文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体下跌，还在4.1星。 大盘股下跌多一些，沪深300下跌1.47%。 主要是创业板、科创板下跌多一些。 前两天创业板科创板摸到高估，今天回调不少。 其实创业板和科创板财报没啥问题。 就是三季度上涨太快了。 A股很少有慢牛。以创业板为例，三季度上涨50%。 这个上涨在整个创业板十几年历史上，排历史第二，仅次于2015年一季度的58%。 是最近十年，创业板上涨最快的一个季度。 这个是妥妥的闪电暴涨牛市，快速上涨牛市后，往往遇到波动和回调也很正常。 这个月创业板两次摸到高估，之后又回调了些。 小微盘股整体上涨。市场还是风格轮动。 消费医药等低估品种整体上涨。 其他行业大多数下跌。 港股今天也下跌，港股科技下跌多一些。 螺丝钉也汇总了港股指数的估值，供参考，见文章下方图片。 1. 到今天，三季报就更新差不多了。 从整体上，三季度A股整体上市公司，盈利同比增长速度，比1、2季度有提升，这是个好消息。 也是8-9月A股大幅上涨的原因之一。 三季度的财报，从定性上，跟2季度类似。 分为三个梯队。 第一梯队，是盈利增长最强的，也是估值最高的。代表就是科技方向。 第二梯队，是盈 ...

Core Viewpoints - The A-share market has regained the 4000-point level, driven by a systematic layout for technological innovation under the 14th Five-Year Plan, maintaining reasonable liquidity through central bank operations, and a temporary easing of Sino-U.S. trade relations, creating a supportive external environment [2][8][10] Investment Themes - Focus on technology growth sectors, including AI, semiconductors, and robotics, which are supported by policy and show promising earnings in Q3 reports, shifting from speculation to performance verification [3][9] - High-dividend defensive sectors such as banking, utilities, and transportation provide safety margins during market fluctuations [3][9] - Cyclical sectors like photovoltaics, batteries, energy storage, rare earths, engineering machinery, chemicals, coal, non-ferrous metals, real estate, and brokerage are benefiting from anti-involution policies that optimize industry structures and improve profitability [3][9] Market Overview - On the recent trading day, major indices opened higher and the Shanghai Composite Index surpassed 4000 points, with significant gains in sectors like energy metals and photovoltaic equipment, while some sectors like banking and shipbuilding faced declines [4][5][6] - The trading volume reached 22,560 billion yuan, with the Shanghai Composite Index closing at 4016.33 points, up 0.70%, and the ChiNext Index rising by 2.93% [5][6] Sector Highlights - The new energy sector saw substantial gains, with lithium mining, BC batteries, and photovoltaic equipment performing well, supported by ongoing global efforts to achieve carbon neutrality [6][7] - The Hainan Free Trade Zone concept stocks surged as the island's full closure operation is set to officially launch on December 18, 2025, indicating strong policy support [7]

（原标题：阿布扎比能源局宣布聚合商项目进展显著） 据ZAWYA新闻网9月25日报道，阿布扎比能源局（DoE）宣布，其2025年需求响应聚合商项目自6 月启动以来进展显著，合同量增长超过三倍。目前已有来自30家机构的70多个设施参与，旨在降低用电 高峰负荷并提升电网韧性。该项目主要参与者包括阿布扎比国家石油公司（ADNOC）、阿联酋环球铝 业（EGA）、阿联酋钢铁Arkan（EMSTEEL）、Tabreed、PAL Cooling、Agthia集团和Aldar地产等。 ...

Group 1 - The core viewpoint of the news highlights the performance of stocks in the A-share market, particularly focusing on the surge of PCB concept stocks such as Jingwang Electronics and Fangzheng Technology, which have achieved consecutive trading limits [1] - On September 12, a total of 75 stocks in the A-share market reached their daily limit, indicating a strong market sentiment [1] - Notable stocks with consecutive trading limits include *ST Weier with 6 limits, *ST Yatai with 5 limits, and Suning Universal with 4 limits, showcasing diverse sectors such as aluminum-plastic film, fine chemicals, and real estate [1] Group 2 - Jingwang Electronics and Fangzheng Technology are specifically mentioned as PCB concept stocks, with Jingwang achieving 3 consecutive limits and Fangzheng achieving 2 [1] - Other sectors represented in the list of stocks with consecutive limits include liquid cooling testing equipment, film and television, satellite communication, and wind power, indicating a broad interest across various industries [1] - The data reflects a trend in the market where certain sectors, particularly technology and renewable energy, are gaining traction among investors [1]

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The report focuses on the "anti-involution" policy progress in the production industry and the entry-exit new policies in the service industry. It also provides an overview of the upstream, midstream, and downstream industries, including price changes and industry indicators [1][2][3][4]. Summary by Directory 1. Mid - view Event Overview - **Production Industry**: The energy storage industry is promoting "anti - involution." As of August 14, 152 enterprises have participated in the initiative issued by the China Chemical and Physical Power Industry Association on August 13 [1]. - **Service Industry**: On August 15, 2025, the People's Bank of China will conduct a 500 - billion - yuan outright reverse repurchase operation. The "Decision of the State Council on Amending the Regulations of the People's Republic of China on the Administration of the Entry and Exit of Foreigners" will be implemented on October 1, 2025, adding a K - type visa for foreign young scientific and technological talents [1]. 2. Industry Overview - **Upstream**: The price of glass in the black industry has declined, while the prices of eggs and palm oil in the agricultural industry have increased [2]. - **Midstream**: The urea production start - up rate in the chemical industry has stopped falling [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low. The number of domestic flights is at a high level [4]. 3. Industry Credit Spread Tracking - The report provides the credit spreads of various industries as of August 13, including industries such as agriculture, forestry, animal husbandry, and fishery, mining, chemical industry, etc., and shows their changes over different time periods [48]. 4. Key Industry Price Index Tracking - The report tracks the price indicators of key industries as of August 14, including the prices of agricultural products, non - ferrous metals, energy, chemicals, and real estate - related building materials, and shows their year - on - year changes and trends in the past 5 days [49].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In June, the total volume of the financial industry grew. The logistics and transportation in the service industry showed steady growth, with positive year - on - year growth in imports, exports, and exports in June, and the growth rates were rising. The upstream energy prices were volatile, and the prices of some agricultural products rebounded. The开工 rates of some chemical products in the mid - stream recovered, and the real - estate sales in first - and second - tier cities stopped falling but were at a near - three - year low, while the number of domestic flights increased during the summer vacation [1][2][4]. Summary by Related Catalogs 1. Production Industry - **Coal Industry**: The China National Coal Transportation and Marketing Association emphasized maintaining safety, scientific production, improving supply quality, and promoting market balance. It will act as a bridge between the government and enterprises to deal with risks [1]. - **Trade Tariffs**: The EU may impose additional counter - tariff measures on US$84 billion worth of US imported goods if the US - EU trade negotiation fails [1]. 2. Service Industry - **Monetary and Credit Data**: At the end of June, the balance of broad money (M2) was 330.29 trillion yuan, a year - on - year increase of 8.3%. The balance of local and foreign currency loans was 272.57 trillion yuan, a year - on - year increase of 6.8%. The balance of RMB loans was 268.56 trillion yuan, a year - on - year increase of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan [2]. - **Foreign Trade Data**: In the first half of this year, China's total goods trade imports and exports were 21.79 trillion yuan, a year - on - year increase of 2.9%. Exports were 13 trillion yuan, an increase of 7.2%, and imports were 8.79 trillion yuan, a decrease of 2.7%. In June, imports, exports, and exports all achieved positive year - on - year growth [2]. 3. Industry Overview Upstream - **Energy**: International oil prices fluctuated [2]. - **Agriculture**: Palm oil prices rebounded [2]. Mid - stream - **Chemical Industry**: The operating rates of urea and PTA recovered, while the operating rates of PX and polyester remained stable [3]. Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities stopped falling but were at a near - three - year low [4]. - **Service**: The number of domestic flights increased during the summer vacation [4]. 4. Industry Credit Spread Tracking - As of July 13, the credit spreads of various industries showed different trends. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry decreased from 54.16 last week to 49.63 this week, and the credit spread of the mining industry decreased from 33.69 last week to 30.03 this week [51]. 5. Key Industry Price Index Tracking - As of July 11, the prices of various industries showed different trends. For example, the spot price of corn was 2351.4 yuan/ton, a year - on - year decrease of 0.66%, and the spot price of palm oil was 8944.0 yuan/ton, a year - on - year increase of 2.69% [52].

Group 1 - The Hang Seng Index closed down 0.05%, while the Hang Seng Tech Index fell by 0.5% [1] - Manner Group saw an increase of over 8%, while Bruker rose more than 6%, Pop Mart increased by over 5%, and Hua Hong Semiconductor gained over 3% [1] - Oceanwide Group experienced a decline of over 9% [1]