Core Viewpoint - The A-share market experienced a strong performance post-National Day holiday, driven by external market support, increased trading volume, and a broad-based rally in various sectors, particularly technology and resource sectors. Market Performance - On October 9, the three major A-share indices rose significantly, with the Shanghai Composite Index up 1.24%, the Shenzhen Component Index up 1.75%, and the ChiNext Index up 1.77% [1] - Over 3,200 stocks in the market saw gains, indicating a strong bullish sentiment [1] Sector Highlights - **Precious Metals and Resources**: The surge in international gold prices led to a collective rise in the precious metals sector, with stocks like Sichuan Gold and Jiangxi Copper hitting the daily limit [1][5] - **Controlled Nuclear Fusion**: The controlled nuclear fusion sector saw explosive growth, with multiple stocks, including Guoguang Electric, reaching the daily limit [1][4] - **Semiconductors**: The semiconductor sector continued its strong performance, with companies like Huahong Semiconductor and CanSemi both hitting historical highs [1] - **Batteries and Other Sectors**: Other sectors such as batteries, securities, and steel also showed notable activity during the trading session [1] Market Drivers - **External Environment and Currency Support**: The strong market performance was supported by a favorable external environment, with global indices rising during the National Day holiday, particularly in Southeast Asia [2] - **Increased Trading Volume**: The trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan, reflecting active participation from new capital [2] - **Technological and Resource Sector Catalysts**: The technology sector was buoyed by positive news from the AI industry, while the resource sector benefited from a historic rise in gold prices, surpassing $4,000 per ounce [2][5] Institutional Insights - **Zhongshan Securities**: The market is expected to continue its upward trend, supported by ongoing inflows of new capital and a stable economic backdrop [3][8] - **CITIC Securities**: The focus remains on technology and gold sectors, with expectations of continued strength in these areas due to global liquidity and improving U.S.-China relations [9] - **Shenwan Hongyuan**: The outlook for the fourth quarter remains positive, with a focus on technology and select cyclical sectors [10] - **Industrial Trends**: Emphasis on sectors benefiting from the "14th Five-Year Plan," including innovative pharmaceuticals, AI, and battery technologies [11]

Core Viewpoint - The gold sector has shown strong performance, with significant price increases in various gold companies, driven by a combination of long-term and short-term factors supporting gold prices [1] Group 1: Market Performance - Gold prices continued to rise during the National Day holiday, supported by a weakening of confidence in sovereign currencies and a global sovereign debt crisis [1] - Companies such as Sichuan Gold and Shandong Gold reached their daily price limits, while Pengxin Resources increased by over 9%, and both Zhongjin Gold and Zijin Mining rose by over 8% [1] Group 2: Supporting Factors - Three new variables have emerged that support the rise in gold prices: the U.S. government shutdown, political changes in Europe and Japan that weaken confidence in sovereign currencies, and a significant inflow of funds into gold ETFs from the U.S. and Europe, indicating a shift in risk aversion from central banks to private investors [1] - The long-term support system for gold remains solid, driven by the restructuring of the global monetary credit system, de-dollarization trends, ongoing gold purchases by central banks, and structural supply-demand imbalances [1] Group 3: Future Outlook - The long-term bullish trend for gold is expected to continue over the next 2-3 years, with no fundamental changes anticipated in the support system [1] - Short-term factors such as the continuation of the Federal Reserve's easing cycle, the normalization of geopolitical risks, and sustained investment demand are likely to keep gold prices at high levels with a strong upward bias [1]

Market Performance - On the first trading day after the holiday, A-shares saw a strong performance with the Shanghai Composite Index rising by 1.24%, surpassing the 3900-point mark for the first time in over 10 years [1] - The Shenzhen Component Index increased by 1.75%, while the ChiNext Index rose by 1.77% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17.269 billion yuan, an increase of 3.571 billion yuan compared to the previous day, with 3200 stocks rising across the market [1] Sector Highlights - The international gold price broke the 4000 USD mark, leading to significant gains in the gold and non-ferrous metal sectors, with stocks like Chifeng Jilong Gold Mining and Sichuan Gold hitting the daily limit [1] - The controlled nuclear fusion concept saw strong performance, with stocks such as Guoguang Electric and Hanhua Welding Technology also hitting the daily limit, following key breakthroughs in China's nuclear fusion device construction [1] - The semiconductor sector experienced a surge, with companies like Zhaoxin Semiconductor and Huahong Semiconductor reaching historical highs [1] - Rare earth permanent magnet stocks collectively rose, with Antai Technology hitting the daily limit and other companies like Jinkeli Permanent Magnet and Zhongkuang Resources increasing by over 8% due to export controls on related rare earth items [1] Underperforming Sectors - The film and cinema sector faced declines, with Huace Film and Television dropping over 12% and other companies like Hengdian Film and China Film hitting the daily limit down, as the 2025 National Day box office fell short of last year's figures [1] - The liquor sector also saw declines, with Gujing Distillery and Huangtai Liquor both dropping over 3% [1] - The real estate sector experienced widespread declines, with Shen Shen Fang A hitting the daily limit down and Zhangjiang Hi-Tech dropping over 9% [1]

Market Overview - The three major indices opened higher on October 9, with the Shanghai Composite Index rising by 1.19% to surpass 3900 points for the first time since August 2015 [1][2] - The Shenzhen Component increased by 1.84%, and the ChiNext Index rose by 1.99%, with over 3200 stocks in the two markets experiencing gains [1][2] - The total trading volume reached 1.65 trillion yuan, an increase of 525.7 billion yuan compared to the previous trading day [1] Sector Performance - The STAR 50 Index saw a gain of over 5%, with significant increases in the semiconductor industry, including Chipone Technology rising over 16% [1][2] - The GPU, controllable nuclear fusion, and rare earth sectors led the gains, while real estate and short drama sectors faced declines [3][4] - Notable stocks included ZTE Corporation, which hit the daily limit with a trading volume exceeding 12 billion yuan, and H-shares rising nearly 12% to a historical high [3] Chip Sector Highlights - The storage chip sector experienced a significant surge, with companies like Huahong Semiconductor and Yake Technology hitting their daily limits [4][5] - The STAR 50 ETF increased by 3.31%, with stocks such as Western Superconducting and Chipone Technology showing gains of over 16% [5][6] - A recent report indicated that global storage chip prices have been rising, with expectations of a 10% increase in server eSSD prices and a 10-15% rise in DDR5 RDIMM prices in Q4 2025 [6] Gold and Precious Metals - Gold futures surged, with the main contract breaking the 900 yuan/gram mark, reaching a historical high of 913.5 yuan/gram [7][8] - The precious metals sector saw collective gains, with companies like Sichuan Gold and Zhongjin Gold rising significantly [8] Nuclear Fusion and Rare Earth Developments - The controllable nuclear fusion sector showed strong performance, with companies like Hezhong Intelligent and Western Superconducting gaining traction following news of China's nuclear fusion device construction [9] - Rare earth stocks also performed well, with Baotou Steel and Northern Rare Earth seeing increases after the Ministry of Commerce announced new export controls on rare earth technologies [10]

Market Overview - The three major indices opened higher, with the Shanghai Composite Index rising by 1.19%, Shenzhen Component Index by 1.84%, and ChiNext Index by 1.99%, marking the first time since August 2015 that the Shanghai Composite Index surpassed 3900 points [1] - Over 3200 stocks in the two markets increased, with a trading volume of 1.65 trillion yuan, an increase of 525.7 billion yuan compared to the previous trading day [1] Semiconductor Sector - The semiconductor industry saw significant gains, with the STAR 50 Index rising over 5%. Notable stocks included Chipone Technology, which surged over 16%, and other companies like Zhongwei Technology and Canaan Inc. also performed well [1][7] - Storage chip stocks experienced a breakout, with Huahong Semiconductor hitting a 20% limit up, and several other companies like Yake Technology and Shenzhen South Circuit also reaching their limits [5] - The STAR 50 ETF increased by 3.31%, with stocks like Western Superconducting and Chipone Technology seeing gains exceeding 16% [7] Gold and Precious Metals - Gold futures surged, breaking the 900 yuan/gram mark, reaching a historical high of 913.5 yuan/gram. The precious metals sector saw significant increases, with companies like Sichuan Gold and Zhongjin Gold hitting their upper limits [9] - COMEX gold futures fell by 0.81% to $4037.4 per ounce, but had accumulated a 4.45% increase during the National Day holiday [9] Controlled Nuclear Fusion - Stocks related to controlled nuclear fusion showed strong performance, with companies like Hezhong Intelligent and Western Superconducting gaining traction. The construction of China's nuclear fusion device BEST has begun, which is expected to demonstrate nuclear fusion power generation by 2030 [10] Rare Earth Sector - Rare earth stocks also performed well, with Baotou Steel rising over 8% and Northern Rare Earth increasing over 6%. The Ministry of Commerce announced new export controls on rare earth-related technologies, which may impact the sector [11][12]

Market Overview - The A-share market experienced a strong opening on the first trading day after the National Day and Mid-Autumn Festival holidays, with all three major indices rising. The Shanghai Composite Index increased by 0.65%, surpassing 3900 points, marking a new 10-year high [1][2] - The Shenzhen Component Index and the ChiNext Index both rose over 1% [1] Sector Performance - The opening saw a collective surge in the non-ferrous metals and gold sectors, with notable stocks such as Shandong Gold and Sichuan Gold reaching new highs. The gold stock ETFs also saw significant gains, with one ETF rising by 7.43% and another by 9.64% [7][8] - Other sectors such as media and entertainment, transportation services, and tourism experienced pullbacks [2] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation rate at 1.40% [3] Hong Kong Market - The Hong Kong market opened high but saw a decline, with the Hang Seng Index and Hang Seng Tech Index both experiencing a drop of over 1%. The innovative drug sector faced significant pullbacks, with several companies dropping more than 5% [5] Gold Market Insights - The spot gold price surpassed $4000 per ounce, reaching a historical high, while COMEX gold futures rose by 1.42% to $3862.9 per ounce. The gold market is believed to be entering a "third wave" of price increases, driven by various geopolitical and economic factors [9][8] Nuclear Fusion Sector - The controlled nuclear fusion concept saw a strong rally, with several companies experiencing significant stock price increases. Recent advancements in fusion energy projects in China are contributing to positive market sentiment [11] Future Market Outlook - Several brokerages are optimistic about the overall market performance in the fourth quarter, highlighting a focus on technology sectors and specific cyclical stocks. The report suggests that technology growth will continue to be a key driver, with particular attention to AI applications and semiconductor manufacturing [12]

或由于美联储持续降息预期，叠加长假期间，铜、黄金等大宗商品价格狂飙，今日（10月9日）揽尽有 色金属行业龙头的有色龙头ETF（159876）场内价格盘中飙涨超6.3%，现涨5.85%，刷新上市以来的高 点！实时成交额超8700万元，当前成交额已超前一交易日全天的成交额，交投火热！ ETF放量突破上市高点，或为资金买点信号！截至发稿，有色龙头ETF（159876）获资金实时净申购 6060万份！ 成份股方面，云南铜业、江西铜业、白银有色、四川黄金、山东黄金5股涨停！西部超导涨超15%，铜 陵有色、兴业银锡涨逾9%，赣锋锂业、中金黄金等个股大幅跟涨。 | 【宏观驱动】 | 前金 | 美联储降息周期+地缘扰动引发避险需求+央行增持 | | --- | --- | --- | | 【战略安全】 | 稀土、钨、锡 | 战略金属受益于全球博弈 | | 【政策护航】 | 锂、钴、镖 | "反内卷"逻辑影响,板块迎来估值修复 | | 【供需格局】 | 铜、铝等工业金属 | 新兴产业需求释放+供给增量有限,供需紧平衡 | 值得关注的是，深交所数据显示，上一交易日（9月30日），有色龙头ETF（159876）单日吸金3463万 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002266 | 浙富控股 | 数 | 10.12 | 233亿 | 45.27 | | 603588 | 高能环境 | | 10.06 | 120亿 | 52.26 | | 000878 | 云南铜业 | 家 | 10.01 | 385 C | 61.00 | | 600362 | 江西师业 | 1 | 10.00 | 1352亿 | 94.73 | | 601212 | 日银有色 | 1 | 10.00 | 342亿 | 66.19 | | 600089 | 特变电工 | 1 | 10.00 | 989亿 | 56.84 | | 001337 | 四川黄金 | 1 | 10.00 | 128亿 | 47.46 | | 600547 | 山东黄金 | 1 | 9.99 | 1994 Z | 92.07 | | 000630 | 铜陵有色 | 1 | 9.51 | 787亿 | 87.50 | | 600489 | 中金黄金 | 1 | 8.71 | 1 ...

Core Viewpoint - The gold sector showed strong performance on October 9, with several companies reaching their price limits and others opening significantly higher [1] Company Performance - Sichuan Gold, Chifeng Gold, Laisun Holdings, and Silver Industry all hit the upper price limit during the trading session [1] - Xiaocheng Technology, Shandong Gold, and Zhongjin Gold opened more than 7% higher [1]

赤峰黄金、四川黄金、白银有色、江西铜业涨停，山金国际、西部黄金、山东黄金、中金黄金等多股高 开。 (本文来自第一财经) ...