[Table_Title] 每日复盘 南向资金 9 月 17 日净流入，合计 94.41 亿港元。其中，沪市港股通当日 净流入 21.56 亿港元，深市港股通当日净流入 72.85 亿港元。港股市场成交 额 3602.84 亿港元，较上一交易日增加 662.15 亿港元。 证券研究报告 2025 年 09 月 17 日 2025 年 9 月 17 日市场全天低开高走，创业板指再创阶段 新高 报告要点： 2025 年 9 月 17 日市场全天低开高走，创业板指再创阶段新高。上证指 数上涨 0.37%，深证成指上涨 1.16%，创业板指上涨 1.95%。市场成交额 24029.16 亿元，较上一交易日增加 358.68 亿元。全市场 2504 只个股上涨， 2758 只个股下跌。 风格上看，各指数涨跌幅排序为：成长>周期>稳定>金融>0>消费；大盘 成长>小盘价值>小盘成长>中盘价值>中盘成长>大盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合金融 （3.93%），电力设备及新能源（2.90%），汽车（2.13%）；表现相对靠后的 是：消费者服务（-1.07% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is leveraging its battery technology to expand into international markets, particularly in Europe, aligning with the trend of electrification in the automotive sector [8] - The company showcased its Omnicell cylindrical battery technology at the IAA MOBILITY 2025, highlighting its advanced features such as high energy density and safety measures [2] - The new EU Battery Regulation will impose strict requirements on battery manufacturers, which the company is preparing to meet with its innovative products [3] Financial Summary - Revenue is projected to grow from 48,784 million yuan in 2023 to 117,384 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31% [9] - Net profit attributable to shareholders is expected to increase from 4,050 million yuan in 2023 to 8,788 million yuan in 2027, reflecting a CAGR of around 14.4% [9] - The company's return on equity (ROE) is forecasted to improve from 11.9% in 2023 to 15.3% in 2027 [9] Market Position and Strategy - The company is actively collaborating with major automotive manufacturers, such as BMW, to enhance its market presence in Europe [2][8] - The construction of a factory in Hungary is underway, which will supply cylindrical batteries to BMW's facility, expected to create around 1,000 jobs [8] - The company aims to achieve a competitive edge through innovation and sustainable practices in battery production [8]

Group 1: Industry Index Pool Construction - The report outlines the construction of an industry index pool that combines investability and representativeness, focusing on passive products tracking strong industry attributes [10][12]. - Since 2020, the scale of industry ETFs has experienced explosive growth, increasing from 85.8 billion yuan at the end of 2019 to over 310 billion yuan by the end of 2020, and approaching 900 billion yuan by August 2025 [10]. - The report categorizes various industry ETFs, highlighting that TMT, financial real estate, and pharmaceutical sectors have surpassed 100 billion yuan in ETF scale [10]. Group 2: Economic Prosperity Investment Practices - The report discusses the calculation of expected ROE growth for industries based on analysts' profit forecasts, comparing two fiscal years (FY1 and FY2) [20][21]. - It emphasizes that the FY2 grouping shows stronger monotonicity in performance compared to FY1, indicating better returns for the former [23][24]. - The backtesting period for the economic prosperity factor spans from January 1, 2018, to September 12, 2025, with a focus on marginal changes in industry index prosperity [27]. Group 3: Economic Trend Resonance Strategy - The economic trend resonance strategy combines fundamental marginal improvements with capital consensus, utilizing trend factors to quantify market sentiment [36][38]. - The constructed economic trend resonance portfolio has achieved an annualized return of 12.33% since 2018, outperforming the CSI 800 index by 11.13% [40][42]. - The portfolio's monthly excess return rate stands at 64%, with a profit-loss ratio of 1.30 [45]. Group 4: Economic Trend and Crowding Avoidance Strategy - The strategy integrates economic trend analysis with crowding avoidance to mitigate risks associated with overheated trading [49]. - The three-dimensional strategy has yielded an annualized return of 12.80% since 2018, exceeding the CSI 800 index by 11.60% [52][54]. - The portfolio's monthly excess return rate is 62%, with a profit-loss ratio of 1.47 [57]. Group 5: Current Industry Characteristics - As of August 2025, the report identifies industries that align with the economic trend resonance and crowding avoidance strategy, including the transportation index, home appliances, livestock, media, and oil and gas sectors [60]. - The expected growth rates for these sectors range from 1.1% to 9.6%, with varying levels of crowding and valuation metrics [60].

来源：市场投研资讯 （来源：市场投研资讯） ⭕ 事件描述 港股市场方面，恒生指数上涨0.22%报26446.56，恒生科技上涨0.91%报6043.61，恒生中国企业指数上涨0.21%报9384.76，恒生港股通高股息率指数回调 0.16%。A股市场方面，上证指数回调0.26%，沪深300上涨0.24%，万得全A上涨0.09%。红利指数回调0.42%。 行业主题方面：中信港股通一级行业中，综合（+7.69%）、煤炭（+2.45%）、电力设备及新能源（+2.24%）领涨，钢铁（-1.58%）、轻工制造 （-1.47%）、有色金属（-1.18%）领跌；概念方面，未盈利生物科技指数（+15.63%）、锂电池指数（+5.62%）、抗肿瘤指数（+5.08%）领涨，中广核指 数（-4.35%）、婴童指数（-4.13%）、影视传媒指数（-3.38%）领跌。 2025年9月15日，港股市场大市成交额达到2901.9亿港元，南向资金净买入144.73亿港元。港股三大股指上涨，从宏观因素来看主要是因为：2025年9月14 日，中美双方在西班牙马德里就有关经贸问题举行会谈。讨论议题包括美单边关税措施、滥用出口管制及TikTok等， ...

丨证券研究报告丨 报告要点 市场策略丨点评报告 [Table_Summary] 2025 年 9 月 15 日，港股市场大市成交额达到 2901.9 亿港元，南向资金净买入 144.73 亿港 元。港股三大股指上涨，从宏观因素来看主要是因为：2025 年 9 月 14 日，中美双方在西班牙 马德里就有关经贸问题举行会谈。讨论议题包括美单边关税措施、滥用出口管制及 TikTok 等， 各方期待此次会谈能达成积极成果，在一定程度上提振市场情绪，带动港股市场上涨。并且市 场预期美联储 9 月的降息概率为 100%，其中降息 25bp 的概率为 94.2%，提振全球流动性预 期，利好港股市场。 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] 0915 港股日评：南向流入，迎头赶上 [Table_Title2] 0915 港股日评：南向流入，迎头赶上 [Table_Summary2] 事件描述 港股市场方面，恒生指数上涨 0.22%报 ...

主动权益仓位高位震荡， ETF 资金结构性分化延续 —— 量化市场追踪周报（2025W37） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 金工点评报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W37)：主动权益仓位高位 震荡，ETF 资金结构性分化延续 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 主力/主动资金流向：主力主动净流出电新，净流入房地产和钢铁。主力 资金流：主力净流出电新、基础化工、机械等行业。（1）个 ...

金融工程 证 券 研 究 报 告 市场情绪监控周报（20250908-20250912） 本周热度变化最大行业为电力设备、房地产 本周概念热度变化最大的 5 个概念为赛马概念、氟化工概念、PVDF 概念、广 东自贸区、有机硅概念。 ❖ 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 85%、99%、 93%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、电子、计算机、轻工制造、医药生物、国防军工、银 行、商贸零售、建筑材料、传媒、煤炭、基础化工；位于估值历史 20%以下的 有食品饮料、非银金融、交通运输、综合、钢铁； 申万二级行业中，从 2015 年开始回溯，目前处于历史分位数 80%以上的二级 行业有化学制药、航天装备、冶钢原料、生物制品、国有大型银行、风电设备、 半导体、一般零售、环保设备、航空机场、服装家纺、元件、汽车服务、商用 车、旅游及景区、橡胶、装修建材、房地产服务、专业连锁、动物保健、多元 金融、化学纤维、光学光电子、广告营销、特钢、其他电子、电子化学品、玻 璃玻纤。 ❖ ...

Market Overview - The stock market experienced increased volatility with a notable adjustment in the small-cap growth sector, while value stocks outperformed growth stocks [3][9] - The Shanghai Composite Index fell by 1.2%, the CSI 300 decreased by 0.8%, while the ChiNext Index rose by 2.4% [3] Bond Market - Bond yields saw a slight decline, with the 10-year government bond yield down by 1 basis point to 1.83% and the 30-year yield down by 3 basis points to 2.11% [4] International Market - The U.S. labor market showed weakness with only 22,000 non-farm jobs added in August, significantly below the expected 75,000, leading to a decline in U.S. Treasury yields [5][10] - The Hang Seng Index rose by 1.4%, outperforming A-shares due to expectations of interest rate cuts by the Federal Reserve and continued inflow of capital [5] Sector Performance - Notable sectors included power equipment and new energy (up 5.91%), non-ferrous metals (up 2.26%), and pharmaceuticals (up 1.49%), while defense and military (-11.61%) and computers (-6.76%) underperformed [7][9] - The market saw a shift in capital flow, with low-growth sectors like power equipment and new energy performing well due to high-low switching of funds [9] Fund Issuance - A total of 38 public funds were issued last week, accumulating 27.6 billion units, with a noticeable shift towards equity funds [13]

Market Performance - On September 10, 2025, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index climbed by 1.27%[3] - The total market turnover was 20,039.51 billion yuan, a decrease of 1,481.28 billion yuan from the previous trading day[3] - A total of 2,442 stocks rose while 2,769 stocks fell across the market[3] Sector and Style Analysis - The top-performing sectors included Communication (3.31%), Media (1.87%), and Electronics (1.52%)[21] - The worst-performing sectors were Power Equipment & New Energy (-1.23%), Nonferrous Metals (-0.91%), and Basic Chemicals (-0.82%)[21] - Growth stocks outperformed value stocks, with large-cap growth leading small-cap growth[21] Fund Flow Insights - On September 10, 2025, the net outflow of main funds was 56.20 billion yuan, with large orders seeing a net outflow of 118.26 billion yuan and small orders experiencing a net inflow of 206.52 billion yuan[25] - Major ETFs like the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in turnover, with changes of -11.96 billion yuan and -3.23 billion yuan respectively[29] Global Market Overview - On September 10, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.01% and the Nikkei 225 Index up 0.87%[32] - European indices showed mixed results, with the DAX Index down 0.37% and the FTSE 100 Index up 0.23%[33] - In the US, major indices also rose, with the Dow Jones Industrial Average increasing by 0.43%[33]

Core Insights - The report highlights the current industry allocation of the Bank of China’s multi-strategy system, with significant positions in non-ferrous metals (15.3%), non-bank financials (12.9%), and comprehensive sectors (7.3%) [1] - The average weekly return for the CITIC primary industries was -3.0%, while the average return over the past month was 3.1% [3][10] - The report identifies the top-performing industries for the week as electric equipment and new energy (2.4%), food and beverage (0.8%), and pharmaceuticals (0.5%), while the worst performers were defense and military (-11.9%), computers (-9.8%), and electronics (-9.7%) [3][10] Industry Performance Review - The report provides a detailed performance review of CITIC primary industries, indicating that the average weekly return was -3.0% and the average monthly return was 3.1% [10] - The top three industries by weekly performance were electric equipment and new energy (2.4%), food and beverage (0.8%), and pharmaceuticals (0.5%) [11] - The bottom three industries were defense and military (-11.9%), computers (-9.8%), and electronics (-9.7%) [11] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with a PB ratio above the 95th percentile as overvalued [14][15] - Currently, the industries triggering high valuation warnings include retail, media, computers, and defense and military, all exceeding the 95th percentile in PB valuation [15][16] Strategy Performance - The report outlines the performance of various strategies, with the composite strategy yielding a cumulative return of 20.2% year-to-date, outperforming the CITIC primary industry benchmark by 2.3% [3] - The highest excess return strategy was the industry profitability tracking strategy (S1), with an excess return of 5.1% compared to the benchmark [3] - The report indicates a shift in strategy allocations, increasing positions in upstream cyclical and pharmaceutical sectors while reducing exposure to TMT, consumer, and midstream cyclical sectors [3] Current Industry Rankings - The report ranks industries based on profitability expectations, with non-ferrous metals, non-bank financials, and agriculture being the top three [18] - The implied sentiment momentum strategy ranks communication, non-ferrous metals, and electronics as the top three industries based on market sentiment indicators [22] - The macroeconomic style rotation strategy identifies comprehensive finance, computers, communication, defense and military, electronics, and media as the top six industries based on macroeconomic indicators [25]