今年以来，哈尔滨新区为深入推动政务服务提质增效，在更多领域更大范围实现"高效办成一件事"，该 区聚焦哈大齐国家自主创新示范区哈尔滨片区的商业航天、医药和智能机器人三大主导和支柱产业，以 全省"产业链'一件事'"试点改革为契机，重塑协同联动、集成供给、主动服务、按需触达、数据共享的 服务模式，全面链接上中下游各行业领域政策服务、事项服务、增值服务，实现"一个专区、一个入 口、一屏展示、一网通办"，试点工作惠及三大产业链上下游众多合作伙伴，先后为487家商业航天企 业、4630家医药企业、943家智能机器人企业提供优质高效的集成服务，有效激发产业发展的内生动 力，为哈尔滨新区高新技术产业链的协同稳定与高质量发展注入强劲动力。 集成创新，打造协同高效的服务体系 聚焦产业发展所需、所盼、所急，突出系统集成与机制创新，通过柔性清单方式实现刚性协同的约束 力，打破部门壁垒、边界不清、政策模糊、信息不畅等制约产业链发展的体制机制障碍。一是建立协同 机制。建立由省营商局统筹指导，区科技局具体牵头，区审批局、区营商局、区招商集团协同配合 的"产业链'一件事'"协同工作机制。成立工作专班，实行"一日一调度、一周一评估"，高效推进 ...

Core Viewpoint - The TMT sector is expected to be a key focus in the current market driven by liquidity, with several catalysts present, including advancements in AI and significant growth in Oracle's remaining performance obligations [1] Group 1: Market Performance - The Cathay Science and Technology Innovation Index ETF (589630) rose over 2.8% on October 9 [1] - The index tracks the Science and Technology Innovation Index (000680), which reflects the overall performance of eligible listed companies on the Science and Technology Innovation Board [1] Group 2: Sector Analysis - The TMT sector is highlighted as having multiple catalysts, such as Alibaba's launch of a more efficient AI model and Oracle's substantial increase in remaining performance obligations [1] - If the market shifts towards a fundamentals-driven approach, advanced manufacturing will be a key area of focus, particularly in mechanical equipment and military industries [1] - The electrical equipment sector is also noted for frequent catalysts related to solid-state batteries [1] Group 3: Investment Recommendations - In October, sectors to watch include electronics, electrical equipment, communications, media, and mechanical equipment [1]

截至2025年10月9日 13:04，恒生港股通创新药精选指数下跌4.58%。成分股方面涨跌互现，石四药集团领涨3.12%，华润医药上涨1.23%，山东新华制药股份 上涨0.99%；诺诚健华领跌9.73%，荣昌生物下跌9.36%，科伦博泰生物-B下跌8.31%。港股创新药精选ETF(520690)下跌0.49%，最新报价1.02元。拉长时间 看，截至2025年9月30日，港股创新药精选ETF近2周累计上涨1.09%。 流动性方面，港股创新药精选ETF盘中换手19.17%，成交8400.15万元，市场交投活跃。拉长时间看，截至9月30日，港股创新药精选ETF近1月日均成交1.58 亿元。 截至2025年10月9日 13:03，恒生医疗保健指数下跌3.31%。成分股方面涨跌互现，脑动极光-B领涨7.79%，心泰医疗上涨3.52%，同仁堂国药上涨3.37%；诺 诚健华领跌9.78%，科伦博泰生物-B下跌8.23%，四环医药下跌7.69%。恒生医疗ETF(513060)上涨0.14%， 冲击3连涨。最新价报0.74元。拉长时间看，截至 2025年9月30日，恒生医疗ETF近2周累计上涨1.24%。 流动性方面，恒生医 ...

Core Insights - The report highlights SK Group's commitment to social, environmental, and economic responsibilities in China, emphasizing its "happiness management" philosophy and strategic alignment with China's development [1][2]. Group Overview - SK Group has been operating in China since 1991, with 18 member companies and 57 legal entities, employing 25,000 people and investing a total of $54.4 billion [1]. - The company operates in various sectors, including semiconductors, new energy, energy chemicals, and biopharmaceuticals, with SK Hynix being the only foreign company covering the entire DRAM and NAND flash memory supply chain in China [1][2]. Social Value Creation - SK Group's "Double Bottom Line" (DBL) strategy resulted in a social value achievement of $1.89 billion at the group level and 20.4 million RMB in China, marking a 32% year-on-year increase [2][37]. - Initiatives include establishing a public welfare foundation, sponsoring academic forums, and projects like the "Green Great Wall" for desertification prevention, with the "Happiness Alliance" project covering 21 primary schools across 8 provinces [2][37]. Environmental Responsibility - SK has joined the RE100 initiative and announced a "Net Zero" declaration, setting a "2050-α" emissions reduction target [2][41]. - In 2024, SK's operations in China achieved significant reductions in greenhouse gas emissions through technological upgrades, with SK Hynix's Wuxi entity achieving "zero waste to landfill" platinum certification for two consecutive years [2][41]. Governance and Collaboration - SK has established a governance system that exceeds international standards, enhancing board independence and professionalism, and conducting extensive training for suppliers on social responsibility [3]. - The company collaborates with various stakeholders, including government and educational institutions, to promote technology and standards exchange [3]. Future Focus - SK plans to continue focusing on technological innovation in semiconductors and new energy, deepening localization strategies, and building a comprehensive green practice system to support China's industrial upgrade and sustainable development [3].

Core Viewpoint - The recent trend of A-share companies planning to issue H-shares in Hong Kong reflects a strong demand for internationalization and highlights the deeper logic behind the capital market's opening process [1][2]. Group 1: Companies' Internationalization Strategies - Over 130 A-share companies have announced plans to list in Hong Kong this year, including leading firms like CATL and Heng Rui Medicine, indicating a significant push towards internationalization [1]. - Companies such as CATL aim to seize the global energy transition opportunity, while brands like Wufangzhai and Hailan Home emphasize brand internationalization, showcasing their desire for external market expansion [1]. - Hong Kong is viewed as an optimal "bridge market" for companies aiming for global reach, providing a platform for international branding and market expansion [1]. Group 2: Market Conditions and Regulatory Environment - The advantages of the Hong Kong stock market, including a shorter listing process of 6 to 8 months and flexible refinancing tools, are driving this trend [1]. - Recent regulatory optimizations have lowered listing thresholds and shortened approval cycles, alleviating concerns for companies considering a Hong Kong listing [1]. - The combination of regulatory incentives and companies' strategic needs has created a conducive environment for this wave of listings [1]. Group 3: Challenges and Considerations - Listing in Hong Kong is not without costs; the overall market valuation is relatively low, and companies lacking a stable international investor base may face "price discount" challenges [2]. - Companies will encounter stricter information disclosure and compliance requirements in the international capital market, which may amplify previously manageable issues [2]. - The sustainability of the listing trend is influenced by whether companies have clear international strategies or view it merely as a short-term financing avenue [2].

Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.1% from October 1 to October 8, while the Hang Seng Tech Index saw an increase of 0.75% [1] Industry Performance - The steel, non-ferrous metals, and pharmaceutical sectors led the market, while the agriculture, forestry, animal husbandry, fishery, real estate, and consumer services sectors lagged [1] Market Trends - Post-holiday, Hong Kong stocks typically face a brief increase in volatility risk [1] - Despite external events and data during the holiday, the mid-term market logic remains unchanged and is further reinforced by several factors: 1. The rising importance of scarce and certain assets [1] 2. Increased demand for cross-asset and cross-regional capital reallocation [1] 3. A renewed emphasis on AI narratives [1] 4. Strong performance in experiential consumption [1]

来源：市场资讯 2025年10月 中签缴款：道生天合 601026.SH 1、据中国证券报，A股市场于10月9日迎来四季度首个交易日。这个假期，全球金融市场并不平静：海外股市普遍小幅走强，为A股提供了积极的外部环 境；与此同时，国际金价历史性突破4000美元/盎司关口，彰显出全球资金的避险需求。国内层面，刚刚过去的黄金周展现消费韧性，出行人次与部分核 心消费场景的亮眼数据，为经济基本面注入暖意。 2、今日凌晨，美联储公布9月会议纪要显示，美联储官员在上个月的政策会议上表现出今年进一步降息的意愿，不过多位官员因通胀担忧而持谨慎态度。 多数与会者认为，在今年余下时间进一步放宽政策可能是合适的。不过，会议纪要也显示，大多数官员强调其通胀预期面临上行风险。与会者普遍预计， 在适当货币政策下，短期内通胀将保持在较高水平，随后逐步回落至2%。 3、瑞典皇家科学院决定将2025年诺贝尔化学奖授予日本京都大学的北川进（Susumu Kitagawa）、澳大利亚墨尔本大学的理查德·罗布森（Richard Robson）以及美国加利福尼亚大学伯克利分校的奥马尔·M·亚吉（Omar M. Yaghi）三位科学家，以表彰他们在"金属 ...

Core Viewpoint - The Ibec report indicates that the Irish economy is expected to "slow down" due to ongoing trade negotiations between the EU and the US, particularly concerning the €54 billion trade in sectors like pharmaceuticals, semiconductors, and commercial aircraft, which are under Section 232 investigations [1] Economic Growth Projections - Domestic demand is projected to grow by 3% this year, decreasing to 2.6% by 2026 [1] - Consumer spending is expected to increase by 2.8% this year, with a decline to 2.4% by 2026 [1] - Investment is forecasted to grow by 3.4% this year and 2.2% next year [1] - GDP growth is anticipated at 6% for this year, tapering to 4.1% by 2026 [1] Employment Outlook - Employment growth is expected to slow down to below 2% next year [1]

Market Overview - Hong Kong stocks experienced a familiar pattern during the National Day holiday, with the Hang Seng Index dropping by 0.48% after one day of increase followed by three days of adjustment [1] - The U.S. government faced a shutdown starting October 1, affecting over 100,000 federal employees, with potential long-term negative impacts if the shutdown persists [1] - China's gold reserves increased to 7,406 million ounces by the end of September, marking the 11th consecutive month of accumulation [1] Gold and Silver Market - Ray Dalio, founder of Bridgewater, suggested that gold is a better hedge than the dollar and recommended a 15% allocation in investment portfolios as gold approaches $4,000 per ounce [2] - Chinese gold stocks such as Zijin Mining and Shandong Gold saw significant price increases, with Zijin rising over 13% and Shandong over 7% [2] - Silver prices also rose, with spot silver reaching $48.32 per ounce, reflecting a daily increase of 1% [2] Automotive Industry - The U.S. automotive sector is facing challenges, particularly after a fire at Novelis' Oswego plant, which supplies 40% of aluminum sheets for the industry, leading to production halts expected to last until early next year [2] - Tesla launched a "simplified" version of the Model Y at a lower price, but market reception appears lukewarm due to reduced features [2] Electric Vehicle Market - Chinese electric vehicle manufacturers are showing strong performance in Europe, with a 35% year-on-year increase in sales across nine major countries in September [3] - Companies like Xpeng, Geely, and BYD are expected to maintain positive trends as new models are set to launch in Q4 [3] Battery Technology - Advances in solid-state battery technology are being reported, with new materials developed that significantly enhance energy density [3] - Production rates are expected to increase by 5-10% in October, with a projected year-on-year growth of 30-50% [3] AI and Semiconductor Industry - OpenAI announced a partnership with AMD to deploy 6 GW of AMD GPU computing power, indicating continued investment in AI technology [4] - Nvidia is expected to play a significant role in a $20 billion funding round for Elon Musk's AI startup, xAI, highlighting the ongoing collaboration in the AI sector [4] Nuclear Fusion Developments - The BEST project in Anhui, China, achieved a key breakthrough, marking progress in nuclear fusion technology [5] - Germany plans to invest €2 billion in building the world's first nuclear fusion power plant by 2029 [5] Pharmaceutical Sector - Innovent Biologics announced a licensing agreement with Zenas Bio Pharma for the development and commercialization of its product, with potential total payments exceeding $2 billion [6] - Other companies in the sector may see increased activity due to potential milestone payments related to this agreement [6] Mining and Materials - China Metallurgical Group reported a decrease in new contract amounts but an increase in overseas contracts, indicating a shift in focus towards international operations [7] - The company is advancing projects in Afghanistan and Pakistan, which are expected to yield significant profits upon completion [8] - The company also has a strong position in silicon-based semiconductor materials, indicating long-term investment potential [9]

Group 1 - The new demands from the U.S. government may undermine a recently reached trade agreement with the EU, which had previously eased tensions between the allies [1] - The U.S. has proposed a new trade proposal aimed at achieving "reciprocal, fair, and balanced" trade, but EU officials view these demands as excessive [1] - The U.S. is seeking discussions on EU legislation, including digital and technology rules, while the EU insists on maintaining regulatory autonomy [1] Group 2 - In return for concessions, the EU has submitted legislation to lower tariffs on U.S. industrial goods and some non-sensitive agricultural products, pending approval from the European Parliament [2] - Discussions regarding the reduction of U.S. tariffs on steel and aluminum have made little progress, with the EU planning to impose tariffs on foreign steel imports exceeding certain quotas [2] - Concerns have been raised that the U.S. is expanding the list of products subject to the 50% tariff, potentially affecting medical devices and technology, which could weaken the EU's hard-won 15% tariff cap [2]