天眼查App显示，近日，深圳市顺惠机电有限公司成立，法定代表人为刘宇俊，注册资本10万人民币， 经营范围为一般经营项目是：家用电器销售；家用电器零配件销售；电器辅件销售；家用电器安装服 务；日用电器修理；电子产品销售；直饮水设备销售；日用家电零售；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；制冷、空调设备制造；制冷、空调设备销售；通用设备修理；太 阳能热利用装备销售；信息技术咨询服务；信息咨询服务（不含许可类信息咨询服务）；安全咨询服 务；互联网安全服务；气体压缩机械销售；家居用品销售；专业保洁、清洗、消毒服务；特种作业人员 安全技术培训；五金产品批发；特种劳动防护用品销售；机械零件、零部件销售；配电开关控制设备销 售；五金产品零售；道路货物运输站经营；总质量4.5吨及以下普通货运车辆道路货物运输（除网络货 运和危险货物）；国内贸易代理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）， 许可经营项目是：道路货物运输（不含危险货物）。（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

2025 年 10 月 12 日 证券研究报告 | 策略周报 波动再度放大，如何应对？ 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师：刘芳 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《长假期间国内外大事一览—策略周 报》2025-10-09 2、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 3、《长假临近，震荡分化延续 —策略周 报》2025-09-21 4、《颠簸初现，成长风格人气仍高 —策 略周报》2025-09-07 5、《A 股 8 月强势收官，9 月有哪些变 数？ —策略周报》2025-08-31 投资要点 风险提示：经济修复不及预期的风险，政策效果不及预期的风险，关税博弈 持续升级的风险，地缘政治风险，海外经济衰退风险，外部政策不确定性风 险。本报告模拟组合结果基于对应模型计算，非实盘业绩，需警惕模型失效的 风险；文中涉及基 ...

天眼查App显示，近日，玉溪中森建林木材加工有限责任公司成立，法定代表人为李桂彬，注册资本 200万人民币，经营范围为许可项目：旅游业务；建设工程施工；道路货物运输（不含危险货物）；牲 畜饲养；家禽饲养。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）一般项目：木材加工；木材销售；劳务服务（不含劳务派遣）；林业 产品销售；园林绿化工程施工；旅行社服务网点旅游招徕、咨询服务；金属材料销售；建筑材料销售； 建筑装饰材料销售；金属矿石销售；装卸搬运；建筑工程机械与设备租赁。（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

2025年10月10日A股三大指数集体低开，全市场超2300只个股下跌，从板块上来看，煤炭、纺织服装、 建筑材料、非银金融板块领涨，电子、电力设备、计算机板块领跌。交通运输ETF（159666）逆势走强 上涨0.6%，持仓股东莞控股涨超5%，华夏航空、海峡股份涨超3%。 交通运输ETF（159666）及其联接基金（019405/019404）是全市场唯一跟踪中证全指运输指数的ETF基 金，交通运输板块中的公司具备高股息、低估值和稳健业绩的特征，其涵盖了A股市场包括物流、铁路 公路、航运港口、机场等，能够充分反映出A股运输行业上市公司的整体表现。 （文章来源：每日经济新闻） 消息面，2025年国庆假期出行客流创历史同期新高。国庆及中秋假期八天，全社会跨区域人员流动量累 计达到24.33亿人次，日均同比+6.3%，较2019年同期+30.8%；其中铁路/公路/民航/水运累计客运量分别 为1.54亿/22.48亿/1914万/1166万人次，日均同比分别+2.6%/+6.6%/+3.3%/+4.1%。 ...

该行认为目前正进入一个时代，领先科技股的命运愈来愈依赖于其背后的实体基础设施。暴增的电力需 求无法仅靠应用程序或软件解决，必须投入真正资源于发电与配电领域，这将为能源、资源，甚至房地 产及运输等行业带来更广阔的增长与回报前景。在科技行业内部，回报来源亦将进一步分化。2020年代 的领先科技巨头很可能继续主导各自领域，但快速的创新——尤其是围绕机器学习及人工智能的领域， 将催生新一波科技明星企业，借助当前的资本支出热潮推出新产品与服务。 格隆汇10月9日｜高盛发表环球股市策略报告表示，目前环球市场行为和定价确实出现了一些与过去泡 沫相似的迹象，同时也观察到几个关键差异：首先，科技板块至今的上涨主要由基本面增长所驱动，而 非对未来增长的非理性投机；其次，表现最强劲的领先企业拥有异常稳健的资产负债表；第三，人工智 能领域迄今仍由少数现有巨头主导，而多数泡沫往往出现在竞争激烈、投资者及新进入者蜂拥而至的阶 段。 对于美股大科技公司的估值是否合理？该行指由于无法确切知道相关公司最终将实现的盈利与回报，这 个问题显然难以回答，但却是当前多数投资者正在面对的课题。该行从以下几个角度分析：1)与过去泡 沫时期的估值比较，2) ...

Core Insights - The transportation system in Heze City effectively managed passenger flow during the National Day and Mid-Autumn Festival holidays, achieving zero passenger delays and zero management errors [1][3][9] Passenger Transport Performance - A total of 2.72 million passengers were transported during the holidays, with road passenger transport accounting for 959,000 passengers, a year-on-year increase of 6.53% [3] - Online ride-hailing services completed 143,300 orders, transporting 215,000 passengers, marking a 4.65% increase [3] - Heze East Station saw a passenger volume of 131,500, up 20.26% year-on-year, indicating a growing preference for high-speed rail travel [3] - The total passenger arrivals and departures at Heze Station reached 338,000 during the holiday, with a year-on-year increase of 8.45% [3] - Urban public transport and taxi services recorded 862,600 and 191,000 passengers respectively, showing a slight decline compared to previous years [3] - The airport experienced a passenger throughput of 22,900, a slight decrease due to continuous rainfall [3] - Highway traffic volume reached 2.107 million vehicles, a year-on-year decrease of 2.83% [3] Capacity Management - The Transportation Bureau coordinated the deployment of over 1,590 vehicles for urban, intercity, and rural public transport, along with 1,565 taxis and 1,883 ride-hailing vehicles to ensure smooth travel [5] - The railway and aviation sectors were also coordinated to enhance service, with Heze East Station planning 34 pairs of passenger trains and Heze Station planning 66.5 pairs, including 13.5 additional peak trains [5] - The airport operated 10 routes connecting 14 cities with a total of 174 flights scheduled during the holiday [5] Safety and Risk Management - A total of 90 enforcement personnel conducted a comprehensive safety inspection of 590 kilometers of highways before the holiday [7] - The Transportation Bureau issued a notice outlining 20 specific safety management measures for the road transport sector, focusing on passenger transport and hazardous goods [9] - Daily checks were conducted on key operating vehicles to identify and rectify safety issues promptly [9] Service Quality Enhancement - Urban public transport implemented measures such as increasing bus frequency and enhancing on-site management to ensure safe and efficient travel for citizens [11] - Highway operators monitored road conditions closely and provided real-time updates to drivers, while also managing traffic flow during peak times [11] - Heze Station improved passenger experience by refining processes related to security checks, ticketing, and customer service [11]

由于的关税战及地缘政治事件影响因素的复杂和不确定性叠加因素，全球散货航运市场波动并存在不确 定性。为应对不确定性而对集团带来的不利影响，公司积极探索并落实业务多元化。相信收购能使集团 从以往单一海运物流运输业务拓展至陆上物流业务，从而有效增加集团的收入来源及范围。 采矿运输车为由卖方拥有的53辆采矿自卸车。 勇利投资(01145)发布公告，于2025年10月6日(于交易时段后)，买方HK Courage LLC(公司的间接全资附 属公司)与卖方JINHE FENG MINING CONSTRUCTION CO.,LTD.订立购买协议，据此，买方已同意收 购及卖方已同意出售采矿运输车，代价为500万美元。 ...

Core Viewpoint - The U.S. stock market has reached new highs, but concerns are growing that the upward trend may be nearing its end by 2025, with signs of overheating and potential corrections emerging [2][3]. Market Performance - The S&P 500 index has increased by 13% year-to-date, while the Dow Jones Industrial Average and Nasdaq Composite have risen by 9% and 17%, respectively [2]. - The Russell 2000 index, which tracks small companies, recently hit its first historical high since 2021, benefiting from lower borrowing costs [2]. Economic Indicators - The U.S. economy shows resilience, with a cooling but stable job market and no significant inflation spikes from trade wars, which has alleviated fears of a recession triggered by tariffs [2][3]. - The 10-year U.S. Treasury yield has dropped to 4.14%, down from levels seen in June, indicating easing pressure in the bond market [3]. Speculative Trends - There are concerns about a speculative wave similar to 2021, driven by retail investors, with stocks like Opendoor Technologies surging 413% this year [3]. - The revival of Special Purpose Acquisition Companies (SPACs) is notable, with over 90 SPACs raising approximately $20 billion this year, the highest since 2021 [3]. IPO Performance - Newly listed companies have seen an average first-day trading increase of about 34%, marking the best performance since 2000 [4]. Sector Concerns - The transportation sector, which includes rail and air freight companies, has shown lackluster performance, with the Dow Jones Transportation Average down 0.8%, indicating declining expectations for demand [5]. - Gold and silver futures are performing well, with silver up 61%, suggesting a strong interest in inflation hedges [5]. Valuation Concerns - The S&P 500 companies are currently the most expensive on record based on various valuation metrics, raising concerns about overextended stock valuations [5]. - Investors are beginning to seek undervalued stocks, particularly in sectors with stable earnings and low price-to-earnings ratios, such as financials [5].

高频｜黑色系商品领跌，"金九"成色如何？ 证券研究报告 固收定期报告 / 2025.09.27 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 许帆 xufan@ctsec.com 相关报告 1. 《信用 | 反内卷后怎么看煤炭和钢铁 债？》 2025-09-25 2. 《期货｜如何参与曲线形态套利？》 2025-09-23 3. 《信用 | 加税后如何观察信用利差？》 2025-09-22 核心观点 请阅读最后一页的重要声明！ | 1 | 地产销售：一线城市形成支撑 4 | | --- | --- | | 2 | 投资：商品价格大多上行 7 | | 3 | 生产：开工率表现分化 9 | | 4 | 消费：出行动能偏强 10 | | 5 | 出口：SCFI 下行，BDI 上行 11 | | 6 | 物价：猪肉价格下行、菜价上行，油价上行 11 | | 7 | 风险提示 12 | | 图 1： 主要高频指标周度跟踪 4 | | --- | | 图 2： 全国及典 ...

Group 1 - The report highlights that ASEAN countries like Indonesia, Malaysia, Thailand, and Vietnam are becoming popular investment destinations for Chinese enterprises due to rapid economic growth, broad market prospects, and low land and labor costs [1][2] - The main investment objectives for Chinese companies include market expansion, cost reduction, and supply chain diversification, with over 60% of surveyed companies reporting profitability and 80% expressing satisfaction with their investments [1][2] - The survey conducted by PwC involved 30 Chinese enterprises operating in ASEAN, with two-thirds from the manufacturing sector, and revealed that Indonesia, Malaysia, and Thailand are the top three investment destinations, with 67%, 47%, and 40% of respondents operating in these countries respectively [1] Group 2 - Over 70% of Chinese manufacturing enterprises believe that the business environment in their respective ASEAN countries has improved compared to two years ago, with Malaysia, Thailand, and Vietnam showing significant positive trends [2] - More than 80% of Chinese manufacturing enterprises plan to increase their investments in ASEAN over the next three years, indicating sustained high confidence in investing in the region [2] - PwC notes that the continuous improvement of the business environment in ASEAN countries significantly enhances their attractiveness to foreign investors, with various tax incentives available for manufacturing, R&D activities, and regional headquarters establishment [2]