Core Viewpoint - The meeting between Guangdong provincial leaders and China Mobile's executives emphasizes the deepening of central-local strategic cooperation to accelerate the development of the information technology industry in Guangdong [1] Group 1: Strategic Cooperation - Guangdong has seen significant progress in central-local cooperation since signing the strategic cooperation framework agreement with China Mobile [1] - The provincial government aims to leverage high-quality development to lead in the modernization of China [1] Group 2: Industry Development Focus - Guangdong plans to cultivate emerging industries such as next-generation information technology, artificial intelligence, robotics, and quantum technology as key drivers for new industrial advantages [1] - The government will concentrate resources to support the development of high-tech, high-growth, and large-scale industries [1] Group 3: Infrastructure and Technology - China Mobile is encouraged to enhance the introduction of quality resources and major projects, focusing on data and computing services [1] - There is a call for increased investment in new digital infrastructure and collaboration with local universities and leading industry players for key technology research and development [1] Group 4: Application and Coverage - The partnership aims to expand the application of digital technologies in sectors such as smart manufacturing, smart cities, autonomous driving, and healthcare [1] - Efforts will be made to improve high-quality communication network coverage in rural and remote areas, including islands [1]

0:00 A股融资余额规模继续攀升，杠杆资金入场步伐加快。截至10月9日，沪深京三市融资余额达24291.95亿 元，续创历史新高。从单日融资净买入额来看，10月9日单日融资净买入额超过508亿元，创近1年新 高，在A股历史中录得次高纪录，仅次于2024年10月8日的1075亿元峰值。 融资客热情持续高涨下，哪些个股得到了融资客们的青睐？21财经·南财快讯记者统计发现，今年以 来，电子、电力设备、通信等科技行业是融资净买入的热门板块。具体到个股，光模块龙头新易盛、 AI-PCB龙头胜宏科技年内获融资净买入超过100亿元，并连续5个月被融资客持续加仓，两股年内涨幅 分别达327.06%、580.97%。 ...

今日A股表现不佳，万得全A收跌1.64%，上证指数失守3900点，收跌0.94%，深证成指跌2.7%，创业板 指跌4.55%，跌幅创年内次高，科创50、创业板指出现较大跌幅，分别报跌5.61%、4.55%。（注：数据 来源Wind，2025/10/10） （1）AI相关产业：在自主可控的要求下，国家对国内AI产业链的支持政策不断落地，预计国内算力资 本开支将进一步扩大，AI端侧普及率提高，后续可以关注国产算力链、消费电子等领域。 （2）中国品牌竞争力提升：在"工程师红利"的支撑下，中国品牌制造经历了从"便宜货"到"又好又便宜 又赚钱"到很多领域的"跨越时刻"的转变，可以关注国产品牌出海，以及汽车、创新药、军贸等实现了 弯道超车或自主份额提升的细分赛道。 （3）资源品：铜、贵金属、小金属等资源品具备真正的稀缺性和抗通胀性，且容易形成稳定的供给联 盟，资源品相关资产具备稳定的现金流和良好的长期配置价值。 风险提示：本材料内容中的信息或所表达的意见具有时效性，仅供参考，并不构成投资建议。基金有风 险，投资需谨慎。投资人购买基金时应详细阅读本基金的基金合同、招募说明书和基金产品资料概要等 法律文件，全面了解产品风险， ...

Market Overview - The A-share market is expected to continue its upward trend, although the momentum may weaken, leading to increased volatility and a more balanced investment style [6][19] - The Shanghai Composite Index rose by 15.84%, while the Shenzhen Component Index increased by 29.88% in the first three quarters of 2025 [4][13] Industry Performance - The non-ferrous metals sector led the gains with a 67.52% increase, followed by telecommunications at 62.61% and electronics at 53.51% [4][14] - The coal sector experienced the largest decline at -7.90%, with food and beverage and oil and petrochemicals also showing negative performance [4][14] Market Logic for Q4 2025 - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the impact of U.S. tariff policies and domestic economic recovery [5][18] - The demand for stocks is expected to increase due to personal investors reallocating assets towards equities, alongside improvements in public and private fund issuance [5][18] Sector Allocation - Key sectors to watch include: - Pharmaceuticals: Defensive value with recovery potential [6] - Semiconductors: Driven by self-sufficiency logic [6] - Robotics: Strong internal growth drivers [6] - Renewable Energy: Potential for continued rebound [6] - Financials: Benefiting from increased market activity [6] Thematic Investments - Thematic investment opportunities include: - AI: Expansion from hardware to applications [6] - Optical communication modules: Core drivers include AI computing and data center upgrades [6] - Rare earth materials: China's advantages in this sector [6] - Military industry: Potential driven by export attractiveness and geopolitical tensions [6]

国家发展改革委：北京非首都功能疏解标志性项目取得重要进展。 从国家发展改革委获悉，近年来，国家发展改革委认真履行中央区域办职责，会同有关方 面始终牢牢牵住疏解北京非首都功能这个"牛鼻子"，压茬推进标志性疏解项目在雄安新区 落地建设，目前取得了积极进展和成效。 据悉，下一步，中央区域办、国家发展改革委将会同有关方面按照党中央、国务院决策部 署，积极稳妥推进后续疏解项目落地建设，推动雄安新区进一步完善市政和公共服务配套 设施，落实落细住房、人才、教育、医保等疏解支持政策举措，真正让疏解人员在雄安留 得下、发展好。 此前报道： 中国华能、中国中化正式迁驻雄安新区 来源：新华社 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 编辑丨赵方婷 高校方面，北京交通大学、北京科技大学、北京林业大学、 中国地质大学（北京） 4 所 高校的雄安校区正加快建设，北京理工大学、北京航空航天大学、 华北电力大学 、北京 语言大学、中国传媒大学5所高校的雄安校区已明确选址用地，正在编制总体规划建设方 案。 医院方面，北京大学人民医院雄安院区正加快推进主体结构施工，北京协和医院国家医学 中心（雄安院区） ...

1.国家发改委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》。点评：《公告》提出， 价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民 经济健康发展。《公告》的出台是国内"反内卷"的最新举措，其提出的调研评估行业平均成本、加强价格监管、规 范招标投标行为等多项措施，将促进各行业有序、良性发展。 2.中国对稀土、超硬材料、锂电池等相关物项实施出口管制。点评：10月9日，商务部发布了两项关于加强稀土相关 物项出口管制的公告，分别对境外相关稀土物项、稀土相关技术实施出口管制；同日下午，商务部还联合海关总署明 确对超硬材料、稀土设备和原辅料、钬等5种中重稀土、锂电池和人造石墨负极材料相关物项实施出口管制。商务部 新闻发言人指出，一段时间以来，部分境外组织和个人将原产中国的稀土管制物项直接或者加工后再转移、提供给有 关组织和个人，对国际和平稳定造成不利影响，也有损防扩散国际努力。 3.当地时间10月9日，美国共和党提出的结束美国政府停摆的法案未能在参议院获得足够票数，法案未获通过。点评： 2025年10月1日0时起，美国联邦政府因国会未能在9月 ...

Group 1: Stock Performance - ZTE Corporation's stock price reached a historical high, increasing by 4.94% to 52.45 yuan, with a trading volume of 272 million shares and a transaction amount of 13.983 billion yuan [2] - The latest total market capitalization of ZTE Corporation in A-shares is 211.27 billion yuan, with a circulating market value of 211.23 billion yuan [2] - The overall decline in the telecommunications industry is 0.13%, with 32 stocks rising, including ZTE Corporation, which ranks among the top gainers [2] Group 2: Financial Data - For the first half of the year, ZTE Corporation achieved operating revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [3] - The basic earnings per share are 1.0600 yuan, and the weighted average return on equity is 6.85% [3] Group 3: Market Activity - As of October 9, the margin trading balance for ZTE Corporation is 11.671 billion yuan, with a financing balance of 11.651 billion yuan, reflecting a recent increase of 1.647 billion yuan, or 16.46% [2] - On October 9, Guosen Securities set a target price of 57.10 yuan for ZTE Corporation [2] - The number of shareholders as of September 30 is 442,852, a decrease of 3,945 from the previous period, representing a decline of 0.88% [2]

晨会纪要（2025/10/10） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.10.10） 宏观及策略研究 制造业景气度进一步改善，小型企业改善明显——2025 年 9 月 PMI 数据点评 "十五五"规划部署在即，市场延续节前活跃状态——A 股市场投资策略周 报 金融工程研究 主要指数全部上涨，两融余额小幅下降——融资融券周报 行业研究 长假消费平稳增长，维持对包装纸行业乐观判断——轻工制造&纺织服饰行 业 10 月投资策略展望 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/10/10） 宏观及策略研究 制造业景气度进一步改善，小型企业改善明显——2025 年 9 月 PMI 数据点评 （2）9 月非制造业商务活动指数回落 0.3 个百分点至 50.0%，位于分界点。分行业来看，9 月建筑业商务活 动景气度小幅回升了 0.2 个百分点至 49.3%，继续位于收缩区间。服务业商务活动指数则受暑期效应消退影 ...

Group 1 - The A-share market is experiencing a short-term correction, with AI-related concepts leading the decline, as companies like Runze Technology, Kunlun Wanwei, and Beijing Junzheng have all dropped over 5% [1] - The 5G Communication ETF (515050) and the ChiNext AI ETF (159381) have seen intraday declines of 2.70% and 2.81%, respectively [1] - According to the strategy team at Industrial Securities, the period following the National Day holiday is a traditional window for risk appetite to increase, with a notable improvement in market winning rates, particularly favoring technology growth sectors [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a current scale of nearly 10 billion yuan, focusing on the supply chains of companies like Nvidia, Apple, and Huawei [2] - The index has a high purity of "hard technology," with communication and electronics sectors accounting for nearly 80% (79.4%) of the total weight, where communication holds 44% and electronics 35% [2] - The ChiNext AI ETF (159381) tracks the ChiNext AI Index, with a focus on AI companies in the ChiNext market, featuring a high elasticity due to its significant allocation to optical modules and coverage of domestic software and AI application firms [2]

Summary of Key Points Core Viewpoint - As of October 9, the total market financing balance reached 2.43 trillion yuan, reflecting an increase of 508.05 billion yuan from the previous trading day, indicating a positive trend in market financing activity [1]. Financing Activity - The financing balance for the Shanghai Stock Exchange was 1.23 trillion yuan, up by 246.32 billion yuan, while the Shenzhen Stock Exchange saw a balance of 1.19 trillion yuan, increasing by 260.78 billion yuan. The Beijing Stock Exchange's financing balance was 75.13 billion yuan, with a rise of 9.57 million yuan [1]. - On October 9, a total of 2,571 stocks received net financing purchases, with 1,008 stocks having net purchases exceeding 10 million yuan, and 104 stocks exceeding 100 million yuan [1]. Top Stocks by Net Financing - ZTE Corporation led the net financing purchases with 1.45 billion yuan, followed by Xinyi Technology and Northern Rare Earth with 1.33 billion yuan and 1.17 billion yuan, respectively. Other notable stocks included Seres, Cambricon Technologies, and CITIC Securities [1][2]. Industry Distribution - The industries with the highest concentration of stocks receiving net financing over 100 million yuan included electronics, electrical equipment, and non-ferrous metals, with 32, 16, and 13 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 67 stocks, the ChiNext board had 22 stocks, and the Sci-Tech Innovation board had 15 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 3.98%. The stock with the highest ratio was Jiejia Weichuang at 8.08%, followed by Dingjie Zhizhi, Dongfang Caifu, and Beijing Junzheng with ratios of 7.79%, 7.74%, and 7.67% respectively [2].