股价刚创新高，股东减持接踵而至。 9月26日，光模块龙头中际旭创（300308.SZ）发布公告称，公司控股股东中际投资计划未来三个月减持 公司股份不超过550万股，占公司总股本的0.49%。 就在近期，公司股价触及457元的历史新高，截至9月26日收盘报413.7元，若按照最新收盘价计，此次 减持套现金额约22亿元。 公司股价站上历史高位之际，控股股东选择"落袋为安"。这并非孤例。记者据Wind不完全统计，仅本 周末（9月26日至28日），A股市场就有100家上市公司密集发布减持公告，涉及硬件设备、半导体、医 药生物、消费等热门赛道。 股价翻数倍，股东"组团"减持 具体看来，中际旭创公告显示，中际投资合计持有公司股份1.27亿股，占公司总股本的11.42%，本次减 持以大宗交易方式进行。中际投资及其一致行动人承诺，自本次减持计划完成后12个月内不减持公司股 份。 公司9月17日晚间公告显示，7月1日至9月17日，特定股东苏州益兴福企业管理中心（有限合伙，下 称"益兴福"）及其一致行动人，总共减持该公司463.41万股，合计持股比例由9.417%减少至8.9999%。 按照三季度股价均值300元计，益兴福可能套 ...

Industry Insights - The Ministry of Industry and Information Technology and seven other departments have issued a plan for stabilizing growth in the non-ferrous metals industry, targeting an average annual growth of around 5% in value-added output from 2025 to 2026, and a 1.5% annual increase in the production of ten non-ferrous metals [1] - The industrial profits of large-scale enterprises showed significant improvement, with a year-on-year growth of 20.4% in August, reversing a previous decline of 1.5% [4] - The government is focusing on stabilizing the petrochemical and chemical industries, recommending investments in leading companies with stable performance and high dividends, such as China Petroleum and China Petrochemical [11] Company Developments - The IPO application of Moore Threads has been approved, aiming to raise 8 billion yuan, potentially becoming the largest IPO on the Sci-Tech Innovation Board this year, indicating strong support for domestic high-performance GPU and AI computing chip companies [2] - Ningbo Huaxiang has signed a patent licensing agreement with Jilin University for the industrialization of PEEK technology, which is a positive development for the company [12] - Several companies, including Jin Haitong and United Precision, are planning to reduce their shareholdings, which may impact investor sentiment [12][13] Macro Trends - The People's Bank of China is enhancing monetary policy adjustments to maintain stability in the capital markets, suggesting a proactive approach to economic management [3] - The implementation of "Artificial Intelligence + Transportation" is expected to create new opportunities in the intelligent driving industry, leveraging advanced technologies for real-time monitoring and assessment of infrastructure [10]

Group 1 - New stock subscription: Dao Sheng Tian He with subscription code 780026, issue price 5.98 yuan per share, subscription limit of 27,500 shares [7] - Industrial and Information Technology Ministry and eight other departments issued the "Non-ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in added value for the non-ferrous metal industry and a 1.5% average annual growth in the production of ten non-ferrous metals [7] - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'", aiming for widespread application of AI in transportation by 2027 and deep integration by 2030 [8] Group 2 - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the People's Bank of China issued the "Petrochemical and Chemical Industry Stabilization Growth Work Plan (2025-2026)", focusing on guiding project planning and enhancing high-end supply [9] - The People's Bank of China held its 110th monetary policy committee meeting, emphasizing the need for a moderately loose monetary policy and enhancing counter-cyclical adjustments to promote stable economic growth [9] - In August, profits of industrial enterprises above designated size increased by 20.4% year-on-year, reversing a decline of 1.5% in the previous month, with cumulative profits from January to August showing a 0.9% year-on-year increase [10]

Group 1 - New stock subscription: Dao Sheng Tian He with subscription code 780026, issue price 5.98 yuan/share, subscription limit of 27,500 shares [8] - Two press conferences held by the State Council Information Office today, focusing on high-quality development achievements in water conservancy and culture and tourism during the 14th Five-Year Plan [8] - The Ministry of Industry and Information Technology and seven other departments issued a work plan for the non-ferrous metal industry, targeting an average annual growth of around 5% in value added from 2025 to 2026, with a focus on copper, aluminum, and lithium resource development [8] Group 2 - The Ministry of Transport and six other departments issued implementation opinions on "Artificial Intelligence + Transportation," aiming for widespread application of AI in the transportation sector by 2027 and deep integration by 2030 [9] - The National Development and Reform Commission and six other departments released measures to foster innovative enterprises in the digital economy, aiming to accelerate the emergence of unicorns and gazelle companies [9] - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the People's Bank of China issued a work plan for the petrochemical industry, emphasizing the need for high-end supply and focusing on key product breakthroughs in various sectors [9] Group 3 - The People's Bank of China held its 110th monetary policy committee meeting, emphasizing the need for a moderately loose monetary policy and stronger counter-cyclical adjustments to promote stable economic growth [10] - In August, profits of industrial enterprises above designated size turned from a decline of 1.5% in the previous month to a growth of 20.4%, with cumulative profits from January to August showing a year-on-year increase of 0.9% [11] - The China Securities Regulatory Commission reported the classification results for 107 participating companies, with 53 rated as A-class, 43 as B-class, and 11 as C-class [10]

Macro Highlights - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, enhancing liquidity management and promoting connectivity between onshore and offshore financial markets [1] Company News - New Dazheng (002968) disclosed a major asset restructuring plan on September 28, proposing to acquire 75.15% of Jiaxin Liheng's equity through a combination of issuing shares and cash payments, aiming to expand its business reach [4] - *ST Tianmao announced that its stock will be delisted on September 30, 2025 [5] - Duori Pharmaceutical is planning a change in control and will suspend trading from the 29th [6] - Zhonghuan Environmental Protection is also planning a change in control and will suspend trading from the 29th [7] - Yidao Information is planning to acquire Langguo Technology and become its controlling shareholder, suspending trading from the 29th [8] - Zhiguang Electric is planning to acquire minority stakes in its subsidiary Zhiguang Energy Storage, suspending trading from the 29th [9] - Guanzhong Ecology's controlling shareholder intends to change to Deep Blue Finance Whale, with trading resuming on the 29th; the company plans to acquire 51% of Hangzhou Actuary [10]

Group 1 - The National Development and Reform Commission held a meeting to gather suggestions from private enterprises on expanding effective investment during the 14th Five-Year Plan period [2] - Enterprises emphasized the importance of innovation, optimizing technology platforms, improving financing mechanisms, and enhancing intellectual property protection to seize opportunities in AI development [2] - Companies expressed their commitment to participate in major national projects and expand effective investment in new technologies and industries [2] Group 2 - The Ministry of Industry and Information Technology, along with other departments, released a work plan for the non-ferrous metals industry aimed at addressing resource shortages and enhancing supply capabilities [3] - The plan targets an average annual growth of 5% in the added value of the non-ferrous metals industry from 2025 to 2026, with a 1.5% annual increase in the production of ten non-ferrous metals [3] - The plan also aims to boost the production of recycled metals to over 20 million tons and enhance the supply capacity of high-end products [3] Group 3 - In August, profits of large industrial enterprises showed a significant recovery, increasing by 20.4% year-on-year, reversing a previous decline [4] - The cumulative profit from January to August turned from a 1.7% decline to a 0.9% increase, indicating positive effects from macro policies and a unified national market [4] - Different scales of enterprises reported profit improvements, with notable growth in raw material manufacturing and a turnaround in consumer goods manufacturing [4] Group 4 - The People's Bank of China emphasized the need for a moderately loose monetary policy to stabilize economic growth and manage inflation [5] - The latest meeting highlighted the challenges of insufficient domestic demand and low price levels, calling for enhanced counter-cyclical adjustments [5] - The meeting suggested increasing the intensity of monetary policy regulation and improving its effectiveness based on economic conditions [5] Group 5 - A new cross-border bond repurchase business was launched to support foreign investors in the Chinese bond market, allowing them to obtain RMB liquidity [6] - The initiative aims to facilitate participation from all foreign institutions that have entered the onshore bond market [6] Group 6 - The IPO application of Moore Threads has been approved, with plans to raise 8 billion yuan [11] - The company was asked to clarify its competitive advantages and potential risks in the GPU market during the review process [11] Group 7 - The tourism market is expected to see a surge during the Mid-Autumn Festival and National Day, with deep experience becoming a mainstream trend [13] - The satellite internet construction is accelerating, with various players in the industry actively positioning themselves [13] - The lithium resource autonomy process is speeding up with the intensive establishment of lithium extraction capacity from salt lakes [13]

Key Market News - The Ministry of Industry and Information Technology and eight other departments issued the "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)", projecting an average annual growth of about 5% in the added value of the nonferrous metal industry from 2025 to 2026, with a 1.5% average annual growth in the production of ten nonferrous metals [1] Industry Insights - The DRAM and NAND flash memory markets are facing more severe shortages than previously predicted, with prices expected to rise further in Q4 2025 and 2026. Major companies like SanDisk, Micron, Samsung, and Western Digital have announced price increases, and ADATA has stopped quoting DDR4 prices while prioritizing DDR5 and NAND flash for key customers. NAND flash prices have seen a rise of about 10% recently, indicating a price increase trend in the market [2][3] - The demand for enterprise-level storage products remains high, with significant orders from large cloud service providers shifting NAND supply from consumer to enterprise markets. The DRAM price index has increased by approximately 72% over the past six months, benefiting companies in the storage industry [3] - The AICC 2025 AI Computing Conference in Beijing saw the launch of the "Beijing Plan" aimed at developing industry-specific intelligent systems through collaboration among system manufacturers, large model developers, and application innovators. The SuperPod technology is highlighted as a core innovation in AI computing infrastructure, enhancing performance and efficiency [4] - A research team led by Tsinghua University has made significant advancements in polymer electrolytes for lithium batteries, proposing a new strategy that enhances the physical contact and ionic conductivity of solid-state interfaces. This development is expected to support the commercialization of high-safety, high-energy-density solid-state lithium batteries [5] Stock Movements - Several companies have announced plans for share reductions by major shareholders, including Jingong Intelligent, Weiteng Electric, and Jinhaitong, with reductions ranging from 1% to 3% of total share capital. These reductions are primarily due to personal funding needs [6][7][8]

Macro News - The People's Bank of China emphasized the importance of utilizing securities, funds, and insurance company swap facilities, as well as stock repurchase and increased re-loans, to maintain capital market stability [3] - In the first eight months, the total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan, showing a year-on-year growth of 0.9%. In August, profits turned from a decline of 1.5% in the previous month to a growth of 20.4% [3] Industry News - The Ministry of Industry and Information Technology and seven other departments issued a work plan for the non-ferrous metal industry, targeting an average annual growth of around 5% in added value from 2025 to 2026, with a 1.5% average annual growth in the production of ten non-ferrous metals [4] - The National Development and Reform Commission and six other departments released measures to strengthen the cultivation of innovative digital economy enterprises, including the construction of a national integrated computing network [4] - The 2025 classification evaluation of securities firms was released, with 53 companies rated as Class A, 43 as Class B, and 11 as Class C. Among Class A companies, 14 received an AA rating [4] - The Ministry of Commerce, the Ministry of Industry and Information Technology, and other authorities decided to implement export license management for pure electric passenger cars starting January 1, 2026, to promote healthy development in the new energy vehicle trade [4] Company News - Moer Thread's IPO was approved by the Shanghai Stock Exchange's listing committee [6] - Dalian Wanda Group and its legal representative Wang Jianlin were recently restricted from high consumption, attributed to possible information asymmetry in execution [6] - Jin Hai Tong announced that its shareholder Xunuo Investment plans to reduce its stake by no more than 3% [6]

Group 1 - The National Development and Reform Commission (NDRC) is implementing practical measures to expand effective investment during the "14th Five-Year Plan" period, focusing on enhancing private investment vitality and development [2] - The National Bureau of Statistics reported that by the end of 2024, the total population in China will reach 1,408.28 million, with the working-age population (ages 16-59) at 857.98 million, accounting for 60.9% of the total population, indicating continued demographic advantages [3] - During the recent National Day holiday, an estimated 2.36 billion people are expected to travel across regions, reflecting a 3.2% increase compared to the same period last year [3] Group 2 - The A-share market is showing signs of recovery, with 218 fund products participating in private placements this year, involving a total cost of 5.864 billion yuan, surpassing the total for the previous year [5] - Bank wealth management subsidiaries have conducted over 2,100 investigations into A-share listed companies this year, focusing on sectors like the Growth Enterprise Market and the Science and Technology Innovation Board [5] - A total of 1,311 listed companies have announced equity incentive plans this year, significantly higher than the 381 announcements made in 2024 [6] Group 3 - The Ministry of Transport reported that from January to August, fixed asset investment in transportation reached 2.26 trillion yuan, with railways accounting for 504.1 billion yuan and highways for 1.5412 trillion yuan [10] - The real estate market has seen over 470 policies aimed at stabilizing the housing market since the beginning of 2025, with a focus on urban renewal and demand activation [11] - The Shanghai Future Industry Fund has completed an expansion, increasing its scale from 10 billion yuan to 15 billion yuan, with investments in cutting-edge fields such as controlled nuclear fusion and quantum computing [12] Group 4 - The cement industry is experiencing a record low capacity utilization rate of around 50% due to the impact of the real estate market, with expectations of a 10% reduction in inefficient clinker production capacity this year [12] - The Korean government has implemented a visa-free entry policy for Chinese group tourists, with expectations that the number of Chinese visitors to Korea will exceed 5 million this year [4] - The Hong Kong Stock Exchange has seen multiple companies, including robotics and industrial suppliers, submit applications for IPOs, indicating a growing interest in the market [7]

经济观察网 金海通公告称，股东旭诺投资因自身资金需求，计划以集中竞价交易方式和大宗交易方式 减持公司合计不超过180万股股份，即不超过公司总股本的3.00%。其中，通过集中竞价交易方式减持 不超过60万股，通过大宗交易方式减持不超过120万股。减持期间为2025年10月28日至2026年1月27日。 ...