每日经济新闻 （责任编辑：董萍萍 ） 上周五（10月10日），三大股指全线收跌，两市成交额2.52万亿元，较上个交易日缩量1376亿元。 跟踪中证A500指数的A500ETF基金（512050）下跌2.26%，成交额超53亿元，位居同类产品第一。资金 面上， A500ETF基金（512050）近5日吸金4.13亿元，近10日吸金11.12亿元。 就后市配置而言，中金公司预期9月~10月中美流动性环境延续共振，美元处于下行周期，对各类 资产（股票、债券、黄金、商品）形成利好。与9月市场行情类似，10月可能仍是宏观相对顺风期，建 议维持相对较高的风险偏好，超配中国股票。 新一代核心宽基A500ETF基金（512050）助力投资者一键布局A股核心资产。该ETF所跟踪中证 A500指数，采取行业均衡配置与龙头优选双策略，中证全部35个细分行业全覆盖，融合价值与成长属 性，相比沪深300，超配AI产业链、医药生物、电力设备新能源等新质生产力行业，具备天然的哑铃投 资属性。场外联接（A类：022430；C类：022431）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包 ...

10月10日晚上，美股三大指数集体重挫，标普500跌了2.71%，纳斯达克综指跌超3.56%，中概股，纳斯达克中国金龙指数直接跌了6.10%。 这场暴跌迅速蔓延至全球市场，富时中国A50指数期货当晚跌超4%，纳斯达克中国金龙指数跌幅一度扩大至6%，恐慌指数VIX单日飙升31.65%。 一夜之间，全球投资者目睹了超过152万人爆仓，爆仓总金额高达95.78亿美元的数字货币屠杀，比特币单日暴跌13.5%，以太币暴跌17%。 10月8日，《The Information》的一篇报道揭露了甲骨文云业务的真实盈利状况：上季度出租英伟达芯片不仅没赚钱，反而亏损近1亿美元，云业务毛利率仅 有14%，远低于市场预期。 这一消息瞬间击碎了市场对AI产业链的盈利幻想，费城半导体指数单日暴跌6.32%，博通跌近6%，特斯拉跌超5%，英伟达跌超4%。 美国海关宣布10月14日起对中国运营或控制的汽车运输船加征新的港口服务费，这一举措被视作经贸施压的新动作。 伦铜暴跌4.5%，内盘金属期货普遍下跌。 与此形成鲜明对比的是，现货黄金价格站上每盎司4000美元关口，COMEX黄金期货突破3900美元/盎司，均创历 史新高。 根据对最近一年 ...

Core Insights - Shandong Jinling Mining Co., Ltd. and Guangdong Daoshi Technology Co., Ltd. reported significant growth in their Q3 2025 financial results, with Jinling Mining's revenue increasing by 12.98% and net profit by 47.09%, while Daoshi Technology's net profit surged by 182.45% [1] - A number of listed companies have issued Q3 performance forecasts, with some expecting net profit increases exceeding 100%, particularly in sectors like semiconductors, new energy, and high-end manufacturing, aligning with national industrial policy [2] - The overall profitability of various industries is expected to improve, with the manufacturing sector showing a 7.4% year-on-year profit growth from January to August, supported by strong performance in equipment manufacturing and other sectors [3] Industry Performance - The majority of industries are projected to see a rebound in profitability, bolstering market confidence, as indicated by the low base effect from the previous year [4] - Key sectors anticipated to show improved or sustained high growth in Q3 include mid-to-high-end manufacturing, the AI industry chain, and certain resource products benefiting from supply-demand improvements and price increases [5] - Specific industries such as non-ferrous metals, TMT (telecommunications, media, and technology), and electric power equipment are expected to report relatively high year-on-year profit growth in Q3 [6] Market Dynamics - The earnings-driven approach is becoming the main focus for capital allocation as the market enters the Q3 reporting period, with company performance likely to drive market trends [7] - Companies with significant profit growth, such as Hangzhou Changchuan Technology Co., Ltd., are attracting investor interest, with projected net profit growth of 131.39% to 145.38% for the first three quarters [7] - Investors are advised to focus on metrics such as profit improvement, cash flow quality, and capacity utilization when evaluating Q3 reports, as companies exceeding profit expectations may gain more market attention [8]

10月9日，A股迎来节后开门红，上证指数、深证成指、创业板指、科创50、中证A500等核心宽基指数 纷纷走强，截至13:08，同类成交额最大的A500ETF基金（512050）涨超1.5%。持仓股迈为股份20cm涨 停，西部超导涨超19%，沪硅产业、中微公司、北方军政、铜陵有色、通富微电等批量冲高。 节前资金积极布局A股核心资产，近5个交易日，A500ETF基金（512050）获得资金净申购19.62亿元。 资料显示，中证A500指数，采取行业均衡配置与龙头优选双策略，中证全部35个细分行业全覆盖，融 合价值与成长属性，相比沪深300，超配AI产业链、医药生物、电力设备新能源等新质生产力行业，具 备天然的哑铃投资属性。场外联接（A类：022430；C类：022431；Y类：022979）。 东吴证券策略团队指出，传统日历效应下，国庆后市场多呈"涨多跌少"的格局，而本轮节前2个交易日 已出现资金提前博弈反弹的动作，因此节后指数层面需重视量价的配合情况。节假日期间，内外部利好 叠加，尤其海外美联储降息预期升温、中美谈判或释放乐观信号、AI产业趋势催化显著，预计短期内 市场风格或偏向具备催化的、远期成长属性更强、估 ...

↑点击上面图片 加雪球核心交流群 ↑ 甲骨文被爆料"云业务利润率低于预期"，盘中一度跌近7%；特斯拉尾盘跳水，跌超4%。 黄金再创新高， 纽约期金则首次站上4000美元/盎司大关， 高盛最新将2026年12月金价预估上调至4900美元/盎司。 01 一则消息 深夜跳水 这一消息 拖累三大指数集体收跌。 截至收盘，标普500指数 下 跌0.38%，纳斯达克综合指数 下 跌0.67%，道琼斯工业平均指数 下 跌0.2%。 文件 显示，在截至8月的3个月里，甲骨文通过出租搭载英伟达芯片的服务器获得约9亿美元收入，录得1.25亿美元毛利润，毛利率只有不到 14%。同时，一些未列明的折旧费用还将吞噬7个百分点的利润率。云业务的迅猛扩张，将迅速拉低公司目前接近70%的毛利率。 受上述消息影响，甲骨文盘中一度下跌近7%，最终收跌2.52%。 美股科技股受挫，科技七巨头普跌。英伟达下跌0.27%，微软下跌0.87%，谷歌下跌1.74%。 特斯拉尾盘跳水，尽管发布了两款新车，最终股价大幅下跌4.45%。 美东10月7日（周二），美股三大指数开盘后不久，开始快速下跌。 消息面上， 甲骨文被爆料"云业务利润率低于预期" 。 这意味 ...

云计算概念集体重挫，截至发稿，鸿腾精密(06088)跌5.24%，报6.51港元；阿里巴巴-W(09988)跌 3.27%，报174.6港元；金山软件(03888)跌3.25%，报32.78港元；新意网集团(01686)跌1.45%，报6.8港 元。 消息面上，媒体援引内部文件称，在截至8月末的公司上一财季，甲骨文的服务器租赁录得收入9亿美 元、毛利1.25亿美元；文件还显示，甲骨文在英伟达Blackwell租赁方面亏损大约1亿美元。周二，甲骨 文股价一度下跌7.1%，最终收跌约2.5%，拖累美股AI产业链表现。 ...

Group 1 - The cloud computing sector experienced a significant decline, with notable drops in stock prices for companies such as Hongteng Precision (-5.24% to HKD 6.51), Alibaba (-3.27% to HKD 174.6), Kingsoft (-3.25% to HKD 32.78), and Neway Group (-1.45% to HKD 6.8) [1] - Internal documents revealed that Oracle's server leasing revenue for the last fiscal quarter ending in August was USD 900 million, with a gross profit of USD 125 million [1] - The documents also indicated that Oracle incurred a loss of approximately USD 100 million in its leasing operations related to NVIDIA's Blackwell [1] Group 2 - On Tuesday, Oracle's stock price fell by as much as 7.1% during trading, ultimately closing down about 2.5%, which negatively impacted the performance of the AI industry chain in the US stock market [1]

Group 1 - Morgan Stanley reported that foreign net inflows into the Chinese stock market reached $4.6 billion in September, the highest monthly level since November 2024 [1] - Passive funds saw a net inflow of $5.2 billion in September, with a total net inflow of $18 billion year-to-date, significantly surpassing the full-year total of $7 billion in 2024 [1] - Semiconductor sector saw increased positions from active fund managers, while insurance, durable consumer goods, and apparel sectors experienced reduced positions [1] Group 2 - The Hang Seng Technology Index rose by 13.9% in September, leading global major indices [1] - Semiconductor stocks such as SMIC and Hua Hong Semiconductor reached historical highs, with SMIC closing at HKD 90.9 per share (up 1.39%) and Hua Hong at HKD 87.5 per share (up 2.1%), with year-to-date increases of 185.85% and 304.16% respectively [1] - Positive policy releases have significantly boosted confidence in both A-share and Hong Kong markets, with continued acceleration of southbound capital inflows into the Hong Kong market [1] Group 3 - Looking ahead to October, the A-share and Hong Kong markets are expected to benefit from long-term policy layouts, numerous industrial catalysts, and a relatively loose liquidity environment [2] - Opportunities in A-shares are likely to be concentrated in the technology growth sector, while Hong Kong benefits from its unique market structure and external liquidity expectations [2] - Key focus areas include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as highlighted by various securities reports [2]

Market Overview - The Hang Seng Index closed at 27,140.92 points, down 0.54% on October 3, with a weekly increase of 3.88% [1][2] - The Hang Seng Technology Index fell by 0.9% to 6,622.85 points, with a weekly gain of 6.9% [1][2] - The trading volume on October 3 was 134.78 billion HKD, a decrease from 222.47 billion HKD on the previous trading day [1] Sector Performance - Among the sectors, the Utilities and Industrials indices were the best performers, rising by 0.50% and 0.37% respectively [3][7] - The worst-performing sectors included Communication Services, Consumer Staples, and Real Estate, with declines of 0.90%, 0.74%, and 0.67% respectively [3][7] - A total of 861 stocks rose while 1,089 stocks fell, with 72 stocks increasing over 10% and 21 stocks decreasing over 10% [3] Notable Stocks - The electric equipment and nuclear power sectors performed well, with China Nuclear International rising over 20% and Shanghai Electric increasing over 14% [4] - Semiconductor stocks showed strength, with SMIC reaching a historical high of 91.35 HKD per share [4] Broader Market Sentiment - Analysts are optimistic about a "slow bull" market for Hong Kong stocks in October, citing strong economic data and increased inflows from mainland investors [8][9] - As of September 30, net inflows from mainland investors into Hong Kong stocks reached 1.08 trillion RMB, significantly higher than previous years [8] - The recent interest rate cut by the Federal Reserve is expected to improve liquidity conditions in the Hong Kong market [8][9] Investment Strategies - Analysts recommend a "high elasticity" and "high dividend" strategy, focusing on three main areas: technology growth, biopharmaceuticals, and high-dividend defensive stocks [10] - The technology sector is expected to benefit from the Fed's rate cut, with strong demand for AI-related stocks [10] - The biopharmaceutical sector is also seen as having potential for valuation recovery, particularly for companies with global expansion plans [10]

Market Overview - The Hong Kong stock market experienced a pullback on October 3, with major indices such as the Hang Seng Index and Hang Seng Tech Index declining, with the Hang Seng Index dropping over 1.1% at one point before closing down 0.54% [1][2][4] - Analysts noted that there were no negative news impacting the market, indicating that the pullback was a normal profit-taking activity, and the long-term upward trend in the Hong Kong market remains intact [4][10] Stock Performance - Among popular stocks, Alibaba rose by 1.09% and Meituan by 0.28%, while Tencent fell by 0.44%, and both BYD and Kuaishou saw declines exceeding 3% [2] - The best-performing sectors in the Hong Kong market included electric equipment and nuclear energy, with notable gains from China National Nuclear Power (up over 20%), Shanghai Electric (up over 14%), and China Nuclear Technology (up over 13%) [5][6] Key Developments - The BEST project in Hefei, which focuses on compact fusion energy, achieved a significant breakthrough with the successful delivery of a key component, marking a new phase in its construction [6][7] - The BEST project aims to demonstrate nuclear fusion power generation by 2025, with expectations to light the first lamp using fusion energy by 2030 [7] Investment Insights - Despite the recent adjustments in the Hong Kong market, it is still viewed as being in a trend of oscillating upward movement, with a solid bottom [12] - The market is expected to experience a "quiet season" due to the National Day and Mid-Autumn Festival holidays, compounded by uncertainties surrounding U.S. government financing and the Fed's interest rate decisions [11][12] - Analysts suggest focusing on relatively undervalued stocks and sectors with positive industry news, as the market is likely to see further improvements in earnings per share (EPS) in the first quarter of next year [12][13]