Market Performance - Last week (2025.09.01-2025.09.05), the A-share market experienced increased volatility, with the Wind All A Index showing a "rise, fall, and recovery" pattern[8] - On September 1, the Wind All A Index rose by 0.81%, driven mainly by the technology sector[8] - The index fell by 1.48% on September 2 due to profit-taking and market stabilization concerns[8] - On September 5, the Wind All A Index rebounded, closing up 2.57%, while the ChiNext Index and North Securities 50 rose by 6.55% and 5.15%, respectively[8] AI Sector Impact - Since August 12, the A-share market has outperformed global markets, primarily benefiting from the AI industry chain's influence on optical modules and domestic chips[9] - From August 12 to September 1, the CSI 300 Index increased by 9.73%, with the top 15 stocks contributing 5.6% to this growth, accounting for 57.3% of the index's overall increase[9] U.S. Economic Data - The U.S. added 22,000 non-farm jobs in August, significantly lower than the revised 79,000 in July and below the expected 75,000[20] - The unemployment rate rose by 0.1 percentage points to 4.3%, the highest since November 2021[20] - Following the non-farm data release, market expectations for a rate cut in September solidified, with U.S. Treasury yields falling by 7 basis points[20] Market Outlook - The short-term outlook for the A-share market suggests continued volatility, while the medium to long-term remains promising due to favorable domestic liquidity and increasing attractiveness of RMB assets[23] - The upcoming adjustment of the weight of stocks in the Sci-Tech 50 Index may lead to capital outflow pressures for high-weight stocks[23] Risk Factors - Risks include potential underperformance of domestic macro policies and unexpected outcomes from overseas rate cuts[30]

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].