Economic Overview - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, with a year-on-year growth of 5.5% [1] - The industrial production maintained a growth trend, with the industrial added value increasing by 5.2% year-on-year [2] Industrial Performance - The total industrial output value for large-scale industries in Shanghai grew by 5.7% year-on-year, with an acceleration of 0.1 percentage points compared to the first half of the year [2] - Key sectors such as railway, shipbuilding, aerospace, and other transportation equipment manufacturing saw a significant increase of 15.9% [2] - Electrical machinery and equipment manufacturing grew by 14.3%, while computer, communication, and other electronic equipment manufacturing increased by 12.1% [2] Investment Trends - Industrial investment in Shanghai rose by 20.3%, outpacing the overall fixed asset investment growth rate of 14.3 percentage points [2] - The resilience and internal driving force of industrial growth have been enhanced, indicating a positive investment outlook for future production [2] Emerging Industries - The three leading industries in Shanghai experienced an 8.5% increase in output value, surpassing the overall industrial growth by 2.8 percentage points [3] - The artificial intelligence manufacturing sector grew by 12.8%, and integrated circuit manufacturing increased by 11.3% [3] - High-tech manufacturing output value rose by 10.3%, with aerospace and communication equipment manufacturing growing by 20.6% and 13.4%, respectively [3] Strategic Initiatives - Shanghai is focusing on enhancing its artificial intelligence industry by aiming for a tripling of innovative enterprises, industry scale, and talent [4] - The city has established 12 national-level intelligent factories and 254 advanced intelligent factories, leading the nation in smart manufacturing [4] - In the biopharmaceutical sector, Shanghai's industry scale is expected to exceed 1 trillion yuan this year, with significant advancements in innovative drug approvals [5] Future Industry Development - Shanghai aims to cultivate a number of future industry clusters and lead in disruptive technologies by 2027 [5] - The city plans to nurture around 20 leading enterprises in future industries and establish itself as a globally influential hub by 2030 [5]

Core Viewpoint - The market has shown resilience against tariff impacts, with the Shanghai Composite Index rebounding above 3900 points, indicating a shift in focus back to domestic industry trends as tariff concerns ease [1] Group 1: Market Trends - The recent tariff impacts are less severe than those experienced in April, leading to a stronger market immunity and a preference for sideways consolidation rather than significant declines [1] - The market is expected to maintain a fluctuating upward trend, with key attention on the upcoming 14th Five-Year Plan and third-quarter earnings reports [1] Group 2: Sector Focus - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector [2] - Underperforming sectors such as robotics, military, and smart vehicles are anticipated to see a rebound, while leading sectors like computing hardware and domestic semiconductors may present buying opportunities upon adjustment [2] - The trend towards domestic semiconductor production continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to experience a recovery in orders by 2025, with signs of bottoming out in mid-year performance declines [2] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, attracting long-term institutional investors due to appealing dividend yields [2]

Economic Growth Overview - Shanghai's GDP reached 40,721.17 billion yuan in the first three quarters, with a year-on-year growth of 5.5%, surpassing the national average of 5.2% [1][2] - The economic growth reflects Shanghai's resilience as a key driver of China's economy and highlights the importance of the underlying forces behind the growth rather than the growth rate itself [1][2] New Growth Drivers - Shanghai's economy has shown steady growth despite challenges, driven by the continuous expansion of new industries, new business formats, and new models [2][3] - The manufacturing sector's output value increased by 8.5%, outpacing the overall industrial output growth by 2.8 percentage points, with significant contributions from artificial intelligence, integrated circuits, and biomedicine [3][4] Industrial Performance - The added value of Shanghai's industrial enterprises above designated size grew by 5.3%, with a 5.7% increase in total industrial output value [4] - Strategic emerging industries accounted for 44.1% of the total industrial output value, with notable growth in new energy, information technology, and high-end equipment manufacturing [3][4] High-Tech Manufacturing - High-tech manufacturing output increased by 10.3%, with aerospace and electronic equipment manufacturing seeing growth rates of 20.6% and 13.4%, respectively [3][4] - The number of valid invention patents in Shanghai reached 306,000, marking a 12.7% year-on-year increase, indicating a robust innovation ecosystem [3][4] Investment and Profitability - Industrial investment in Shanghai grew by 20.3%, significantly outpacing the overall fixed asset investment growth of 6.0% [6] - Industrial enterprises' profits increased by 16.3%, with a sales rate of industrial products at 99.1% [6] Service Sector Growth - The tertiary sector's added value reached 8,448.67 billion yuan, growing by 5.9%, with the financial sector contributing 6,965.27 billion yuan and growing by 9.8% [7] - The information transmission, software, and IT services sector saw a 15.5% increase in added value, reflecting the ongoing transformation and upgrading of Shanghai's industrial structure [7][8] Consumer Market Dynamics - Shanghai's total retail sales of consumer goods reached 12,302.77 billion yuan, with a year-on-year growth of 4.3% [9] - The consumption recovery was supported by policies such as the "old-for-new" exchange program, which generated nearly 110 billion yuan in social consumption [10][11] Tourism and Hospitality - The number of inbound tourists in Shanghai reached 6.366 million, a 37% increase year-on-year, with significant growth in hotel occupancy rates [10][11] - The hospitality and catering sectors also showed improvement, with revenue growth driven by promotional consumption vouchers [10][11] Future Outlook - Shanghai aims to strengthen its new growth drivers and maintain economic stability amid global uncertainties, focusing on technological innovation and consumer demand activation [12]

10月22日，创业板新能源ETF华夏（159368）低开回调0.9%，持仓股新强联涨超8%，德福科技涨超 6%，帝科股份涨超3%。 根据国际能源署数据，全球数据中心2022年消耗电力达460TWh，在乐观状态下，2026年消耗量或达到 1000Twh。随着AI更大比例的应用，全球范围内数据中心耗电量需求有望进一步增长，根据美国 UptimeInstitute预测，到2025年人工智能业务在全球数据中心总用电量中的占比将从目前的2%猛增至 10%。 高盛预计，40%的新增电力产能将来自可再生能源，其中陆上风能和太阳能的成本竞争力已强于天然 气。不过，由于可再生能源存在间歇性特点，要满足数据中心持续稳定的电力需求，混合解决方案（结 合绿色电力、储能电池和天然气）仍然必不可少。 （文章来源：每日经济新闻） 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金，也是同类产品 中且唯一拥有场外联接的基金。创业板新能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏 等多个细分领域。创业板新能源ETF华夏（159368）弹性最大，涨幅可达20cm；费率最低，管理费和托 管费合计仅为0. ...

（来源：江苏现代能源微网） 两个"1/3"、一个"1/5"，向世界宣告了我国在能源转型方面取得的不凡成就。2024年，全国发电量超10万亿千瓦时，占全球总发电量的1/3，能源生产总量 折合约50亿吨标准煤，占比超全球1/5；全社会每消费3度（千瓦时）电，其中就有1度源自太阳能、风能等清洁能源。 来源：市场资讯 能源，被喻为"工业的粮食"，是我国推进碳达峰碳中和的重要战场。"十四五"以来，我国建成了全球规模最大的电力基础设施体系，构建起全球最大、发 展最快的可再生能源体系，能源供给能力不断提升、结构持续优化。以"逐绿向新"为重要特点，这5年，我国能源转型跑出"加速度"。 国家能源局局长王宏志透露，"十四五"以来，我国能源事业取得突破性进展和历史性成就，"十四五"规划纲要提出的能源综合生产能力和非化石能源占比 等主要指标将如期完成，"我国成为世界能源转型的重要推动者"。 底色越来越"绿" 可以说，"十四五"时期是我国能源绿色低碳转型最快的5年。 一组来自国家能源局的数据印证了变化："十四五"开局以来，我国的能源消费中，非化石能源占比每年增加1个百分点，煤炭的占比则每年减少1个百分 点。华电集团绿色金融研究中心首席 ...

这位曾经的年度业绩，如今对市场、对机会持何观点，是件值得关注的事情。没有任何历史经验可参考 这张季报，赵诣首先总结了市场，他认为，在经历了2024年的先抑后扬之后，进入2025年，整体处于震荡向上的局 面，以AI算力、机器人、半导体等为代表的科技行业在三季度表现出色。 2022年10月18日成立的泉果旭源三年持有期基金，在2025年10月迎来三年之期。几乎同时， 10月17日，泉果旭源披露 三季报领先披露，赵诣的最新观点与持仓也随之披露。 他在季报中还提到，在AI相关布局中，围绕三条线索进行配置： 三季度，该基金上涨约45.58%。赵诣总结，在操作上，受益于市场流动性边际改善，前期坚守并看好的部分公司股价 持续回归，同时也积极布局了未来有潜力的方向。 他感叹：判断市场底部是相对困难的事情，但是当优质的公司出现快速调整并进入有性价比的阶段，将通过提升组合 的持仓集中度把握机会。 同时，他表达了，始终坚持以公司基本面和行业竞争格局为核心选股要素，深耕高端制造和科技，选择具备全球竞争 力的优秀公司，并伴随其一起成长。在保持投资风格稳定的同时，持续通过深度研究对组合进行结构优化和标的拓 展。组合配置"两端"机会 赵诣 ...

Core Viewpoint - Shanghai's economy shows a steady improvement with increasing internal momentum, characterized by stable production growth, orderly market demand release, and the continuous development of new industrial drivers [1] Economic Performance - GDP growth reached 5.5% year-on-year, an increase of 0.4 percentage points compared to the first half of the year [3] - Industrial production maintained a growth trend, with industrial added value increasing by 5.2% year-on-year and total industrial output value for large-scale enterprises growing by 5.7%, up by 0.1 percentage points from the first half [4] Leading Industries - The three leading manufacturing industries experienced a significant growth of 8.5% year-on-year, outpacing the overall industrial output growth by 2.8 percentage points. Notably, artificial intelligence manufacturing grew by 12.8%, integrated circuit manufacturing by 11.3%, and biopharmaceutical manufacturing by 3.6% [6] Emerging Industries - Strategic emerging industries in manufacturing saw a total output value increase of 7.3% year-on-year. The new energy sector grew by 19.6%, next-generation information technology by 10.9%, and high-end equipment manufacturing by 10.3% [7] Consumer Market - The retail market showed signs of recovery, with total retail sales of consumer goods reaching 12,302.77 billion yuan, a year-on-year increase of 4.3%, which is 2.6 percentage points higher than the first half of the year. Categories such as sports and entertainment goods, furniture, and home appliances saw significant growth rates of 27.7%, 22.1%, and 28.2% respectively [9] Financial Market - The financial sector remained active, with added value reaching 6,965.27 billion yuan, growing by 9.8%. Major financial market transaction volumes increased by 12.7% year-on-year, with the Shanghai Stock Exchange's transaction volume growing by 38.4%, the Shanghai Futures Exchange by 11.5%, and the Shanghai Gold Exchange by 40.2% [11][12]

Group 1 - Recently, China Coal (Dari) New Energy Co., Ltd. was established with a registered capital of 50 million yuan [1] - The company's business scope includes power generation, power transmission, and supply (distribution) of electricity, as well as construction project supervision [1] - The company is wholly owned by China Coal Energy Group Co., Ltd. through indirect holdings [1]

Economic Overview - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, with a year-on-year growth of 5.5% at constant prices [1] Industrial Production - Industrial added value in Shanghai grew by 5.2% year-on-year, with total industrial output value increasing by 5.7% [2] - Key manufacturing sectors showed significant growth: railway, shipbuilding, aerospace, and other transport equipment increased by 15.9%, electrical machinery and equipment by 14.3%, and computer and communication equipment by 12.1% [2] - The three leading manufacturing sectors (AI, integrated circuits, and biomedicine) saw production value growth of 12.8%, 11.3%, and 3.6% respectively [2] - Strategic emerging industries in manufacturing grew by 7.3%, with new energy industries up by 19.6% [2] Tertiary Sector Growth - The tertiary sector's added value increased by 5.9%, with information transmission, software, and IT services growing by 15.5% [3] - The financial sector's added value reached 6,965.27 billion yuan, marking a 9.8% increase [3] Fixed Asset Investment - Fixed asset investment in Shanghai rose by 6.0%, with industrial investment surging by 20.3% [4] - Urban infrastructure investment grew by 11.7%, while real estate development investment saw a modest increase of 2.2% [4] Consumer Market - Retail sales of consumer goods totaled 12,302.77 billion yuan, reflecting a year-on-year growth of 4.3% [5] - Categories such as sports and entertainment goods, furniture, and home appliances experienced significant retail growth, with increases of 27.7%, 22.1%, and 28.2% respectively [5] Financial Market Activity - Major financial markets in Shanghai saw a transaction volume increase of 12.7%, with the Shanghai Stock Exchange's securities transaction volume up by 38.4% [6] - By the end of September, the balance of deposits in financial institutions reached 23.84 trillion yuan, a year-on-year increase of 8.4% [6] Price Stability and Income Growth - Consumer prices remained stable, with the CPI unchanged year-on-year [7] - The average disposable income for residents reached 69,220 yuan, reflecting a growth of 4.3% [7]

国泰君安期货商品研究晨报-绿色金融与新能源 2025年10月22日 | 镍：短线窄幅震荡，矛盾仍在积累 | 2 | | --- | --- | | 不锈钢：供需难寻上行驱动，成本限制下方空间 | 2 | | 碳酸锂：仓单去化延续，短期价格偏坚挺 | 4 | | 工业硅：仓单继续去化 | 6 | | 多晶硅：关注现货成交价格 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | 观点与策略 | | --- | 期货研究 商 品 研 究 2025 年 10 月 22 日 镍：短线窄幅震荡，矛盾仍在积累 不锈钢：供需难寻上行驱动，成本限制下方空间 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,180 | 470 | 350 | 280 | -800 | 80 ...