10月23日，深地经济概念持续升温，相关板块交投活跃，产业链多只个股连续涨停。随着自然资源部提 出加快抢占深海、深地等新兴和未来产业的标准化制高点，资本市场迅速响应。深地经济被视为继低空 经济、深海经济之后的又一潜在万亿级新赛道。业内人士认为，地球深部资源开发正成为新一轮战略布 局焦点，深地资源勘探、地下空间建设、核心装备制造等领域有望打开新的增长空间。（中证报） ...

Core Viewpoint - The deep earth economy is emerging as a potential trillion-level new sector, following the low-altitude and deep-sea economies, with significant investment interest and market activity driven by government initiatives [1][2]. Industry Overview - The deep earth economy encompasses economic activities and related industrial chains focused on the development of deep earth resources and underground space utilization, including resource exploration, underground construction, core equipment manufacturing, and technical services [2]. - China's deep and ultra-deep oil and gas resources are estimated at 671 million tons of oil equivalent, accounting for approximately 34% of the country's total oil and gas resources [2]. - The overall development rate of deep earth resources is currently below 8%, indicating substantial untapped potential [2]. Market Activity - On October 23, the deep earth economy sector saw a trading volume of 49.249 billion yuan, with notable stock performances including multiple companies hitting trading limits [1]. - Companies such as Shandong Molong and Tianjian Group experienced significant stock price increases, while others like Huifeng Diamond and Power Diamond faced noticeable pullbacks [1]. Company Strategies - The Ministry of Natural Resources predicts that the global deep earth economy will exceed $25 trillion by 2030, with the domestic market expected to surpass 5 trillion yuan between 2026 and 2030, and an initial commercialization growth rate of 40% [3]. - Companies like Yipuli and Surveying and Mapping Co. have expressed their commitment to exploring opportunities in the deep earth economy, focusing on technological advancements and strategic business expansions [3][4]. - Meian Sen is developing mining robots for autonomous inspections in underground spaces, while China Communications Construction Company is forming a collaborative innovation group for deep underground space utilization [4]. Company Clarifications - Companies such as Construction Industry, Chujian New Materials, and Baotailong have clarified that they do not engage in deep earth economy-related businesses [5].

Group 1 - The deep earth economy is emerging as a new economic growth engine, focusing on the development of deep earth resources and related industries, including exploration, underground space construction, core equipment manufacturing, and technical services [2][3] - The Ministry of Natural Resources has indicated plans to accelerate the standardization of emerging industries in deep sea and deep earth, leading to increased market activity and investment interest [1][2] - The deep earth economy is projected to reach a market size of over 5 trillion yuan in China between 2026 and 2030, with an initial commercialization growth rate of 40% [2] Group 2 - Several companies in the A-share market are actively responding to the strategic opportunities presented by the deep earth economy, with firms like Yipuli and Surveying and Mapping Co. expressing their commitment to developing technologies related to deep earth resource exploration [3] - China Communications Construction Company is leading a consortium focused on deep underground space utilization, achieving significant advancements in geological exploration and construction technologies [4] - Some companies, such as Construction Industry, Chujian New Materials, and Baotailong, have clarified that they are not involved in deep earth economy-related businesses [4] Group 3 - The deep earth economy sector is characterized by varying competitive landscapes across its value chain, with high market concentration in upstream equipment manufacturing due to technical barriers, moderate concentration in midstream development, and low concentration in downstream application services [3] - The exploration of deep earth resources has significant potential, with China's deep and ultra-deep oil and gas resources estimated at 671 million tons of oil equivalent, representing about 34% of the country's total oil and gas resources [2] - Recent breakthroughs in deep earth exploration, such as the drilling of the Deep Earth Sichuan Well, have marked significant progress in the field, indicating the potential for further advancements in energy exploration [2]

Market Analysis - The A-share market opened lower and experienced fluctuations, eventually closing slightly higher with the Shanghai Composite Index at 3922.41 points, up 0.22% [3] - The Shenzhen State-owned Assets Reform and the "Deep Earth Economy" concept remained active, with significant gains in related stocks following the announcement of a merger and acquisition action plan aiming for a total market capitalization of 20 trillion yuan by 2027 [5] - The technology sector showed relative weakness, with the ChiNext Index rising only 0.09% and the STAR 50 Index declining by 0.30% [3][5] Bond Market - Government bond futures experienced a decline across all maturities, with the long-end contracts leading the drop [9] - The 30-year main contract closed at 115.21, down 0.34%, while the 10-year main contract fell by 0.12% [9] - The central bank conducted a net withdrawal of 23.5 billion yuan, maintaining a generally ample liquidity environment despite the slight tightening [9] Commodity Market - The commodity market saw a broad increase, with the Nanhua Composite Index rising by 0.73%, driven by gains in black metals, energy products, and new energy materials [9] - Coking coal futures led the gains, rising by 5.14%, influenced by supply disruptions from Mongolia's political situation [9][10] - Oil prices continued to rebound as India reduced its purchases of Russian oil amid U.S. pressure, with recent data showing a significant decrease in U.S. crude oil inventories [10] Investment Themes - The report highlights several investment themes, including precious metals supported by central bank purchases and potential Fed rate cuts, as well as opportunities in artificial intelligence and domestic chip manufacturing driven by technological breakthroughs [12] - The focus on consumer sectors is expected to grow, particularly with the anticipated economic recovery and potential stimulus policies [12] - The report emphasizes the importance of monitoring macroeconomic events, including the upcoming U.S. Federal Reserve meeting and the APEC conference, which may influence market directions [11][12]

Market Overview - A total of 58 stocks hit the daily limit up, while 14 stocks faced limit down, resulting in a sealing rate of 81%. Major stocks like Dayou Energy achieved 10 consecutive limit ups over 14 trading days, while Shihua Machinery, ShenKong Co., and Yingxin Development recorded 4 consecutive limit ups [1][3] - The market showed signs of recovery with all three major indices closing in the green. The Shanghai and Shenzhen stock exchanges had a total trading volume of 1.64 trillion, a decrease of 23.9 billion from the previous trading day. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index also increased by 0.22%, and the ChiNext Index saw a slight rise of 0.09% [1][3] Stock Performance Analysis - The advancement rate for consecutive limit-up stocks dropped to 28.57%. Dayou Energy continued to lead with 8 consecutive limit ups, while sectors like deep earth economy and Belt and Road Initiative failed to maintain their previous momentum, leading to mixed performances among stocks [3][4] - Low-priced stocks in the recent first limit-up category showed significant activity, with stocks like Chuangye Environmental Protection and Dongjiang Environmental experiencing price surges due to H-shares' intraday boosts [3][4] Sector Highlights - The Shenzhen government announced an action plan to promote high-quality mergers and acquisitions from 2025 to 2027, aiming for a total market capitalization of listed companies to exceed 20 trillion yuan and to cultivate 20 companies with a market value of over 100 billion yuan. This news positively impacted local Shenzhen stocks, leading to multiple stocks hitting the limit up [5][31] - The quantum technology sector experienced a surge following significant advancements, including Google's announcement of a new algorithm that outperforms the best supercomputers by 13,000 times. Stocks like Keda Guokai and ShenZhou Information saw limit ups due to this momentum [6][17][18] Coal Sector Dynamics - The coal sector is heating up as winter approaches, with major players like Dayou Energy recording an 8-day consecutive limit up and a 146% increase over the last 14 trading days. The price of coal at northern ports has risen from 620 yuan to 740 yuan per ton since July, reflecting a significant supply-demand shift [7][28] Media and Entertainment Trends - The short drama market is projected to see explosive growth, with a compound monthly growth rate exceeding 83% for the number of short drama titles by 2025. Companies like Rongxin Culture and Huanrui Century have reported limit ups, driven by this trend [8][23][24] Future Outlook - The three major indices faced pressure from declines in sectors like computing hardware and semiconductors but managed to recover due to gains in large financial stocks. The market remains in a phase of stock selection, with a focus on weighty stocks and small-cap stocks [9][10]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - Overseas: Ahead of the China - US negotiations, the US is considering restricting exports of products made with US software to China. The overnight US stock market's major indices closed down slightly, and the market showed strong resistance to this news. Inflation data will be released the next day, and other asset performances were relatively stable. Attention should be paid to tariff - related news and economic data [2]. - Domestic: On Wednesday, the broader market slightly declined, with the Shenzhen Component Index and the ChiNext Index falling more significantly. The market still lacks a clear main line, and the profit - making effect of individual stocks is poor. Policy - oriented signals from the learning newspaper have given the market some confidence. The real estate and state - owned enterprise reform concepts are strengthening, indicating that funds are betting on the development of deep - earth economy, resource assetization, and asset securitization. The stock index is expected to continue to fluctuate, and in the short term, it may retest the 20 - day moving average [3]. 3. Summary by Directory 3.1 Important News - US Senate: The 12th rejection of the temporary appropriation bill led to a "shutdown" [5]. - Japan: The newly - appointed Japanese Prime Minister, Hayase Sanae, plans a procurement package to please Trump [5]. - Tariffs: India and the US are about to reach a trade agreement, reducing tariffs on India to 15% - 16%. The Trump administration is preparing a drug investigation to pave the way for new tariffs [5]. - Russia - Ukraine Situation: The EU approved the 19th round of sanctions against Russia, including a liquefied natural gas import ban. The US is reported to allow Ukraine to use long - range missiles against Russia, but Trump called it fake news. The US Treasury sanctioned two major Russian oil companies, and Trump cancelled his meeting with Putin in Budapest [5]. - China - US Trade: Trump said that China and the US will reach a trade agreement at the APEC summit, but the foreign ministry has no information to provide [5]. - Shenzhen: It aims to exceed 20 trillion yuan in the total market value of domestic and overseas listed companies by the end of 2027 [6]. - Fund Rules: A draft for soliciting opinions on the performance comparison benchmark rules for public funds is about to be released [7]. - Foreign Exchange: In the first three quarters of this year, China's foreign - related payment and receipt totaled 11.6 trillion US dollars, a record high for the same period, with a year - on - year increase of 10.5%. Cross - border capital inflows were 119.7 billion US dollars, and the bank settlement and sales surplus was 63.2 billion US dollars, both higher than the previous year [7]. 3.2 Futures Market Tracking - Performance: The performance of various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000, is presented, showing the closing price, settlement price, change, change rate, basis, etc. [9]. - Trading Volume and Open Interest: The trading volume, trading volume change, turnover, turnover change, open interest, and open interest change of each contract are provided, along with the net position of the top 20 members [10]. 3.3 Spot Market Tracking - Index Performance: The current points, daily, weekly, monthly, and annual changes, trading volume, and price - to - earnings ratios of major indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and others are shown [29]. - Sector Performance: The performance of different sectors, including upstream, mid - stream, consumer, TMT, financial, and public utility sectors, is analyzed, including their price changes, trading volumes, and price - to - earnings ratios [29]. - Market Style Impact: The impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices is presented, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions [30][31]. - Valuation: The valuations and historical quantiles of major indices and Shenwan sectors are shown [33][36]. - Market Activity: The Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, and index trading volume changes are presented [38]. 3.4 Liquidity Tracking - Central Bank Operations: The central bank's open - market operations, including money injection, money withdrawal, and net money injection, are shown [44][45]. - Interest Rates: The Shibor interest rate levels are presented [44][46].

Core Viewpoint - A-shares have shown strong performance since early April, with major indices leading global markets in gains, resulting in impressive returns for asset management products, particularly in stock strategies [2][3]. Group 1: Market Performance - As of the end of September, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by approximately 15.84%, 29.88%, and 51.20% respectively in the first three quarters [2]. - The average return for asset management products with performance data reached about 9.66% in the first three quarters, with stock strategy products achieving an average return of 26.72% [2][3]. Group 2: Asset Management Strategies - The top-performing asset management strategies include: - Stock Strategy: Average return of 26.72% with the top 10 products having a minimum return threshold of ***% [3][4]. - Futures and Derivatives Strategy: Average return of 12.15% with the top 10 products having a minimum return threshold of ***% [7][10]. - Multi-Asset Strategy: Average return of 18.79% with the top 10 products having a minimum return threshold of ***% [11][17]. - Combination Fund: Average return of 12.96% with the top 10 products having a minimum return threshold of 10.56% [18][21]. - Bond Strategy: Average return of 4.67% with the top 3 products achieving returns of ***% [22]. Group 3: Top Products and Managers - The top three stock strategy products for the first three quarters are: 1. "兴合逆向低估值集合" managed by 兴合基金 with a return of ***% [4][6]. 2. "国海良时金时2号指数增强" managed by 国海良时期货 with a return of ***% [6]. 3. "金鹰行稳致远3号集合" managed by 金鹰基金 with a return of ***% [4]. - The top three futures and derivatives products are: 1. "上海东亚期货有限公司-东风一号" managed by 上海东亚期货 with a return of ***% [10]. 2. "瑞达期货-瑞智无忧99号单一" managed by 瑞达期货 with a return of ***% [10]. 3. "广发期货安胜指数增强1号" managed by 广发期货 with a return of ***% [10]. - The top three multi-asset products are: 1. "东海纳米双色球1号" managed by 东海期货 with a return of ***% [17]. 2. "金信跃迁一号" managed by 金信期货 with a return of ***% [17]. 3. "国海良时金时6号" managed by 国海良时期货 with a return of ***% [17].

Core Viewpoint - The company emphasizes the strategic opportunities presented by deep earth economic development and considers it a key direction for future business expansion [1] Group 1: Strategic Direction - The company has formed a preliminary technical reserve that includes intelligent blasting equipment and systems, as well as specialized blasting technologies and solutions for deep resource development [1] - The company aims to closely follow national strategic guidance and continuously deepen its technological accumulation and innovation in the deep earth economic sector [1] Group 2: Value Proposition - The company is committed to providing comprehensive value services for the safe, green, and efficient development of deep mineral resources, thereby enhancing its core competitiveness [1]

建设工业10月23日在互动平台表示，公司暂未涉足深地经济相关领域。 ...

Core Viewpoint - The company has not yet ventured into the deep earth economy sector [1] Company Summary - Construction Industry (002265.SZ) stated on the investor interaction platform that it is currently not involved in the deep earth economy [1]