本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） A股自4月初见底以来，主要股指一路震荡上扬，截至9月底A股三大指数中的上证指数、深证成指、创业板指在前三季度的涨幅分别约为 15.84%、29.88%、51.20%，在全球主要股市涨幅的表现明显领先。 在这样的行情下，资管股票策略及多资产策略斩获亮眼业绩。私募排排网数据显示，截至9月底，有业绩展示的资管产品共有364只，今年前三 季度的收益均值约为9.66%。其中，股票策略资管产品的整体业绩相对领先，收益均值高达26.72%。其次多资产策略、期货及衍生品策略，今年 前三季度的收益均值分别为15.45%、9.89%。 | 一级策略 | 有业绩显示的 产品数 | 9月收益均值 | 前三季度收益均值 | 近1年收益均值 | | --- | --- | --- | --- | --- | | 股票策略 | 27 | 3.36% | 26.72% | 33.60% | | 期货及衍生品策略 | ବି୧ | 2.95% | 9.89% | 12.15% | | 多资产策略 | 38 | 3.38% | 15.45% | 18.79% | | 债券策略 | 1 ...

Group 1 - The A-share market is experiencing a recovery, with technology stocks showing strong performance, particularly the 5G Communication ETF (515050), which has risen over 5% [1] - The ETF has seen a rapid trading volume exceeding 400 million yuan, with significant gains in constituent stocks such as SourceJect Technology up over 14% and Zhongji Xuchuang up over 10% [1] - Nvidia announced that Meta and Oracle will adopt its Spectrum-X Ethernet switch as a core component for next-generation AI data center networks, aiming to standardize it as an open accelerated network architecture to enhance AI training efficiency [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 8 billion yuan, focusing on the Nvidia, Apple, and Huawei supply chains [2] - The index has a high purity of "hard technology," with communication and electronics sectors accounting for nearly 80% of its weight, specifically 44% for communication and 35% for electronics [2] - The ETF has a low comprehensive fee rate of only 0.2%, making it competitive among similar products [2]

Group 1 - The A-share market experienced significant fluctuations, with major indices opening lower but recovering, particularly in the TMT sector, which includes consumer electronics and robotics [1] - The 5G communication ETF (515050) saw a decline of 2.74%, with key holdings such as GoerTek, Lingyi iTech, Luxshare Precision, and Pegatron dropping over 5% [1] - Huatai Securities noted that the current market is more sensitive to negative factors due to higher index levels and larger profit margins compared to April, but both decision-makers and investors are better prepared [1] Group 2 - The 5G communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a current scale exceeding 9 billion yuan, focusing on the supply chains of Nvidia, Apple, and Huawei [2] - The index has a high purity of "hard technology," with communication and electronics sectors accounting for nearly 80% (79.4%), where communication holds a 44% weight and electronics 35% [2] - The communication sector focuses on infrastructure benefits from base stations, optical modules, and RF components, while the electronics sector extends to upstream PCB and consumer electronic components, creating a closed loop of "network construction + terminal support" [2]

Group 1 - Chip concept stocks weakened in early trading, with companies like SMIC, Haiguang Information, Hengxuan Technology, and Chipone falling over 6% [1] - The related ETFs for innovative chips dropped more than 4% due to market influences [1] Group 2 - Various innovative chip ETFs experienced significant declines, with the Guotai ETF down 4.84% to 1.612, and other ETFs like 588200 and 588290 also showing declines of 4.80% and 4.76% respectively [2] - Analysts noted that as AI models evolve, the commercial models for AI applications are becoming clearer, with the release of Sora 2.0 introducing social attributes that broaden OpenAI's monetization channels [2] - OpenAI has secured orders for storage and GPU components from Samsung, SK Hynix, and AMD, indicating a strengthened certainty in the demand for AI infrastructure, which is expected to benefit the related computing power industry chain in the future [2]

今日上午，上证指数突破3900点。上一次A股"见到"3900点，是在2015年8月18日，距今已有3700余天。 盘面上，"科技+有色金属"成为最强双主线。有色金属板块中，贵金属板块领涨，工业金属、小金属、稀土永磁等板块上涨。两大龙头股紫金矿业、洛阳 钼业联手大涨，盘中股价均创历史新高。 科技股全面发酵，存储芯片、消费电子等板块涨幅居前。通富微电"一字"涨停，晶圆代工双雄中芯国际涨超7%、华虹公司"20CM"涨停，兆易创新、澜起 科技、中微公司、拓荆科技等龙头股也大涨，这些龙头股盘中股价均创历史新高。 此外，可控核聚变、固态电池、量子科技等板块也大涨。 上午收盘，上证指数上涨1.24%，报3931.07点，深证成指上涨1.75%，创业板指上涨1.77%。市场半日成交超1.72万亿元。 科技股全面走强 今天上午，科技股全面走强，半导体产业链大涨，存储芯片、先进封装等板块涨幅居前。消费电子概念上涨，AI PC、AI手机等板块涨幅居前。算力产业 链表现活跃，PCB、光模块等板块上涨。 | 德邦科技 ■ 688035 | 63.18 | 14.56% | 89.9 Z | | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][3]. Core Insights - The overall market performance for the week (September 29 to October 5, 2025) saw the Shanghai Composite Index rise by 0.76%, the Shenzhen Component Index by 0.60%, and the ChiNext Index by 0.07%. However, the telecommunications sector experienced a decline of 3.16% [2][11]. - Among the sub-sectors, the telecommunications cable and supporting industries had the lowest decline at 0.44%, while telecommunications network equipment and devices saw the highest drop at 4.56% [2][14]. - Notable individual stock performances included "Online and Offline" with a rise of 28.78%, followed by *ST Yitong at 9.77% and Sega Technology at 7.67% [2][16]. Summary by Sections Market Overview - The telecommunications sector index declined by 3.16% during the week, contrasting with the overall market's positive performance [11]. - The sub-sector analysis indicated a general downward trend, with telecommunications network equipment and devices facing the steepest decline [14][15]. Key News - The Ministry of Industry and Information Technology granted China Mobile a license for satellite mobile communication services, allowing it to engage in direct satellite communication and enhance service offerings in various applications [2][18]. Focus Areas - The report highlights the computational power supply chain and satellite internet as key areas of interest. AMD's agreement with OpenAI for a GPU supply worth up to $90 billion is expected to significantly impact the hardware market [3][4]. - The acceleration of satellite internet operations in China, with ongoing developments in satellite service licenses, is also emphasized, particularly in the manufacturing and launch segments of the satellite industry [4].

Group 1 - The core viewpoint of the article is that the performance of CTA strategy products does not always correlate directly with the rise in commodity prices, leading to confusion among investors [2] - Investors often mistakenly perceive CTA funds as simple long positions in commodity futures, expecting net asset values to rise with commodity indices, which is a misunderstanding of the complex nature of CTA strategies [2][3] - A simplistic understanding of "trend" leads investors to overlook the importance of trend quality, specifically "trend smoothness," which significantly impacts the profitability of CTA strategies [3] Group 2 - The market can be categorized into three types: high smoothness trend markets, low smoothness oscillating markets, and misleading low smoothness trend markets, each affecting CTA strategy performance differently [4] - High smoothness trend markets allow for consistent profitability across various strategies, while low smoothness oscillating markets present challenges due to unclear direction and frequent reversals, leading to potential losses [4][5] - Misleading low smoothness trend markets can result in net asset values lagging behind price increases due to frequent large reversals, making it difficult for CTA strategies to accumulate profits [6][7] Group 3 - Investors can optimize their strategies by adopting multi-strategy CTA products in low smoothness trend markets, which can provide diverse sources of returns and smooth overall net asset value curves [8] - High smoothness trends may indicate potential market reversals, prompting managers to be cautious of excessive market sentiment [9] - In low smoothness trend markets, controlling drawdowns is more critical than pursuing profits, and investors should focus on the manager's historical drawdown and recovery time [11]

Group 1: Market Dynamics - The banking sector executed a massive 1.1 trillion yuan reverse repurchase operation on October 9, significantly impacting the market liquidity and signaling a quantitative policy adjustment aimed at facilitating government bond issuance and corporate credit [2] - The influx of liquidity coincides with the upcoming discussions on the 14th Five-Year Plan, emphasizing technology innovation and green transformation as key policy priorities [2] - Non-bank financial institutions saw deposits increase by over 3 trillion yuan from July to August, indicating a substantial shift of household savings into the stock market [2] Group 2: Technology Sector - The OpenAI Developer Conference on October 6 sparked interest in the technology sector, particularly in the computing power industry, with North American cloud providers increasing capital expenditures [5] - Semiconductor companies, especially domestic leaders like SMIC, are experiencing a surge in orders, with revenue from processes below 14nm expected to increase by 68% by 2025 [5] - The domestic semiconductor equipment market is viewed as a high-certainty sector, with current localization rates at only 20%, accelerating the replacement process amid export controls from the US and Japan [5] Group 3: High-end Manufacturing - The humanoid robot sector is witnessing significant developments, with companies like Xpeng and Tesla advancing their robot prototypes, and global demand for humanoid robots projected to reach 2 million units by 2030 [5] - The upcoming International Nuclear Fusion Energy Conference from October 13 to 18 is expected to highlight high-temperature superconductors and core equipment manufacturers, with a project worth over 1 billion yuan set to begin bidding [5] Group 4: New Energy and Consumption - The new energy sector, particularly the energy storage segment, has shown strong performance, with 14 stocks hitting the daily limit on the last trading day of September [8] - The SNECES+ International Energy Storage Conference held in Shanghai from October 9 to 11 showcased a 32.4% year-on-year increase in photovoltaic installations, driving profit recovery in the supply side [8] - Consumer stocks are focusing on data from the National Day holiday, with short-distance travel and high-quality long-distance travel emerging as new trends [8] Group 5: Market Outlook - The third-quarter earnings reports for listed companies will conclude on October 31, with a current pre-earnings rate of only 48% for the Sci-Tech Innovation Board, indicating pressure on high-valuation tech stocks [10] - The Federal Reserve's meeting on October 28 is anticipated to influence global liquidity, with expectations of a 25 basis point rate cut, which could further boost sectors like technology, gold, and humanoid robots [11] - Analysts predict a strong performance in October, but structural differentiation is intensifying, with sectors like chips, robots, and new energy performing well, while others like shipping, banking, and food and beverage lag behind [12]

Core Viewpoint - The company, Shangluo Electronics, is experiencing a positive growth trend in orders for components supplied to clients in the computing power industry, specifically for specialized models compatible with computing power servers [1]. Group 1 - The company supplies components to clients in the computing power industry [1] - There is a good growth situation regarding related orders [1]

Group 1 - Nvidia announced a partnership with OpenAI, involving a plan to build a large data center and an investment of up to $100 billion [1][2] - OpenAI will utilize Nvidia's systems to construct and deploy at least 10 gigawatts of AI data centers, equivalent to the electricity consumption of 8 million American households [1][2] - Nvidia's CEO stated that 10 gigawatts corresponds to 4 to 5 million GPUs, which is about double the company's total shipments this year compared to last year [1][2] Group 2 - Alibaba Cloud and Nvidia announced a collaboration in the Physical AI sector, integrating Nvidia's software stack into Alibaba's AI platform to enhance various AI applications [3] - The investment outlook remains positive for the computing power industry chain, with strong fundamentals despite external challenges [4] - The AI industry and related AIDC industry chain are expected to maintain high growth, with 2025 potentially being a pivotal year for AI infrastructure in China [4] Group 3 - Key investment recommendations include focusing on optical modules, switches, servers, and AIDC-related companies [6] - The offshore wind cable industry is recovering, presenting good opportunities for leading companies in the sector [5] - The satellite internet industry is also showing positive developments domestically, indicating potential for future growth [5]