关税反制开启，市场恢复理性并修复。4月8日开始，A股市场开始交易关税反制逻辑，扩大内需与自主可控成为市场主线。4月8 日、4月9日，以农林牧渔为代表的消费板块、国防军工等行业先后强势上行，科技板块明显修复。转债跟随权益市场反弹，4月 8日至4月11日，中证转债反弹2.45%，高价转债涨幅则达5.38%。 贸易摩擦延续，市场避险情绪抬升。4月12日至4月20日，贸易摩擦延续，市场避险情绪浓厚，以银行为代表的金融地产板块及 石化、公用事业等为代表的红利行业表现相对占优，转债跟随大盘整体窄幅震荡。 贸易摩擦缓和，市场温和反弹。4月21日开始，贸易摩擦逐步出现缓和迹象，先进制造、科技板块修复带动大盘回升，金融地产 板块则开启回调。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 向后看，短期内权益向上弹性受限背景下，资金流入再次大幅推升转债估值的链条难以延续，建议短期内保持中性偏低仓位静 候时机，关注低价与条款共振的转债，把握资金面分歧与政策多变市场环境中的波段交易机会，尤其是容易受关税政策影响的 出口链转债或存在较多的TACO交易机会。 4月，关税1.0时期的市场分阶段复盘 关税升级前期， ...

盘面上，今日（10月15日）国产软件概念爆发，重仓软件开发行业的信创ETF基金（562030）场内价格 现涨1.81%，此前早有资金进场埋伏！上交所数据显示，该ETF近3日连续吸金，合计金额1316万元。 成份股方面，格尔软件涨停，华大九天涨超8%，信安世纪涨逾7%，麒麟信安、普元信息、成都华微等 个股跟涨。 | | 分财 多日 1分 5分 15分 30分 60分 * | F9 盘前盘版 图加 九时 图线 工具 份 (2) >> | | | | | | 值创ETF基金 ① | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 562030(图部(TF基金) 10:27 份 0.564 图表 0.010(1.81%) 均价 0.555 周文量 2 IOPV 0. | 已 1,819 | | 0.564 +0.010 +1.81% | | | | CC3030 7 | | | | | | | SSE CNY 10:27:36 交易中 | | | | | 7.8 % | | | | 1,509 | 净值皮势 | | 华宝中证信息技 ...

核心零部件超过10万个，来自全球5000多家供应商。最关键的极紫外光源需要将锡滴加热到30万摄氏度，产生波长仅13.5纳米的极紫外光。反射镜表面粗 糙度要求小于0.1纳米，相当于把整个北京市的面积摊平后，高低差不能超过一根头发丝的直径。 半导体和稀土，这两个看似不相干的领域，正在上演一场惊心动魄的全球科技竞赛。中国突破EUV光刻机技术和美国重建稀土全产业链，哪个目标会先 实现？这场竞赛的结果，可能重塑未来几十年的全球科技格局。 中国EUV光刻机的突围之路有多难？ 光刻机被誉为"半导体工业皇冠上的明珠"，而EUV光刻机更是这颗明珠中最耀眼的部分。荷兰ASML公司垄断全球EUV市场多年，一台机器售价超过1.5亿 美元，比一架波音787客机还贵。中国要造出自己的EUV，难度堪比在芯片上建造一座微型城市。 但中国并非从零开始。上海微电子已量产90nm光刻机，28nm光刻机也取得突破。清华大学团队研发的SSMB-EUV光源方案，可能成为弯道超车的关键。 中国特色的举国体制在集中资源攻关方面具有独特优势，就像当年突破原子弹技术一样。 美国稀土产业链重建的挑战有多大？ 稀土不是土，而是17种金属元素的统称。从智能手机到电动 ...

中美新一轮博弈对市场影响几何？ 证券研究报告/策略定期报告 2025 年 10 月 12 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 1、《A H 股市场周度观察（10 月第 1 周）》2025-10-11 2、《海外市场表现如何影响 A 股？》 2025-10-08 3、《25 年国庆&中秋全球市场表现 及演绎动态复盘》2025-10-08 报告摘要 一、中美新一轮博弈对市场影响几何？ 相关报告 中美博弈突发升级。节前我们已提示，节前反弹背后的资金支撑明显弱于此前上涨 阶段，难以支撑节后大幅拉升，更大概率进入高位震荡。节后走势验证了这一判断： 周四市场短暂反弹，周五迅速回落。周五晚间特朗普突然发文，威胁对华加征 100% 关税并可能取消中美元首 APEC 会晤，导致 A50 期货、纳斯达克指数、比特币等风 险资产大幅下挫。整体来看，本轮中美博弈的不确定性显著提升，需警惕市场波动加 剧与风险偏好持续降低的可能。 美方或为获取新谈判筹码 ...

或由于重磅利好政策迭出+阿里全球扩张布局，今日（9月25日）聚焦数据安全领域的大数据产业ETF （516700）场内涨幅盘中上探4.59%，收涨3.6%，收盘涨幅霸居全市场ETF第二，上探2023年6月以来的 阶段高点，全天成交额近4000万元，环比激增426%。 值得关注的是，大数据产业ETF（516700）场内宽幅溢价，收盘溢价率达0.35%，显示买盘资金更为强 势！伴随成交放量，或有资金进场布局！ 成份股方面，天下秀、浪潮信息涨停，中科曙光、用友网络涨超6%，科华数据、拓尔思、易点天下等 个股跟涨。 1、政策方面，商务部等8部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》， 支持在自贸试验区、海南自由贸易港等地区建立国际数据中心和云计算中心，面向各类有需求的企业提 供数据处理服务。 此前，9月22日，国内首部聚焦于数据安全与个人信息保护社会责任的国家标准——《数据安全技术 数 据安全和个人信息保护社会责任指南》发布，为各类组织在数据安全领域的创新实践，提供了"如何 做"的清晰路径。 2、企业方面，阿里巴巴在云栖大会宣布追加投入AI基础设施建设，计划在巴西、法国等地新建云计算 地域节点并 ...

Group 1 - The big data industry ETF (516700) focused on data security has seen a significant increase, with a peak intraday rise of 4.41% and a current rise of 3.6%, reaching the highest point since June 2023 [1] - Key stocks in the ETF include Tianxiaxiu, Inspur Information, and Yonyou Network, which have all hit the daily limit, while other stocks like Runze Technology, Yidian Tianxia, and Tuolisi have risen over 5% [1] Group 2 - The National Market Supervision Administration and the National Standardization Administration have released the "Data Security Technology Social Responsibility Guidelines," effective from March 1, 2026, focusing on data security and personal information protection [3] - This guideline serves as the first national standard in China addressing social responsibility in data security, providing comprehensive practical guidance for organizations in data processing activities [3] - The document aims to address the need for systematic operational guidelines and clear boundaries of responsibility in the implementation of data security laws and regulations [3] Group 3 - Huaxi Securities highlights the challenges faced by traditional security paradigms due to the rapid iteration of AI technologies and large models, emphasizing the need for a "trustworthy, controllable, and secure" digital foundation [4] - The integration of data and AI is seen as a critical task, particularly in sectors such as industry, education, healthcare, finance, and law, where security and reliability testing are essential [4] Group 4 - The big data industry ETF (516700) passively tracks the CSI Big Data Industry Index, focusing on sectors like data centers, cloud computing, and big data processing, with major holdings in leading companies such as Zhongke Shuguang, Keda Xunfei, and Unisplendour [5] - Investors interested in technology self-reliance should pay attention to three catalysts: the call for "technology to take the lead," the activation of digital productivity through top-level design, and the acceleration of the domestic substitution process [5] - The trend of "信创" (Xinchuang) is expected to accelerate, indicating a promising outlook for technology self-reliance [5]

今日（9月25日）大数据产业方向涨势如虹！聚焦数据安全领域的大数据产业ETF（516700）场内涨幅 盘中上探4.23%，现涨4.14%，上探2023年6月以来的阶段高点。 成份股方面，天下秀、浪潮信息涨停，用友网络涨超9%，拓尔思、易点天下涨逾6%，曙光数创、深信 服等个股跟涨。 【数据安全为王，科技自立自强】 聚焦数据安全领域的大数据产业ETF（516700）被动跟踪中证大数据产业指数，重仓数据中心、云计 算、大数据处理等细分领域，权重股汇聚中科曙光、科大讯飞、紫光股份、浪潮信息、中国长城、中国 软件等龙头股，看好科技自主可控方向的投资者，或可重点关注这三方面的催化： 消息面上，9月24日，商务部等9部门印发《关于促进服务出口的若干政策措施》的通知，支持在自贸试 验区、海南自由贸易港、国家服务业扩大开放综合试点示范地区等建立国际数据中心和云计算中心，面 向各类有需求的企业提供数据处理服务。 值得关注的是，阿里集团在2025云栖大会上表示，大模型是下一代操作系统，而AI云是下一代计算 机。目前阿里正积极推进3800亿元的AI基础设施建设，并计划追加更大的投入。到2032年，阿里云全 球数据中心的能耗规模将提 ...

Market Overview - A-shares experienced a decline with all major indices falling, led by a significant retreat in the technology sector, while banking and semiconductor equipment sectors showed resilience [1][2] - The A-share market saw a trading volume of 1.71 trillion yuan, while the Hong Kong market recorded 165.23 billion HKD, indicating increased risk-averse sentiment among investors [1][2] Sector Performance - Defensive sectors such as banking and semiconductor equipment outperformed, with banking stocks rebounding due to policy support and high dividend yields attracting risk-averse capital [2][3] - The technology and consumer sectors faced substantial declines, particularly in tourism and real estate, with many stocks experiencing significant drops [2][3] Investment Strategy - The current market adjustment presents an opportunity to focus on quality assets, emphasizing sectors with policy certainty and sustainable performance [3][5] - Recommended strategies include strategic allocation in semiconductor equipment and AI infrastructure, as well as high-dividend blue-chip stocks to provide stable cash flow during economic fluctuations [3][4][5] Long-term Outlook - The long-term investment focus should be on industrial upgrades, green transformation, and consumption upgrades, with a preference for companies with strong cash flow and management buyback intentions [4][5]

Group 1 - The average position of stock private equity institutions in the market has increased to over 78%, reaching the highest level of the year as of September 12 [1] - Many large private equity firms are maintaining a medium to high position and are increasing investments in quality targets in technology and innovative pharmaceuticals [1][2] - The market is expected to experience accelerated sector rotation and capital switching in the short term, but the long-term competitiveness of China's advantageous industries remains unchanged [1] Group 2 - As of September 12, the average position of large-scale private equity firms is 78.22%, with a significant increase of 11.11 percentage points since September 5 [1] - A notable 60.02% of private equity firms are fully invested (positions greater than 80%), while only 5.08% are in cash positions [1] - Head institutions are optimistic about the medium to long-term outlook for Chinese assets, with expectations of policy support and economic stabilization [3] Group 3 - The focus of leading institutions is on growth sectors, particularly those with expected differences and less crowded trading [4] - There is a strong interest in technology sectors that are self-sufficient and the overall value reassessment of quality Chinese assets [4] - The potential for collaboration between domestic pharmaceutical companies and foreign firms is seen as a significant investment opportunity, alongside advancements in AI and high-end manufacturing [4]

Market Overview - The A-share market showed signs of support amidst fluctuations, with the Shanghai Composite Index closing down 0.30% at 3820.09 points, while the Shenzhen Component and ChiNext Index also experienced slight declines [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion yuan, a significant decrease of 817.2 billion yuan compared to the previous trading day [2] Sector Performance - The innovation sector, particularly AI hardware and humanoid robots, has seen a clear decline, with leading stocks like Sanhua Intelligent Control and Jinfa Technology hitting their daily limit down [3] - Defensive sectors, including tourism and hotels, experienced a rally, with stocks like Yunnan Tourism and Guilin Tourism reaching their daily limit up [5] Policy Impact - The Ministry of Commerce and other departments released measures to expand service consumption, which includes 19 initiatives aimed at boosting the tourism sector [5] - The upcoming National Day holiday is expected to further increase tourism demand, as evidenced by the rapid sell-out of train tickets for popular routes [5] Future Outlook - Analysts predict that the recent interest rate cuts by the Federal Reserve will ease pressure on the RMB exchange rate and improve domestic liquidity, potentially providing upward momentum for the A-share market [6] - The market is currently in the "valuation-driven" phase, with expectations of a shift to a "fundamentals-driven" phase as global economic dynamics evolve [6][7]