国庆、中秋"双节"假期步入尾声，10月A股行情即将展开。 从国庆节前两个交易日的表现来看，三大指数全线收涨。其中，上证指数、深证成指、创业板指分别累计上涨 1.43%，2.40%、2.75%，赚钱效应较好，也为投资者送上了假期"大红包"。 10月迎来政策窗口期，明天开盘A股如何走？业内人士研判，第四季度，市场机会可能更多集中在科技成长领域， 建 议投资者把握"高切低"机遇，锚定科技大类中前期滞涨的盈利上修股进行切换。银河证券认为，10月，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。 域秀资产研究总监许俊哲表示，外盘表现中规中矩，港股市场表现突出，港股半导体板块上涨， 对节后A股形成情绪 上的利好支撑。居民储蓄向权益市场流入的趋势具备长期持续性，从目前来看，A股中长期上涨空间较大。 看好互联 网大厂、国产半导体产业链、创新药出海等方向，同时关注固态电池产业发展。 星石投资副总经理方磊认为，节前走弱的A股交投情绪有望修复。 一方面，国庆期间全球大类资产整体上涨，海外不 确定因素对中国资产 ...

Core Viewpoint - The A-share market is expected to perform positively after the National Day and Mid-Autumn Festival holidays, supported by favorable external markets and domestic consumption recovery [1] Market Outlook: External Factors Boost Confidence - The overall positive performance of external markets during the holiday period creates a favorable environment for the A-share market [2] - The Hong Kong stock market, particularly the semiconductor sector, has shown strong performance, providing emotional support for A-shares [2] - Improved trading sentiment is anticipated as global asset classes have generally risen, reducing uncertainties affecting Chinese assets [2] - Domestic macroeconomic stability and high service consumption during the holiday are expected to attract risk-averse funds back to the A-share market [2] - Collaborations in the tech sector, such as OpenAI and AMD, may catalyze related A-share sectors like computing power and AI applications [2] Strategic Response: Balanced and Selective Investment - Multiple private equity firms emphasize the importance of balanced allocation and selective stock picking in the upcoming trading period [3] - A proactive investment strategy is recommended, with an increase in positions and optimization of portfolios, as historical data suggests a recovery in A-share sentiment post-holiday [3] - The trend of household savings flowing into equity markets is expected to continue, indicating significant long-term upside potential for A-shares [3] - A combination of high-position operations and balanced holdings is advised, focusing on technology growth and high-end manufacturing while also including low P/B and high dividend assets for risk mitigation [3] Investment Themes: Consensus on Tech Growth - The technology growth sector is unanimously favored by five private equity firms, alongside opportunities in consumer recovery and undervalued sectors [5] - Continued optimism for technology stocks is noted, particularly in computing power, storage, and AI infrastructure-related sectors [5] - The upcoming third-quarter earnings reports are expected to present opportunities for well-performing sectors [5] - Specific areas of interest include internet giants, domestic semiconductor supply chains, and innovative pharmaceuticals [5] - Focus areas post-holiday include AI, humanoid robotics, high-end manufacturing, and potential recovery in financial and cyclical sectors [5] - Market style is expected to become more balanced, with investment opportunities across various asset classes, including technology, consumer, and cyclical sectors [5] Key Sectors of Interest - Emphasis on graphics processors and humanoid robotics, along with identifying oversold weight sectors for investment [6]

重要新闻提示 央行连续第11个月增持黄金 国家外汇局：9月末我国外汇储备规模为33387亿美元 2025年国庆档（10月1日—10月8日）档期总票房（含预售）突破16亿元 财经新闻 7. 券商10月月度"金股"陆续出炉。Wind数据显示，截至10月7日，已有近200只标的入围券商10月"金 股"名单。从推荐热度来看，兆易创新获5家机构共同推荐，位列10月"金股"推荐榜首位。对于A股后 市，业内人士研判，四季度市场机会可能更多集中在科技成长领域，建议投资者把握"高切低"机遇，锚 定科技大类中前期滞涨的盈利上修股进行切换；此外，供需格局优化的资源周期品等投资机遇也值得关 注。 8. 国庆、中秋双节假期步入尾声，A股市场10月行情即将展开。多家一线私募机构最新观点显示，私募 行业普遍对节后A股表现持乐观预期，认为外围市场向好与国内消费复苏将为行情提供支撑，同时看好 市场结构性机会，科技成长仍是核心关注方向。 9. 新华社记者从中国科学院金属研究所获悉，该所科研团队近日在固态锂电池领域取得突破，为解决固 态电池界面阻抗大、离子传输效率低的关键难题提供了新路径。该研究成果已于近日发表在国际学术期 刊《先进材料》上。 科 ...

Group 1 - Bitcoin experienced a sudden drop of over 0.8%, falling below $124,000, with more than 160,000 liquidations in the past 24 hours [2] - A-shares are expected to perform well post-holiday, with private equity firms optimistic about technology growth and consumer recovery [2] - Concerns about a bubble in the tech sector are rising, particularly after AMD's stock surged due to its partnership with OpenAI [2] Group 2 - The U.S. government’s direct investments in companies have led to significant stock price increases, but this speculation carries risks [3] - The central bank has increased its gold reserves for 11 consecutive months, with gold prices recently surging due to geopolitical tensions and Fed rate cut expectations [3] - The S&P 500 index ended its seven-day winning streak, influenced by the government shutdown and delayed economic data releases [3] Group 3 - Goldman Sachs reports that copper prices have entered a new range, with a new bottom line set at $10,000 per ton due to strategic demand and supply constraints [4] - The Hong Kong stock market has shown weakness despite gains in the Nikkei index, influenced by various economic indicators and forecasts [5] - Tesla is reportedly planning to launch a lower-spec version of the Model Y to address global sales pressures, with a potential price reduction of about 10% [5] Group 4 - Current A-share market conditions are likened to the second phase of a bull market, with expectations of a broadening recovery across sectors [5]

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！ 趣时资产认为，假期期间OpenAI和AMD重磅合作、视频生成模型Sora 2发布，或对A股算力、人工智能 应用等相关板块形成催化。 策略应对：攻守兼备布局后市 面对即将开启的十月交易，多家私募均提到了均衡配置与精选个股的重要性。 畅力资产董事长宝晓辉表示，将采取积极进攻的投资策略，适度增加仓位，优化组合。从历史数据可以 看到，国庆假期之后A股往往出现资金回流、情绪回暖，适合积极布局。 许俊哲透露，假期前该机构已重仓持股过节。居民储蓄向权益市场流入的趋势具备长期持续性，从目前 来看，A股中长期上涨空间较大。 国庆、中秋双节假期步入尾声，A股市场10月行情即将拉开大幕。节后A股行情将如何演绎？投资者应 如何布局？多家一线私募机构最新观点显示，私募行业普遍对节后A股表现持乐观预期，认为外围市场 向好与国内消费复苏将为行情提供支撑，同时看好市场结构性机会，科技成长仍是核心关注方向。 市场展望：外围向好提振信心 综合多家私募观点，假期外围市场整体向好，为A股节后开盘营造良好的外部环境。 域秀资产研究总监许俊哲表示，外盘表现中规中矩，港股市场表现突 ...

Core Viewpoint - The October "Golden Stocks" list from brokerages highlights nearly 200 stocks, with Zhaoyi Innovation being the most favored, recommended by five brokerages, indicating a strong interest in technology growth sectors for the upcoming quarter [1][2]. Group 1: Stock Recommendations - Zhaoyi Innovation has been recommended by five brokerages, including Zhongtai Securities and Donghai Securities, and saw its stock price rise over 8% before the National Day holiday, reaching a new high [2]. - Other notable stocks include WuXi AppTec and Luxshare Precision, each recommended by four brokerages, while several others received recommendations from multiple brokerages, indicating a broad interest across various sectors [2]. Group 2: Industry Distribution - The electronics industry has the highest representation in the October "Golden Stocks," with 27 stocks recommended, followed by the power equipment industry with 25 stocks [3]. Group 3: Performance of Previous Recommendations - Over half of the September "Golden Stocks" achieved positive returns, with 165 out of 301 stocks showing gains. Notably, Xiechuang Data saw an 81.7% increase, leading the performance [4]. - The Huashan Securities Golden Stock Index recorded a 15.12% increase in September, with several recommended stocks experiencing significant gains [4]. Group 4: Market Outlook - The market outlook for October and the fourth quarter suggests a focus on four main investment themes: technology growth and high-end manufacturing, resource cyclical products, structural recovery in consumption, and "anti-involution" themes [5]. - The technology sector is expected to remain a key focus, with a potential shift from hardware to application-oriented investments as companies report their third-quarter earnings [6].

2025年前三季度落下帷幕，在这场结构性牛市中，公募基金行业迎来了丰收年，主动权益类基金凭借出 色的表现，打了一场漂亮的"翻身仗"。 在今年的结构性行情中，主动权益基金表现尤为突出，涌现出一批业绩惊人的"翻倍基"。 Wind数据显示，截至9月30日，年内共有53只基金的收益率超过100%，其中主动权益基金达到了42 只，占比近八成，充分体现了基金经理在科技成长等热门赛道上的精准布局能力。 具体来看，任桀管理的永赢科技智选A以194.49%的回报率，问鼎2025年前三季度主动权益基金业绩冠 军。二季报显示，该基金重仓了海外算力产业链，前五大重仓股分别为新易盛、中际旭创、天孚通信、 胜宏科技、源杰科技等光模块、PCB龙头，其中PCB牛股胜宏科技年内大涨581%，为该基金贡献了丰 厚收益。 Wind数据显示，在AI算力和创新药两大景气赛道的支撑下，截至9月30日，全市场53只基金年内收益率 翻倍，科技成长风格成为最大赢家；同时，以黄金为代表的大宗商品也高歌猛进，黄金ETF年内普遍上 涨超40%。 53只"翻倍基"横空出世 体现在基金业绩上，黄金ETF成为今年商品型基金的最大赢家。Wind数据显示，截至9月30日，1 ...

Group 1 - The core view is that the A-share market is expected to continue rising in Q4 2025, driven by "policy + liquidity," but volatility is anticipated [4][5] - Most institutions believe that the technology growth style will remain dominant, but investment strategies may shift from a focus on high-performing sectors to a more balanced allocation, targeting underperforming "anti-involution" sectors and low-position technology branches [2][5][12] - Historical data indicates that the A-share market typically experiences a strong profit effect in Q4, with a median increase of 1.96% in the first half of the quarter and a 100% win rate [5][8] Group 2 - The dual engines of "policy expectations + liquidity improvement" are seen as the main drivers for the market's upward movement, despite the likelihood of high-level fluctuations [5][6] - Analysts suggest that after the National Day holiday, the A-share market is likely to rise due to the return of risk-averse funds and improved liquidity in October [5][6] - The technology sector is viewed as the clearest investment theme for Q4, with a focus on AI, innovative pharmaceuticals, and robotics, although concerns about potential overheating in tech stocks are noted [8][9][10] Group 3 - The strategy of "high-cut low" (switching from high to low positions) is emphasized by multiple institutions as a key approach for Q4 [12][13] - Investment strategies include identifying undervalued segments within technology and focusing on "anti-involution" sectors that are experiencing excess supply and low price levels [15][16] - The market is expected to exhibit a more balanced style in Q4, with a potential shift towards value stocks alongside growth stocks, driven by anticipated policy support for economic stability [17]

Industry Insights - The hotel industry is experiencing a recovery in demand, with a narrowing decline in RevPAR year-on-year for September. Mid-range and high-end hotels are outperforming economy hotels, and business demand is showing a clear upward trend. The upcoming holiday period is expected to see an increase in both volume and pricing, with RevPAR projected to achieve mid-single-digit growth year-on-year [2] - In the real estate sector, the top 100 companies have a total land acquisition amount of 727.8 billion, representing a year-on-year increase of 36.7%. The growth rate has expanded by 8.7 percentage points compared to the previous months. In September, some real estate companies acquired large-scale land through purchases, with state-owned enterprises dominating the land acquisition [2] - Several packaging paper companies have announced a new round of price increases, with some companies issuing price increase notices for corrugated paper and other types of packaging paper ten times since August, with each increase ranging from 300 to 500 yuan per ton. The demand surge during the holiday season, combined with rising raw material prices, is driving up the cost of paper [2] Company Developments - BYD reported September sales of 396,300 new energy vehicles, a decrease from 419,400 units in the same month last year [3] - Xpeng Motors delivered 41,581 new vehicles in September, marking a year-on-year increase of 95% and a month-on-month increase of 10%, achieving a record monthly delivery of over 40,000 units [3] - Leap Motor achieved a new delivery record of 66,657 units, with a year-on-year growth of over 97%, marking the first time monthly sales exceeded 60,000 units [3] - Li Auto delivered 33,951 new vehicles, while Lantu delivered 15,224 units. NIO delivered 34,749 new vehicles, reflecting a year-on-year increase of 64% [3] - Xiaomi's vehicle deliveries exceeded 40,000 units, and Zeekr delivered 51,159 vehicles, representing a year-on-year growth of 8.5% [3] Regulatory Updates - The Hong Kong Monetary Authority has received applications for stablecoin licenses from 36 institutions, including banks, tech companies, and payment agencies. The authority aims to review these applications and announce the first batch of stablecoin issuers by early next year, with a high threshold for license issuance [4]

Group 1 - The core view is that the A-share market is expected to continue rising in Q4 driven by "policy + liquidity," but volatility is inevitable [1][4][3] - Most institutions believe that the technology growth style will remain dominant, but investment may shift from a "one-sided" approach to a "balanced allocation" [1][4] - The market is anticipated to challenge new highs, with policy support, improved liquidity, and a rebound in A-share earnings as key driving factors [4][3] Group 2 - Historical data shows that Q4 typically has a strong profit effect, with most sectors and styles yielding positive returns [4][3] - The most certain upward window in Q4 is early November, with a median increase of 1.96% for the entire A-share market [4] - The market is expected to see a rebalancing of styles, with both growth and value sectors having opportunities [4][16] Group 3 - Technology innovation remains the clearest investment theme for Q4, with AI, innovative pharmaceuticals, and robotics continuing to lead [5][9] - Despite concerns about overheating in some tech stocks, the overall view is that technology remains the market's main line [6][8] - Institutions suggest focusing on sectors with positive fundamental changes and lower valuations within the technology space [7][11] Group 4 - The strategy of "high cut low" is emphasized, suggesting a shift from high-performing sectors to those with lagging performance [10][11] - Two main directions for this strategy include finding undervalued areas within technology and focusing on "anti-involution" sectors [11][12] - The "anti-involution" strategy targets industries with excess supply and low price levels, such as industrial metals and construction materials [12][13] Group 5 - The market style is expected to be more balanced in Q4 compared to Q3, with a focus on both growth and value [15][16] - Institutions recommend maintaining a balanced approach that includes growth sectors driven by AI and consumer upgrades, as well as dividend-paying assets [16][14] - The current dividend yield of the CSI Dividend Index is seen as attractive, making Q4 a key period for positioning in dividend styles [16]