Report Industry Investment Rating No relevant content provided. Core View of the Report - Overnight, due to continuous data shortages and increased uncertainty about the future, U.S. Treasuries, U.S. stocks, gold, and crude oil all declined. After the holiday, the domestic A-share market had a good start, with the index breaking through the previous oscillation platform with increasing volume. However, individual stocks did not form a resonance, and the market had a fragmented breakthrough. A slow bull market is certain at the index level, but it is currently difficult for individual stocks to make money by tracking the market trend. The strategy is to maintain a long position in the Shanghai 50 Index, and the position of the CSI 1000 can be switched to the CSI 500. In terms of industry sectors, only large-cap stocks should be selected instead of small-cap stocks. Attention should be paid to the technology sector, but the focus should not be overly concentrated on computing power. [3][12] Summary by Relevant Catalogs 1. Market Views 1.1 Overseas Overnight - The U.S. federal government shutdown led to the non - release of the initial jobless claims on Thursday. Fed officials' remarks indicated a split within the Fed regarding future interest rate cuts. Williams supported further rate cuts due to the slowdown in the labor market, while Barr advocated for caution, and Kashkari agreed with Barr. Overnight, most peripheral assets declined, the U.S. dollar index rose, U.S. Treasury yields increased at both short and long ends, gold fell, the three major U.S. stock indexes declined, the NASDAQ Golden Dragon China Index fell, and the offshore RMB exchange rate appreciated. Geopolitical changes and the Fed's attitude towards rate cuts remain key points to monitor. [1][5] 1.2 Domestic Market Review - After the holiday on Thursday, the market had a good start. The broader market rose 1.32% with a high - opening and oscillating trend, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 0.73%. The market showed a significant index rebound but a polarization of individual stocks. Benefiting from the rise of overseas gold during the holiday, the cyclical sector rose, and the technology sector was internally divided. The market trend was fragmented. Sectors such as non - ferrous metals, steel, coal, and public utilities led the gains, while media, real estate, social services, and automobiles led the losses. There were 3109 rising stocks and 2184 falling stocks in the whole market. Although 100 stocks reached the daily limit, the performance of stocks with consecutive daily limits in the previous trading session was poor, and the profit - making effect was weak. On October 9, 2025, the Ministry of Commerce and the General Administration of Customs issued four announcements to implement export controls on related items such as super - hard materials, some rare - earth equipment and raw materials, some medium - heavy rare earths, lithium batteries, and artificial graphite anode materials. [2][6] 1.3 Important Information - **Fed Officials' Views**: Williams supported further rate cuts as the labor market may further slow down; Barr believed rate cuts should be cautious as the current interest rate is moderately restrictive; Kashkari basically agreed with Barr. - **U.S. Labor Statistics**: The U.S. Bureau of Labor Statistics recalled some employees to compile the CPI report, and it is expected to be released during the government shutdown. - **International Events**: The first - stage Gaza cease - fire agreement officially took effect. Trump said he would go to Egypt to attend the signing ceremony of the Gaza cease - fire agreement. Japan's LDP President Takashi Hayao stated that there was no intention to cause excessive depreciation of the yen. Li Qiang met with Kim Jong - un at the Central Committee of the Workers' Party of Korea in Pyongyang. China and India will resume direct flights by the end of October. The Ministry of Commerce included foreign entities such as anti - drone technology companies in the unreliable entity list. The Ministry of Commerce and the General Administration of Customs implemented export controls on relevant items with obvious dual - use military and civilian attributes, such as some medium - heavy rare earth - related items, lithium battery and artificial graphite anode material - related items. The Ministry of Commerce announced decisions on export controls of rare - earth - related technologies and overseas rare - earth items. [7][11] 1.4 Today's Strategy - The same as the core view mentioned above. [3][12] 2. Futures Market Tracking - **Performance**: Tables show the closing prices, settlement prices, price changes, price change percentages, basis, and other data of futures contracts for the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including different contract delivery months such as 2510, 2511, 2512, and 2603. [14] - **Trading Volume and Open Interest**: Tables present the trading volume, trading volume changes, trading amount, trading amount changes, open interest, open interest changes, weekly position increases, net positions, and changes in net positions, short - position open interest, and long - position open interest for different futures contracts and their corresponding indexes. [15] 3. Spot Market Tracking - **Market Performance**: Tables display the current points, daily, weekly, monthly, and annual price changes, trading amounts, price - to - earnings ratios, and their historical quantiles of major indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, as well as various industry sectors. [37] - **Market Style Impact**: Tables show the impact of market styles (cyclical, consumption, growth, finance, and stability) on the price changes of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions. [38][39] - **Valuation and Other Data**: Charts show the valuations of important indexes, Shenwan valuations, market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, index trading amount changes, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balances, and margin trading net purchases and their proportions in A - share trading amounts. [41][47] 4. Liquidity Tracking - Charts show the central bank's open - market operations and the Shibor interest rate levels. [53]

商务部新闻发言人就美将我多家实体列入出口管制"实体清单"事答记者问。 答：中方注意到有关情况。美方不断泛化国家安全概念，滥用出口管制措施，滥施长臂管辖，对包括中 国企业在内的多家实体实施穿透性制裁。美方此举严重损害企业合法权益，破坏全球产业链供应链安全 稳定，中方对此坚决反对。中方敦促美方尽快纠正错误做法，并将采取必要措施，坚决维护中国实体的 合法权益。 有记者问：美东时间2025年10月8日，美商务部宣布将多家中国实体列入出口管制"实体清单"，请问中 方对此有何评论？ ...

10月10日，据商务部官网， 商务部新闻发言人就美将我多家实体列入出口管制"实体清单"事答记者问。 有记者问：美东时间2025年10月8日，美商务部宣布将多家中国实体列入出口管制"实体清单"，请问中方对此有何评论？ 答：中方注意到有关情况。美方不断泛化国家安全概念，滥用出口管制措施，滥施长臂管辖，对包括中国企业在内的多家实体实施穿透性制裁。美方此 举严重损害企业合法权益，破坏全球产业链供应链安全稳定，中方对此坚决反对。中方敦促美方尽快纠正错误做法，并将采取必要措施，坚决维护中国 实体的合法权益。 ...

商务部新闻发言人就美将我多家实体列入出口管制"实体清单"事答记者问。 有记者问：美东时间2025年10月8日，美商务部宣布将多家中国实体列入出口管制"实体清单"，请问中方对此 有何评论？ 百万用户都在看 见证历史！刚刚，暴涨900%！ 突发公告！证券业大佬管金生去世 深夜，大涨！英伟达，突传重磅！ 信息量大！中方，重磅出手！ 折算率"归零"！多家券商出手，影响多大？ 加速了！刚刚，重大突破！发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 答：中方注意到有关情况。美方不断泛化国家安全概念，滥用出口管制措施，滥施长臂管辖， ...

答：中方注意到有关情况。美方不断泛化国家安全概念，滥用出口管制措施，滥施长臂管辖，对包括中 国企业在内的多家实体实施穿透性制裁。美方此举严重损害企业合法权益，破坏全球产业链供应链安全 稳定，中方对此坚决反对。中方敦促美方尽快纠正错误做法，并将采取必要措施，坚决维护中国实体的 合法权益。 人民财讯10月10日电，商务部新闻发言人就美将我多家实体列入出口管制"实体清单"事答记者问。记者 问：美东时间2025年10月8日，美商务部宣布将多家中国实体列入出口管制"实体清单"，请问中方对此 有何评论？ ...

核心结论 分析师 【有色金属】稀土产业政策点评：稀土出口管控持续强化，二次资源回收正 式进入管控范畴 新公告后稀土供给端已完全管控，除政府作为，供给端难以出现突发的较大 增量；在技术方面，严格限制中国公民、法人、非法人组织未经许可不得为 境外稀土相关活动提供任何实质性帮助和支持，从法律层面切断海外企业通 过中国技术人员快速扩产的可能。 【电子】纳芯微（688052.SH）动态跟踪：盈利能力持续修复，产品矩阵突 破未来可期 晨会纪要 证券研究报告 2025 年 10 月 10 日 我们预测 25-27 年营收为 29.76/38.44/47.62 亿元，预计对应归母净利润为 -0.46/1.73/3.87 亿元，维持"买入"评级。 【其他】总量月报第 3 期：关注政策宽松带来的交易机会 经济增长动能有所放缓，宏观政策可能再次宽松。政治局会议预告四中全会 召开时间，后续政策可期。美国"严格而简单"的出口管制策略逐步落地。 固定收益配置价值凸显，交易关注超跌反弹。权益市场"冰火转换"时刻将 至。金融进入"业绩验证与政策催化"窗口期。房地产政策落地见效，新房 市场温和修复。 【固定收益】10 月转债月报：估值区间震荡 ...

策略 FICC日报 | 2025-10-10 有色板块爆发，沪指站上3900点 市场分析 对稀土等出口管制。国内方面，我国域外管辖迈出坚实一步。商务部发布公告，宣布对境外相关稀土物项和稀土 相关技术实施出口管制，并将反无人机技术公司等14家外国实体列入不可靠实体清单。商务部还会同海关总署连 发4则公告，宣布对超硬材料、部分稀土设备和原辅料、部分中重稀土、锂电池和人造石墨负极材料等相关物项实 施出口管制。海外方面，哈马斯高级官员、首席谈判代表哈利勒·哈亚发表声明宣布达成停火协议，哈利勒·哈亚表 示，哈马斯已从包括美国在内的调解方那里获得了保证，"加沙战争已经结束"。美国方面，美国共和党提出的结 束美国政府停摆的法案未能在参议院获得足够票数，法案未获通过。 指数走强。现货市场，A股三大指数走强，沪指涨1.32%收于3933.97点，刷新十年高点创业板指涨0.73%。行业方 面，板块指数涨多跌少，有色金属板块爆发，钢铁、煤炭、公用事业行业领涨，传媒、房地产、社会服务、行业 跌幅居前。当日沪深两市成交金额约为2.6万亿元。海外方面，美国三大股指小幅收跌，道指跌0.52%报46358.42点。 期指增仓。期货市场，基差 ...

近日，多部门重磅频发，我们一起关注下吧↓ 01 治理价格无序竞争 维护良好市场价格秩序 为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争，近日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好 市场价格秩序的公告》（以下简称公告）。 公告提出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民经济健康发展。国家支持 公平、公开、合法的市场竞争，维护正常的价格秩序。实行市场调节价的商品和服务，经营者应当按照价格法规定，遵循公平、合法和诚实信用的原则， 以生产经营成本和市场供求状况为基本依据，依法行使自主定价权，自觉维护市场价格秩序，共同营造公平竞争、有序竞争的市场环境。【相关报道：】 02 2027年买新能源车购置税减免有新要求 工业和信息化部、财政部、税务总局等三部门近日联合公告2026—2027年减免车辆购置税新能源汽车产品技术要求，明确纯电动乘用车、插电式（含增程 式）混合动力乘用车有关技术要求调整等情况。2026年1月1日起，列入《减免车辆购置税的新能源汽车车型目录》的车型，需符合本公告要求。2026年1 月1日（含）起， ...

【导读】 A 股三大指数集体走低，半导体芯片、锂电池等板块大跌 中国基金报记者 晨曦 大家好！又到周五，来一起关注最新的市场行情和市场资讯～ 10 月 10 日， A 股三大指数集体低开，创业板指跌近 1% 。开盘后市场持续震荡，截至发 稿，深证成指跌超 1% ，创业板指跌超 3% 。 | 3916.31 | ﮯ | 13505.25 | 5 | 3162.25 | ์ | | --- | --- | --- | --- | --- | --- | | 上证指数 -0.45% | | 深证成指 -1.61% | | 创业板指 -3.05% | | 科创 50 指数盘初跳水，跌超 4% 。 | ( W | | | 科创50(000688) | | | --- | --- | --- | --- | --- | | | 10-10 09:52:45 | | | | | 1492.71 | | 昨收 | 1539.08 | 成交额 | | -46.37 | -3.01% | 今开 | 1511.16 | 成交量 6.00亿 | | 上涨 | 105 | 平盘 | ୧ | 下跌 478 | | 最高价 | 1512. ...

| 3916.31 ANS | ---------------- | 13505.25 5 | 3162.25 | ﻊ | | --- | --- | --- | --- | --- | | 上证指数 -0.45% | | 深证成指 -1.61% | 创业板指 -3.05% | | 科创50指数盘初跳水，跌超4%。 盘面上，半导体芯片、动力电池、固态电池等板块集体走低，贵金属回调；燃气、煤炭、纺织服饰等板块回暖，培育钻石、乳业等概念股活跃。 | | | Wind热门概念指数 | 20格 | | --- | --- | --- | --- | | 培育钻石 4.87% | 超硬材料 3.57% | 万得预增 2.86% | 水泥制造 2.50% | | 大基建央企 2.11% | 航运 1.87% | 错嫁 详墨 1.30% | चे गार 2.23% | | 煤炭开采 1.99% | 保险 1.50% | 汽车芯片 -3.73% | 锂电正极 -4.43% | | 未合体 -4.01% | 国家大基金 -3.63% | 固态电池 -4.56% | MCU芯片 -4.50% | | 模拟芯片 -4.29% | ...