Market Overview - The A-share market experienced a collective decline, with major indices such as the Shanghai Composite Index down by 0.45%, the Shenzhen Component Index down by 1.61%, and the ChiNext Index down by 3.05% [2][3] - The STAR 50 Index saw a significant drop of over 4% at the beginning of the trading session [2] Sector Performance - Semiconductor and lithium battery sectors faced substantial declines, with various indices such as the automotive chip index down by 3.73% and the lithium battery cathode index down by 4.43% [3][5] - The gas, coal, and textile sectors showed signs of recovery, while precious metals experienced a pullback [2] Individual Stock Movements - Notable declines were observed in individual stocks, with Dongxin Co. falling over 13%, and Yandong Micro and Baiwei Storage dropping over 10% [7][8] - In the lithium battery supply chain, companies like Xian Dao Intelligent and Yinghe Technology saw declines exceeding 10%, while CATL dropped over 5% [9][10] IPO Market Activity - The Hong Kong IPO market saw significant activity, with Jin Ye International Group's stock surging by 564% on its debut, reaching a peak of 3.32 HKD per share [16][17] - Another company, Zhi Da Technology, also performed well, with a rise of 183.92% on its opening [18] Regulatory Developments - The Ministry of Commerce and the General Administration of Customs announced export controls on superhard materials, lithium batteries, and artificial graphite anode materials, impacting related sectors [12]

Market Overview - The A-share market experienced a collective decline, with major indices opening lower, including a nearly 1% drop in the ChiNext Index and over 1% in the Shenzhen Component Index [1][3] - The STAR 50 Index saw a significant drop of over 4% at the beginning of trading [2] Sector Performance - The semiconductor chip sector, including memory, MCU, and GPU indices, faced substantial declines, with individual stocks like Dongxin Co. dropping over 13% [3][5][6] - The lithium battery sector also experienced a sharp decline, with stocks such as Xian Dao Intelligent and Yinghe Technology falling over 10% [7] - Precious metals saw a pullback, with gold stocks declining after a previous surge, as spot gold prices fell to $3972 per ounce [9][12] Notable Stocks - Semiconductor stocks like Zhongxin International and Baiwei Storage saw significant drops, with Zhongxin International down over 5% [4][6] - In the lithium battery sector, Ningde Times fell over 5%, while other stocks in the industry also reported declines [7] - The textile and apparel sector showed strength, with several stocks hitting the daily limit up, including Jin Chun Co. and Henghui Security [10][12] IPO Market Activity - The Hong Kong IPO market saw a surge, with Jin Ye International Group's stock price skyrocketing by 564% on its debut [14] - Deloitte's report indicated a strong performance in the Hong Kong IPO market, raising the forecast for the number of new listings in 2025 to over 80 [14]

Report Industry Investment Ratings - **偏空**: 沪锌、棕榈油、白糖、沪锡、沪金、沪铜、聚丙烯、热轧卷板、鸡蛋、锰硅、铁矿石、菜油、塑料、螺纹钢、豆二、焦煤、焦炭、沥青、PTA、玻璃、沪银、玉米淀粉 [6] - **震荡**: 沪铅、PVC、豆油、甲醇、橡胶、玉米、沖铝 [6] - **偏多**: 郑棉、菜粕、豆粕、橡胶 [6] Core Views of the Report - **Macro**: The cease - fire agreement in Gaza has been reached, China has implemented export controls on related items, and policies such as the adjustment of new energy vehicle purchase tax exemption requirements and the governance of price disorder have been introduced. The US government shutdown issue remains unresolved, and the Fed has different views on interest rate cuts [8][9][10] - **Macro Finance**: For stock index futures, consider buying on dips and focus on IH; for treasury bond futures, adopt an oscillatory approach and focus on the odds of short - term bonds [12][13] - **Black Metals**: Black metals are expected to maintain an oscillatory mid - term trend. Steel may experience an oscillatory or under - performing peak season. Double - coking prices may continue to oscillate weakly in the short term, and ferroalloys should be shorted on rallies in the medium - to - long term [16][17][18] - **Soda Ash and Glass**: Adopt a short - on - rallies approach for soda ash and a wait - and - see approach for glass [21] - **Non - ferrous Metals and New Materials**: For aluminum, adopt a wait - and - see approach; for alumina, consider shorting on rallies. Lithium carbonate is expected to oscillate, and industrial silicon and polysilicon will continue to oscillate within a range [23][24][25] - **Agricultural Products**: For cotton, short on rallies; for sugar, short on rallies in the medium - term and wait - and - see in the short - term. For eggs, short near - month contracts on rallies and adopt an oscillatory approach for far - month contracts. Go long on apples on dips, stay on the sidelines for corn, wait - and - see for red dates, and short near - month hog contracts on rallies [28][29][31] - **Energy and Chemicals**: Hold existing short positions in crude oil. Fuel oil, asphalt, and polyester chains are expected to follow the cost trend and be weak. For plastics, methanol, and caustic soda, adopt a weak - oscillatory approach. For liquefied petroleum gas, maintain a short - term bullish view and a long - term bearish view [37][38][44] Summaries Based on Related Catalogs Macro Information - **International**: A cease - fire agreement in Gaza has been reached. The US is selecting a new Fed chairman, and the US government shutdown bill has not passed. The Fed has different views on interest rate cuts, and spot silver prices have reached a high [8][9][10] - **Domestic**: China has implemented export controls on related items, adjusted new energy vehicle purchase tax exemption requirements, and issued a notice on governing price disorder. Some A - share stocks' margin trading conversion ratios have been adjusted to zero, and the property market during the holiday was generally flat [8][9] Macro Finance Stock Index Futures - **Strategy**: Consider buying on dips and focus on IH. The A - share market was high on the first trading day after the holiday, with sector differentiation. Some stocks' margin trading conversion ratios were adjusted to zero [12] Treasury Bond Futures - **Strategy**: Adopt an oscillatory approach and focus on the odds of short - term bonds. The capital market was balanced and loose, and the bond market was affected by multiple factors and is expected to oscillate [13][14] Black Metals - **Policy**: After the Politburo meeting in late July, the "anti - involution" policy cooled down. Pay attention to relevant meetings in October [16] - **Market Rhythm**: The peak season is approaching, but the real demand improvement for steel is limited. The market may oscillate or have an under - performing peak season [16] - **Supply and Demand**: Real estate demand is weak, while coil demand is okay. Steel mills' profits are low, and raw material costs are oscillating [16] - **Trend**: Black metals are expected to oscillate in the medium term. Steel spot prices vary in different regions, and iron ore trading volume has increased [17] - **Coal and Coke**: Double - coking prices may continue to oscillate weakly in the short term, and pay attention to the demand for finished products in the "Golden September and Silver October" [17] - **Ferroalloys**: Short on rallies in the medium - to - long term. The spread between silicon iron and manganese silicon is not currently worth participating in [18] Soda Ash and Glass - **Soda Ash**: Adopt a short - on - rallies approach. Inventory has increased, production is high, and the supply - demand contradiction is difficult to resolve [21] - **Glass**: Adopt a wait - and - see approach. Inventory has increased, and the market is affected by the macro environment and demand [21] Non - ferrous Metals and New Materials Aluminum and Alumina - **Aluminum**: Adopt a wait - and - see approach. Aluminum prices are high, demand is average, and prices are expected to oscillate at a high level [23] - **Alumina**: Consider shorting on rallies. Supply is high, inventory is increasing, and prices are expected to oscillate weakly at the bottom [23] Lithium Carbonate - **Trend**: Oscillate. Supply is approaching its peak, and demand is in the peak season, resulting in a de - stocking state [24] Industrial Silicon and Polysilicon - **Industrial Silicon**: Oscillate within a range. Consider going long on far - month contracts at the lower range limit [25] - **Polysilicon**: Oscillate within a range. The industry is affected by policies and terminal feedback [25][26] Agricultural Products Cotton - **Strategy**: Short on rallies. Supply is increasing, demand is uncertain, and the market is expected to be under pressure [28][29] Sugar - **Strategy**: Short on rallies in the medium - term and wait - and - see in the short - term. Global sugar supply is expected to be in surplus, and domestic production may be affected by weather [29][30] Eggs - **Strategy**: Short near - month contracts on rallies and adopt an oscillatory approach for far - month contracts. Supply is high, demand is weak, and the market is in a surplus state [31] Apples - **Strategy**: Go long on dips. The opening price of new - season apples is expected to be high, and pay attention to the impact of weather on quality [33] Corn - **Strategy**: Stay on the sidelines and sell out - of - the - money call options on the 01 contract. New - season supply is increasing, and prices are under pressure [34] Red Dates - **Strategy**: Wait - and - see. The market price is stable, and the opening price is expected to be high [35] Hogs - **Strategy**: Short near - month contracts on rallies. The market is in a state of high supply and low demand after the holidays [35] Energy and Chemicals Crude Oil - **Trend**: Prices are expected to decline. OPEC+ is increasing production, demand is weakening, and existing short positions can be held [37] Fuel Oil - **Trend**: Follow the oil price trend. Supply is loose, demand is weak, and it is affected by geopolitical and supply - demand factors [38] Plastics - **Trend**: Weakly oscillate. Supply pressure is high, and demand is weak [38] Rubber - **Trend**: Oscillate. The raw material price has support and pressure, and it is affected by multiple factors [39] Methanol - **Trend**: Weakly oscillate. Port inventory is high, and the supply - demand pattern is weak [39][40] Caustic Soda - **Trend**: Bearish. The supply - demand pattern is oversupplied [40] Asphalt - **Trend**: Follow the oil price trend. The spot price has declined, and the demand peak season is critical [41] Polyester Industry Chain - **Trend**: Follow the cost and be weak. Supply pressure is high, and the supply - demand pattern is loose [42][43] Liquefied Petroleum Gas - **Trend**: Bearish in the long - term. Supply is abundant, and demand may weaken [44]

【导读】中芯国际、佰维存储两融折算率均调为零 中国基金报记者 莫琳 10 月 9 日午后，半导体板块突然跳水，早盘涨超 9% 的中芯国际一度跌超 2% ，华虹公司 " 炸板 " 回落，澜起科技、兆易创新、中微公司等均留下较长的上影线。 半导体板块为何突然跳水？市场传闻称，近日交易所要求，静态市盈率在 300 倍以上或者为 负数的 A 股股票，折算率为 0% 。此外，有投资者表示，今日收到东方财富证券短信通知， 自 10 月 9 日起，信用账户持有的中芯国际（ 688981 ）的折算率由 0.70 调整为 0.00， 佰维存储（ 688525 ）的折算率由 0.50 调整为 0.00 。 | 证券代码 | 股票简称 | 调整前的折算率 | 调整后的折算率 | 折算率的变化 | 调整动作 | | --- | --- | --- | --- | --- | --- | | | | (%) | (%) | (%) | | | 688525 | 佰维存储 | 30 | 0 | -30 | 折算率调整 | | 600105 | 永鼎股份 | 65 | 0 | -65 | 折算率调整 | | 603668 | 天马科技 | ...