Group 1: Company Developments - BLS International Services is temporarily restricted from participating in new Indian Mission tenders for two years, but existing contracts remain valid and operations are unaffected [1] - Infosys has launched the Infosys Customer Experience Suite for Salesforce to enhance digital transformation for enterprises [2] - Reliance Power's executive director and CFO was arrested in a bank loan fraud case, but the company stated that Anil Ambani is not involved [3] - Hindustan Construction Company secured a ₹204 crore contract for the Aditya aluminium smelter expansion project [4] - Muthoot Finance's MD was summoned by the Enforcement Directorate for clarifications regarding non-convertible debentures issued by Srei group companies [5] - Jyoti Ltd received an order worth ₹10.91 crore for VT pumps from Nand Infrastructure & Projects [6] - Kirloskar Oil Engines transferred its Water Management Solutions business to a wholly owned subsidiary for internal reorganization [7] - Monarch Surveyors and Engineering Consultants received a ₹6.19 crore order for railway alignment studies and a separate ₹37.67 crore order for the Somnath Dwarka Expressway expansion [8] - Zen Technologies received a ₹37 crore order from the Ministry of Defence for Anti-Drone Systems [9] - NDTV raised ₹396.49 crore through a Rights Issue, resulting in an increase in equity share capital and promoter shareholding [10] - GKB Ophthalmics Ltd reduced production to 50% due to sluggish market demand and halted export orders from the USA [11] - Hind Rectifiers Ltd appointed Manoj Nair as CEO and Key Managerial Personnel [12] Group 2: Industry Transactions - BASF SE and Carlyle, in partnership with Qatar Investment Authority, entered into a binding agreement for BASF's automotive coatings businesses, with a global enterprise value of €7.7 billion [13]

摘要 指数上涨后因去杠杆担忧回落，双创指数跌破上升趋势线。若未来两日 无法修复缺口，可能继续下跌，预示短期市场风险。 市场板块分化明显，科技股趋弱，周期和红利板块受资金青睐，显示资 金避险情绪上升，高低切换明显。 科技股内部出现分化，光模块等已显疲态，创业板指数需关注上升趋势 线支撑，若无法修复可能继续下跌。 市场方向频繁变化，投资者需灵活调整策略，控制风险，关注最新市场 动态，及时调整投资组合。 市场在关税冲突前已显疲态，A50、纳斯达克等指数大幅下跌，表明市 场在脆弱时易受利空消息打击。 创业板指数或将进入 ABC 结构调整，预计持续 4-6 周，上证指数虽相对 坚挺，但可能受双创指数拖累。 短期市场或经历 4-6 周调整，但中长期系统性慢牛行情未结束，上证指 数支撑位较强，关注金融、红利和中字头基建板块的防御性。 廖市无双：外部影响下，市场风格作何改变？20251012 Q&A 当前市场是否处于牛市？短期内是否会出现调整？ 当前市场的中线趋势仍然向好，预计四季度上证指数将冲击 4,000~4,100 点 区域。然而，短期内市场可能会出现调整。10 月 9 日科创 50 带动大盘全线上 攻，双创指数强势上 ...

完整早报音频，请点击标题下方小耳机收听 【马斯克杀向游戏行业：挖来 NVIDIA 两员大将， xAI 要造"世界模型"】 埃隆·马斯克创立、以" TruthGPT "为起点的公司 xAI ，正在将重心从语言理解转向一个更底层的目标：世界模型（ World Model ）。这一消息由 《金融时报》在 2025 年 10 月 11 日率先披露。报道指出， xAI 正在开 发"可用于电子游戏与机器人领域的世界模型"，并从 NVIDIA 招募了两位研究员 Zeeshan Patel 与 Ethan He 参与其中。"世界模型"一词在学术界已存在多年。它指一种能在内部重建并预测环境状态 变化的模型，让 AI 不只是"理解数据"，而是在心智中模拟世界的演化。这一理念近年来在 DeepMind 、英伟达等机构重新受到重视，并被认为是通往具身智能的一条路径。（金融时报） 【华纳兄弟探索拒绝派拉蒙天舞传媒初步收购提议】 据知情人士透露，华纳兄弟探索公司（ Warner Bros Discovery ）以报价过低为由，拒绝了派拉蒙天舞传媒公司（ Paramount Skydance ）的初 步收购提议。由于此事未公开，这些不愿具 ...

Group 1 - The legal representative of Hongsheng Group, Zhu Lidan, responded to rumors of being taken away for investigation, stating it is a rumor [5] - Vivo has filed a lawsuit against a certain MCN for malicious defamation, and the case has been officially registered [7] - Xiaomi ranked first in China's smartphone market sales for two consecutive weeks, with a market share of 21.2% during the Golden Week [7] Group 2 - Meituan is piloting a feature that allows delivery riders to block customers who threaten or insult them, currently available in seven cities [5] - BYD confirmed that the discontinuation of the Song PLUS model is a normal product transition, with the new model being the Hai Si 06 [6] - Eastern Airlines announced free Wi-Fi service on its domestic "Air Express" wide-body aircraft starting October 11 [6] Group 3 - The trademark dispute over "Wanglaoji" has intensified, with both JDB Group and Guangzhou Wanglaoji Health Industry Co. claiming rights to the overseas trademark [6] - Qualcomm is under investigation for allegedly violating antitrust laws related to its acquisition of Autotalks, and the company is cooperating with the investigation [9] - Nvidia CEO Jensen Huang sold 225,000 shares of the company in October, cashing out over $113 million in total this month [9]

凤阳花鼓非遗传承人孙凤城、高静与滁州学院花鼓艺术团的学生同台演出。 图片由滁州学院提供 编者按 国家越来越重视中华优秀传统文化的继承与弘扬，高度重视非物质文化遗产的保护与传承工作。然而，非 遗项目普遍面临传承碎片化、展示场景有限、年轻人参与度低等难题。同时，专业化、高素质的非遗保护 人才的需求缺口正在不断扩大。近年来，围绕地方优势非遗项目，不少地方本科高校开设相关专业。记者 在安徽调研时发现，不少高校用"对口高考"招收大批中职学生，让中职生闯入了本科高校非遗"赛道"，成了 非遗传承的一支生力军。 宿州学院表演专业（泗州戏方向）的学生在进行演出前的化妆。 图片由宿州学院提供 让记者感到意外的是，张文并非出自梨园世家，也不是科班出身，他在上中职时与戏曲结缘，后来走上专 业道路，考上了本科高校。其实，他的经历并非个案，随着国家对非遗保护传承的日益重视，不少地方应 用型本科高校开设戏曲、传统工艺美术等专业（方向），随着"对口高考"招生规模不断扩大，开始招收大 批中职毕业生。 对此，记者深度调研发现，有很多专业，目前中职学校基本已经"贯通"高职院校，而"对口高考"的实施，使 得中职学校开始接通本科院校非遗"赛道"，越来 ...

Group 1 - The overall situation between China and the US is expected to converge, with limited adverse effects on the market [3][15]. - China has taken proactive measures indicating a shift in power dynamics, enhancing national governance capabilities and boosting investor confidence in A-shares [4][16]. - The A-share market is predicted to experience short-term weakness but long-term strength, maintaining a sideways trend with limited downside in the short term [5][17]. Group 2 - Investment opportunities remain concentrated in the technology sector, particularly in computer/media and electronics/communication, with a focus on industrial software, foundational software, and AI applications [6][18]. - Strategic metals are favored, with gold expected to outperform rare earths and copper, driven by factors such as currency credit deterioration and demand from global infrastructure upgrades [7][19]. - The impact of tariff conflicts is deemed limited, as companies have already prepared for such risks [8][20].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The new round of Sino - US tariff game has suddenly escalated. Trump's actions have political motives and negotiation considerations, aiming to force China to make concessions and reshape the negotiation framework with higher tariffs. The persistence of this round of friction may be stronger than that in April [7]. - In the market, there are certain risk - aversion features in the capital market after the holiday, but long - term funds may still be providing support. The market has not entered a systematic de - leveraging stage. The mid - term investment mainlines are clear, including technology and semiconductor industries, resource assets such as rare earth and gold, and large financial sectors like banks and securities [8]. 3. Summary According to Relevant Catalogs Market Review - **Market Performance** - Most major market indices rose last week, with the Shanghai Composite Index having the largest increase of 0.37%. Among major industries, the utility index and energy index performed relatively well, with weekly increases of 3.69% and 3.13% respectively, while the telecommunications service index and information technology index performed weakly, with decreases of 2.79% and 2.22% respectively [9][13]. - Among 30 Shenwan primary industries, 17 rose. The industries with larger increases were non - ferrous metals, coal, and steel, rising 4.44%, 4.41%, and 4.18% respectively. The industries with larger decreases were media, electronics, and power equipment, falling 3.83%, 2.63%, and 2.52% respectively [9][16]. - **Trading Volume** - The average daily trading volume of the Wind All - A Index last week was 26029.82 billion yuan (the previous value was 21876.96 billion yuan), at an extremely high historical level (98.00% of the three - year historical quantile) [9][19]. - **Valuation Tracking** - As of October 10, 2025, the valuation (PE_TTM) of the Wind All - A Index was 22.47, an increase of 0.13 from the previous week, at the 92.50% quantile of the past five - year history. Among 30 Shenwan primary industries, 17 saw a recovery in valuation (PE_TTM) [9][23]. Market Observation - **Analysis of the Sino - US Tariff Game** - Trump's actions in threatening to impose "significantly increased tariffs" on Chinese goods have both political motives and negotiation considerations. He hopes to force China to make concessions and reshape the negotiation framework. The persistence of this round of friction may be stronger than that in April due to China's stance, Trump's lower political pressure, and the uncertainty of the APEC summit [7]. - In the market, there are risk - aversion features, but long - term funds may still be providing support, and the market has not entered a systematic de - leveraging stage. The mid - term mainlines are technology and semiconductor industries, resource assets such as rare earth and gold, and large financial sectors [8]. - **Investment Recommendations** - Due to the sudden and persistent nature of this round of Sino - US friction, investors should not simply copy the "quick bottom - fishing" strategy in April. The adjustment space of the index is expected to be controllable. The mid - term mainlines are technology and semiconductor industries, resource assets such as rare earth and gold, large financial sectors, and the Hong Kong stock market may have phased allocation opportunities in high - dividend and new - consumption sectors [8]. Economic Calendar - This week, important domestic economic data to be released include China's export and import annual rates in US dollars, trade balance, new RMB loans, social financing scale, M2 money supply year - on - year, CPI, and PPI. Overseas, important data include the US unadjusted CPI year - on - year, PPI year - on - year, retail sales year - on - year, and core retail sales month - on - month. There are also important events such as speeches by the Fed Chairman and the Fed's financial regulatory vice - chairman [25].

每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 为什么特朗普政府的关税态度会出现如此快速的软化？美国为什么很难长期坚持对其他经济体的高关税政策？归根到底，是因为美国很难长时间逆着经济规律 做事情。 所以虽然关税政策短期有很大的不确定性，但是中长期来看，沿着经济规律演绎又是相对确定的。 本次关税再起波澜，我们认为政策的纠偏其实只是时间问题，对市场的影响预计会相对可控。 从宏观视角看，本次关税冲击和4月那次相比，我们认为也需要 考虑其他几方面因素：首先，市场是有"经验"和"记忆"的。其次，中国的应对经验更丰富。此外，当前的宏观信心和预期会更强一些。 所以总结来说，我们认为，外部因素的短期波动对国内的边际影响其实没有那么大，而真正需要关注的是国内经济、政策等因素的变化。只要我们继续坚持做 正确的事，就没什么好怕的。 风险提示： 全球地缘风险；美国政策的不确定风险；监管政策变化风险。 【宏观】胜人者有力，自胜者强 近期美国特朗普政府又开始酝酿对一些国家挑起关税摩擦，也引起市场诸多的关注。 我们认为对于外部环境变化不需要太悲观。就像我们在去年年度展望报 告当中提到的，"胜人者有力，自胜者强"，战胜别人看起来是有 ...

国泰海通证券报告认为，与4月冲击不同，当下贸易风险的边界相对清晰，国内金融稳定条件也更明 朗，因此外部冲击是扰动，不会终结趋势。投资更应看到中国"转型牛"内在确定性的趋势：中国转型加 快、无风险收益下沉与资本市场改革。当下中国社会和投资人关于"找资产"的需求持续井喷，尤其是发 展逻辑坚实的优质资产，因此，外部局势的冲突和扰动所造成的资产下跌反而是买点。地缘冲击和调整 难免，但时间不会久，幅度可控，是增持中国的时机。国泰海通认为风格不会切换，聚焦产业发展、反 内卷和稳定价值。1）中国AI创新与国产化进展提速，新一轮资本开支扩张周期出现；国产半导体设 备"deepseek时刻"或临近，推荐：港股互联网/电子半导体/国防军工/传媒/机器人等。2）金融板块在经 历调整后，股息回报和稳定价值提高，推荐：券商/银行/保险。3）反内卷的背后是经济治理思路的转 变，有助打破或修正此前充分定价的通缩预期，看好格局改善的周期品：有色（稀土）/化工/钢铁/新能 源等。 ...

Core Insights - The recent escalation of the US-China supply chain and tariff conflict is a continuation of trade frictions since 2018, and it is not a new negative factor for the A-share market. Historical experience shows that such shocks often create phase low points and investment opportunities [2][6][10] - Compared to the tariff shock in April this year, the current market has more favorable conditions, including investor expectations of tariff threats and stronger market resilience due to key resistance levels being surpassed [4][10] - Short-term adjustments are inevitable, but the market still shows resilience, with the potential for new highs after the shock ends. This adjustment may serve as an opportunity to optimize the investment structure [2][10] Industry and Company Analysis - The classic response strategy to the US-China conflict emphasizes self-sufficiency and domestic circulation, suggesting a focus on sectors with relatively low positions and marginal improvements, such as military industry, semiconductors, software self-sufficiency, new consumption, and non-ferrous metals [2][10] - The current market sentiment is bolstered by a stronger willingness of residents to invest, increased protective actions from important institutional investors, and accelerated trends in new industries like artificial intelligence and semiconductors, which provide long-term value during corrections [4][10] - The average guarantee ratio in the market has significantly improved from 261% in April to 287%, enhancing the market's ability to withstand downturns despite a larger scale of financing [4][9][10] - The recent market dynamics indicate that sectors such as gold, copper, cobalt, photovoltaic batteries, lithium battery equipment, wind power, semiconductors, and automotive are experiencing improvements or high levels of prosperity [4][10]