| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002519 银河电子 | | - 389.38万 | 0.72% | 1368.33万 | 2.54% | -1757.70万 | -3.27% | | 300922 天秦装备 | | -2667.18万 | -10.15% | -1515.08万 | -5.77% | 4182.27万 | 15.91% | | 000576 甘化科工 | | -2723.79万 | -7.84% | -1174.56万 | -3.38% | 3898.35万 | 11.23% | | 600184 | 光电股份 | -3321.11万 | -7.22% | -1639.61万 | -3.56% | 4960.71万 | 10.78% | | 688543 国科军工 | | -6870.13万 | -14.57% | 5881.51万 | 12.48% | 988.62万 | 2. ...

晨会纪要 核心结论 分析师 【非银金融】第一创业（002797.SZ）首次覆盖报告：固收特色筑底，双轮 驱动启航 核心结论：第一创业以固收业务为特色，在资管与投行双轮驱动下具备广阔 发展空间，有望在股东赋能下推动综合金融服务能力持续升级。2023 年公 司第一大股东由首创集团变更为北京国管，此后与北京国管不断推进战略协 同，助力业务稳健发展与长期布局。我们看好公司在股东赋能下资管、投行、 固收业务的盈利提升，首次覆盖，给予"增持"评级。 风险提示：股东协同不及预期、资本市场波动风险、行业竞争加剧风险、业 务政策收紧风险。 【计算机】TMT 科技行业点评：算力的 Scale-up 和 Scale-across 站在成长周期延续性预期拉长的拐点，我们继续看好 AI 算力链，从算力芯 片、服务器到光模块、片上互联、液冷等多领域有望实现高确定性的成长。 【房地产】2025 年 8 月 25 日上海地产新政点评：上海迎新一轮宽松政策 行 业止跌回稳方向明确 本次上海政策宽松力度略大于北京，除放松外围限购、不再区分单身家庭购 房、优化公积金政策外，额外放松房产税政策，不再区分首套二套房贷利率， 预计将促进需求释放，改善销 ...

证券之星消息，近日国科军工披露，截至2025年7月31日公司股东户数为1.77万户，较6月30日增加149.0 户，增幅为0.85%。户均持股数量由上期的1.19万股减少至1.18万股，户均持股市值为63.91万元。 根据统计，国科军工2025年6月30日至2025年7月31日，主力资金净流出5.83亿元，游资资金净流入4.27 亿元，散户资金净流入1.56亿元。 MACD金叉信号形成，这些股涨势不错！ 在地面兵装行业个股中，国科军工股东户数低于行业平均水平，截至7月31日，地面兵装行业平均股东 户数为8.66万户。户均持股市值方面，地面兵装行业A股上市公司户均持股市值为16.88万元，国科军工 高于行业平均水平。 从股价来看，2025年6月30日至2025年7月31日，国科军工区间跌幅为9.8%，在此期间股东户数增加 149.0户，增幅为0.85%。 | 统计截止日 | | | 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) | | | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-31 | ...

公司点评 | 内蒙一机 业绩稳健增长，军贸及无人装备快速开拓 内蒙一机（600967.SH）2025 年半年报点评 事件：2025 年 8 月 25 日，公司发布 2025 年半年度报告，25 年上半年实现 营收 57.3 亿（同比+19.6%），实现归母净利润 2.90 亿（同比+10.0%），实现 扣非归母净利润 2.88 亿（同比+10.1%）。 业绩稳健增长，力争完成 2025 全年目标。公司 2025 年上半年实现营收 57.3 亿（同比+19.6%），实现归母净利润 2.9 亿（同比+10.0%），其中 25 年二季 度实现营收 30.0 亿（同比+19.6%，环比+9.7%），实现归母净利润 1.0 亿（同 比+8.2%，环比-43.2%）。2025 年上半年，公司聚焦主责主业、突出科技牵引、 深化改革攻坚，力争全面出色完成全年各项目标任务，为"十五五"开好局 起好步奠定良好基础。 毛利率同比增长，公司致力提升工艺水平。公司 25 年上半年毛利率 9.75% （同比+0.53pct），归母净利率 5.04%（同比-0.48pct）；25 年二季度毛利率 8.42%（同比+1.12pct，环比-2 ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

证券之星消息，近日长城军工披露，截至2025年6月30日公司股东户数为14.47万户，较3月31日增加8.35 万户，增幅为136.48%。户均持股数量由上期的1.18万股减少至5005.0股，户均持股市值为14.54万元。 在地面兵装行业个股中，长城军工股东户数高于行业平均水平，截至6月30日，地面兵装行业平均股东 户数为8.34万户。户均持股市值方面，地面兵装行业A股上市公司户均持股市值为17.24万元，长城军工 低于行业平均水平。 根据统计，长城军工2025年3月31日至2025年6月30日，主力资金净流出4.36亿元，游资资金净流出4.3亿 元，散户资金净流入8.66亿元。期间龙虎榜该股共上榜5次，机构专用席位上榜1次，沪股通专用席位上 榜1次。近3个月融资净流入2.94亿，融资余额增加；融券净流入797.83万，融券余额增加。 从股价来看，2025年3月31日至2025年6月30日，长城军工区间涨幅为144.32%，在此期间股东户数增加 8.35万户，增幅为136.48%。 | | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数（股) | | | ...

8月22日，北方长龙盘中下跌2.09%，截至09:43，报159.18元/股，成交1.71亿元，换手率4.42%，总市值151.54亿元。 资金流向方面，主力资金净流出283.41万元，特大单买入0.00元，占比0.00%，卖出386.56万元，占比2.26%；大单买入2378.36万元，占比13.89%，卖出2275.20万元，占比13.29%。 北方长龙今年以来股价涨378.88%，近5个交易日涨7.14%，近20日涨102.52%，近60日涨337.79%。 机构持仓方面，截止2025年3月31日，北方长龙十大流通股东中，永赢科技驱动A（008919）位居第一大流通股东，持股45.15万股，为新进股东。太平智选一年定期开放股票发起式（00979 责任编辑：小浪快报 今年以来北方长龙已经39次登上龙虎榜，最近一次登上龙虎榜为8月20日，当日龙虎榜净买入-769.03万元；买入总计7692.51万元 ，占总成交额比5.24%；卖出总计8461.54万元 ，占总成 资料显示，北方长龙新材料技术股份有限公司位于陕西省西安市国家民用航天产业基地航腾路589号军民融合复合材料产业园电子装配大楼三层，成立日期2010 ...

证券研究报告 | 2025年08月21日 策略专题 "慢长牛"在途，怎么追，怎么切？ 从一轮流动性牛市拆解加速段与高低切。2014-2015 年是典型的流动性牛， 指数斜率存在四轮系统性提升过程，但行业的"花期"越来越短。2014 年 3 月-10 月期间，市场整体涨速相对平稳，成长风格和周期风格均有所表现，6、 7、8 月内部都出现了结构性的"高低切"，2014 年 10 月末至 2015 年 2 月， 非银金融上涨超过 83%，1 月下旬至 2 月上旬指数震荡整理完成后，非银开 始快速跑输，2 月 10 日至 5 月 8 日仅上涨 24.24%、5 月至 6 月市场加速赶顶 期间更是仅有个位数涨幅。从 2014 年 Q2 到 2015 年赶顶期间，存在较为明 显的行业轮动，具体看到二级行业，历次指数斜率抬升期间的领涨品种下一 段斜率抬升期间超额收益大幅跑输。地面兵装作为 1Q14-3Q14 期间唯一涨幅 翻倍的二级行业，在 4Q14-1Q15 排名全部二级行业的倒数前三，前期涨幅排 名第三、超过 50%的摩托车，同样在 14 年 10 月下旬至 15 年 2 月回调超过 10%。 加速模式探索：基本面重要 ...

Investment Rating - The report maintains a strong buy recommendation for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, 中科海讯, and 中航沈飞, among others [8]. Core Insights - The military industry has entered a phase of intensive commercial space launches, with significant advancements in satellite manufacturing and rocket launches [20][21]. - The ground equipment sub-industry has shown strong performance, with a year-to-date increase of 97.5%, driven by increased orders and mergers [14][12]. - The upcoming military parade on September 3 will highlight underwater combat capabilities, showcasing new technologies and equipment [25][26]. Summary by Sections Market Review - The SW National Defense and Military Index decreased by 0.15% this week, underperforming the CSI 300 Index by 2.22 percentage points. However, it has increased by 21.74% year-to-date, outperforming the CSI 300 Index by 14.94 percentage points [12][18]. - The ground equipment sub-industry led the military sectors with a weekly increase of 2.27% [14]. Key Events Recap - The commercial space sector is experiencing a surge in satellite launches, with three successful launches in August alone. Notable advancements include the successful deployment of multiple satellite constellations [20][21]. - The report highlights the increasing capabilities in satellite manufacturing and the launch of new commercial rockets, with a total of 39 launches by private companies from 2021 to mid-2025 [20]. Catalysts Outlook - The military parade scheduled for September 3 will feature new combat capabilities, particularly in underwater operations, reflecting advancements in military technology [25][26]. - The report emphasizes the importance of domestic and military trade demand, which is expected to enhance pricing power and profitability for leading companies in the sector [25].

Core Insights - Fund managers have made clear adjustments in their portfolios during Q2, indicating strong signals in their investment directions [1][2] Group 1: Sector Focus - The technology sector continues to lead, with significant investments in AI and semiconductor industries, reflecting a strong demand for AI computing power [4][9] - The defense and military industry has seen a holding increase to 4.2%, driven by geopolitical tensions, making it a preferred choice for risk-averse and aggressive investors [6] - The financial sector is experiencing a valuation recovery, with bank holdings rising to 4.9%, supported by low valuations and high dividend yields [7] Group 2: Investment Trends - Passive funds, including ETFs, have seen substantial inflows, with the CSI 300 and CSI 1000 ETFs increasing by 241 million and 115 million shares, respectively, indicating a strong market interest [8] - The electronic industry maintains a high holding of 18.8%, but the high concentration in semiconductors may limit future aggressive investments due to potential adjustment risks [9] - The wine sector has seen a significant reduction in holdings, dropping to 2% after excluding certain funds, signaling a potential exit from this market [11] Group 3: Market Dynamics - Certain sectors like automotive, food and beverage, and power equipment have experienced notable reductions in holdings, with food and beverage seeing a 2.1 percentage point decline, influenced by regulatory pressures [13] - The cyclical and defensive sectors are rising, with agriculture and livestock holdings at 1.6%, indicating a positive shift in fundamentals for these segments [6]