船舶制造、相控阵天线、深海科技、低轨卫星等涨幅居前，白银、能源金属、钨、保险、券商等跌幅居前。 针对当前市况，资深市场人士徐小明指出，上证指数连红15个交易日，这是近好多年的连红纪录，虽然涨幅加起来不大。 徐小明分析，在这里六大指数日线都有过顶部钝化，目前除了上证指数、还有中证500和上证50钝化消失，深成指、创业板指数、沪深300指数钝化还在，并 且级别较大，大概率有顶部结构。指数之间的分化代表了分歧，分歧很难形成大的高点或低点。 "今天的分时图也出现分化，除了指数之间的分化，指数和个股也明显分化，今天下午最低迷的时候，上涨家数接近下跌家数的两倍，指数跌了很多但 ...

市场策略丨深度报告 [Table_Title] 水到渠成，万舸争腾——A 股 2026 年度投资策 略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年市场展望：水到渠成，慢牛延续。1）盈利：盈利底部拐点已现，充裕的流动性和资本 开支逐渐兑现在上市公司的业绩当中。2）估值：股债性价比处于历史均值附近，低利率时代继 续提供估值上行动力，在中长期资金入市的背景下，中国股市的证券化率仍有较大提升空间。 行业配置展望：科技已至，周期渐起。在大类资产配置-普林格周期视角下，仍看好美股和商品。 按照下一个五年规划的政策指引方向，建议关注科技方向、国内大循环、战略安全和对外开放 等几个重点方向。在科技制造和部分周期的行情推动下，市场有望出现更加全面的牛市行情。 分析师及联系人 [Table_Author] 戴清 李巍东 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 60 %% %% %% %% research.95579.com 2 [Table_Title 水到渠成，万舸争腾—— ...

个人观点仅供参考，文章中任何内容均不对您构成任何投资建议，据此操作，风险自担。 最重要的是，淘气是上周低位反复建议投资者敢于低位加仓和持股的，之前3815点附近分时线低点共 振，淘气有没有反复强调和建议低吸和加仓？现在分时线高点密集共振了，但还没有回踩，那么明显放 量异动个股，先注意控制；还没有动的个股，盯紧等缘分吧！这个时候，没有人阻止你追涨，你愿意 追，你去追就是了！真的，低位不低吸，现在追涨，个别投资者还不服气？真的，你觉得怎么做是对 的，你去干就是了！是不是？但投资者不得不看到，上周低位3815点分时线低点共振的时候，淘气反复 强调会支撑反弹一波，多少人说年底之前没有行情了，元旦之前没有行情了？现在涨了，又喊跨年行情 了？真的，麻烦投资者看看一些大v观点的前后连贯性吧！ 还有，淘气现在也没有说清仓或空仓吧？只是说之前低吸的筹码，或异动明显控制一些；或动静不大就 等一等！不追涨、不激进！这样的建议，错了吗？不合理吗？每次淘气都是苦口婆心，很多投资者当时 不认可，事后行情走出来了后认可了，但此时此刻发生了，又有什么意义了呢？死性不改，还是这样， 真的是"好了伤疤忘了疼"、并且"疼了一次又一次"、最关键的还 ...

Group 1 - A-shares demonstrate resilience amidst global market fluctuations, supported by long-term funds like insurance and pension investments, alongside company buybacks [2][9][10] - The dual drivers of industrial upgrades and policy benefits are providing support to the market, with expectations for stable growth emerging from important year-end meetings [2][9] - Micro-level changes in industries, such as the continuous penetration of new energy vehicles and substantial progress in semiconductor localization, are reshaping profit expectations for listed companies [2][10] Group 2 - Recent market activity shows a mixed sentiment, with shrinking trading volumes indicating that investor enthusiasm has not fully recovered, and the technology sector's divergence may limit index recovery [3][10] - The investment strategy suggests a balanced allocation approach, focusing on technology growth sectors like AI, semiconductors, and robotics, as well as high-dividend defensive sectors such as banking and utilities [3][10] - The cyclical style, including sectors like photovoltaic, battery, energy storage, and rare earths, is expected to benefit from policy changes aimed at optimizing industry structures and improving profitability [3][10] Group 3 - The recent surge in Hainan Free Trade Zone stocks is attributed to the imminent launch of the free trade port operations, expected to officially start on December 18 this year [8] - The new energy sector is anticipated to experience a technical rebound, driven by ongoing global efforts to achieve carbon neutrality and the demand for lithium batteries, photovoltaics, and wind energy [7][10]

Core Viewpoint - The stock market experienced a decline, with significant drops in the ChiNext and STAR Market indices, while certain sectors showed resilience and growth potential [1] Market Performance - As of the midday close, the Shanghai Composite Index fell by 0.51% to 3913.8 points, the Shenzhen Component Index dropped by 1.85%, the ChiNext Index decreased by 3.4%, and the STAR Market Index declined by 4.64% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 165.62 billion yuan [1] Sector Analysis - The semiconductor sector saw a substantial decline, while sectors such as gas, coal, textiles, food and beverage, agriculture, oil, and steel experienced gains [1] - Financial sectors including insurance, banking, and brokerage firms showed upward movement [1] Future Outlook - According to Xingzheng Strategy, after a period of consolidation since September, a new upward momentum is building, supported by a globally accommodative macro environment and structural highlights [1] - The upcoming third-quarter reports and significant policy meetings at the end of the month are expected to enhance market expectations and provide more trading opportunities [1] - Focus areas include sectors benefiting from the "14th Five-Year Plan," such as innovative pharmaceuticals, military industry, AI, batteries, and cyclical industries like non-ferrous metals and chemicals [1]

Market Performance - Major stock indices in the two markets experienced a strong rally, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index increasing over 2% [1] - As of the market close, the Shanghai Composite Index rose by 0.83% to 3853.64 points, the Shenzhen Component Index increased by 1.8% to 13356.14 points, and the ChiNext Index climbed by 2.28% to 3185.57 points [1] - The STAR 50 Index saw a significant increase of 3.49%, with total trading volume in the Shanghai and Shenzhen markets reaching 23,475 billion yuan [1] Sector Performance - The semiconductor and chip sectors continued to show strong performance, while real estate, oil, pharmaceuticals, non-ferrous metals, media, and brokerage sectors also saw gains [1] - Active sectors included solid-state batteries and organic silicon concepts [1] Market Outlook - Huatai Securities indicated that the positive feedback from the funding environment is crucial for the sustainability of the current market trend, with a generally optimistic outlook [1] - The continuation of the positive feedback loop in the funding environment is dependent on the profitability effect, which, if not significantly declining, suggests a high probability of market consolidation [1] - The outlook remains positive for mid-term market momentum, supported by improving overseas liquidity and geopolitical issues, as well as a strengthening domestic economic foundation [1] Investment Strategy - The company recommends maintaining a high position in the market, with a balanced approach to sector selection [1] - Key areas of focus include domestic computing power chains, innovative pharmaceuticals, robotics, chemicals, batteries, and leading consumer goods [1]

Core Viewpoints - The current market is characterized by a systematic "slow bull" trend, with a "slow but steady short-term offensive" showing no clear signs of stopping [1][6] - The next phase of investment strategy should focus on long positions in cyclical sectors [1][23] Market Performance - The Shanghai Composite Index surpassed 3800 points, with the STAR Market Index rising by 8% on August 22, indicating strong bullish sentiment [3] - The A-share market saw a total trading volume of 2.58 trillion yuan, with the Shanghai Composite Index gaining 3.49% for the week, marking its best weekly performance of the year [3][9] Sector Analysis - Citic Securities suggests focusing on sectors with strong earnings support as the market enters a high-level consolidation phase, with an emphasis on technology and defense industries [5][6] - Zheshang Securities recommends a balanced allocation in "big finance + broad technology," including banking, military, computing, media, and electronic sectors, while also paying attention to the real estate sector [6] - Fangzheng Securities advocates for increasing exposure to technology growth assets, particularly in AI, consumer electronics, and military sectors, as these areas show improving performance [7] Economic Indicators - The DeepSeek-V3.1 model's release has accelerated the domestic chip development process, attracting significant capital attention to related companies [3] - Morgan Stanley estimates that potential asset rotation could inject an additional 14 trillion yuan into the stock market, equivalent to 16% of the circulating market value [3] Investment Recommendations - Huatai Securities suggests shifting aggressive positions towards cyclical sectors, prioritizing U.S. small caps and emerging markets, while also considering inflation-hedging assets like gold and TIPS [23] - The robotics industry is expected to see continued growth driven by policy support, technological advancements, and successful commercial applications [11] - The innovative drug sector is experiencing a dual boost from fundamental improvements and favorable policies, with domestic biotech firms expected to capture a significant share of the global market [12]

Report Industry Investment Rating - The industry investment rating is "Oscillation" [1] Core Viewpoints of the Report - The bull market sentiment continued to ferment last week, with the stock index hitting a new high for the year. The Shanghai Composite Index broke through the 3,700 - point mark during the week, and the small - cap growth style outperformed. The overseas market sentiment returned to caution, and the US stock market was basically flat. The market is expected to oscillate at a high level this week, and the one - sided trading strategy should focus on short - term long positions within the day [1][2] Summary According to Relevant Catalogs I. Last Week's Stock Index Operation Review 1. Bull Market Atmosphere Continued to Ferment, and A - shares Reached a New High - The bull market atmosphere continued to ferment last week, and the stock index hit a new high for the year. The Shanghai Composite Index broke through 3,700 points. Among the four broad - based indexes, CSI 1000 (+4.09%) > CSI 500 (+3.88%) > SSE 50 (+2.37%) > SSE 50 (+1.57%). Overseas, the international market sentiment became cautious, and US stocks were basically flat, with the Nasdaq rising 0.81% [1][8] 2. Communications and Electronics Led the Rise, and Trading Volume Increased Rapidly - From the perspective of Shenwan's primary industry classification, most sectors rose last week. Communications (+7.66%) and electronics (+7.02%) led the gains, while banks (-3.19%) and steel (-2.04%) lagged. The A - share trading volume increased rapidly and exceeded 2 trillion at the end of the week [2][9] 3. The Premium of Stock Index Futures Narrowed Rapidly, and the Option Volatility Increased Rapidly - In the futures market, the basis of each stock index futures (spot - futures) declined last week. In operation, short - term long positions within the day are appropriate, and it is an opportunity to lay out long - term long positions when there is a sharp decline. In the options market, the implied volatility of stock index options increased, and the at - the - money IV of the current - month SSE 300 Index reached around 18%. One can try short - term double - selling to reduce volatility [3][10] II. Fundamental Elements Review and Market Outlook 1. The Central Bank Conducted a Net Withdrawal of 41.49 Billion Yuan in the Open Market Last Week - In terms of inter - bank liquidity, the central bank conducted a net withdrawal of 41.49 billion yuan in the open market last week, with 71.18 billion yuan in reverse repurchase operations and 112.67 billion yuan in reverse repurchase maturities. Inter - bank interest rates changed little, with Shibor overnight rising 8.36bp, Shibor one - week rising 2.94bp, etc. [69] 2. Short - Term Sentiment Remained Strong, and One - Sided Operations Became More Difficult - In the short term, investor sentiment remained strong. The brokerage sector related to the bull market expectation performed well. However, the rotation of sectors continued, indicating that the main line of the bull market has not been established. The market showed some fear of high prices, but the willingness of funds to enter the market was strong. It is expected that the market will oscillate at a high level this week, and one - sided trading strategies should focus on short - term long positions within the day [2][70] III. Economic Data & Financial Event Forecast 1. Macroeconomic Data Release - On August 19th (20:30), the data of new housing starts in the US in July will be released [101] 2. Key Financial Events - There are no major financial events [101]

Core Viewpoint - The A-share market is experiencing a slow bull trend, with various sectors showing mixed performance amid external and internal challenges, but overall economic stability and potential for improved corporate earnings are noted [1]. Market Performance - The three major stock indices showed fluctuations with the Shanghai Composite Index slightly up by 0.07% to 3642.1 points, Shenzhen Component Index up by 0.14%, and ChiNext Index up by 0.21%. However, the Sci-Tech Innovation 50 Index fell by 0.79% [1]. - Over 2900 stocks were in the red, indicating a broad market weakness [1]. - Total trading volume across the Shanghai, Shenzhen, and North markets reached 1.0934 trillion yuan [1]. Sector Analysis - Weak sectors included semiconductors, media, food and beverage, and coal, while healthcare, engineering machinery, gas, electricity, and steel sectors showed strength [1]. - Active concepts included hydropower, brain-computer interfaces, and assisted reproduction [1]. Economic Outlook - According to Founder Securities, the A-share market is expected to maintain a slow bull trend despite increasing external shocks and internal challenges [1]. - The overall economic operation remains stable, with steady growth across various industries [1]. - Corporate earnings are at the tail end of a downward cycle, with policies aimed at reducing competition expected to improve profitability in the future [1]. Market Liquidity and Risk Appetite - Current market liquidity is described as ample and loose, with a significant improvement in risk appetite, which is likely to support further upward movement in A-shares [1]. - Mid-term focus should be on sectors showing recovery from the bottom of the earnings cycle, particularly TMT (Technology, Media, and Telecommunications), cyclical sectors, and strong consumer characteristics [1]. - Short-term attention is recommended for brokerage sectors that may benefit from index rises and increased trading volume [1].