Group 1 - The core point of the article is that Zhongji Xuchuang Co., Ltd., a Chinese manufacturer of optical communication modules and devices, is considering an initial public offering (IPO) in Hong Kong [1] - The company, headquartered in Shandong, is currently in discussions with advisors regarding the potential listing [1] - The considerations for the IPO are in the preliminary stage, with details such as the issuance scale and timing still under discussion [1]

证券日报网讯新易盛9月30日在互动平台回答投资者提问时表示，公司会通过强化研发、拓展市场、优 化产能等方式，努力成为光通信模块、组件和子系统的核心供应商。 （文章来源：证券日报） ...

Market Overview - The A-share market is experiencing short-term fluctuations as the National Day holiday approaches, with a cautious sentiment among investors leading to profit-taking and adjustments in positions [1][2][16] - The technology sector has shown signs of a temporary pullback, while financial and consumer sectors demonstrate resilience, indicating a short-term style switch in the market [1][2][16] Short-term Strategy - For short-term investors, it is advisable to take profits on stocks that have seen significant gains recently to mitigate holding risks [2][16] - Long-term investors should remain patient with quality companies that have solid fundamentals and clear industry prospects, particularly in the technology sector [2][16] Sector Analysis Technology Sector - The technology sector, particularly AI, semiconductors, and robotics, is highlighted as a long-term investment opportunity, especially during the current market correction [2][16] - The semiconductor industry is expected to continue its upward trajectory, supported by national policies and increasing global demand for AI and high-performance computing [10] New Energy Sector - The new energy sector remains a focus for investors, with leading companies expected to benefit from both valuation recovery and performance growth [3][9][17] - The demand for lithium batteries, photovoltaics, and wind energy is projected to persist as global efforts to achieve carbon neutrality continue [9][17] Real Estate Sector - The real estate sector is showing signs of recovery, with new policies in major cities aimed at boosting market demand and improving the financial health of real estate companies [11] - Investors are encouraged to look for opportunities in quality companies with strong land reserves and stable growth prospects [11] Precious Metals - The precious metals sector has seen price increases driven by expectations of interest rate cuts and rising geopolitical tensions, making gold an attractive investment [12][13] Gaming Sector - The gaming sector has experienced volatility, with recent advancements in AI technology providing growth opportunities in content production and interactive entertainment [14] Banking Sector - The banking sector is stabilizing, with high dividend yield stocks continuing to attract investor interest, particularly in a low-interest-rate environment [15]

Market Performance - A-shares showed strong performance on September 25, with major indices rising, particularly driven by the significant increase in the stock price of CATL, which led the ChiNext Index to rise over 2% at one point [1][3] - The overall market sentiment remains cautious, with a slight increase in trading volume to 2.39 trillion yuan [1][3] Sector Performance - There is a clear divergence among sectors, with technology stocks favored over consumer stocks [1][10] - The semiconductor, electronic devices, communication equipment, and consumer electronics sectors saw notable trading activity, with 23 stocks exceeding 10 billion yuan in trading volume [5] Individual Stock Highlights - CATL's stock price rose over 4% during the day, briefly surpassing Kweichow Moutai in market capitalization [5] - Other notable stocks include Luxshare Precision, which saw a slight decline of 2.08%, and Zhongji Xuchuang, which increased by 2.62% [6] Investment Sentiment - Investors are expected to adopt a cautious approach ahead of the National Day holiday, with many likely to reduce positions to avoid potential uncertainties [2][12] - The market is anticipated to maintain a localized trend in the coming days, with a focus on sectors like new energy and robotics [12][13] Future Outlook - Analysts suggest that the market may experience volatility as it approaches the holiday, with expectations of a narrow trading range between 3,750 and 3,900 points [12][13] - The long-term outlook remains positive, with structural trends favoring technology and high-end manufacturing sectors [12]

Market Overview - The A-share market is experiencing fluctuations, with a notable decline in high-positioned stocks and a shift towards dividend-paying sectors [2][15] - The market's trading volume significantly decreased from over 3 trillion to 2.3 trillion, indicating a lack of strong buying or selling sentiment [2][15] - The overall market sentiment is stabilizing, with some long-term funds showing resilience, suggesting investors are awaiting clearer market direction [2][15] Sector Performance - The energy, financial, tourism, and coal sectors showed strong performance, while the robotics and automotive service sectors faced declines [5][6][10] - The tourism sector is expected to benefit from the upcoming "super golden week" during the National Day and Mid-Autumn Festival, leading to increased domestic and outbound travel [10] - The robotics industry, despite recent volatility, is projected to remain a long-term investment focus due to strong growth potential and government support [11][15] Investment Opportunities - Low-valuation stocks may present better investment opportunities during market corrections, as they possess inherent valuation advantages [3][15] - The renewable energy sector is anticipated to rebound technically, driven by ongoing global demand for lithium batteries, photovoltaics, and wind energy [9][15] - The semiconductor industry is expected to maintain a positive long-term outlook, supported by national policies and increasing global demand for AI and high-performance computing [13][14]

Market Overview - The A-share market is experiencing a volatile bull market, with the Shanghai Composite Index breaking through the previous high of 3888 points, setting a new annual high [2][3][16] - The technology sector remains the main driving force of the market, with expectations for continued performance despite recent fluctuations [2][3][16] - The overall market sentiment is mixed, with more stocks declining than rising, indicating a cautious approach among investors [5][19] Sector Analysis - The technology sector is expected to continue as the main focus, with potential for internal rotation and high-low switches within the sector [2][3][16] - Solid-state batteries and new technologies in the renewable energy sector are highlighted as areas of opportunity, particularly for leading companies with core technology reserves [2][3][16] - The cyclical sectors and high-end manufacturing are seen as key beneficiaries of economic recovery, presenting further investment opportunities [2][3][16] - The brokerage sector is benefiting from increased market activity, with direct profits from brokerage and margin financing businesses [2][3][16] Recent Performance - The three major indices have all reached new highs for the year, indicating a potential continuation of the volatile bull market [3][17] - The PPI in the US decreased by 0.1% in August, easing inflationary pressures and raising expectations for a more accommodative monetary policy from the Federal Reserve [3][17] - Trading volume has rebounded, with total trading exceeding 2.5 trillion yuan, indicating a return to a strong trading environment [3][17] Investment Strategy - For companies with strong fundamentals and clear industry prospects, maintaining positions is recommended [18] - It is advisable to reduce exposure to sectors that have seen excessive gains and high valuations [18] - Attention should be given to second-tier technology leaders, cyclical sectors, and brokerage stocks during market corrections for structural opportunities [18]

英大证券研究所证券研究报告 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周四 A 股市场呈现强劲上行态势，科技板块成为绝对主线，其中，创业板指 大涨站上 3000 点，科创 50 指数更是大涨超 5%领跑全场，尽显科技属性的强势。 从细分领域来看，CPO、光通信模块、PCB、液冷服务器等概念股大幅反弹、半导 体芯片板块同步走高。此外，人行机器人概念与 6G 板块也不甘示弱，科技领域 多点开花，形成强大的板块联动效应。 后市有望呈现震荡牛市的格局，理由如下：一是科技股再度成为引领方向的 主线；二是美联储降息预期升温。美国 8 月生产者价格指数（PPI）环比下滑 0.1%， 这一数据表明通胀压力正在缓解，进一步提振了市场对美联储放松货币政策的预 期；三是券商板块再度走强；四是成交量温和回升。周四两市成交额回到 2.4 万 亿上方，市场情绪回暖。尽管有上述利好，不过，近期题材板块轮动速度快，操 作难度大，另外，科创 50 为代表的成长板块估值已处于相对高位，且当前增量 资金仍相 ...

慎重声明：每一篇文章都是本人的分析日志，绝不构成投资操作建议，本文所有观点仅代表个人立场，仅供参考，切勿跟从！ 昨天市场还是一片低迷，外资流出超百亿，三大指数集体收绿，仅仅一天后，市场情绪就实现了从冰点到沸点的逆转。其中，保险资金新增配置和券 商信用扩张是主要驱动力，而央行流动性工具和降准预期则提供了安全边际。9 月的流动性政策呈现 "长钱入市定基调、两融工具调结构、央行操作稳 预期" 的特点，单月预计为 A 股带来超 1000 亿元增量资金。 面对今天的放量长阳，不同投资者应该采取不同策略。对于空仓或轻仓的投资者，可以等待回调机会，重点布局 AI 产业链中核心品种；对于已经重仓 的投资者，可以考虑调整持仓结构，向资金关注度高的科技成长赛道倾斜。从买方视角来看，当前策略应该是 "成长为矛，现金流为盾"，在把握科技 成长主线的同时，适当配置一些现金流稳定的高股息品种作为防御。 展望下一步，美联储 9 月议息会议将是影响全球市场的重大事件，目前市场预期美联储 9 月降息 25 个基点的概率已经高达 93% ，如果美联储如期降 息，全球流动性宽松预期升温，人民币汇率压力缓解，外资回流动力增强；国内方面，即将召开的二 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is positioned to benefit from the high demand for AI computing power, leading to rapid growth in performance [5] - The company has a leading vertical integration capability in the optical device sector, providing a one-stop service for optical communication products [5] - The company has successfully optimized its business layout and adjusted its product structure, resulting in a significant increase in gross margins for data and access products [4][5] Financial Performance - In H1 2025, the company achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [4] - The revenue from data and access products increased by 149.27% to 3.715 billion yuan, accounting for 70.86% of total revenue [4] - The company expects revenues of 11.747 billion, 14.349 billion, and 16.756 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 985 million, 1.246 billion, and 1.529 billion yuan [5][6] Market Position - The company has a leading market share in supplying data communication products to major domestic internet companies, benefiting from the rapid growth in downstream computing power demand [4] - The company has completed the construction of overseas manufacturing bases, with overseas revenue reaching 1.309 billion yuan in H1 2025, a year-on-year increase of 24.39% [4] Future Outlook - The company is expected to maintain strong growth due to the accelerating construction of data centers and the increasing demand for high-end optical devices and high-speed optical modules [4][5] - The implementation of an employee stock incentive plan is anticipated to enhance team cohesion and drive performance growth [4]

Market Overview - Major A-share indices experienced a collective adjustment, with the ChiNext Index and Shenzhen Component Index both declining over 2% [1] - As of the market close, the Shanghai Composite Index fell by 0.45% to 3858 points, the Shenzhen Component Index dropped by 2.14%, and the ChiNext Index decreased by 2.85% [1] - The total trading volume for the day reached 2.91 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index: 3858.13, down 0.45% [2] - Shenzhen Component Index: 12553.84, down 2.14% [2] - ChiNext Index: 2872.22, down 2.85% [2] - Total A-shares Index: 6133.63, down 1.48% [2] Sector Performance - The banking sector showed strength, with the leading stock being Yunnan Rural Commercial Bank [3] - The CPO concept saw significant pullbacks, with multiple stocks such as Guangxun Technology and Cambridge Technology hitting the daily limit down [3] - The communication equipment sector also faced declines, with stocks like Shenzhen Sanda A hitting the daily limit down [3] - The AI mobile phone, optical communication module, semiconductor, digital currency, and power supply equipment sectors experienced notable declines [3] - Conversely, the robotics sector rose against the trend, with stocks like Qinchuan Machine Tool and Julun Intelligent hitting the daily limit up [3]