每(mei)經(jing)記者｜楊建    每(mei)經(jing)編(bian)輯｜彭水萍(ping)  ;  

（一）重要市場新聞

1、美(mei)股三(san)大(da)指數收盤漲(zhang)(zhang)跌(die)(die)(die)不一，納(na)指漲(zhang)(zhang)0.84%，標(biao)普500指數漲(zhang)(zhang)0.45%，道指跌(die)(die)(die)0.23%，大(da)型科(ke)技股漲(zhang)(zhang)跌(die)(die)(die)不一，特斯拉漲(zhang)(zhang)超(chao)(chao)(chao)4%，微(wei)軟(ruan)、亞馬遜(xun)漲(zhang)(zhang)超(chao)(chao)(chao)2%，英偉達漲(zhang)(zhang)超(chao)(chao)(chao)1%。銀行股整體走低(di)，摩根大(da)通跌(die)(die)(die)超(chao)(chao)(chao)5%，創(chuang)4月(yue)12日(ri)以來最差單日(ri)表現；高盛跌(die)(die)(die)超(chao)(chao)(chao)4%，花旗集團跌(die)(die)(die)逾2%。中概股漲(zhang)(zhang)跌(die)(die)(die)不一，納(na)斯達克中國金龍指數漲(zhang)(zhang)0.06%。理(li)想汽(qi)(qi)車漲(zhang)(zhang)超(chao)(chao)(chao)3%，阿里巴(ba)巴(ba)、小(xiao)鵬(peng)汽(qi)(qi)車漲(zhang)(zhang)超(chao)(chao)(chao)2%，唯品會漲(zhang)(zhang)超(chao)(chao)(chao)1%，拼多多、百度(du)、京東、微(wei)博小(xiao)幅上漲(zhang)(zhang)。

2、國(guo)際油(you)(you)價全(quan)線走低(di)，美(mei)(mei)油(you)(you)10月(yue)合約跌(die)(die)3.49%，報(bao)66.31美(mei)(mei)元/桶(tong)(tong)；布油(you)(you)11月(yue)合約跌(die)(die)2.92%，報(bao)69.74美(mei)(mei)元/桶(tong)(tong)。歐(ou)佩克(ke)下(xia)調了對(dui)今明(ming)兩年全(quan)球石油(you)(you)需求增長(chang)的(de)(de)預測(ce)，這是(shi)其連續第二次下(xia)調預期。歐(ou)佩克(ke)預計，今年的(de)(de)全(quan)球石油(you)(you)需求將(jiang)增長(chang)203萬(wan)桶(tong)(tong)/日(ri)，明(ming)年將(jiang)增長(chang)174萬(wan)桶(tong)(tong)/日(ri)，上月(yue)的(de)(de)預測(ce)則分別為211萬(wan)桶(tong)(tong)/日(ri)和178萬(wan)桶(tong)(tong)/日(ri)。歐(ou)洲主(zhu)要(yao)股(gu)指(zhi)(zhi)集體收跌(die)(die)，德國(guo)DAX30指(zhi)(zhi)數(shu)跌(die)(die)0.95%，英國(guo)富時100指(zhi)(zhi)數(shu)跌(die)(die)0.78%，法國(guo)CAC40指(zhi)(zhi)數(shu)跌(die)(die)0.24%，歐(ou)洲斯托克(ke)50指(zhi)(zhi)數(shu)跌(die)(die)0.7%。

（二）宏觀新聞

證監會10日公(gong)(gong)(gong)(gong)布1至(zhi)(zhi)8月(yue)上市(shi)公(gong)(gong)(gong)(gong)司(si)回購情(qing)況。數(shu)據顯(xian)示(shi)，今年(nian)1至(zhi)(zhi)8月(yue)，A股約(yue)1900家(jia)上市(shi)公(gong)(gong)(gong)(gong)司(si)實際實施(shi)回購，累計回購金(jin)額超過(guo)1300億(yi)(yi)元。除(chu)了(le)回購，上市(shi)公(gong)(gong)(gong)(gong)司(si)重(zhong)要股東增(zeng)(zeng)(zeng)持數(shu)量和金(jin)額同比也有(you)大幅增(zeng)(zeng)(zeng)加。數(shu)據顯(xian)示(shi)，今年(nian)1至(zhi)(zhi)8月(yue)，A股有(you)超過(guo)860家(jia)上市(shi)公(gong)(gong)(gong)(gong)司(si)重(zhong)要股東在二級(ji)市(shi)場增(zeng)(zeng)(zeng)持，增(zeng)(zeng)(zeng)持金(jin)額超550億(yi)(yi)元。

（三）機構觀點

源(yuan)灃資(zi)(zi)(zi)本(ben)總經理陳成潔：今年市(shi)(shi)場(chang)表現呈現出(chu)顯(xian)(xian)著的(de)分化趨(qu)勢，這一(yi)現象反映出(chu)大盤藍籌股在(zai)(zai)市(shi)(shi)場(chang)波動中展(zhan)現出(chu)更強的(de)抗跌(die)能力，而中小盤股則遭受了較(jiao)大的(de)沖擊(ji)。這種差異的(de)背后，與各自對(dui)應的(de)上市(shi)(shi)公(gong)司(si)業(ye)績表現密切(qie)相(xiang)關。當前滬深(shen)300指數的(de)估(gu)值指標顯(xian)(xian)示出(chu)其投資(zi)(zi)(zi)價值，市(shi)(shi)凈率1.35倍，市(shi)(shi)盈(ying)率10.62倍，而股息(xi)率則達到(dao)3.10%，這些數據均(jun)接近歷史(shi)估(gu)值的(de)底部水平。盡管(guan)估(gu)值具有吸引力，市(shi)(shi)場(chang)的(de)資(zi)(zi)(zi)金流入并不顯(xian)(xian)著，投資(zi)(zi)(zi)者的(de)觀望情緒(xu)較(jiao)為(wei)濃厚，這在(zai)(zai)一(yi)定程度上導致了目前市(shi)(shi)場(chang)的(de)低迷。我們對(dui)市(shi)(shi)場(chang)的(de)未來走勢持樂觀的(de)看法。歷史(shi)數據表明，公(gong)司(si)的(de)長期業(ye)績與市(shi)(shi)場(chang)表現之間存(cun)在(zai)(zai)著顯(xian)(xian)著的(de)正相(xiang)關性(xing)，而今年以(yi)來的(de)行情進一(yi)步驗證了這一(yi)趨(qu)勢。在(zai)(zai)當前市(shi)(shi)場(chang)低迷時(shi)期，這為(wei)投資(zi)(zi)(zi)者提供了優選股票的(de)機會。

排排網(wang)財富：周二早盤A股(gu)延續下(xia)(xia)跌勢(shi)頭，但之后走出(chu)(chu)了(le)超(chao)跌反(fan)彈(dan)的走勢(shi)。當(dang)(dang)前(qian)位置A股(gu)賣出(chu)(chu)力量接(jie)近衰(shuai)竭，而(er)且(qie)可以看到(dao)，當(dang)(dang)前(qian)位置一旦(dan)出(chu)(chu)現下(xia)(xia)跌，資(zi)(zi)(zi)金(jin)借(jie)機(ji)(ji)(ji)入場抄(chao)底(di)的意(yi)圖也非(fei)常明確，另(ling)外(wai)，A現在的破(po)凈(jing)率(lv)達(da)到(dao)歷次大底(di)的最高(gao)值，因此只要(yao)沒有(you)(you)重大利空(kong)出(chu)(chu)現的情況下(xia)(xia)，A股(gu)市(shi)場下(xia)(xia)跌空(kong)間極(ji)為有(you)(you)限。不過，當(dang)(dang)前(qian)市(shi)場多(duo)空(kong)分(fen)歧依舊(jiu)較大，而(er)且(qie)當(dang)(dang)前(qian)市(shi)場缺乏進攻型板(ban)(ban)塊聯袂拉(la)(la)升帶(dai)動資(zi)(zi)(zi)金(jin)情緒修(xiu)復，因此短期(qi)依舊(jiu)維持底(di)部震(zhen)蕩走勢(shi)。拉(la)(la)長(chang)周期(qi)來看，一旦(dan)出(chu)(chu)現政策與經濟(ji)數(shu)據共振的機(ji)(ji)(ji)會，A股(gu)有(you)(you)望迎來階段性反(fan)彈(dan)的機(ji)(ji)(ji)會。具體(ti)投資(zi)(zi)(zi)機(ji)(ji)(ji)會上，我們(men)認(ren)為白(bai)酒(jiu)板(ban)(ban)塊有(you)(you)望迎來一輪反(fan)彈(dan)行情，一方面是(shi)白(bai)酒(jiu)板(ban)(ban)塊整體(ti)估值偏(pian)低，另(ling)外(wai)，白(bai)酒(jiu)進入到(dao)傳統的消費旺(wang)季，還有(you)(you)就是(shi)白(bai)酒(jiu)一直是(shi)北上資(zi)(zi)(zi)金(jin)最青睞的板(ban)(ban)塊，伴隨著美聯儲(chu)降息臨近，北上資(zi)(zi)(zi)金(jin)流入A股(gu)或將帶(dai)動白(bai)酒(jiu)板(ban)(ban)塊走出(chu)(chu)修(xiu)復行情。

富(fu)榮基(ji)(ji)金：最(zui)(zui)近(jin)兩(liang)周(zhou)(zhou)市(shi)場(chang)下(xia)跌有(you)所加速，前期強勢的(de)(de)(de)(de)(de)紅利、科技(ji)以及周(zhou)(zhou)期等板(ban)塊，在最(zui)(zui)近(jin)開始(shi)出(chu)現加速補跌、均值(zhi)回歸的(de)(de)(de)(de)(de)趨(qu)勢。結合當前市(shi)場(chang)的(de)(de)(de)(de)(de)估值(zhi)，從中(zhong)短期來看(kan)，我(wo)們認為市(shi)場(chang)已顯示(shi)出(chu)較強的(de)(de)(de)(de)(de)階段性底部(bu)特征(zheng)，但需要防范尾部(bu)的(de)(de)(de)(de)(de)加速下(xia)跌風險。當下(xia)，我(wo)們對(dui)后市(shi)并(bing)不悲觀，建議穩中(zhong)求進(jin)(jin)(jin)，關注(zhu)具備持續(xu)成長(chang)(chang)能力的(de)(de)(de)(de)(de)“真(zhen)成長(chang)(chang)股”以及基(ji)(ji)本面已經觸底的(de)(de)(de)(de)(de)順(shun)周(zhou)(zhou)期龍頭公(gong)司。以舊換新政策的(de)(de)(de)(de)(de)加碼與9月份新車(che)上市(shi)的(de)(de)(de)(de)(de)密集催化(hua)，有(you)望提升(sheng)汽(qi)車(che)行(xing)(xing)業(ye)的(de)(de)(de)(de)(de)消費景氣。同時(shi)，汽(qi)車(che)維(wei)持中(zhong)長(chang)(chang)期的(de)(de)(de)(de)(de)智能化(hua)和(he)全球(qiu)化(hua)趨(qu)勢，智能化(hua)預計(ji)將在2024年下(xia)半(ban)年進(jin)(jin)(jin)入放量周(zhou)(zhou)期，全球(qiu)化(hua)方面國內(nei)整車(che)廠進(jin)(jin)(jin)入海(hai)外(wai)擴張(zhang)期，國內(nei)優(you)質(zhi)零部(bu)件的(de)(de)(de)(de)(de)海(hai)外(wai)基(ji)(ji)地逐步拓展(zhan)，汽(qi)車(che)行(xing)(xing)業(ye)的(de)(de)(de)(de)(de)優(you)質(zhi)公(gong)司有(you)望在新一(yi)輪產業(ye)趨(qu)勢中(zhong)持續(xu)成長(chang)(chang)向上。

（四）行業掘金

1、美國太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)探(tan)索技(ji)術公(gong)(gong)司（SpaceX）計劃于9月(yue)10日發射“北極(ji)星(xing)黎(li)明號”，執(zhi)行(xing)(xing)(xing)(xing)帶四名美國公(gong)(gong)民進(jin)行(xing)(xing)(xing)(xing)首次(ci)(ci)(ci)私(si)人太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)行(xing)(xing)(xing)(xing)走的(de)(de)(de)(de)任(ren)(ren)(ren)務(wu)(wu)。在這(zhe)(zhe)次(ci)(ci)(ci)任(ren)(ren)(ren)務(wu)(wu)中(zhong)，宇(yu)(yu)(yu)航員們將(jiang)(jiang)在地球上(shang)方約1400公(gong)(gong)里的(de)(de)(de)(de)軌道上(shang)進(jin)行(xing)(xing)(xing)(xing)太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)行(xing)(xing)(xing)(xing)走，這(zhe)(zhe)將(jiang)(jiang)是(shi)自1972年阿波羅任(ren)(ren)(ren)務(wu)(wu)以來人類距(ju)離地球最遠(yuan)的(de)(de)(de)(de)太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)行(xing)(xing)(xing)(xing)走。此次(ci)(ci)(ci)飛行(xing)(xing)(xing)(xing)任(ren)(ren)(ren)務(wu)(wu)的(de)(de)(de)(de)主要重點(dian)是(shi)太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)行(xing)(xing)(xing)(xing)走，預計將(jiang)(jiang)在任(ren)(ren)(ren)務(wu)(wu)的(de)(de)(de)(de)第三天進(jin)行(xing)(xing)(xing)(xing)，持(chi)續約兩小(xiao)時。這(zhe)(zhe)次(ci)(ci)(ci)任(ren)(ren)(ren)務(wu)(wu)還包(bao)括測試(shi)(shi)SpaceX設計的(de)(de)(de)(de)新(xin)型艙外(wai)航天服，以及進(jin)行(xing)(xing)(xing)(xing)科學研究和測試(shi)(shi)“星(xing)鏈”（Starlink）衛星(xing)之間的(de)(de)(de)(de)激(ji)光通信鏈路。自2000年以來，人類已經(jing)進(jin)行(xing)(xing)(xing)(xing)了超270次(ci)(ci)(ci)太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)行(xing)(xing)(xing)(xing)走，但(dan)還沒(mei)有非專業宇(yu)(yu)(yu)航員進(jin)行(xing)(xing)(xing)(xing)過(guo)艙外(wai)活動。這(zhe)(zhe)次(ci)(ci)(ci)，4名宇(yu)(yu)(yu)航員將(jiang)(jiang)首次(ci)(ci)(ci)嘗試(shi)(shi)最危險的(de)(de)(de)(de)“太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)漫(man)步”。這(zhe)(zhe)一壯舉不僅將(jiang)(jiang)開啟商業太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)探(tan)索的(de)(de)(de)(de)新(xin)篇章，也(ye)將(jiang)(jiang)為未(wei)來的(de)(de)(de)(de)太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)旅游、太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)資源開發等新(xin)興產(chan)業奠定堅實(shi)基礎，隨著太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)旅游的(de)(de)(de)(de)逐步商業化(hua)，太(tai)(tai)(tai)空(kong)(kong)(kong)(kong)(kong)(kong)(kong)經(jing)濟行(xing)(xing)(xing)(xing)業帶來了新(xin)的(de)(de)(de)(de)發展機遇。概念(nian)股包(bao)括航宇(yu)(yu)(yu)微(wei)，探(tan)路者，烽(feng)火電子等。

2、國(guo)家(jia)發(fa)展(zhan)改革委辦公廳等四部門發(fa)布(bu)《關(guan)于推動(dong)(dong)車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)規模(mo)化(hua)應用試點(dian)工(gong)作(zuo)的通知(zhi)》提(ti)出(chu)，按照“創新(xin)(xin)引導(dao)、先(xian)行先(xian)試”的原則，全面推廣新(xin)(xin)能(neng)源(yuan)(yuan)汽(qi)車(che)有(you)序充電，擴大雙向(xiang)充放電（V2G）項目規模(mo)，豐富車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)應用場景，以(yi)城市(shi)為(wei)主體完善規模(mo)化(hua)、可(ke)(ke)持續的車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)政策機制(zhi)，以(yi)V2G項目為(wei)主體探索(suo)技(ji)術先(xian)進、模(mo)式(shi)(shi)清晰、可(ke)(ke)復制(zhi)推廣的商業模(mo)式(shi)(shi)，力爭以(yi)市(shi)場化(hua)機制(zhi)引導(dao)車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)規模(mo)化(hua)發(fa)展(zhan)。車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)是指新(xin)(xin)能(neng)源(yuan)(yuan)汽(qi)車(che)與電網(wang)(wang)(wang)之間的智能(neng)連接和協同工(gong)作(zuo)，也就(jiu)是將新(xin)(xin)能(neng)源(yuan)(yuan)汽(qi)車(che)作(zuo)為(wei)“移動(dong)(dong)充電寶”，與電網(wang)(wang)(wang)進行能(neng)量的雙向(xiang)流動(dong)(dong)，可(ke)(ke)以(yi)建立配套的價格機制(zhi)和市(shi)場化(hua)機制(zhi)，引導(dao)新(xin)(xin)能(neng)源(yuan)(yuan)汽(qi)車(che)用戶參與車(che)網(wang)(wang)(wang)互(hu)(hu)(hu)動(dong)(dong)，為(wei)電力系統提(ti)供雙向(xiang)靈活(huo)性調節能(neng)力，對新(xin)(xin)型電力系統建設具(ju)有(you)重(zhong)要現實意(yi)義(yi)。概念股包括英(ying)可(ke)(ke)瑞，通合科(ke)技(ji)等。

3、第25屆中(zhong)(zhong)國(guo)(guo)國(guo)(guo)際(ji)(ji)光(guang)(guang)電博覽(lan)會(hui)（CIOE中(zhong)(zhong)國(guo)(guo)光(guang)(guang)博會(hui)）將于9月11—13日在(zai)深圳(zhen)國(guo)(guo)際(ji)(ji)會(hui)展(zhan)中(zhong)(zhong)心（寶安(an)）開幕。作(zuo)為光(guang)(guang)電行(xing)業的(de)頂級盛會(hui)，全(quan)球(qiu)光(guang)(guang)電領(ling)(ling)域的(de)院(yuan)士、權威(wei)專家、學者(zhe)、行(xing)業領(ling)(ling)袖及政府相關部門負責人屆時(shi)齊聚深圳(zhen)，全(quan)球(qiu)超過30個國(guo)(guo)家和地區的(de)3700多家優(you)質企業，包(bao)括美(mei)國(guo)(guo)、加拿(na)大、日本、韓國(guo)(guo)、德國(guo)(guo)、丹麥(mai)、瑞士等國(guo)(guo)際(ji)(ji)展(zhan)團，將帶來最新(xin)光(guang)(guang)電成果和創新(xin)產品，通過連接全(quan)球(qiu)光(guang)(guang)電資源的(de)橋梁，促(cu)進國(guo)(guo)際(ji)(ji)技術交(jiao)流與合作(zuo)。在(zai)本次展(zhan)會(hui)上，多家廠商(shang)將展(zhan)示(shi)1.6T光(guang)(guang)模(mo)塊相關產品。隨著(zhu)國(guo)(guo)內光(guang)(guang)模(mo)塊廠商(shang)硅光(guang)(guang)技術的(de)成熟及良率的(de)提(ti)高，硅光(guang)(guang)模(mo)塊的(de)出貨比例有望提(ti)升。1.6T時(shi)代硅光(guang)(guang)模(mo)塊的(de)滲(shen)透(tou)率將較400G及800G時(shi)代顯(xian)著(zhu)提(ti)升。概念股包(bao)括光(guang)(guang)迅科技，太辰光(guang)(guang)，新(xin)易盛等。