【 摘要 】华泰证券易峘认为，人民币有望继续走强，人民币升值有望推动中国资产进一步重 估。中金公司策略团队指出，中期市场维持积极观点，但短期需关注市场存在局部过热。 图片 一、焦点锐评 图片 1.中国10月官方制造业PMI为49，前值49.8 10月31日，国家统计局公布数据显示，10月份制造业采购经理指数（PMI）为49.0%，比上月 下降0.8个百分点，制造业景气水平有所回落。从分类指数看，生产指数为49.7%，比上月下降 2.2个百分点，表明制造业生产有所放缓。新订单指数为48.8%，比上月下降0.9个百分点，表明 制造业市场需求有所回落。从业人员指数为48.3%，比上月下降0.2个百分点，表明制造业企业 用工景气度小幅回落。 【解读】申万宏源赵伟认为，10月PMI偏弱表象原因是需求偏弱，深层原因是库存对生产指数有 较大拖累。生产指数大幅回落，或源于"抢生产"效应退坡，高库存及PMI环比属性的共同影响。 往后看，高库存及外部扰动趋于缓和，增量政策已在加快落地，均有助于对冲产需回落的压力， 后续进一步跟踪制造业景气的边际变化。 图片 二、权益市场 图片 1.华泰证券：人民币有望延续走强，推动中国资产重估 ...

随着上市公司2025年三季报披露完毕，作为重要机构投资者，券商在A股市场的最新持仓全景图也浮出 水面。 数据显示，截至2025年三季度末，有361只个股前十大流通股东名单中出现券商身影，券商持仓市值超 过666亿元。其中，三季度券商新进入206只个股的前十大流通股东名单之列，增持60多只个股。 券商持股市值超666亿元 Wind数据显示，综合上市公司三季报来看，有44家券商出现在361只个股的前十大流通股东名单中，合 计持有51.95亿股，对应市值超666亿元（以三季度末收盘价计算，下同）。需注意的是，上述持仓已剔 除中信证券持有约3.8亿股中信建投、华泰证券持有约9.2亿股江苏银行、财通证券持有约4.4亿股永安期 货等数据。 从行业分布来看，截至三季度末，券商重仓股以硬件设备、化工行业数量最多，分别为41只、33只；医 药生物、机械行业紧随其后，分别有26只、20只。 从持仓市值来看，截至三季度末，券商共对118只A股持仓市值超1亿元。其中，中信建投持有牧原股份 的市值高达19.84亿元，排名第一；申万宏源持有光启技术的市值高达10.79亿元，位居第二；其后是申 万宏源、招商证券分别持有9.28亿元、9.2 ...

随着上市公司2025年三季报披露完毕，作为重要机构投资者，券商在A股市场的最新持仓全景图也浮出 水面。 数据显示，截至2025年三季度末，有361只个股前十大流通股东名单中出现券商身影，券商持仓市值超 过666亿元。其中，三季度券商新进入206只个股的前十大流通股东名单之列，增持60多只个股。 券商持股市值超666亿元 数据显示，综合上市公司三季报来看，有44家券商出现在361只个股的前十大流通股东名单中，合计持 有51.95亿股，对应市值超666亿元（以三季度末收盘价计算，下同）。需注意的是，上述持仓已剔除中 信证券（600030）持有约3.8亿股中信建投（601066）、华泰证券（601688）持有约9.2亿股江苏银行 （600919）、财通证券（601108）持有约4.4亿股永安期货（600927）等数据。 其中，证券业"一哥"中信证券今年前三季度以316.03亿元的自营收入稳居第一，同比增长约46%；国泰 海通以203.7亿元的自营收入排名第二，同比增长超90%；中国银河（601881）、申万宏源、中金公 司、华泰证券的自营收入也在100亿元以上。 值得一提的是，三季度，券商新进入206只个股的前十大 ...

Group 1 - The current index level is less significant than the underlying valuation, with structural opportunities still present despite short-term investor caution, particularly in the technology sector [2] - Major industries such as new energy, chemicals, consumer electronics, resources, and machinery are expected to see profit growth, with a focus on traditional manufacturing upgrades and AI applications [2] - The overall market is entering a recovery phase, with improved net profit margins and performance in large-cap stocks, indicating a positive economic outlook [3] Group 2 - The market is expected to experience a period of consolidation, with a shift in investment styles and a focus on sectors like coal, oil, new energy, and non-bank financials [6] - The macroeconomic environment is improving, with potential for policy support and a stable long-term outlook for the A-share market [7] - The focus is shifting towards internal structural optimization and themes such as AI, overseas expansion, and cyclical industries, with an emphasis on sectors like non-ferrous metals and energy storage [8] Group 3 - The market is likely to see a rotation in investment styles, with a focus on sectors that benefit from domestic demand and infrastructure projects [9] - The current high allocation to technology stocks may lead to increased volatility, but the long-term outlook remains optimistic with a potential recovery in earnings [12] - The upcoming period may witness a transition from a growth-driven market to one that emphasizes value and cyclical stocks, particularly in resource sectors [10][11]

Core Viewpoint - The market is expected to face a new round of horizontal adjustment in November due to the exhaustion of previous upward momentum and the concentration of three major favorable factors at the end of October, suggesting investors should pause on increasing positions [1][3]. Group 1: Market Performance and Trends - The market experienced a surge, with the Shanghai Composite Index breaking through 4000 points, reaching a nearly ten-year high, driven by the recovery of technology stocks and the positive impact of the "14th Five-Year Plan," Sino-U.S. trade negotiations, and the disclosure of third-quarter reports from key industries [2]. - The third-quarter reports indicate a positive recovery trend in A-share performance, with significant growth in major sectors, particularly in traditional cyclical industries and technology sectors, showing strong recovery signs [2][3]. Group 2: Sector Focus and Recommendations - The report highlights three main directions for investment: 1) Focus on sectors with positive economic signals, particularly renewable energy (energy storage, solid-state batteries) and non-bank financials (brokerage, insurance); 2) Year-end portfolio adjustments favoring sectors with lower performance in the first ten months, such as coal, oil and petrochemicals, public utilities, food and beverage, and transportation; 3) Short-term switches to sectors that experienced the largest declines in October, including media, beauty care, and automotive [3]. - Key sectors to watch include coal, oil and petrochemicals, renewable energy (energy storage, solid-state batteries), non-bank financials (brokerage, insurance), public utilities, media, food and beverage, and transportation [1][3].

MACD金叉信号形成，这些股涨势不错！ 人民财讯11月2日电，中信建投证券研报认为，在A股前期上涨动能透支、10月末三大利好集中兑现 后，市场面临情绪回落压力、利好空窗期和回调整固需求。研报预计11月市场将面临新一轮横盘调整， 建议投资者暂缓加仓。配置上重点看好"景气线索、年末调仓、短期切换"三大方向，重点关注：煤炭、 石油石化、新能源（储能、固态电池等）、非银行金融（券商、保险）、公用事业、传媒、食品饮料、 交通运输等。 转自：证券时报 ...

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 65th company to pass this year [1]. Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions [2]. - The company's products are applied in various sectors, including large computers, 5G high-frequency communications, consumer electronics, new energy vehicles, green environmental protection, aluminum foil formation, hydrometallurgy, hydrogen energy, and aerospace military [2]. - As of the signing date of the prospectus, the controlling shareholder is the Northwest Nonferrous Metal Research Institute, holding 22.83% of the company's total share capital, with actual control over 42.83% of the shares [2]. IPO Details - Taijin New Energy plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, intending to publicly issue no more than 40 million shares of ordinary shares, aiming to raise approximately 989.95 million yuan for various projects [2][3]. - The total investment for the projects is estimated at 1.4938757 billion yuan, with the funds allocated as follows: - High-end intelligent electrolysis equipment industrialization project: 769.1328 million yuan [3]. - High-performance composite coating titanium electrode materials industrialization project: 482.3755 million yuan [3]. - Corporate research and development center construction project: 250.1774 million yuan [3]. Regulatory Scrutiny - During the listing committee meeting, questions were raised regarding the future performance risks associated with lithium battery copper foil and electronic circuit copper foil equipment orders, as well as the prudence of profit forecasts and the sufficiency of risk disclosures [4].

Group 1 - The fund manager has the right to adjust management fees based on the fund's operational conditions, as the estimated net income and annualized yield may fluctuate due to market volatility [1] - The fund has received a payment of 27.4883 million yuan for national subsidies receivable, with an average repayment cycle of 2.15 years [8][10] - The fund will include the received national subsidy receivable in the fourth quarter's distributable amount for investor returns [9] Group 2 - The fund employs a factoring method with recourse to smooth cash flow and mitigate the risk of fluctuations in the repayment cycle of national subsidies receivable [7] - The total assets of the acquired project companies amount to 558.64 million yuan, with liabilities of 428.32 million yuan and equity of 130.33 million yuan as of the audit date [13]