适逢上市公司2025年三季报密集披露，在监管层积极引导上市公司加大力度回报投资者的背景下，越来 越多三季度分红预案出炉。 Wind数据显示，截至发稿时，三棵树、燕京啤酒、中瑞股份、神通科技、联科科技、金岭矿业等13家A 股上市公司披露三季度分红预案，拟合计派现33.38亿元。 10月21日晚，温氏股份公布其2025年前三季度利润分配预案：公司计划向全体股东每10股派现3元（含 税，下同），合计派现19.94亿元。 Wind数据显示，除温氏股份外，金岭矿业、燕京啤酒、中瑞股份等12家上市公司日前在披露三季报的 同时，也公布了三季度分红预案，13家公司拟合计派现33.38亿元。 上市公司积极推出现金分红方案，在增强投资者获得感的同时，也在一定程度上增强了投资者对红利相 关资产的关注。业内机构认为，短期红利板块有望成为资金避险池，投资者或可逢低布局以增强配置确 定性，重点关注银行、煤炭、电力、公路铁路、港口等细分领域。 多家上市公司推出三季度分红预案 温氏股份公告称，公司计划以实施利润分配方案的股权登记日的总股本，剔除回购专户股份后的股份总 数为分配基数，向全体股东每10股派现3元，以截至2025年9月30日的总股 ...

Economic Growth - The GDP growth for the first three quarters is 5.2%, indicating low urgency for policy intervention[1] - The GDP growth rate for Q3 is 4.8%, a slowdown from 5.2% in Q2[1] - Q4 growth is projected at 4.5-4.6%, sufficient to meet the annual target of 5%[1] Price and Demand Indicators - The nominal GDP growth for Q3 is 3.73%, down 0.21 percentage points from Q2's 3.94%[2] - The GDP deflator index shows a year-on-year rebound of approximately 0.2 percentage points to -1.0%, remaining negative for ten consecutive quarters[2] - Weighted year-on-year growth for industrial and service sectors in September rebounded by 0.5 percentage points to 5.9%[2] Retail and Consumption Trends - Retail sales growth in September is 3.0%, the lowest this year, with a slowdown attributed to last year's high base effects[3] - Per capita consumption expenditure in Q3 increased by 3.4%, down 1.8 percentage points from Q2[3] - The urban consumption rate is 63.4%, slightly lower than 2019, while the rural consumption rate is 84.6%, higher than 2019[4] Investment and Real Estate - Fixed asset investment from January to September decreased by 0.5%, marking the first negative growth since October 2020[5] - Infrastructure investment (excluding electricity) saw a reduced decline of 1.2 percentage points to -4.6% in September[5] - Real estate sales in September showed a year-on-year decline of 10.5% in area and 11.8% in value, but the decline in sales value narrowed by 2.2 percentage points[5] Market Outlook - The necessity for policy tightening is reduced as the annual growth target of 5% is likely to be met[6] - Supply-demand imbalances persist, with production indicators growing at 5.7% while demand indicators show a decline of -0.6%[8] - The bond market may experience upward movement as risk appetite stabilizes, with potential monetary easing expected in 2026[8]

今日，算力硬件与固态电池板块强势上涨，军工、软件板块局部回暖。截至收盘，科创成长指数上涨1.9%，科创100指数上涨0.9%，科创综指上涨0.9%，科 创板50指数上涨0.4%。 每日经济新闻 ...

Core Viewpoint - The A-share market experienced a significant shift in style, with technology stocks undergoing substantial adjustments while dividend sectors such as banking, insurance, and coal saw a rebound [1][2]. Market Performance - The Shanghai Composite Index closed down 0.62% at 3865.23 points, the Sci-Tech Innovation 50 Index fell 4.26% to 1410.30 points, the Shenzhen Component Index decreased by 2.54% to 12895.11 points, and the ChiNext Index dropped 3.99% to 2955.98 points [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 2.60 trillion yuan, an increase of 222.4 billion yuan compared to the previous trading day [1]. Sector Analysis - The dividend sector was notably active, with all stocks in banking, insurance, and coal sectors rising. Key individual stocks such as Kweichow Moutai, Daqin Railway, and others saw significant gains [2]. - The semiconductor sector faced a sharp decline, with stocks like ChipSource Micro and Yandong Micro hitting the daily limit down or dropping over 10% [2]. - International gold prices experienced significant fluctuations, leading to a sell-off in resource stocks, with companies like Tengyuan Cobalt and Huayou Cobalt seeing declines of over 10% [2]. Market Sentiment and Future Outlook - Discussions around style switching in the A-share market have intensified, with various brokerages analyzing the potential for a shift in market focus towards large financials, cyclical stocks, and dividend-paying sectors [3]. - Research from Zheshang Securities indicates a notable rise in large financials and cyclical sectors, suggesting a possible market "gear shift" [3]. - According to Dongfang Caifu Securities, historically, sectors that performed well in the first three quarters often struggle to maintain their performance in the fourth quarter, indicating a potential for profit-taking [3]. - Guotai Junan Securities highlights that during market fluctuations, previously strong sectors tend to underperform, while TMT (Technology, Media, and Telecommunications) sectors may become the main focus if liquidity drives the market [3].