Market Overview - The market experienced a decline, with the Shenzhen Composite Index and ChiNext Index both dropping over 3%. Local stocks in Fujian showed resilience, with Pingtan Development hitting the daily limit. The Hainan Free Trade Port concept gained traction, with Haixia Co. also reaching the limit. Gold stocks continued to perform strongly, while several heavyweight stocks weakened, including a 10% drop in Sungrow Power Supply and a limit down for ZTE Corporation. Overall, nearly 4,800 stocks in the Shanghai and Shenzhen markets were in the red, with a total trading volume of 1.95 trillion yuan [1]. Hot Topics Fujian Free Trade Zone - The Fujian Free Trade Zone sector saw gains, with Haitong Development achieving two consecutive limit-ups, and Pingtan Development and Haixia Innovation also hitting the limit [3][4]. Hainan Free Trade Port - The Hainan Free Trade Port remained active, with Haixia Co. achieving two consecutive limit-ups and Hainan Airport rising by 6%. A new announcement from the Ministry of Finance, General Administration of Customs, and State Taxation Administration regarding the adjustment of duty-free shopping policies for travelers in Hainan will take effect on November 1. The official closure of the Hainan Free Trade Port is set for December 18, 2025, with less than 100 days remaining until its operation begins [5][6]. Gold Sector - The gold sector showed renewed strength, with silver and non-ferrous metals stocks also hitting the limit. The current gold price reached 4,330 USD per ounce, and historical data suggests that gold stocks often exhibit significant elasticity following an upward trend in gold prices [8][9].

一、事件：金融街论坛年会 2025金融街论坛年会将于10月27日至30日在北京金融街举行，中国人民银行行长潘功胜、金融监督管理总局局长李云泽、中国证监会主席吴清将出席年会并 作主题演讲。 大会由北京市人民政府与中国人民银行、国家金融监督管理总局、中国证券监督管理委员会、新华通讯社、国家外汇管理局共同主办，主题为"创新、变 革、重塑下的全球金融发展"。 主论坛议题活动方面，人民银行、新华社等共同主办单位分别围绕变局下的国际金融治理与合作、金融与科技双向赋能推动产业高质量发展等议题进行交流 讨论；国家金融监管总局国际咨询委员会会议、中国证监会国际顾问委员会会议，聚焦金融风险与监管、资本市场包容性发展等议题开展讨论。 据反馈情况，大会将有来自30多个国家、地区的400余名重要嘉宾参加。 一直以来，金融街论坛都被誉为"中国金融改革发展风向标"，金融监管部门悉数亮相并重磅发声已经成为历届金融街论坛年会的特色。 据大会官网，论坛战略合作伙伴包括： 在2023年金融街论坛年会上，大会在闭幕式集中发布了《共商共享全球化发展机遇北京倡议》《关于在粤港澳大湾区深化金融科技创新监管合作的谅解备忘 录》《人工智能算法金融应用信息披露 ...

Market Overview - US stock indices experienced a decline for the first time this week, with the S&P 500 down 0.63%, Dow Jones down 0.65%, and Nasdaq down 0.47%. The financial sector led the decline, dropping nearly 3% as regional banks Zions and Western Alliance reported rising non-performing loans, both falling over 10% [1] - The Nasdaq China Golden Dragon Index fell by 0.91%, with Century Internet down 5.84% and New Oriental down 5.10% [2] - US Treasury prices rose, with the 10-year yield dropping below 4.0%, reaching a six-month low, while the two-year yield hit a three-year low [3] Commodity and Currency Movements - The US dollar index fell for three consecutive days, reaching a weekly low, while the offshore RMB approached the 7.12 mark, hitting a monthly high. Gold and silver prices reached historical highs, with gold surpassing $4300 for the first time and silver rising over 4% [4] - Crude oil prices hit a five-month low, with EIA data showing an increase in crude oil inventories, leading to a nearly 2% drop in oil prices [4] Company Highlights - Oracle reported that its orders have exceeded $500 billion, with expectations that AI infrastructure projects could achieve a gross margin of 35%. The company anticipates revenues of $225 billion for the fiscal year 2030, surpassing analyst expectations, leading to a 5% increase in stock price [1] - ByteDance's Volcano Engine disclosed a significant increase in token usage for its large model, growing from 120 billion tokens in May 2024 to over 30 trillion tokens by September this year, indicating a substantial rise in computational demand [11] - The China National Nuclear Corporation's "Linglong No. 1" small modular reactor successfully completed its cold functional test, marking a significant breakthrough in China's nuclear power innovation [10] Investment Opportunities - The "Linglong No. 1" reactor is expected to generate 1 billion kWh annually and has a domestic equipment localization rate of over 90%, which could revitalize the nuclear equipment and fuel supply chains [10] - The construction of the 350MW tower solar thermal power project in Qinghai, which is the largest of its kind globally, has commenced with an investment of approximately 5.435 billion yuan [12] New Stock Offerings - A new stock offering is available for subscription: Bibet, on the Sci-Tech Innovation Board, with a subscription price of 17.78 yuan per share, focusing on innovative drug development for various cancers and autoimmune diseases [14]

中核集团介绍称，"玲龙一号"是全球首个通过国际原子能机构安全审查的陆上商用模块化小堆，是我国 在核电自主创新上的重大突破。 10月16日，中核集团宣布，中核集团海南昌江多用途模块式小型堆科技示范工程"玲龙一号"一回路冷态 功能试验圆满成功。建成投运后，预计每年发电量可达10亿度。 景业智能：公司与浙江大学先进技术研究院共建"微堆/ SMR 技术联合研发中心"并签署合作协议备忘 录。未来公司将依托联合研发中心，将微型核电源（微堆）和小型模块化反应堆（SMR）作为发展的 一个战略方向。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 此外，SMR基于经济性、灵活性更高等优势，适用于数据中心，将迎来新机遇。随着头部科技厂商的 资本开支浪潮逐步由海外扩散到国内，国内的数据中心市场迎来新一轮成长周期，为供电设备带来了爆 发式需求，将带动国内小型核电站发展，重点关注SMR国产设备机会。 民生证券也表示，与传统的大型核反应堆相比，SMR被认为具有更低的建设成本和更快的建设速度， 因此在分布式发电、建设效率和发电成本等多因素考量下更加适配AIDC。其认为，SMR有望成为我国 核电领域重要增量 ...

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 东方证券也指出，在算力端，豆包大模型的性能升级和推理需求的迅猛增长，使得算力建设持续性至关 重要。在此背景下，服务器及液冷厂商、PCB厂商等有望受益。此外，数据存力和运力需求的持续攀 升，为存储、光模块和光芯片等企业创造了更多的市场机会，促使整个产业链不断优化升级，以满足日 益增长的AI算力需求。 公司方面，据华创证券表示，润泽科技、宝信软件、光环新网等有合作。 浙商证券指出，字节跳动2024年资本开支达到800亿元，接近百度、阿里、腾讯的总和（1000亿元）。 2025年字节跳动资本开支有望达到1600亿元，旨在打造自主可控的大规模数据中心集群，其中约900亿 元将用于AI算力的采购，700亿元用于IDC基建以及网络设备如光模块、交换机。字节跳动对未来Token 消耗估计较高，预计将持续加大算力投入。 其对豆包大模型带来的算力产业链的GPU/服务器、数据中心设备需求进行了测算。假设2027年日活达 到5000万，日均token使用量达到50万亿，为了满足用户需求，在2.5倍峰值token倍数的假设下，2027年 算力需求达到1 ...

Group 1: Policy and Economic Outlook - The Ministry of Commerce plans to strengthen policy reserves and introduce new measures to stabilize foreign trade, focusing on policy effectiveness, trade promotion, and deepening trade cooperation [1] - Huatai Securities suggests that in the face of inevitable fluctuations in external demand, short-term growth stabilization policies will primarily focus on support, including accelerating the issuance of special bonds and enhancing existing policies [1] - CITIC Securities notes that China's exports to emerging markets such as ASEAN, Latin America, and Africa are increasing, which helps mitigate the pressure from weak demand in traditional markets [1] Group 2: Company Insights - Xiaogoods City is recognized as a well-known international trade comprehensive service provider, with a business ecosystem that includes offline market operations and self-operated trade sales [1] - Yiwang Yichuang operates as an "e-commerce full-domain service provider + new consumer brand accelerator," offering comprehensive e-commerce services for brands [2]

据了解，该项目总投资约54.35亿元，采用我国自主研发的塔式熔盐储能光热发电核心技术，由三座吸 热塔和一台汽轮机组成，厂区定日镜镜场总面积为330万平方米，是目前国内镜场反射面积最大的光热 发电项目，计划于2027年9月底前全容量并网发电。作为一种完全绿色清洁的可再生能源，由于大规模 使用熔盐储能系统，光热发电可全天候实现连续、稳定、可调度的高品质电力输出。 公司方面，据中证报表示，A股相关概念股主要有安彩高科 、科远智慧等。 *免责声明：文章内容仅供参考，不构成投资建议 据中证报报道，10月16日，在青海省海西州格尔木市乌图美仁光伏光热园区，格尔木350MW塔式光热 发电项目正式开工建设，这也是目前全球单机规模最大的光热发电项目。 *风险提示：股市有风险，入市需谨慎 ...

Industry Insights - The Ministry of Industry and Information Technology (MIIT) has launched a special initiative called "Millisecond Computing" aimed at developing a high-capacity, low-latency metropolitan network that provides millisecond-level computing resources. The goal is to achieve interconnectivity of computing centers within 1 millisecond, resource access in key locations within 1 millisecond, and application accessibility with network latency under 10 milliseconds by 2027 [1] - Dongwu Securities highlights that the AI computing power sector is experiencing rapid iterations in hardware and software collaboration, which is expected to lower the cost of computing power significantly within 12-18 months. This shift is anticipated to enable developers to utilize more complex models and systems, thereby enhancing the parameters, context, and parallelism of AI applications [1] Company Highlights - Yuanjie Technology focuses on the research, design, production, and sales of optical chips, primarily serving the telecommunications and data center markets [2] - Cambridge Technology specializes in the development, production, and sales of terminal devices and high-speed optical modules for telecommunications, data communications, enterprise networks, and home networks [2]

明日主题前瞻 1、算力 | 工业和信息化部办公厅发布关于开展城域"毫秒用算"专项行动的通知，其中提出，聚焦算力网络发展，构建高速大容量、确定低时延、泛在广覆 盖的城域网络，在城域内提供毫秒级算力资源网络通达能力。完善算力中心间互连网络架构，引导面向算力中心完善城域算间网络布局，优化城域算力中心 的网络层级、互连拓扑。 点评：分析认为，算力作为数字经济的核心生产力，正从基础设施供给向价值服务生态转型。算力的最终目标是像水、电一样即取即用。权威预计，2025年 我国算力规模将突破300EFLOPS，市场超过2000亿元，其中智能算力占比提升至35%。随着"东数西算"工程深入推进、国产芯片技术持续突破以及绿色算力 技术广泛普及，算力将不仅是技术支撑，更将成为重构产业形态、社会治理乃至文明进程的核心变量，为数字经济发展提供强大动力。 2、光芯片 | 据光明网报道，清华大学科研团队在智能光子领域取得重大突破，通过挖掘随机干涉掩膜与铌酸锂材料的电光重构特性，实现高维光谱调制与 高通量解调的协同计算，成功研制出全球首款亚埃米级快照光谱成像芯片"玉衡"。"玉衡"芯片彻底颠覆了传统光谱成像技术。这个仅有2厘米见方的小巧芯 片， ...

Resumption of Trading - Zhiguang Electric plans to issue new shares to purchase all or part of the minority equity of Guangzhou Zhiguang Energy Technology, leading to the resumption of its stock trading [1] Mergers and Acquisitions - Guotou Fengle's acquirer, Guotou Seed Industry, intends to subscribe for no more than 184 million shares at a price of 5.91 yuan per share [2] Share Buybacks and Equity Transfers - Zhijiang Biology plans to repurchase shares worth between 60 million to 120 million yuan [3] - YTO Express, for strategic and financial planning reasons, intends to transfer no more than 2% of its shares through block trading by Hangzhou Haoyue [4] Daily Operations and External Investments - Zhaofeng Co. signed a strategic cooperation framework agreement with NiuNai Robotics, focusing on cognitive and humanoid robot development [5] - Huayu Automotive completed the acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. [6] - Dingjide's high-end new material project for petrochemical technology, POE industrialization device, has been put into production [7] - Chiplink Integration plans to increase capital by 1.8 billion yuan to ensure the ongoing implementation of its 12-inch integrated circuit analog mixed-signal chip manufacturing project [7] - Shanghai Xiba has obtained the IATF16949 automotive quality management system certification for the design and production of silicon-carbon anode materials for new energy batteries [7] - Zhongtian Technology won multiple marine series projects in deep-sea technology, totaling approximately 1.788 billion yuan [8] - TBEA's subsidiary plans to acquire 74.19% of Shuguang Cable for 946 million yuan, specializing in 1E-level K1 and K3 cables for nuclear power plants [8] - Junshi Biosciences received FDA approval for the clinical trial application of JS207 for neoadjuvant therapy in non-small cell lung cancer patients [9] - Longbai Group's subsidiary intends to acquire assets related to Venator UK's titanium dioxide business [10] - Yunnan Energy Investment is investing 1.872 billion yuan to construct a 350MW compressed air energy storage demonstration project in Kunming Anning [11] Performance Changes - Shijia Photon reported a net profit of 299 million yuan for the first three quarters, a year-on-year increase of 728%, with orders for optical chips and devices increasing [12] - Guangku Technology expects a net profit of 110 million yuan for the first three quarters, a year-on-year increase of 97.00%-117.00%, driven by technological innovation and new product launches [12] - Rongzhi Rixin anticipates a net profit of 26.4 million to 27.4 million yuan for the first three quarters, a year-on-year increase of 871.30%-908.09% [13] - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, a year-on-year increase of 136.29% to 147.18%, due to rising rare earth market prices [14] - Aobi Zhongguang expects to achieve a net profit of approximately 108 million yuan for the first three quarters, returning to profitability with rapid growth in various business areas [15] - Cangge Mining reported a net profit of 951 million yuan in the third quarter, a year-on-year increase of 66.49% [15]