【A 股市场大势研判】 大盘震荡走低，创业板指领跌 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 | 3765.88 | -1.25% | -47.68 | | | 深证成指 | 12118.70 | -2.83% | -353.29 | | | 沪深 300 | 4365.21 | -2.12% | -94.62 | | | 创业板 | 2776.25 | -4.25% | -123.12 | | | 科创 50 | 1226.98 | -6.08% | -79.49 | | | 北证 50 | 1538.98 | -0.80% | -12.46 | | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商贸零售 | 1.63% | 通信 | -8.48% | 乳业 | 2 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 05 日 浙商早知道 2025 年 09 月 05 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要观点 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 1.3%，沪深 300 下跌 2.1%，科创 50 下跌 6.1%，中证 1000 下跌 2.3%，创业板指下跌 4.3%，恒生指数上涨 1.1%。 ❑ 行业：周四表现最好的行业分别是商贸零售（+1.6%)、美容护理（+1.2%)、银行（+0.8%)、社会服务（+0.7%)、 纺织服饰（+0.6%)，表现最差的行业分别是通信（-8.5%)、电子（-5.1%)、综合（-4.5%)、有色金属（-3.7%)、国 防军工（-3.3%)。 ❑ 资金：周四沪深两市总成交额为 25443 亿元，南下资金净流入 7.06 亿港元。 ❑ 【浙商宏观 李超/林成炜/廖博/潘高远/费瑾/王瑞明】宏观深度报告：8 月经济前瞻：旧经济深蹲 ...

Market Overview - The Shanghai Composite Index closed at 3813.56 points, down 1.16%, with a trading volume of 10123 billion yuan [1] - The Shenzhen Component Index closed at 12472.00 points, down 0.65%, with a trading volume of 13517.9 billion yuan [1] - The ChiNext Index closed at 2899.37 points, up 0.95%, with a trading volume of 6575.71 billion yuan [1] - The STAR Market 50 Index closed at 1306.48 points, down 1.64%, with a trading volume of 682 million yuan [1] - Total trading volume for both markets was 23640.9 billion yuan, a decrease of 5109.24 billion yuan from the previous trading day [1] Sector Performance - Communication and power equipment sectors showed strength, while defense, securities, insurance, and computer sectors experienced significant declines [3][4] - Among 31 primary sectors, 8 sectors saw net inflows of funds, with the power equipment sector leading at a net inflow of 2.63 billion yuan [5] - The defense industry had the highest net outflow of funds, totaling 7.43 billion yuan [5] Individual Stock Movements - A total of 777 stocks rose, while 4334 stocks fell, with 39 stocks hitting the daily limit up and 23 stocks hitting the limit down [3] - Tianpu Co. achieved a remarkable 9 consecutive limit-up days, leading the market in this regard [3] - 80 stocks received net inflows exceeding 1 billion yuan, with Yanshan Technology receiving the highest at 3.018 billion yuan [7] - 184 stocks experienced net outflows exceeding 1 billion yuan, with Dongfang Wealth seeing the largest outflow at 3.474 billion yuan [9] Institutional Activity - Institutions had a net buying of approximately 50.26 million yuan, with the highest net purchase in Chenxin Pharmaceutical at about 116 million yuan [10]

见习记者丨李益文 编 辑丨叶映橙 9 月 3 日 ， A 股 市 场 震 荡 分 化 ， 但 " 马 字 辈 " 个 股 却 异 动 拉 升 。 截 至 收 盘 ， 飞 马 国 际 （ 002210.SZ ） 涨 停 、 玉 马 科 技 （ 300993.SZ ） 、 神 马 股 份 （ 600810.SH ） 、 野 马 电 池 （605378.SH）涨超5%，天马新材（838971.BJ）、海马汽车（000572.SZ）等个股跟涨。 | | | "马字辈"个股涨幅一览 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 涨跌幅% | 所属申万一级行业 | | 002210.SZ | 飞马国际 | 9.90 | 环保 | | 300993.SZ | 玉马科技 | 6.88 | 轻工制造 | | 600810.SH | 神马股份 | 5.89 | 基础化工 | | 605378.SH | 野马电池 | 5.26 | 电力设备 | | 838971.BJ | 天马新材 | 4.12 | 基础化工 | | 000572.SZ | 海马汽车 | 2.48 | 汽车 | | 0 ...

沪指9月3日下跌1.16%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为综合、通信、电力设 备，涨幅分别为1.64%、1.61%、1.44%。跌幅居前的行业为国防军工、非银金融，跌幅分别为5.83%、 3.05%。纺织服饰行业今日下跌1.17%。 主力资金净流出的行业有28个，非银金融行业主力资金净流出规模居首，全天净流出资金122.10亿元， 其次是国防军工行业，净流出资金为101.31亿元，净流出资金较多的还有电子、计算机、机械设备等行 业。 纺织服饰行业今日下跌1.17%，全天主力资金净流入2.22亿元，该行业所属的个股共105只，今日上涨的 有24只，涨停的有3只；下跌的有79只。以资金流向数据进行统计，该行业资金净流入的个股有41只， 其中，净流入资金超3000万元的有5只，净流入资金居首的是美邦服饰，今日净流入资金2.05亿元，紧 随其后的是万里马、探路者，净流入资金分别为1.29亿元、4631.53万元。纺织服饰行业资金净流出个股 中，资金净流出超千万元的有12只，净流出资金居前的有际华集团、南山智尚、中国黄金，净流出资金 分别为7847.73万元、4657.94万元、3117.57万元。 ...

沪指9月3日下跌1.16%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为综合、通信、电力设 备，涨幅分别为1.64%、1.61%、1.44%。综合行业位居今日涨幅榜首位。跌幅居前的行业为国防军工、 非银金融，跌幅分别为5.83%、3.05%。 资金面上看，两市主力资金全天净流出714.26亿元，主力资金净流入的行业仅有3个，电力设备行业净 流入资金29.58亿元；纺织服饰行业净流入资金2.22亿元；综合行业净流入资金310.66万元。 主力资金净流出的行业有28个，非银金融行业主力资金净流出规模居首，全天净流出资金122.10亿元， 其次是国防军工行业，净流出资金为101.31亿元，净流出资金较多的还有电子、计算机、机械设备等行 业。 综合行业今日上涨1.64%，全天主力资金净流入310.66万元，该行业所属的个股共16只，今日上涨的有1 只；下跌的有15只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入资金居首的是 东阳光，今日净流入资金1.05亿元，紧随其后的是特力A、红棉股份，净流入资金分别为873.95万元、 504.92万元。综合行业资金净流出个股中，净流出资金居前的有粤桂股份、 ...

Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange achieved a total operating income of 92.064 billion yuan, with an average operating income of 336 million yuan, reflecting a year-on-year growth of 6.01% [2] - The total net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan, showing a decline of 10.59%, although the decline rate has narrowed [2] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [2] - In Q2, companies reported a total operating income of 50.547 billion yuan, a quarter-on-quarter increase of 21.75%, and a net profit of 3.133 billion yuan, up 12.88% from the previous quarter [2] Industry Highlights - The automotive industry showed strong performance, with net profit growth of 23.63% in the first half of the year, driven by policies promoting vehicle upgrades [3] - Companies in the beauty and textile sectors also benefited from consumer trends, with net profit growth of 26.12% and 42.91%, respectively [3] - The equipment manufacturing sector maintained rapid growth, with net profit increasing by 15.95% [3] R&D Investment - Companies on the Beijing Stock Exchange increased R&D spending to 4.139 billion yuan, a year-on-year increase of 2.59%, with significant investments in information technology and biomedicine [4] - Eight companies had R&D expenditures exceeding 30% of their operating income, while four companies invested over 100 million yuan in R&D [4] - A total of 72 companies implemented equity incentive plans, covering 4,266 individuals, to attract and retain talent [4] Financing and M&A Activities - In 2025, 12 companies raised a total of 3.856 billion yuan through public offerings, while five companies announced targeted convertible bond issuances totaling 704 million yuan [5] - Eleven companies disclosed cash asset purchase announcements, with a total transaction amount of 2.650 billion yuan [6] - Significant mergers and acquisitions were noted, such as Xujie Technology's acquisition of a stake in a downstream photovoltaic power station investment and operation company [6] Investor Relations and Market Performance - Approximately 70% of listed companies implemented cash dividends, totaling 4.974 billion yuan, an increase of 5.35% year-on-year [7] - The number of qualified investors reached 8.6613 million, an increase of 675,600 from the previous year, with daily average trading participation of 343,700 investors [8] - The average daily trading volume was 29.625 billion yuan, with the market showing a positive trend following the launch of the Beijing Stock Exchange Specialized Index [8]

Group 1: Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange demonstrated resilience and growth potential, with total operating revenue reaching 92.064 billion yuan, an increase of 6.01% year-on-year [1] - The net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan per company, reflecting a year-on-year decline of 10.59%, but the decline has narrowed compared to previous years [1] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [1] Group 2: Sector Highlights - The consumer sector showed policy-driven growth, particularly in the automotive industry, where companies like Kaitie achieved approximately 40% growth in both revenue and net profit [2] - The beauty and textile industries also thrived, with companies like Taihu Snow reporting a net profit increase of 69.77% [2] - Equipment manufacturing maintained rapid growth, exemplified by Wantong Hydraulic's net profit growth of 40.33% [2] Group 3: Innovation and Investment - Companies increased R&D investment, totaling 4.139 billion yuan, a year-on-year increase of 2.59%, with leading sectors being information technology and biomedicine [3] - Twelve companies completed public financing totaling 3.856 billion yuan, and five companies planned to issue a total of 704 million yuan in targeted convertible bonds [3] - Eleven companies disclosed cash acquisitions totaling 2.650 billion yuan, indicating active mergers and acquisitions for industry integration and transformation [3]

◎记者 时娜 此外，创业板公司"造血"能力明显增强，平均实现经营活动现金净流入1.13亿元，同比大幅增长 54.44%。 上半年，1384家创业板上市公司中，1028家公司实现盈利，占比74.28%；728家公司净利润实现同比增 长，占比52.60%，较上年同期增加4.86个百分点。其中，305家公司净利润同比增长幅度超50%，173家 公司净利润同比增长幅度超100%。 上半年，创业板头部公司业绩保持较快增长，持续发挥"压舱石"作用：市值排名前百位的公司合计实现 营业收入9372.31亿元，同比增长14.59%；合计实现净利润1024.54亿元，同比增长21.56%；营业收入和 净利润占板块总额的比重分别为45.68%和68.06%。 2025年第二季度，创业板公司收入、净利润进一步向好，合计实现营业收入1.10万亿元，平均实现营业 收入7.93亿元，环比增长14.95%；合计实现净利润788.20亿元，平均实现净利润0.57亿元，环比增长 9.90%。 截至2025年8月底，创业板1384家上市公司完成了2025年半年报披露。总体来看，创业板上市公司坚持 创新发展，上半年营收、净利润增速双双"领跑"A股。 ...

【导读】上半年创业板公司合计实现营收2.05万亿元，净利润超1500亿元 伴随着上市公司2025年半年报披露完毕，创业板公司半年度的经营情况全部浮出水面。在今年上半年复 杂多变的外部环境下，创业板公司整体经营业绩明显改善，合计实现营业收入（以下简称营收）超2万 亿元，实现归属于上市股东的净利润（以下简称净利润）超1500亿元，同比增速分别超过9%和11%， 领跑A股市场。 整体亮眼的经营业绩背后，创业板公司三大重点领域增长动能强劲。此外，业绩报告透露出几大重要趋 势，例如海外多元化布局成效显现、研发创新投入持续加大等。 营收、净利润增速领跑A股市场 截至8月31日，创业板1384家上市公司披露2025年半年度报告。数据显示，上半年创业板公司营收、净 利润增速双双领跑A股市场。 从整体业绩看，创业板公司上半年收入规模稳步增长，合计实现营收2.05万亿元，平均营收为14.83亿 元，同比增长9.03%；盈利水平显著提升，合计实现净利润1505.42亿元，平均净利润为1.09亿元，同比 增长11.18%，合计实现扣非后净利润1309.25亿元。 此外，创业板公司造血能力明显增强，平均实现经营活动现金净流入1.13亿 ...