丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 1009 港股日评：三大指数走势分化，资源股逆 势走强 报告要点 [Table_Summary] 2025 年 10 月 9 日，港股市场大市成交额达到 3868.2 亿港元，南向资金净买入 30.43 亿港元。 今日港股三大指数走势分化，恒指震荡收跌，科技股疲软拖累大市，盘面呈现明显板块轮动。 板块上看，受海外避险情绪升温及国内政策等因素提振，有 Wind 香港色金属板块走强；而 Wind 香港医药生物、Wind 香港半导体等前期涨幅较高板块则出现部分资金获利了结，今日收跌。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 1009 港股日评：三大指数走势分化，资源股逆 2] 势走强 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 0.29%报 26752.59，恒生科技回调 0.66%报 6471.34，恒生中 国企业指数上涨 0.0 ...

◎记者 赵彬彬 自去年9月资本市场一揽子政策落地以来，山东辖区资本市场活力、韧性进一步增强：56家次上市公司 获回购增持贷款108.49亿元，174家次上市公司推进并购重组、涉及金额1513.99亿元，交易所市场债券 余额首次突破万亿元，科创债存续规模创历史新高……这些成绩的背后，是山东证监局与各方通力协作 的结果。 日前，山东证监局对上海证券报记者表示，通过着力构建上下联动、部门协同、多方参与、共促共建的 工作新格局，一揽子政策在辖区渐次落地、取得实效，为山东"走在前、挑大梁"注入资本市场强劲动 能。 机制创新 构建齐抓共管资本市场工作格局 山东证监局加强统筹协调和信息共享，不断提升各项工作的主动性、针对性和有效性。为落实央地金融 工作协调机制要求，山东证监局及时向山东省委、省政府报告新"国九条"及资本市场"1+N"政策体系内 容，积极争取省级层面政策支持。 自资本市场两项货币政策工具创设以来，山东证监局迅速行动，积极加大与相关各方的协同合作力度， 推动3家上市公司获首批回购增持贷款，数量居各辖区第2位，1家证券公司获首批互换便利操作资格。 在纵向联动方面，山东证监局一方面深入地方，开展"资本市场服务地市行 ...

上海300多万市场经营主体，90%以上在街镇。 "企业咨询的很多，但有些问题，我们也不知道该怎么回答，是不是请市级相关部门加快出台配套操作 指南，明确改造路径、技术标准和各部门职责，把好的政策尽快落下来。"浦东新区洋泾街道办事处主 任王斌说。 9月16日，上海市发展改革委牵头围绕"做强街镇基层基础，打通营商环境'最后一公里'"这一主题，面 向14个街镇，召开街镇主官座谈会，持续听取街镇营商环境建设的意见建议。王斌的需求，指向的是上 海新近出台的商务楼宇更新提升政策。 中小微企业量大而面广，包括个体工商户在内的上海300多万市场经营主体中，90%以上在街镇。服务 数量如此庞大的群体，必须要依靠基层街镇。也因此，街镇营商环境建设，是城市营商环境的基层基 础，很大程度决定着广大中小微经营主体对营商环境的感受度。 今年以来，上海在全国首次提出把"支持街镇营商环境建设"作为上海优化营商环境8.0任务的内容，又 进一步将其作为营商环境"十大攻坚突破任务"加以重点推动。 街镇营商关心啥 这不是上海第一次召开街镇层面的营商环境座谈会。一年前，上海市发改委就召开了同一主题的座谈 会，上述14个街镇负责人参会，提出了街镇层面在街 ...

来源：市场投研资讯 （来源：市场投研资讯） ⭕ 事件描述 港股市场方面，恒生指数上涨0.22%报26446.56，恒生科技上涨0.91%报6043.61，恒生中国企业指数上涨0.21%报9384.76，恒生港股通高股息率指数回调 0.16%。A股市场方面，上证指数回调0.26%，沪深300上涨0.24%，万得全A上涨0.09%。红利指数回调0.42%。 行业主题方面：中信港股通一级行业中，综合（+7.69%）、煤炭（+2.45%）、电力设备及新能源（+2.24%）领涨，钢铁（-1.58%）、轻工制造 （-1.47%）、有色金属（-1.18%）领跌；概念方面，未盈利生物科技指数（+15.63%）、锂电池指数（+5.62%）、抗肿瘤指数（+5.08%）领涨，中广核指 数（-4.35%）、婴童指数（-4.13%）、影视传媒指数（-3.38%）领跌。 2025年9月15日，港股市场大市成交额达到2901.9亿港元，南向资金净买入144.73亿港元。港股三大股指上涨，从宏观因素来看主要是因为：2025年9月14 日，中美双方在西班牙马德里就有关经贸问题举行会谈。讨论议题包括美单边关税措施、滥用出口管制及TikTok等， ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Near the military parade node, market funds have shown signs of pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] Summary by Directory 1. Market Analysis - Domestically, the Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. The measures are effective from April 1, 2024, and eligible taxpayers who have already paid taxes before the notice can get a refund. This tax preference directly boosts the investment return rate of the social security fund by reducing the operating costs of the receiving entities. Overseas, the US ISM manufacturing index in August rose slightly from 48 in July to 48.7, lower than the market expectation of 49, and remained below the boom - bust line for six consecutive months. The new orders index rose to 51.4, expanding for the first time since the beginning of this year, but the output index dropped 3.6 points to 47.8, falling back into the contraction range [1] - In the spot market, the three major A - share indices fluctuated and adjusted. The Shanghai Composite Index fell 0.45% to close at 3858.13 points, and the ChiNext Index fell 2.85%. Most sector indices declined, with banking, public utilities, and household appliances sectors leading the gains, while communication, computer, electronics, and national defense and military industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets on the day was 2.87 trillion yuan. Overseas, the US Federal Circuit Court of Appeals ruled on August 29 that the law cited by Trump when imposing tariffs on multiple countries did not actually authorize him to levy these taxes. The three major US stock indices closed down across the board, with the Nasdaq falling 0.82% to 21279.63 points [2] - In the futures market, the basis of stock index futures rebounded, and the deep discount situation of IC and IM improved. Both the trading volume and open interest of stock index futures increased [2] 2. Strategy - Near the military parade node, market funds have shown pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] 3. Macro - economic Charts - The content mainly includes charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles, with data sources from Flush and Huatai Futures Research Institute [6][9][11] 4. Spot Market Tracking Charts - The daily performance of major domestic stock indices on September 1, 2025, shows that the Shanghai Composite Index rose 0.46%, the Shenzhen Component Index rose 1.05%, the ChiNext Index rose 2.29%, the CSI 300 Index rose 0.60%, the SSE 50 Index rose 0.00%, the CSI 500 Index rose 0.94%, and the CSI 1000 Index rose 0.84%. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance, with data sources from Flush and Huatai Futures Research Institute [13][14] 5. Stock Index Futures Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts show changes. For example, the trading volume of the IF contract was 144,297 with a change of - 55,399, and the open interest was 276,618 with a change of - 16,713 [15] - The basis data of stock index futures show the basis and its changes for different contracts (current month, next month, current quarter, and next quarter) of IF, IH, IC, and IM. For example, the current - month contract basis of the IF contract was - 13.11 with a change of - 22.55 [39] - The inter - delivery spread data of stock index futures show the spreads and their changes between different delivery months (next month - current month, next quarter - current month, etc.) for IF, IH, IC, and IM. For example, the next - month minus current - month spread of the IF contract was - 7.60 with a change of - 2.20 [42]

Group 1: Industrial Production - Industrial production has shown signs of recovery, with the blast furnace operating rate increasing by 1.1 percentage points year-on-year to 5.9% [2][6] - Midstream production shows a mixed outlook, with PTA and automotive production performing poorly, down 6.6% and 5.9% year-on-year respectively, while soda ash and polyester filament production improved, up 0.1% to 5.8% and 0.9% to 3.1% respectively [2][16] - Cement production continues to improve, with the national grinding operating rate down 1.5 percentage points year-on-year to -5.6%, and cement shipment rates slightly up by 0.8% to -2.9% [28][32] Group 2: Demand Tracking - Daily average transaction area of new homes remains weak, up 2.9 percentage points year-on-year to -6.3%, with first-tier cities showing some recovery [52] - Port cargo throughput related to exports has significantly increased, with cargo throughput and container throughput up 7.1% to 9.7% and 6.1% to 14.8% year-on-year respectively [61][68] - The national migration scale index has decreased by 5.2 percentage points year-on-year to 16.6%, but domestic flight operations have increased by 1.0% to 2.7% [73] Group 3: Price Trends - Agricultural product prices are showing divergence, with pork and fruit prices down 0.1% and 0.8% respectively, while egg and vegetable prices increased by 1.7% and 2.5% [3][101] - The industrial product price index has generally declined, with the Nanhua industrial product price index down 1.4% [113] - The energy and chemical price index decreased by 0.9%, and the metal price index fell by 1.7% [113][120]

Core Viewpoint - The State Council has officially approved the "Open Innovation Development Plan for the Entire Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," emphasizing the importance of the biopharmaceutical industry as a leading sector for the city [1] Group 1: Strategic Development - The city government is committed to maintaining strategic determination and patience while seizing opportunities and actively promoting the biopharmaceutical industry [1] - The focus is on high-quality development of the biopharmaceutical sector, with an emphasis on long-term vision and sustained efforts [1] Group 2: Policy Implementation - There is a call for increased policy research tailored to Suzhou's actual conditions, with detailed implementation plans to enhance policy awareness and facilitate direct benefits for enterprises [1] - The aim is to create a world-influential biopharmaceutical industry cluster and a more internationally competitive innovation development hub [1] Group 3: Financial Support and Innovation - Financial institutions are encouraged to increase investment and financing in the biopharmaceutical sector, establishing a regular discussion mechanism to foster patient and long-term capital [1] - There is a push for innovative insurance products to improve the accessibility of innovative drugs [1] Group 4: Business Environment Optimization - Continuous optimization of the business environment is prioritized, with efforts to enhance review and approval services to create a top-tier industrial development environment in the country [1]

Core Viewpoint - The tax authority in Shaqi County, Nanyang City, Henan Province, is enhancing the tax service environment by focusing on convenient tax payment, effective policy implementation, and fair regulation, thereby injecting momentum into local economic development [1][2]. Group 1: Convenient Tax Payment - The tax authority promotes a "contactless" service experience, increasing the frequency of online and mobile tax-related services such as invoice applications, tax declarations, and refunds, reducing the need for businesses to visit in person [1]. - The implementation of "one-window" and "deficient handling" services simplifies processes and shortens processing times, addressing issues of multiple visits and repetitive forms for taxpayers [1]. - A "startup package" is offered to new businesses, integrating services like tax registration, invoice applications, and policy guidance to help them quickly commence operations [1]. Group 2: Effective Policy Implementation - The tax authority has established an intelligent matching system that connects enterprise operational information with a policy database, automatically filtering applicable tax incentives based on industry attributes, business scale, and development stage [2]. - Customized policy guidance is provided for key industries, such as manufacturing, to help businesses understand tax incentives related to equipment updates and R&D through case studies and practical demonstrations [2]. Group 3: Fair Regulation - A differentiated regulatory model is implemented, utilizing a "credit + risk" classification system for monitoring, which opens a green channel for A-rated credit taxpayers [2]. - For businesses with lower credit ratings or tax risks, the authority employs data comparison and risk identification methods to promptly address potential issues [2]. - The approach of "no penalty for first-time violations" and "educational enforcement" is adopted for minor unintentional infractions, focusing on guidance and correction rather than simple penalties, ensuring a balanced enforcement approach [2]. Future Directions - The tax authority plans to continue optimizing the tax service environment by innovating service methods and enhancing regulatory efficiency, aiming to provide better tax services and more practical policy measures to support business development and promote high-quality economic growth in the county [2].

Group 1 - The A-share market has seen a significant increase in confidence and fund activity, leading to a rebound in the performance of equity funds, with 45 new funds launched this week, 35 of which are equity funds [1][3] - The performance of equity funds has been outstanding this year, with the latest index for equity funds reaching a three-year high, and over 2,000 equity funds achieving historical net value highs in August [1][3] - Institutional funds, including insurance and private equity, are identified as key incremental capital driving the strong market performance, supported by easing external risks and favorable policies [1][3] Group 2 - Recent analysis from international financial institutions indicates that multiple economic stabilization policies are being implemented, along with improved valuations and earnings expectations for listed companies, driving the A-share market upward [4] - Analysts note that the Chinese government has introduced over 50 measures across 16 industries to curb excessive competition, which is expected to promote sustainable industry development and stronger corporate profitability [6][8] - The valuation of major assets in the Chinese stock market remains low compared to historical levels, with A-share blue-chip stocks offering better value compared to high P/E ratios of large-cap tech companies in the US [8]

Group 1 - The recent performance of A-shares is driven by multiple economic stabilization policies, improved valuations, and positive earnings expectations for listed companies [1] - Various policies implemented by the Chinese government aim to curb excessive competition, which is expected to enhance corporate profit margins and improve the overall economic fundamentals [3] - The Chinese government has introduced over 50 measures across 16 industries to promote sustainable industry development and stronger corporate earnings [5] Group 2 - The valuation of major assets in the Chinese stock market remains low compared to historical levels, making A-share blue-chip stocks more cost-effective relative to high P/E ratios of large-cap tech companies in the US [7] - The dynamic P/E ratio of the S&P 500 is around 22 times, while the MSCI China Index is approximately 12 times, and A-shares are slightly higher at around 13 times, indicating that they are not overly expensive even after recent gains [9] - The outlook for Chinese securities is positive due to potential foreign capital inflows, stabilization of international geopolitical risks and tariff issues, and supply-side reforms targeting excessive competition [11]