锂电池产业链 超配（维持） 锂电池产业链双周报(2025/09/26-2025/10/09) 行 两部门对锂电池等相关物项实施出口管制 2025 年 10 月 10 日 投资要点： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池指数走势 分析师：黄秀瑜 业 周 SAC 执业证书编号： 行情回顾：截至2025年10月9日，锂电池指数近两周上涨5.09%，跑赢沪 深300指数2.57个百分点；锂电池指数本月至今累计上涨1.52%，跑赢沪 深300指数0.04个百分点；锂电池指数年初至今上涨64.43%，跑赢沪深300 指数44.75个百分点。 报 锂电池产业链近两周价格变动： 锂盐：截至2025年10月9日，电池级碳酸锂均价7.29万元/吨，近两周下 跌0.82%；氢氧化锂(LiOH 56.5%)报价7.16万元/吨，近两周价格持稳。 正极材料：磷酸铁锂报价3.43万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价12.30万元/吨、12.50万元/吨、14.95万元/吨，近两周 分别上涨5.13%、3.73%、2.40%。 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by more than 10% in the next six months [39]. Core Insights - The automotive sector has shown a mixed performance, with the Shenwan Automotive Index increasing by 0.74% over the past two weeks, underperforming the CSI 300 Index by 1.78 percentage points, ranking 16th among 31 industries [11][18]. - Year-to-date, the automotive sector has risen by 27.92%, outperforming the CSI 300 Index by 8.24 percentage points, ranking 9th among 31 industries [11][18]. - Recent adjustments in vehicle purchase tax exemptions for new energy vehicles (NEVs) are expected to enhance the overall technical standards of NEVs and phase out outdated production capacities [34][24]. Industry Data Tracking - As of October 9, 2025, raw material prices show a slight decline in steel prices by 0.30%, while aluminum prices increased by 1.16%. Copper and lithium carbonate prices remained stable, and prices for synthetic rubber and glass rose by 0.68% and 0.99%, respectively [20][21]. Industry News - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for NEVs, increasing the minimum electric range for plug-in hybrid vehicles from 43 km to 100 km [24]. - The National Development and Reform Commission has allocated 69 billion yuan in special bonds to support the consumption upgrade policy [25]. - The China Automobile Dealers Association reported a retail sales figure of 1.776 million passenger vehicles from September 1-27, remaining flat year-on-year [26]. Company News - BYD reported a 5.52% year-on-year decline in NEV sales for September, totaling 396,300 units [30]. - Seres announced a 19.44% increase in NEV sales for September, reaching 44,700 units [30]. - Tesla plans to launch a lower-priced version of the Model Y to adapt to changes in U.S. electric vehicle incentives [30]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Seres [34]. - It also highlights the potential growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Joyson Electronics [34]. - Additionally, it points to Yutong Bus as a beneficiary of the "old for new" policy in the new energy bus sector [34].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][40]. Core Insights - The global telecommunications equipment market has shown signs of recovery in the first half of 2025 after two years of investment decline, with significant growth in mobile core networks, optical transmission, and service provider routers and switches [3][15]. - Huawei has maintained its position as the leading telecommunications equipment supplier, capturing 31% of the market share and continuing to expand its market advantage [3][36]. - The telecommunications industry is currently in a phase of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][36]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + earnings certainty" [3][36]. Summary by Sections 1. Industry Market Review - The Shenyuan telecommunications sector index fell by 2.70% over the past two weeks (9/26-10/9), underperforming the CSI 300 index by 5.22 percentage points, ranking 29th among 31 sectors [11][12]. - Year-to-date, the telecommunications sector has risen by 63.39%, outperforming the CSI 300 index by 43.70 percentage points [11][12]. 2. Industry News - Dell'Oro Group reported a 4% year-on-year increase in global telecommunications equipment revenue in the first half of 2025, driven by various factors including a lower year-on-year base and stable inventory levels [15]. - LightCounting indicated that AI is taking a dominant role in the market [16]. - The 2025 World Intelligent Connected Vehicle Conference will be held in Beijing, focusing on AI and telecommunications applications in the automotive industry [20]. - The number of AI companies in China has exceeded 5,300, with the industry scale surpassing 900 billion yuan, growing by 24% year-on-year [21]. - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, enhancing communication capabilities in various scenarios [22]. 3. Company Announcements - Guanghe Communication has approved the global issuance and listing of H shares [23]. - Tianyi Co. signed a procurement framework agreement with China Telecom for dual-band broadband integrated terminals [24]. - Hainengda announced a share transfer agreement involving 5% of its equity [25]. 4. Industry Data Updates 4.1 Telecommunications User Scale Data - As of August 2025, the mobile phone user base reached approximately 1.819 billion, a year-on-year increase of 2.67% [26]. - The internet broadband access user base reached about 689 million, up 4.97% year-on-year [26]. 4.2 Optical Fiber and Cable Data - The length of optical cable lines reached approximately 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [28]. - The optical cable production in August 2025 was 20.44 million core kilometers, a decrease of 10.70% year-on-year [29]. 4.3 5G Development Status - By August 2025, the total number of 5G base stations reached 4.646 million, with a net increase of 395,000 from the end of the previous year [33]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are well-positioned to benefit from the current market dynamics [36].

Investment Rating - The industry is rated as "Overweight" [30] Core Views - The report highlights that during the National Day and Mid-Autumn Festival, domestic travel reached a record high with 888 million trips and total spending of 809 billion yuan, indicating strong consumer demand [20][30] - The report notes a significant increase in hotel occupancy rates and a booming entertainment market, with attendance at sports events, music festivals, and concerts showing substantial growth [30] - The trend towards experiential travel is emphasized, suggesting that domestic travel destinations may need to adapt to meet changing consumer preferences [30] - The report anticipates more policy support for service consumption, particularly in tourism, as part of the government's focus on enhancing service sectors [30] Summary by Sections Market Review - The CITIC Consumer Services Index fell by 3.34% from September 26 to October 9, underperforming the CSI 300 Index by approximately 5.87 percentage points [8] - All sub-sectors within consumer services experienced declines, with the largest drops in tourism and hotel sectors [9] - A total of 4 companies in the industry reported positive returns, while 48 companies reported negative returns, with notable declines in companies like Caesar Travel and Kevin Education [12] Industry News - The report mentions that during the 8-day holiday, domestic travel spending reached a new high, with significant increases in long-distance and self-driving trips [20] - Jinjiang Hotels reported a 4% increase in average occupancy rates, with over 13 million guests served during the holiday period [21] - The entertainment market saw a surge, with over 3,100 performance projects and nearly 15,000 shows held, reflecting a 39.5% increase in audience attendance [24] Company Announcements - The report includes updates on various companies, such as Nanjing Tourism Group's restructuring and Kevin Education's investment in a joint venture focused on AI in education [25][29] Weekly Outlook - The report suggests focusing on companies like Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, which are expected to benefit from the recovery in leisure travel [30][32]

半导体行业 2025 年 10 月 10 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 超配（维持） 半导体行业双周报（2025/09/26-2025/10/09） 行 业 Sora 2 有望拉动算力与存储需求 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 1.半导体行业行情回顾 | 3 | | --- | --- | | 2.半导体产业新闻 | 3 | | 3.公司公告与动态 | 4 | | 4.半导体产业数据更新 | 6 | | 4.1 智能手机出货数据 | 6 | | 4.2 新能源汽车销售数据 | 6 | | 4.3 全球、国内半导体月度销售数据 | 6 | | 5.投资建议 | 7 | | 图 | 1： ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [2][24]. Core Viewpoints - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, declining by 0.23% from September 26, 2025, to October 9, 2025, lagging behind the index by approximately 2.76 percentage points [9][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors showing gains of 1.99% and 0.55%, respectively, while the raw materials and chemical preparations sectors fell by 2.23% and 1.73% [10][24]. - Approximately 54% of stocks in the industry achieved positive returns, with the top performer, Zhendemedical, increasing by 21.43%, while the largest decline was seen in Guangshentang, which fell by 21.86% [11][14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.04 times as of October 9, 2025, indicating a decrease in industry valuation [15][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.23% from September 26, 2025, to October 9, 2025 [9]. - Most sub-sectors recorded negative returns, with medical research outsourcing and in vitro diagnostics performing better than others [10]. - About 54% of stocks in the industry recorded positive returns, with significant variations in individual stock performance [11]. 2. Industry News - The 11th batch of national procurement will begin accepting applications on October 21, 2025, with 55 major varieties included [22]. - The National Medical Products Administration issued guidelines for the quality management of medical device online sales [20][21]. 3. Company Announcements - Zhejiang Haizheng Pharmaceutical announced that its product achieved Self-GRAS certification in the U.S., allowing it to enter the U.S. market [23]. 4. Weekly Industry Perspective - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [24][26].

2025 年 10 月 10 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 超配（维持） 电子行业双周报（2025/09/26-2025/10/09） 行 业 OpenAI 动作频频，AI Infra 需求有望高增 投资要点： 资料来源：iFind，东莞证券研究所 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（09/26-10/09）累计上涨2.13%， 跑输沪深300指数0.39个百分点，在申万行业中排名第10名；板块10月 累计上涨2.18%，跑赢沪深300指数0.70个百分点，在申万行业中排名第 5名；板块今年累计上涨56.86%，跑赢沪深300指数37.17个百分点，在 申万行业中排名第3名。估值方面，截至10月9日，SW ...

Market Overview - The A-share market has seen the Shanghai Composite Index return to 3900 points for the first time in 10 years, closing at 3933.97 with a gain of 1.32% [1][6] - The Shenzhen Component Index and the ChiNext Index also experienced increases of 1.47% and 0.73% respectively, indicating a positive market sentiment [2][4] Sector Performance - The top-performing sectors included non-ferrous metals (7.60%), steel (3.38%), and coal (3.00%), while the weakest sectors were media (-1.43%), real estate (-1.39%), and social services (-1.03%) [3][4] - Concept indices such as controllable nuclear fusion (6.97%) and lead metals (6.14%) showed strong performance, while sectors like duty-free shops (-1.82%) and ice and snow industry (-1.59%) lagged [3][4] Future Outlook - The report suggests that the recent export controls on rare earth technologies by the Ministry of Commerce will enhance the value and pricing of rare earth products, recommending a focus on companies with export qualifications in rare earth and magnetic materials [5] - The overall market sentiment remains optimistic, with expectations of further upward movement in the indices, particularly in sectors like non-ferrous metals, technology growth, new energy, and machinery [6]

事 件 有色金属行业 标配（维持） 降息预期叠加避险需求增加，国际金价突破 4000 美元大关 有色金属行业事件点评 | 事 件 点 评 标配（维持） 4000 美元大关 | 有色金属行业 降息预期叠加避险需求增加，国际金价突破 有色金属行业事件点评 | | --- | --- | | 分析师：许正堃（SAC 2025 年 10 月 9 日 | 执业证书编号：S0340523120001） | | 电话：0769-23320072 | 邮箱：xuzhengkun@dgzq.com.cn | 事件： 截至10月8日，COMEX黄金期货价格收于4030美元/盎司，伦敦现货黄金价格收于4040.05美元/盎 司，均突破每盎司4000美元大关。 图 1：COMEX 黄金期货收盘价（美元/盎司） 图 2：伦敦现货黄金价格（美元/盎司） 资料来源：iFind，CME，东莞证券研究所 资料来源：iFind，伦敦金银市场协会，东莞证券研究所 点评： 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 美联储10月降 ...

Core Insights - The report highlights a strong performance in the A-share market, with major indices achieving significant monthly gains, particularly the ChiNext Index which rose by 12.04% in September [4] - The stock portfolio for October 2025 shows a diverse range of companies with strong investment themes, including overseas expansion, innovative pharmaceuticals, and recovery in the wind power sector [2][3] Company Summaries Huaxin Cement (600801) - The company is actively expanding overseas, aiming to double its cement production capacity from 25 million tons to approximately 50 million tons by 2025 [10] - Despite a slight decline in cement sales, non-cement business segments such as aggregates and concrete have shown significant growth [10] - The company reported a revenue of 34.217 billion yuan in 2024, marking a 1.36% increase year-on-year, with a notable recovery in net profit in the first half of 2025 [10] Luoyang Molybdenum (603993) - The company achieved record high operating performance with a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan in the first half of 2025, reflecting a 60.07% year-on-year increase [12] - The company is expanding its global footprint, particularly in gold resources, and has successfully acquired a mining project in Ecuador [16] - The diversified product portfolio, including copper and cobalt, positions the company well against market fluctuations [16] Heng Rui Medicine (600276) - The company reported a stable growth in Q2 2025, with a revenue of 8.556 billion yuan, up 12.53% year-on-year, and a net profit of 2.576 billion yuan, up 24.88% [20] - The innovative drug segment is a key driver of growth, contributing significantly to overall revenue [20] - The company is focusing on accelerating the commercialization of new products to enhance future growth [20] CATL (300750) - The company reported a revenue of 178.886 billion yuan in the first half of 2025, with a net profit of 30.485 billion yuan, reflecting a 33.33% increase year-on-year [24] - CATL continues to innovate with new products in the electric vehicle battery sector, maintaining a strong market position [24] - The company is expanding its production capacity and has significant cash reserves to support its growth strategy [24] Goldwind Technology (002202) - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a 41.26% increase year-on-year, with a notable improvement in profitability [29] - The sales of large wind turbine units have significantly increased, with a sales capacity of 10.64 GW, up 106.60% year-on-year [29] - The international business segment has also seen substantial growth, with a revenue increase of 75.34% [29] XCMG Machinery (000425) - The company reported a revenue of 54.808 billion yuan in the first half of 2025, a growth of 8.04% year-on-year, with a net profit of 4.358 billion yuan [34] - The company is focusing on expanding its overseas business, which now accounts for 46.61% of total revenue [34] - The growth in demand for earth-moving machinery and the recovery in the lifting machinery sector are key highlights [34] Inovance Technology (300124) - The company reported a revenue of approximately 9 billion yuan in the first half of 2025, with a 50% increase in its new energy business [38] - The company is leveraging its multi-platform and customized solutions to enhance its market position [38] - Significant growth in international sales, particularly in emerging markets, is noted [38] Changdian Technology (600584) - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, a 20.14% increase year-on-year, despite a decline in net profit [43] - Changdian Technology is recognized as a leading player in advanced packaging technology within the semiconductor industry [43] - The company is focusing on automotive electronics and has seen a 34.2% increase in revenue from this segment [43] Luxshare Precision (002475) - The company reported a revenue of 1245.03 billion yuan in the first half of 2025, with a net profit of 6.644 billion yuan, reflecting a 23.13% increase [48] - The consumer electronics segment continues to grow steadily, with significant contributions from new product launches [48] - The automotive business has shown remarkable growth, with an 82.07% increase in revenue [48] Kingsoft Office (688111) - The company is focusing on integrating AI technologies into its office solutions, aiming to enhance productivity and user experience [49] - The report indicates a strong market position and growth potential in the AI-driven office software sector [49]