智通财经10月13日讯，市场全天震荡回升，三大指数低开高走，科创50指数低开近3%，午后翻红大涨逾1%。沪深两市成交额2.35万亿，较上一个交易日缩 量1609亿。盘面上，市场热点轮番活跃。稀土永磁板块持续走强，银河磁体、中国稀土、北方稀土等多股涨停。芯片产业链也掀起涨停潮，新莱应材、凯美 特气、至纯科技等10余股涨停。有色金属板块再度活跃，中国瑞林、西部黄金3天2板。板块方面，稀土永磁、有色金属、半导体等板块涨幅居前，汽车零部 件、游戏等板块跌幅居前。截至收盘，沪指跌0.19%，深成指跌0.93%，创业板指跌1.11%。 板块方面 板块上，稀土板块全线爆发，银河磁体、惠城环保、中国稀土、北方稀土、华宏科技、北矿科技、广晟有色等10余股涨停。 消息面上，包钢股份、北方稀土10月10日晚间发布公告称，上调2025年第四季度稀土精矿关联交易价格。据悉，北方稀土将2025年第四季度稀土精矿交易价 格调整为不含税26205元/吨（干量，REO=50%），环比增长37%。REO（稀土氧化物）每增减1%，不含税价格增减524.10元/吨。 稀土作为高端制造与战略新兴产业的核心资源，正呈现供需两端共振格局，一方面，我国通过 ...

Core Viewpoint - The recent escalation of trade tensions has led to a significant decline in A-shares, particularly affecting the overseas computing power sector centered around optical modules, with a notable drop in related stocks [1][3]. Group 1: Market Impact - A-shares opened sharply lower due to negative influences from trade friction, with the ChiNext AI sector experiencing a drop of over 5% at one point, although the decline has since narrowed [1]. - Major stocks in the optical module sector, such as Zhongji Xuchuang and Lian Te Technology, fell more than 5%, while others like Xinyi Sheng and Ruijie Network saw declines exceeding 2% [1]. - The largest and most liquid ChiNext AI ETF (159363) hit a 5% drop during trading but later reduced its decline to 2.86%, with real-time trading volume exceeding 500 million yuan [1]. Group 2: Long-term Outlook - According to China International Capital Corporation (CICC), the short-term impact of the trade tensions is not expected to alter the mid-term trend, with ongoing asset revaluation in China [3]. - The overall market foundation for upward movement remains intact, supported by upcoming policy plans and a favorable fundamental outlook for technology sectors [3]. - The global AI landscape is projected to maintain high activity levels through the first three quarters of 2025, with significant investments from major companies like OpenAI, Oracle, and Google [3]. Group 3: Investment Recommendations - Citic Securities emphasizes the sustained high demand for computing power infrastructure, with North American cloud service providers planning capital expenditures exceeding $370 billion in the 2025 fiscal year, a 40% year-on-year increase [4]. - Investors are encouraged to focus on optical devices and modules, particularly the ChiNext AI ETF (159363), which has over 70% of its portfolio in computing power and more than 20% in AI applications [4]. - The ChiNext AI ETF has a recent scale exceeding 4.3 billion yuan, with an average daily trading volume of over 1.1 billion yuan in the past month, ranking first among seven ETFs tracking the ChiNext AI index [4].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The convertible bond market followed the equity market, rising first and then falling in the 4 trading days before and after the holiday. As of October 10, the valuation of convertible bonds in each parity range remained at an absolute high above the 85th percentile since 2023, with poor overall odds for convertible bond assets. The inflow of incremental funds in the convertible bond market slowed down, and the subsequent parity and valuation of convertible bonds depend on the direction of the equity market [3][16]. - The escalation of Sino-US trade frictions due to new US tariff measures may cause short - term disturbances to market sentiment. With the intensive disclosure of the third - quarter reports of listed companies in mid - to late October, market volatility may increase. In terms of allocation, it is not advisable to be overly aggressive [3][16]. Summary by Related Catalogs Market Trends Stock Market - In the 4 trading days from September 29 to October 10, after the holiday, the A - share market continued to rise on the first trading day and then declined. Gold stocks led the rise in the non - ferrous metals sector, and sectors such as steel and building decoration also performed well. The media sector underperformed due to weak box - office data during the National Day holiday [1][8]. - On September 29, the three major A - share indexes rose collectively, with the Shanghai Composite Index up 0.9%, the Shenzhen Component Index up 2.05%, and the ChiNext Index up 2.74%. On September 30, the A - share market continued to rise, with the Shanghai Composite Index up 0.52%, the Shenzhen Component Index up 0.35%, and the ChiNext Index flat. On October 9, the A - share market rose significantly, with the Shanghai Composite Index up 1.32%, the Shenzhen Component Index up 1.47%, and the ChiNext Index up 0.73%. On October 10, the A - share market fell, with the Shanghai Composite Index down 0.94%, the Shenzhen Component Index down 2.7%, and the ChiNext Index down 4.55% [8]. - In the 4 trading days before and after the holiday, most Shenwan first - level industries closed higher, with non - ferrous metals (11.89%), steel (7.89%), basic chemicals (4.62%), building decoration (4.30%), and building materials (4.10%) leading the gains; media (-3.70%), communication (-2.21%), social services (-1.19%), and banks (-0.92%) lagging behind [9]. Bond Market - The funds were relatively stable near the end of the quarter. With the September PMI data still in the contraction range, the bond market strengthened before the holiday. During the National Day holiday, data such as box - office and real - estate transactions were weak, global risk - aversion sentiment increased, and the capital market was generally loose after the quarter, leading to a further decline in bond yields. The 10 - year treasury bond yield closed at 1.85% on Friday, down 3.21bp from September 28 [1][9]. Convertible Bond Market - In the 4 trading days before and after the holiday, most convertible bond issues closed higher. The CSI Convertible Bond Index rose 1.58% for the week, the median price rose 1.39%, the calculated arithmetic average parity fell 0.04% for the week, and the overall market conversion premium rate increased by 0.85% compared with the previous week [2][9]. - In terms of industries, most convertible bond industries closed higher, with beauty care (+4.81%), non - ferrous metals (+4.53%), non - bank finance (+3.84%), and steel (+3.74%) leading the gains; communication (-1.35%), household appliances (-0.24%), textile and apparel (+0.03%), and media (+0.39%) lagging behind [11]. - At the individual bond level, Zhonghuan Zhuan 2 (innovative drugs & change of actual controller), Jingda (controllable nuclear fusion concept), Lingyi (AI terminal hardware), Jingxing (Yushu robot concept), and Shuiyang (skincare products) convertible bonds led the gains; Huicheng (waste catalyst treatment), Tongguang (optical fiber cable), Sheng 24 (robot concept), Yitian (computing power concept), and Mengtai (polypropylene fiber & announced forced redemption) convertible bonds led the losses [2][12]. - The total trading volume of the convertible bond market in the 4 trading days before and after the holiday was 288.445 billion yuan, with an average daily trading volume of 72.111 billion yuan, a decrease compared with the previous week [13]. Valuation Overview - As of October 10, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.91%, 32.17%, 28.71%, 18.69%, 15.24%, and 9.88% respectively, at the 98%/99%, 88%/82%, 95%/98%, 87%/84%, 91%/91%, and 87%/75% percentiles since 2010/2021 [17]. - For bond - biased convertible bonds, the average YTM for parities below 70 yuan was - 4.86%, at the 0%/1% percentile since 2010/2021. The average implied volatility of all convertible bonds was 40.58%, at the 78%/67% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 2.32%, at the 69%/70% percentile since 2010/2021 [17]. Primary Market Tracking - From September 29 to October 10, 2025, Funeng Convertible Bond announced its issuance, and no convertible bonds were listed. The underlying stock is Funeng Co., Ltd., with a market value of 28.302 billion yuan as of October 10. The company focuses on renewable and clean energy and large - scale energy storage projects. The scale of the issued convertible bonds is 3.802 billion yuan, with a credit rating of AA+. After deducting issuance fees, the funds will be invested in the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Park and the Mulan Pumped - Storage Power Station Project in Xianyou, Fujian [24]. - As of the announcements on October 10, there were no convertible bonds announced for issuance or listing in the coming week (October 13 - 17, 2025). During September 29 - October 10, the exchange accepted the application of one company (Aoshikang), seven companies' plans passed the shareholders' meeting, and one company (Haitian Co., Ltd.) had a board of directors' plan. There were no new companies approved for registration or passed by the listing committee. As of now, there are 90 convertible bonds to be issued, with a total scale of 137.34 billion yuan, including 2 approved for registration with a total scale of 2.68 billion yuan and 8 passed by the listing committee with a total scale of 5.31 billion yuan [25].

9月30日晚间，海南华铁披露公告称，公司子公司终止《算力服务协议》。彼时，海南华铁表示，公司 全资子公司海南华铁大黄蜂建筑机械设备有限公司（以下简称"华铁大黄蜂"）于2025年3月与杭州X公 司（以下简称"X公司"）签署了《算力服务协议》，约定华铁大黄蜂向X公司提供算力服务，算力服务 期为5年，合同预计总金额为36.9亿元（含税）。基于原协议所涉交易及设备的市场环境及供需情况已 较签署时发生较大变化，且协议签订以来未收到任何采购订单，公司近日向X公司出具《关于解除<算 力服务协议> 的函》。 北京商报讯（记者马换换王蔓蕾）近37亿元算力大单终止，海南华铁（603300）成为了近期市场焦点。 受公司算力大单取消的影响，上市公司股价也接连大跌，在此背景下，海南华铁控股股东拟出手增持。 10月13日午间，海南华铁披露公告称，公司控股股东海控产投拟1亿—2亿元增持公司股份。 公告显示，海控产投计划自10月14日起6个月内，以自有及自筹资金通过上交所交易系统允许的方式 （包括但不限于集中竞价和大宗交易等）增持上市公司股份，合计拟增持金额不低于1亿元（含）且不 超过2亿元（含）。本次增持计划不设定价格区间，将根据公司股票 ...

二级市场方面，10月9日、10日，海南华铁股价接连"一"字跌停。10月13日，海南华铁早盘股价也触及 跌停，不过之后公司打开跌停板。截至午间收盘，海南华铁股价跌幅6.63%，报7.32元/股，总市值146.2 亿元。 公告显示，海控产投计划自10月14日起6个月内，以自有及自筹资金通过上交所交易系统允许的方式(包 括但不限于集中竞价和大宗交易等)增持上市公司股份，合计拟增持金额不低于1亿元(含)且不超过2亿元 (含)。本次增持计划不设定价格区间，将根据公司股票价格波动情况及资本市场整体趋势，择机逐步实 施增持计划。 近期，海南华铁算力大单告吹一事引发市场极大关注。 9月30日晚间，海南华铁披露公告称，公司子公司终止《算力服务协议》。彼时，海南华铁表示，公司 全资子公司海南华铁大黄蜂建筑机械设备有限公司(以下简称"华铁大黄蜂")于2025年3月与杭州X公司 (以下简称"X公司")签署了《算力服务协议》，约定华铁大黄蜂向X公司提供算力服务，算力服务期为5 年，合同预计总金额为36.9亿元(含税)。基于原协议所涉交易及设备的市场环境及供需情况已较签署时 发生较大变化，且协议签订以来未收到任何采购订单，公司近日向X公 ...

Core Viewpoint - The company confirmed that its computing power projects are progressing normally and are on track for delivery and execution this year [2] Group 1 - Investors inquired about the normal delivery and execution of computing power orders for the current year [2] - The company stated that its computing power projects are being carried out according to the project schedule [2] - There is a focus on whether the company's future computing power supply will meet market demand [2]

芯片股逆市走高，截至发稿，华虹半导体(01347)涨2.2%，报83.55港元；中芯国际(00981)涨1.61%，报 78.8港元。 消息面上，大国科技领域博弈升级。10月8日，美众议院"特别委员会"发布涉华半导体出口管制重要报 告；10月10日，中国市场监管总局对高通立案调查，因其收购Autotalks涉嫌违反反垄断法；10 月10 日 特朗普发文表示将对中国加征100%关税，并对关键软件产品实施新的出口管制；10月15日-17日，2025 湾区半导体产业生态博览会将在深圳举办，深圳市发改委主任表示，新凯来将带来惊喜。 浙商证券（601878）指出，算力已成为推动新一轮科技革命和产业变革的新引擎，半导体自主可控刻不 容缓，我国本土制造、半导体设备、算力芯片等有望借此窗口期加速成长。华西证券（002926）则指 出，稀土管制政策首次覆盖半导体，或对海外芯片制程有所影响。 ...

智通财经APP获悉，芯片股逆市走高，截至发稿，华虹半导体(01347)涨2.2%，报83.55港元；中芯国际 (00981)涨1.61%，报78.8港元。 浙商证券指出，算力已成为推动新一轮科技革命和产业变革的新引擎，半导体自主可控刻不容缓，我国 本土制造、半导体设备、算力芯片等有望借此窗口期加速成长。华西证券则指出，稀土管制政策首次覆 盖半导体，或对海外芯片制程有所影响。 消息面上，大国科技领域博弈升级。10月8日，美众议院"特别委员会"发布涉华半导体出口管制重要报 告；10月10日，中国市场监管总局对高通立案调查，因其收购Autotalks涉嫌违反反垄断法；10 月10 日 特朗普发文表示将对中国加征100%关税，并对关键软件产品实施新的出口管制；10月15日-17日，2025 湾区半导体产业生态博览会将在深圳举办，深圳市发改委主任表示，新凯来将带来惊喜。 ...

Group 1 - During the National Day and Mid-Autumn Festival holiday, 28 institutions conducted a total of 90 "buy" ratings covering 80 stocks [1] - The 80 stocks are distributed across 20 industries, with the pharmaceutical, electronics, automotive, and textile sectors having the highest number of stocks, each with no less than 5 [1] - Among the stocks rated "buy" in October, 7 stocks received attention from 2 or more institutions, including BYD, Seres, and Xin'ao Co., which were each covered by 3 institutions [1] Group 2 - The 80 stocks rated "buy" include companies involved in popular technology fields such as computing power, artificial intelligence, embodied intelligence, semiconductors, and solid-state batteries, with 18 companies identified, including Chipone Technology, Huafeng Measurement & Control, and Cambricon Technologies [1] - Among these 18 companies, those with significant year-to-date gains exceeding 100% include Kaipu Cloud, Chipone Technology, Giant Network, and Xianlead Intelligent [2]

Core Viewpoint - The upward trend in the market is expected to continue, with a strong outlook for the overall sector in the future [1] Group 1: Key Focus Areas - Computing Power: Cloud service capital continues to increase, and the prosperity of computing power infrastructure is expected to persist, maintaining a positive outlook for the PCB sector [1] - Storage: The confluence of AI era cycles, growth, and domestic production leads to a comprehensive positive outlook for the storage sector [1] - Chip Testing: The demand for testing is significantly driven by AI chips, with third-party testing firms upgrading their technology to meet high-end requirements [1]