长假前最后一个交易日，3家公司在港交所同日鸣锣上市。 9月30日，紫金黄金国际、西普尼、博泰车联3家公司齐聚港交所敲锣。敲锣开市后，3家公司股价均高开高走，西普尼早盘甚至一度涨超330%， 涨幅达258.11%，报106港元，总市值超过62亿港元。 | 序号 | ↓ 日期 | | 首次招股募资(百万港元) | | | 首次招股家数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主板 | 创业板 | 合计 | 主板 | 创业板 | 合计 | | 1 | 2025-09 | 47,837.78 | | 47,837.78 | 10 | | 10 | | 2 | 2025-08 | 5,820.43 | | 5,820.43 | 6 | | 6 | | 3 | 2025-07 | 19,858.55 | | 19,858.55 | න | | മ | | 4 | 2025-06 | 30,035.18 | | 30,035.18 | 15 | | 15 | | 5 | 2025-05 | 57,284.74 | | 57,284.74 | 1 ...

9月29日，沪指上涨0.90%，深成指上涨2.05%，创业板指上涨2.74%，沪深300指数上涨1.54%。可交易 A股中，上涨的有3576只，占比65.98%，下跌的1658只。 （文章来源：证券时报网） 主力资金净流出的行业有18个，电子行业主力资金净流出规模居首，今日上涨1.58%，全天净流出资金 28.11亿元，其次是国防军工行业，今日涨幅为0.34%，净流出资金为18.82亿元，净流出资金较多的还 有医药生物、通信、传媒等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 非银金融 | 3.84 | 123.48 | 美容护理 | -0.05 | -1.06 | | 有色金属 | 3.78 | 29.86 | 纺织服饰 | 0.12 | -1.20 | | 计算机 | 1.31 | 18.49 | 建筑材料 | 1.27 | -1.45 | | 电力设备 | 3.07 | 18.19 | 商贸零售 | 0.44 | -2.29 | | 汽 ...

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W4 港股资金：南向流入互联网，外资加码 消费者服务——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 22 日至 25 日，南向资金净流入 144.93 亿港元，主要流入可选消费零售、有色金 属、半导体、硬件设备、软件服务等行业，排名前五的行业合计净流入 122.34 亿港元。南向资 金净流入最多的五个行业是：可选消费零售（69.64 亿港元）、有色金属（19.92 亿港元）、半 导体（11.98 亿港元）、硬件设备（10.92 亿港元）、软件服务（9.89 亿港元）。主要流出医药 生物（-14.92 亿港元）、耐用消费品（-2.55 亿港元）、消费者服务（-2.25 亿港元）、汽车与 零配件（-2.16 亿港元）、化工（-1.37 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 9 月 W ...

Core Insights - The "White Paper on High-Quality Development of Hunan Listed Companies (2024)" highlights the achievements and current status of Hunan's A-share listed companies, focusing on various aspects such as operations, market performance, innovation, financing, governance, and investor relations [1] Group 1: High-Quality Development Foundation - As of the end of 2024, Hunan has 146 A-share listed companies, ranking 11th nationally and 3rd in central China [2] - Nearly 60% of these companies are located in Changsha, with over 60% in the manufacturing sector, and approximately 60% are private companies [2] - In 2024, Hunan listed companies achieved revenue of 899.77 billion yuan, accounting for 16.90% of the province's GDP, and a net profit of 42.01 billion yuan, representing 19.19% of profits from large-scale industrial enterprises [2] Group 2: Overseas Expansion Driving Growth - Hunan listed companies are enhancing their global competitiveness through overseas R&D, cross-border logistics, and international capacity cooperation [3] - In 2024, overseas business revenue reached 157.57 billion yuan, a year-on-year increase of 16.69%, with a five-year compound annual growth rate of 15.96% [3] - The shift from "going out" to "localization" in overseas operations is expected to expand the number of overseas enterprises and revenue scale [3] Group 3: Innovation Leading New Productive Forces - In 2024, R&D expenditure for Hunan listed companies was 32.34 billion yuan, with an overall intensity of 3.59%, surpassing the national A-share average of 2.12% [4] - The province is focusing on a blueprint of "three highs and four new," accelerating modern industrial construction and fostering innovation [4] - In the past three years, 14 new companies have gone public, with 13 in strategic emerging industries and 9 classified as specialized and innovative enterprises [4] Group 4: Governance Optimization and Return Enhancement - Hunan listed companies are improving governance and enhancing market value management, with significant achievements in investor relations and ESG reporting [5] - By August 31, 2025, 88 out of 146 companies had distributed profits, with a total dividend exceeding 22.7 billion yuan, and 6 companies distributing over 1 billion yuan [5] - The new "National Nine Articles" policy is promoting the improvement of dividend mechanisms [5] Group 5: Capital Operations - Jin Tian Titanium Industry raised 666 million yuan through IPO, while 6 companies raised 8.2 billion yuan through private placements [6] - In 2024, there were 31 announcements of share buyback plans, an increase of 16 from 2023, with 20 companies issuing 27 buyback plans, 19 of which were completed [6] Group 6: Overall Economic Impact - Hunan listed companies are demonstrating robust growth in technology innovation, share buybacks, corporate governance, and investor relations management, driving the province's high-quality economic development [7]

Core Insights - The "White Paper on High-Quality Development of Hunan Listed Companies (2024)" highlights the achievements and current status of Hunan's A-share listed companies in various sectors, including operations, market performance, innovation, financing, mergers and acquisitions, buybacks, governance, and investor relations [1] Group 1: High-Quality Development Foundation - As of the end of 2024, Hunan has 146 A-share listed companies, ranking 11th nationally and 3rd in central China. Nearly 60% of these companies are located in Changsha, with over 60% in manufacturing and about 60% being private companies [2] - In 2024, Hunan listed companies achieved revenue of 899.77 billion yuan, accounting for 16.90% of the province's GDP, and a net profit attributable to shareholders of 42.01 billion yuan, representing 19.19% of profits from industrial enterprises above a designated size [2] - Hunan's listed companies have established a complete industrial system, excelling in sectors such as equipment manufacturing, electronic information, cultural media, and biomedicine, showcasing numerous quality brands [2] Group 2: Overseas Expansion Driving Growth - Hunan listed companies are enhancing their global competitiveness through overseas R&D, improved cross-border logistics, and international capacity cooperation, contributing to economic growth [3] - In 2024, overseas business revenue reached 157.57 billion yuan, a year-on-year increase of 16.69%, with a five-year compound annual growth rate of 15.96% [3] - The companies are transitioning from "going out" to "localization," with expectations for increased overseas enterprises and revenue, indicating a promising global layout [3] Group 3: Innovation Leading New Productive Forces - High-quality development is driven by long-term technological investment and intensive R&D, with Hunan listed companies spending 32.34 billion yuan on R&D in 2024, achieving an intensity of 3.59%, surpassing the national A-share average of 2.12% [4] - Hunan is focusing on a blueprint of "three highs and four new," accelerating modern industrial construction and positioning itself as a hub for technology and talent [4] Group 4: Governance Optimization and Enhanced Returns - Hunan listed companies are improving governance and enhancing market value management, with significant achievements in investor relations, including information disclosure and ESG reporting [6] - By August 31, 2025, 88 out of 146 listed companies had distributed profits in 2024, with a total dividend exceeding 22.7 billion yuan, and 6 companies distributing over 1 billion yuan [6] - Capital operations include IPO fundraising of 662 million yuan by Jintian Titanium Industry, 82 billion yuan from six companies through private placements, and significant asset restructuring activities [7] Group 5: Active Shareholder Engagement - In 2024, there were 31 announcements of share buyback plans, an increase of 16 from 2023, with a total of 177.75 million shares repurchased, primarily in the manufacturing sector [7] - The proactive approach in share buybacks and governance reflects a strong commitment to shareholder returns and market value management [7]

分行业来看，申万所属的一级行业中，今日上涨的有16个，涨幅居前的行业为煤炭、有色金属，涨幅为 1.97%、1.19%。跌幅居前的行业为汽车、医药生物，跌幅为1.94%、1.41%。 行业资金流向方面，今日有8个行业主力资金净流入，有色金属行业主力资金净流入规模居首，该行业 今日上涨1.19%，全天净流入资金8.72亿元，其次是传媒行业，日涨幅为0.49%，净流入资金为6.92亿 元。 主力资金净流出的行业有23个，计算机行业主力资金净流出规模居首，今日下跌1.26%，全天净流出资 金107.23亿元，其次是汽车行业，今日跌幅为1.94%，净流出资金为79.29亿元，净流出资金较多的还有 机械设备、电力设备、医药生物等行业。 9月19日，沪指下跌0.30%，深成指下跌0.04%，创业板指下跌0.16%，沪深300指数上涨0.08%。可交易 A股中，上涨的有1910只，占比35.23%，下跌的3404只。 今日各行业资金流向 资金面上，今日主力资金全天净流出587.33亿元，已连续6个交易日资金呈净流出状态。其中，创业板 主力资金净流出168.44亿元；科创板主力资金净流出80.18亿元；沪深300成份股主力资金 ...

9月18日，A股市场整体下跌。 截至收盘，上证指数收报3831.66点，下跌1.15%，深证成指收报13075.66点，下跌1.06%，创业板指数收报3095.85点，下跌1.64%，北证50指数下跌 1.01%。A股市场合计成交31670.31亿元，较上一交易日增加7638.46亿元。 1.A股市场全天主力资金净流出760.44亿元 今日A股市场主力资金开盘净流出203.53亿元，尾盘净流出196.21亿元，A股市场全天主力资金净流出760.44亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人民文理 开幕争流入 | | 尾盘净流入 超大单净买入 | | 2025-9-18 | -760. 44 | -203.53 | -196. 21 | -332.00 | | 2025-9-17 | -328.39 | -128.05 | -39.90 | -150. 90 | | 2025-9-16 | -165.54 | -44. 85 | 4. 60 | -5. 75 | | 2025-9-15 | -340 ...

Market Overview - The Shanghai Composite Index decreased by 0.58% as of 13:59, with a trading volume of 1,432.68 million shares and a transaction amount of 23,552.31 billion yuan, representing a 21.19% increase compared to the previous trading day [1] Industry Performance - The electronic industry showed the highest increase of 2.11%, with a transaction amount of 4,800.88 billion yuan, up by 31.39% from the previous day, led by Saiwei Microelectronics which rose by 18.44% [1] - The communication sector increased by 0.86%, with a transaction amount of 1,416.41 billion yuan, up by 39.23%, driven by Dekeli which surged by 20.00% [1] - The defense and military industry rose by 0.44%, with a transaction amount of 545.06 billion yuan, up by 47.50%, led by Huafeng Technology which increased by 20.00% [1] Declining Industries - The non-ferrous metals sector experienced the largest decline of 2.61%, with a transaction amount of 906.78 billion yuan, up by 9.87%, led by Electric Alloy which fell by 8.00% [2] - The non-bank financial sector decreased by 2.15%, with a transaction amount of 883.62 billion yuan, up by 8.68%, led by Great Wall Securities which dropped by 5.02% [2] - The coal industry fell by 1.84%, with a transaction amount of 100.31 billion yuan, down by 20.85%, led by Yanzhou Coal which decreased by 3.74% [2]

截至收盘，上证指数收报3861.87点，上涨0.04%，深证成指收报13063.97点，上涨0.45%，创业板指收报3087.04点，上涨0.68%，北证50指数上涨 0.63%。A股市场合计成交23673.04亿元，较上一交易日增加639.07亿元。 1.A股市场全天主力资金净流出165.54亿元 今日A股市场主力资金开盘净流出44.85亿元，尾盘净流入4.6亿元，A股市场全天主力资金净流出165.54亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-9-16 | -165. 54 | -44. 85 | 4. 60 | -5. 75 | | 2025-9-15 | -340. 54 | -113. 30 | -57.04 | -189.15 | | 2025-9-12 | -372.78 | -120. 57 | -58. 33 | -211.27 | | 2025-9-11 | 103.09 | -124.72 | 60. 5 ...

Group 1 - On September 15, among the 31 primary industries tracked by Shenwan, 25 industries experienced net financing inflows, with the electronics sector leading at a net inflow of 6.976 billion yuan [1] - Other industries with significant net financing inflows included power equipment, non-bank financials, automotive, pharmaceutical biology, machinery equipment, chemicals, banking, and household appliances, each exceeding 700 million yuan in net inflows [1] Group 2 - A total of 2,103 individual stocks received net financing inflows on September 15, with 132 stocks having net inflows exceeding 50 million yuan [1] - Among these, 19 stocks had net inflows surpassing 200 million yuan, with Ningde Times leading at a net inflow of 1.021 billion yuan [1] - Other notable stocks with significant net inflows included Shenghong Technology, CITIC Securities, Hanwha, Jianghuai Automobile, and Shengbang Technology, each with net inflows exceeding 400 million yuan [1]