1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity market continues a stable growth trend, with the China Commodity Price Index rising for four consecutive months, indicating an enhancement of the economy's endogenous growth momentum [2]. - The bond market faces certain pressures, including crowded trading, insufficient entry of allocation funds, and potential stock market diversion. Different research institutions have varying outlooks on the bond market, with some suggesting caution and others seeing potential opportunities in specific strategies [25]. - The A - share market experienced a normal adjustment on September 4, and the upward trend of the market is often a spiral - type ascent with risk - releasing retracements after rapid rises [27]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q2 2025 increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% [1]. - In August 2025, the Manufacturing PMI was 49.4%, and the Non - Manufacturing PMI: Business Activity was 50.3% [1]. - In July 2025, M1 and M2 increased by 5.6% and 8.8% year - on - year respectively, showing an upward trend [1]. - In July 2025, exports and imports increased by 7.2% and 4.1% year - on - year respectively [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The China Commodity Price Index in August 2025 was 111.7 points, up 0.3% month - on - month, with 25 out of 50 monitored commodities seeing price increases [2]. - China implemented anti - circumvention measures on September 4 against US - exported cut - off wavelength shifted single - mode optical fibers [2]. - Huawei launched a new three - fold mobile phone on September 4, starting at 17,999 yuan, and invited strategic partners for product demonstrations [3]. - A Fed official said the labor market may be deteriorating and inflation may rise again [3]. 3.2.2 Metals - On September 4, international precious metal futures generally closed lower due to increasing internal differences within the Fed on monetary policy [4]. - On September 4, the domestic lithium carbonate futures contract 2511 stopped falling and rebounded, closing up 1.05% at 73,420 yuan/ton, but still down about 20% from its high [5]. - The holdings of major gold and silver ETFs decreased on September 4 [5]. 3.2.3 Coal, Coke, Steel, and Minerals - In late August, the price of coke (quasi - first - grade metallurgical coke) increased by 4.47% month - on - month, reaching a new high since early February, while the price of anthracite decreased by 1.95% [6]. - Vale plans to invest $12.3 billion in upgrading five iron ore facilities by 2030 [6]. 3.2.4 Energy and Chemicals - On September 4, the US oil futures contract closed lower due to potential OPEC+ production increases and an unexpected rise in US crude inventories [7]. - Russia's Deputy Prime Minister said the OPEC+ meeting's agenda is undetermined, and the decision on production increase will depend on market conditions [8]. - Brazil's crude oil and iron ore exports increased in August compared to the same period last year [8]. 3.2.5 Agricultural Products - In late August, most agricultural product prices fell, with the price of live pigs (external ternary) hitting a new low since mid - April 2022 [9]. - The central government allocated 940 million yuan to support post - flood agricultural restoration in four provinces [9]. - The US and Japan are implementing a trade agreement, and Japan plans to increase US rice purchases by 75% [9]. - Brazil's export of agricultural products and manufactured goods increased from January to August 2025, but its exports to the US decreased in August due to US tariffs [10]. 3.3 Financial News Compilation 3.3.1 Open Market - On September 4, the central bank conducted 212.6 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 203.5 billion yuan [12]. - On September 5, the central bank will conduct 1 trillion yuan of 3 - month outright reverse repurchase operations, and there is a possibility of subsequent over - renewal [12]. 3.3.2 Key News - As of September 3, 537 special bond acquisition projects have been implemented, with only 18 for purchasing existing commercial housing [13]. - In August, local government bond issuance was 977.6 billion yuan, with new special bonds accounting for about half, and over 40% of new special bonds used for debt resolution [13]. - The Securities Association of China launched the evaluation of securities companies' investment banking and bond business in 2025 [13]. - As of Q2 2025, the total scale of asset management products in China reached 75.38 trillion yuan [14]. - The real estate market is expected to be activated with the arrival of "Golden September" and the introduction of new support policies [14]. - Alibaba initiated an exchange offer for its 1.15 billion US dollar notes due in 2035 [14]. - The US Department of Justice launched a criminal investigation into Fed Governor Cook, and investors are increasingly worried about the Fed's independence [15]. - The Fed's September interest rate decision is expected to face significant internal differences, with potential differences in voting even if a 25 - basis - point cut is made [15]. - Trump's nominee for Fed governor, Stephen Milan, will attend a Senate hearing, and he is expected to be approved soon [15]. - The US ADP employment in August increased by only 54,000, far lower than expected, and the initial jobless claims reached a new high since June [16]. 3.3.3 Bond Market Summary - The domestic bond market showed mixed performance, with some bond yields rising and others falling. The central bank's net withdrawal did not tighten the inter - bank liquidity [18]. - The exchange - traded bond market had some bonds rising and others falling, and the convertible bond index generally declined [18][19]. - Most money market interest rates showed an upward trend, and the yields of domestic and foreign government bonds generally declined [19][21][22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose on September 4, and the US dollar index also increased slightly, with most non - US currencies falling [23][24]. 3.3.5 Research Report Highlights - Xingzheng Fixed Income believes that short - term credit bonds are more resilient, and a short - duration credit - sinking strategy is recommended [25]. - Shenwan Fixed Income expects September to be a difficult waiting period for the bond market, with attention to the structural widening pressure of credit spreads [25]. - CITIC Securities believes that the liquidity gap in September may narrow, and there may be opportunities for leverage and credit bond carry strategies [25]. 3.4 Stock Market - On September 4, the A - share market weakened, with technology stocks falling and bank stocks rising. The Shanghai Composite Index fell 1.25%, and the Shenzhen Component Index fell 2.83% [27]. - The Hong Kong stock market also declined, with the Hang Seng Index falling 1.12%. Some stocks were bought and others were sold by south - bound funds [27]. - Hong Kong Exchanges and Clearing Limited released the market overview for August, showing significant year - on - year increases in market capitalization and trading volume [28].

行业走势图 计算机 2025 年 08 月 24 日 投资评级：看好（维持） -24% 0% 24% 48% 72% 96% 120% 2024-08 2024-12 2025-04 计算机 沪深300 数据来源：聚源 相关研究报告 《积极拥抱 AI 投资大时代—行业周 报》-2025.8.17 《坚定看好AI应用产业趋势—行业周 报》-2025.8.10 《GPT-5 重磅发布，AI 应用再迎催化 —行业点评报告》-2025.8.8 重视计算机的 3 个投资方向 ——行业周报 | 陈宝健（分析师） | 李海强（分析师） | | --- | --- | | chenbaojian@kysec.cn | lihaiqiang@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790524070003 | 市场回顾： 本周（2025.8.18-2025.8.22），沪深 300 指数上涨 4.18%，计算机指数上涨 7.93%。 投资建议 建议重视政策和技术共振催化的 AI 产业趋势，AI 应用推荐金山办公、科大讯飞、 卓易信息、鼎捷数智、税友股份、中科创达、合合信息、拓尔思、金 ...