市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 10 月 10 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 【重要新闻】 【商务部、海关总署对锂电池和人造石墨负极材料等相关物项实施出 口管制】10 月 9 日，商务部、海关总署连发 4 则公告，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。锂电池和人造石墨负极材料方面，管制物 项包括能量密度≥300 Wh/kg 的可充放电锂离子电池及其制造设备， 未经许可不得出口。稀土相关技术、设备、原辅料方面，管制范围涵 盖稀土开采、冶炼分离、金属冶炼、磁材制造、二次资源回收利用相 关技术及生产线装配维护技术，并明确未经许可不得出口。 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,933.97 | 1.32% | | 深证成指 | 13,725.56 | 1.47% | | 沪深 300 | ...

Market Strategy - The market has shown a strong performance post-holiday, with the Shanghai Composite Index breaking through the 3900-point mark, reaching 3933.97 points, up 1.32% [5][10] - The overall A-share market saw a rise of 1.31%, closing at 6431.96 points, with the STAR 50 Index leading the gains at 2.93% [9][10] - The market is characterized by a strong performance in large-cap stocks and sectors such as hard technology, while small-cap stocks lagged behind [10][12] Industry Dynamics - The EIA reported an increase in U.S. crude oil inventories, leading to weak international oil prices, with crude oil inventory rising by 3.7 million barrels to 420.3 million barrels [28][29] - The Chinese restaurant industry consumption index showed signs of recovery in August, with a notable increase in consumer demand [33][34] - The China Urban Rail Association reported that approximately 900 kilometers of new urban rail lines are expected to be operational by the end of 2025, with 491.67 kilometers added in the first three quarters of 2025 [36] Company Updates - Mijia Group plans to acquire a 51% stake in the fresh beer brand "Xianpi Fulu Jia" for approximately 285.6 million yuan, enhancing its product portfolio in the beverage sector [30][32] - Aide Biology announced a cash investment of 50 million yuan in Sailu Medical, acquiring a 2.38% stake, focusing on genomic and spatial omics technologies [37][39] - Shennong Group reported sales of 2.1096 million pigs in the first nine months of 2025, generating revenue of 3.48 billion yuan, with a decline in pig prices noted in September [40][41] - Guizhou Moutai's market performance remains stable, with significant improvements in terminal sales driven by seasonal demand [42][44] - Wuxin Tunnel Equipment's merger and acquisition plan has been approved by the Beijing Stock Exchange, with a stock code change effective from October 9 [45] - Ecovacs Robotics announced a share reduction plan by one of its directors, intending to sell up to 300,000 shares [47]

2025 年 10 月 10 日 晨会速递 分析师点评 市场数据 总量研究 【金工】市场网下打新参与度仍在上升——打新市场跟踪月报 20251009 2025 年 9 月，共 11 只新股上市，其中主板 3 只、创业板 5 只、北交所 3 只，募集 金额共计 116.9 亿元，沪深两市新股发行规模环比增长。新股首日平均涨幅环比虽下 降但仍处较高水平：主板新股首日平均上涨 131.33%，创业板新股首日平均涨 251.9%。网下打新市场询价账户数量稳步上升，报价入围率略降。5 亿规模账户当月 打新收益率约为 A 类：0.15%，C 类 0.13%。 【债券】二级市场价格整体持续回调，资产类型有望得到大幅扩围——REITs 月度观 察（20250901-20250930） 截至 2025 年 9 月 30 日，我国公募 REITs 产品数量达 75 只，合计发行规模达 1966.2 亿元（不含扩募）。2025 年 9 月 1 日-2025 年 9 月 30 日（以下简称"本月"），我 国已上市公募 REITs 的二级市场价格整体呈现波动下行的趋势。与其他主流大类资产 相比，回报率由高至低排序分别为：黄金>美股>A ...

Market Overview - The A-share market has seen the Shanghai Composite Index return to 3900 points for the first time in 10 years, closing at 3933.97 with a gain of 1.32% [1][6] - The Shenzhen Component Index and the ChiNext Index also experienced increases of 1.47% and 0.73% respectively, indicating a positive market sentiment [2][4] Sector Performance - The top-performing sectors included non-ferrous metals (7.60%), steel (3.38%), and coal (3.00%), while the weakest sectors were media (-1.43%), real estate (-1.39%), and social services (-1.03%) [3][4] - Concept indices such as controllable nuclear fusion (6.97%) and lead metals (6.14%) showed strong performance, while sectors like duty-free shops (-1.82%) and ice and snow industry (-1.59%) lagged [3][4] Future Outlook - The report suggests that the recent export controls on rare earth technologies by the Ministry of Commerce will enhance the value and pricing of rare earth products, recommending a focus on companies with export qualifications in rare earth and magnetic materials [5] - The overall market sentiment remains optimistic, with expectations of further upward movement in the indices, particularly in sectors like non-ferrous metals, technology growth, new energy, and machinery [6]

4、三部门调整新能源车购税减免技术要求，插混、增程纯电续航里程门槛提至100km。 5、东方财富证券客服确认：中芯国际、佰维存储两融折算率均调为零。 宏 观 新 闻 1、 10月9日，商务部、海关总署联合发布4则公告，对超硬材料、稀土设备和原辅料、钬等5种中重稀土、锂电池和人造石墨负极材 料相关物项实施出口管制。 2、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》，释放了着力维护公平竞争、有序 竞争市场环境的明确信号。《公告》指出，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。 早 报 精 选 1、 商务部、海关总署联合发布公告，对超硬材料、稀土设备和原辅料、钬等5种中重稀土、锂电池和人造石墨负极材料相关物项实 施出口管制。 2、以色列政府10日凌晨批准了加沙停火协议。根据谈判斡旋方宣布的相关内容，以色列与哈马斯达成的协议将促成战争结束、以色 列被扣押人员与巴勒斯坦囚犯获释，以及人道主义救援物资进入加沙地带。 3、商务部：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。 3、商务部决定将反无人机 ...

Group 1: Macro Insights - The recent surge in gold prices during the National Day holiday is driven by three new variables: concerns over U.S. fiscal credibility due to government shutdown, changes in Japanese and European political landscapes affecting currency credibility, and significant inflows into gold ETFs indicating rising risk aversion among private investors [5][6][9] - Current corporate earnings are still stabilizing, with signs of improvement in certain sectors, such as a rebound in industrial profits and a narrowing decline in PPI. Domestic exports are expected to remain resilient, and the support from policies may lead to a slight recovery in A-share earnings in Q4 [5][6] Group 2: Market Trends - In September 2025, 11 new stocks were listed, raising a total of 11.69 billion yuan, with a month-on-month increase in new stock issuance. The average first-day gains for new stocks remain high, with main board stocks averaging a 131.33% increase and growth enterprise board stocks averaging a 251.9% increase [6][8] - The issuance scale of credit bonds continues to grow, with a total of 1.24 trillion yuan issued in September 2025, marking a month-on-month increase of 10.27%. The total outstanding credit bond balance reached 30.49 trillion yuan by the end of September [8] Group 3: Industry Developments - The BEST project for controlled nuclear fusion has made significant progress, with the installation of the dewar base completed ahead of schedule. This marks the beginning of a new phase in the project, with upcoming tenders for key components expected to accelerate development [8][9] - OpenAI's launch of Sora2 and its Apps SDK is reshaping the AI ecosystem, emphasizing that AI enhances traditional SaaS rather than replacing it, which may alleviate market pessimism regarding AI applications [9]

点击注册小程序 查看完整报告 25 年 5 月 1日，紧凑型聚变能实验装置（BEST）启动工程总装，较原计划进度提前 2 个月。9月底，聚变 新能官网发布多则 BEST 项目招标公告，主要涉及离子回旋共振加热高压电源系统相关组件、COOL TBM 相关组件等。此次杜瓦底座顺利落位安装，标志着 BEST 项目主体工程建设步入新阶段，部件研制和工程 安装有望开启"加速度"。 国内聚变行业进展积极，或迎密集招标期 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 10 月 1 日，紧凑型聚变能实验装置（BEST）主机系统中最重的部件、也是国内聚变领域最大的真空部件 ——杜瓦底座顺利完成制造交付及落位装配。 点评： BEST 杜瓦底座顺利落位装配，项目部件研制、工程安装有望提速 项目层面，除 BEST 项 ...

Group 1 - The Shanghai Composite Index opened strong in October, surpassing 3900 points for the first time since August 2015, with over 3000 stocks rising and a trading volume of 2.65 trillion yuan [2] - The international gold price has surged past 4000 USD per ounce, driven by expectations of interest rate cuts by the Federal Reserve and cracks in dollar credibility, indicating a potential "third wave" in the gold market [2] - The Chinese Ministry of Commerce has implemented export controls on rare earth-related technologies to safeguard national security, requiring exporters to apply for permits [4] Group 2 - Several brokerage firms have adjusted the financing margin rates for nine A-shares to zero due to high static P/E ratios, limiting investors' leverage [3] - SoftBank has acquired ABB's robotics business for 5.375 billion USD, aiming to reshape the industry by integrating AI with robotics [3] - Time Space Technology is planning a major asset restructuring to acquire a stake in storage chip company Jiahe Jingwei, as its profit margins have been under pressure [5]

● 本报记者 葛瑶 10月9日，A股可控核聚变板块集体爆发，哈焊华通、西部超导、合锻智能等概念股掀起涨停潮。这一 轮行情的背后，是国内外利好因素的密集催化。 业内人士认为，随着技术突破加速和资本密集涌入，可控核聚变时代有望加速到来。但值得注意的是， 短期来看可控核聚变技术仍处于发展阶段，商业化进程存在不确定性，建议投资者关注企业实质性订单 落地情况和技术进展。 在高温超导带材领域，永鼎股份的高温超导带材及应用项目产业化进程加快。公司2025年半年度报告显 示，永鼎股份研制出强磁场用高性能超导带材，已实现其在磁约束可控核聚变等领域的研究与应用。公 司上半年营业收入为22.60亿元人民币，同比增长24.07%，其中汽车线束及铜导体市场拓展贡献显著。 作为核聚变关键部件的供应商，安泰科技7月披露的投资者关系活动记录显示，公司可控核聚变领域订 单活跃，其子公司安泰中科批量生产钨铜偏滤器等产品，累计交付超5000件，应用于多项国内外核聚变 项目。安泰科技2025年半年度报告显示，安泰中科上半年成功中标全超导托卡马克核聚变实验装置 此番市场热度，主要源于国内外可控核聚变产业的密集催化。从国内层面来看，9月，中国聚变能源有 ...

Market Overview - The A-share market experienced a rebound, with the Shanghai Composite Index rising over 1% and breaking the 3900-point mark for the first time in 10 years [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 354.7 billion yuan compared to the previous trading day [1][5] Sector Performance - The "Technology + Non-ferrous Metals" sectors emerged as the strongest dual themes, with significant gains in precious metals, industrial metals, small metals, and rare earth permanent magnets [1][4] - The precious metals sector led the gains, with stocks like Zijin Mining and Luoyang Molybdenum hitting historical highs [1][11] - Technology stocks saw widespread strength, particularly in storage chips and consumer electronics, with major players like Tongfu Microelectronics and SMIC achieving significant price increases [3][7] Key Stocks and Developments - Notable stocks in the storage chip sector included Tongfu Microelectronics, which hit the daily limit, and SMIC, which rose over 7% [3][10] - OpenAI announced a strategic partnership with AMD to deploy 6 gigawatts of AMD GPU computing power for its next-generation AI infrastructure, which is expected to drive interest in related technology stocks [10] - Goldman Sachs raised the target prices for SMIC and Huahong Semiconductor to 117 HKD per share, indicating positive sentiment in the semiconductor sector [10] Precious Metals and Gold - The precious metals sector saw significant gains, with stocks like Sichuan Gold and Shandong Gold reaching their daily limits [11][12] - The price of spot gold reached a historic high, surpassing 4000 USD per ounce, driven by ongoing concerns over U.S. government debt and the long-term trend of de-dollarization [14]