【#中芯国际两融折算率调整为0#】10月9日，有投资者反馈，接东方财富证券短信告知，自当日起，信 用账户持有的中芯国际的两融折算率由0.7调整为0.00，佰维存储的两融折算率由0.5调整为0.00。 智通财经记者就此致电东方财富证券客服，对方确认了上述调整信息，并解释称，依据两交易所规定， 当个股静态市盈率超过300倍或为负数时，其融资融券折算率需调为0，而中芯国际、佰维存储当前静态 市盈率均超过300倍，这正是依规进行的正常调整。该规定自2016年起实施，并沿用至今。2025年7月虽 有部分股票调整，但核心规则未变，旨在加强风险控制，确保融资融券业务的平稳运行。 此外，中芯国际等半导体板块午后集体调整，是多方面因素共同作用的结果。从板块整体表现来看，半 导体板块年内已累计大涨57.19%，区间振幅达72.04%。（智通财经） 股票折算率调为0的情况并非单家券商行为，而是行业统一动作。同时，这一调整是券商依据交易所规 则开展的常态化操作，当前市场中折算率为0的股票数量已超千只。 ...

9股被"去杠杆"。 10月9日，据券商中国记者了解，包括东方财富证券、国融证券、东方证券在内的多家券商确认将中芯国际、 佰维存储、路桥信息等9只A股股票的融资融券折算率统一调整为零。该调整消息爆出后，中芯国际、路桥信 息等均出现明显跳水走势。 对于此番调整的原因，各券商的解释高度一致，此举是依据交易所融资融券的相关规则执行，即个股静态市盈 率如果超过300倍，或者为负数的情况下，融资融券折算率调整零。 值得注意的是，此次个股折算率调整是券商正常动态风控措施的一部分，一旦相关股票静态市盈率降低至300 以下，折算率将会相应的恢复。 券商中国记者注意到，除了东方财富证券，东方证券和国融证券也在9月30日官网发布了类似的公告，因静态 市盈率异常，将中芯国际、佰维存储、天马科技、瑞晟智能科技、曼恩斯特、宏辉果蔬、永鼎股份、路桥信 息、哈空调的折算率均调整为0，上述调整自10月9日正式生效。 10月9日，上述消息披露后，中芯国际H股收报83.5港元/股，下跌6.7%，中芯国际A股收报138.91元/股，下跌 0.87%；路桥信息收报38.01元/股，下跌17.24%；宏辉果蔬收报9.12元/股，下跌2.46%。 据悉， ...

深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年10月9日当天，阿里巴巴-W(09988)、中芯国际(00981)、华虹半导体(01347) 位居沪港通（南向）成交额前3位，成交额分别为139.84 亿元、136.97 亿元、65.26 亿元；中芯国际 (00981)、阿里巴巴-W(09988)、华虹半导体(01347) 位居深港通（南向）成交额前3位，成交额分别为 89.66 亿元、79.17 亿元、30.65 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 89.66 亿元 | -20.49 亿元 | | 阿里巴巴-W(09988) | 79.17 亿元 | +36.40 万元 | | 华虹半导体(01347) | 30.65 亿元 | -5.07 亿元 | | 腾讯控股(00700) | 28.14 亿元 | -3.85 亿元 | | 晶泰控股(02228) | 21.24 亿元 | -1.72 亿元 | | 小米集团-W(01810) | 20.22 亿元 | +3.49 亿元 | | 中兴通讯(00763) ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying and selling activities on October 9, with a net inflow of 30.43 billion HKD from northbound trading. The most actively traded stocks included Kuaishou-W, ZTE Corporation, and Xiaomi Group-W, while SMIC, Hua Hong Semiconductor, and Alibaba-W faced the highest net selling pressure [1][5]. Group 1: Net Buying and Selling Activities - Northbound trading recorded a net buying of 48.53 billion HKD through the Shanghai Stock Connect and a net selling of 18.1 billion HKD through the Shenzhen Stock Connect [1]. - Kuaishou-W (01024) led net buying with 10.85 billion HKD, followed by ZTE Corporation (00763) with 4.57 billion HKD, and Xiaomi Group-W (01810) with 2.31 billion HKD [5][6]. - Alibaba-W (09988) faced a net selling of 7.51 billion HKD, while SMIC (00981) and Hua Hong Semiconductor (01347) saw net selling of 3.48 billion HKD and 6.34 billion HKD, respectively [2][6]. Group 2: Company-Specific Developments - Kuaishou's strong performance is attributed to its leadership in AI video content, with a projected revenue growth of 13% year-on-year for Q3, reaching 35.3 billion RMB [5]. - ZTE Corporation's new SuperPod solution aims to enhance AI training capabilities for enterprise clients, which is expected to drive growth in the AI market [5]. - Xiaomi Group's electric vehicle deliveries exceeded 40,000 units in September, showing an increase from 36,000 units in August, indicating a positive trend in production capacity [5]. - Alibaba's recent challenges stem from internal reports regarding Oracle's server rental income, which negatively impacted market sentiment [6]. Group 3: Market Trends and Valuations - The semiconductor sector is experiencing significant selling pressure, particularly for SMIC and Hua Hong Semiconductor, due to high static P/E ratios exceeding 300, leading to adjustments in margin financing [6][7]. - Despite the current valuation pressures, analysts believe that the semiconductor sector still has upward potential driven by AI-related growth [7].

受假期金价大涨刺激，黄金板块大幅高开，盛屯矿业2连板，四川黄金、白银有色、山东黄金、兴业银锡、铜陵有色、中金黄金、洛阳钼业、西 部黄金涨停，紫金矿业、招金黄金、晓程科技等集体大涨； 1、行情 国庆节后首个交易日，三大指数集体上涨，但创业板大幅冲高回落。 题材方面，可控核聚变大涨，合锻智能2连板，永鼎股份、安泰科技、浙富控股、哈焊华通（20CM）、融发核电、杭氧股份、上海电气、众合 科技、中洲特材（20CM）、金杯电工、国光电气（20CM）、旭光电子、中国核建、东方电气、西部超导（20CM）、英杰电气（20CM）集体 涨停； 稀土板块同样大涨，北方稀土、中国稀土（摸板）涨停，九菱科技、金力永磁、三川智慧涨超10%，盛和资源、大地熊、中科磁业、包钢股份 等集体大涨； 固态电池开盘局部大涨，天际股份4连板，海科新源（20CM）、赣锋锂业涨停，当升科技、天齐锂业、格林美等集体大涨； 此外，有色、内存、量子计算、风电等均有强势表现，影视、旅游、餐饮、免税等大消费板块跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨1.32%、1.47%、0.73%，市场超3100股上涨，2100余股下跌，两市成交量超2.6万亿。 沪 ...

格隆汇10月9日｜南下资金今日净买入港股30.43亿港元。其中： 净买入快手-W 10.86亿、中兴通讯4.57亿、小米集团-W 2.31亿、上海电气1.06亿； 净卖出中芯国际23.96亿、华虹半导体11.41亿、阿里巴巴-W 7.5亿(终结连续28日净买入态势)、腾讯控股 4.63亿、晶泰控股1.69亿、中国海洋石油1.55亿。 | 名称 | 潔跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交割 | | --- | --- | --- | --- | --- | --- | --- | --- | | 阿里巴巴-W | -2.4% | -7.51 | 139.84亿 | 中古国际 | -6.7% | -20.49 | 89.66 Z | | 中心同际 | -6.7% | -3.48 | 136.97 Z | 阿里巴巴-W | -2.4% | 0.00 | 79.17 6 | | 作就非常体 | -6.4% | -6.34 | 65.26 Z | 作就非常体 | -6.4% | -5.07 | 30.65 Z | | m 年轻股 | -13.9% | 0.03 | 4 ...

A股市场迎来了国庆节后的"开门红"，主要指数普遍上涨， 其中上证指数成功突破3900点，创下近十年新高。 沪深两市成交额2.65万亿，较上一个交易日放量471 8亿， 显示出市场人气活跃，资金参与热情高涨。 市场呈现明显的结构性行情，资金集中有色金属、特别是黄金、稀土、铜等细分领域，可控核聚变（核电）。 而受假期效应消退等因素影响，影视院线、旅游板块普遍下挫。 01 突发一则大消息！ 最新信息，东方财富证券已确认，自202 5年10月9日起，中芯国际和佰维存储这两只股票的融资融券折算率已被调整为零。 02每年Q4的两个配置思路 这次调整并非针对个股的特殊处理，而是证券交易所一项既定的风控规则在发挥作用。 其主要有两方面的影响： 一是、 对直接相关的股票 ：融资买入能力受限。折算率调为零意味着投资者不能再将这两只股票作为担保物，从券商那里融资买入更 多股票。 这可能会减少市场上的融资买盘，短期内对股价构成一定压力。 因此，这也导致消息公布后，市场情绪发生变化 。 中芯国际作为半导体板块的权重股，其快速由升转跌 ， 引发了板块内其他个股的 连锁反应，导致跌幅扩大。 二是、 对整体市场而言 ， 旨在控制风险，而非打 ...

Core Insights - The Hong Kong stock market saw a net inflow of 30.43 million HKD from northbound trading on October 9, with a net buy of 48.53 billion HKD from the Shanghai Stock Connect and a net sell of 18.1 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - Kuaishou-W (01024) received the highest net buy of 10.85 billion HKD, driven by positive sentiment regarding its AI video capabilities and expected revenue growth of 13% year-on-year to 35.3 billion RMB in Q3 [4][5] - ZTE Corporation (00763) had a net buy of 4.57 billion HKD, supported by the launch of its SuperPod solution aimed at enhancing AI training capabilities for enterprise clients [5] - Xiaomi Group-W (01810) saw a net buy of 2.31 billion HKD, with a reported increase in electric vehicle deliveries to over 40,000 units in September, up from 36,000 in August [5] Group 2: Notable Sell-offs - Alibaba-W (09988) faced a net sell of 7.5 billion HKD, influenced by negative news regarding Oracle's server rental performance, which impacted global cloud computing stocks [6] - Semiconductor stocks experienced significant net sell-offs, with SMIC (00981) and Hua Hong Semiconductor (01347) seeing net sells of 23.96 billion HKD and 11.41 billion HKD respectively, attributed to changes in margin trading regulations [6][7] - Tencent (00700) and CNOOC (00883) also experienced net sells of 4.63 billion HKD and 1.55 billion HKD respectively [7]

Core Insights - The Hong Kong stock market saw a net inflow of 30.43 million HKD from Northbound trading on October 9, with a net buy of 48.53 billion HKD through the Shanghai Stock Connect and a net sell of 18.1 billion HKD through the Shenzhen Stock Connect [1] Group 1: Stock Performance - Kuaishou-W (01024) received the highest net buy of 10.85 billion HKD, driven by positive sentiment from a report by Guosen Securities highlighting its leadership in the AI video sector [4] - ZTE Corporation (00763) had a net buy of 4.57 billion HKD, supported by the launch of its SuperPod solution aimed at enhancing AI training capabilities for enterprise clients [5] - Xiaomi Group-W (01810) saw a net buy of 2.31 billion HKD, with September electric vehicle deliveries exceeding 40,000 units, reflecting improved production capacity [5] - Alibaba-W (09988) faced a net sell of 7.5 billion HKD, influenced by negative news regarding Oracle's server rental income [6] - Semiconductor stocks, including SMIC (00981) and Hua Hong Semiconductor (01347), experienced significant net sells of 23.96 billion HKD and 11.41 billion HKD respectively, attributed to changes in margin financing policies [7] Group 2: Market Trends - The overall trading activity indicates a strong interest in AI-related companies, with Kuaishou and ZTE being highlighted for their advancements in AI technology [4][5] - The semiconductor sector is under pressure due to high valuations and regulatory changes affecting margin trading, despite a general bullish outlook on AI-driven growth [7]

Market Overview - On October 9, the A-share market saw a strong rally, with the Shanghai Composite Index rising over 1% to surpass 3900 points, marking a 10-year high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 26,723 billion yuan, an increase of 4,748 billion yuan compared to the previous trading day [1] - The technology sector, particularly the STAR Market, experienced significant gains, with the STAR 50 Index surging over 6% during the session [1] Sector Performance - The non-ferrous metals sector showed remarkable performance, with stocks like Tongling Nonferrous Metals, Northern Copper, and Yunnan Copper hitting the daily limit [1][5] - The rare earth sector also saw gains, with companies like China Rare Earth and Northern Rare Earth reaching their daily limit [8] - The storage chip concept remained active, with stocks such as Zhaoxin Semiconductor and Huahong Semiconductor hitting their daily limit [12] Notable Stocks - Newly listed stock Yunhan Chip City (301563) closed up 40.89%, reaching 164.56 yuan per share, with an intraday high of over 70% [2] - In the Hong Kong market, stocks like Xin Mining Resources and Hang Seng Bank saw significant increases, with Xin Mining Resources rising over 120% [4] Gold and Precious Metals - International spot gold prices surged past $4000 per ounce, reaching a historical high, driven by factors such as the U.S. government shutdown and ongoing expectations of interest rate cuts by the Federal Reserve [6][7] - Analysts suggest that the rise in gold prices is also influenced by global central banks' continued purchases of gold [7] Fusion Energy Sector - The controlled nuclear fusion concept gained traction, with stocks like Changfu Co. and Western Superconducting Technologies hitting their daily limit [9] - The BEST project in Hefei achieved a key breakthrough, marking a new phase in its construction [10] - The upcoming International Atomic Energy Fusion Energy Conference is expected to catalyze further developments in the fusion sector [11] Semiconductor Market - The storage chip market is projected to see price increases, with expectations of a 10% rise in eSSD prices and a 10-15% increase in DDR5 RDIMM prices by Q4 2025 [12][14] - NAND Flash prices are also expected to rise, with estimates of a 5-10% increase in Q4 2025 due to high demand from data centers [14]