每经记者｜朱成祥 每经编辑｜张海妮 丨 2025年10月9日 星期四 丨 NO.3 中国科学院金属研究所固态电池研究取得突破 近日，中国科学院金属研究所称，该所科研团队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。固态锂电池因其高安全性和高能量密度，被视为下一代储能技术的重要发展方向。然而，传统固态 电池中电极与电解质之间的"固—固"界面接触不良，导致离子传输阻力大、效率低，严重制约其实际应 用。此项研究为发展高性能、高安全性固态电池提供了新的材料设计思路与研究范式。 点评：中国科学院金属所的此项突破，通过分子层面的精巧设计，巧妙地攻克了固态电池固有的界面难 题。这种"一体化"新材料不仅大幅提升了离子传输效率与能量密度，更展现出优异的柔韧性，为下一代 高安全、高性能储能电池的实用化铺平了道路，具有重要的科学价值和产业前景。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 点评：杉杉股份控制权变更，标志着"船王"任元林携资本入主，终结了创始人离世后的家族纷争。此次 重整引入 ...

随着国庆长假的落幕，A股市场于10月9日迎来四季度首个交易日。这个假期，全球金融市场并不平 静：海外股市普遍小幅走强，为A股提供了积极的外部环境；与此同时，国际金价历史性突破4000美元/ 盎司关口，彰显出全球资金的避险需求。国内层面，刚刚过去的黄金周展现消费韧性，出行人次与部分 核心消费场景的亮眼数据，为经济基本面注入暖意。在此背景下，私募人士普遍表示，海外市场走强与 国内积极因素叠加，有望共同支撑A股后市表现。 ● 本报记者 王辉 海外市场向好提振投资情绪 长假期间海外市场的整体表现，成为私募研判后市行情的重要依据。多家私募机构表示，海外市场的稳 健走势，为A股积累了积极的情绪动能。域秀资产研究总监许俊哲表示，外盘表现中规中矩，港股半导 体板块涨幅较好，对节后A股形成情绪上的支撑。他进一步分析，美国政府停摆、地缘局势进展及黄金 价格创历史新高等信息总体对A股影响偏正面，市场有望继续震荡上行。 星石投资副总经理方磊的观察更为细致，他认为长假前因避险情绪而走弱的A股交投情绪有望得到修 复。畅力资产董事长宝晓辉则从影响因素的结构性角度出发，表示外部变量十分重要。她认为，长假前 后国内政策与经济数据发布节奏相对平 ...

Group 1 - OpenAI and AMD announced a partnership to deploy AI computing infrastructure based on AMD's Instinct series GPUs, with a total computing power of 6 gigawatts (6000 megawatts) [1] - AMD's stock surged by 23% following the announcement, indicating strong market reaction and interest in AI infrastructure investments [1] - The collaboration highlights a significant acceleration in global AI infrastructure development, raising questions about the share of A-share chip companies in this growth [1] Group 2 - The Chinese server market is experiencing rapid growth, with a market size of $9.4 billion in 2023, representing a 104% year-on-year increase, and GPU servers accounting for 92% of the market share [4] - Domestic chip manufacturers are seeing increased demand, with China Telecom's recent procurement showing a 67.5% share of domestic servers, up from less than 30% three years ago [5] - Despite the growth, domestic chips still face performance challenges, with NVIDIA's H100 having a computing density three times that of domestic alternatives [5] Group 3 - The solid-state battery industry is advancing, with a reported 86% increase in energy density due to molecular-scale interface design innovations [7] - However, mass production timelines for all-solid-state batteries remain uncertain, with industry experts predicting initial products to achieve 400 watt-hours per kilogram by 2025-2027 [8] - The transition to semi-solid batteries is seen as a temporary solution, with current costs still 40% higher than liquid batteries [8] Group 4 - The A-share market has shown significant growth, with the ChiNext index rising over 12% in a month, marking the largest increase in nearly three years [2] - The market's liquidity remains strong, with daily trading volumes exceeding 1 trillion yuan, but there are concerns about where the capital is flowing [2] - Historical data suggests that a strong market performance in October does not guarantee widespread gains, as the focus shifts to company earnings [2]

公司报告 | 首次覆盖报告 *ST 威尔（002058） 证券研究报告 收购紫江跻身国内铝塑膜头部企业，受益于固态时代 ST 威尔收购紫江新材：困境企业借优质资产实现战略转型 面对仪器仪表业务持续亏损及退市风险，*ST 威尔（002058）于 2025 年 5 月剥离亏损业务，拟以 5.46 亿元收购紫江新材 51%股权，切入高增长的锂 电池铝塑膜赛道。紫江新材作为国内铝塑膜龙头（2024 年国内市占率 22.2%），深度绑定比亚迪、ATL 等头部客户，此次关联交易有望帮助 ST 威 尔实现业务转型与盈利能力重塑，以降低退市风险，摆脱现有困境。 固态电池驱动下，铝塑膜市场迎来深刻变革 固态电池因高安全性和能量密度成为产业趋势，其软包封装形式依赖铝塑 膜性能大幅升级，因此对铝塑膜的需求量进一步提升。据 EVTank 预测，2030 年全球铝塑膜出货量达 13.9 亿平，市场规模达 160.7 亿元，其中动力与储 能领域需求为核心驱动力。 当前日企（DNP、昭和电工）垄断高端市场，但国产化率不足 40%，国产 替代空间广阔。紫江新材凭借技术突破与规模化产能位居全球第二。 紫江新材：铝塑膜业务高增+固态电池布局领先 ...

Group 1: Macro Economic Insights - The U.S. government is facing a shutdown due to budget disagreements, which has led to a rise in gold prices, while domestic consumption remains stronger in volume than in price [4][6] - Japan may see its first female Prime Minister, which could positively impact the Japanese stock market [4] - The global economy shows signs of weakness, with the U.S. ADP employment figures declining and manufacturing PMIs in the Eurozone and Japan decreasing [6] Group 2: Industry Performance - The top-performing sectors recently include non-ferrous metals, defense, real estate, electric power equipment, and pharmaceuticals, with respective gains of 3.224%, 2.590%, 2.123%, 1.714%, and 1.405% [3][4] - The manufacturing sector is experiencing a recovery, with the PMI for September at 49.8%, indicating a slight improvement [19][20] - The non-manufacturing PMI remains stable at 50.0%, reflecting a balanced economic environment [22] Group 3: Investment Strategies - The report emphasizes a focus on technology sectors, particularly AI and semiconductor industries, as key investment themes [12][14] - There is a recommendation to explore opportunities in gaming, media, and the Huawei supply chain as potential growth areas [12][15] - The report suggests a diversified asset allocation strategy, favoring short-term bonds, undervalued convertible bonds, and gold assets [38][39] Group 4: Company-Specific Insights - Hengxin Life is highlighted as a leading company in biodegradable food packaging, with significant production capacity and strong ties to major global brands [56] - Hanhigh Group is recognized for its strong market presence in the home hardware industry, leveraging a multi-channel approach for market penetration [57] - Jiyuan Group is noted for its comprehensive capabilities in the dietary supplement industry, being a major supplier for several well-known brands [58] Group 5: Health Insurance Sector - The health insurance sector is expected to see significant growth driven by new regulatory guidelines aimed at enhancing product offerings and market accessibility [60][61] - Major insurance companies are increasingly integrating health management services into their offerings, which is anticipated to improve profitability and market share [62] - The report recommends key players in the health insurance space, including China Ping An and China Taiping, as beneficiaries of these trends [62]

1、港股半导体代工厂大涨——利好国产设备 2、OpenAI与AMD百亿美元合作——利好AMD产业链 3、存储芯片涨价——利好生产商、设备长和经销商 4、贵金属大涨——利好金、银和铜的公司 5、核聚变BEST项目取得关键突破——利好产业链公司 6、固态电池技术攻关——有望提前装车 7、OpenAI发布Sora 2——利好AI视频软件 8、腾讯混元3.0超硬谷歌——利好AI图形软件 二、国庆节期间的利空消息 1、算力租赁合同停止 2、新易盛减持 3、英伟达压价1.6T光模块 三、海外看点——还有两次降息？ 一、国庆节期间的利好消息： ...

智通财经APP获悉，招商证券发布研报称，展望10月，市场将会继续延续9月的趋势，保持震荡上行且 低斜率的走势。十月将会进入三季报窗口，由于去年基数较低，今年三季报预计多数行业盈利增速都会 出现一定程度的反弹，也将会在基本面强化市场信心。因此总体来看市场上行趋势的概率较大。综合盈 利、行业景气和交易等维度，10月份建议行业配置方面重点围绕高景气有望持续和困境反转的方向布 局，推荐重点关注：有色金属、电力设备、机械、汽车、电子、传媒等。 招商证券主要观点如下： 大势研判和核心逻辑 展望10月，市场将会继续延续9月的趋势，保持震荡上行且低斜率的走势。目前市场处在牛市第二阶段 的判断没有发生变化，增量资金持续流入的态势没有发生变化，而指数上行速度放缓后，增量资金更加 平稳，是驱动市场稳健上行的关键力量。公募私募融资余额均呈现净流入的态势，也使得市场风格更加 均衡。 10月下旬将会召开四中全会，四中全会将提出的十五五规划，成为市场预期和交易的重要方向。重要规 划的提出也使得市场风险偏好在10月有望维持高位。而十月将会进入三季报窗口，由于去年基数较低， 今年三季报预计多数行业盈利增速都会出现一定程度的反弹，也将会在基本面 ...

Market Overview - Hong Kong stocks experienced a familiar pattern during the National Day holiday, with the Hang Seng Index dropping by 0.48% after one day of increase followed by three days of adjustment [1] - The U.S. government faced a shutdown starting October 1, affecting over 100,000 federal employees, with potential long-term negative impacts if the shutdown persists [1] - China's gold reserves increased to 7,406 million ounces by the end of September, marking the 11th consecutive month of accumulation [1] Gold and Silver Market - Ray Dalio, founder of Bridgewater, suggested that gold is a better hedge than the dollar and recommended a 15% allocation in investment portfolios as gold approaches $4,000 per ounce [2] - Chinese gold stocks such as Zijin Mining and Shandong Gold saw significant price increases, with Zijin rising over 13% and Shandong over 7% [2] - Silver prices also rose, with spot silver reaching $48.32 per ounce, reflecting a daily increase of 1% [2] Automotive Industry - The U.S. automotive sector is facing challenges, particularly after a fire at Novelis' Oswego plant, which supplies 40% of aluminum sheets for the industry, leading to production halts expected to last until early next year [2] - Tesla launched a "simplified" version of the Model Y at a lower price, but market reception appears lukewarm due to reduced features [2] Electric Vehicle Market - Chinese electric vehicle manufacturers are showing strong performance in Europe, with a 35% year-on-year increase in sales across nine major countries in September [3] - Companies like Xpeng, Geely, and BYD are expected to maintain positive trends as new models are set to launch in Q4 [3] Battery Technology - Advances in solid-state battery technology are being reported, with new materials developed that significantly enhance energy density [3] - Production rates are expected to increase by 5-10% in October, with a projected year-on-year growth of 30-50% [3] AI and Semiconductor Industry - OpenAI announced a partnership with AMD to deploy 6 GW of AMD GPU computing power, indicating continued investment in AI technology [4] - Nvidia is expected to play a significant role in a $20 billion funding round for Elon Musk's AI startup, xAI, highlighting the ongoing collaboration in the AI sector [4] Nuclear Fusion Developments - The BEST project in Anhui, China, achieved a key breakthrough, marking progress in nuclear fusion technology [5] - Germany plans to invest €2 billion in building the world's first nuclear fusion power plant by 2029 [5] Pharmaceutical Sector - Innovent Biologics announced a licensing agreement with Zenas Bio Pharma for the development and commercialization of its product, with potential total payments exceeding $2 billion [6] - Other companies in the sector may see increased activity due to potential milestone payments related to this agreement [6] Mining and Materials - China Metallurgical Group reported a decrease in new contract amounts but an increase in overseas contracts, indicating a shift in focus towards international operations [7] - The company is advancing projects in Afghanistan and Pakistan, which are expected to yield significant profits upon completion [8] - The company also has a strong position in silicon-based semiconductor materials, indicating long-term investment potential [9]

Market Performance - During the National Day holiday (October 1-7, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average increased by 0.57%, 0.39%, and 0.44% respectively[3] - The Nasdaq China Technology Index rose by 1.59%, while the Hang Seng Index increased by 0.38% during the same period[3] Bond Market - U.S. Treasury yields primarily decreased, with the 10-year yield falling by 2 basis points to 4.14% as of October 7, 2025[4] - The yield curve steepened, with all maturities except for the 30-year remaining unchanged or decreasing during the holiday[4] Currency Trends - The U.S. Dollar Index increased by 0.78%, with the dollar appreciating against the Euro, Pound, and Yen by 0.65%, 0.17%, and 2.70% respectively[5] - The offshore RMB depreciated against the U.S. dollar, rising to 7.1458, a 0.24% increase[5] Gold Market - Gold prices surged, with London spot gold rising by 4.02% to $3979.00 per ounce, and COMEX gold futures increasing by 3.40% to the same price[6] - A rebound in domestic gold prices is anticipated post-holiday due to the significant rise in international prices[6] Economic Uncertainty - The U.S. government shutdown began on October 1, 2025, due to budget disagreements, which may lead to increased unemployment and reduced consumer spending, negatively impacting GDP growth[7] - The delay in non-farm payroll data release adds to economic uncertainty, affecting market predictions[8] Political Developments - Japan's political landscape may shift with the election of the first female president of the Liberal Democratic Party, which could escalate geopolitical tensions in East Asia due to her conservative stance[9] Monetary Policy - The central bank plans to conduct a 1.1 trillion yuan reverse repo on October 9, 2025, to maintain liquidity, despite a net withdrawal in October due to maturing repos[10] Consumer Spending - The fourth batch of 690 billion yuan in special bonds for consumer goods has been allocated, expected to boost retail sales in the fourth quarter[10] Investment Strategy - The market may present structural investment opportunities in sectors such as AI, energy storage, and gold, while the bond market remains attractive despite short-term risks[11]

Group 1: AI Computing Power - The AI sector is experiencing a surge in investment driven by significant collaborations, including OpenAI's agreements with Samsung and SK Hynix to enhance data center capabilities, with demand for high-bandwidth memory (HBM) expected to exceed current production capacity by more than double [3][4] - OpenAI's recent product launches, including the Sora2 model, are anticipated to have a profound impact on the commercialization of AI applications, with the SoraApp achieving top rankings on the App Store [4] - The semiconductor export from South Korea saw a year-on-year increase of 22% in September, reaching a record high of $16.6 billion, indicating strong demand in the AI hardware market [3] Group 2: Gold Market - International gold prices reached a historic high, surpassing $4,000 per ounce during the holiday period, driven by political uncertainties in the U.S. and strong demand from central banks [5][6] - Central banks, including China, have been increasing their gold reserves, with China's reserves rising to approximately 7.406 million ounces, marking the 11th consecutive month of increases [6] - Goldman Sachs raised its gold price forecast for December 2026 from $4,300 to $4,900 per ounce, citing strong inflows into Western market ETFs and ongoing central bank purchases [5][6] Group 3: Solid-State Batteries - Significant advancements in solid-state battery technology were reported, with a new anion regulation technique developed to enhance the contact between electrolytes and lithium electrodes, paving the way for practical applications [8] - During the holiday period, the charging volume for new energy vehicles reached a historical high, with a total of 43.81 million kilowatt-hours charged from October 1 to October 3, representing a year-on-year increase of 51.33% [9] Group 4: Nuclear Fusion - China's nuclear fusion device, BEST, achieved a critical milestone with the successful installation of its heavy base, marking the beginning of its main construction phase [10] - Stocks related to nuclear fusion in the Hong Kong market saw significant gains during the holiday period, reflecting investor optimism [10] Group 5: Travel and Consumption - The total number of domestic trips during the holiday period reached 2.068 billion, a year-on-year increase of approximately 5.2%, exceeding earlier forecasts [11] - The domestic airline industry experienced a surge in bookings, with over 8.71 million tickets reserved, reflecting a 13% increase compared to the previous year [11] Group 6: Film Market - The total box office for the year has already surpassed the entire box office for 2024, indicating a strong recovery in the Chinese film market [12] Group 7: Market Performance - Global stock markets showed a bullish trend during the holiday, with major indices in the U.S. and Europe experiencing gains, while the Hong Kong market saw sector-specific rallies, particularly in technology and materials [12][16] - The top-performing sectors in the U.S. and Hong Kong markets included healthcare, utilities, and information technology, with notable individual stock performances in the technology and materials sectors [16][17]