Core Viewpoints - The market may enter a phase of wide fluctuations, with major indices showing mixed performance in September. The current market still holds certain value based on equity risk premium, supported by a continuous "profit-making effect" that attracts short-term capital inflows. Individual investors are still in the process of entering the market, and there may be an increase in participation through funds and wealth management products in the future, although the inflow rate of medium to long-term capital may slow down, it remains a stabilizer for the market [4][5]. - Corporate earnings are still stabilizing, with the economic recovery in the third quarter progressing relatively slowly. However, some sectors have shown improvement, such as the cumulative year-on-year growth rate of industrial enterprise profits from January to August rebounding and a narrowing decline in the year-on-year PPI in August. Domestic exports are expected to remain resilient, and the sustainability of domestic demand improvement may exceed expectations. Overall, with policy support, A-share earnings are expected to see slight recovery in the fourth quarter, adding new momentum to the market [5][6]. - In a liquidity-driven market, TMT (Technology, Media, and Telecommunications) is likely to become a main line, with many catalysts present in this sector. If the market shifts to a fundamental-driven phase, advanced manufacturing should be a key focus. Additionally, if market fluctuations occur, attention should be paid to sectors that are lagging behind, such as high-dividend and consumer sectors [6][7]. Market Style and Industry Recommendations - The market is expected to rotate between "weak reality, strong sentiment" and "strong reality, strong sentiment," corresponding to the rotation of growth and balanced styles. In October, industry allocation should focus on electronics, power equipment, communications, media, and machinery equipment [7]. - Although the Hong Kong stock market has performed well this year, it still holds certain value. In addition to the inflow of southbound funds, a potential interest rate cut by the Federal Reserve may further enhance the external liquidity environment, leading to good performance of the index. Focus should be on Hong Kong stocks in the internet, automotive, and service consumption sectors [8].

今年前三季度的行情，是不是像一场"权重搭台、题材唱戏"的大戏？你坐在台下看AI（人工智能）、通 信股涨得热闹，可知道舞台背后的ETF（交易型开放式指数基金）市场里，"题材角儿"已经炸了——行 业、主题ETF直接把规模从年初的不到6000亿元干到了1万亿元，年内增长超77%。 更绝的是，大家买ETF的思路彻底变了。你以为ETF只有"涨得好才有人买"？今年前三季度的行业、主 题ETF这就"打脸"给你看。比如一只煤炭ETF，明明年内跌了5.65%，规模却从28亿元涨到114亿元（年 内增长近300%）。而有些涨得不错的ETF，比如一只芯片ETF年内涨了56.16%，规模反而少了21亿元。 这是什么操作？ 《每日经济新闻》记者就来揭秘行业、主题ETF的"资金密码"：有人"越跌越买"抄底冷门，有人"见好就 收"止盈热门，还有人盯着黄金、AI大肆"囤货"。到底钱往哪流？哪些ETF是"被遗忘的角落"？咱们一 起挖个明白。 份额变动更能说明问题 Wind（万得）数据显示，截至9月30日，全市场共有483只主题指数ETF和84只行业指数ETF，最新规模 分别为7747.85亿元和2876.27亿元，合计规模突破1万亿元。而年初 ...

—— A 股行业中观景气跟踪月报（2025 年 9 月） 本期投资提示： 2025 年 10 月 09 日 关注新能源、存储、有色和化工等涨价 品种 二、景气：2025 年 9 月制造业 PMI 整体（49.8%）小幅回升，反内卷推动上游原材料购进价格处于扩张区 间，制造业新订单和采购量有所改善，非制造业在手订单和出口订单改善、但价格和库存景气度均有所回 落。 三、各行业高频中观量价指标： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证 券 研 究 报 告 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 请务必仔细阅读正文之后的各项 ...

Group 1: Overview of Major Assets - In Q3 2025, A-shares quickly broke through 3800 points, followed by high-level fluctuations, while bond rates continued to rise and commodities experienced a pullback [1][9] - The A-share market saw broad index gains, with the ChiNext Index leading, and growth and cyclical styles outperforming [1][13] - The bond market experienced a continuous rise in yields, with the 10-year government bond yield reaching a high of 1.9022% [1][26] - Commodity performance was mixed, with gold and silver prices rising significantly, while the Nanhua Industrial Product Index peaked in July and then declined [1][29] Group 2: A-share Market Dynamics - The fundamental outlook for the A-share market remained weak in Q3, with PPI showing signs of recovery but key economic indicators declining for two consecutive months [2] - Macro liquidity improved in Q3, with M1 continuing to rise since March and the M1-M2 spread narrowing for four months [2] - Micro-funding activities saw increased activity from southbound funds, a significant rebound in margin financing, and record high ETF trading volumes [2][14] - The manufacturing sector's "anti-involution" trend boosted cyclical stocks, while the AI computing power theme gained traction [2][14] Group 3: Overseas Market Trends - The expectation of interest rate cuts by the Federal Reserve began to rise in August, culminating in a 25 basis point cut in September [3] - The U.S. economy showed resilience with cooling inflation, but political pressures could widen credit risks for the dollar [3]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 1398401.37 | -75052.11 | -2.42 | | 00981 | 中芯国际 | 港股通(沪) | 1369732.59 | -34782.17 | -6.70 | | 00981 | 中芯国际 | 港股通(深) | 896551.00 | -204863.83 | -6.70 | | 09988 | 阿里巴巴-W | 港股通(深) | 791676.00 | 36.61 | -2.42 | | 01347 | 华虹半导体 | 港股通(沪) | 652640.29 | -63410.35 | -6.43 | | 02228 | 晶泰控股 | 港股通(沪) | 403775.22 | 315.28 | -13.91 | | 09880 | 优必选 | 港股通(沪) | 322779.73 | 1233.85 | -9.49 | | 01347 | 华虹半导体 | ...

来源：《理财周刊》 当你打开基金详情页，准备购买一只基金时，有没有注意过那一行看似不起眼的基金规模？ 无论是货币基金、债券基金还是权益类基金，这一数据都清晰地标注在页面的某个角落。那么，这个看 似普通的数字，到底对选择基金有没有实际意义？它会不会影响你的投资？ 中证1000指数增强C < 医药生物 移远通信 -0.40% 1.01% ↑ 0.06% 通信 晶方科技 1.58% 1.00% ↓ 0.01% 电子 乐鑫科技 5.11% 0.95% ↓0.01% 电子 查看更多 基金档案 简介、分红、净值 > 4.06亿元 2022-01-04 成立时间 基金规模 2004年 13027.73亿元 管理规模 成立时间 基金公告 产品概要 > 什么是基金规模？ 基金的资金规模，简单来说，就是基金公司通过发行基金份额所募集到的资金总额。比如一支基金有 100个人买，每人投资1000元，那么加起来的10万元就是这只基金的规模。基金规模反映了市场对一只 基金的认可程度，也是基金运作的基础。 在我国，基金规模受到严格监管。根据相关规定，普通开放式基金首次募集规模通常需达到?2亿元，存 续期间若?连续60个交易日资产净值低于5 ...

Group 1: Macro Liquidity - The US dollar index has declined, and the degree of "inversion" in the China-US interest rate spread has narrowed. The nominal and real yields of 10Y US Treasuries have both decreased, indicating a drop in inflation expectations [1][14]. - Offshore dollar liquidity has tightened, while the domestic interbank funding situation remains balanced. The term spread (10Y-1Y) has widened [1][18]. Group 2: Market Trading Activity - Overall market trading activity continues to decline, with major indices showing reduced volatility. More than half of the sectors, including real estate, automotive, electronics, and chemicals, have trading heat above the 80th percentile [2][23]. - The volatility of major indices has mostly decreased, although the communication sector remains above the 80th historical percentile [2][30]. Group 3: Institutional Research - The sectors with the highest research activity include electronics, pharmaceuticals, communications, non-ferrous metals, and food and beverages. The research activity in power and utilities, light industry, and machinery sectors has also increased [3][42]. Group 4: Analyst Forecasts - The net profit forecasts for the entire A-share market for 2025/2026 have been adjusted, with increases in sectors such as computers, machinery, banking, and consumer goods. The forecasts for the Shanghai 50, ChiNext Index, and CSI 300 have been raised, while the CSI 500 has seen a decrease [4][21]. - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has decreased/increased, indicating a mixed outlook across different sectors [4][17]. Group 5: Northbound Trading Activity - Northbound trading activity has decreased, but there has been a net buying of A-shares overall. The buying ratio in sectors like electronics and non-banking has increased, while the ratio in communications and pharmaceuticals has decreased [5][31]. - Northbound trading primarily net bought sectors such as computers, electronics, and pharmaceuticals, with slight net selling in home appliances and transportation [5][33]. Group 6: Margin Financing Activity - Margin financing activity has approached the highest point since July 2020, with significant net buying in non-banking and consumer goods sectors, while electronics and communications saw net selling [6][35]. - The trading heat of the "Dragon and Tiger List" continues to decline, with automotive, chemicals, and computers showing relatively high trading volumes [6][41]. Group 7: Fund Positioning - Active equity funds have increased their positions in non-banking, automotive, and electronics sectors, while reducing positions in TMT, pharmaceuticals, and consumer services [7][46]. - ETFs have continued to see net subscriptions, particularly in sectors like electronics, new energy, and computers, while non-banking sectors experienced net selling [7][52].

证券之星消息，10月9日，深证民企价值（970072）指数报收于3567.74点，涨2.57%，成交866.77亿元， 换手率3.08%。当日该指数成份股中，上涨的有37家，中兴通讯以9.51%的涨幅领涨，下跌的有13家，申 通快递以2.12%的跌幅领跌。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证民企价值（970072）指数成份股当日主力资金净流入合计31.65亿元，游资资金净流 出合计24.1亿元，散户资金净流出合计7.55亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000063 | 中兴通讯 | 30.28 Z | 13.69% | -21.81 Z | -9.86% | -8.47 Z | -3.83% | | 002594 | 比亚迪 | 8.94 乙 | 7.98% ...

在2025苹果秋季新品发布会上，苹果首次发布了5G智能手表，包括Apple Watch Series 11和Apple Watch Ultra 3两款产 品，这两款产品均采用了5G RedCap技术，作为全球知名品牌，苹果对RedCap的采用，无疑给RedCap的应用推广提供 了强有力的背书，将撬动和刺激其他相关厂商的采用。不过，在笔者看来，RedCap的规模化应用涵盖行业很广，仅仅 苹果的采用不足以形成整体的、大范围推进力量，还需要更多行业领域的持续突破，寻找各行业类似"苹果"的角色。 苹果一小步，RedCap一大步 公开信息显示，苹果在秋季发布的Apple Watch Series 11和Apple Watch Ultra 3两款产品作为其首次采用5G技术的智能 手表，使用的是联发科的5G RedCap芯片，验证了RedCap在网络质量、功耗等方面适合智能穿戴。当然，RedCap只是 苹果本次发布的智能手表众多亮点中的其中一个，不过，从多个角度来看，苹果走出的这一小步，对于RedCap应用发 展来说却是一大步。 首先，体现苹果对RedCap应用于穿戴设备的坚决态度 虽然苹果并非全球首家在智能穿戴设备上采用 ...

"石头、剪刀、布"是规则简单的博弈游戏。它在生活中用于快速决断、及时分配，但没人会用它来解决 相对复杂的问题。原因是，简单机制解决不了复杂系统的博弈。一旦我们把复杂性问题交给此种方式解 决，结果就会失去稳定预期，进而扰乱产业生态平衡发展。 ·费率模型与计价口径（基带/整机、单模/多模、区域差异、历史交易） ·双方谈判过程与FRAND行为审查 ·长期许可的可执行性与跨境协调 近期，我们注意到，通信NPE（非专利实施主体）在国内通过专利侵权行政裁决程序，申请对蜂窝标准 必要专利（SEP）颁发禁令。表面上，这是一条"快车道、超车道"；实质上，却可能是把复杂的全球许 可与产业协同，交给"随意出拳"的决策机制来处理，对于关乎中国科技创新发展，以及战略性产业链的 稳健运行、平稳发展有着极高的风险。 首先，SEP的本质不是"侵不侵权"，而是"FRAND是否到位"。 说的直白一点，就是"钱到不到位，是不是大家出的钱和出的力都一样或者接近一样。"换言之，SEP纠 纷的本质是衡量双方是否充分履行FRAND义务、如何界定合理费率与条件；即便出现侵权主张，其功 能多为促进最终达成许可安排。这与一般专利侵权纠纷截然不同，难以用"快审快 ...