Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.51% at 3913.8 points, the Shenzhen Component Index down 1.85%, and the ChiNext Index down 3.4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 165.61 billion yuan, a decrease of 70.8 billion yuan compared to the previous day, with over 2300 stocks declining across the market [1] Sector Performance - Chip stocks experienced significant declines, with companies such as Dongxin Co., Yandong Micro, Jinghe Integration, and Huahong Technology all falling over 10%, and many stocks seeing their margin trading ratios drop to 0 [2] - Spot gold prices fell below 4000 USD per ounce, leading to adjustments in the gold and non-ferrous metal sectors, with Western Gold and Xiaocheng Technology dropping over 8%, and Chifeng Gold down over 6% [2] - The battery sector also saw declines, with Liyuanheng and Tianhong Lithium Battery falling over 10%, and Yiwei Lithium Energy down over 9% [2] - Conversely, gas stocks rose collectively, with Dazhong Public Utilities and Hongtong Gas hitting the daily limit [2] - The electric grid equipment sector strengthened, with Sifang Co., Guodian Nanzi, and Shima Power all hitting the daily limit [2] - Military industry stocks rose against the trend, with Jieqiang Equipment and Beifang Changlong increasing over 16%, and Changcheng Military Industry hitting the daily limit [2]

Market Overview - The major stock indices opened lower and continued to decline, with the ChiNext Index dropping over 3% and the Sci-Tech 50 Index falling more than 4% [1] - As of the midday close, the Shanghai Composite Index was at 3913.80 points, down 0.51%; the Shenzhen Component Index was at 13471.74 points, down 1.85%; and the ChiNext Index was at 3150.78 points, down 3.40% [2] Sector Performance - The electric grid equipment sector experienced significant gains, with New Special Electric reaching a 20% limit up, and several other stocks like State Grid Nanzhi and Sifang Co. also hitting the limit up [1][5] - The consumer sector showed resilience, particularly in retail and food and beverage, with stocks like Zhuangyuan Pasture and Shen Saige reaching their limit up [1][4] - The military equipment sector continued to rise, with Changcheng Military Industry hitting the limit up [1] - Conversely, the semiconductor sector faced a pullback, with stocks like Dongxin Co. and Yandong Microelectronics dropping over 10% [1] - Precious metals saw a decline, with Western Gold leading the drop, while the solid-state battery sector weakened, with Xian Dao Intelligent showing significant losses [1] Hotspot Sectors - **Consumer Sector**: The beauty care and food and beverage segments led the gains, with Zhuangyuan Pasture achieving consecutive limit ups. The Ministry of Commerce reported a 2.7% year-on-year increase in sales for key retail and catering enterprises during the National Day and Mid-Autumn Festival holiday [4] - **Electric Grid Equipment**: Goldman Sachs' research indicated a significant impact of AI and non-AI workloads on data center power demand. The expected investment in the electric grid has been raised from $720 billion to $780 billion by 2030, with a focus on distribution infrastructure [5]

今日A股早间震荡调整，三大指数集体下挫，大小指数明显分化，中小盘股表现较强。沪深两市半日成交额1.64万亿，较上个交易日缩量713亿。盘 面上热点高低切换， 电池、半导体热门赛道股集体调整， 先导智能低开低走大跌超11%，前期表现强势的燕东微、华虹公司、佰维存储等芯片产业 链个股集体重挫。 上涨方面， 今日热点集中在电网设备、核电、军工等方向， 其中新特电气20cm涨停，国电南自等多股涨停。风电设备概念股逆势走强， 吉鑫科技6天4板。核电板块延续强势，合锻智能3连板，安泰科技、中国核建2连板。 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 准确 快速 权威 专业 板块方面，燃气、电网设备等板块涨幅居前，贵金属、电池、半导体等板块跌幅居前。截至收盘，沪指跌0.51%，深成指跌1.85%，创业板 指跌3.40%。 ...

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.51% at 3913.8 points, the Shenzhen Component Index down 1.85%, and the ChiNext Index down 3.4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 165.61 billion yuan, a decrease of 70.8 billion yuan compared to the previous day, with over 2300 stocks declining across the market [1] Sector Performance - The semiconductor sector experienced significant losses, with stocks such as Dongxin Technology, Yandong Micro, Jinghe Integrated, and Huahong Semiconductor all dropping over 10%, and many stocks seeing their margin financing ratios fall to 0 [1] - The precious metals sector saw a retreat, with spot gold falling below 4000 USD per ounce, leading to declines in gold and non-ferrous metal stocks, including Xibu Gold and Xiaocheng Technology, which fell over 8%, and Chifeng Gold, which dropped over 6% [1] - The battery sector also faced declines, with stocks like Liyuanheng and Tianhong Lithium Battery falling over 10%, and Yiwei Lithium Energy down over 9% [1] Gaining Sectors - Conversely, the gas sector saw collective gains, with stocks such as Dazhong Public Utilities and Hongtong Gas hitting the daily limit [1] - The electric grid equipment sector strengthened, with stocks like Sifang Co., Guodian Nanzi, and Shenneng Electric also reaching the daily limit [1] - The military industry stocks rose against the trend, with companies like Jieqiang Equipment and Beifang Changlong increasing over 16%, and Changcheng Military Industry hitting the daily limit [1]

板块方面，燃气、电网设备等板块涨幅居前，贵金属、电池、半导体等板块跌幅居前。 盘面上热点高低切换，电池、半导体热门赛道股集体调整，先导智能低开低走大跌超11%，前期表现强 势的燕东微、华虹公司、佰维存储等芯片产业链个股集体重挫。上涨方面，今日热点集中在电网设备、 核电、军工等方向，其中新特电气20cm涨停，国电南自等多股涨停。风电设备概念股逆势走强，吉鑫 科技6天4板。核电板块延续强势，合锻智能3连板，安泰科技、中国核建2连板。 10月10日，市场早间震荡调整，三大指数集体下挫，大小指数明显分化，中小盘股表现较强。 沪深两市半日成交额1.64万亿，较上个交易日缩量713亿。截至收盘，沪指跌0.51%，深成指跌1.85%， 创业板指跌3.40%。 ...

中金公司研报认为，近期市场表现出较强的结构性特征，热点集中在成长板块。由于前期市场成交迅速 放大、交易集中，8月底后A股市场进入盘整震荡期，但不乏结构亮点。海外AI算力的强劲需求持续被 印证，中国能源转型目标较为清晰，在全球产业链上的定位决定了中国以制造业大国的角色参与技术革 命，研报认为推动制造升级将是中长期趋势，正在催化股票市场的结构性机会。10月建议关注如下配置 思路：1）AI算力和机器人等相关产业链；2）创新药、消费电子、电池和有色金属等行业；3）工程机 械、电网设备、养殖业与饲料等行业；4）"十五五"相关领域。（人民财讯） ...

Market Performance - The grid equipment sector increased by 2.98% compared to the previous trading day, with Jiusheng Electric leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Individual Stock Performance - Jiusheng Electric (301082) closed at 20.36, with a rise of 13.55% and a trading volume of 413,300 shares [1] - Jinbei Electric (002533) rose by 10.04% to close at 12.93, with a trading volume of 383,200 shares [1] - Tebian Electric (600089) increased by 10.00% to 19.58, with a trading volume of 2,297,100 shares and a transaction value of 4.45 billion [1] - Other notable performers include Far East Holdings (600869) up 8.30% and Jingda Co. (600577) up 8.08% [1] Capital Flow Analysis - The grid equipment sector saw a net inflow of 1.277 billion in main funds, while retail funds experienced a net outflow of 634 million [2] - The main funds showed significant inflows in stocks like Tebian Electric and Jinbei Electric, while retail investors withdrew from these stocks [3] Summary of Stock Flows - Tebian Electric had a main fund net inflow of 668 million, representing 15.01% of its trading volume, while retail funds saw a net outflow of 274 million [3] - Jinbei Electric experienced a main fund net inflow of 108 million, accounting for 22.48% of its trading volume, with retail funds withdrawing 45.5 million [3] - Other stocks like Jingda Co. and China West Electric also showed similar trends with varying degrees of fund inflows and outflows [3]

每日经济新闻 （责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，风电行业维持高景气，电网设备行业处于上行中期。1-8月份，全国发电设备累计 平均利用2105小时，比上年同期降低223小时；电源工程投资完成4992亿元，同比+0.32%；电网工程投 资完成3796亿元，同比+14%。风电行业业绩兑现，订单落地，装机维持高增长；电网设备行业投资持 续扩增，景气度较高。整体来看，电力设备和电网设备行业受益于政策支持和投资增长，行业表现稳 健。 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从中国A股市场中选取 涉及电力传输、配电及相关设备制造等业务的上市公司证券作为指数样本，以反映电网设备行业相关上 市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变 ...

Core Viewpoint - Weisheng Information (688100) announced significant contract wins in September, indicating strong business momentum and potential revenue growth for the company in the upcoming fiscal year [1] Group 1: Contract Wins - In September, the company secured five projects, including the first batch of framework bidding for metering equipment from China Southern Power Grid and the 53rd batch procurement from State Grid Corporation for 2025 [1] - The total contract value for these projects amounts to 287 million yuan, which represents 10.45% of the company's audited total revenue for the fiscal year 2024 [1]

Core Insights - The overall market of the Beijing Stock Exchange (BSE) continued to show a fluctuating trend in September 2025, with the BSE 50 Index reaching a historical high mid-month, indicating sustained recognition of high-quality supply and expectations for institutional reforms [5][14] - The upcoming "920 code switch" for existing companies in October marks a significant step towards a unified code system, enhancing market recognition [5][14] - The market ecology is shifting from being dominated by retail investors to institutional allocation, reflecting a transition from "quantity expansion" to "quality optimization" [5][14] - Looking ahead to Q4, potential catalysts for funds include index adjustments, thematic fund issuances, and anniversary policy expectations, with a focus on "specialized, sophisticated, and new + high-end manufacturing" themes [5][14] Market Review and Valuation - As of September 29, 2025, the BSE 50 Index fell by 2.21% in September, with a maximum increase of 6.08% during the period. Year-to-date, the index has risen by 48.34% with a peak increase of 60.92% [6][15] - The average PE (TTM) for the BSE 50 Index was 76.41 times, while the median was 75.86 times. In comparison, the ChiNext Index had an average PE of 42.73 times, and the Sci-Tech Innovation Board had an average PE of 180.14 times [21][15] New Stock Dynamics - In September, three new stocks were listed on the BSE, bringing the total number of listed companies to 277. During the period from September 1 to September 29, four companies were subscribed, and three were listed [33][34] Key Company Announcements - The BSE announced that starting from October 9, 2025, existing listed companies will uniformly adopt new securities codes starting with "920," which will cover trading orders, market inquiries, and various business operations [37]