浙商国际发布研报称，回顾9月港股市场走势，市场振荡向上加速上涨，连续5个月收涨。整体来看，港 股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。当 下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。对 于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的汽 车、新消费、创新药、科技等。 从各个角度简要总结当下市场环境。基本面：8月经济数据整体表现进一步走弱，国内经济仍处于筑底 期；政策面：政策基调强调更加积极有为，以巩固经济稳增长的基础；资金面：内部南向资金加速流 入，外部资金环境进一步改善，更多资金开始介入港股；情绪面：市场强势表现驱动看多情绪，但市场 对于基本面的担忧仍在。 2025年10月港股市场展望及配置策略 港股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。 当下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。 对于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的 汽车、新消 ...

Economic Overview - The economic operation of Xinyang City remains stable and resilient, with major economic indicators showing steady growth and improved development quality [1][5] - The city has implemented a "1+2+4+N" target task system focusing on stabilizing employment, enterprises, markets, and expectations [1] Industrial Performance - In August, the industrial production in Xinyang City saw a year-on-year increase of 8.2%, matching the provincial growth rate [1] - Among 33 industrial sectors, 23 reported growth, with a growth coverage of 69.7% [1] - The manufacturing sector showed strong support, with a 10.0% year-on-year increase in manufacturing value added, contributing 8.0 percentage points to the overall industrial growth [1] - Key industries such as biomedicine, equipment manufacturing, green food, and green home products experienced significant growth, with increases of 18.6%, 13.2%, 13.2%, and 8.8% respectively [1] Fixed Asset Investment - From January to August, fixed asset investment in Xinyang City grew by 5.8%, surpassing the provincial growth rate by 1.1 percentage points [2] - Industrial investment saw a substantial increase of 34.9%, significantly higher than the provincial rate of 14.4% [2] - Major project investments contributed positively, with investments in projects worth over 100 million yuan increasing by 11.0%, driving overall investment growth by 7.3 percentage points [2] Consumer Market - The retail market in Xinyang City maintained growth, with total retail sales of consumer goods reaching 9.61 billion yuan in August, a year-on-year increase of 4.7% [3] - Over 60% of retail categories saw growth, with 13 out of 21 categories in the above-limit units reporting year-on-year increases [3] - Basic living consumption remained stable, with significant growth in food and clothing retail sales [3] Emerging Industries - The high-tech industry in Xinyang City showed promising growth, with a year-on-year increase of 7.2% in high-tech industrial value added [4] - Investment in high-tech manufacturing increased by 31.0%, significantly outpacing the overall investment growth rate [4] - The modern service sector also demonstrated vitality, with substantial revenue growth in cultural, sports, and entertainment industries [4] Challenges and Future Outlook - Despite the overall positive economic performance, challenges remain for enterprises, particularly in key industries [5] - The city aims to continue focusing on the "1+2+4+N" target system to navigate current challenges and enhance economic momentum [5]

记者获悉，近期国家发展改革委展开密集摸底，地方发展改革委也陆续召开分析座谈会，研判一季 度经济运行，部署下一步重点工作。根据这些会议释放的信号，一季度经济开局良好，但受疫情以及外 部因素等影响，稳增长压力依然较大。下一阶段，保持工业平稳增长、着力抓项目稳投资、扶企纾困等 仍是重中之重。 起跑映照全程。一季度保持经济平稳运行，对实现全年目标至关重要。 记者了解到，近日，国家发展改革委召开了一季度经济形势地方、专家及行业协会视频座谈会，就 当前经济运行情况、面临的困难问题以及应对措施建议听取有关单位和专家意见。 工业是国民经济的主体，工业稳则经济稳。为进一步了解地方开展促进工业经济平稳增长工作和工 业经济运行情况，近日，国家发展改革委产业司还召开了工业经济形势分析会。江苏、浙江、山东等6 省市发展改革委交流了一季度工业经济运行情况。 地方也陆续召开分析座谈会，研判一季度经济运行。3月29日，陕西省发展改革委组织召开全省发 展改革系统一季度经济形势分析座谈会。会议认为，1至2月主要指标好于预期，但疫情多点散发、世界 局势复杂演变，对经济稳增长带来更大不确定性和严峻性。要把稳增长摆在更加突出位置，在实现一季 度良好开 ...

Investment Scale and Economic Development - The investment scale in water conservancy has reached a historical high, with a total of 27.8 billion yuan in provincial-level water conservancy funds secured, representing a year-on-year increase of 228%. A total of 372 water conservancy projects have been implemented, with cumulative investments reaching 59 billion yuan [1]. Water Supply Engineering - The upgrade of water supply projects has significantly enhanced urban and rural water security. The North Daihe Water Plant's supply capacity has increased from 50,000 cubic meters to 90,000 cubic meters, improving water supply reliability. Additionally, the second phase of the Qinghe to Qinhuangdao project is underway to optimize regional water resource allocation [1]. Flood Control Projects - New flood control projects have been planned and implemented to strengthen flood prevention capabilities, particularly in the Funning District. Projects targeting small and medium rivers and mountain flood channels have been executed, effectively improving river ecological conditions and reducing flood risks [2]. Rural Irrigation Development - Investment of 4.07 billion yuan has been allocated for rural irrigation projects, enhancing irrigation coverage by 406,200 acres and restoring an additional 189,800 acres. This initiative is expected to save approximately 19.24 million cubic meters of water annually and increase grain production capacity by 7.327 million kilograms [3]. Future Planning and Development - The company is focusing on the planning of the "15th Five-Year" water conservancy project library to expand investment. Key projects include the second phase of the Qinghe to Qinhuangdao project and the Luanhe-Qinglong River governance project, laying a foundation for high-quality water conservancy development in the next five years [4].

Group 1 - The provincial government is focusing on stabilizing industrial production and energy supply, with an emphasis on monitoring key regions, industries, and enterprises to ensure project management and early commencement of key projects [2] - There is a strong push to stabilize the service sector, particularly in transportation, logistics, tourism, commerce, and finance, with policies aimed at enhancing the quality and diversity of services [2] - The government aims to boost consumption and investment by implementing policies such as trade-in programs for consumer goods, optimizing investment structures, and enhancing project planning and construction [2] Group 2 - The meeting highlighted the importance of supporting small and micro enterprises to improve their quality and scale, recognizing their role in the industrial economy [2] - There is a commitment to ensuring food security and stabilizing grain production, alongside measures for electricity supply and disaster prevention during peak summer [2] - The government is focused on creating a safe and stable social environment to facilitate high-quality development, including actions to resolve conflicts and enhance safety production measures [2]

Group 1 - The core viewpoint is that international copper prices are expected to maintain a strong oscillating trend, with an overall upward trajectory due to supply-demand dynamics and macroeconomic factors [1][8] Group 2 - Supply-side constraints are evident, with slow growth in global copper mine production and significant issues related to aging mines and resource depletion, leading to tight supply [1][2] - The processing fees for copper concentrate are significantly reduced, reaching a 15-year low, which may pressure some smelters to delay production or maintenance, further reducing market supply [1][2] Group 3 - Demand remains robust, driven by the growth of the new energy sector and stable economic growth in China and the U.S., with global sales of new energy vehicles expected to increase by approximately 23.85% in 2025, resulting in an additional demand of 656,000 tons of copper [3][4] - Emerging technologies such as artificial intelligence and 5G are also expected to contribute to long-term growth in copper demand [4] Group 4 - Macroeconomic factors such as rising inflation expectations, warming interest rate cut expectations, and a slight decline in the U.S. dollar index are favorable for maintaining a strong oscillating trend in copper prices [5] - Major financial institutions like Goldman Sachs and JPMorgan have raised their copper price forecasts, predicting a price range of $9,890 to $11,500 per ton in the second half of 2025, with some forecasts even optimistic about prices exceeding $12,000 per ton in 2026 [5] Group 5 - Recent market sentiment shows copper prices oscillating upward, with spot premiums rising, although there is cautious willingness to purchase at high prices, leading to increased short-term volatility [6] Group 6 - Overall, the international copper price is expected to continue a strong oscillating trend, maintaining high levels while awaiting macroeconomic policy and economic stabilization to provide new upward momentum [8]

Core Viewpoint - The provincial development and reform commission has made significant progress in accelerating key power supply projects in the province, focusing on enhancing the electricity supply capacity and ensuring stable power supply during peak summer demand [1][2]. Group 1: Project Progress - The provincial development and reform commission has identified 60 key power grid projects for approval, construction, and operation, and has issued a task list to ensure accountability among local governments and power grid companies [1]. - As of May, the province has approved the ±800 kV ultra-high voltage direct current transmission project and started construction on five projects, including the Hanbin transformer project [1]. - The commissioning of six projects, including the expansion of the 750 kV Shazhou substation, is ahead of schedule, with four additional projects set to be operational on time [1]. Group 2: Capacity Enhancement - The electricity exchange capacity between Shaanxi and the Northwest power grid is expected to increase by approximately 2.6 million kilowatts, while the province's internal electricity supply capacity will rise by about 4.3 million kilowatts [1]. Group 3: Future Plans - The provincial development and reform commission will continue to support the construction of power grid projects to ensure stable electricity supply during peak summer demand and to facilitate energy structure adjustments in the Guanzhong area, contributing to the province's economic growth and high-quality development [2].

Group 1 - The core viewpoint of the articles highlights the successful economic performance of Jiande City in the first half of the year, driven by strategic initiatives in project attraction, foreign trade expansion, and consumer spending recovery [1][2][3] - Jiande City signed 26 projects worth over 100 million yuan from January to May, with 11 recognized as key projects by Hangzhou [1] - The city's foreign trade exports reached 2.974 billion yuan from January to April, with cross-border e-commerce transactions exceeding 129 million USD, reflecting a year-on-year growth of 7.2% [1][2] Group 2 - The Jiande City Business Bureau has implemented a "Five Chains and Six Versions" investment attraction system, resulting in 72 key projects currently under negotiation [2] - The city has established a collaborative mechanism among government, enterprises, and banks, revising foreign trade support policies and launching a "Double Hundred and Double Thousand" market expansion initiative [2] - Service outsourcing execution has seen explosive growth, reaching 23 million USD, a year-on-year increase of 14 times [2] Group 3 - Consumer spending in Jiande is steadily recovering, with total retail sales reaching 3.948 billion yuan, surpassing the provincial average growth rate [1][3] - The city successfully secured over 40 million yuan in national bond funds for commerce and conducted 48 safety inspections in the trade sector [3] - E-commerce initiatives have led to the establishment of a regional public brand "Yipin Jiande" and the introduction of a live-streaming talent subsidy policy [3]

Core Viewpoint - The banking sector is experiencing a rally, driven by macroeconomic policies aimed at stabilizing growth and addressing external shocks, with a focus on employment, enterprises, and market expectations [3][4]. Group 1: Market Performance - The China Securities Red Chip Low Volatility 100 Index (930955) increased by 0.34%, with notable gains from stocks such as Yangyuan Beverage (603156) up 7.25% and Baosteel (600019) up 6.02% [3]. - The Red Chip Low Volatility 100 ETF (159307) rose by 0.19%, marking its third consecutive increase, with the latest price at 1.03 yuan [3]. Group 2: Economic Policy Insights - The Central Political Bureau meeting on April 25 emphasized the need to solidify the foundation for economic recovery, highlighting the importance of proactive macroeconomic policies to counter external uncertainties [3]. - The meeting called for timely implementation of established policies and the introduction of additional measures based on changing circumstances, focusing on stabilizing growth [3][4]. Group 3: Banking Sector Outlook - Eastern Securities noted that the current period is characterized by intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures [4]. - The banking sector is expected to benefit from increased fiscal policy support, which will bolster social financing and credit, enhancing economic expectations [4]. - The net interest margin for banks may face short-term pressure due to broad interest rate declines, but regulatory measures against high-interest deposit solicitation will provide support [4]. Group 4: ETF Performance Metrics - The Red Chip Low Volatility 100 ETF saw a significant increase in scale, with a growth of 16.59 million yuan over the past week, ranking second among comparable funds [4]. - The ETF's one-year net value increased by 8.14%, leading among comparable funds, with a maximum drawdown of 6.18% year-to-date, the smallest among peers [5][6]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, the lowest among comparable funds, with a tracking error of 0.017%, indicating high tracking precision [6]. Group 5: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Securities Red Chip Low Volatility 100 Index accounted for 19.3% of the index, with notable stocks including Jizhong Energy (000937) and Daqin Railway (601006) [6][8].