A股元件板塊盤初拉昇，迅捷興盤中創新高，廣合科技漲停，達利凱普、景旺電子、三環集團、深南電路、勝宏科技跟漲。

Wind data show the PBOC has 272 billion yuan of 7‑day reverse repos maturing this week (Sept 21–24). Experts say the central bank’s liquidity injections are becoming more flexible and targeted and are ample to offset major shocks; funding should remain stable across the month and quarter and market rates are likely to stay steady. Liu Yu, chief economist at Industrial Securities, expects the PBOC to continue a flexible mix of 7‑day, 14‑day and overnight reverse repos to smooth cross‑quarter and cross‑holiday funding‑rate volatility.

CSC Financial says A-share market has entered a second-stage recovery. Middle East geopolitical spillovers lifted oil and long-end UST yields earlier but that phase has eased; oil and long-end UST yields have retreated. With domestic easing on rates and a stable RMB, leadership is rotating back to earnings and capital is returning to high-profitability sectors. Key risks: the persistence of overseas rate and oil declines and external shocks around the FOMC meeting at end-October. Recommended positioning: balanced, layered. Offensive overweight: compute-capacity supply-constrained segments (optical chips, PCB manufacturing, CCL, server OEMs) and industrial base metals (copper, aluminum, tin). Defensive base: dividend-yielding assets as core ballast. Tactical: selective, policy-driven domestic-demand opportunities in agriculture, medical aesthetics, and textiles/apparel.