证券研究报告 | 2025年09月11日 市场表现：20250910 规模指数中上证 50 指数表现较好，板块指数中创业板 指表现较好，风格指数中沪深 300 成长指数表现较好。通信、传媒、电子、 计算机、国防军工行业表现较好，电新、有色金属、基础化工、煤炭、钢铁 行业表现较差。覆铜板、eSIM 卡、冰雪旅游、光模块(CPO)、基站等概念 表现较好，锂矿、锂电正极、钠离子电池、有机硅、珠宝等概念表现较差。 市场情绪：20250910 收盘时有 65 只股票涨停，有 5 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.06%，昨日跌停股票今日收盘收益为 0.61%。今日封板率 67%，较前日下降 2%，连板率 24%，较前日提升 8%。 市场资金流向：截至 20250909 两融余额为 23197 亿元，其中融资余额 23035 亿元，融券余额 162 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 11.0%。 金融工程日报 市场缩量反弹，创业板指领涨、AI 硬件方向集体反弹 核心观点 金融工程日报 折溢价：20250909 当日 ETF 溢价较多的是信息技术 ETF，ETF ...

Group 1 - The ETF market related to AI hardware has shown significant activity, with multiple technology-focused ETFs, such as the Sci-Tech Chip 50 ETF, rising over 6% [1] - The Integrated Circuit ETF (159546) has increased nearly 6%, indicating strong investor interest in this sector [1] - Other ETFs, including Semiconductor ETF and Information Technology ETF, have also experienced notable gains, leading the market in terms of growth [1]

证券研究报告 | 2025年09月11日 金融工程日报 市场缩量反弹，创业板指领涨、AI 硬件方向集体反弹 核心观点 金融工程日报 市场表现：20250910 规模指数中上证 50 指数表现较好，板块指数中创业板 指表现较好，风格指数中沪深 300 成长指数表现较好。通信、传媒、电子、 计算机、国防军工行业表现较好，电新、有色金属、基础化工、煤炭、钢铁 行业表现较差。覆铜板、eSIM 卡、冰雪旅游、光模块(CPO)、基站等概念 表现较好，锂矿、锂电正极、钠离子电池、有机硅、珠宝等概念表现较差。 市场情绪：20250910 收盘时有 65 只股票涨停，有 5 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.06%，昨日跌停股票今日收盘收益为 0.61%。今日封板率 67%，较前日下降 2%，连板率 24%，较前日提升 8%。 市场资金流向：截至 20250909 两融余额为 23197 亿元，其中融资余额 23035 亿元，融券余额 162 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 11.0%。 折溢价：20250909 当日 ETF 溢价较多的是信息技术 ETF，ETF ...

Market Overview - On June 5, 2025, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.58%, and the ChiNext Index by 1.17%. The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, an increase of 137.4 billion yuan compared to the previous day [1]. ETF Performance - The AI industry ETFs led the market gains, with several ETFs such as the Information Technology ETF (512330) and various AI-focused ETFs showing significant increases. The China Securities Regulatory Commission (CSRC) emphasized the importance of integrating technology and industry innovation during a keynote speech at the Tianjin Financial Forum [2]. AI Industry Insights - Western Securities highlighted the upward trend in the AI industry, driven by enhanced reasoning capabilities. The release of the Claude4 series has significantly improved programming capabilities, with the ClaudeOpus4 model excelling in coding benchmarks. The DeepSeekR1 model's accuracy increased from 70% to 87.5% in the AIME2025 test. Google I/O 2025 showcased comprehensive upgrades in AI models and products, indicating a strong investment direction in AI agents and computing power [3]. Credit Bond ETF Market - The credit bond ETFs have been included in the repurchase pledge library, marking a significant institutional innovation in China's bond market. This move is expected to enhance market liquidity and allow investors to use credit bond ETFs as collateral for repurchase financing, thereby improving capital efficiency and reducing financing costs for enterprises [6]. Innovation in Pharmaceutical Sector - The innovative pharmaceutical sector remains a core focus, with a sustainable trend towards "innovation + internationalization." The sector is expected to benefit from policy support and improved global competitiveness. The demand for medical services and related sectors is anticipated to recover in 2025, driven by a favorable economic outlook [4].

Market Overview - The market experienced a rebound on June 4, with the ChiNext Index leading the gains, closing with a rise of 1.11%. The Shanghai Composite Index increased by 0.42%, and the Shenzhen Component Index rose by 0.87% [1] - Over 3,900 stocks in the market saw an increase, with total trading volume reaching 1.15 trillion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included beauty care, beer concepts, and solid-state batteries, while sectors such as airports, unmanned vehicles, and military electronics faced declines [1] - The financial sector, particularly brokerage firms, showed significant movement, reinforcing the overall index performance [1] Investment Sentiment - Market sentiment improved due to the strength of several large sectors, including consumer goods and the computing power industry [1] - Analysts suggest that the market may maintain a range-bound trend until July, with a focus on sector rotation due to low trading volumes [3] Broker Activity - Everbright Securities led the movement in the brokerage sector, with a notable increase of 6.43%, marking the second-largest single-day gain since October 8 of the previous year [8] - The brokerage sector's recent activity is attributed to signals of refinancing and upcoming financial policy announcements expected to positively impact the market [6] ETF Performance - Several ETFs related to securities and brokerage firms showed leading gains, reflecting the positive sentiment in the sector [5] - The communication, rare earth, and battery-themed ETFs also recorded significant increases, indicating a shift in investment focus towards sectors with lower resistance to upward movement [12] Future Outlook - Analysts remain cautious but optimistic, noting that external risks may have peaked, and domestic policies are expected to continue supporting economic recovery [9] - The focus on consumer demand, domestic substitution, and underweight fund allocations are seen as key investment themes moving forward [9]