公募基金方面，本期较上一期持股增加的公募基金共计1个，即南方军工改革灵活配置混合A，持股增 加占比达0.22%。本期较上一季度新披露的公募基金共计5个，包括创金合信先进装备股票A、永赢稳健 增长一年持有混合A、华夏中证2000ETF、招商中证500增强策略ETF、广发中证2000ETF。本期较上一 季未再披露的公募基金共计8个，主要包括华商新锐产业混合、华商万众创新混合A、华商研究精选混 合A、东方阿尔法招阳混合A、南方领航优选混合A等。 对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金一零三组合，持股增加占比 达0.25%。 2025年8月23日，万泽股份(000534.SZ)发布2025年半年度报告。截至2025年8月22日，共有14个机构投 资者披露持有万泽股份A股股份，合计持股量达2.04亿股，占万泽股份总股本的40.40%。其中，前十大 机构投资者包括万泽集团有限公司、万泽集团-红塔证券-22泽EB04担保及信托财产专户、全国社保基金 一零三组合、万泽集团-红塔证券-25泽EB02担保及信托财产专户、万泽集团-红塔证券-23泽EB02担保及 信托财产专户、中国农业银行股份有限公司- ...

Core Insights - The total margin balance in the market has reached 21,475.69 billion yuan, marking an increase for eight consecutive trading days, with a total increase of 1,380.53 billion yuan during this period [1][2] Margin Balance by Market - The margin balance in the Shanghai market is 10,918.25 billion yuan, increasing by 82.34 billion yuan, while the Shenzhen market's balance is 10,481.91 billion yuan, up by 75.05 billion yuan [1] - The North Exchange's margin balance is 75.52 billion yuan, with a slight increase of 1.37 billion yuan [1] Industry Analysis - Out of 31 industries, 30 have seen an increase in margin balance, with the electronics industry leading with an increase of 321.50 billion yuan [1][2] - The communication industry has the highest percentage increase in margin balance at 14.62%, followed by electronics at 13.83% and comprehensive at 11.92% [1][2] Individual Stock Performance - 67.12% of the stocks have experienced an increase in margin balance, with 153 stocks seeing an increase of over 50% [3][4] - The top stock with the highest increase in margin balance is 佛燃能源, which saw a 335.92% increase, followed by 御银股份 with a 328.69% increase [5][6] Stocks with Significant Margin Inflows - A total of 12 stocks have seen an increase in margin balance of over 1 billion yuan, with 新易盛 leading at an increase of 2.538 billion yuan, representing a 37.96% rise [7][8] - Other notable stocks include 东方财富 and 中际旭创, with increases of 2.480 billion yuan and 2.038 billion yuan, respectively [7]

Core Viewpoint - The A-share market is experiencing a significant increase in margin trading balance, which has surpassed 2.1 trillion yuan for the first time in 10 years, indicating a robust market sentiment and trading activity [1][4]. Group 1: Margin Trading Balance - As of August 18, 2025, the margin trading balance reached 2.1023 trillion yuan, marking a growth of approximately 39.7 billion yuan from the previous trading day, achieving six consecutive days of increase [4]. - The margin trading balance has accumulated a growth of over 110 billion yuan since the beginning of August 2025 [4]. - The proportion of margin trading balance to the A-share circulating market value remains stable at 2.32%, consistent with levels observed in early August 2025, indicating that the growth pace of margin trading balance aligns with the increase in A-share market value [2][6]. Group 2: Financing and Securities Lending - The growth in margin trading balance is primarily driven by an increase in financing balance, which reached 2.0881 trillion yuan as of August 18, 2025, with a daily increase of approximately 39.5 billion yuan [6]. - The daily margin trading volume also saw a significant rise, exceeding 300 billion yuan, reaching 327.3 billion yuan on August 18, 2025, marking a new high for the year and the third highest in history [6]. - In contrast, the securities lending balance remained stable at around 14.2 billion yuan, with a modest increase of approximately 400 million yuan since the beginning of August [7]. Group 3: Industry Financing Trends - Most industry sectors have experienced net financing inflows since August 2025, with significant net purchases in the electronics, machinery, and computer sectors, each exceeding 10 billion yuan [9]. - The financing balance for several industries has surpassed 100 billion yuan, with the electronics, non-bank financials, computers, pharmaceuticals, power equipment, machinery, and automotive sectors leading the way [10].

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.83% to close at 3696.77 points, the Shenzhen Component Index rising by 1.60% to 11634.67 points, and the ChiNext Index up by 2.61% to 2534.22 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 22446 billion, a decrease of 346 billion compared to the previous trading day [1] Industry Performance - All sectors except for banking experienced gains today, with the leading sectors being comprehensive, non-bank financials, electric equipment, computer, and building materials, which rose by 3.92%, 3.16%, 2.85%, 2.34%, and 2.29% respectively [1] - The banking sector saw a decline of 1.46% [1] Concept Sector Performance - The top-performing concept sectors included stock trading software, consecutive boards, power equipment, and semiconductor materials, among others [2][11]

证券研究报告 2025 年 8 月 8 日 星期五 【A 股市场大势研判】 沪指走出四连阳，再创阶段新高 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3639.67 | 0.16% | 5.67 | | | 深证成指 | 11157.94 | -0.18% | -19.84 | | | 沪深 300 | 4114.67 | 0.03% | 1.18 | | | 创业板 | 2342.86 | -0.68% | -16.09 | | | 科创 50 | 1058.21 | -0.15% | -1.56 | | | 北证 50 | 1459.46 | 0.00% | -0.05 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 有色金属 | 1.20% | 医药生物 ...

Market Overview - The Shanghai Composite Index increased by 0.12% as of the morning close, with a trading volume of 811.67 million shares and a transaction amount of 1,206.179 billion yuan, representing a 12.41% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Beauty and Personal Care: Increased by 1.54% with a transaction amount of 52.39 billion yuan, led by Lafang Jiahua, which rose by 9.98% [1] - Electronics: Increased by 1.19% with a transaction amount of 1,948.73 billion yuan, led by Jinghua Micro, which surged by 20.01% [1] - Textile and Apparel: Increased by 0.83% with a transaction amount of 123.97 billion yuan, led by Jinhong Group, which rose by 10.05% [1] - The worst-performing industries included: - Steel: Decreased by 1.21% with a transaction amount of 95.09 billion yuan, led by Xining Special Steel, which fell by 9.11% [2] - Communication: Decreased by 0.81% with a transaction amount of 598.20 billion yuan, led by Dingtong Technology, which declined by 4.01% [2] - Electric Power Equipment: Decreased by 0.62% with a transaction amount of 775.72 billion yuan, led by Great Wall Electric, which fell by 5.74% [2] Summary of Key Stocks - Lafang Jiahua in the Beauty and Personal Care sector showed significant growth with a 9.98% increase [1] - Jinghua Micro in the Electronics sector demonstrated strong performance with a 20.01% increase [1] - Xining Special Steel in the Steel sector faced a notable decline with a 9.11% decrease [2]

Market Overview - The market is currently experiencing a temperature check with a significant portion of the indices showing a long-term signal of 75% [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have shown varying performance, with the latter two indices experiencing declines of 1.62% and 0.77% respectively [1] Sector Performance - The chemical sector has shown a strong rebound, with a notable increase in the index closing over 1% higher, driven by a net capital inflow of over 144 billion yuan in the past 60 days [4][6] - The media sector led the inflow of funds with 1.072 billion yuan, while the computer sector faced the largest outflow of 89.79 billion yuan [2] Investment Signals - The chemical and financial technology sectors are highlighted as having significant potential for investment, with the chemical sector benefiting from policy expectations and valuation recovery [6] - The recent implementation of the stablecoin regulations in Hong Kong is expected to create opportunities in the fintech sector, particularly for those obtaining the first batch of licenses [6] ETF Performance - The chemical ETF has shown a 10.60% increase over the past six months, indicating strong performance in this sector [4] - The financial technology ETF has also demonstrated robust growth, with a notable increase in trading volume and turnover [4] Future Outlook - The chemical sector's future performance will depend on actual improvements in the fundamental aspects of the industry, despite the current positive sentiment [6] - The fintech sector is expected to gain traction as stablecoin regulations take effect, with a focus on platforms that can create use cases for stablecoins [6]

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant divergence in market performance among sectors, with non-bank financials seeing the largest inflow and electric equipment experiencing the largest outflow [1][2]. Industry Summary Net Inflow Industries - Non-bank financials had a net inflow of 2.859 billion, with a price change of 1.29% and a turnover rate of 2.32%, showing a 52.20% increase in trading volume compared to the previous day [1]. - Banking sector recorded a net inflow of 0.491 billion, with a price change of 0.40% and a turnover rate of 0.37%, despite a 6.99% decrease in trading volume [1]. - Home appliances sector saw a net inflow of 0.388 billion, with a price change of 0.58% and a turnover rate of 2.10%, reflecting a 10.97% increase in trading volume [1]. Net Outflow Industries - Electric equipment faced the largest net outflow of 10.171 billion, with a price change of -1.20% and a turnover rate of 4.17%, showing a 6.18% decrease in trading volume [2]. - Machinery equipment experienced a net outflow of 7.034 billion, with a price change of -1.29% and a turnover rate of 4.09%, reflecting a 10.69% decrease in trading volume [2]. - Basic chemical industry had a net outflow of 4.762 billion, with a price change of -0.81% and a turnover rate of 3.34%, despite a 1.65% increase in trading volume [2].

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant disparity in investment trends, with the communication sector experiencing the highest net inflow and the electric equipment sector facing the largest net outflow [1][2]. Industry Summary - **Communication**: - Net inflow of funds: 2.151 billion - Change in trading volume: +29.35% - Price change: +4.61% - Turnover rate: 2.13% [1] - **Computer**: - Net inflow of funds: 1.839 billion - Change in trading volume: +24.97% - Price change: +1.42% - Turnover rate: 5.02% [1] - **Electric Equipment**: - Net outflow of funds: -5.055 billion - Change in trading volume: +5.70% - Price change: -0.74% - Turnover rate: 3.28% [2] - **Non-banking Financial**: - Net outflow of funds: -2.960 billion - Change in trading volume: -19.95% - Price change: -0.59% - Turnover rate: 1.55% [2] - **Pharmaceutical**: - Net outflow of funds: -3.550 billion - Change in trading volume: +12.72% - Price change: -0.13% - Turnover rate: 2.72% [2] - **Basic Chemical**: - Net outflow of funds: -3.567 billion - Change in trading volume: +14.17% - Price change: -1.00% - Turnover rate: 2.65% [2] - **Steel**: - Net outflow of funds: -0.058 billion - Change in trading volume: -24.20% - Price change: -1.24% - Turnover rate: 2.04% [1] - **Real Estate**: - Net outflow of funds: -0.838 billion - Change in trading volume: +11.46% - Price change: -0.98% - Turnover rate: 2.72% [1]

Core Insights - The non-banking financial sector experienced the highest net inflow of capital today, amounting to 8.21 billion yuan, with a price change of 2.02% and a turnover rate of 3.22% [1][2] - The power equipment sector faced the largest net outflow of capital, totaling -3.83 billion yuan, with a price change of -0.18% and a turnover rate of 3.29% [1][2] Industry Summary - **Non-banking Financial**: - Trading volume: 13.464 billion shares - Change in trading volume: +60.37% - Turnover rate: 3.22% - Price change: +2.02% - Net capital inflow: 8.21 billion yuan [1] - **Computer**: - Trading volume: 9.252 billion shares - Change in trading volume: +23.21% - Turnover rate: 5.20% - Price change: +1.93% - Net capital inflow: 6.20 billion yuan [1] - **Power Equipment**: - Trading volume: 8.180 billion shares - Change in trading volume: +0.04% - Turnover rate: 3.29% - Price change: -0.18% - Net capital outflow: -3.83 billion yuan [2] - **Real Estate**: - Trading volume: 5.910 billion shares - Change in trading volume: -6.93% - Turnover rate: 2.71% - Price change: +0.16% - Net capital outflow: -1.24 billion yuan [2] - **Banking**: - Trading volume: 7.548 billion shares - Change in trading volume: +28.32% - Turnover rate: 0.57% - Price change: -2.41% - Net capital outflow: -2.15 billion yuan [2]