北水关注个股 阿里巴巴-W：伯恩斯坦将阿里巴巴目标价从167美元上调至200美元。 中芯国际：日前，有投资者反映称，接到券商短信告知，自10月9日起，信用账户持有的中芯国际的融资融券折算率由0.70调整为0。10月9日查询多家券商 网站发现，不仅是上述券商，其他多家券商也已将中芯国际的折算率调整为0。 腾讯控股：10月10日回购83.9万股股份，耗资约5.5亿港元。 药明生物：香港交易所信息显示，贝莱德在药明生物的持股比例于10月07日从5.90%降至4.99%。 据统计，南下资金已连续5日净买入小米，共计38.2084亿港元；连续2日减持中芯国际，共计51.05亿港元；连续2日减持华虹半导体，共计22.86亿港元。 | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -4.6% | -13.44 | 140.49亿 | 阿里巴巴-W | | 中芯国际 | -7.1% | -14.69 | 86.63 Z | 中芯国际 | | 腾讯控股 | -3.6% | -11.60 | 4 ...

除长鑫科技外，上峰水泥投资的盛合晶微也已完成IPO辅导验收，上海超硅上市申请已获受理，昂瑞微 科创板IPO将于10月15日上会，广州粤芯、芯耀辉等在上市辅导中；从新质业务培育的角度，上峰水泥 投资了半导体领域上下游的龙头，形成了相对完整丰富的生态资源基础。 江苏鑫华半导体科技股份有限公司是国内唯一实现电子级多晶硅规模化、全尺寸量产的企业，客户已覆 盖国内 12吋大尺寸先进制程集成电路产业链并实现出口；鑫华半导体承担了多项国家重大科技专项技 术攻关项目，是国家科技重大专项、2030重大项目的实施和牵头单位。本次上峰与中建材新材料基金及 各机构成立的平台联合出资14.76亿元后将成为鑫华半导体第一大股东，国家集成电路产业投资基金为 第二大股东持有约20.6%的股份。 上峰水泥上半年公告的五年战略规划显示：公司以建筑材料基石类业务与股权投资资本型业务"双轮驱 动"，稳步积累资源，力争培育出第二成长曲线的新质材料增长型业务。目前两类业务成效显著，建材 业务继续保持毛利率等竞争力指标行业领先并为股东带来持续丰厚回报；投资业务严控风险、专深聚焦 的同时还产生了较好的财务回报，合肥晶合单个项目上市减持已获1.66亿元净收益 ...

来源：整理自网络 如果您希望可以时常见面，欢迎标星收藏哦~ 10月10日，甘肃上峰水泥股份有限公司发布公告称，以全资子公司宁波上融物流有限公司（简称"宁波上融"） 为出资主体与专业机构合作投资江苏鑫华半导体科技股份有限公司（以下简称"鑫华半导体"），投资金额为 5,000 万元。本次合伙企业总认缴出资额达147610万元，宁波上融物流占比3.3873%。 鑫华半导体是2015年，由协鑫集团与国家集成电路产业投资基金（下称"大基金"）共同合作成立，致力于突破 电子级多晶硅的生产提升技术。官网信息显示，2016年开始在江苏徐州经济技术开发区建设国内首条500吨半 导体集成电路专用电子级多晶硅生产线。2022年，内蒙古鑫华半导体万吨电子级多晶硅项目开工建设。2023 年，公司5000吨硅基电子特气开工建设鑫阳半导体2000吨高纯石英砂投产。2024年上榜胡润《2024全球独角兽 榜》。 黄仁勋：HBM是个技术奇迹 上峰水泥的公告中指出，目前鑫华半导体已成为国内规模最大的半导体产业用电子级多晶硅生产企业，其产品 关键指标已达到国际先进水平，目前已实现半导体产业用电子级多晶硅量产且全尺寸覆盖。 日前，鑫华半导体在江苏证 ...

Industry Overview - The A-share market has seen the Shanghai Composite Index break through 3900 points, reaching a new high in nearly a decade, with a significant increase in trading volume compared to the previous day. However, leading semiconductor companies like SMIC and BAWI Storage experienced a notable high open followed by a decline. This is attributed to profit-taking sentiment after reaching new highs and recent export control measures on rare earths and lithium battery materials, which could impact semiconductor production at 14nm and below. The ongoing tensions in US-China tariff negotiations are also highlighted, suggesting a high probability of market fluctuations in the near future [2]. Semiconductor Industry - Yangjie Technology announced its Q3 2025 earnings forecast, expecting a net profit attributable to the parent company between 936.75 million and 1 billion yuan, representing a year-on-year growth of 40%-50%. The non-recurring net profit is projected to be between 865.71 million and 932.62 million yuan, reflecting a growth of 32.41%-42.64% year-on-year. The median net profit for Q3 alone is expected to exceed 340 million yuan, showing a growth of over 47% year-on-year. The growth is primarily driven by the sustained prosperity in the semiconductor industry, particularly in automotive electronics, artificial intelligence, and consumer electronics, leading to significant growth in the company's main business and an improving gross margin [3]. Advanced Manufacturing - According to data from the First Commercial Vehicle Network, 21,600 new energy heavy trucks were added in September, marking a year-on-year increase of 252% and a month-on-month increase of 37%, achieving a historical monthly sales high in this segment. The market penetration rate for new energy heavy trucks reached approximately 20.6%. The surge in sales is attributed to several factors, including the implementation of old-for-new replacement policies, seasonal and transaction rhythms, improved battery and model supply, and the establishment of battery swap and high-power charging networks along freight corridors. The economic advantages of new energy heavy trucks are significant, with cost savings of 1-1.6 yuan per kilometer compared to diesel trucks. The investment recovery period is shortened due to declining battery costs and the introduction of replacement subsidies, indicating a high and sustainable growth outlook for the new energy heavy truck sector [6]. Consumer Sector - TOPTOY submitted its IPO application on the Hong Kong Stock Exchange. Established in December 2020, it is the largest and fastest-growing trendy toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024. The company has built a diversified IP matrix through self-owned, authorized, and third-party brands, with 17 self-owned IPs and over 600 third-party IPs as of September 2025. The strong performance of authorized IPs is highlighted, with cumulative sales of over 168 million yuan for Sanrio's plush toys and over 57 million yuan for the "Latte Baby" series. The company focuses on three core categories: figurines, 3D assembly models, and plush toys, with projected revenues of 1.256 billion yuan from figurines in 2024, accounting for 68.8% of total revenue. The company employs a multi-channel model and has expanded to 299 stores, including 15 overseas, enhancing customer experience through various retail formats. The long-term growth potential is promising, although there are short-term concerns regarding reliance on authorized IPs and the need to validate localization capabilities in overseas markets [8].

Market Overview - On October 9, Hong Kong's three major indices showed mixed performance, with the Hang Seng Index down 0.29% to 26,752.59 points, the Hang Seng Tech Index down 0.66% to 6,471.34 points, and the Hang Seng China Enterprises Index up 0.07% to 9,530.13 points [1] - The pharmaceutical sector experienced a significant pullback, while the semiconductor industry saw a notable decline in the afternoon session, and the metals sector accelerated its gains [1] - Notable individual stock movements included Alibaba down nearly 2.5%, Hua Hong Semiconductor down nearly 6.5%, and Kuaishou up over 3.5% [1] Southbound Capital - On October 9, southbound funds net purchased Hong Kong stocks worth 30.43 billion HKD, with Kuaishou receiving a net inflow of 10.86 billion HKD [2] - Year-to-date, the cumulative net purchase amount of southbound funds has reached 11,705.58 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down 0.52%, the S&P 500 down 0.28%, and the Nasdaq down 0.08% [3] - Boeing fell over 4%, and the Travelers Companies dropped nearly 3%, leading the decline in the Dow [3] - Chinese concept stocks mostly declined, with Alibaba down 4% and XPeng down 5% [3] Key News - Alibaba is exploring advancements in its Tongyi Qianwen large language model, aiming to transition from a language model to an intelligent agent capable of real-world actions [4] - Silver prices recently surpassed 51 USD per ounce, marking the highest level since the 1980s, with year-to-date silver futures up over 70% [4] - Federal Reserve officials expressed support for further interest rate cuts this year, while caution remains due to uncertainties in inflation and employment [4] Short Selling Data - On October 9, a total of 653 Hong Kong stocks were short-sold, with total short selling amounting to 41.163 billion HKD [5] - The top three stocks by short selling amount were Alibaba-W at 32.86 billion HKD, Tencent Holdings at 19.8 billion HKD, and HSBC Holdings at 17.45 billion HKD [5] Institutional Insights - Huatai Securities believes that the upward trend in Hong Kong stocks may continue post-holiday, citing historical volatility patterns [6] - The firm highlights the increasing importance of scarce and certain assets amid global uncertainties, along with a rising demand for cross-asset and cross-regional capital reallocation [6] - The narrative around AI and technology is strengthening, and there is a notable recovery in consumer demand, particularly in experiential consumption [6] Hong Kong Stock ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology firms that are also scarce in A-shares [8]

Core Viewpoint - The significant net buying of 7.83 billion by Ganfeng Lithium indicates a strong interest from institutional and northbound funds in high-growth sectors, particularly in the energy metals, battery, and semiconductor industries [1][5]. Group 1: Ganfeng Lithium - Ganfeng Lithium topped the trading board with a net buying amount of 7.83 billion and reached the daily limit up, reflecting substantial capital inflow [1][3]. - Institutional investors contributed 5.21 billion, while northbound funds added 1.6 billion, suggesting a long-term investment strategy rather than short-term speculation [3]. Group 2: Other Notable Stocks - Tianji Co., a battery sector company, saw a net buying of 3.15 billion, with institutions investing 4.42 billion, indicating confidence in battery technology advancements and energy storage opportunities [3]. - Dazhong Semiconductor experienced a 20% limit up with institutional purchases of 3.58 billion, aligning with the anticipated recovery in the semiconductor industry and accelerated domestic substitution [3]. Group 3: Capital Flow Insights - Northbound funds showed interest in stocks like Yandong Micro and Western Superconducting, both in high-growth sectors, while also investing 1.23 billion in Shenzhen Technology, hinting at a potential rise in the consumer electronics sector [4]. - There were discrepancies in capital flow, as Dazhong Semiconductor was heavily bought by institutions while northbound funds sold 34 million, indicating differing views on specific stocks [4]. Group 4: Market Trends and Indicators - The trading board serves as a barometer for capital direction, with Ganfeng Lithium's net buying being part of a broader trend towards high-growth sectors [5]. - Key indicators such as lithium prices and semiconductor capacity utilization rates are crucial for long-term investment strategies, emphasizing the importance of monitoring these metrics [5].

同志们开工大吉啊，今天虽然半导体又常态化绊倒，跳了一下水，但市场整体的赚钱效应还是挺强的，A股也在10年之后，重新踏上3900点。 咱们根据昨晚的《 展望 》，用几张图，带大家聊一下今天的市场。 一、历经28个交易日，上证指数突破3900点。 下面这张图，之前咱们贴过，今天是更新，因为上证突破了3900点，从8月22日突破3800点后开始算，总共耗时28个交易日——不得不说，这控指数的节 奏，堪称high level，用节后第一天的突破，帮大家对冲一下假期综合症。 大家比较八卦的问题，还是上证和黄金的PK，下图，国庆期间，现货黄金接连突破3900、4000美刀，跑在上证指数前面了，但有一个点得补充一下，因 为黄金是零息资产，本身不产生收益，而股票是生息资产，有股息， 加上股息的上证收益指数，截至今天已经快4500点了 。 ...... 二、市场的风格极度结构化——外部映射的领涨，假期相关的领跌。 昨晚我们在展望里提到了，国庆期间，外围市场涨的比较好的资产，包括，芯片半导体、黄金、有色金属、资源股、生物医药，以及高盛报告里提到的电 力板块，尤其是核电。 下图，我拉了一下，除了创新药板块今天大幅杀跌外，其他外围映 ...

Company News - TSMC reported a consolidated revenue of NT$330.98 billion for September, representing a year-on-year increase of 31.4% [1] - ChatGPT Go has expanded its plan to 16 new Asian countries [1] - Novo Nordisk will acquire Akero Therapeutics [1] Market Dynamics - Major U.S. stock index futures showed weakness before the market opened, with Dow futures down 0.01%, S&P 500 futures down 0.01%, and Nasdaq futures down 0.06% [1] - European stock indices had mixed results, with Germany's DAX index up 0.56%, the UK's FTSE 100 down 0.19%, and France's CAC 40 up 0.46% [1] - Spot silver prices surpassed $50 per ounce, reaching a historical high [1] - Popular Chinese concept stocks showed mixed performance before the market opened, with Bilibili up over 5% and Xpeng down over 2%. Nvidia's stock was up more than 2% [1]

Market Overview - The first trading day after the holiday saw a strong opening, with the Shanghai Composite Index rising above the 3900-point mark, reaching its highest level since August 2015 [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.65 trillion, an increase of 471.8 billion compared to the previous trading day [1] - The Shanghai Composite Index closed up 1.32%, the Shenzhen Component Index up 1.47%, and the ChiNext Index up 0.73% [1] ETF Performance - Gold stock ETFs led the market with a rise of 9.47% [2] - Mining ETFs and Nonferrous 60 ETFs also performed well, closing up 8.58% and 8.44% respectively [2] Gold Market Insights - The weakening of the US dollar credit continues to support gold prices in the long term [2] - The Federal Reserve recently lowered the federal funds rate target range by 25 basis points to between 4.00% and 4.25% [2] - There is a division among Fed officials regarding the extent of future rate cuts, with a majority expecting at least two more cuts this year [2] Global Political Developments - The US government has been in a shutdown for a week due to budget disagreements, with multiple funding bills failing to pass [3] - In France, Prime Minister Leclerc resigned after just 27 days in office, marking a significant political crisis for President Macron [3] - In Japan, a new leader of the ruling Liberal Democratic Party has been elected, advocating for expansionary fiscal policies [3] Commodity Supply Issues - The Grasberg copper mine in Indonesia has faced significant operational disruptions due to a recent accident, leading to a projected reduction in global copper supply [6] - The International Energy Agency has projected a copper supply gap of 20% by 2035, indicating potential price increases in the future [8] Semiconductor Sector Developments - The semiconductor sector saw significant gains, with major ETFs like the Sci-Tech Chip ETF and Chip ETF rising by 2.98% and 2.96% respectively [9] - A report from the US House of Representatives calls for an expansion of export bans on semiconductor manufacturing equipment to China [10] AI and Computing Infrastructure - OpenAI has made significant agreements for computing power, including a $300 billion deal with Oracle and a partnership with AMD for chip supply [17][18] - The demand for storage is expected to rise due to the proliferation of video generation models, potentially leading to price increases in DRAM [20] Investment Recommendations - Investors are advised to focus on gold stock ETFs, mining ETFs, and Nonferrous 60 ETFs due to favorable market conditions [6] - The semiconductor sector remains a strong investment focus, particularly in light of ongoing geopolitical tensions and supply chain issues [21]

Group 1: Market Performance - The three major indices experienced upward fluctuations, with the Shanghai Composite Index rising by 1.32%, the Shenzhen Component Index by 1.47%, and the ChiNext Index by 0.73% as of the market close on October 9 [2] - Over 2,900 stocks in the two markets saw gains, with a total trading volume of approximately 2.65 trillion yuan [2] Group 2: Precious Metals Sector - The precious metals sector showed strong performance, with notable increases in stocks such as Xiaocheng Technology, Western Gold, Chifeng Jilong Gold, and Shandong Gold [2] - A report from Western Securities indicated that the ongoing expansion of credit cracks in the US dollar could lead to a long-term bull market for gold, with the current phase being the early stage of the third wave of a major upward trend [2] Group 3: Controlled Nuclear Fusion Concept - The controlled nuclear fusion concept saw a collective surge, with stocks like Zhongzhou Special Materials and Western Superconducting rising by 20% [2] - A key breakthrough was reported in the construction of the compact fusion energy experimental device BEST in Hefei, Anhui, marking a new phase in the project's main engineering construction [2] Group 4: Copper and Basic Metals - The basic metals and copper sectors performed strongly, with companies like Luoyang Molybdenum and Northern Copper rising by 10% [3] - CITIC Securities noted that the accelerated decline of the US dollar's credit and the increasing demand for copper due to the expansion of power infrastructure for AI support are driving copper prices above $10,500 per ton [3] Group 5: Semiconductor Sector - The semiconductor sector showed robust performance, with companies like Huahong Semiconductor and Chipone Technology rising over 12% [4] - The AI industry chain experienced significant catalysts during the National Day holiday, including a multi-billion dollar chip procurement agreement between AMD and OpenAI, boosting investor confidence in the tech growth sector [4] Group 6: Weak Sectors - The film and tourism hotel sectors faced declines, with Huace Film and Television dropping over 13% and Light Media falling over 10% [4] - The liquor and real estate sectors also weakened, with companies like Shenzhen Properties and Kweichow Moutai experiencing notable declines [4]