证券研究报告 | 投资策略研究*周报 2025 年 09 月 22 日 2025 年 9 月 15 日-9 月 19 日，A 股市场整体呈现震荡分化态势，主要指数 涨跌互现。市场风格主要表现为成长占优，以创业板为代表的科技成长板块 表现相对较强；权重板块承压，大金融、资源类板块调整压力较大。市场分 歧有所加剧，周内、日内涨跌幅波动加大，部分资金在美联储降息 25bp 靴 子落地后选择获利了结，而另一些资金选择继续布局成长主线。整体来看， 我们认为"存款搬家"仍在途中，市场资金面活跃，各类资金积极入市，市 场强势的科技主线逻辑没有改变，当前应无惧市场波动，慢牛行情仍在进行 之中。 热点一：美联储 9 月降息行情提前反映，降息落地后市场波动有所加大 进入 9 月以来，在美联储公布 9 月议息会议结果前，市场提前反映降息预期， 以人工智能、半导体、固态电池为代表的成长板块加速上涨。9 月 17 日，美 联储议息会议如市场预期将联邦基金利率目标区间下调 25 个基点至 4.00%-4.25%，这是美联储 2025 年的首次降息。但是，由于此前国内股市 涨幅过快过高，短期内部分资金趁着降息 25bp 利好的兑现而选择了 ...

在这些工作的基础上，"十四五"以来，中央企业取得了一系列令人鼓舞的科技成果，可以用"顶天立 地"来形容。"顶天"，就是服务国家战略需求，打造了"深海一号"二期等一批大国重器，建成了深中通 道等一批重大工程，对这些"重量级"成果，大家可能都耳熟能详。在去年开展的国家技术发明奖、国家 科技进步奖评选中，中央企业共获奖109项，占全国同类奖项总数的一半以上。"立地"，就是填补了一 批产业技术空白，在集成电路、工业母机、工业软件、基础材料等领域取得突破。 新华财经北京9月17日电 在17日国新办举行的新闻发布会上，国务院国资委主任张玉卓表示，中央企业 是科技创新的国家队，是国家战略科技力量的重要组成部分。近年来，国资央企把科技创新作为头号任 务，全面践行新型举国体制，以更大的力度集聚创新要素、完善创新体系、激发创新活力，取得了积极 进展和重要成效。成果可以从"强""高""优"三个方面来概括： "强"主要是体现在创新实力明显增强。"十四五"以来，中央企业持续加大投入力度，有效汇聚内外部创 新资源，科技创新的"硬实力"明显提升。从研发投入看，中央企业研发经费年均增长6.5%，我一开始讲 到，已经连续三年每年投入超过1万亿 ...

Core Insights - The roundtable meeting focused on "technology innovation and industrial cooperation" to enhance urban development capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - The meeting aimed to explore collaborative paths among the three regions, emphasizing the synergy of their respective strengths [2][6] Group 1: Industrial Development in Huizhou - Huizhou has been designated as a global petrochemical industry hub and a first-class digital industry base, with a focus on green and low-carbon development [1] - The "2+1" modern industrial cluster in Huizhou is thriving, with significant growth in petrochemical energy, new materials, electronic information, and life health industries [1] Group 2: Collaborative Innovation Framework - The establishment of a collaborative innovation community in the Greater Bay Area is essential, focusing on integrating government, enterprises, academia, research, finance, and application [3] - Key strategies include creating integrated platforms, innovative organizational models, financial support tools, and practical applications driven by real-world scenarios [3] Group 3: Sector-Specific Insights - The textile and apparel industry in the Greater Bay Area must leverage technological innovation and sustainable development to adapt to market changes [4] - The region's unique advantages, such as Guangdong's manufacturing capabilities and Hong Kong's financial services, should be utilized for efficient industrial division and collaboration [4] Group 4: Full-Chain Innovation Cooperation - A new paradigm of "Hong Kong R&D - Guangdong manufacturing - China application - global sales" is proposed to enhance the integration of research, industry, and market [6][7] - The focus is on overcoming institutional barriers and optimizing cooperation mechanisms to fully utilize global resources [6] Group 5: Policy Recommendations for Macao - Macao should enhance support for industry-academia-research collaboration and provide financial backing for viable projects [8] - The government is encouraged to facilitate the commercialization of research outcomes and improve the integration of academic research with industry needs [8] Group 6: Challenges in Traditional Medicine - The internationalization of traditional Chinese medicine faces challenges such as intellectual property protection and slow conversion of research outcomes [9] - A deep integration of industry, academia, and research is crucial for overcoming these challenges and enhancing the global competitiveness of traditional medicine [9]