每经编辑｜张喜威 王晓波 V国新室将于10月14日举行"高质量完成 五'规划"系列主题新闻发布会，介绍"十P 粮食流通改革发展成效 ②德国9月CPI数据将公布 3 欧元区10月ZEW经济景气指数将公布 4 美国IMF公布《全球经济展望报告》 5 甲骨文Al World大会将召开 1 隔夜市场 美股三大指数集体收涨，道指涨1.29%，纳指涨2.21%，标普500指数涨1.56%，热门科技股普涨，博通涨超9%，特斯拉、甲骨文涨超5%，谷歌涨超3%，英 伟达涨超2%；加密矿企、贵金属、半导体涨幅居前，Bitfarms涨超28%，纳微半导体涨超21%，Arm涨超11%，美光科技、泛美白银涨超6%，高通涨超5%。 烟草食品、减肥药板块走低，Beyond Meat跌超48%，通用磨坊跌超2%，礼来跌超1%。纳斯达克中国金龙指数涨3.21%，中概股普涨，世纪互联涨超10%， 蔚来涨近7%，名创优品涨超5%，阿里巴巴、京东涨超4%，小鹏汽车、百度涨超3%。 现货黄金涨2.29%，报4110.02美元/盎司，再创新高，盘中最高报4117.02美元/盎司；现货白银大涨4.39%，报52.33美元/盎司，续刷历史新高；COMEX黄 ...

Core Viewpoint - The A-share market is expected to maintain a steady upward trend in October, driven by stable inflows of external funds and anticipated rebounds in earnings growth across various industries due to low base effects from the previous year [1][2]. Group 1: Market Trends and Expectations - The market is likely to continue the trend observed in September, with a low-slope upward movement [1]. - October marks the window for Q3 earnings reports, which are expected to show a rebound in profitability for most industries, enhancing market confidence [1]. - Major sectors of focus include new energy, non-ferrous metals, and electronics, which have seen increased attention [1][6]. Group 2: Sector Focus and Recommendations - Key areas of interest include AI computing, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, alongside the "anti-involution" theme which may see policy support [2]. - The TMT (Technology, Media, and Telecommunications) sector is favored due to ongoing industry trends and potential catalysts such as the onset of a Federal Reserve rate cut cycle [3]. Group 3: Broker Recommendations - As of October 10, 2025, 40 brokers have disclosed their top stock picks, involving 267 A-share companies, with many stocks being recommended by multiple brokers [3][4]. - The electronics sector leads with 61 companies included in the October broker picks, marking its 20th consecutive month as the most recommended sector [6][7]. - Other sectors with significant representation include power equipment, non-ferrous metals, automotive, machinery, and biomedicine, each with over 20 companies recommended [6][7]. Group 4: Notable Stocks and Performance - 24 stocks have been jointly recommended by three or more brokers, with notable mentions including Luxshare Precision, Keqing Network, and Zhaoyi Innovation, each recommended by six brokers [9]. - Zhaoyi Innovation, a leader in storage chips, has seen substantial institutional interest, with public funds holding nearly 27 billion yuan and northbound funds over 5.1 billion yuan [9]. - The stock of Zijin Mining, a leading non-ferrous metal company, has gained over 99% in the first three quarters of 2025, attracting significant attention from brokers [16]. Group 5: Industry Distribution of Recommended Stocks - The distribution of recommended stocks shows a notable increase in the number of picks from the power equipment, non-ferrous metals, and electronics sectors compared to the previous month, with increases of 17, 11, and 9 stocks respectively [6][7]. - Conversely, sectors such as non-bank financials, food and beverage, and telecommunications saw a decrease in recommended stocks, with non-bank financials dropping by 13 stocks [6][7].

Group 1 - The report predicts that the index will maintain a fluctuating upward trend in October, supported by positive overseas market performance and domestic monetary policy adjustments [1][2] - The focus remains on high-quality development sectors, particularly technology growth, as indicated by recent government articles emphasizing economic policy [2][3] - The report highlights the importance of macroeconomic factors over valuation metrics in determining market trends, especially in the context of the current weak dollar environment [2][3] Group 2 - The investment strategy emphasizes a core focus on self-sufficient chip production, alongside sectors benefiting from price increases and favorable market conditions [3][4] - The recommended stocks include companies like Haiguang Information, Kunlun Wanwei, and Zhaoyi Innovation, which are positioned to benefit from the ongoing trends in technology and AI [4][9] - The report outlines financial projections for the recommended stocks, indicating expected growth in revenue and net profit for the years 2025 to 2027 [67] Group 3 - Haiguang Information is expected to see steady growth in CPU and DCU product revenues due to the domestic push for AI capabilities [12][13] - Kunlun Wanwei is advancing its AI business across the entire industry chain, with significant developments in AI applications and models [15][16] - Zhaoyi Innovation is projected to achieve substantial revenue growth driven by its competitive position in the NOR and DRAM markets, particularly benefiting from the AI wave [20][21] Group 4 - Aerospace Electronics is positioned for rapid growth in the commercial aerospace sector, focusing on satellite internet and drone systems [31][32] - High Energy Environment is benefiting from rising metal prices and a stable resource recycling operation, with significant profit contributions expected [36][37] - Northern Huachuang is set to gain from increased domestic equipment adoption and the expansion of semiconductor production lines [42][43] Group 5 - Heng Rui Pharmaceutical is accelerating its internationalization process with a robust pipeline of innovative drugs, expected to yield significant licensing revenues [54][55] - Ningde Times is projected to maintain strong growth in battery production, driven by increasing demand in energy storage and electric vehicles [58][59] - Shanghai Washba is focusing on solid-state battery technology, with anticipated significant profit growth from its recent acquisitions and expansions [63][64]

Market Overview - The automotive chip sector experienced a decline of 4.22%, ranking among the top losers in the concept sector as of the market close on October 10 [1] - Notable declines within the sector included C Yunhan, Aojie Technology, and Dongxin Co., with significant gains seen in Yangjie Technology, *ST Huawang, and China Haifang, which rose by 5.59%, 3.05%, and 2.25% respectively [1] Concept Sector Performance - The top-performing concept sectors included: - Armament Reorganization Concept: +4.83% - 2025 Q3 Report Pre-increase: +3.44% - Tianjin Free Trade Zone: +2.13% - Animal Vaccine: +1.93% - Glyphosate: +1.92% [2] - Conversely, the sectors with the largest declines included: - National Big Fund Holdings: -5.04% - Tonghuashun Fruit Index: -4.64% - Chinese AI 50: -4.52% - MCU Chips: -4.26% [2] Capital Flow Analysis - The automotive chip sector saw a net outflow of 12.497 billion yuan, with 111 stocks experiencing net outflows, and 32 stocks seeing outflows exceeding 100 million yuan [2] - The largest net outflow was from Changdian Technology, with 866.35 million yuan, followed by Haowei Group, Zhaoyi Innovation, and Sanan Optoelectronics with outflows of 769 million yuan, 555 million yuan, and 515 million yuan respectively [2] Individual Stock Performance - Key stocks with significant net outflows included: - Changdian Technology: -6.87% with a turnover rate of 9.29% and a net outflow of 866.35 million yuan - Haowei Group: -5.47% with a turnover rate of 2.98% and a net outflow of 768.72 million yuan - Zhaoyi Innovation: -4.64% with a turnover rate of 6.65% and a net outflow of 552.89 million yuan [3] - Stocks with notable gains included: - Yangjie Technology: +5.59% with a turnover rate of 8.13% and a net outflow of 301.77 million yuan [3] Additional Insights - The automotive chip sector's performance reflects broader market trends, with significant capital movements indicating investor sentiment and potential volatility in the sector [2][3]

Group 1 - The MCU chip concept sector experienced a decline of 4.26%, ranking among the top declines in the concept sector, with notable declines in companies such as C Yunhan, Jinghe Integration, and Wanxiang Qianchao [1] - Among the concept stocks, 10 stocks saw price increases, with Dingxin Communications, Yingboer, and Aerospace Zhizhuang leading the gains at 4.85%, 4.28%, and 1.93% respectively [1] - The concept sector with the highest net outflow of funds was the MCU chip sector, with a total net outflow of 7.576 billion yuan, where 67 stocks experienced net outflows, and 20 stocks had outflows exceeding 100 million yuan [1] Group 2 - The top net outflow stocks in the MCU chip sector included Haowei Group with a net outflow of 769 million yuan, followed by Zhaoyi Innovation, Allwinner Technology, and Beijing Junzheng with net outflows of 555 million yuan, 499 million yuan, and 428 million yuan respectively [1][2] - The stocks with the highest net inflow of funds included Midea Group, Puran Co., and Aerospace Zhizhuang, with net inflows of 90.751 million yuan, 65.185 million yuan, and 56.856 million yuan respectively [1][4] - The overall market sentiment in the MCU chip sector indicates a significant capital withdrawal, reflecting investor caution and potential volatility in the sector [1][2]

Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].

Group 1 - The core focus of the news is on the October "Golden Stocks" list released by brokerages, with nearly 200 stocks included, and Zhaoyi Innovation being the most recommended stock by five brokerages [1][2] - The electronics industry has the highest representation in the October "Golden Stocks," with 27 stocks recommended, followed by the power equipment industry with 25 stocks [2] - Analysts predict a new upward momentum in the A-share market after a period of consolidation, driven by the upcoming third-quarter reports and significant policy meetings [2][16] Group 2 - Zhaoyi Innovation's non-net profit attributable to shareholders reached 544 million, showing a year-on-year growth of 14.99% [10] - The main revenue contributor for Zhaoyi Innovation is storage chips, accounting for 68.55% of total revenue, followed by microcontrollers at 23.11% [12] - The company is advancing its storage chip technology and may replicate the growth path of Nor Flash, with customized DRAM expected to open new growth opportunities [15]

Core Viewpoint - The digital economy theme index has experienced a decline, with significant drops in key component stocks, while the demand for AI computing power is projected to grow exponentially, indicating a potential shift in industry dynamics towards a sustainable growth phase [1][2]. Group 1: Market Performance - As of October 10, 2025, the CSI Digital Economy Theme Index (931582) has decreased by 4.46% [1]. - Key component stocks such as Jinghe Integrated (688249) and others like Runze Technology (300442), Zhongke Shuguang (603019), and Inspur Information (000977) have also seen declines [1]. - The digital economy ETF (560800) has undergone adjustments, with a turnover rate of 4.13% and a transaction volume of 29.6351 million yuan [1]. Group 2: Industry Growth - According to IDC data, global AI computing power demand is growing at a compound annual growth rate (CAGR) of 60% [1]. - By 2025, China's intelligent computing power is expected to exceed 105 EFLOPS, equating to the capability of 7 billion people performing high-intensity mathematical operations simultaneously [1]. - Dongwu Securities indicates that the demand for global computing power, storage, and high-speed connectivity is experiencing exponential growth, suggesting a transition from quantitative to qualitative changes in the industry [1]. Group 3: Index Composition - The CSI Digital Economy Theme Index includes companies involved in digital economy infrastructure and high levels of digitalization [2]. - As of September 30, 2025, the top ten weighted stocks in the index account for 54.31% of the total index weight, with companies like Dongfang Caifu (300059) and Zhongxin International (688981) leading [2].

10月10日，兆易创新跌5.01%，截至发稿，报214.20元/股，成交46.48亿元，换手率3.18%，总市值 1427.25亿元。 资料显示，兆易创新科技集团股份有限公司位于北京市海淀区丰豪东路9号院中关村集成电路设计园8号 楼,香港铜锣湾希慎道33号利园1期19楼1915室，成立日期2005年4月6日，上市日期2016年8月18日，公 司主营业务涉及集成电路存储芯片的研发、销售和技术支持。主营业务收入构成为：存储芯片 68.55%，微控制器23.11%，传感器4.65%，模拟产品3.67%，技术服务收入及其他收入0.02%。 从基金十大重仓股角度 数据显示，汇丰晋信基金旗下1只基金重仓兆易创新。汇丰晋信科技先锋股票（540010）二季度持有股 数18.8万股，与上期相比持股数量不变，占基金净值比例为6.62%，位居第五大重仓股。根据测算，今 日浮亏损失约212.2万元。 汇丰晋信科技先锋股票（540010）成立日期2011年7月27日，最新规模3.59亿。今年以来收益79.2%，同 类排名116/4220；近一年收益71.66%，同类排名172/3852；成立以来收益237.94%。 汇丰晋信科技先锋股 ...

Market Overview - On the first trading day of October, the Shanghai Composite Index opened high and broke through the 3900-point mark, reaching the highest level since August 2015, closing up 1.32% [1] - In September, the A-share market saw a fluctuating upward trend, with the Shanghai Composite Index rising 0.64%, the Shenzhen Component Index up 6.54%, and the ChiNext Index up 12.04% [2] Earnings Season and Market Sentiment - The third-quarter earnings report window is approaching, with over 30 brokerage firms releasing their October investment portfolios and market views [3] - Multiple institutions are optimistic about the market's continued upward trend, emphasizing the importance of third-quarter earnings trading [4] - The market is expected to maintain a "slow bull" trend due to the dual catalysts of the earnings season and significant meetings in October [5] Sector Performance - In September, 13 out of 31 primary industries saw gains, with the top three performing sectors being Power Equipment (up 21.17%), Nonferrous Metals (up 12.79%), and Electronics (up 10.96%) [2] - The sectors expected to benefit from the earnings report include AI, innovative pharmaceuticals, new energy, communications, nonferrous metals, gaming, and Hong Kong internet stocks [5] Recommended Stocks - The top recommended stocks for October include: - **Kying Network (002517.SZ)**: Recognized for its stable fundamentals and successful expansion into new game categories [7][8] - **Luxshare Precision (002475.SZ)**: Anticipated to benefit from the traditional peak season for consumer electronics and AI hardware demand [11][12] - **GigaDevice (603986.SH)**: Expected to see growth due to rising storage chip prices and increased product development [13][15] - **Luoyang Molybdenum (603993.SH)**: Positioned for growth with rising prices in copper and cobalt, and strong performance in gold [17][19] - **Haiguang Information (688041.SH)**: Projected to maintain significant growth with expanding market share in CPU products [21][23] - **Muyuan Foods (002714.SZ)**: Anticipated to benefit from favorable policies and improving industry fundamentals [25][27]