碳中和50ETF（159861）涨超3.7%，新兴产业投资受关注 （文章来源：每日经济新闻） 开源证券指出，中央企业战略性新兴产业发展专项基金首期规模达510亿元，重点支持人工智能、航空 航天、高端装备、量子科技等战略性新兴产业及未来能源、未来信息、未来制造等未来产业领域，将赋 能低空经济发展。光伏行业拐点显现，储能行业发展趋势明确。 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中选取涉及清洁能 源、节能技术、污染治理等环保相关业务的上市公司证券作为指数样本，以反映环保产业上市公司证券 的整体表现。环保50指数聚焦于绿色经济领域，精选50家在环保行业具有代表性的企业作为成分股，旨 在全面展现环境保护相关产业的成长潜力与发展趋势。 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.05% to 3962.04 points, while the Shenzhen Component Index fell by 0.15% and the ChiNext Index increased by 0.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.1497 trillion yuan, a decrease of 81.4 billion yuan compared to the previous day, with over 3000 stocks in the market experiencing gains [1] - Sectors such as Hainan Free Trade Zone, power grid equipment, and duty-free shops saw significant strength, while the semiconductor and quantum technology sectors faced the largest declines [1]

11月5日，A股三大指数早盘低开高走，截至午间休市，沪指涨0.05%，深证成指跌0.15%，创业板指涨0.17%。盘面上，海南自贸区、电网设备板块集体走 强，半导体、量子科技板块跌幅居前。 亚太股市集体大跌 沪指、创业板指翻红 今日A股早盘的调整是亚太股市集体大跌的一个缩影。周三上午，此前涨势如虹的日韩股市突然崩盘，A股、港股悉数低开。其中，韩国KOSPI指数一度 大跌超5%，日经225指数大跌超4%。截至A股午间休市，上证指数和创业板指翻红，成为亚太市场为数不多飘红的指数。 | 亚太市场 | | | | --- | --- | --- | | 日经225 49104.05 | 韩国综合 3980.07 | 新加坡海峡 4392.86 | | -2393.15 -4.65% -141.67 -3.44% -29.86 -0.68% | | | | 澳洲标普200 | 印度 | MSCI台湾 | | 8793.50 -16.30 -0.19% -519.34 -0.62% -18.34 -1.62% | 83459.15 | 1115.96 | | 上证指数 | 深证成指 | 恒生指数 | | 3962.04 ...

市场早盘低开高走，沪指、创业板指均翻红。截至收盘，沪指涨0.05%，深成指跌0.15%，创业板指涨0.17%。 下跌方面，量子科技概念股调整，科大国创、格尔软件大跌。 沪深两市半日成交额1.14万亿元，较上个交易日缩量799亿。 阳光电源半日成交额破100亿元，达121亿元，特变电工、中际旭创、宁德时代等成交额靠前。 | 序号 代码 | | 名称 | ● | 最新 | 涨幅% | 淵鉄 | 成交量 | 成交警 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 1 | 194.21 | 3.75 | 7.02 | 64.12万 | 12 | | N | 600089 | 特変电工 | 1 | 24.11 | 9.99 | 2.19 | 424万 | 96.8 | | 3 | 300308 | 中际旭创 | 1 | 472.70 | -1.07 | -5.10 | 16.88万 | 78.7 | | 4 | 300750 | 宁德时代 | 1 | 383.12 | 1.10 | 4.17 | 15.28万 ...

三大指数早盘涨跌不一，截至午盘，上证指数涨0.05%，深成指跌0.15%，创业板指涨0.17%，北证50平收。沪深京三市半 日成交额11497亿元，较上日缩量814亿元。全市场超3000只个股上涨。 盘面上，海南自贸区板块大幅走强，海马汽车4连板，凯撒旅业、海南发展、洲际油气涨停。电网设备板块集体爆发，中 能电气2连板，新能泰山、太阳电缆、保变电气等近10股涨停。此外，电池、零售等板块盘中异动。另一方面，存储芯片板块 调整，复旦微电、云汉芯城、兆易创新等股下挫。量子科技概念股同样回调，科大国创、富士达、国盾量子纷纷下挫。 指数走势方面，三大指数盘初大幅低开后震荡回升，沪指、创业板指临近午盘翻红。板块题材方面，海南自贸区、电网设 备、机场航运、旅游及酒店、食品饮料板块涨幅居前；半导体、量子科技、游戏板块跌幅居前。 ...

Core Insights - Hangyang Co., Ltd. has been deeply involved in the CCUS (Carbon Capture, Utilization, and Storage) field for many years, developing scalable CO2 capture and food-grade CO2 production technologies, while also keeping an eye on emerging sectors [1] - The company is strategically positioned to support China's 14th Five-Year Plan, which emphasizes the development of strategic emerging industries, including biomanufacturing and quantum technology [1] - Hangyang is leveraging its dual-engine strategy of "air separation equipment + gas business" to drive technological upgrades and enhance the industrial ecosystem [1][5] CCUS and Hydrogen Energy - The company has established a comprehensive hydrogen energy business, focusing on hydrogen production, purification, storage, and transportation, and has initiated a project in collaboration with Longze Energy and Shanghai Hydrogen Feng to produce high-purity hydrogen for fuel cell vehicles [2] - The project will have a capacity of 2825 Nm³/h for hydrogen production from coke oven gas, contributing to the development of a clean, low-carbon hydrogen energy system [2] Aerospace Industry Engagement - Hangyang has a long-standing relationship with China's aerospace industry, having been a key supplier of liquid oxygen equipment since the 1950s, and continues to provide critical products and technologies for space missions [3] - The company recently won a bid for a large liquid oxygen tank construction project at a launch site, enhancing the storage capacity and efficiency for aerospace operations [3] Nuclear Fusion and Advanced Manufacturing - The nuclear fusion market is projected to grow significantly, with estimates suggesting a market size of approximately $361.56 billion by 2025 and over $647.5 billion by 2035, indicating a strong future for this energy source [3] - Hangyang's recent success in winning a bid for a low-temperature nitrogen system project in the nuclear fusion sector highlights its growing capabilities and recognition in this field [4] Semiconductor and Specialty Gases - The company has expanded its presence in the semiconductor and specialty gases market through acquisitions, enhancing its competitive edge in high-end gas products [4] - Hangyang's helium products are widely used in advanced manufacturing sectors, including semiconductors and aerospace, and it has secured contracts to supply critical gases for major semiconductor projects [4]

Core Insights - China's research landscape is transitioning from quantity-driven to quality-driven, with a significant increase in leadership roles in international collaborations, particularly with the US and Europe [1][3][5] - The country is rapidly advancing in key technological fields such as artificial intelligence, semiconductors, and quantum technology, narrowing the gap with Western nations [6][10][12] - The "Belt and Road" initiative is enhancing China's global scientific influence by fostering research collaborations and talent development in developing countries [15][17] Group 1: Research Leadership - The proportion of Chinese scientists in leadership roles in US-China collaborative papers has increased from approximately 30% in 2010 to about 45% in 2023, indicating a near doubling of leadership presence [3][5] - Predictions suggest that by 2027, the leadership roles in US-China research collaborations may reach parity, with similar trends expected in collaborations with the EU and the UK [3][5][8] Group 2: Technological Advancements - In eight out of eleven key technology areas defined by the US National Science Foundation, Chinese scientists are expected to match or exceed US leadership roles by 2030 [6][8] - China has become a recognized leader in 5G technology and is making significant strides in semiconductor research despite facing technological barriers [10][12] Group 3: Quality of Research Output - China has surpassed the US in the number of high-impact papers published in top journals like Nature and Science, becoming the largest contributor to high-level research output globally [20][22] - The number of highly cited papers from China has also exceeded that of the US, marking a significant shift in the perception of Chinese research quality [20][22][24] Group 4: International Collaboration and Education - China has invested over 32 billion RMB (approximately 4.5 billion USD) in supporting foreign students to study in China from 2012 to 2024, emphasizing its commitment to developing scientific talent in Belt and Road countries [15][17] - The proportion of foreign students from developing countries in China has increased significantly, indicating a strategic shift towards fostering scientific ties with these nations [15][17] Group 5: Future Outlook - The rise of Chinese scientists in leadership roles and the quality of research output suggests a transformative shift in the global scientific landscape, with potential for increased collaboration and innovation [27][28]

【资讯导读】 ·拨款法案再次"闯关"失败美政府即将刷新"停摆"纪录 ·澳洲联储维持关键利率在3.6%不变 ·日本央行12月加息预期承压 ·韩国10月CPI同比上涨2.4% ·联合国环境署：全球变暖形势依然严峻 【市场资讯】 ·随着美国东部时间进入11月4日，美国国会参议院再次未能通过联邦政府临时拨款法案。美国联邦政 府"停摆"进入第35天，追平美国史上最长"停摆"纪录。在过去的30多天里，美国民主、共和两党僵持不 下，在国会参议院的13次投票中均未能通过共和党提出的一项临时拨款法案。 ·美国最高法院本周三即将审理特朗普关税政策是否合法，美国财政部长贝森特公开表示，他将前往最 高法院，以"强调关税的重要性"。如果法院作出不利裁决将"再想办法"。 ·美国劳工部长德雷默表示，将在政府复工时发布劳工统计局报告，在此之前无法公布其他数据。政府 停摆正在对劳动力产生影响。 ·澳洲联储维持关键利率在3.6%不变，同时警告称经济中通胀压力增强，并重申未来的政策走向将由最 新数据决定。澳洲联储最新预测，核心通胀将在2026年年中前维持在2%-3%区间上限的上方。 ·日本内阁经济决策部门的"日本成长战略本部"召开首次会议，决定优 ...

Core Insights - The communication sector is experiencing stable revenue growth and improved profitability, with significant contributions from the AI computing segment [1][3][4] Group 1: Communication Sector Performance - In the first three quarters of 2025, the A-share communication sector achieved a total revenue of 19,525.33 billion yuan, representing a year-on-year growth of 3.22% [1] - The net profit attributable to shareholders in the same period was 1,937.62 billion yuan, with a year-on-year growth of 8.80%, indicating that profit growth outpaced revenue growth [3] - The overall gross margin for the communication sector remained stable at 28.90%, while the net profit margin improved to 10.58%, up 0.56 percentage points year-on-year [4] Group 2: Quarterly Performance - In Q3 2025, the communication sector's revenue reached 6,305 billion yuan, showing a year-on-year increase of 3.7% and an improvement in growth rate compared to Q3 2024 [7] - The net profit for Q3 2025 was 564 billion yuan, reflecting a year-on-year growth of 11.68% [10] - The gross margin for Q3 2025 was 28.00%, down 0.41 percentage points year-on-year, while the net profit margin increased to 9.52%, up 0.70 percentage points year-on-year [14] Group 3: Subsector Analysis - The light module and optical device sector showed the best performance in the first three quarters of 2025, with a revenue of 662 billion yuan, marking a year-on-year growth of 65% [17] - The net profit growth leaders in the same period were the light module/optical device sector (169.4 billion yuan, up 123%) and the connector sector (8.2 billion yuan, up 62%) [21] - Conversely, the military communication and smart card sectors experienced significant declines, with net profits dropping by 194% and 102% respectively [21] Group 4: Major Operators' Performance - The three major telecom operators collectively reported a revenue of 14,846 billion yuan in the first three quarters of 2025, with a year-on-year growth of 0.57% [29] - Their combined net profit reached 1,661 billion yuan, reflecting a year-on-year increase of 4.3% [35] - In Q3 2025, the operators achieved a total revenue of 4,692 billion yuan, with a year-on-year growth of 1.1% [37] Group 5: Investment Trends - Public fund holdings in the communication sector reached a historical high of 6.87% in Q3 2025, with a market value of 3,038.68 billion yuan [43] - The PE-TTM for the communication sector stood at 43.41, indicating high market expectations for the AI computing segment [43] - The capital expenditure of major North American CSPs is accelerating, with a total of 1,133 billion USD in Q3 2025, reflecting a year-on-year growth of 75% [49][50]

中信建投发布通信行业三季报综述研报称，2025年三季度，通信板块营收、净利润增速同环比均提升， AI算力板块表现亮眼，公募基金和北向资金通信行业持仓市值占比分别达6.87%和2.82%，均创历史新 高。目前申万通信PE-TTM为43.41，处于5年以来96.53%分位点，处于10年以来67.26%分位点。虽然随 着预期落地，三季报后板块有所调整，持续推荐AI算力板块，包括北美算力产业链与国内算力产业链 的核心公司。此外，建议关注AI应用板块，包括端侧AI的进展，以及前期涨幅不大、未来可能改善的 海缆及光纤光缆板块，军工通信板块，国内外巨头纷纷加码的量子科技板块。 ...