港股晨报 2025 年 10 月 21 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：日本政局重塑、美国财政僵局迎转机 昨日，港股三大指数集体回升，恒生指数涨 2.42%，国企指数涨 2.45%，恒生 科技指数涨 3%。大市成交金额 2,391.61 亿元，主板总卖空金额 343.95 亿元， 占可卖空股票总成交额比率为 16.59%。南向资金北水方面，港股通交易净流出 26.70 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是南方恒生科技 3033.HK、中海油 883.HK、腾讯控股 700.HK；净卖出最多的是阿里巴巴 9988.HK、 小米集团-W 1810.HK、中芯国际 981.HK。 北向资金方面，10 月 20 日北向资金共成交 2347.31 亿元，占两市总成交额的 13.51%。寒武纪-U 688256.SH、工业富联 601138.SH、紫金矿业 601899.SH 位 列沪股通成交前三，成交额分别为 27.93 亿、18.12 亿、17.11 亿；中际旭创 300308.SZ、宁德时代 300750.SZ、新易盛 300502.SZ 位列深股通成交前三，成 交 ...

Report Summary 1. Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The economy showed a steady upward trend in the first three quarters of 2025. In the production industry, fixed - asset investment declined slightly, but equipment and tool purchase investment had double - digit growth, and high - end manufacturing investment was prominent. In the service industry, the real estate market showed signs of improvement, and shipping and aviation industries had changes in schedules and prices [1][2]. - Different sectors in the industry had various trends. Upstream industries like glass and some agricultural products had price changes; mid - stream industries such as chemical and energy sectors had fluctuations in开工率 and consumption; downstream industries like real estate and services also had different performance [3][4][5]. 3. Summary by Related Catalogs Production Industry - From January to September 2025, national fixed - asset investment (excluding rural households) was 371,535 billion yuan, a year - on - year decrease of 0.5%, and a 0.07% decline in September compared to the previous month. Equipment and tool purchase investment increased by 14.0% year - on - year. In terms of industrial structure, the primary industry investment increased by 4.6% year - on - year, the secondary industry investment increased by 6.3%, with industrial investment up 6.4% and manufacturing investment up 4.0%. High - end manufacturing sectors like automobile manufacturing and railway, ship, aerospace and other transportation equipment manufacturing had significant investment growth of 19.2% and 22.3% respectively [1]. Service Industry - In September 2025, in 70 large and medium - sized cities, housing prices in all tiers of cities declined month - on - month, but the year - on - year decline continued to narrow, and the number of cities with year - on - year increases in new - home prices rose. Some cities like Beijing and Shanghai showed positive trends in the real estate market. The 2025 winter - spring flight schedule was implemented from October 26, with domestic flight times contracting for two consecutive seasons, with 1.0% and 1.8% declines in 2024 and 2025 respectively. Global shipping giants raised freight rates on multiple routes by 600 - 2000 US dollars per container from October 15 [2]. Industry Overview - Upstream - In the black industry, glass prices dropped significantly. In the agricultural industry, egg prices rose slightly, while pork prices declined [3]. Industry Overview - Midstream - In the chemical industry, the PX operating rate remained stable at a high level, while the polyester and PTA operating rates were low. In the energy industry, power plant coal consumption decreased [4]. Industry Overview - Downstream - In the real estate industry, the sales of commercial housing in first, second, and third - tier cities continued to decline. In the service industry, the number of domestic flights increased slightly [5]. Key Industry Price Index Tracking - On October 20, various commodities had different price changes. For example, in the agricultural sector, the spot price of eggs increased by 4.59% year - on - year, while the average wholesale price of pork decreased by 4.11%. In the energy sector, the spot price of WTI crude oil increased by 2.97%, while the spot price of Brent crude oil decreased by 2.30% [36].

如今，逐渐走进千家万户的智慧生活场景，离不开一个关键的"无形之手"——操作系统。它如同信息产 业的"大脑"，背后的一条条代码则犹如神经元，精准驱动着所有软件和硬件的协同响应。 清晨，闹钟在手表上响起，联动客厅窗帘缓缓拉开；驾车上班，手机上未听完的播客，无缝流转至汽车 中控屏继续播放；办公时，平板上的文档，通过简单拖拽，便可以在电脑屏幕上继续编辑……上班族杨 女士告诉记者，"鸿蒙生态的设备协同操作起来很方便，让生活更数字化和智能化。" 与此同时，面向未来的产业根基正在被牢牢筑下。人工智能领域，国内涌现出多个达到国际先进水平的 通用大模型，打造了百余个标杆应用场景；人形机器人方面，整机技术实现突破，正在汽车制造、物流 搬运等场景加速落地。 在全球创新版图中，中国的身位持续跃升——国家综合创新能力排名已由2020年的第14位提升至2024年 的第10位。 这背后，是一个从代码出发，最终汇聚成"创新中国"的宏大叙事。从一行行自主编写的代码，到生机勃 勃的产业生态，再到数智化浪潮席卷千行百业，一个活力奔涌的数字中国正在走来。站在新的历史起点 上，中国的创新故事仍将继续。 （文章来源：人民网） 近年来，以鸿蒙、银河麒麟等 ...

①航空物流：波罗的海空运价格指数环比下降，同比下降。②航运港口：内贸集运运价 指数上升，干散货运价上升。③快递物流：2025年8月快递业务量同比上升12.29%，快递业 务收入同比增加4.24%。④航空出行： 2025年10月第二周国际日均执飞航班1865.71次，环比-4.44%，同比 中银证券近日发布交通运输行业周报：中美互征港口费推升航运市场避险情绪，集运远 洋航线运价上涨。航空方面沃兰特VE25-100eVTOL成功完成首轮试飞，三大航9月运营数据 释放积极信号。物流与交通新业态方面，京东物流与宁德时代达成战略合作，9月多家快递 公司"量价齐升"。 以下为研究报告摘要： 航运方面，中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。航空方面 沃兰特VE25-100eVTOL成功完成首轮试飞，三大航9月运营数据释放积极信号。物流与交通 新业态方面，京东物流与宁德时代达成战略合作，9月多家快递公司"量价齐升"。 核心观点 ①中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。10月16日，上海航 运交易所发布的CTFI指数报1791.28点，较10月9日上涨27.3%。本周VLCC市场中东航线 ...

息和数据，盘点五年来的发展亮点，带你 看懂成就背后的发展密码。 全球增长最可靠动力 国际影响力 经济体量 国内生产总值 (GDP) 17% (万亿元) 130 120 ● 2024年我国经济总 110 量约占世界17%,稳 居全球第二! 30% "十四五" 规划高质量收官，哪些成就是应知应会硬核知识点？本图梳理权威信息和数据，盘点五年来的发展亮点，带你看懂成就 背后的发展密码。 ●对世界经济增长的 年均贡献率保持在 30%左右,是最稳 2021 2022 2024 ● GDP接连跨越110 万亿、120万亿、 130万亿元,今年预 计约140万亿元。 ● 5年经济增量预计 超35万亿元，超过世 界排名第三国家经济 足、最可靠动力浪。 清单 全球竞 外汇储备 能源生产 货物贸易 人力资源 制造业总体规模 5G 其站数量 规模最大的 中等收入群体和社会保障体系 大国重器频刷屏 大國庫器 LNG运输船 大型邮轮 大型液化 第一期軍 張"气 航空 35 24 13 (LNG) 轮 "旁达 第一期軍 返输船 魔都号" 智能就能 球领导 建同游运营 ·射航母然晶 程 脚下水 此外，还有"天宫"空间站全面运营、C919国产 ...

中国航空文化博物馆与校史馆的落成，是弘扬新时代航空报国精神的自觉担当，也是推动红色基因传承 的重要实践，将成为社会公众特别是青年群体了解中国航空发展脉络、感悟航空科技魅力、激发蓝天梦 想的精神殿堂，以及展现中国航空工业成就、弘扬航空报国精神的重要窗口。坚持"展教融合"，打造沉 浸式航空科普教育基地，让静态展陈"活"起来、航空精神"燃"起来；强化"协同共建"，与航空工业文化 中心等建立常态化合作机制，实现资源共享、展览共办、研究共进，共同讲好中国航空故事。并突 出"时代引领"，紧跟航空科技前沿更新展览内容，激发青年对未来航空的创新热情，为航空强国注入不 竭动力。 《中国民航报》、中国民航网 记者路泞 报道：近日，西安航空学院在阎良校区举行中国航空文化博物 馆、西安航空学院校史馆揭牌仪式。正值该院70周年校庆，标志着西安航空学院在传承航空文化、弘扬 航空报国精神上迈出关键步伐。两馆将成为培育航空英才、激发青年蓝天梦想的重要阵地，为航空强国 建设注入精神动力。现场，多方领导共同为三大国家级科普教育基地——"中国航空工业集团有限公司 航空科普教育基地""中国航空学会科普教育基地""中国航空教育学会航空科普教育基地"揭 ...

Investment Rating - The report maintains a "Buy" rating for the airline sector, highlighting the potential for price recovery driven by improved supply-demand dynamics [6][10]. Core Insights - In September 2025, the airline industry experienced a significant increase in passenger load factors, with domestic and international routes reaching record highs. The combined ASK/RPK for six listed airlines grew by 4.0% and 7.1% year-on-year, respectively [3][12]. - The report emphasizes the tight supply-demand relationship, with a notable recovery in business travel demand contributing to price increases. The domestic passenger load factor reached 87.3%, up 2.1 percentage points year-on-year, marking the highest level for September in history [4][13]. - The report suggests that the industry is entering a critical phase where supply constraints may lead to sustained price improvements, particularly in the fourth quarter of 2025 [5][24]. Summary by Sections Passenger Load Factors and Pricing - The report indicates that high passenger load factors in September have led to price increases, with domestic economy class ticket prices rising by 2.4% year-on-year. International ticket prices, however, saw a decline of 15.2% [4][13]. - The domestic load factor for the six airlines reached 87.3%, which is 3.9 percentage points higher than the same period in 2019, reflecting strong demand recovery [4][12]. Fleet Expansion - The total fleet of the six listed airlines increased by 0.3% in September 2025, with a net addition of 11 aircraft. The primary models introduced were the A320 and B737 series [5][24]. - China National Airlines led the fleet expansion with a net increase of 5 aircraft, while Eastern Airlines added 2 aircraft during the same period [26][28]. Investment Recommendations - The report advises investors to focus on the sustainability of price improvements in the fourth quarter, particularly for business routes. The recovery in business travel is expected to enhance investor sentiment in the sector [5][24]. - Key airlines to watch include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others [5][6].

我问你一个问题：如果那些从诈骗窝点榨出的血汗钱，最后不是回到受害者手里，而是成了另一个国家的意外之财，你会怎么想？ 最近美国司法部的一份起诉书，让柬埔寨的太子集团和它的掌舵人陈志彻底暴露。这个号称柬埔寨首富的福建人，被指控在西哈努克 港建立诈骗园区，用强迫劳动和电诈手段骗取全球投资者的钱，再通过比特币洗白。10月14日，美国宣布已没收约十二万七千枚比特 币，折合一百五十亿美元，这是美国史上最大的一次加密资产没收行动（数据来源：美国司法部）。他们的说法是，这笔钱来自杀猪 盘、网络投资骗局、人口贩卖和洗钱操作。听上去是一次打击犯罪的正义之举，但细想却让人心里发凉。 我查了几份公开资料。太子集团确实在柬埔寨盘踞多年，房地产、金融、酒店、航空全包，还拿过王室勋章。陈志曾是前总理洪森的 顾问，出席官方活动坐在第一排。美国的指控称，他在园区里关押数千人，没收护照、强迫工作、用上千部手机操作社交账号实施诈 骗，每天盈利三千万美元（数据来源：Fox Business）。这些钱大多转成比特币，再通过喷洒漏斗技术分散到上万个钱包，但最后仍被 美国区块链分析系统追踪出来。这意味着美国早就盯上了太子集团，不仅破案，更像是一次精心筹备 ...

本报记者 陈强 全力建设北京大兴国际机场临空经济区等六大产业功能区，划定荟聚商务科技集聚区等五个产业集聚 区，谋划花园城市永定湾等三大发展新片区……大兴区将全域发展新质生产力。这是记者从昨天举行的 北京市"一把手发布·京华巡礼"系列主题新闻发布会上了解到的。 今年年初，本市"一区一策"制定平原新城高质量发展实施方案，为大兴明确了"聚焦开放改革示范，重 点建设协同发展示范区、繁荣开放国门新城"的发展蓝图。大兴区委副书记、区长、北京大兴国际机场 临空经济区（大兴）管理委员会主任刘洋表示，大兴区已明确发展临空经济、生物医药、未来能源、数 字经济、商业航天、农林科技六大主导产业。 今年落地高质量项目突破1000个 结合六大主导产业，大兴区谋划了"6+5+3"产业发展蓝图。 "6"是指大兴机场临空区、大兴生物医药产业基地、北京数字经济示范区、国际氢能示范区、北京中日 创新合作示范区、北京商业航天产业基地六大产业功能区。"5"是指荟聚商务科技集聚区、国家新媒体 产业基地、念坛国际金融商务区、京南物流基地、京南农林科技园五个优势突出、特色鲜明的产业集聚 区。"3"是指花园城市永定湾、大兴国际旅游度假区、产业协同发展示范区三 ...

Core Viewpoint - Daxing District is positioned as a new plain city focused on "coordinated development," contributing to the Beijing-Tianjin-Hebei collaborative development strategy [1] Industry Development Strategy - Daxing District has outlined a "6+5+3" industrial development blueprint, focusing on six key industries: air transport economy, biomedicine, future energy, digital economy, commercial aerospace, and agricultural technology [2] - The district aims to establish six major industrial functional areas, including the Daxing Airport Economic Zone and the Daxing Biomedical Industry Base [2] Project and Investment Highlights - Daxing has successfully launched over 1,000 high-quality projects this year, leading the city in the number of enterprises migrating from outside Beijing and the number of significant projects exceeding 100 million [3] - The Daxing International Tourism Resort and major subway projects are among the significant initiatives that are now underway [3] Urban Development Initiatives - Daxing District is developing a series of boutique towns, including the Caiyu Digital Fashion Town, which integrates digital, fashion, and agricultural tourism [4] - The district is committed to enhancing its agricultural products' quality and value, focusing on local specialties like the Panggezhuang watermelon and the Anding mulberry [4] Garden City Planning - The planning for the Garden City Yongding Bay has commenced, aiming to create a model of integrated urban and industrial development over the next decade [5] - The project will feature a spatial framework that includes various urban and ecological elements, promoting a low-carbon and smart modern city [5][6]