Core Viewpoint - The company Shihua Machinery (000852) reported a significant decline in revenue and net profit for the first three quarters of 2025, attributing the losses to reduced income and changes in product structure, despite an increase in cash flow from operating activities [1][2]. Financial Performance - For the first three quarters of 2025, Shihua Machinery achieved revenue of 4.819 billion yuan, a year-on-year decrease of 14.62% - The net profit attributable to shareholders was 6.8856 million yuan, down 91.85% year-on-year - In Q3 2025, the company reported revenue of 1.343 billion yuan, a decline of 23.60% year-on-year, with a net profit of -21.143 million yuan [1][2]. Cash Flow and R&D - The net cash flow from operating activities for the first three quarters was approximately 183 million yuan, a substantial increase of 122.96% year-on-year, primarily due to increased cash receipts from sales [1]. - R&D expenses for the first three quarters were about 147 million yuan, a decrease of 41.84% year-on-year, attributed to a reduction in R&D projects [2]. Balance Sheet and Shareholder Activity - As of the end of Q3 2025, total assets were approximately 11.209 billion yuan, an increase of 7.61% from the end of the previous year - Equity attributable to shareholders was about 3.137 billion yuan, up 1.27% from the end of the previous year - The accounts receivable increased by approximately 9.3% to about 3.101 billion yuan, while inventory rose by 15.3% to about 4.319 billion yuan [2]. Market Activity - Shihua Machinery's stock price experienced a "three consecutive limit-up" trend, with a cumulative increase of 33.07% over three trading days from October 20 to 22, 2025 [2][3]. - The company signed an investment intention agreement with China Petroleum Group Capital Co., Ltd. and other related parties to invest in its wholly-owned subsidiary, aiming to enhance the competitiveness and R&D capabilities in the hydrogen energy equipment sector [3].

Core Viewpoint - The emergence of the "deep earth economy" concept in the A-share market has led to a surge in various sectors including oil and gas, mining, engineering machinery, and infrastructure, attracting significant investor attention [1] Company Responses - 博盈特焊: The company's anti-corrosion and wear-resistant welding technology can be applied to oil pipelines and other components requiring such technology in deep earth oil and gas transportation [1] - 梅安森: The company's products and related technologies are primarily used for intelligent and safe production in various underground mining spaces. The company is actively developing mining robots for autonomous inspections in underground spaces, with steady progress in related R&D [1] - 北路智控: The company provides intelligent mining-related hardware and software products and solutions. It will continue to align with national policies in the "deep earth economy" sector and actively seize related development opportunities [1] - 中交设计: The company leads the China Communications Construction Group's deep earth future industry, forming an innovative consortium for deep underground space utilization, focusing on geological exploration, ultra-deep shaft construction, and other technical R&D, achieving significant results [1] - 地铁设计: The company is engaged in surveying, design, planning consulting, and engineering contracting in rail transit, municipal, and civil construction fields, participating in multiple urban underground space development projects [1] - 苏盐井神: The company is currently focused on key projects related to deep earth development, including the Zhangxing gas storage facility (Phase I), a joint venture with Jiangsu Guoxin Group for the 600MW gas storage project, and a salt cavern small molecule gas storage center project [1]

二、中游扩产潮退，上游让利在即：2025-2027年产业链利润或加速向下游转移！三大龙头有望借 势起飞。 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 一、深地经济站上"十五五"风口，建筑行业有哪些投资机会？机构挖出PB低至0.2倍+股息率近6% 建筑央国企，还有这些深耕细分领域重点企业； 点击付费阅读，解锁市场最强音，把握投资机会！ 前言 ...

2001-2011年牛市，从256美元/盎司涨到1900美元/盎司，涨了7.4倍。 2018年以来，从1174美元/盎司最高涨到4381美元/盎司，已经涨了3.7倍。 如果对标前两轮牛市的话，这轮黄金牛市可能才走了一半，还有翻倍的潜力，不知道这一轮能不能看到？ 果然没有只涨不跌的资产，稳如黄金，涨了2个月后也终于迎来深度调整，昨天跌6.1%，创了12年以来最大单日跌 幅。 是调整，还是行情见顶？从几张图入手，再了解下这轮黄金牛市。 （1）还可能涨多少？ 金价自由浮动后，黄金经历了3轮大牛市。 1976-1979年牛市，从104美元/盎司涨到850美元/盎司，涨了7.2倍。 （来源：懒猫的丰收日） 转自：懒猫的丰收日 01 （2）牛市中的回撤 这是1976-1979年的最大回撤。 回撤10%是常规操作，隔一段时间就出现一次，1978年底甚至回撤了20%。 这是2001-2011年的最大回撤。 回撤10%也是常规操作。两次比较大的回撤：2006年5-6月回撤了22%，2008年回撤了29%。 这是2018年以来的最大回撤。 和前两轮牛市相比，有2个明显的不同：第一，常规回撤幅度变小，5%左右；第二，中途横盘时间拉 ...

Market Overview - A-shares experienced a contraction with major indices showing slight adjustments, while the Shenzhen market underperformed compared to the Shanghai market, indicating a structural divergence in A-shares and a growth pullback in Hong Kong stocks [1][2] - The overall market profitability has narrowed, with trading volume decreasing to 1.69 trillion yuan, reflecting increased risk aversion among investors [1][2] Index Performance - The Shanghai Composite Index closed at 3913.76 points, down 0.07%, while the Shenzhen Component Index and the ChiNext Index fell by 0.62% and 0.79%, respectively [2] - The Hang Seng Index dropped 0.94% to 25781.77 points, falling below the 26000-point mark, with the Hang Seng Technology Index declining 1.41% to a new low [2] Sector Highlights - Low valuation blue chips and policy themes showed resilience, with the banking sector continuing to attract risk-averse funds due to its low valuation and high dividend yield [3] - The oil and gas extraction index surged by 2.11%, benefiting from stable international oil prices and domestic energy supply policies [3] - The technology growth sector faced significant pressure, with the lithium battery electrolyte index plummeting by 3.93% due to concerns over upstream raw material prices and overcapacity [3] Investment Strategy - The current market is in a "volume contraction and structural rotation" phase, suggesting a focus on quality stocks within the technology growth sector, particularly in the AI supply chain and storage chip segments [4] - Opportunities in cyclical and resource sectors should be identified, particularly in copper within non-ferrous metals, as well as in gold stocks, which may have long-term value despite short-term price pressures [4] Policy-Driven Opportunities - Investment themes related to "new quality productivity" and reform dividends are gaining traction, with sectors like deep earth economy and semiconductor equipment attracting short-term capital [5] - The consumer sector is expected to benefit from marginal policy improvements, particularly in home appliances and retail, as consumer sentiment recovers [5]

Group 1 - The three major indices collectively declined, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.81%, and the ChiNext down 0.89% [1] - Over 2,700 stocks in the two markets fell, with a total trading volume of 1.1 trillion [1] Group 2 - The deep earth economy concept continued to show strength, with stocks like ShenKai Co. and Petrochemical Machinery achieving three consecutive trading limits [3] - The Hubei state-owned assets concept remained strong, with stocks such as Wuhan Holdings and Hubei Broadcasting achieving two consecutive trading limits [3] - The controllable nuclear fusion concept strengthened again, with AnTai Technology and Atlantic both hitting the daily limit [3] - Other sectors like combustible ice, lab-grown meat, and wind power equipment followed closely behind [3] Group 3 - Precious metals opened lower and collectively retreated, with a drop of 5.21%, including Hunan Silver hitting the daily limit down and XiaoCheng Technology down 7.09% [3] - The natural gas sector weakened, with China New Energy hitting the daily limit down [3] Group 4 - Agricultural Bank recorded a 14-day consecutive rise, also refreshing its historical high for the fourth consecutive trading day [3] - Spot gold experienced significant fluctuations, narrowly holding above the $4,000 mark before returning above $4,100 [3] - The probability of a 25 basis point rate cut by the Federal Reserve in October is 98.9% [3]

Report Industry Investment Rating The document does not provide the report industry investment rating. Core Viewpoints of the Report - On October 22, 2025, the A-share market showed a shrinking and volatile trend, the bond market maintained a relatively strong trend, and the commodity market witnessed significant fluctuations in precious metal prices [2][3][7][8]. - It is recommended to maintain a balanced allocation strategy. With the upcoming conclusion of the Fourth Plenary Session of the 20th Central Committee, the focus of the "15th Five-Year Plan" policies may become the focus of the new market mainline. The technology sector and new sub - fields such as "deep - earth economy" may receive new catalysts, and the large - consumption sector is worthy of further attention [4][6]. - In the short term, for stocks, it is advisable to maintain a balanced allocation; for bonds, pay attention to policy signals; for commodities, the sharp adjustment of precious metal prices may bring new long - term layout opportunities [14]. Summary by Related Catalogs Market行情Analysis Stock Market - The A - share market was volatile and shrinking. The Shanghai Composite Index closed at 3913.76 points, down 0.07%; the Shenzhen Component Index fell 0.62% to 12996.61 points; the ChiNext Index dropped 0.79% to 3059.32 points; the STAR 50 closed at 1405.41 points, down 0.06%. The total trading volume was 1.69 trillion yuan, a 10.7% decrease from the previous day [3]. - The energy and banking sectors led the gains, while the precious metal sector tumbled. The energy equipment index rose 2.44%, the oil and gas index increased 1.37%, and the banking index rose 0.93%. The precious metal index dropped 2.49% [6]. - Due to the shift of funds from high - valuation technology stocks to low - valuation value stocks, it is recommended to maintain a balanced allocation. If the trading volume continues to decline, beware of the risk of insufficient market liquidity support [6]. Bond Market - The bond market maintained a relatively strong trend. The 30 - year main contract of treasury bond futures led the gains, and the short - end contracts were relatively weak. The central bank increased net investment, and the market sentiment was driven by the expectation of loose monetary policy and institutional duration - extension behavior [12]. - As the end of the month approaches, attention should be paid to macro - events such as the policy tone of the Fourth Plenary Session, the progress of Sino - US trade negotiations, and the impact of changes in capital fluctuations and policy expectations on subsequent trends [12]. Commodity Market - The domestic commodity futures market showed a sharply differentiated pattern. The energy and chemical sectors led the gains, while the precious metal sector was heavily hit. Crude - oil related varieties such as asphalt (2.95%), crude oil (2.52%), and low - sulfur fuel oil (2.32%) had significant increases, while Shanghai gold and Shanghai silver fell 3.92% and 3.86% respectively [11][12]. - The sharp decline in precious metal prices may be due to the expectation of the end of the Russia - Ukraine war and the market's concern that the CPI data to be released on October 24 may exceed expectations and weaken the Fed's rate - cut efforts [12]. Transaction Hotspot Tracking Recent Popular Varieties Combing - Precious metals: The central bank's continuous purchases and the Fed's expected rate cuts are the core logics. Follow - up concerns include the Fed's rate - cut situation and geopolitical risks [16]. - Dividend stocks: Market style switching is the core logic. Pay attention to the third - quarter report performance and corporate dividend situations [16]. - Artificial intelligence: The accelerating capital expenditure of global technology giants is the core logic. Focus on the capital expenditure and orders of US and domestic technology leaders [16]. - Nuclear fusion: The industrialization acceleration of the mid - upstream links is the core logic. Track project progress and industry bidding situations [16]. - Domestic chips: Technological breakthroughs and large domestic substitution space are the core logics. Watch for lithography machine technology breakthroughs and the progress of self - developed chips by Baidu, Alibaba, etc. [16]. - Robots: The accelerating industrialization trend is the core logic. Follow the order release rhythm of Tesla and the technological progress of domestic enterprises [16]. - Big consumption: RMB appreciation and market style switching are the core logics. Pay attention to the economic recovery situation and further stimulus policies [16]. - Securities firms: Active trading and deposit transfer are the core logics. Focus on the A - share market trading volume and possible changes in trading systems [16]. Recent Core Idea Summary - For equities, due to the lack of significant release of trading volume, it is recommended to maintain a balanced allocation in the short term. In the long - term, technology may still be dominant [14]. - For the bond market, the central bank's net investment and loose capital support the bond market. Pay attention to policy signals from the Financial Street Forum and the Fed's interest - rate meeting at the end of the month [14]. - For commodities, the sharp adjustment of precious metal prices may bring new long - term layout opportunities, and the prices of precious metals may reach new highs during the Fed's rate - cut cycle [14].

Market Overview - A total of 56 stocks hit the daily limit up, while 21 stocks faced limit down, resulting in a sealing rate of 73% [1] - The market experienced weak fluctuations, with the three major indices showing a rebound before retreating [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.67 trillion yuan, a decrease of 206 billion yuan from the previous trading day, marking the first drop below 1.7 trillion since August 5 [1] - The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index dropped by 0.62%, and the ChiNext Index decreased by 0.79% [1] Stock Performance - Deyou Energy achieved 9 limit ups in 13 days, while other stocks like Shihua Machinery, CITIC Heavy Industries, and others also saw consecutive limit ups [1][3] - The highest limit-up stock, Deyou Energy, continued to advance with reduced trading volume [3] - High-dividend stocks like Agricultural Bank of China recorded a 14-day consecutive rise, increasing nearly 60% year-to-date [3] Sector Analysis - The oil and gas, engineering machinery, and wind power equipment sectors showed the highest gains, while precious metals, coal, and battery sectors faced the largest declines [1] - The deep earth economy concept continued to gain traction, with stocks like ShenKong Co., Shihua Machinery, and CITIC Heavy Industries achieving consecutive limit ups [5] - The market showed limited enthusiasm for high-priced stocks, with some experiencing significant pullbacks after hitting limit up [5] Investment Themes - The deep earth economy concept is expected to continue attracting investment, influenced by the upcoming 14th National Congress and the easing of the Russia-Ukraine situation [5] - The robotics sector saw renewed interest following the launch of new products by Yushu Technology, with stocks like Ruineng Technology and others performing well [7][16] - The Hubei state-owned assets concept remains active, with stocks like Guangji Pharmaceutical and others achieving consecutive limit ups [8][27] Conclusion - The market is currently characterized by a mix of high-dividend stocks and thematic investments in sectors like deep earth economy and robotics, while facing challenges in trading volume and overall market sentiment [1][5][7]

Core Viewpoint - The market is experiencing a weak profit effect with a significant decline in trading volume, indicating a cautious sentiment among institutional investors and a complex behavior among retail investors [6][7][8]. Market Performance - The market saw a total of 2,278 stocks rising, but the overall trend was characterized by more declines than gains, reflecting a weak profit effect [5][6]. - The Shanghai Composite Index closed at 3,913.76, with a notable decrease in trading volume, dropping over 2,000 billion, marking a recent low in trading activity [10][7]. Sector Analysis - The deep economic concept continues to gain traction, with Agricultural Bank achieving a historical high after 14 consecutive days of gains [6]. - The lithium battery industry chain experienced a widespread decline, while gold and rare earth metals also saw collective downturns [6]. Capital Flow - There was a net outflow of funds from institutional investors, who are shifting from high-valuation tech sectors like electronics and semiconductors to lower-valuation, high-dividend assets such as building materials and petrochemicals for defensive strategies [8]. - Retail investors displayed a more complex behavior, showing signs of reverse support in a broadly declining market, but their actions are heavily influenced by short-term market fluctuations and emotions [8]. Investor Sentiment - Retail investor sentiment is at 75.85%, indicating a significant level of caution and uncertainty in the market [9]. - The current positions of investors show that 25.21% are increasing their holdings, while 18.18% are reducing them, with a majority (56.61%) choosing to hold their positions [12].

Market Overview - The overall market experienced a relatively sluggish day, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 0.07%, 0.62%, and 0.79% respectively, indicating a mixed performance across the market [4]. Deep Earth Economy - The deep earth economy sector saw a significant surge, with stocks like Shendie Economy, CITIC Heavy Industries, and ShenKong Co. achieving three consecutive limit-ups, while others like Zhonghua Rock and Shandong Molong recorded two consecutive limit-ups [5][7]. - DeShi Co. reached a peak of 20% limit-up during the day, with a cumulative increase of 70% over three trading days, showcasing strong investor interest and profitability in this sector [7]. - The deep earth economy index rose by 5.61% for the day, indicating a robust performance despite the overall market's lackluster sentiment [7]. Aluminum Industry - Reports emerged that Rio Tinto is exploring a potential asset swap with China Aluminum International Group to reduce the latter's 11% stake, which led to a surge in China Aluminum International's stock price, closing at a limit-up [9]. - The stock also saw a significant increase in the Hong Kong market, rising over 17% during the day, reflecting strong market interest and speculative trading [9]. "Ma" Stocks - The "Ma" stocks experienced a collective downturn, with companies like Shenma Power and Haima Automobile nearing their daily limit-down, while new stock Ma Ke Bo Luo debuted with a 140% opening increase, closing up 128% [10]. - The performance of Ma Ke Bo Luo has drawn attention, overshadowing the declines of other "Ma" stocks, indicating a potential shift in investor focus within this thematic group [10]. Gold Sector - Following a significant pullback in gold futures, the gold sector opened lower, with stocks like Hunan Silver and Western Gold seeing substantial declines [14]. - Despite a low opening, the gold sector managed to recover throughout the day, reflecting the volatility in gold prices and investor sentiment [14].