程强系德邦证券研究所所长、首席经济学家、中国首席经济学家论坛理事 PART.01 市场概览 2025年10月24日周五，A股市场震荡上行，科技股领涨；国债期货小幅下跌；商品指数震荡，原油和欧 线延续强势。 PART.02 市场行情分析 1）股票市场：放量高开高走，上证再创10年新高 主要股指全线上涨，上证放量新高。今日A股市场延续强势格局，主要指数全线上涨，上证指数上涨 0.71%，收报 3950.31 点，再创年内新高和近10年新高；深证成指上涨2.02%，收报 13289.18 点；创业 板指表现更为强劲，大涨3.57%，收报 3171.57 点；科创50指数延续近期强势，单日涨幅达4.35%，收报 1462.22点。全市场成交额显著放大至1.99万亿，较前一交易日增19.9%，显示增量资金入场明显，市场 交投活跃度提升。市场合计3025只个股上涨、2273只个股下跌，暂未形成大面积普涨局面。 十五五科技主线确立，科技权重领涨，红利回调。中共中央今日举行的新闻发布会解读"十五五"规划建 议，提出"未来10年将再造一个中国高技术产业"，"加快新能源、新材料、航空航天、低空经济等战略 性新兴产业集群发展"，" ...

Core Insights - Several fund companies have disclosed their Q3 2025 reports, including two "doubling funds," namely China Europe Digital Economy Mixed Fund and Yongying Technology Select [1] Fund Performance - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its scale surge from 1.527 billion to 13.022 billion, an increase of over 750% [3] - As of October 23, the fund's A share has a year-to-date return of 127% [3] - The top ten holdings of the fund include companies like NewEase, Alibaba-W, and Tencent Holdings [3] Investment Strategy - The fund maintains a high allocation and focuses on five core investment directions: AI infrastructure, intelligent robotics and autonomous driving, AI applications, edge AI, and the domestic AI industry chain [3] - Specific adjustments include a slight reduction in AI infrastructure, increased allocation to intelligent robotics, optimization of AI application portfolios, and enhanced allocation to edge AI [3] Market Outlook - The AI sector's overall valuation is no longer in a low range, with some popular stocks reflecting optimistic growth expectations for the coming years [4] - Investment opportunities and risks coexist, as the AI technology is in a phase of accelerated iteration and commercialization, with a high industry ceiling [4] Other Fund Performance - Yongying Technology Select Fund's scale expanded from 1.166 billion to 11.521 billion, nearly a ninefold increase in a single quarter [4] - As of October 23, the fund's A share has a year-to-date return exceeding 185% [4] - Key holdings include leading optical module stocks, with significant increases in positions for NewEase, Zhongji Xuchuang, and Tianfu Communication [4] Future Trends - The global cloud computing industry remains a key focus, with AI model values being enhanced through various pricing strategies [5] - The investment in AI computing power is expected to rise, driven by new cloud companies and mutual investments between chip and model manufacturers [5] - The optical communication and PCB industries are anticipated to see significant technological advancements by 2027, with new products expected to enter the market [6]

2025年国产算力产业正迎来供需共振的爆发期。需求端，大厂资本开支延续高增态势，算力国产化共识 逐步形成；供给端，先进制程突破与企业创新驱动下，一条自主可控的产业链加速成型。在此背景下， 政策密集加持与技术路径创新，推动产业迈向新阶段。 10月24日，科技部党组书记、部长阴和俊在中共中央新闻发布会上提到，下一步将继续加强基础研究和 关键核心技术攻关，聚力开发新的模型算法、高端算力芯片，不断夯实人工智能发展的技术根基。 此前的10月11日，工信部联合国家发改委、教育部等七部门印发《深入推动服务型制造创新发展实施方 案》，为算力产业的未来划定了新航向。该方案明确，加强新型信息基础设施建设，按需布局算力基础 设施，加速算力与行业融合应用。引导通用大模型、行业大模型及智能体在重点制造场景落地，并同步 强化网络和数据安全保障能力。 以上标志着，国家的算力战略正从规模扩张的"第一阶段"，迈向与实体经济深度融合、创造价值的"第 二阶段"。而光模块赛道，也有望成为这场算力革命中的受益者。 浙商证券指出，2025年国产算力崛起，需求端大厂资本开支延续高增态势+算力国产化共识逐步形成； 供给端先进制程突破，寒武纪、摩尔线程营收放 ...

Core Points - The A-share market experienced a significant rebound, with the Shanghai Composite Index surpassing 3950 points and a trading volume of 1.99 trillion yuan, indicating a strong market sentiment [1][2] - The technology sector, particularly semiconductor stocks, led the market rally, while traditional cyclical stocks like liquor and oil saw declines, highlighting a stark divergence in stock performance [4][5] - Analysts suggest that the recent adjustments in the technology sector present a buying opportunity for quality leading companies as third-quarter reports are nearing completion and tariff concerns may soon dissipate [1][8] Market Performance - The Shanghai Composite Index rose by 0.71% to close at 3950.31 points, marking a new high for the current phase, with the ChiNext Index increasing by 3.57% [2] - The trading atmosphere improved significantly, with a daily trading volume increase of 330 billion yuan compared to the previous trading day [2] - The margin financing balance slightly decreased to 1.24 trillion yuan as of October 23 [2] Sector Analysis - Among the 31 first-level industries, 16 sectors closed in the green, with notable gains in communication and electronics, both rising nearly 5% [3] - The semiconductor, storage chip, and communication device sectors saw substantial increases, while traditional sectors like liquor and steel faced declines [4][5] - Specific stocks such as communication and electronic companies experienced significant price increases, with many hitting their daily limit [5][6] Investment Insights - Analysts emphasize the importance of focusing on technology and innovation as key investment themes, particularly in light of the "14th Five-Year Plan" which prioritizes technological advancement [7][9] - The market sentiment has shifted from cautious to optimistic, driven by policy catalysts and a return to technology as a main investment theme [8][9] - There is a potential for continued structural opportunities in non-technology sectors, especially if the current technology rally is merely a technical rebound [8]

周五（10月24日），算力硬件午后持续爆发，创业板人工智能单日暴涨超5%！光模块CPO三巨头带头 冲锋，中际旭创暴涨超12%续创新高，新易盛涨超7%，天孚通信涨超6%。其它热门个股方面，长芯博 创涨超11%，北京君正、太辰光、联特科技、光库科技、兆龙互连等多股涨超3%。 | 序号 | 什CB | 名称 | 现价 | 涨跌幅 | | | --- | --- | --- | --- | --- | --- | | | 300308 | 中际旭创 | 494.00 | 12.05% | 230.34亿 | | 2 | 300548 | 长芯博创 | 109.60 | 11.36% | 33.49亿 | | 3 | 300223 | 北京君正 | 89.99 | 7.94% | 36.97亿 | | 4 | 300502 | 新易盛 | 372.97 | 7.25% | 199.30 Z | | 5 | 300570 | 太辰光 | 108.30 | 7.20% | 19.15 Z | | 6 | 300394 | 天孚通信 | 178.00 | 6.46% | 81.42亿 | | 7 | 300053 | 航宇微 ...

Market Overview - The market indices experienced significant gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 0.71%, 2.02%, and 3.57% respectively, and over 3,000 stocks rising while more than 2,200 stocks fell [4] - The trading volume approached 2 trillion yuan, indicating increased market activity [4] - The Shanghai Composite Index reached a new high for the year, while the ChiNext Index also returned to near its yearly high [5] Storage Sector - The storage sector opened strongly, with several stocks hitting the daily limit, including Xianggang Technology, Dwei Co., and Purun Co., among others [8] - The flash memory and DRAM sectors saw increases of 8.25% and 7.92% respectively, driven by price hikes from major companies like Samsung and SK Hynix, which raised prices by up to 30% [8] - The surge in the storage sector was also influenced by a significant rise in U.S. storage stocks, particularly SanDisk, which increased by over 13.6% [8] Financial Sector - The financial sector initially lagged behind the market, with no mentions in the recent five-year plan, leading to a perception of underperformance [12] - However, after a statement from a senior financial official emphasizing the importance of high-quality financial development, the sector saw a rebound, with brokerage stocks gaining 0.85% by the end of the day [12] Technology and Robotics - Jinfutech experienced a sharp rise after announcing a collaboration with Shanghai Hanzhi Information Technology and receiving a manufacturing order for humanoid robots [16] - This marked a significant advancement in the company's involvement in the robotics sector, moving beyond mere partnerships to actual manufacturing contracts [16]

主力资金净流出的行业有20个，医药生物行业主力资金净流出规模居首，全天净流出资金24.85亿元， 其次是食品饮料行业，净流出资金为17.53亿元，净流出资金较多的还有煤炭、传媒、商贸零售等行 业。 通信行业今日上涨4.73%，全天主力资金净流入26.59亿元，该行业所属的个股共125只，今日上涨的有 98只，涨停的有1只；下跌的有22只。以资金流向数据进行统计，该行业资金净流入的个股有64只，其 中，净流入资金超亿元的有7只，净流入资金居首的是中际旭创，今日净流入资金12.56亿元，紧随其后 的是新易盛、长芯博创，净流入资金分别为8.01亿元、2.65亿元。通信行业资金净流出个股中，资金净 流出超5000万元的有7只，净流出资金居前的有中国联通、三维通信、中国电信，净流出资金分别为 1.69亿元、1.60亿元、1.07亿元。（数据宝） 通信行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 12.05 | 4.44 | 125576.99 | | 300 ...

| 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 159388 | 创业板人工智能ETF国泰 | 1.805 | 0.095 | 5.56% | | 159381 | 创业板人工智能ETF华夏 | 1.665 | 0.086 | 5.45% | | 159242 | 创业板人工智能ETF大成 | 1.490 | 0.077 | 5.45% | | 159363 | 创业板人工智能ETF华宝 | 0.884 | 0.046 | 5.49% | | 159382 | 创业板人工智能ETF南方 | 1.893 | 0.096 | 5.34% | | 159246 | 创业板人工智能ETF富国 | 1.667 | 0.084 | 5.31% | | 159279 | 创业板人工智能ETF华安 | 1.010 | 0.049 | 5.10% | 有券商表示，AI应用生态日趋完善，大模型技术在金融、医疗、教育等垂直领域的渗透率快速提升，商业化进程超出市场预 期；随着政策支持力度加大和国产算力建设提速，人工智能产业链各环节龙头企业有望持续受益。 ...

智通财经记者 | 刘沥泷 智通财经编辑 | 宋烨珺 10月22日，关于"明年，三大运营商每月将向该公司采购一万张芯片 "的传闻在社交媒体流传开，被"小作文"突袭的寒武纪（688256.SH）当天下午开盘后直 接从平盘附近快速拉升至涨超7%。 寒武纪并非孤例，近期以来多只市场热门股都曾因"小作文"的影响，股价在短时间内出现剧烈波动。 例如，上周末（10月18日、19日）有关"海外大客户2026年1.6T光模块需求量从700-1000万只暴增至2000万只"的市场传闻持续发酵。受此影响，以新易盛 （300502.SZ）、中际旭创（300308.SZ）、天孚通信（300394.SZ）等为代表的多只光模块个股在本周集中大涨，中际旭创甚至还在10月24日盘中一度刷出 了历史新高。 今年以来，部分"大块头"科技股的凌厉走势，成为A股市场最亮眼的明星。截至10月23日，胜宏科技（300476.SZ）、新易盛、中际旭创年内最大涨幅分别 高达791.10%、758.95%和584.24%，万亿市值的工业富联（601138.SH）、以及一度登临"股王"之位的寒武纪年内最大涨幅也分别达到422.53%和206.51%。 近期扰动市 ...

Group 1 - The core viewpoint of the news highlights the significant performance of the cloud computing ETF, Huatai-PineBridge (159273), which surged nearly 4% due to favorable policy developments, with trading volume exceeding 420 million yuan, far surpassing the previous day's total [1][3] - As of October 23, the latest scale of the cloud computing ETF Huatai-PineBridge has exceeded 1.6 billion yuan, maintaining a leading position among its peers [1] - Major stocks within the ETF's index saw positive movements, with notable gains from companies such as Zhongji Xuchuang (over 10% increase) and Xinyi Sheng (7% increase) [4] Group 2 - A recent agreement between China and the U.S. involves Chinese representatives visiting Malaysia for economic and trade discussions from October 24 to 27, indicating ongoing diplomatic engagement [3] - High-level discussions emphasized significant achievements in high-quality development and advancements in technological self-reliance during the "14th Five-Year Plan" period [3][6] - Analysts from China Galaxy Securities express a long-term positive outlook on the computing power industry, driven by AI and semiconductor growth, with expectations for continued demand in various sectors [6][7] Group 3 - Domestic AI computing power leaders, Haiguang Information and Cambricon, reported substantial revenue growth in their third-quarter results, indicating a robust expansion phase for domestic AI computing capabilities [9] - Haiguang Information achieved a revenue of 9.49 billion yuan, a year-on-year increase of 54.65%, while Cambricon reported a staggering 2386.38% increase in revenue, reaching 4.607 billion yuan [9] - The cloud computing ETF Huatai-PineBridge is positioned to capture opportunities in the AI-driven computing landscape, covering a wide range of sectors including hardware, cloud services, and IT services [9]