证券研究报告 2025 年 09 月 21 日 湘财证券研究所 策略研究 策略周报 8 月固定资产投资累计同比增速下滑，A 股指数高位震荡 ——2025.09.15-2025.09.19 日策略周报 1. 《20250802湘财证券-策略研 数震荡下行》 2025.08.02 究-7月宏观短周期略有反弹，A股 指数震荡上行》 2025.08.09 2024年10月高点》 2025.08.16 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 中国人寿金融中心10楼 相关研究： 核心要点： 2025.09.15-2025.09.19 日，A 股指数高位震荡 究-7月PMI有所下滑，A股指数多 2. 《20250809湘财证券-策略研 据 Wind 数据，2025.09.15-2025.09.19 日，我们关注的 6 个 A 股指数高位震 荡，涨跌互现：上证指数下跌 1.30%、深证成指上涨 1.14%，创业板指上 涨 2.34%、沪深 300 下跌 0.44%、科创综指上涨 0.96%、万得全 A 微跌 0.18%。 周振幅 ...

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index closing at 3765.88 points, down 1.25%, and a total trading volume of 1,107.89 billion yuan [1] - The Shenzhen Component Index closed at 12118.70 points, down 2.83%, with a trading volume of 1,436.37 billion yuan [1] - The ChiNext Index closed at 2776.25 points, down 4.25%, with a trading volume of 711.73 billion yuan [1] Sector Performance Top Performing Sectors - Retail sector increased by 2.89%, with a total trading volume of 613.90 million hands and a transaction value of 35.75 billion yuan [2] - Beauty care sector rose by 2.52%, with a trading volume of 31.62 million hands and a transaction value of 7.39 billion yuan [2] - Beverage manufacturing sector saw a 2.42% increase, with a trading volume of 86.15 million hands and a transaction value of 13.13 billion yuan [2] Underperforming Sectors - Semiconductor sector declined by 5.38%, with a trading volume of 314.41 million hands and a transaction value of 189.93 billion yuan [2] - Communication equipment sector fell by 4.09%, with a trading volume of 297.68 million hands and a transaction value of 165.80 billion yuan [2] - Components sector decreased by 3.91%, with a trading volume of 197.68 million hands and a transaction value of 71.03 billion yuan [2]

Market Overview - The A-share market experienced a downward trend in early trading, with the Shanghai Composite Index closing at 3738.32 points, down 1.97% [1] - The Shenzhen Component Index closed at 12176.90 points, down 2.37% [1] - The ChiNext Index closed at 2806.63 points, down 3.20% [1] Sector Performance Top Performing Sectors - The tourism and hotel sector increased by 3.21%, with a total trading volume of 1,081.43 million hands and a net inflow of 119 million [2] - The battery sector rose by 2.27%, with a trading volume of 3,309.89 million hands and a net inflow of -0.90 million [2] - The retail sector saw a 2.23% increase, with a trading volume of 3,592.13 million hands and a net inflow of 8.85 million [2] Underperforming Sectors - The semiconductor sector declined by 4.23%, with a trading volume of 1,970.37 million hands and a net outflow of 126.46 million [2] - The precious metals sector fell by 3.37%, with a trading volume of 626.46 million hands and a net outflow of 6.02 million [2] - The communication equipment sector decreased by 2.91%, with a trading volume of 1,885.62 million hands and a net outflow of 60.37 million [2]

Group 1 - The number of A-shares priced over 100 yuan has nearly doubled from 69 at the beginning of the year to 134 as of August 18, indicating a strong expansion in this segment [1] - The total market value of A-shares has surpassed 100 trillion yuan for the first time, reflecting overall market growth [1] - Among the high-priced stocks, Han's Laser (688256.SH) has seen a year-to-date increase of over 40%, reaching a peak of 1,000 yuan per share before closing at 933 yuan, positioning it as a strong candidate for the "thousand yuan stock club" [1] Group 2 - A significant portion of the high-priced stocks are currently at historical high valuations, with 81 stocks having total market values above the 90th percentile of their historical values [1] - Only 11 stocks are below the 50th percentile of their historical market values, indicating a concentration of high valuations among the majority [1] - Notably, 45 stocks, including Tonghuashun and Zhongji Xuchuang (300308.SZ), are at or near their historical maximum market values, with total market values above the 99th percentile [1]

Core Points - A-shares indices opened high and continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high at 3740.50 points, up 1.18% [1] - The Shenzhen Component Index rose by 2.25% to 11896.38 points, while the ChiNext Index increased by 3.63% to 2626.29 points [1] Sector Performance - The top-performing sectors included: - Film and television industry with a gain of 6.60%, total trading volume of 1396.59 million hands, and a total transaction value of 11.855 billion [2] - Other power equipment sector increased by 4.28%, with a trading volume of 1045.38 million hands and a transaction value of 21.739 billion [2] - Consumer electronics sector rose by 4.15%, with a trading volume of 2461.94 million hands and a transaction value of 60.791 billion [2] - Sectors that experienced declines included: - Coal mining and processing down by 0.19% with a trading volume of 685.78 million hands and a transaction value of 8.502 billion [2] - Oil and gas extraction and services decreased by 0.12%, with a trading volume of 541.15 million hands and a transaction value of 3.439 billion [2]

Group 1 - A new individual business named Kunshan Development Zone Hongmengchang Processing Plant has been established, with Xu Mengjie as the legal representative [1] - The registered capital of the business is 50,000 RMB [1] - The business scope includes general projects such as mechanical parts processing, sales of mechanical parts, metal tool manufacturing and sales, mold manufacturing and sales, and various other manufacturing and sales activities [1] Group 2 - The business is involved in the manufacturing of communication equipment, general equipment repair, and sales of electronic components and electromechanical assemblies [1] - Additional activities include the sale of office supplies, labor protection supplies, building materials, and electronic products, among others [1] - The business operates under the legal framework that allows it to conduct activities independently with its business license, excluding projects that require special approval [1]

Group 1 - The core point of the news is the significant drop in gold prices, with the London gold index falling below 3230 points, marking a daily decline of 3% [1] - Gold jewelry brands have adjusted their prices, with Chow Sang Sang's gold jewelry priced at 1007 CNY per gram, down 14 CNY from the previous day's price of 1021 CNY per gram [3] - The Hang Seng Technology Index rose over 6% following the announcement of the Sino-US Geneva trade talks, indicating a positive market reaction [6] Group 2 - The A-share market saw all major indices close higher, with the Shanghai Composite Index up 0.82% and the Shenzhen Component Index up 1.72% [9] - The trading volume in the Shanghai and Shenzhen markets reached 1.3084 trillion CNY, an increase of 116.4 billion CNY compared to the previous trading day [9] - The precious metals sector experienced a decline, contrasting with the overall positive performance of other industry sectors [9]

Group 1 - The A-share market experienced a broad increase on Monday, with the Shanghai Composite Index rising by 0.82% to 3369.24 points, and other indices such as the Shenzhen Composite Index and ChiNext Index rising by 1.70% and 2.39% respectively [1] - The military industry stocks showed significant strength, particularly in aerospace and shipbuilding, driven by optimistic expectations regarding China's military trade prospects due to recent geopolitical developments [1] - The recent US-China Geneva trade talks resulted in substantial progress, significantly lowering bilateral tariff levels, which is expected to positively impact market sentiment [1] Group 2 - The US dollar index saw a slight increase during the Asia-Pacific trading session, accelerating its rise in the European session due to favorable tariff-related news, with a reported increase of approximately 1% by the evening [2] - The offshore RMB exchange rate appreciated by 0.44% to 7.2080 against the backdrop of the US dollar's strength, indicating resilience in the Chinese currency [2] - Investors are advised to focus on structural opportunities, particularly in export-oriented stocks that have been under pressure, as these are expected to experience a corrective rally following the tariff progress [2]