证券研究报告 | 公司点评报告 2025 年 10 月 09 日 帝科股份（300842.SZ） 光伏浆料领军企业，半导体第二曲线开始起量 公司是光伏导电浆料领先企业，收购浙江索特进一步巩固行业地位。同时，公 司第二曲线业务开始起来：a)公司在成立之初便开展半导体电子浆料研发，其 烧结银等产品已经开始放量，碳化硅相关领域产品、汽车调光玻璃配套产品都 已开始产业化。b)进一步拓宽在半导体领域的布局，公司 2024 年就控股了深圳 因梦，延伸到半导体存储领域，未来成长空间较大。维持 "增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9603 | 15351 | 16425 | 18068 | 20416 | | 同比增长 | 155% | 60% | 7% | 10% | 13% | | 营业利润(百万元) | 408 | 349 | 237 | 444 | 724 | | 同比增长 | -1217% | -14% | -32% | ...

人工智能概念股节后延续涨势，存储芯片、集成电路等概念涨幅居前，截至收盘，中证人工智能主题指数上涨1.1%，上证科创板人工智能指数上涨2.1%， 双双实现三连涨，人工智能ETF（159819）全天成交额近15亿元，获1000万份净申购。Wind数据显示，截至上一个交易日，该产品连续3日获资金净流入， 合计超10亿元。 中信证券指出，海外AI产业链近期催化不断，OpenAI、Anthopic、谷歌等头部AI公司大模型持续迭代，AI应用侧已逐步成熟并开始探索更多商业化模式， 有望对AI的长期价值进行更清晰的定价。 | 令日 | 该指数 该指数自2 | | --- | --- | | 该指数涨跌 | 滚动市销率 发布以来估 | | 1.1% | 5.2倍 98.19 | 每日经济新闻 ...

昨日（10月8日），国际现货黄金价格盘中一度升破4000美元/盎司，再创历史新高。此前一日，国际期 货黄金价格盘中冲上4000美元/盎司关口。同时，国内多个金饰品牌的黄金克价再度刷新纪录。有分析 认为，国际金价大涨的背后主要是由美国政府"停摆"引发的短期波动、日本政治更迭带来的短期不确定 性、美联储持续降息预期和全球央行持续购金共同推动的。 中信建投证券表示，美国政府"停摆"扰动、未来降息和衰退的预期使得全球投资者对美元信用和美国主 权债务的担忧进一步上升，这推动了金银等贵金属和比特币价格进一步走高。与此同时，供给短缺和算 力革命逻辑下，铜价近期也明显走强。建议关注金银铜等有色板块投资机遇。 此外，次新股云汉芯城（301563）收盘上涨40.89%报164.56元/股，盘中最高涨超70%至199元/股，触发 两次临停。该股9月30日登陆创业板，发行价为27元/股，首日收盘上涨332.6%报116.8元/股。 有色板块盘中集体走高，钴、镍、锂矿、黄金概念等表现亮眼，截至收盘，天力复合涨超18%，铜陵有 色、北方铜业、云南铜业、西部黄金、四川黄金、赣锋锂业等均涨停。 | 代码 | 名称 | � | 涨幅% | 现 ...

港股方面，新矿资源盘中涨超120%，恒生银行涨近26%，联想集团涨超7%，紫金矿业涨超5%续创新 高。半导体产业链午后回落，华虹半导体、中芯国际双双跌超6%。 有色板块爆发 有色板块盘中集体走高，钴、镍、锂矿、黄金概念等表现亮眼，截至收盘，天力复合涨超18%，铜陵有 色、北方铜业、云南铜业、西部黄金（601069）、四川黄金、赣锋锂业（002460）等均涨停。 节后首个交易日（10月9日），A股强势上攻，沪指涨超1%突破3900点，续创10年新高；港股回落走 低，恒生科技指数一度跌超1%。 具体来看，A股市场主要股指盘中强势上扬，沪指突破3900点，续创10年新高；科创50指数盘中一度暴 涨超6%。截至收盘，沪指涨1.32%报3933.97点，深证成指涨1.47%报13725.56点，创业板指涨0.73%报 3261.82点，科创50指数涨2.93%，沪深北三市合计成交26723亿元，较前一个交易日增加4748亿元。 场内超3100股飘红，有色板块爆发，黄金、钴镍概念亮眼，铜陵有色（000630）、北方铜业 （000737）、云南铜业（000878）、四川黄金（001337）等涨停；可控核聚变概念崛起，常辅股 ...

节后首个交易日（10月9日），A股强势上攻，沪指涨超1%突破3900点，续创10年新高；港股回落走低，恒生科技指数一度跌超1%。 具体来看，A股市场主要股指盘中强势上扬，沪指突破3900点，续创10年新高；科创50指数盘中一度暴涨超6%。截至收盘，沪指涨1.32%报3933.97点，深证成指 涨1.47%报13725.56点，创业板指涨0.73%报3261.82点，科创50指数涨2.93%，沪深北三市合计成交26723亿元，较前一个交易日增加4748亿元。 场内超3100股飘红，有色板块爆发，黄金、钴镍概念亮眼，铜陵有色、北方铜业、云南铜业、四川黄金等涨停；可控核聚变概念崛起，常辅股份、英杰电气、西部 超导、国光电气等涨停；稀土板块拉升，中国瑞林、北方稀土等涨停；存储芯片概念持续活跃，灿芯股份、华虹公司盘中双双涨停续创新高，不过，华虹公司尾盘 开板，收盘涨约12%。旅游、影视股走低，果麦文化跌停，光线传媒跌超10%。 此外，次新股云汉芯城（301563）收盘上涨40.89%报164.56元/股，盘中最高 涨超70% 至199元/股，触发两次临停。该股9月30日登陆创业板，发行价为27元/ 股，首日收盘上涨33 ...

金属铜板块河钢资源、江西铜业等2连板。一图速览今日连板股>> 10月9日，Wind数据显示，A股市场共计100只个股涨停。其中固态电池概念股天际股份收获4连板，金 属铜板块河钢资源、江西铜业等2连板。一图速览今日连板股>> | 生板股 | 10.9 | | | --- | --- | --- | | | | 截至收盘斩获连板个股 | | 股票名称 | 连板大数 | 所属概念 | | 天际股份 | 4 | 固态电池 | | 山子高科 | 3 | 汽车整车 | | *ST东易 | 3 | 智能家居 | | 冠中生态 | 3 | 生态 | | *CL国际 | 2 | 算力 | | 深科技 | 2 | 存储芯片 | | 河钢资源 | 2 | 铜 | | 精艺股份 | 2 | 铜+储能 | | 江西铜业 | 2 | 铜+黄金 | | 盛中矿业 | 2 | 铜 | | 合锻智能 | 2 | 可控核聚变 | | | 能口加强 | 脱散点 | ...

星标 ★ IPO日报 精彩文章第一时间推送 10月9日的A股走得比较好的板块有可控核聚变、存储芯片、固态电池、黄金概念、以及稀土永磁等，这些板块的上涨，其实都与"利好"相关， 也都与当今的国际政治经济形势密切相关。 张力制图 10月9日，国庆中秋长假后第一天，A股吹响进攻的号角：截至午盘，上证上涨48.29点，上涨幅度1.24%，以3931.07点收盘，创下十年来新高； 深创两指分别上涨1.75%和1.77%，也分别创下近期新高。 对于节后的A股，投资者小雨有点摸不懂套路了："就这么冲上3900点，总感觉要回调。"按她的交易计划，今天应该是低吸或者打板通富微电、 浪潮信息或者三花智控的，结果她非常谨慎地低吸了点浪潮信息。 小雨这样的情况，对投资者来说，应该是比较常见：A股大涨的时候，反而有点不知所措。 笔者以为，如何认识当前的宏观面和微观面，对于理解A股的趋势和投资，会有一些帮助。 与此同时，为保持银行体系流动性充裕，10月9日，中国人民银行以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操作， 期限为3个月（91天）。 表面上看，上述都是零散的消息，似乎之间没有必然联系，但实际上都与当前 ...

Market Analysis - Global capital markets have shown significant increases during the holiday period, particularly in gold, US stocks, and copper, driven primarily by AI narratives [2] - The A-share market has returned to 3900 points after 10 years, with technology stocks being the main upward momentum, heavily influenced by external market sentiment and capital flow [2] - The continued rise of indices indicates signs of capital returning before the holiday, with October expected to be a competitive month for individual stocks [2] Gold Market Insights - Three anchors for gold pricing have been identified: reserve value, consumption value, and trading value [2] - With the ongoing expansion of dollar credit cracks, a long-term bull market for gold is anticipated, as the demand for gold is expected to grow [2] - By 2025, domestic gold jewelry companies are expected to see sales increases and performance improvements [2] Sector Performance - The gold concept stocks opened significantly higher, with several stocks reaching their daily limit, reflecting strong market interest [3] - The semiconductor sector is also active, with AMD's partnership with OpenAI leading to a notable increase in AMD's stock price [4] - Solid-state battery concept stocks have shown strong fluctuations, driven by advancements in battery technology [5] Index Performance - The Shanghai Composite Index has shown a strong upward trend post-holiday, with a focus on whether it can maintain above 3950 points [9] - The ChiNext Index has reached new highs, with technology stocks being the primary drivers, although the performance remains characterized by rotation rather than collective surges [9] Investment Outlook - The consensus among broker reports indicates a positive macro environment for A-shares following the holiday, with a focus on resource and AI sectors [15] - The long-term logic supporting gold's continued rise is centered around the restructuring of the global monetary credit system, with gold being viewed as a stabilizing asset during economic turbulence [15] - The ongoing accumulation of US debt poses risks to monetary credit, further enhancing gold's appeal as a safe-haven asset [16]

截至午间收盘，上证指数报3931.07点，涨1.24%，成交额7858亿元；深证成指报13763.88点，涨 1.75%，成交额9294亿元；创业板指报3295.58点，涨1.77%。沪深两市半日合计成交额1.72万亿元。 盘面上看，黄金概念、可控核聚变、存储芯片等板块涨幅居前，影视院线、旅游、零售等板块跌幅居 前。 来源：上海证券报·中国证券网 上证报中国证券网讯 10月9日，沪指半日涨超1%，突破3900点，续创10年新高。 ...

Core Viewpoint - The A-share and Hong Kong stock markets have shown strong performance post-holiday, driven by the synergy of policy benefits and industry trends, with significant gains in technology growth sectors and cyclical resource products [1] Market Performance - A-share market indices have demonstrated strong growth, with the Shanghai Composite Index rising 1.24% to 3931.07 points, marking a ten-year high; the ChiNext Index increased by 1.77% to 3295.58 points, and the Sci-Tech 50 Index surged 5.59% [2] - Over 3200 stocks in the A-share market rose, with a notable concentration of gains in nuclear power, gold, and semiconductor sectors, indicating a clear market focus on technology and resource sectors [2] - The Hong Kong market showed a slight recovery, with the Hang Seng Index up 0.04% to 26840.95 points, and the Hang Seng Tech Index rising 0.63% [2] Industry Highlights and Driving Logic - The A-share market's technology and resource sectors have formed a leading growth tier, with the metals sector rising 6.51% and gold stocks benefiting from international gold prices exceeding $4000 per ounce [3] - The semiconductor industry remains robust, with a projected 27% share of AI data center semiconductor sales by 2025, driven by price reversals in storage chips and domestic substitution logic [3] - In the Hong Kong market, cyclical and infrastructure sectors have performed well, with copper prices driven by supply shortages and demand from computing power [3] Underperforming Sectors and Driving Logic - Traditional consumer and cyclical sectors in the A-share market are under pressure, with the media sector down 1.5% due to disappointing box office results, and real estate stocks experiencing widespread declines [4] - The Hong Kong market's pharmaceutical and consumer electronics sectors are struggling, with innovative drug stocks facing policy risks and valuation adjustments [4] Investment Strategy Recommendations - The current market is positioned at a critical juncture of "intensive policy implementation and accelerated industry trends," with three main investment themes suggested for Q4 [5] - The technology growth sector remains a core focus, particularly in the AI industry chain, with opportunities in semiconductor equipment, storage chips, and AI applications [5] - The cyclical and resource sectors present significant supply-demand mismatch opportunities, particularly in precious metals and chemical sectors, with expectations of performance recovery [5] Policy-Driven Opportunities - The "14th Five-Year Plan" emphasizes new productivity areas such as AI and high-end manufacturing, with increased policy support for critical sectors like controlled nuclear fusion and semiconductor equipment [6] - The consumer sector may see marginal improvements, with low-valuation categories like home appliances and food and beverage potentially benefiting from upcoming consumption stimulus policies [6]