流动性方面，科创芯片ETF盘中换手11.4%，成交46.15亿元，市场交投活跃。规模方面，科创芯片ETF最新规模达419.15亿元，创成立以来新高，位居可比 基金第一。份额方面，科创芯片ETF最新份额达158.74亿份，创近1月新高，位居可比基金第一。 从资金净流入方面来看，科创芯片ETF近7天获得连续资金净流入，最高单日获得11.86亿元净流入，合计"吸金"36.78亿元。 截至2025年10月10日 13:05，上证科创板芯片指数下跌5.68%。成分股方面，东芯股份领跌，燕东微、华虹公司、翱捷科技、晶合集成跟跌。科创芯片 ETF(588200)回调整固。拉长时间看，截至2025年10月9日，科创芯片ETF近2周累计上涨6.05%。 显示，截至2025年9月30日，上证科创板芯片指数前十大权重股分别为海光信息、澜起科技、中芯国际、寒武纪、中微公司、芯原股份、华虹公司、沪硅产 业、华海清科、晶晨股份，前十大权重股合计占比59.69%。 截至10月9日，科创芯片ETF近3年净值上涨164.69%，指数股票型基金排名17/1883，居于前0.90%。从收益能力看，截至2025年10月9日，科创芯片ETF自成 立以 ...

涨跌停板数据，不仅是反映板块和个股强弱的指标，更是市场情绪与资金流向的重要标志。那么，今日 的涨停个股有哪些特点呢？哪些涨停股又值得重点关注？ 今日上证指数上涨1.32%，再度创出年内新高，但个股表现相对偏弱，个股涨跌幅中位数为0.47%。涨 停板方面，今日三个板块的涨停股数量较多，分别是核聚变、国产芯片和黄金。 今日核聚变板块的爆发，源于近期我国核聚变领域取得的"里程碑"进展。央视新闻报道，10月1日，位 于安徽合肥的紧凑型聚变能实验装置BEST项目建设取得关键突破。BEST装置主机关键部件——杜瓦底 座研制成功并顺利完成交付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工程建设步 入新阶段。 另外，今日以黄金为代表的资源股也出现较多涨停股，这主要因为在国庆期间，黄金、白银、铜、铝等 金属全线大涨。 总结起来，今日的涨停人气板块有两个方向：一是以黄金为代表的避险板块；二是以芯片、核聚变为代 表的科技板块。 一、市场总览及板块特征 沪深两市（不含ST个股）涨停88家，较昨日增加36家；跌停18家，较昨日增加17家。 | 从行业特征来看，今日涨停板个股中，有色金属、专用设备、电源设备行业的个股最多。 ...

①、证监会召开"十五五"资本市场规划上市公司和行业机构座谈会。以科创板、创业板"两创板"改革为抓手，进一步深化投融资综合改革，全面推进实施新 一轮资本市场改革开放，不断提升市场的吸引力、包容性和竞争力。 点评：属于利好消息！ 座谈会强调深化投融资改革，以科创板、创业板为抓手提升市场吸引力，政策持续巩固市场回稳势头，倡导长期投资理念，有助于增强市场信心和流动性。 政策落地后市场信心增强，A股企稳回升，科技板块成主线 ②、美国宣布对进口建材、橱柜、浴室用品、梳妆台以及软垫家具征收新的关税。 点评：属于利空消息。 关税直接削弱出口产品的价格竞争力，美国是家具和建材的重要市场，订单可能转移至东南亚等地。，30%-50%的高关税将导致相关企业出口业务受冲击， 尤其对美依赖度高的公司。 ⑤、据报道，美国知名投资人巴菲特旗下的伯克希尔-哈撒韦公司正在耗资100亿美元，收购西方石油公司旗下的一家子公司。 点评：属于利好消息。 巴菲特投资被视为行业信心信号，可能提振全球能源板块估值。优质资产收购凸显传统能源价值。 ⑥、苹果公司已暂停对Vision Pro头显的升级计划，转而专注于开发能与Meta平台公司产品相抗衡的智能眼镜。苹 ...

当"雷军十年投500亿造芯片"的消息刷屏时，不少人心里都冒出一个犀利的问题：雷军这步棋，到底是 在国产芯片"从1到N"的成熟赛道里"摘果子"，还是真要为中国芯片产业啃下"硬骨头"？ 汽车领域亦是如此，特斯拉蹚过"0到1"的创新与试错，蔚小理等新势力多年探索，比亚迪打通电池与供 应链，小米才带着流量优势入局造车。 从最新报道看，小米在芯片领域的动作也印证着"稳健"逻辑。据公开信息，小米并非要一头扎进最前沿 的光刻机、先进制程或EDA工具这类"卡脖子"硬仗。当下国产EDA工具在部分环节已实现突破，封装测 试等工艺也逐步具备自主化能力，供应链基础条件愈发成熟。 管理学博士、数字经济学者张礼立曾分析，雷军入场造芯，或许意味着中国芯片最艰难的"从0到1"阶段 已过——毕竟雷军向来不是"破局者"，更像"整合者"，总在技术路径清晰、供应链成熟后，带着小米的 流量与效率入场。 从手机领域可见一斑：苹果完成智能手机"0到1"的定义，HTC、三星等验证安卓生态可行，小米才凭借 MIUI系统+电商饥饿营销的模式，杀进性价比赛道，把"1到100"的市场做得风生水起； 雷军的500亿，更像是"买确定性"——在技术、供应链都有一定胜算， ...

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9月30日周二，A股市场震荡分化上行，科技股维持强势；30年期国债期货新低后反弹收涨；期货 分化明显，黄金领涨，焦煤领跌。 PART.02 市场行情分析 1）股票市场：三季度收官，创业科创均涨约50% 市场震荡上行。今日作为国庆中秋双节前最后一个交易日，A股市场呈现分化上行格局。上证指数收涨 0.52%，报3882.78点；创业板指收平、科创50收涨1.69%，二者盘中均再创年内新高。全市场成交额约 2.20万亿，较前一交易日略有放量，但较9月25日（2.39万亿）、23日（2.52万亿）等近期高位有所回 落，显示节前部分资金趋于谨慎，兑现获利需求显现。从月度情况看，9月成交额整体维持在2万亿元以 上，市场流动性充裕，支撑结构性行情展开。 节前最后一日，风格有所分化。今日成长板块延续强势，金融等防御性板块表现承压，半导体（存储芯 片涨价催化）、锂电设备（固态电池产业化提速）等表现突出，反映资金对科技成长赛道的持续关注； 周期板块方面，美联储降息后金、铜商品价格均表现强势，且9月PMI回升至49.8%创近6个月 ...

Market Analysis - The A-share market showed a mixed upward trend, with the ChiNext and Sci-Tech 50 indices both rising approximately 50% in the third quarter, indicating strong investor preference for technology growth sectors [6][12] - The Shanghai Composite Index rose by 0.52% to 3882.78 points, while the overall market turnover was about 2.20 trillion yuan, reflecting cautious profit-taking behavior ahead of the holidays [6][12] - The technology sector, particularly semiconductor and lithium battery equipment, continued to attract significant capital, while defensive sectors like finance faced pressure [6][12] Bond Market - The bond market saw a rebound after reaching new lows, with the 10-year and 30-year treasury futures closing at 107.845 yuan and 113.90 yuan, respectively, indicating a stable short-term sentiment [9][10] - The overall funding environment was loose, with the 7-day Shibor rate declining by 11.8 basis points to 1.41%, suggesting a balanced supply-demand situation for funds [9][10] Commodity Market - The commodity market displayed significant divergence, with precious metals like gold and silver showing strong upward trends, while black metals faced notable declines [10][11] - The South China Commodity Index fell by 0.75%, with energy and black products experiencing substantial drops, indicating a shift in market focus from policy expectations to actual policy effects [10][11] Trading Hotspots - Key investment themes include precious metals driven by central bank purchases and Federal Reserve rate cuts, artificial intelligence due to accelerated capital expenditures by tech giants, and domestic chip production driven by technological breakthroughs [11][12] - The report suggests a potential shift in market style from "technology-led" to "balanced allocation," with continued strong performance expected from specific segments within the technology sector [12]

Market Overview - The market showed a fluctuating upward trend this month, with all three major indices closing higher. The ChiNext Index rose over 12%, reaching a three-year high, while the Sci-Tech 50 Index increased by over 11%, marking a nearly four-year high [1] - Key market hotspots included the semiconductor industry chain, robotics, and energy storage. Notably, stocks like Demingli doubled in price, and several semiconductor stocks, including SMIC and Huahong, reached historical highs [1] Daily Highlights Flash Memory - The storage sector saw significant gains, with stocks like Zhongdian Xilong, Demingli, and Jiangbolong hitting the daily limit. U.S. storage stocks also surged, with SanDisk up 16.87% and Western Digital up 9.23% [4] - A recent report from CFM Flash Memory Market projected a price increase of over 10% for server eSSD and 10-15% for DDR5 RDIMM by Q4 2025 [4] - Major storage manufacturers, including SanDisk and Micron, announced price hikes, indicating a potential upward trend in NAND flash memory prices [4] Nonferrous Metals - The nonferrous metals sector continued to rise, with stocks like Boqian New Materials and Jingyi Co. hitting the daily limit. The price of tin surged due to supply concerns following the Indonesian government's crackdown on illegal mining [7] - Tin prices reached 280,000 CNY/ton and 35,500 USD/ton, both marking new highs since mid-April [7] Artificial Intelligence Large Models - The AI large model sector experienced a significant increase, with stocks like Wangda Software and Danghong Technology hitting the daily limit. DeepSeek announced a major update that reduced API costs by over 50% [9] - OpenAI is reportedly set to release a new video generator application, Sora 2, which will allow users to create videos up to 10 seconds long [9] Stock Performance - Notable stock performances included: - Jiangbolong: +20.00% [15] - Demingli: +10.00% [15] - Wangda Software: +10.01% [10] - The overall trading volume in the Shanghai and Shenzhen markets reached 2.18 trillion CNY [1]

Market Analysis - The A-share market showed a slight increase with active performance in non-bank and non-ferrous sectors, leading to a new high in the Shenzhen Component Index [2][5] - The market is expected to maintain a slow bull pattern, driven by strong performance in the technology sector and supportive policies in the power equipment and non-ferrous metal sectors [5] - The overall trading volume in the A-share market reached 2.18 trillion yuan, slightly up from 2.17 trillion yuan the previous day [5] Bond Market - The bond market experienced a general decline, with the 30-year treasury futures dropping by 0.47% [6] - The funding environment remained stable, with the overnight SHIBOR down by 0.15 basis points to 1.3111% [6] - The People's Bank of China conducted a 288.6 billion yuan reverse repurchase operation, maintaining liquidity in the market [6] Commodity Market - Precious metals, particularly silver, reached new highs, with Shanghai silver up by 3.9% [8] - The black coal sector faced significant declines, with coking coal down by 5.0% [8] - The gold-silver ratio is gradually recovering, indicating potential upward pressure on silver prices [8] Investment Opportunities - Key investment themes include precious metals due to central bank purchases and anticipated Fed rate cuts, as well as sectors like artificial intelligence and domestic chips driven by technological advancements [10] - The report suggests a shift in market style from "technology-led" to "balanced allocation," with a focus on strong sub-sectors within technology and dividend stocks [11] - Long-term prospects for precious and non-ferrous metals remain positive due to global liquidity conditions [11]

Core Insights - DeepSeek has officially released the DeepSeek-V3.2-Exp model, which introduces a Sparse Attention mechanism for improved training and inference efficiency on long texts [1] - The official app, web version, and mini-program have all been updated to DeepSeek-V3.2-Exp, with a significant reduction in API costs by over 50% for developers [1] - The company has also adapted to the latest DeepSeek model and open-sourced the vLLM-MLU inference engine code, allowing developers to experience the new model on their platform [1] Model Iteration and Features - DeepSeek is progressing with model iterations, having recently upgraded to DeepSeek-V3.1-Terminus, which features a hybrid inference architecture supporting both thinking and non-thinking modes [2] - The V3.1 model boasts higher thinking efficiency and enhanced agent capabilities, showing significant improvements in tool usage and intelligent task performance [2] - The V3.1 model utilizes UE8M0 FP8 Scale parameter precision, designed for the upcoming generation of domestic chips, which has positively impacted the stock prices of related domestic chip industry companies [2]

Group 1 - Multiple securities and battery-related ETFs saw significant gains on September 29, with the Hong Kong Securities ETF leading the way, rising over 6% and achieving a trading volume of 475.18 billion yuan, the highest for the day [1][4][10] - The technology innovation bond ETFs were also active, with half of the top ten ETFs by trading volume being such products, including the Guotai and Huatai ETFs, each exceeding 10 billion yuan in trading volume [2][10] - The previous trading day (September 26) saw substantial net inflows into several technology innovation bond ETFs and the CSI A500 ETF, with net inflows exceeding 1 billion yuan [3][12] Group 2 - The technology innovation semiconductor materials and equipment index has surged by 127.17% since September 24, 2024, indicating strong growth potential in the semiconductor sector [6] - The technology innovation semiconductor ETF (588170) experienced over 1.6 billion yuan in net inflows in the past month, reflecting strong investor interest in this segment [7] - The semiconductor equipment and materials industry is expected to enter a rapid growth phase, with established delivery and validation cycles creating a competitive advantage for firms in this space [7] Group 3 - Coal ETFs, along with others like the Saudi ETF and the All-Index Cash Flow ETF, experienced declines, indicating a shift in investor sentiment away from these sectors [8] - The market outlook suggests a continuation of the upward trend in A-shares, driven by technological advancements and supportive policies for AI and innovation sectors [13]