浙商证券研报指出，西子洁能董事长增持近上限，核电+光热打开成长空间。本次增持完成后，董事长 及一致行动人合计持股比例达55.5%，未来6个月内及法定期限内不能减持其所持有的公司股份，彰显 对公司未来持续稳定发展的信心以及对公司股票长期投资价值的认可。新能源板块方面，期待核电/光 热等行业多点开花，成长空间打开。传统能源板块方面，国内余热锅炉龙头企业，紧抓海外市场机会。 考虑到公司未来在新能源行业（核电、光热等）的成长潜力，维持"买入"评级。 ...

格隆汇10月11日｜浙商证券研报指出，涛涛车业2025年前三季度业绩同比预增92%-106%。单Q3，公司 预计实现归母净利润2.4-2.8亿元，同比增长99%-133%。公司拟首次公开发行H股股票并在香港联交所 主板上市，以推动公司全球化战略布局、提升国际品牌影响力、增强境外融资能力、打造国际化资本运 作平台、进一步提高综合竞争力。需求+供给双轮驱动，公司有望强者恒强。供给端预计北美电动低速 车行业库存持续下降，公司进一步提升市场份额。产能端：公司越南基地冲刺满产、美国工厂全力推 进、泰国工厂预计26年2月基本建成。此前公司还与开普勒、K-Scale等公司达成战略合作，以机器人作 为智能化起点；适时开发无人车等产品。维持"买入"评级。 ...

| 日期 | 总数 | | Ａ股 | | B Ha | | | --- | --- | --- | --- | --- | --- | --- | | | 个人 | 机构 | 个人 | 机构 | 个人 | 机构 | | 2025.01 | 156.4278 | 0.6114 | 156.3888 | 0.6097 | 0.0390 | 0.0017 | | 2025.02 | 283.0297 | 0.6068 | 282.9867 | 0.6051 | 0.0430 | 0.0017 | | 2025.03 | 305.6652 | 0.9292 | 305.6196 | 0.9275 | 0.0456 | 0.0017 | | 2025.04 | 191.6209 | 0.8617 | 191.5821 | 0.8584 | 0.0388 | 0.0033 | | 2025.05 | 154.8846 | 0.7163 | 154.8413 | 0.7147 | 0.0433 | 0.0016 | | 2025.06 | 163.8580 | 0.8372 | 163.8022 | 0.8359 | 0. ...

Quantitative Models and Construction - **Model Name**: Macro Scoring Model **Construction Idea**: The model evaluates macroeconomic factors to provide asset allocation signals, focusing on inflation, monetary policy, and global economic conditions[17][20] **Construction Process**: The model assigns scores to macroeconomic subcategories such as domestic and global inflation, monetary policy, and economic conditions. These scores are aggregated to generate asset-specific macro views. For example: - Domestic inflation: Score = 1 - Global inflation: Score = 0 (downward adjustment this month) - Final macro scores for October: - CSI 800: 3 - 10-year bonds: -2 - S&P 500: 2 - Gold: -1 - Oil: 3 - Copper: 3[20] **Evaluation**: The model maintains a positive outlook on equities and commodities, reflecting stable macroeconomic conditions[17][20] - **Model Name**: US Equity Timing Model **Construction Idea**: The model monitors U.S. economic indicators to assess equity market timing opportunities[21] **Construction Process**: The model uses three dimensions equally weighted: - Economic sentiment - Capital flows - Financial stress The latest composite timing indicator value is 72.3, showing improvement from the previous month[21] **Evaluation**: The model supports a bullish view on U.S. equities due to improved economic sentiment and fundamentals[21] - **Model Name**: Gold Timing Model **Construction Idea**: The model evaluates fiscal and monetary trends to determine gold allocation timing[24] **Construction Process**: The model generates a timing indicator based on fiscal deficit trends and global monetary expansion. Current indicator value: -0.63, signaling caution due to reduced U.S. fiscal deficit expansion[24] **Evaluation**: Despite the cautious signal, the model suggests gold retains strong allocation value under global fiscal expansion trends[24] - **Model Name**: Oil Timing Model **Construction Idea**: The model assesses oil market dynamics, including inventory levels and macroeconomic risks[27][29] **Construction Process**: The model calculates an oil sentiment index based on: - Inventory levels - Dollar strength - Investor expectations - Macro risk levels Current index value: 0.39, down from 0.56 last month[27][29] **Evaluation**: The model adopts a neutral stance on oil due to inventory accumulation and dollar rebound[27][29] --- Model Backtesting Results - **Macro Scoring Model**: - September return: 2.3% - 1-year return: 13.5% - Maximum drawdown: 2.9%[3][31] - **US Equity Timing Model**: - Latest indicator value: 72.3[21] - **Gold Timing Model**: - Latest indicator value: -0.63[24] - **Oil Timing Model**: - Latest sentiment index value: 0.39[27][29] --- Asset Allocation Adjustments - **Optimized Allocation**: - CSI 800: Reduced from 11.9% to 8.7% - S&P 500: Increased from 9.4% to 9.6% - Gold: Reduced from 13.5% to 7.0% - Copper: Reduced from 9.7% to 7.3% - Oil: Reduced from 3.9% to 1.9% - 10-year bonds: Increased from 34.7% to 49.8% - Short-term bonds: Reduced from 16.8% to 15.7%[36]

化工产品：整体承压，结构分化 产能过剩整体承压下不同子行业分化明显。价格表现好的子行业主要集中在产能增长压力较小的子行业 如制冷剂，刚需和供给集中的子行业如磷肥钾肥、食品饲料添加剂、部分小品种农药，内需为主或进口 替代的子行业如改性塑料、合成树脂、复合肥等。Q3主要化工品价格价差环比变动有所分化。 根据百川盈孚及Wind数据，截至2025年9月26日，主要化工产品2025Q3平均价格环比上涨、持平和下跌 产品数量占比分别为29%、3%和68%，其中，环比涨幅位居前五的品种分别是TDI、环氧氯丙烷、促进 剂D、R32和草甘膦，涨幅分别为25.7%/21.4%/15.6%/15.2%/13.2%。此外，截至2025年9月26日，主要化 工产品2025Q3平均价差环比上涨、持平和下跌产品数量占比分别为42%、0%和58%，其中，环比涨幅 位居前五的品种分别是电石法PVC、TDI、R32、草甘膦和R134a，分别涨幅为 62.1%/38.7%/24.2%/17.9%/14.0%。 行业观点：看好供需改善的子行业和进口替代的新材料 智通财经APP获悉，浙商证券发布研报称，根据国家统计局数据，2025年前8月化学原料与制 ...

Core Viewpoint - Donghua Testing has signed a strategic cooperation agreement with Nantong Zhenkang to jointly explore market opportunities in high-precision actuators and intelligent modules for industrial and humanoid robots [1] Group 1: Strategic Cooperation - The partnership aims to enhance collaborative innovation in testing control platforms for rotary joint modules and related fields [1] - The focus is on expanding the market for high-precision actuators and intelligent modules in the industrial robot and humanoid robot sectors [1] Group 2: Product Development - The company's six-dimensional force sensor is currently in the small-batch trial production stage [1] - Downstream application areas include industrial robots, humanoid robots, aerospace, automotive, electronics, and medical sectors, which are expected to become new growth points with the industrialization of humanoid robots [1] Group 3: Financial Plans - The company plans to raise 150 million yuan through a private placement to fund the upgrade of the intelligent measurement and control industry and for working capital [1] - The company maintains an "overweight" rating [1]

Group 1 - The core viewpoint of the news is that Xiangnon Chip Innovation has seen a significant stock price increase, with a 5.24% rise on October 10, reaching 103.87 yuan per share, and a total market capitalization of 48.172 billion yuan [1] - The stock has experienced a cumulative increase of 26.78% over the past three days, indicating strong market performance [1] - Xiangnon Chip Innovation was established on September 16, 1998, and went public on June 10, 2015, primarily engaged in the distribution of electronic components, with 97.03% of its revenue coming from this segment [1] Group 2 - According to data from fund holdings, Zheshang Securities Asset Management has a fund that heavily invests in Xiangnon Chip Innovation, specifically the Zheshang Huijin Transformation Growth fund, which held 38,200 shares as of the second quarter, accounting for 3.49% of the fund's net value [2] - The fund has generated a floating profit of approximately 197,500 yuan today and a total of 796,500 yuan during the three-day price increase [2] - The Zheshang Huijin Transformation Growth fund was established on December 30, 2014, with a current scale of 38.9875 million yuan and has achieved a year-to-date return of 46.61% [2]

Group 1 - The core point of the news is that 深信服科技股份有限公司 (Deepin Technology Co., Ltd.) experienced a stock price decline of 5.05%, with a current share price of 118.71 yuan and a total market capitalization of 500.82 billion yuan [1] - The company is primarily engaged in information security, with its revenue composition being 47.68% from network security, 46.36% from cloud computing and IT infrastructure, and 5.96% from basic networking and IoT [1] Group 2 - From the perspective of fund holdings, one fund under 浙商证券资管 (Zheshang Securities Asset Management) has a significant position in 深信服, specifically the 浙商鼎盈事件驱动混合(LOF) (Zheshang Dingying Event-Driven Mixed Fund) which increased its holdings by 400 shares to a total of 4,600 shares, representing 4.4% of the fund's net value [2] - The fund has a total scale of 983.6 million yuan and has achieved a year-to-date return of 30.03%, ranking 3595 out of 8166 in its category [2] Group 3 - The fund manager of 浙商鼎盈事件驱动混合(LOF) is 张雷 (Zhang Lei), who has been in the position for 211 days, with the fund's total asset size being 983.57 million yuan [3] - During his tenure, the fund has recorded a best return of 19.51% and a worst return of 19.51% [3]

Group 1 - The core viewpoint of the news is that Sanhua Intelligent Control experienced a decline in stock price, with a drop of 5.02% to 46.91 CNY per share, and a total market capitalization of 197.44 billion CNY [1] - Sanhua Intelligent Control, established on September 10, 1994, and listed on June 7, 2005, operates primarily in the HVAC and automotive parts sectors, with revenue contributions of 63.88% from HVAC components and 36.12% from automotive components [1] - The company is headquartered in Shaoxing, Zhejiang Province, and has a diverse product range including four-way valves, electronic expansion valves, and components for automotive thermal management [1] Group 2 - According to data, Zheshang Securities Asset Management holds a significant position in Sanhua Intelligent Control through the Zheshang Huijin Advanced Manufacturing Mixed Fund, which reduced its holdings by 6,100 shares in the second quarter [2] - The fund's current holdings amount to 46,400 shares, representing 3.44% of the fund's net value, and it ranks as the sixth largest holding [2] - The fund has achieved a year-to-date return of 39.73%, ranking 2,440 out of 8,166 in its category [2]

Core Viewpoint - The current market is experiencing a technology-led cycle, with three key directions for medium to long-term investment: cyclical reversal, growth emergence, and overseas expansion [2] Group 1: Cyclical Reversal - The cyclical sector is expected to see improved profitability and cash flow, driven by technological iteration and innovation [2] - The shipbuilding industry is entering a new cycle due to the long lifespan of ships (approximately 20 years) and the trend towards new energy and environmental protection [3][4] - The recovery of the engineering machinery sector is analyzed through a "three-step recovery" framework, including high export growth, the initiation of a domestic renewal cycle, and stabilization of the real estate market [5][6][7] - The "three-step recovery" will collectively drive a reversal in the engineering machinery industry [8] - The "anti-involution" policy is expected to improve profitability and cash flow in industries like photovoltaic and lithium battery equipment, enabling technological innovation [8] Group 2: Growth Emergence - The current market cycle is led by artificial intelligence (AI), with a long industrial chain encompassing various applications and hardware [9] - The humanoid robot sector is identified as a promising area, with expectations for large-scale production by 2026 [9] - Investment strategies for humanoid robots should focus on industry leaders and undervalued companies that may transition from "interns" to "full-time employees" within the supply chain [10] Group 3: Overseas Expansion - Chinese companies are pursuing global expansion to mitigate single-market risks and tap into new growth opportunities [11][12] - The investment framework for export-oriented companies should consider whether their products are consumer or capital goods and identify core export markets, particularly in countries involved in the Belt and Road Initiative [13] - The emergence of "multinational companies with Chinese genes" is anticipated, which will benefit from diversified capacity allocation and open up new growth ceilings [13]