Core Viewpoint - The A-share market is exhibiting a slow bull pattern, but increased volatility in September has introduced uncertainties due to factors such as the U.S. government shutdown and the upcoming Q3 earnings reports [2][12] Group 1: Investment Strategies and Market Outlook - Many private equity firms have adjusted their investment strategies in anticipation of the October market, focusing on sectors with improving performance [2][5] - Oriental Harbor remains optimistic about the AI industry chain, believing that the current AI computing power bubble is still in its early stages and valuations are reasonable [3][7] - Stable Investment maintains a diversified portfolio strategy, preferring a "blooming everywhere" market approach rather than chasing individual stock hotspots [8][10] Group 2: Performance Metrics - Private equity firms like Fusheng Asset and Oriental Harbor reported impressive performance in September, with average returns reaching significant percentages [5][7] - Fusheng Asset's products showed an average return of ***% in September, while Oriental Harbor's products also achieved an average return of ***% [5][7] Group 3: Sector Focus and Adjustments - Fusheng Asset is optimistic about sectors showing performance improvement, such as engineering machinery and chemicals, and is focused on investing in these areas [5] - Stable Investment has slightly increased its allocation to technology sectors, particularly electronics, while maintaining a diversified approach [9][10] - Luo Shu Investment suggests that the A-share market may continue its slow bull trend, but warns of potential volatility due to important meetings in October [12] Group 4: Risk Awareness and Market Dynamics - Ning Shui Capital emphasizes the need to be cautious of overheating risks in certain sectors and highlights the importance of Q3 earnings verification and policy implementation [14] - The market is experiencing a divergence in valuations, with some stocks significantly deviating from their fundamentals, indicating a potential need for correction [14][19] Group 5: Long-term Investment Themes - Wang Zheng Asset continues to focus on a core strategy of high-quality blue chips combined with innovative growth sectors, particularly in AI and technology [16] - The resource sector is gaining attention due to rising prices and geopolitical factors, with a noted increase in the value of resources like lithium and copper [18]

截至2025年10月15日 09:47，恒生科技ETF(159740)上涨1.39%，市场交投活跃，昨日换手率近30%，今 日延续高企态势，盘中换手率已超5%，成交5.90亿元，盘中已获资金净申购3.50亿份！跟踪指数恒生科 技指数强势上涨1.29%，成分股哔哩哔哩-W上涨4.69%，ASMPT上涨3.87%，小鹏汽车-W上涨2.61%， 阿里巴巴-W，京东健康等个股跟涨。 财通证券表示，继续看好AI产业链趋势，尤其是充分受益全球AI算力需求增长的PCB、服务器ODM 等 环节。此外，随着模型能力的提升及AI应用场景的渗透，我们亦看好受益AI终端需求增长的头部ODM 企业。半导体方面，我们继续重点关注地缘政治等风险对自主可控预期的影响，保持对需求节奏的跟 踪，看好龙头公司由产品和客户结构带来的α。 相关产品： 大成恒生科技ETF（159740.SZ） 【市场有风险，投资需谨慎】 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 拉长时间看，截至10月14日，恒生科技ETF(159740)最新份额突破200亿大关，达200.27亿份，创成立以 来新高。恒生科技ETF(159740)近1月规 ...

Core Insights - The report highlights the short-term volatility in the A-share market, indicating a potential for continued fluctuations due to external uncertainties and internal structural contradictions [2][3][11] - It emphasizes the divergence between individual stocks and indices, with a notable pressure from profit-taking among investors who have accumulated significant gains since April [5][10] - The upcoming clarity on trade policies, particularly around November 1, is identified as a critical point for reducing market uncertainties and potentially stabilizing the market [3][11] Market Overview - On Tuesday, the A-share market showed resilience, but concerns remain regarding the lack of enthusiasm among participants, as evidenced by a significant disparity between stock performance and index movements [5][6] - The trading volume on Monday was reported at 2.3 trillion, reflecting a cautious stance from new capital entering the market [5][11] - The indices experienced a mixed performance, with the Shanghai Composite Index rising while the Shenzhen Component and ChiNext indices faced declines, indicating a selective rally driven by a few heavyweight stocks [6][7] Sector Analysis - Defensive sectors such as banking and utilities are recommended for attention due to their high dividend yields, which may become attractive as the market adjusts [8][10] - Consumer sectors, particularly the liquor industry, are noted for their strength, with domestic consumption expected to drive economic recovery in 2025 [9][10] - The report suggests focusing on the AI industry chain, semiconductors, and robotics as potential growth areas amidst the current market corrections, presenting opportunities for long-term investments [3][10]

Group 1 - The current trade conflict between China and the US is expected to have a longer duration compared to April, as the US faces fewer constraints now, allowing for a more prolonged hardline stance from Trump [1][3][4] - China's economic resilience has been validated, with a significant reduction in reliance on the US market, decreasing from an average of 14.6% in 2024 to 10.5% since April 2025, providing China with more confidence to withstand US pressure [2][8] - The US has made significant progress in trade agreements with Europe and Japan, which enhances its bargaining power against China, making it less likely for Trump to back down easily [3][4] Group 2 - The report emphasizes the importance of the upcoming APEC summit at the end of the month, suggesting that the timing of Trump's tariff implementation on November 1 may be strategically aligned with this meeting [4][8] - The report highlights the need for caution in trading strategies, advising against reliance on past patterns of market behavior during trade negotiations, as the current situation may not follow the same trajectory as in April [4][20] - The report suggests focusing on sectors with high certainty, such as non-ferrous metals and high-end manufacturing, while also considering consumer goods that are currently undervalued [4][20] Group 3 - The report notes that the manufacturing PMI in China for September was recorded at 49.8, slightly below expectations, indicating a need for policy intervention to stimulate demand [11][12] - The report discusses the implications of the US government shutdown on economic data releases, which may affect future monetary policy decisions [15][17] - The report indicates that the global economic environment remains mixed, with varying performance in manufacturing and service sectors across different regions, impacting overall market sentiment [18][19] Group 4 - The report outlines the performance of various asset classes, noting a decline in oil prices due to oversupply expectations, while gold prices have risen significantly amid increased demand for safe-haven assets [27][28] - The report highlights the fluctuations in the foreign exchange market, with the US dollar strengthening slightly and the Chinese yuan experiencing a minor depreciation [28][30] - The report provides a comprehensive overview of the stock market performance, indicating a mixed response with some sectors outperforming others, particularly in the context of ongoing trade tensions [20][22]

Core Insights - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.29%, the Nasdaq up 2.21%, and the S&P 500 up 1.56% [1] - Technology stocks led the rebound, with Broadcom's stock surging nearly 10% due to a chip collaboration agreement with OpenAI, while other popular tech stocks like Tesla and Nvidia also recorded significant gains [1] - Market sentiment was boosted by the Trump administration's softened trade stance and expectations for increased AI capital expenditures [1] Market Performance - The Nasdaq China Golden Dragon Index rose by 3.21%, with popular Chinese concept stocks also experiencing gains, including Century Internet up over 10%, and NIO and Alibaba following suit [1] - In commodities, COMEX gold futures surpassed $4100, reaching a historical high, while silver futures also surged. Crude oil prices saw a slight increase, with ICE Brent crude closing at $63.60 per barrel [1] Earnings Season Focus - Attention is shifting towards the U.S. earnings season, with bank stocks like JPMorgan Chase expected to set the tone for the market [1] - Institutions believe that the AI industry chain and liquidity easing logic continue to support the market, but caution is advised regarding potential trade policy reversals and valuation bubble risks [1] - The safe-haven attributes of precious metals are being reinforced, with mid-term allocation value gaining attention [1]

每经编辑｜金冥羽 10月13日，市场全天震荡回升，三大指数低开高走，科创50指数低开近3%，午后翻红大涨逾1%。A股成交额2.37万亿元，较上一个交易日缩量1599亿 元。盘面上，市场热点轮番活跃。截至收盘，沪指跌0.19%，深成指跌0.93%，创业板指跌1.11%。 板块方面，稀土永磁板块持续走强，银河磁体、中国稀土、北方稀土等多股涨停。芯片产业链也掀起涨停潮，新莱应材、凯美特气、至纯科技等10余股涨 停。有色金属板块再度活跃，中国瑞林、西部黄金3天2板。汽车零部件、游戏等板块跌幅居前。 | Wind热门概念指数 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 稀土 光刻机 半导体硅 稀有金属 | 稀土永磁 | | | | 中药国际 | 锂电电解 晶圆产业 | | | 9.49% 5.63% | 8.09% | | 5.47% | 5.03% | 4.93% | 4.63% | 4.62% | | 小我屋 操作系统 | 万得预增 | | 半导体材 | 核聚变 | | 黄金珠宝 ASIC芯片 光刻工厂 | | | 4.23 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日早盘，港股版"恐慌指数"恒指波幅指数飙升近29%，创2025年5月以来新高。截至收盘，恒生波幅 指数涨18.42%。多家机构认为，港股进入高波动阶段，港股"TACO"交易需要分批进行。 公司建议实物分派旅游地产业 香港中旅盘中涨超14% 香港中旅盘中涨超14%，截至收盘涨8.5%，报1.66港元/股，成交额2.51亿港元。 香港中旅是最早一批在港交所上市的旅游企业之一，于1992年在港交所上市。香港中旅历史可追溯到 1923年8月15日上海商业储蓄银行设立的旅行部。经过百年的发展，集团形成了由旅行社、景区、酒 店、免税、旅游交通、邮轮、地产以及在港综合业务组成的产业布局。 消息面上，香港中旅公布，建议实物分派旅游地产业务，股东可选择按每股收取1股私人公司股份，或 每股收取现金0.336港元。公司表示，完成分派后，集团将减少非核心资产拖累，盈利能力预期改善， 并进一步优化运营模式，把资金与管理资源集中于高回报的旅游运营环节。董事会认为，此举符合公司 及股东整体利益。 黄金及贵金属领涨 | 3h 10 | 黄金及贵金属 3622.94 ...

今日（10月13日），港股市场迎来重要时刻，受外部因素冲击，恒指、恒生科技等重要指数大幅低开之后，尾盘跌幅明显收窄。值得注意的是，尽管指数波 动显著，但南向资金逢低大举买入港股。 恒生指数盘中最大跌幅超3.5%，但截至收盘，恒指报收于25889.48点，下跌400.84点，跌幅1.52%。 恒生科技指数盘中最大跌幅达4.90%，最终报收于6145.51点，下跌114.24点，跌幅1.82%。 焦点公司方面，耀才证券金融（01428.HK）涨超34%。消息面上，蚂蚁要约收购耀才证券的消息公告半年后，获得香港证监会批准。另一方面，要约人已 向国家发展改革委提交申报材料，并一直积极与其进行沟通。与国家发展改革委就收购事项的相关流程正按计划推进中。要约人及耀才证券将继续推进完成 条件的达成。值得注意的是，只有在完成落实各项审批等条件后，收购事项方可作实，因此，该收购要约"可能会或未必会"进行。 其他方面，盘面上，有色金属、半导体、电气设备板块涨幅领先。 | | | Wind香港二级行业指数 | | | | --- | --- | --- | --- | --- | | 有色金属 | 井音体 | 电气设备 | 耐用消费 ...

美国政府停摆到连就业数据都发不出来，中国的十一假期人均消费再降一层，双方都有要忧虑的事情。大国不止有科技，还有民生，民生占99%，但此时 都被那战略性的1%牵制住了精力。 我们其实也想把重心转移回国内的。 有一条消息其实很多人忽略了。BB社多篇报道称，中国在与美国的上一轮谈判中提出过以大规模增加对美直接投资，作为交换，希望美方放宽对中国投 资及企业交易的限制措施。据称这一提议发生在9月的马德里会谈中，中方曾提出大规模的投资额度，并在谈判中还要求美方降低中国企业在美建厂所需 进口原材料的关税，以及希望美国在敏感问题上调整政策立场。 关于这次升级，如果一定要阅读，读培风客的《贸易战升级》和tuzhuxi的《中美贸易战推演》两篇基本足够了（包括我这篇啰嗦也不重要），我也赞同 他们整体乐观的倾向和分析判断。只不过想补充一个可能的低概率暧昧情形，即摩擦时间比预期长，且截至月底的APEC会议也没有定论，而非速战速决 快速TACO。 这次摩擦市场在经验上有准备，但心理上不太有准备。一方面，市场有了4月V型走势的经验，对TACO的预期更强，对后续走势有了参照物。目前几乎所 有研究预测的基调都是会缓和，逢低买的声音比较强。但没 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the recent escalation in China-US trade tensions may shift market risk preferences, leading to increased attention on defensive sectors within the building materials industry that have strong domestic demand and high dividends. Segments such as cement, glass, and consumer building materials, which have lagged in performance this year, are expected to benefit if market sentiment shifts towards "high cutting low" [3][4] - Cement demand is gradually recovering but remains limited, with production in August 2025 at 148 million tons, down 6.2% year-on-year. The implementation of policies to limit overproduction is expected to enhance capacity utilization in the medium term [3][8] - The glass industry is experiencing a downward trend in demand due to real estate impacts, but recent policy catalysts have led to price increases and inventory replenishment in the midstream sector. The report anticipates that environmental regulations will not lead to a drastic reduction in capacity but will increase costs and accelerate maintenance [4][13] - The fiberglass sector is benefiting from demand driven by the AI industry, with expectations for significant growth in low-dielectric products. The report is optimistic about the continued upward trend in both volume and price [4] - The consumer building materials sector has reached a profitability bottom, with no further downward price pressure expected. The report notes a strong demand for price increases and profitability improvements, particularly among leading companies [4] Summary by Sections Cement - The cement market is entering its peak season, with overall demand showing slow recovery. The construction sector is affected by weather and demand release timing, leading to a weak recovery in housing construction [8] - The report emphasizes the importance of monitoring companies like Conch Cement and Huaxin Cement [3] Glass - The glass industry is facing a continuous decline in demand influenced by real estate, but recent policy changes have led to price increases and midstream inventory replenishment [4][13] - Companies to watch include Qibin Group [4] Fiberglass - The fiberglass sector is experiencing a boom driven by AI-related demand, with expectations for explosive growth in low-dielectric products [4] Consumer Building Materials - The sector's profitability has bottomed out, with strong calls for price increases and profitability improvements. Companies like Dongfang Yuhong and Sankeshu are highlighted for potential recovery [4]