港股互联网板块今日震荡，截至14:40，中证港股通互联网指数下跌0.7%。Wind数据显示，相关ETF 中，港股通互联网ETF（513040）已连续37个交易日获资金净流入，合计超33亿元，规模再创历史新 高。 中国银河证券研报表示，随着底层大模型能力的不断迭代，当前AI应用已经初步具备发展基础；AI在 各个行业不断展开试水，AI应用落地将对多数行业产生变革性的影响。 中证港股通互联网指数聚焦AI应用，由港股通范围内30家涉及互联网相关业务的股票组成，前四大成 分股为腾讯控股、阿里巴巴、小米集团、美团，合计占比超50%。指数当前滚动市盈率为26.7倍，处于 2021年发布以来34.1%分位处，配置价值值得关注。投资者可借道港股通互联网ETF（513040）便捷布 局AI应用发展机遇。 近日，OpenAI发布Sora2，实现音视频同步生成、物理一致性与可控性显著提升，AI应用预期随之提 升。国产模型也加速迭代，腾讯"混元图像3.0"在LMArena文生图榜单"盲测"登顶、智谱发布并开源 GLM-4.6、阿里通义千问开源Qwen3-VL-30B-A3B并推出FP8版本，显示国内开源与国产化协同强化。 ...

一、市场行情回顾 行业板块方面，有色金属（3.22%）、国防军工（2.59%）和房地产（2.12%）板块涨幅居前，通信（-1.83%）、非银金融（-1.14%）和综合（-1.06%）板块 跌幅居前。 09月30日，A股三大股指全线上涨。其中，上证指数收涨0.52%，深证成指收涨0.35%，创业板指收涨0.00%。主流宽基指数中，科创100指数上涨2.77%，涨 幅相对居前。全市场共2,660只股票上涨。港股主流指数集体收涨。其中，恒生科技指数上涨2.24%，涨幅相对居前。沪深两市成交额为21814亿元人民币， 相较上个交易日小幅增量。 | 证券名称 | 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | --- | | 科创100 | 2.77% | 59.64% | | 科创50 | 1.69% | 51.20% | | 科创综指 | 1.55% | 53.48% | | 中证1000 | 1.03% | 27.15% | | 中证500 | 0.84% | 29.46% | | 中证A50 | 0.57% | 15.82% | | 上证指数 | 0.52% | 15.84% | | 沪深300 ...

晨会纪要（R3） 2025 年 10 月 09 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3882.78 | 0.52 | | 深证成指 | 13526.51 | 0.35 | | 创业板指 | 3238.16 | 0.00 | | 科创 50 | 1495.29 | 1.69 | | 北证 50 | 1528.63 | -0.70 | | 沪深 300 | 4640.69 | 0.45 | 上证指数-沪深 300 走势图 -9% 1% 11% 21% 2024-10 2025-01 2025-04 2025-07 上证指数 沪深300 【财经要闻】财政部、商务部：开展国际化消费环境建设工作，国际消 费中心城市每个城市合计补助 2 亿元 【财经要闻】国务院办公厅印发《关于在政府采购中实施本国产品标准 及相关政策的通知》 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周舒鹏 | 研究助理 | ...

● 本报记者 魏昭宇 国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。 从业绩端来看，优质港股公司正展现出较强的业绩向好趋势。华安基金认为，上半年港股上市公司盈利 能力改善，且呈现出鲜明的"新兴驱动"特征。数据显示，从营业总收入来看，2025年上半年，超过1230 家港股企业实现了营收增长。从一级行业来看，2025年上半年，信息技术、可选消费行业的营业总收入 同比增速均超10%，显著领先于其他行业，成为拉动港股公司盈利增长的核心引擎。 科技板块配置价值凸显 "恒生科技"是不少基金经理在策略会上频繁提及的热词。 近期，全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启，估值优势显著、与内地经济联动紧密的港股市场，站在了风口之上。在近期多家公募机构举办的策 略会上，加大对港股的配置成为了共识性的判断。有业内人士表示，外部资金流入港股市场的意愿显著 增强，以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示，今年以来港股显 ...

Group 1 - The macroeconomic stability and supportive policies are expected to lead to a steady A-share market, with institutional investors, including insurance funds, likely to increase their equity asset allocation, becoming a significant source of incremental capital [1] - Investment opportunities in the technology growth sector are favored, particularly in the AI industry, including domestic computing power supply chains and AI applications [1] - A balanced allocation between technology and cyclical sectors is anticipated, with cyclical industries like petrochemicals currently showing low valuations and investment value [1] Group 2 - The focus on investment opportunities in the technology sector remains strong, with particular attention on domestic innovation and localization [1] - Opportunities in cyclical industries such as non-ferrous metals and petrochemicals are being considered, driven by supply-side capacity optimization and demand-side economic growth [1]

Core Insights - Sanfu New Technology is one of the few domestic providers with integrated surface engineering solutions, capable of collaborative R&D across chemicals and equipment [1] Group 1: Electronic Sector - The company offers advanced chemicals and supporting equipment for PCB and semiconductor processes, including horizontal copper plating, pulse plating, and chemical nickel-gold [1] - Its PCB-specific chemicals and copper foil production equipment are utilized in the manufacturing of AI server boards [1] - The company's eco-friendly tin/nickel products for semiconductor passive components are experiencing rapid growth, serving multiple semiconductor listed companies in mainland China and Hong Kong [1] Group 2: New Energy Sector - The company has innovated a one-step wet composite copper foil preparation solution, which boasts high efficiency, high yield, and low cost advantages [1] - This solution is currently in the testing and equipment delivery phase with several clients and is advancing industrialization projects in locations like Longnan, Jiangxi [1] - The technology supports the development of high-safety power batteries, energy storage batteries, and consumer batteries [1] Group 3: Automotive and Steel Industries - The company has independently developed technologies that break foreign monopolies, with a full-line plastic electroplating solution successfully implemented in a large auto parts enterprise in Uzbekistan [1] - The MSA high-speed tin plating technology has achieved large-scale application in domestic steel mills and has been successfully exported to core steel enterprises in Belarus [1] - The company is promoting its independent technologies on an international scale [1] Group 4: Environmental Initiatives - The company is actively promoting clean production processes in the industry, featuring cyanide-free copper, silver, and zinc electroplating technologies [2] - It offers industrial cleaning products that are phosphorus-free, low COD, and low ammonia nitrogen, along with photovoltaic nano self-cleaning technology [2] - These solutions have achieved large-scale application in the industry, aiding in the green transformation of the sector [2]

随着美联储开启新一轮降息周期，全球资本的"活水"正流向更多地区。 近期，多家公募举办策略会，加大对港股的配置成为了共识。业内人士人为，外部资金流入港股市场的 意愿正显著增强，以港股为代表的中国资产或将进一步被外资增持。 港股有望在降息周期中持续受益 汇丰晋信基金基金经理许廷全表示，今年以来，港股行情走强，主要受益于三大因素：第一是估值的修 复。"一些互联网大厂经过过去3年的降本增效，从去年三季报开始，盈利已经优于预期，这一预期也带 动港股估值回升。"其次是信心的修复。"今年年初DeepSeek大模型公布、春晚上的机器人表演、创新药 集体出海等，都让全球投资者有了更强的信心。"第三是全球货币政策转向。"美联储进入了新一轮降息 周期。未来美联储可能会加快降息节奏，这有望利好包括港股在内的新兴市场。" 从资金面上看，港股市场或迎来更多增量资金涌入。"港股市场近来备受公募青睐，且南向资金持续买 入，内地投资者对港股低估值资产的配置需求日益旺盛。"富国中证港股通互联网ETF基金经理田希蒙 表示，"全球资金再配置需求有望打开再定价窗口，全球资金再配置若持续验证，叠加风险偏好回暖， 港股优质特色产业优势或受益。" 从盈利端 ...

Group 1: 15th Five-Year Plan Outlook - The primary direction for industrial structure adjustment during the 15th Five-Year Plan is transformation and upgrading, with continued support for technological innovation [1] - The real estate sector is expected to stabilize, with new product development and pricing models emerging in core cities [1] - The home appliance industry will focus on smart, green, and globalized policies, aligning with future manufacturing directions [1] - The construction industry will emphasize overseas expansion and smart construction [1] - The importance of strategic resources will increase, benefiting the prices of non-ferrous metals [1] - Cement and glass industries will face strict capacity controls, focusing on profit recovery rather than just revenue [1] - The chemical industry will see a shift towards replacing outdated capacity, with a positive outlook for chemical exports [1] - The new energy sector is expected to experience favorable supply-demand dynamics, with significant growth in wind and solar power installations [1] - The coal industry will see increased resource scarcity and improved performance as prices rise [1] - The technology sector will benefit from government subsidies for AI capabilities and applications [1] - The cultural industry may see relaxed regulations for overseas expansion, positively impacting supply-side recovery [1] Group 2: AI and Computing Sector Insights - Breakthroughs in computing power and AI applications are expected to lead to a surge in the sector by 2026, with companies achieving over 10% revenue from AI [2] - Despite short-term pressures from subsidy reductions, long-term support for domestic semiconductor replacements remains strong [2] - The internet and cloud computing sectors are experiencing a positive cycle of investment and operational efficiency, with a focus on global entertainment and self-consumption [2] - The telecommunications sector is concentrating on 6G and satellite internet development, with opportunities in the IDC supply chain [2] - E-commerce is currently in a phase of competition for existing market share, but AI products are expected to offset negative impacts from subsidy reductions [2] Group 3: Q3 Earnings Outlook - The reduction in national subsidies is expected to pressure earnings in light industry, consumer electronics, and home appliances [3] - The non-ferrous metals sector is anticipated to see continued improvement in Q3 earnings due to rising domestic metal prices [3] - The pharmaceutical sector is not expected to face severe impacts from tariff policies, contrary to some investor fears [3] - The agricultural sector is projected to see weak growth, particularly in pig prices, through Q1 2026 [3] - The light industry is under pressure from both overseas demand and domestic subsidy reductions, leading to continued earnings challenges [3] - The consumer electronics sector may experience marginal declines in growth following subsidy cuts [3] - The chemical industry is expected to achieve stable growth, with a target of over 5% annual increase in value added by 2025-2026 [3] - The food and beverage sector is facing weak demand, but market expectations are low, which may provide some support [3] - The military industry is projected to see overall revenue and earnings growth, with ongoing attention to the 15th Five-Year Plan's impact [3]

10月1日，全社会跨区域人员流动量预计超3.3亿人次 多家车企发布9月销售数据，蔚来公司、小鹏汽车、零跑汽车等交付量创新高 财经新闻 重要新闻提示 2025年国庆节首日票房突破3亿元 1. 据人民日报消息，中秋国庆假期第1日，预计全社会跨区域人员流动量33679万人次，环比增长 43.1%，同比（2024年国庆假期第1日）增长1.7%。 2. 据网络平台数据，截至10月1日20时07分，2025年国庆节首日票房突破3亿元，《志愿军：浴血和平》 《刺杀小说家2》《731》分列票房榜前三位。此外，截至10月1日20时11分，2025年国庆档总票房（含 预售）突破4亿元。 3. 国家医保局最新数据显示，2025年1月至8月，我国基本医疗保险（含生育保险）统筹基金总收入 18809.94亿元，基本医疗保险（含生育保险）统筹基金总支出15432.20亿元，基本医疗保险基金整体运 行平稳。在基本医疗保险（含生育保险）统筹基金收入方面，职工基本医疗保险（含生育保险）统筹基 金收入11954.62亿元，城乡居民基本医疗保险统筹基金收入6855.32亿元。2025年1月至8月，职工基本医 疗保险（含生育保险）统筹基金支出881 ...

Core Viewpoint - The news highlights the significant market reaction to the upcoming IPO of Moore Threads, which has led to a surge in the stock prices of related concept stocks, indicating strong investor interest and potential wealth creation before the company is even listed [1][3][21]. Company Overview - Moore Threads has achieved a valuation of 31 billion yuan, with founder Zhang Jianzhong's stake valued at nearly 4 billion yuan, reflecting the rapid growth of the company since its establishment in 2020 [3][6]. - The company has attracted investments from top-tier venture capital firms and tech giants, including Sequoia China, Tencent, and ByteDance, indicating strong confidence in its potential to become a leading player in the GPU market [5][6]. Financial Performance - Moore Threads reported revenue growth from less than 50 million yuan in 2022 to over 123 million yuan in 2023, with projections of 438 million yuan for 2024, showcasing impressive growth rates [7][8]. - Despite cumulative losses exceeding 5.2 billion yuan since 2022, with over 4.3 billion yuan allocated to R&D, investor sentiment remains positive, drawing parallels to Nvidia's early financial struggles [9][11]. Market Position and Competition - The company is positioned as a potential "Chinese Nvidia," with a strong focus on GPU architecture and a diverse product line covering AI computing, high-performance computing, and graphics rendering [6][8][26]. - Moore Threads is part of a competitive landscape that includes other domestic GPU companies, collectively referred to as the "Four Little Dragons of Domestic GPUs," which also have strong backgrounds in the semiconductor industry [13][14][15]. IPO and Future Prospects - The upcoming IPO aims to raise 8 billion yuan, marking it as one of the largest fundraising projects of the year, primarily for product development [17][18]. - The successful listing of Moore Threads could lead to a revaluation of other domestic GPU companies, boosting investor confidence and attracting more talent to the industry [20][27][28]. Industry Impact - The IPO of Moore Threads is expected to have a significant impact on the entire domestic chip industry, potentially leading to increased investment, talent acquisition, and overall confidence in the sector [29][30]. - The success of Moore Threads could symbolize a milestone for China's chip industry, demonstrating the capability to develop high-tech products in a challenging market [29][30].