锦浪科技所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：逆变器、新能源、光伏玻 璃、碳中和、储能等。 截至9月19日，锦浪科技股东户数8.07万，较上期增加9.39%；人均流通股3984股，较上期减少8.59%。 2025年1月-6月，锦浪科技实现营业收入37.94亿元，同比增长13.09%；归母净利润6.02亿元，同比增长 70.96%。 9月26日，锦浪科技盘中上涨2.00%，截至09:54，报89.23元/股，成交5.84亿元，换手率2.09%，总市值 355.24亿元。 资金流向方面，主力资金净流出3176.88万元，特大单买入3885.81万元，占比6.65%，卖出6258.57万 元，占比10.71%；大单买入1.65亿元，占比28.30%，卖出1.73亿元，占比29.67%。 锦浪科技今年以来股价涨46.59%，近5个交易日涨3.94%，近20日涨31.94%，近60日涨56.57%。 今年以来锦浪科技已经1次登上龙虎榜，最近一次登上龙虎榜为9月5日，当日龙虎榜净买入4.33亿元； 买入总计7.34亿元 ，占总成交额比16.56%；卖出总计3.01亿元 ，占总成交额比6.80%。 ...

9月26日，杭州高新（维权）盘中下跌2.01%，截至09:43，报24.92元/股，成交4829.24万元，换手率 1.52%，总市值31.57亿元。 资金流向方面，主力资金净流出444.02万元，特大单买入0.00元，占比0.00%，卖出350.39万元，占比 7.26%；大单买入336.74万元，占比6.97%，卖出430.37万元，占比8.91%。 杭州高新今年以来股价涨176.58%，近5个交易日跌0.44%，近20日涨38.68%，近60日涨67.47%。 今年以来杭州高新已经6次登上龙虎榜，最近一次登上龙虎榜为9月16日。 资料显示，杭州高新材料科技股份有限公司位于浙江省杭州市余杭区径山镇后村桥路3号，成立日期 2004年11月26日，上市日期2015年6月10日，公司主营业务涉及线缆用高分子材料的研发、生产和销 售。主营业务收入构成为：特种聚乙烯及交联聚乙烯电缆料70.15%，特种聚氯乙烯电缆料13.26%，通 用聚氯乙烯电缆料9.69%，无卤低烟阻燃电缆料6.54%，其他0.35%。 杭州高新所属申万行业为：基础化工-塑料-改性塑料。所属概念板块包括：新能源、核电、QFII持股、 年度强势、小 ...

中国证券报：国内公募产品总规模已突破35万亿元，在满足投资者财富管理需求等方面发挥了重要作 用。请介绍一下公募产品的布局现状，未来是否还有优化空间？ 中证报中证网讯(记者王雪青)公募基金的高质量发展，需要全面提升资产配置与管理能力，满足不同投 资者日益多元的需求。其中，产品结构不断丰富与优化至关重要。针对公募基金行业的产品布局现状， 投资者的期待以及未来发展机遇等话题，中国证券报记者采访了长盛基金量化投资部兼产品开发部总经 理梁洁琼。 编者按：今年5月，中国证监会发布《推动公募基金高质量发展行动方案》，为行业发展指明了方向。 在《行动方案》指导下，基金公司将面临哪些机遇与挑战，对普通投资者有何影响和意义？针对上述问 题，中国证券报邀请了长盛基金多位相关管理人员，分别围绕公募行业费率改革，投资者陪伴模式的创 新，平台式、一体化、多策略投研体系的建设，公募考核体系强化与投资者利益绑定，国内公募产品类 型及未来产品方向，践行信义责任、建设完善的合规风控体系等核心问题，分享观点和思考。本文为系 列访谈之四。 梁洁琼：国内公募基金行业已迈入规模化、多元化发展新阶段，公募产品品类创新与边界拓展持续深 化。一是产品分类更精 ...

国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：冶炼累库与矿端预期博弈，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：短线供需与成本博弈，钢价震荡运行 | 2 | | 碳酸锂：产量增势不减，震荡运行 | 4 | | 工业硅：盘面表现较抗跌 | 6 | | 多晶硅：市场情绪降温 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 2025年09月26日 期货研究 商 品 研 究 2025 年 9 月 26 日 镍：冶炼累库与矿端预期博弈，镍价低位震荡 不锈钢：短线供需与成本博弈，钢价震荡运行 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,450 | 720 | -340 | 600 | 1,140 | 4,000 | | ...

Core Insights - The report highlights a positive outlook for the semiconductor industry, with domestic companies showing strong performance in AI computing power and significant growth in revenue and profit [36][38]. - The automotive sector is experiencing a rebound, with notable increases in production and sales, particularly in the electric vehicle segment, supported by favorable policies [22][23]. - The report emphasizes the importance of the technology bond market in supporting innovation, particularly for private enterprises, which currently have low participation rates [10][12]. Domestic Market Performance - The A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 3,853.30, down 0.01%, while the Shenzhen Component Index rose by 0.67% to 13,445.90 [3][4]. - The average P/E ratios for the Shanghai Composite and ChiNext are 15.72 and 50.19, respectively, indicating a suitable environment for medium to long-term investments [9][14]. Industry Analysis - The semiconductor industry reported a 23.84% increase in August, outperforming the Shanghai Composite Index, with integrated circuits rising by 31.47% [36]. - The automotive industry saw a production and sales increase of 8.66% and 10.15% respectively in August, with electric vehicle sales maintaining strong growth [22][23]. - The technology bond market has evolved since its inception in 2015, with state-owned enterprises dominating issuance, while private enterprises account for only 10% [11][12]. Investment Recommendations - The report suggests focusing on sectors with stable fundamentals and high dividend yields, such as engineering machinery and mining equipment [19][20]. - It recommends monitoring investment opportunities in the semiconductor and automotive sectors, particularly in AI computing and electric vehicles [14][36]. - The report advises investors to remain cautious and avoid blind chasing of high prices, while looking for structural optimization opportunities [9][14].

Variety Views - On September 25th, the three major A-share indexes showed divergent trends. The Shanghai Composite Index fell 0.01% to 3853.30 points, the Shenzhen Component Index rose 0.67% to 13445.90 points, and the ChiNext Index rose 1.58% to 3235.76 points. The trading volume of the two markets reached 2371.1 billion yuan, an increase of 44.3 billion yuan from the previous day. The CSI 300 Index remained strong, closing at 4593.49, a rise of 27.42 [1] - On September 25th, the coke weighted index fluctuated strongly, closing at 1777.0, a rise of 33.7. The coking coal weighted index consolidated within a range, closing at 1245.7 yuan, a rise of 12.2 [1] Impact on Coke and Coking Coal Futures Prices - For coke, port spot prices rose. The cost of coking coal increased, squeezing profit margins for coke enterprises. Steel mills' overall start - up remained high, and the rigid demand for coke increased before holidays, but overall restocking was expected to be limited [2] - For coking coal, prices in some regions adjusted. Supply was normal, demand was good, and online auctions generally trended upwards [2] Zhengzhou Sugar - US sugar fluctuated slightly and closed slightly lower on Wednesday. Affected by technical factors, Zhengzhou sugar contract 2601 adjusted and closed slightly lower on Thursday. StoneX predicted that Brazil's sugar production in 2026/27 would reach 42.1 million tons, a 5.7% increase. The global sugar market was expected to have a surplus of 2.77 million tons in 2025/26, compared with a shortage of 4.67 million tons in 2024/25 [2] Rubber - Affected by holidays, rubber prices fluctuated narrowly and closed slightly lower on Thursday. Due to the decline in tire factory operating rates this week, rubber prices fell at night. The capacity utilization rate of semi - steel tire sample enterprises was 72.64%, a decrease of 0.10 percentage points month - on - month and 6.95 percentage points year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 66.39%, an increase of 0.03 percentage points month - on - month and 6.27 percentage points year - on - year. Thailand's exports of natural rubber and mixed rubber in the first 8 months increased by 6.3% year - on - year [3][5] Palm Oil - On September 25th, palm oil futures prices rebounded and then fluctuated narrowly throughout the day. The main contract P2601 closed with an upper and lower shadow small Yang line. Shipments from Malaysia from September 1 - 25 increased by 12.9% compared with the same period last month [5] Soybean Meal - Internationally, on September 25th, CBOT soybean futures fluctuated. Argentina re - imposed export withholding taxes. China had not ordered US soybeans. US soybean export sales in the week ending September 18 were 724,500 tons. Domestically, on September 25th, the main contract M2601 of soybean meal closed at 2956 yuan/ton, a decline of 0.37%. China had ordered about 20 ships of Argentine soybeans [6] Live Hogs - On September 24th, live hog futures fluctuated. The main contract LH2511 closed at 12685 yuan/ton, a decline of 0.35%. Supply pressure was high, and although demand increased before holidays, it was still below expectations. In the short term, prices may maintain a weak and volatile trend [7] Shanghai Copper - The main contract of Shanghai copper rose sharply. The supply was disrupted by the accident at the Grasberg copper mine in Indonesia. Technically, it broke through key resistance levels. Long - term supply was tight, and demand was expected to grow [8] Iron Ore - On September 25th, the main contract 2601 of iron ore fluctuated and closed up, with a gain of 0.25%. Supply and demand both increased, and prices may fluctuate in the short term [8] Asphalt - On September 25th, the main contract 2511 of asphalt fluctuated and rose, with a gain of 1.3%. Refinery production in October was expected to increase. Social inventory decreased, while refinery inventory pressure increased. Demand in the north was supported by pre - holiday construction, while demand in the south was weak due to weather. Prices may fluctuate in the short term [9] Cotton - On Thursday night, the main contract of Zhengzhou cotton closed at 13490 yuan/ton. Cotton inventory decreased by 133 lots. China's cotton production in 2025 was expected to reach 7.216 million tons, an 8.3% increase year - on - year [10] Logs - On September 25th, the futures price of logs rebounded above the 10 - day moving average. Spot prices in Shandong and Jiangsu remained unchanged. There was no major contradiction in supply and demand, and attention should be paid to spot prices, import data, inventory changes, and market sentiment [10] Steel - On September 25th, rb2601 closed at 3167 yuan/ton, and hc2601 closed at 3358 yuan/ton. There was pre - holiday restocking demand, but high - priced resources had average transactions. The steel market was generally balanced, and cost still supported prices. Steel prices may fluctuate narrowly in the short term [11] Alumina - On September 25th, ao2601 closed at 2942 yuan/ton. The market was facing supply surplus pressure. Future prices may maintain a low - level fluctuation, and attention should be paid to the situation in Guinea and domestic environmental policies [11] Shanghai Aluminum - On September 25th, al2511 closed at 20765 yuan/ton. Aluminum supply was stable at a high level, and inventory was increasing. Demand improvement was less than expected, but there was still support during the September peak season [11]

三、资金动向：主力调仓藏玄机，两大主线浮出水面 老铁们，早上打开行情软件是不是有点懵？昨天A股又玩起了"指数笑哈哈，个股苦兮兮"的分化戏码——创业板大涨1.58%创年内新高，沪指却原地踏步， 全市场超3800只股票下跌。我是帮主郑重，二十年财经老记者，专攻中长线投资。今天咱就从六大维度拆解市场，抓住节前最后的机会！ 一、外围市场：美股三连跌，但中概股显韧性 美股三大指数连续第三天收跌，科技股承压，甲骨文重挫5.6%。但中概股逆势走强，纳斯达克中国金龙指数微涨0.42%，蔚来、小鹏汽车涨超4%。外围波动 对A股影响有限，反而可能促使外资加速配置低估值中国资产。 二、政策面：制度型开放引爆长期利好 证监会主席吴清最新表态称，"十四五"期间外资持有A股市值已达3.4万亿元，新增13家外资控股机构来华展业。数字人民币国际运营中心正式落地上海，跨 境支付、区块链平台上线运行！这些政策不仅吸引外资流入，更为科技、绿色金融等赛道铺路。 六、操作策略：轻仓过节，聚焦"双核驱动" 节前，帮主建议三步走： 虽然全天主力资金净流出236亿元，但计算机行业逆势吸金11.95亿元，电力设备、传媒紧随其后。外资却偏谨慎，北向资金净流出1 ...

晨会纪要（R3） 晨会纪要 2025 年 09 月 26 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3853.30 | -0.01 | | 深证成指 | 13445.90 | 0.67 | | 创业板指 | 3235.76 | 1.58 | | 科创 50 | 1474.49 | 1.24 | | 北证 50 | 1557.22 | -1.37 | | 沪深 300 | 4593.49 | 0.60 | 上证指数-沪深 300 走势图 0% 10% 20% 30% 40% 2024-09 2024-12 2025-03 2025-06 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】MLF 连续 7 个 ...

商报讯（通讯员 张文杰 记者 周雨菲）拍照导航两不误的眼镜、用于医学领域的多孔机器人还有地下电 力管道探测机器人……昨天，第四届全球数字贸易博览会（以下简称"数贸会"）在大会展中心开幕，现 场智能与科技元素齐飞，各种前沿技术看得人眼花缭乱，一场关于"未来"的视听盛宴就此拉开大幕。 "左勾拳""扫堂腿""打得好！"在数智未来主题展区，由机器人参与的擂台格斗赛正如火如荼地开展。四 角围栏外，有备而来的参观者将展区围得水泄不通，没有占据有利位置的观众，铆足了劲想要一睹台上 风采。 究竟是谁有如此大的魅力？舞台上，宇树科技家的当红机器人"G1"正在上演"铁甲拳王"竞赛，只见它左 右出拳，还会完成格斗扫腿等一系列动作，随着"G1"前后左右的跳跃，人群里时不时爆发出阵阵掌 声。 不只是宇树科技，在杭州大会展中心7号馆，第三届专利密集型产品展览专区活动同样惹人注目。 来自全国22个省市的300多家企业，带来800多件"专利加持"的创新产品，覆盖人工智能、新能源、医疗 健康等前沿领域，16家参展企业的首发首秀产品精彩亮相。 比如现场展出的智能外骨骼产品，是一款融合人工智能与智能控制技术的可穿戴机器人，能实时感知用 户的每一个 ...

天眼查App显示，近日，清泓能碳（上海）科技有限公司成立，法定代表人为林凡忠，注册资本500万 人民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；固 体废物治理；污泥处理装备制造；环境保护专用设备制造；环境保护专用设备销售；水污染治理；土壤 污染治理与修复服务；除尘技术装备制造；生活垃圾处理装备制造；生活垃圾处理装备销售；环保咨询 服务；能量回收系统研发；新兴能源技术研发；新能源原动设备销售；碳减排、碳转化、碳捕捉、碳封 存技术研发；合同能源管理；生物质能技术服务；资源再生利用技术研发；新能源汽车废旧动力蓄电池 回收及梯次利用（不含危险废物经营）；再生资源销售；再生资源加工；新材料技术研发；新材料技术 推广服务；合成材料制造（不含危险化学品）；合成材料销售；电池制造；电池销售；生物有机肥料研 发；肥料销售；化肥销售；货物进出口；租赁服务（不含许可类租赁服务）；机械设备租赁；运输设备 租赁服务；机械设备销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项 目：城市生活垃圾经营性服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相 ...