2025 年 10 月 21 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 美澳签署关键矿产协议 特朗普称稀土和矿物会多到不知所 措 欧盟未就对俄制裁等议题达成新共识 日本自民党与维新会签署联合执政文件 日本央行或小幅上调 2025 财年经济增长预期 前三季度我国 GDP 同比增长 5.2% 9 月 70 城房价新动向：仅 5 城新房逆势上涨 风电产业倡议"十五五"期间年新增装机不低于 1.2 亿千瓦 宇树科技发布 H2 仿生人形机器人 宁德时代第三季度净利增超四成 iPhone 17 标准版销量大增，中国市场需求强劲 2 年期美债收益率跌 1.47 个基点报 3.451% 5 年期美债收益率跌 2.44 个基点报 3.571% 10 年期美债收益率跌 3.45 个基点报 3.978% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的 ...

Investment Rating - The report suggests a positive investment outlook for the company, indicating a significant recovery in performance is expected in the near term [3]. Core Insights - The company is issuing an asset-backed special plan to optimize its capital structure and enhance asset turnover, with a registered issuance limit of RMB 3 billion [1]. - The company has shown resilience in operations despite losses in the polysilicon sector, supported by its parent company [1][2]. - A notable recovery in polysilicon prices has been observed, stabilizing at RMB 50-55 per kilogram, a 50% increase from the historical low of RMB 35 per kilogram at the end of June [2]. - The consolidation of the business from the parent company is expected to significantly enhance the operational performance of the wind power equipment sales [2]. Summary by Sections Asset-Backed Special Plan - The company plans to issue an asset-backed special plan using two renewable energy projects as underlying assets, with an expected issuance scale of up to RMB 1.5 billion for qualified professional investors [1][4]. Financial Performance Expectations - The company anticipates a substantial improvement in profitability in the second half of the year due to rising polysilicon prices, consolidation of business operations, and growth in non-polysilicon sectors such as power station construction and electrical equipment [2][3]. Parent Company Support - The parent company has demonstrated strong support for the company's financial operations and business development, including the transfer of 100% equity of a subsidiary to bolster the company's resources [1][2].

Core Insights - The report highlights the potential for the Federal Reserve to halt its balance sheet reduction in the coming months, with expectations of two more interest rate cuts by the end of the year [4] - The International Monetary Fund (IMF) has raised its global economic growth forecast for this year to 3.2% [4] - The International Energy Agency has downgraded its forecast for global oil demand growth this year [4] Economic Data - In September, automobile sales in China reached 3.226 million units, reflecting a year-on-year increase of 14.9% [4] - The Baltic Dry Index closed at 2144.00, up 10.74% [5] - The Nasdaq Index closed at 22521.70, down 0.76%, while the Dow Jones Industrial Average closed at 46270.46, up 0.44% [5] - The S&P 500 Index closed at 6644.31, down 0.16% [5] - The Hang Seng Index closed at 25441.35, down 1.73% [5] - The Shanghai Composite Index closed at 3865.23, down 0.62% [5]

请务必阅读免责条款 2025 年 10 月 14 日星期二 【实时热点】 【美国债市】 2 年期美债收益率跌 4.78 个基点报 3.524% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 证 券 研 究 报 告 美联储保尔森支持今年再降息两次，主张忽略关税短期影响 时隔 27 年 德国总统将访问英国 福布斯揭秘：特朗普间接持有 8.7 亿美元比特币，成美国最 大投资者之一 白银价格涨穿 52.50 美元，创历史新高 前三季度我国货物贸易增 4%，9 月增速创年内新高 乘联分会：9 月新能源乘用车零售 129.6 万辆，出口同比激 增 96.5% 交通运输部印发《对美船舶收取船舶特别港务费实施办法》 库克抖音带货首秀，官宣 iPhone Air 国行 17 日开启预订 三大运营商发力 eSIM 商用，国行 iPhoneAir10 月 22 日发 售 OpenAI 携手博通打造自研 AI 芯片 5 年期美债收益率跌 6.09 个基点报 3.647% 10 年期美债收益率跌 6.37 个基点报 4.053% | 内地重要指数 | 收市价 | 涨跌(%) | | - ...

Market Performance - The Hong Kong stock market experienced a decline of 3.13% last week, primarily driven by the underperformance of the consumer discretionary, technology, and healthcare sectors[1] - The materials sector, however, saw an increase of 1.08%, with a year-to-date gain of nearly 140%[1] - The net inflow of funds through the Hong Kong Stock Connect was HKD 2.645 billion, indicating a cautious market sentiment[1] Investment Environment - The external environment for the Hong Kong market remains stable, with strong structural bull market characteristics observed[2] - Recent inflation data from both China and the U.S. showed stable price levels, increasing expectations for a potential interest rate cut by the Federal Reserve in September[2] - The anticipated policy easing from the Federal Reserve may lead to corresponding supportive measures in China, which could bolster Hong Kong stock valuations in the medium to long term[2] Future Outlook - The primary external uncertainty facing the market is the escalation of U.S.-China tensions, particularly with new regulatory measures announced by both sides[3] - Despite the potential for increased volatility, the likelihood of the new tariffs being implemented is considered low, as both parties still have room for negotiation[3] - The current market conditions may present favorable entry points following short-term adjustments, with expectations for a quick recovery in Hong Kong stocks[3] Sector Analysis - The technology sector saw a significant decline of 5.83% last week, while the healthcare sector dropped by 6.33%[12] - In contrast, the utilities and energy sectors showed resilience, with gains of 1.57% and 1.37%, respectively[15] - The overall market sentiment is cautious, influenced by high valuation levels in certain sectors and profit-taking behavior among investors[7]

| 【招股详情】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 中金公司、摩根大通 | | | | | | | | | 上市日期 | 年 2025 | 10 | 月 | 21 | | | | 日(周二) | | | 招股价格 | 30.60 | 港元 | | | | | | | | | 集资额 | 19.38 | | | | | | 亿港元（扣除包销费用和全球发售有关的估计费用，以中位数计算） | | | | 每手股数 | 100 股 | | | | | | | | | | 入场费 | 3,090.85 | | 港元 | | | | | | | | 招股日期 | 2025 年 | 10 | 月 | 13 | | | 10 月 16 日 | 日-2025 | 年 | | 国元证券认购截止日期 | 2025 年 | 10 | 月 | 15 | 日 | | | | | | 招股总数 | 6,817 | | | | | | 万股(可予调整及视乎超额配售权的行使情况而定) | | | ...

资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 2025 年 10 月 10 日星期五 【实时热点】 【美国债市】 究 报 告 美媒：美国劳工统计局有望在停摆期间发布 CPI 报告 白银价格一路高涨 黄金牛市已逐步蔓延至其他贵金属 哈马斯宣布启动永久停火，战争已彻底结束 今年前八个月，我国规模以上工业中小企业增加值同比增 7.6% 中指院：9 月百强房企销售总额环比增 11.9% 外交部：中国和印度将于今年 10 月底前恢复直航航班 商务部：对部分稀土设备和原辅料相关物项实施出口管制 两部门：遴选 15 个左右省份或地级市开展中医优势病种按 病种付费试点 台积电 9 月营业收入 3309.8 亿元新台币，同比增 31.4% 英特尔公布首款 18A 制程 PC 芯片关键细节 明年 1 月将上 市 2 年期美债收益率涨 1.66 个基点报 3.580% 5 年期美债收益率涨 1.21 个基点报 3.712% 10 年期美债收益率跌 0.20 个基点报 4.121% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重 ...

2025 年 10 月 8 日星期三 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 特朗普宣布对进口中型和重型卡车征收 25%关税 法国总理勒科尔尼向马克龙递交辞呈 欧洲央行行长拉加德：反通胀过程已经结束 欧盟拟加码钢铁保护措施：征收 50%关税以支撑行业 英国或将部分放宽稳定币持有上限 世贸组织上调 2025 年贸易预测，大幅下调明年展望 中国央行连续第 11 个月增持黄金 雷军：小米 17 系列首销成绩远超预期 特斯拉在美推出低价版 Model Y 以提振销量 OpenAI 与 AMD 宣布签署芯片协议 价值数十亿美元 2 年期美债收益率跌 1.85 个基点报 3.564% 5 年期美债收益率跌 3.12 个基点报 3.699% 10 年期美债收益率跌 2.90 个基点报 4.123% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-10-08 | 2670 | 云迹 | | 资料来源：港交所、国元证 ...

IPO 申购指南 云迹科技（2670.HK） 建议谨慎申购 2025-10-8 星期三 【申购建议】 公司是领先的机器人服务 AI 赋能技术企业。公司主要提供机器人及功能套 件，辅以 AI 数字化系统的服务。从能够与现实世界互动的机器人，到能够 优化决策的 AI 数字化系统，公司向客户提供适应性强及可扩展的产品及服 务。根据弗若斯特沙利文的资料，2024 年，在机器人智能体市场拥有可适应 三维多层空间的机器人的参与者中，公司的同时在线机器人日均数量达到 27,000 台及服务消费者数量达到 2.3 亿人次，排名全球第一。于 2024 年，公 司的同时在线机器人数量单日高峰超过 36,000 台。 全球智能体市场按收入计的市场规模由 2020 年的人民币 390 亿元增至 2024 年的人民币 946 亿元，且预计于 2029 年达到人民币 6,020 亿元，2024 年至 2029 年的年复合增长率将加速至 44.8%，这表明全球智能体的采纳及应用呈 显著上升趋势。按收入计，全球有实体机器人形态的智能体市场已由 2020 年 的人民币 378 亿元增至 2024 年的人民币 820 亿元，年复合增长率为 21 ...

Investment Rating - The report suggests a focus on major internet companies, particularly in the AI sector, despite a recent decline in the Hang Seng Technology Index [3][38]. Core Insights - The collaboration between Alibaba and NVIDIA on Physical AI is expected to enhance the commercialization of AI technologies, showcasing the growth potential of Chinese internet giants [3][38]. - The report emphasizes two main market trends: the deepening commercialization of AI technology and the improvement of corporate profitability, which are crucial for valuation recovery [3][38]. Summary by Sections Market Review - The Hang Seng Index and Hang Seng Technology Index experienced declines of -1.57% and -1.58% respectively during the week of September 22-26, 2025 [4][5]. - Despite the overall market downturn, major internet companies drove structural market performance, particularly due to positive developments in AI [5][9]. Industry News - The report highlights significant developments in the software and AI sectors, including the launch of new models by Baidu and Alibaba's partnership with NVIDIA [30][33]. - The gaming industry is facing challenges, with a reported decline in revenue due to changing consumer behaviors and a lack of new blockbuster titles [28][29]. Investment Recommendations - The report recommends focusing on companies such as Reading Group (772.HK), Tencent Music (TME.N), Inspur Digital Enterprise (596.HK), Alibaba (BABA.N), DoorDash (DASH.US), and Spotify (SPOT.US) for potential investment opportunities [3][38].