丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 1009 港股日评：三大指数走势分化，资源股逆 势走强 报告要点 [Table_Summary] 2025 年 10 月 9 日，港股市场大市成交额达到 3868.2 亿港元，南向资金净买入 30.43 亿港元。 今日港股三大指数走势分化，恒指震荡收跌，科技股疲软拖累大市，盘面呈现明显板块轮动。 板块上看，受海外避险情绪升温及国内政策等因素提振，有 Wind 香港色金属板块走强；而 Wind 香港医药生物、Wind 香港半导体等前期涨幅较高板块则出现部分资金获利了结，今日收跌。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 1009 港股日评：三大指数走势分化，资源股逆 2] 势走强 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 0.29%报 26752.59，恒生科技回调 0.66%报 6471.34，恒生中 国企业指数上涨 0.0 ...

来源：市场投研资讯 （来源：市场投研资讯） ⭕ 事件描述 港股市场方面，恒生指数上涨0.22%报26446.56，恒生科技上涨0.91%报6043.61，恒生中国企业指数上涨0.21%报9384.76，恒生港股通高股息率指数回调 0.16%。A股市场方面，上证指数回调0.26%，沪深300上涨0.24%，万得全A上涨0.09%。红利指数回调0.42%。 行业主题方面：中信港股通一级行业中，综合（+7.69%）、煤炭（+2.45%）、电力设备及新能源（+2.24%）领涨，钢铁（-1.58%）、轻工制造 （-1.47%）、有色金属（-1.18%）领跌；概念方面，未盈利生物科技指数（+15.63%）、锂电池指数（+5.62%）、抗肿瘤指数（+5.08%）领涨，中广核指 数（-4.35%）、婴童指数（-4.13%）、影视传媒指数（-3.38%）领跌。 2025年9月15日，港股市场大市成交额达到2901.9亿港元，南向资金净买入144.73亿港元。港股三大股指上涨，从宏观因素来看主要是因为：2025年9月14 日，中美双方在西班牙马德里就有关经贸问题举行会谈。讨论议题包括美单边关税措施、滥用出口管制及TikTok等， ...

Group 1 - The article announces the opening of the 2025 autumn recruitment channel for Geekbang Technology, highlighting its role as a quality content producer and top event planner in the tech industry [2][4] - Geekbang Technology aims to promote the comprehensive development of digital talent and contribute to the realization of a digital China by providing high-quality information, courses, conferences, training, and consulting services [2][4] - The company has been at the forefront of technology since 2007, focusing on early-stage technological innovations and the deep integration of mature technologies across various industries [4][6] Group 2 - Various business lines under Geekbang Technology include InfoQ, QCon, AI Frontline, AICon, Geek Time, TGO Kunpeng Club, and the recently popular Moduli Workshop (AGICamp) [2][3] - The company emphasizes a collaborative and open work environment where every voice is heard, and ideas are taken seriously, aiming to create the coolest products [9][11] Group 3 - The recruitment includes positions in editing, technology, video, and operations, with both full-time and internship roles available [7][8] - Specific job responsibilities for AI editors include content creation, industry tracking, and data-driven growth strategies to enhance brand influence [11][14] - The company seeks candidates with a strong understanding of AI trends, excellent writing skills, and a passion for new technologies [15][16] Group 4 - The article describes the work environment in Geekbang, highlighting team-building activities, celebrations, and a supportive atmosphere that fosters collaboration and personal growth [86][89] - The company operates in multiple locations, including Beijing, Hangzhou, and Shenzhen, providing convenient access and a rich surrounding environment for employees [83][84]

Group 1 - The "2025 China Industrial Internet Leading Enterprises Summit and Industrial AI Resource Docking Conference" was successfully held in Shanghai, focusing on "industrial digitalization" and "AI application implementation" [1] - The event gathered hundreds of founders and CEOs from industrial internet and AI companies to discuss key topics [1] Group 2 - Haizhi Online received three awards, including "2025 China Industrial Internet Leading Enterprise" and "2025 China Industrial AI Leading Enterprise" [4] - The founder and chairman of Haizhi Online, She Ying, was recognized as the "2025 China Industrial Internet Leading Figure" [4] - Haizhi Online has been building a digital platform for the intelligent supply chain in manufacturing for ten years, promoting the deep integration of "AI + industry" [4] Group 3 - Liu Haitao, Vice President of Haizhi Online, delivered a speech titled "Industry, AI, Humanity," highlighting the development of AI tools tailored to actual manufacturing scenarios [4][5] - The platform is focused on developing industrial large models based on process drawing analysis to enhance supply chain collaboration efficiency and global competitiveness of manufacturing enterprises [4] Group 4 - In the future, Haizhi Online aims to strengthen its capabilities in optimizing supply chain management for leading enterprises using order data and AI tools [7] - The platform will continue to focus on market expansion for small and medium-sized enterprises, stabilizing and strengthening supply chains, and building digital foundational capabilities [7]

Core Views - The report indicates that the A-share market is experiencing fluctuations, with the Shanghai Composite Index reaching a ten-year high before a slight pullback, suggesting a self-regulating behavior within the market [2][9] - There is a need to monitor market trading volume closely; maintaining above 2 trillion yuan indicates a strong market, while a drop below this threshold could signal a potential adjustment [3][4] - The overall medium-term trend remains positive, supported by macroeconomic recovery and favorable policies, although short-term volatility may increase [10] Market Overview - On the observed day, the A-share market showed mixed performance, with the Shanghai Composite Index closing at 3727.29 points, down 0.02%, and total trading volume reaching 25,884 billion yuan [5][11] - Key sectors that performed well included alcoholic beverages, pharmaceuticals, and real estate services, while sectors like insurance and electronic chemicals faced declines [5][6] Sector Analysis - The report highlights the growth in consumer stocks, particularly in the alcohol and healthcare sectors, driven by domestic consumption recovery and supportive policies [6][7] - The robotics sector, particularly actuator and humanoid robot concepts, has seen significant gains since early January, with a noted increase of over 60% in related stocks [7][8] Investment Strategy - Investors are advised to adopt varied strategies based on stock performance; those with strong fundamentals should be held, while those with excessive recent gains should have positions controlled to mitigate risk [10][4] - The report emphasizes the importance of rational investment behavior, especially in a "slow bull" market where volatility is expected [3][10]

Core Viewpoint - The article emphasizes the rapid integration of intelligent agents into core industrial sectors, highlighting the shift from mere technological buzzwords to practical productivity tools, particularly through the example of 360's AI applications in enterprise settings [4][8]. Group 1: Strategic Focus - The company advocates for not blindly pursuing large models but instead focusing on smaller, specific scenarios to achieve breakthroughs in enterprise applications [5][6]. - The transition from large models to intelligent agents is seen as a necessary evolution, where intelligent agents serve as the operational components that execute tasks and deliver results [8]. Group 2: Implementation Methodology - The company’s approach involves identifying and addressing core pain points within enterprises, leveraging small-scale scenarios to unlock significant business value and efficiency improvements [13][32]. - A case study in the rail transit sector illustrates how the company automated monthly operational reports, significantly enhancing management efficiency through the integration of AI knowledge bases and intelligent agents [11][12]. Group 3: SEAF Platform Capabilities - The SEAF platform is designed to address common issues faced by enterprises, such as usability and security, by providing a comprehensive suite of tools and resources for intelligent agent development [16][20]. - The platform features an "8+10" capability architecture, which includes foundational and enhanced capabilities to support complex task management and security [17]. Group 4: Safety and Security - The article stresses the importance of integrating safety measures with AI applications, as the deployment of intelligent agents introduces new security risks, including data breaches and automated attacks [34][36]. - The company positions itself as a key player in providing the necessary security infrastructure to support the safe deployment of intelligent agents in enterprises [37][38]. Group 5: Ecosystem Development - The company aims to establish an open-source ecosystem similar to Android, which would lower development barriers and foster collaboration among partners to create standardized applications for various industries [41][42]. - The ultimate goal is to build a foundational AI infrastructure that facilitates the widespread adoption of AI technologies across diverse sectors, ensuring accessibility and efficiency [44].

Group 1 - Meta's founder Zuckerberg initiated a new round of spending wars in Silicon Valley with a super salary exceeding one hundred million dollars [4] - OpenAI's employee stock incentives reached an astonishing 114% of the company's annual revenue, highlighting the intense competition in AI investment [4] - Global AI research and development investment surged by 40% last year, with model parameters exceeding 10 trillion and AI computing power demand increasing by 300% [4] Group 2 - Despite massive investments from tech giants, many still feel that AI has not yet translated into tangible productivity [5] - The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai showcased impressive applications from Chinese companies, particularly Baidu's "LuoBo Kuaipao" autonomous driving service [5][10] - Baidu's "LuoBo Kuaipao" has been operational for nearly three years in various cities, demonstrating advanced L4-level autonomous driving capabilities [12] Group 3 - Baidu's "LuoBo Kuaipao" has accumulated over 170 million kilometers in safety testing, significantly outperforming competitors in terms of safety [13] - The vehicle's accident rate is only 1/14th that of human drivers, showcasing its superior safety performance [13] - Baidu's AI applications, including the NOVA digital human, highlight the company's ability to translate technology into practical tools for everyday use [15][17] Group 4 - Baidu has invested over 170 billion yuan in AI research since 2013, leading the world in autonomous driving patents and demonstrating a commitment to practical applications [29] - The company emphasizes the importance of making AI accessible and useful to the general public, rather than merely focusing on high-end technology [29][30] - Baidu's approach to AI is characterized by a focus on practical applications that enhance everyday life, moving beyond theoretical advancements [32]

Summary of Key Points from Conference Call Records Industry Overview - The current market sentiment is overheated, and caution is advised before the release of corporate mid-term reports, as profitability is the core driver of a slow bull market in stocks [1][2] - The equity market's slow bull logic remains unchanged, driven by new productive forces on the demand side, the realization of anti-involution policies on the supply side, and increased equity allocation from the financial sector [1][3][4] Equity Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index rising significantly since late June 2025, driven by policy effects and specific events [2] - The recommendation is to wait for mid-term reports to make further judgments, as corporate profitability is crucial for long-term market trends [2] Convertible Bond Market Insights - The convertible bond market is currently very active, with median prices rising, leading to reduced absolute return space and increased reliance on underlying stock performance [1][5] - There is a noticeable trend towards passive investment in the convertible bond market, with significant inflows into ETFs, benefiting large-cap bank convertible bonds [6][7] Investment Opportunities - Focus areas for investment include: - **Large Financial Sector**: Banks are showing upward momentum, with many meeting strong redemption conditions [5] - **Cyclical Industries**: Attention is drawn to anti-involution and resource sectors, with liquidity and potential Fed rate cuts favoring mining companies [8] - **Technology Sector**: Convertible bonds in technology are suitable for right-side allocation, particularly in AI applications, self-sufficiency, and consumer electronics [9][10] Specific Sector Analysis - **Cyclical Industries**: - **Resource Sector**: Current liquidity conditions and potential price speculation could lead to price volatility, making mining companies attractive [8] - **Anti-involution Focus**: Key areas include pig farming, chemicals, and photovoltaics, with improving supply-demand dynamics [8] - **Technology Sector**: - The rapid progress in AI and the encouragement of technology innovation by regulators make this sector promising for investment [9][10] Risks and Considerations - Caution is advised regarding the pricing space of convertible bonds due to high median prices and potential volatility risks from unmet expectations [11] - Strong redemption pricing is currently well-reflected in the market, necessitating a focus on underlying stock performance and overall profitability clarity before making further investment decisions [11]

Group 1 - According to Counterpoint Research, China's smartphone sales are expected to see a slight year-on-year increase in Q2 2025, with Huawei projected to grow by 12% and Apple by 8% [1] - The Guangdong provincial government has issued a plan to promote economic growth, which includes accelerating the replacement of old electronics, including smartphones [1] - The "618" shopping festival, supported by national subsidies, has significantly boosted sales of smartphones and other consumer electronics, with Su Ning reporting sales increases of 62.35% for smartphones [2] Group 2 - Huawei and Xiaomi were the biggest beneficiaries of the national subsidy policy, with their shipment volumes increasing by 18% and 40% respectively in Q1 [2] - The overall smartphone market in China is expected to grow by approximately 3% in 2025, with a projected shipment volume of about 290 million units [2] - China Galaxy Securities forecasts that the penetration rate of AI smartphones will reach 34% by 2025, while AI PCs are expected to rise from 0.5% in 2024 to 79.7% by 2028 [3] Group 3 - AAC Technologies (瑞声科技) anticipates a significant increase in the shipment of its WLG products, which will be widely used in smartphones and other sectors [4] - Sunny Optical Technology (舜宇光学科技) expects a 26% year-on-year increase in global demand for automotive lenses, driven by the development of smart driving in China [4] - Q Technology (丘钛科技) reported a decrease in camera module sales but a 45% year-on-year increase in fingerprint recognition module sales [5] Group 4 - Xiaomi Group achieved over 30% year-on-year growth during the "618" shopping festival, with total payments reaching 35.5 billion RMB [5] - Xiaomi's online store revenue grew by 18%, while smartphone shipments increased by 17% during the same period [5] - The company's offline store revenue surged by 51%, with smartphone shipments growing by 31% and AIoT revenue increasing by 63% [5]

Market Overview - The market experienced a significant rise, with the Shanghai Composite Index reaching 3455 points, marking a new high for the year, while the ChiNext Index surged over 3% [1] - Over 3800 stocks closed in the green, indicating a positive shift in market sentiment [5] Financial Sector - The financial sector saw a collective surge, particularly in brokerage stocks such as Guosheng Financial Holdings, Tianfeng Securities, and Xiangcai Securities, which hit the daily limit [3] - The rise is attributed to increasing expectations for policy easing and the relatively low valuations of brokerage firms, with potential catalysts from ongoing capital market reforms like the deepening of the registration system and the expansion of the Beijing Stock Exchange [3] - Caution is advised for short-term trading, while long-term investors should focus on leading firms with strong investment banking capabilities and wealth management advantages [3] Military Industry - The military sector remained active, with stocks like Guorui Technology and Beifang Changlong hitting the daily limit [3] - The sector benefits from strong performance and policy support, with many military enterprises reporting full order books, particularly in aerospace and missile equipment [3] - Long-term investments should focus on leading companies with core technologies and stable orders, avoiding short-term speculative trades [3] Software Development - The software development sector was also lively, with stocks like Guiding Compass reaching the daily limit [4] - This sector is linked to the financial industry, driven by the demand for financial IT and data security as part of digital transformation [4] - Companies that effectively combine technology with practical applications are seen as having significant future potential, but investors should prioritize firms with tangible projects and cash flow [4] Other Sectors - The oil and gas, pharmaceutical, and shipping sectors faced declines, with stocks like Zhun Oil Shares hitting the daily limit down [4] - The oil and gas sector is affected by recent volatility in international oil prices, while the pharmaceutical sector is still adjusting to the impacts of centralized procurement [4] - The shipping sector is experiencing a withdrawal of funds due to expectations around freight rates and seasonal demand [4] Investment Strategy - The market's upward movement suggests a search for undervalued and high-growth sectors, particularly in financials and military industries [5] - Long-term investors are encouraged to remain calm and avoid chasing short-term speculative stocks, focusing instead on sectors with clear policy benefits and strong mid-year performance forecasts, such as semiconductor equipment, energy storage, and high-end liquor [5]