韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 [Table_ReportDate] 宏观经济分析报告 | 2025.09.10 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Authors] 相关研究 [Table_Title] 上周 A 股波动加剧，美国非农数据弱于预期 [Table_Summary] [Table_OtherReport] 经济趋稳，泛科技板块机遇渐显 近期关税问题的思考 继往开来——证监会两会记者招待 会的几点理解 ⚫ 上周（2025.09.01-2025.09.05）A 股走势波动加剧，全周万得全 A 指数 表现整体呈现"先涨后跌再修复"态势。上周一，权益市场延续上涨行 情，万得全 A 当天上涨 0.81%，科技板块仍是主要拉动力量。上周二， 权益市场出现大幅回调，或出于资金止盈及"稳市"保障临期的考虑， 股市走向开始回调，全天万得全 A 下跌 1.48%。上周三周四，权益市场 继续回调，周三科技板块仍有一定上涨，科创创业 50 指数 ...

Group 1 - The core viewpoint of the report indicates that the market rotation is in a consolidation phase, with a focus on core assets in the Beijing Stock Exchange (北交所) related to technology and new consumption [10][15]. - The North Exchange 50 Index increased by 0.41%, while the specialized index rose by 0.07%. However, the average daily trading volume decreased by 23% [10][22]. - The report highlights a shift in A-share market hotspots from large-cap bank stocks to mid-cap core assets, with significant gains in sectors such as real estate, steel, building materials, and power equipment [10][11]. Group 2 - The report notes that 178 stocks in the North Exchange rose, while 87 fell, resulting in a rise-to-fall ratio of 2.05. The top gainers included Guoyi Bidding (+70.62%) and Benlang New Materials (+35.14%) [41][42]. - The average PE (TTM) for the North Exchange is reported at 96.79 times, with a median of 52.52 times, indicating a higher valuation compared to other exchanges [27][28]. - The trading volume for the North Exchange was 50.89 billion shares, with a trading value of 107.76 billion yuan, both showing a decrease compared to the previous week [28][22]. Group 3 - The report mentions that there were no new listings on the North Exchange this week, with a total of 268 companies currently listed [33][38]. - The new three-board market saw 6 new listings and 2 delistings, with a total of 6063 companies listed as of July 11, 2025 [52][54]. - The report emphasizes the importance of monitoring key companies such as Jinbo Biology, Norseland, and Kangbit, which are considered core assets in the North Exchange [15].