①珠海港：2025年三季度码头业务货物吞吐量1477.96万吨，同比下降5.44%；本年累计货物吞吐量 4174.85万吨，同比增长1.25%。②铜陵有色：截至公告披露时，距离"铜陵定02"停止转股并赎回仅剩最 后半个交易日（即2025年10月10日下午交易时段），2025年10月10日收市后，未转股的"铜陵定02"将停 止转股，剩余可转债将被强制赎回。若被强制赎回，投资者可能面临损失。 ...

节后首个交易日（10月9日），A股强势上攻，沪指涨超1%突破3900点，续创10年新高；港股回落走低，恒生科技指数一度跌超1%。 具体来看，A股市场主要股指盘中强势上扬，沪指突破3900点，续创10年新高；科创50指数盘中一度暴涨超6%。截至收盘，沪指涨1.32%报3933.97点，深 证成指涨1.47%报13725.56点，创业板指涨0.73%报3261.82点，科创50指数涨2.93%，沪深北三市合计成交26723亿元，较前一个交易日增加4748亿元。 场内超3100股飘红，有色板块爆发，黄金、钴镍概念亮眼，铜陵有色、北方铜业、云南铜业、四川黄金等涨停；可控核聚变概念崛起，常辅股份、英杰电 气、西部超导、国光电气等涨停；稀土板块拉升，中国瑞林、北方稀土等涨停；存储芯片概念持续活跃，灿芯股份、华虹公司盘中双双涨停续创新高，不 过，华虹公司尾盘开板，收盘涨约12%。旅游、影视股走低，果麦文化跌停，光线传媒跌超10%。 此外，次新股云汉芯城（301563）收盘上涨40.89%报164.56元/股，盘中最高涨超70%至199元/股，触发两次临停。该股9月30日登陆创业板，发行价为27 元/股，首日收盘上涨332. ...

节后首个交易日（10月9日），A股强势上攻，沪指涨超1%突破3900点，续创10年新高；港股回落走低，恒生科技指数一度跌超1%。 具体来看，A股市场主要股指盘中强势上扬，沪指突破3900点，续创10年新高；科创50指数盘中一度暴涨超6%。截至收盘，沪指涨1.32%报3933.97点，深证成指 涨1.47%报13725.56点，创业板指涨0.73%报3261.82点，科创50指数涨2.93%，沪深北三市合计成交26723亿元，较前一个交易日增加4748亿元。 场内超3100股飘红，有色板块爆发，黄金、钴镍概念亮眼，铜陵有色、北方铜业、云南铜业、四川黄金等涨停；可控核聚变概念崛起，常辅股份、英杰电气、西部 超导、国光电气等涨停；稀土板块拉升，中国瑞林、北方稀土等涨停；存储芯片概念持续活跃，灿芯股份、华虹公司盘中双双涨停续创新高，不过，华虹公司尾盘 开板，收盘涨约12%。旅游、影视股走低，果麦文化跌停，光线传媒跌超10%。 此外，次新股云汉芯城（301563）收盘上涨40.89%报164.56元/股，盘中最高 涨超70% 至199元/股，触发两次临停。该股9月30日登陆创业板，发行价为27元/ 股，首日收盘上涨33 ...

天风证券研报指出，根据经济复苏与市场流动性，可以把投资主线降维为三个方向：（1）Deepseek突 破与开源引领的科技AI。（2）内外共振，经济逐步修复，牛市主线风格"强者恒强"，但周期后半段易 有所表现。（3）低估红利继续崛起。牛市初期资金更偏好少数高景气赛道，后期资金抱团聚焦主线， 新增资金获利难度提升，而周期股又具备低估值、高贝塔的属性，易随着基本面回暖的深化而发挥较好 的业绩弹性，获得增量资金青睐。 NO.3中金：节后A股有望延续稳健表现 震荡上行行情仍在延续 ｜2025年10月9日 星期四｜ NO.1中信建投：建议关注金银铜等有色板块投资机遇 中信建投证券研报认为，金银等贵金属和加密货币在国庆中秋假期迎来大涨。国际金价大涨的背后主要 是由美国政府"停摆"引发的短期波动、日本政治更迭带来的短期不确定性、美联储持续降息预期和全球 央行持续购金共同推动的。美国政府关门扰动、未来降息和衰退的预期使得全球投资者对美元信用和美 国主权债务的担忧进一步上升，这推动了金银等贵金属和比特币价格进一步走高。与此同时，供给短缺 和算力革命逻辑下，铜价近期也明显走强。建议关注金银铜等有色板块投资机遇。 NO.2天风证券：周 ...

9月收官。 9月最后一个交易日，A股市场主要股指全线上扬，科创50指数较为强势；港股尾盘拉升，恒生指数涨 近1%，恒生科技指数大涨超2%。全月来看，A股主要指数月线均收涨，其中创业板指累计涨约12%创 逾3年新高，科创50指数涨超11%创近4年新高；从季度来看，上证指数累计上涨12.73%，深证成指上涨 29.25%，创业板指上涨50.40%；同时，上证指数、深证成指、创业板指均实现月线五连涨。 具体看今日（9月30日），沪指、深证成指盘中震荡上扬，创业板指探底回升，科创50指数一度涨超 2%。截至收盘，沪指涨0.52%报3882.78点，深证成指涨0.35%报13526.51点，创业板指收平报3238.16 点，科创50指数涨1.69%；沪深北三市合计成交21975亿元。 市场现明显分化，金融、酿酒等板块走低；有色板块再度爆发，江西铜业（600362）尾盘涨停、精艺股 份、华锡有色等均涨停；存储芯片概念活跃，江波龙、华虹公司（688347）、德明利等创出新高；军贸 概念崛起，航天南湖涨近10%，国睿科技、中航沈飞涨停；AI应用概念拉升，当虹科技20%涨停，品茗 科技盘中涨停股价突破100元大关，创历史新高； ...

Market Overview - A-shares ended September with all major indices rising, with the ChiNext Index up approximately 12%, marking a three-year high, and the Sci-Tech 50 Index up over 11%, reaching a nearly four-year high [1] - The Shanghai Composite Index rose 12.73% in Q3, while the Shenzhen Component Index increased by 29.25%, and the ChiNext Index surged by 50.40% [1] - On September 30, the Shanghai Composite Index closed at 3882.78 points, up 0.52%, and the Shenzhen Component Index closed at 13526.51 points, up 0.35% [1] Sector Performance Non-Ferrous Metals - The non-ferrous metals sector saw significant gains, with companies like Jiangxi Copper and Jingyi Co. hitting their daily limit up [2][3] - The cobalt market experienced a sharp increase, with the average price of 1 cobalt reaching 337,000 CNY/ton, a rise of 29,000 CNY, marking the largest single-day increase this year [3] - Factors contributing to this surge include tightening global supply and strong domestic demand in the new energy sector [3][6] Semiconductor Sector - The storage chip sector was notably active, with Jiangbolong and Huahong Semiconductor reaching new highs, with Jiangbolong hitting a 20% limit up [7] - NAND flash prices are expected to rise by 5%-10% in the coming quarters due to high demand in the enterprise SSD market [9] Military Trade - The military trade sector saw a rise, with companies like Guorui Technology and AVIC Shenfei hitting their daily limit up [10] - Increased global security concerns due to the worsening situation in the Middle East are expected to boost defense spending, enhancing demand for Chinese military equipment [10]

Group 1 - The core point of the article highlights a significant surge in Chinese brokerage stocks, with major firms like GF Securities, Huatai Securities, and CITIC Securities seeing increases of over 10% [4][6][7] - The Hang Seng Index closed at 26,622.88 points, up 1.89%, with a total market turnover of HKD 309.1 billion [2][3] - The surge in brokerage stocks coincides with a positive outlook from the People's Bank of China regarding capital market stability, emphasizing the use of securities and fund companies to maintain market stability [6][8] Group 2 - Alibaba's stock rose by 4.14% on September 29, with a trading volume of HKD 22.098 billion, following an upgrade from Morgan Stanley regarding its ADR target price due to optimistic growth expectations in its cloud computing business [9][11] - CATL (Contemporary Amperex Technology Co., Ltd.) saw a 3.11% increase in its stock price, supported by advancements in solid-state battery technology from Tsinghua University, which could enhance safety and energy density [12][14][15] - The Hong Kong Securities and Futures Commission imposed a fine of HKD 2.1 million on a brokerage firm for improper handling of client funds, highlighting regulatory scrutiny in the financial sector [16]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The report focuses on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 18, 2025, presenting relevant price, ratio, spread, and theoretical spread data [1][4]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 80,600, March price is 80,550, LME March price is 10,065, and the ratio is 8.00 [1]. - **Zinc**: Domestic spot price is 22,170, March price is 22,310, LME March price is 2,989, and the ratio is 5.70 [1]. - **Aluminum**: Domestic spot price is 20,890, March price is 20,930, LME March price is 2,707, and the ratio is 7.73 [1]. - **Nickel**: Domestic spot price is 120,700, and the spot import profit is - 1,549.65 [1]. - **Lead**: Domestic spot price is 16,925, March price is 17,115, LME March price is 2,005, and the ratio is 11.08 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 320, - 330, - 330, - 310, while the theoretical spreads are 506, 911, 1324, 1738 respectively [4]. - **Zinc**: The spreads are 30, 55, 85, 120, and the theoretical spreads are 214, 335, 455, 575 respectively [4]. - **Aluminum**: The spreads are - 35, - 45, - 55, - 65, and the theoretical spreads are 216, 333, 450, 567 respectively [4]. - **Lead**: The spreads are 55, 60, 80, 70, and the theoretical spreads are 210, 317, 423, 529 respectively [4]. - **Nickel**: The spreads are - 620, - 430, - 240, 60 [4]. - **Tin**: The 5 - 1 spread is 40, and the theoretical spread is 5,648 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are 310 and - 10, and the theoretical spreads are 524 and 924 respectively [4]. - **Zinc**: The spreads are 85 and 115, and the theoretical spreads are 203 and 332 (also mentioned as 200 and 320) respectively [4][5]. - **Lead**: The spreads are 130 and 185, and the theoretical spreads are 197 and 310 respectively [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.61, 3.85, 4.71, 0.94, 1.22, 0.77 respectively [5].

Report Industry Investment Ratings - Not provided in the given content Core Views - Domestically, policies in the consumption field will continue to be introduced due to income distribution imbalance. The economy needs government support, with the production side remaining strong. Overseas, US inflation is resilient, and the market is concerned about the US job market. Focus on Fed Chair Powell's speech and the dot - plot [2] - For the US dollar index, there is a risk of downward break - out. The RMB exchange rate may form a "three - price convergence" pattern. It is advisable to short the US dollar index and use appropriate hedging strategies for enterprises [3][4] - The stock index is expected to be mainly volatile. Wait for the Fed's interest - rate cut to land and hold positions for observation [5] - The sentiment of treasury bonds has recovered. Consider holding long positions at low prices [6] - The container shipping market has insufficient cargo volume. Near - month contracts may fall, and short - selling opportunities can be focused on [8] - Precious metals may be bullish in the medium - to - long - term. Be cautious of profit - taking after the interest - rate cut expectation is fulfilled [11] - Copper is expected to be in high - level consolidation [12] - The fundamentals of the aluminum industry chain vary. Aluminum may be bullish, alumina may be bearish, and cast aluminum alloy may be bullish [13][15][16] - Zinc is expected to be mainly volatile [16] - Nickel and stainless steel are affected by the macro level, and the fundamentals are relatively stable [17] - Tin is in high - level oscillation [18] - Lithium carbonate is supported by the peak - season demand [19] - Industrial silicon and polysilicon are in a pattern of rising and then falling. Be cautious about polysilicon investment [20][21] - Lead is in high - level oscillation [21] - The trading logic of steel products is switching. Pay attention to policy implementation and demand [22] - Iron ore has limited upside and downside space [24][25] - Coal and coke are not recommended as short - selling targets in the black series. Pay attention to downstream restocking and policies [27] - Ferrosilicon and ferromanganese are supported by cost. Focus on the impact of coking coal prices [28] - Crude oil is mainly driven by supply. It is recommended to short at high prices [32] - LPG is mainly volatile. Pay attention to PDH enterprise start - up [34] - PX - TA is in oscillation. PTA processing fees may be repaired [37] - MEG - bottle chips have a heavy inventory - building expectation. Do not short blindly [38] - PP is supported by the cost side. It is recommended to go long at low prices [41] - PE has a slow demand recovery and a weak pattern [44] - Pure benzene and styrene are in a strong - side oscillation. Observe the downstream restocking intention [46][47] - Fuel oil is waiting for an opportunity to short the cracking profit [47] - Low - sulfur fuel oil focuses on shorting the high - low sulfur spread in the far - month [48] - Asphalt follows the cost and waits for a long - position opportunity [48] - Rubber and 20 - number rubber continue to be in wide - range oscillation. Pay attention to weather and demand [51] - Urea is in a pattern of support below and suppression above, with the 01 contract expected to oscillate between 1650 - 1850 [53] - For glass, soda ash, and caustic soda, the soda ash market is affected by supply and demand expectations, with a pattern of strong supply and weak demand [53] Summary by Directory Financial Futures Macro - China's Ministry of Commerce explores setting spring and autumn holidays for primary and secondary schools and promotes the opening of Internet and cultural fields. The US Treasury Secretary believes the Fed has been slow to respond, and the market expects a 75 - basis - point interest - rate cut by the end of the year. The Fed's interest - rate meeting is highly anticipated [1][4] RMB Exchange Rate - The on - shore RMB against the US dollar rose. The US inflation is resilient, and the market is concerned about the US job market. The RMB exchange rate may form a "three - price convergence" pattern [2][3][4] Stock Index - The stock index was volatile, with small - cap stocks relatively strong. Wait for the Fed's interest - rate cut to land and hold positions for observation [4][5] Treasury Bonds - Treasury bonds opened low and went high. The policy on expanding service consumption was released, and its impact on the market is limited. Consider holding long positions at low prices [6] Container Shipping - The container shipping index (European line) futures had a mixed performance. The new - week Maersk European line spot - cabin quotes continued to decline, and the cargo volume was insufficient. Focus on short - selling opportunities for near - month contracts [6][8] Commodities Precious Metals - Gold and silver prices were strong. Gold reached a new high. Focus on the Fed's September FOMC meeting, including interest - rate cuts, dot - plots, and Powell's speech. The medium - to - long - term may be bullish, and be cautious of profit - taking [9][11] Copper - The copper price冲高回落. It is expected to be in high - level consolidation due to the conflict between macro and micro factors [11][12] Aluminum Industry Chain - Aluminum prices rose due to interest - rate cut expectations and improved fundamentals, but the downstream receiving sentiment was poor. Alumina supply is in surplus, and prices may be weak. Cast aluminum alloy is supported by scrap aluminum shortages and may be bullish [13][15][16] Zinc - Zinc prices were mainly volatile. Supply is in surplus, and demand is average. Observe macro and consumption, and the short - term is in bottom - side strong - side oscillation [16] Nickel and Stainless Steel - Nickel and stainless steel were affected by the macro level and mine - end disturbances. The fundamentals were relatively stable. Focus on subsequent macro - level positive news [16][17][18] Tin - Tin prices were in high - level oscillation. They were supported by the Fed's interest - rate cut expectations, and the short - term supply is tight [18] Lithium Carbonate - Lithium carbonate futures rose. Supported by the peak - season demand, the reasonable price range is 72000 - 76000 yuan/ton [18][19] Industrial Silicon and Polysilicon - Industrial silicon and polysilicon futures had a pattern of rising and then falling. Industrial silicon has short - term positive sentiment support and long - term structural pressure. Polysilicon is affected by news and policies, and investment should be cautious [19][20][21] Lead - Lead prices were in high - level oscillation. The supply is weak relative to demand, and the short - term is in high - level oscillation [21] Black Metals Steel Products - The trading logic of steel products is switching. There is a high - supply and over - seasonal inventory - building pressure, but there is also support from the hot - rolled coil inventory decline and pre - holiday restocking expectations. Pay attention to policy implementation and demand [22][23] Iron Ore - Iron ore prices were oscillating. The fundamentals have slightly declined, and the upside and downside space are limited [24][25] Coal and Coke - Coal and coke prices were in high - level oscillation. The supply is frequently disturbed, and they are not recommended as short - selling targets in the black series. Pay attention to downstream restocking and policies [26][27] Ferrosilicon and Ferromanganese - Ferrosilicon and ferromanganese prices冲高回落. They are supported by cost, and the trading logic is the game between strong expectations and weak reality. Focus on the impact of coking coal prices [28] Energy and Chemicals Crude Oil - Crude oil prices rose. Geopolitical disturbances dominate the price trend. Supply pressure is the core driving force, and it is recommended to short at high prices [30][31][32] LPG - LPG prices were mainly volatile. The supply is loose, and the demand has little change. Pay attention to PDH enterprise start - up [33][34] PX - TA - PX - TA prices were in oscillation. PX supply may increase in September, and PTA supply and demand are in a complex situation. PTA processing fees may be repaired [35][36][37] MEG - Bottle Chips - MEG - bottle chips have a heavy inventory - building expectation. Do not short blindly as the supply lacks elasticity and the downward space is limited [37][38] PP - PP prices were slightly up. The supply pressure is relieved, and the demand is in the recovery stage but the peak season is not obvious. The cost side provides support, and it is recommended to go long at low prices [38][40][41] PE - PE prices were slightly up. The supply is expected to decrease, and the demand is in the process of recovery but the speed is slow. It is in a weak pattern and is expected to be in oscillation [42][43][44] Pure Benzene and Styrene - Pure benzene and styrene prices were in a strong - side oscillation. Pure benzene has an increase in supply and a decrease in demand. Styrene supply may increase after September, and the demand has limited growth. Observe the downstream restocking intention [46][47] Fuel Oil - Fuel oil prices were in a certain situation. The supply is expected to rise slowly, and the demand is stable. Wait for an opportunity to short the cracking profit [47] Low - Sulfur Fuel Oil - Low - sulfur fuel oil prices were in a certain situation. The supply is relatively abundant, and the demand is weak. Focus on shorting the high - low sulfur spread in the far - month [48] Asphalt - Asphalt prices were in a certain situation. The supply is increasing, and the demand is affected by rain and funds. The inventory is improving. Try long - position after the cost stabilizes [48] Rubber and 20 - Number Rubber - Rubber and 20 - number rubber prices were in wide - range oscillation. Affected by weather, supply, and demand, the short - term cost is supported, and the long - term needs to pay attention to policies and trade [50][51] Urea - Urea prices were in a certain situation. The market has sufficient supply and increasing inventory. There is support from exports, and the 01 contract is expected to oscillate between 1650 - 1850 [51][52][53] Glass, Soda Ash, and Caustic Soda - Soda ash prices were up. The inventory is decreasing, and the supply is expected to remain high. The demand is stable, and it is in a pattern of strong supply and weak demand [53]

Group 1 - The non-ferrous metal sector showed strong performance on the 12th, with several stocks hitting the daily limit, including Electric Alloy (300697) up 20%, New Weiling up over 15%, and others like Shengda Resources (000603) and Yunnan Copper (000878) also seeing significant gains [1] - Institutions indicate that expectations for a Federal Reserve interest rate cut have risen, combined with the seasonal demand boost in September and October, providing strong upward momentum for industrial metal prices [1] - Zhongyou Securities noted that despite a recent decline in LME copper prices and weaker-than-expected U.S. non-farm payrolls, the overall economic data suggests a higher likelihood of a soft landing rather than a recession, which could support copper prices [1] Group 2 - Minsheng Securities highlighted that recent weak employment data in the U.S. and inflation aligning with expectations have bolstered market confidence in a potential interest rate cut by the Federal Reserve in September, positively impacting gold and silver prices [1] - The legal and economic uncertainties stemming from the Trump tariff case are expected to increase safe-haven demand, providing support for gold prices, while silver prices are reaching new highs due to its industrial properties and upward momentum [1] - In the medium to long term, central bank gold purchases and weakening U.S. dollar credit are seen as key trends, with a continued positive outlook for gold prices and opportunities for positioning in the gold sector [1]