智通财经APP获悉，招商证券发布研报称，展望10月，市场将会继续延续9月的趋势，保持震荡上行且 低斜率的走势。十月将会进入三季报窗口，由于去年基数较低，今年三季报预计多数行业盈利增速都会 出现一定程度的反弹，也将会在基本面强化市场信心。因此总体来看市场上行趋势的概率较大。综合盈 利、行业景气和交易等维度，10月份建议行业配置方面重点围绕高景气有望持续和困境反转的方向布 局，推荐重点关注：有色金属、电力设备、机械、汽车、电子、传媒等。 招商证券主要观点如下： 大势研判和核心逻辑 展望10月，市场将会继续延续9月的趋势，保持震荡上行且低斜率的走势。目前市场处在牛市第二阶段 的判断没有发生变化，增量资金持续流入的态势没有发生变化，而指数上行速度放缓后，增量资金更加 平稳，是驱动市场稳健上行的关键力量。公募私募融资余额均呈现净流入的态势，也使得市场风格更加 均衡。 10月下旬将会召开四中全会，四中全会将提出的十五五规划，成为市场预期和交易的重要方向。重要规 划的提出也使得市场风险偏好在10月有望维持高位。而十月将会进入三季报窗口，由于去年基数较低， 今年三季报预计多数行业盈利增速都会出现一定程度的反弹，也将会在基本面 ...

Group 1 - The market is expected to continue the upward trend observed in September, maintaining a low-slope oscillation, with the current phase identified as the second stage of a bull market, driven by continuous inflow of incremental capital [2][3][25] - Key sectors to focus on include AI computing and applications, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, along with "anti-involution" related directions [3][17][25] - The upcoming Fourth Plenary Session and the anticipated 15th Five-Year Plan are expected to influence market expectations and trading directions, with a high probability of maintaining a favorable risk appetite in October [3][22][25] Group 2 - The industry configuration strategy suggests a focus on high-growth sectors, particularly in large-cap styles, with recommendations for indices such as CSI 300, ChiNext 50, and 300 Quality Growth [4][20][21] - Recommended industries include non-ferrous metals (industrial metals, precious metals, minor metals), power equipment (photovoltaic equipment, batteries, wind power equipment), machinery (automation equipment), automotive (passenger cars, auto parts), electronics (semiconductors, consumer electronics), and media (gaming) [4][20][21] - The liquidity outlook indicates continued net inflow of incremental capital, with a strong emphasis on the role of public and private funds, as well as industry and thematic ETFs [5][7][24] Group 3 - The third-quarter earnings reports are expected to show a rebound in profitability across most industries due to a low base from the previous year, reinforcing market confidence [19][23][26] - High-growth areas anticipated for improvement include mid-to-high-end manufacturing, AI industry chain, and resource sectors benefiting from price increases [8][33][36] - The report highlights the importance of monitoring the performance of sectors such as electronic devices, power equipment, and machinery, which are expected to show significant growth [8][33][36]

值得注意的是，截至9月30日收盘，兆易创新股价上涨8.2%，药明康德上涨6.42%。Wind数据显示，除兆易创新、药明康德、立讯精密以外， 大金重工、海康威视、中航沈飞、紫金矿业、华友钴业等也获2到3家券商推荐。 【环球网财经综合报道】10月交易即将开市，券商陆续公布10月"金股"组合。据统计，有标的同时获5家券商推荐，行业集中于电子、电力设 备等板块。 具体来看，兆易创新、立讯精密、药明康德等获多家券商推荐。其中，兆易创新获中泰证券、东海证券、中原证券、中航证券、华金证券5家 机构共同推荐。中原证券认为，展望10月，美联储降息，提升了市场对央行降息的预期，进而带动风险偏好上升。同时，助力经济复苏的政策 相继出台，为股市信心提供了有力支撑。然而，当前科技板块拥挤度的提升，也使得市场波动有所加大。在此背景下，建议投资者继续兼顾成 长与价值风格的配置，重点关注TMT、医药、证券等行业。 招商证券认为，无论是从政策预期还是业绩表现，以AI算力、半导体自主可控、固态电池、商业航天、可控核聚变为代表的八大赛道依然是 当前的重点。 申万宏源认为，科技产业催化仍在趋势中，海外AI产业趋势向上，尚未触及边界，国内AI产业趋势 ...

方正证券认为，政策利好不断释放，A股、港股市场信心显著回升；南下资金仍在持续加速流入港股市 场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。 展望十月，银河证券研报认为，A股和港股市场可能受益于长期政策布局、密集的产业催化事件以及相 对宽松的流动性环境。A股的机遇可能更多集中在科技成长领域，而港股则受益于独特的市场结构和外 部流动性预期。招商证券研报则表示，无论是从政策预期还是业绩表现，以AI算力、半导体自主可 控、固态电池、商业航天、可控核聚变为代表的八大赛道依然是当前的重点。交银国际也在研报中提 到，美联储降息环境下科技股估值修复逻辑进一步强化，南向资金对港股科技等高景气度板块的配置需 求保持强劲。AI产业链相关标的受益于全球科技巨头资本支出，特别是算力投入持续增长。（闻辉） 【环球网财经综合报道】日前，摩根士丹利发布报告称，9月外资净流入中国股市46亿美元，创下自 2024年11月以来的单月最高水平。其中，被动型基金净流入额达52亿美元。截至9月30日，今年以来外 资被动型基金累计净流入额已达180亿美元，远超2024年全年70亿美元的水平。 从行业板块来看，与上月相比，主动型基金经理显著增仓 ...

Group 1 - Morgan Stanley reported that foreign net inflows into the Chinese stock market reached $4.6 billion in September, marking the highest monthly level since November 2024 [1] - Passive funds saw a net inflow of $5.2 billion in September, with a cumulative net inflow of $18 billion for the year, significantly surpassing the full-year total of $7 billion in 2024 [1] Group 2 - Active fund managers notably increased their positions in the semiconductor sector while reducing holdings in insurance, durable consumer goods, and apparel sectors [3] - The Hang Seng Tech Index rose by 13.9% in September, leading global major indices, with stocks like SMIC and Hua Hong Semiconductor reaching historical highs [3] - SMIC's stock closed at HKD 90.9, up 1.39%, and Hua Hong Semiconductor at HKD 87.5, up 2.1%, with year-to-date increases of 185.85% and 304.16% respectively [3] 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 [4] - Opportunities in A-shares are likely to be concentrated in the technology growth sector, while Hong Kong may benefit from its unique market structure and external liquidity expectations [4] - Key focus areas include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as highlighted by various securities firms [4]

Group 1 - The article highlights the strong performance of the ChiNext index in September, prompting discussions on stock strategies for October [1] - Four stocks, Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, are identified as "golden stocks" for October, with Huayou Cobalt noted for a significant 37% increase in September [3] - The focus for October is on three main themes: technology, "anti-involution," and third-quarter earnings reports, with specific sectors like AI computing, semiconductor self-sufficiency, and solid-state batteries being emphasized [3] Group 2 - Investment strategies suggest avoiding blind chasing of stocks that have already surged, like Huayou Cobalt, and instead focusing on stocks with stable fundamentals that have not seen excessive price increases [4] - Investors are advised to concentrate on one main theme, either technology or "anti-involution," rather than diversifying too broadly across multiple sectors [4] - The third-quarter earnings reports are seen as a critical indicator, with recommendations to research stocks that are expected to exceed earnings expectations, particularly in the semiconductor and brokerage sectors [4]

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerage firms releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerage firms have recommended stocks in sectors such as materials and technology, including notable names like Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, which received recommendations from three different brokerages [2][3]. - Hikvision has a latest closing price of 31.52 yuan and a market capitalization of 288.88 billion yuan, with a 1.12% increase in September [5]. - Zhaoyi Innovation has a closing price of 213.30 yuan and a market capitalization of 142.33 billion yuan, with a significant increase of 34.17% in September [5]. - Huayou Cobalt has a closing price of 65.90 yuan and a market capitalization of 125.16 billion yuan, with a notable increase of 37.15% in September [5]. - Luoyang Molybdenum has a closing price of 15.70 yuan and a market capitalization of 330.84 billion yuan, with a 27.02% increase in September [5]. Group 2: Investment Themes and Sectors - Brokerages suggest that October may see a "red October" market, with a focus on technology and "anti-involution" themes. The third-quarter report window is highlighted as a key focus for October [6]. - The market is expected to continue the upward trend seen in September, with an emphasis on sectors such as AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion [6]. - The "14th Five-Year Plan" is anticipated to influence policies related to "anti-involution," making this direction worthy of attention in October [6]. - Key investment themes for October include global AI capital expenditure, thematic investments related to the "14th Five-Year Plan," and sectors likely to exceed performance expectations, such as brokerage firms and semiconductors [6][7].

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks including Aolide, China Merchants Shekou, Hikvision, China Merchants Bank, Cambrian Biologics, and Shanghai Lingang [2]. - Notable stocks receiving multiple recommendations include Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each recommended by three brokerages [3]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Market Trends and Focus Areas - Brokerages suggest that the A-share market is expected to enter a "red October," with a focus on technology and "anti-involution" sectors. The third-quarter report window is highlighted as a key focus for October [5]. - The market is anticipated to maintain a trend of gradual upward movement, with the third-quarter reports being crucial for policy expectations and performance [5]. - Key investment themes include AI computing power, semiconductor autonomy, solid-state batteries, commercial aerospace, and controllable nuclear fusion, which are considered priority sectors [5].

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks across different sectors, including technology and materials, with notable mentions such as Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each receiving recommendations from three brokerages [2][3][4]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Industry Preferences - Brokerages suggest that the A-share market may experience a "red October," focusing on technology and "anti-involution" themes. The upcoming Q3 reports are highlighted as a key focus for October [5]. - Key investment themes include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as emphasized by various brokerages [5]. - East China Securities identifies four main lines of focus for October: acceleration in global AI capital expenditure, themes related to the 14th Five-Year Plan, sectors with potential earnings surprises during the Q3 reporting period, and midstream raw material manufacturing industries benefiting from anti-involution policies [5].

在市场琳琅满目、大小不一的机会中，面对"捡芝麻还是选西瓜"的难题，基金经理的策略各异。相比起 逆向布局、越跌越买的左侧交易，偏好右侧交易的基金经理通常更注重产业趋势中确定性最高、弹性最 大、势头最强、持续时间最长的那部分。 广发基金研究发展部总经理、基金经理孙迪坚定选择拥抱产业趋势确立后带来的长线持仓机会，不轻易 下车换股，重点挖掘"从1到10"阶段酝酿的爆发机会，通过"低换手、长持仓、高集中"的策略，充分发 挥主动管理基金的弹性优势。银河证券数据显示，截至9月19日，其管理的广发先进制造近一年回报达 106%。 高集中、低换手 追求长期收益 当真正的机会降临时，要想获得优秀的业绩弹性，不仅要重仓以待，也要拿稳筹码，这十分考验基金经 理对产业趋势的理解和把握能力。广发基金孙迪倾向于采取仓位与个股的高集中度策略，在市场波动变 化中保持充分的耐心。这种淡定持股的背后逻辑，既因孙迪倾向于配置偏白马特质的行业龙头，不参与 特别早期的主题投资，也因其相信产业趋势一旦确立，深度研究的价值发现能为基金带来可持续的投资 周期和可观的个股收益。 关注中国核心优势产业 展望未来的产业趋势，孙迪看好能体现中国优势的核心公司。孙迪表 ...