Market Overview - The A-share market showed a decline with the Shanghai Composite Index down by 0.94% closing at 3897.03 points, while the ChiNext Index fell by 4.55% to 3113.26 points, indicating a bearish trend across various indices [1][7] - The total market turnover was 25,341.46 billion, a decrease of 1,376.72 billion from the previous trading day, with 2,772 companies rising and 2,529 companies falling [8] Economic Insights - The People's Bank of China achieved a net withdrawal of 426.3 billion in the open market last week, indicating a tightening of liquidity [16][17] - In September, the number of new A-share accounts reached 2.94 million, a significant year-on-year increase of 61%, reflecting growing investor interest [22][23] Industry Dynamics - Qualcomm is under investigation by the State Administration for Market Regulation for failing to report its acquisition of Autotalks, which may accelerate the trend of domestic technology independence [26] - A strategic partnership was formed between Zhiyuan Robotics and Longqi Technology to deploy nearly 1,000 robots, marking a significant order in the domestic industrial robotics sector [28] - The Ministry of Commerce and the General Administration of Customs announced export controls on lithium batteries and artificial graphite anode materials, which could impact the supply chain [34] Company Updates - Taotao Automotive (301345.SZ) projected a net profit of 580 million to 620 million for Q3 2025, representing a year-on-year growth of 92.46% to 105.73% [41] - Special approval was granted to TeBao Bio (688278.SH) for an additional indication for its drug, enhancing its market competitiveness [43] - Wens Foodstuff Group (300498.SZ) reported a 15.16% decline in September pig sales revenue, while chicken sales revenue increased by 8.69% [45] - Muyuan Foods (002714.SZ) sold 5.573 million pigs in September, marking an 11% year-on-year increase [47] - Rongsheng Petrochemical (002493.SZ) completed its share buyback plan, acquiring 116.64 million shares, which is 1.17% of its total share capital [49]

转自：智通财经 【9月以来券商密集调研超880家公司】智通财经10月13日电，数据显示，9月以来，券商合计调研了超 880家上市公司，主要集中在机械设备、电子、医药生物、电力设备、基础化工、计算机等行业。值得 一提的是，国庆中秋假期后短短数日，机构就调研了39家上市公司，主要集中在机械设备、电力设备、 基础化工、汽车等行业。其中，有7家公司接受不少于10家机构调研，包括容百科技、巨力索具、四方 达、广脉科技、阿尔特、北汽蓝谷和崧盛股份等。10月9日，商务部会同海关总署发布关于对超硬材 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措施的 公告，将于11月8日正式实施。随后，多家相关上市公司举办投资者交流会，机构火速调研出口管制新 政带来的影响。（证券时报） ...

Group 1 - Since September, over 880 listed companies have been surveyed by brokerages, with a focus on industries such as machinery, electronics, and pharmaceuticals [1][2] - The machinery sector has attracted significant attention, with 136 companies surveyed, including Zhongkong Technology and Haimu Star, focusing on industrial applications and solid-state battery developments [2][3] - The electronics sector remains popular, with 109 companies surveyed, including Lanke Technology and Juguang Technology, both of which have seen stock price increases of over 120% this year [2] Group 2 - After the National Day and Mid-Autumn Festival holidays, 39 companies were surveyed, primarily in machinery, power equipment, and basic chemicals, with companies like Rongbai Technology and Juli Sockets receiving significant attention [3][4] - The Ministry of Commerce and the General Administration of Customs announced export control measures on certain materials, effective November 8, prompting rapid investor interest in affected companies [3][4] - Rongbai Technology hosted 161 institutional investors, indicating strong support for the new export control policies, asserting that their main products remain unaffected [3][4] Group 3 - Analysts maintain confidence in the A-share market despite recent global asset volatility, with expectations of improved corporate earnings in the medium term [5][6] - Short-term market fluctuations are anticipated, but the long-term outlook remains bullish, supported by the resilience of Chinese enterprises and increasing shareholder returns through dividends and buybacks [5][6]

■私募新观察 私募最新调研路径曝光 科技与医药仍是"心头好" ◎记者 马嘉悦 私募四季度的布局思路，可在9月调研路径中窥得端倪。私募排排网最新统计数据显示，9月超900家私 募参与A股上市公司调研活动，合计调研近2800次。从行业分布来看，电子、机械设备、医药生物、电 力设备等板块备受青睐，接受私募调研的频次居前。在业内人士看来，随着大量海外资金和居民财富重 新配置，稳增长政策持续发力，中国权益资产的基本面、资金面和趋势上都有支撑，结构性行情有望持 续演绎，尤其是代表中国经济转型方向的科技、医药板块，以及受益于"反内卷"政策的工程机械、化工 行业龙头股，值得重点关注。 9月以来，私募调研保持较高积极性。 私募排排网统计数据显示，9月共有979家私募证券投资基金管理人参与A股公司调研活动，覆盖30个申 万一级行业的529家公司，合计调研频次达2789次。其中，9月共有41家百亿级私募参与A股公司调研， 覆盖27个申万一级行业的189家公司，合计调研频次达318次。 具体来看，创新型生物制药龙头企业——迈威生物备受私募关注，9月获得了88家私募调研，其中不乏 淡水泉、高毅资产、和谐汇一资产等百亿级私募身影。在对迈 ...

证 券 研 究 报 告 美政府"关门"难解，欧美股市多数调整 全球资产配置每周聚焦 (20251003-20251010) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.10.12 3 报告摘要 2. 资产估值指标：资金流出日本股市，外资流入中国市场 3. 资产估值指标：欧美股市ERP回升， A股ERP维持中性水平 4. 资产风险情绪：美股成分股动量明显走弱 5. 全球经济数据：美联储降息预期提升明显 6. 风险提示 美政府"关门"难解党争激烈，欧美股市多数调整 www.swsresearch.com 证券研究报告 2 ◼ 本周(20251003-20251010)由于美国会参议院9月30日先后否决两党拨款法案，10月1日开始，美国联邦政府近7年以来再次关门，数十万联邦雇员不得不面临强制休假或被裁员，众 多联邦部门的服务也"停摆"。到本周六，美国政府已经关门超过10天。与此同时，美政府党争持续升级，特朗普发言称，他的政府计划利用政府关门之机"只削减 ...

最新统计数据显示，9月超900家私募参与到A股上市公司调研活动中，合计调研近2800次。从行业分布 来看，电子、机械设备、医药生物、电力设备等板块备受青睐，接受私募调研的频次居前。 私募四季度的布局思路，可在9月调研路径中窥得端倪。 从个股来看，创新型生物制药龙头企业——迈威生物备受私募关注，9月获得了88家私募扎堆调研，其 中不乏淡水泉、高毅资产、和谐汇一资产等百亿级私募身影。在对迈威生物的调研中，私募对于该公司 的双靶点小核酸药物BD背景、α-syn靶向示踪剂项目的亮点和价值等颇为关注。 北京一位百亿级私募人士在接受上证报记者采访时表示，尽管9月以来市场波动加剧，前期涨幅较大的 创新药、科技等板块出现明显回调，但在美联储降息，国内居民资产再配置，中国经济逐步修复的过程 中，中国资产依然值得深入挖掘。接下来，投资需更关注真成长、真创新，通过深入个股和产业调研， 把握高质量成长企业波动中的买入机会。 丹羿投资也发布观点称，美元走势趋弱将促使全球资金积极寻求更具成长性的投资机会，而A股因估值 合理以及优势产业驱动，大概率会成为国际资金关注的方向，接下来中国优质权益资产无论是资金面和 基本面，都存在支撑，短期震荡 ...

私募四季度的布局思路，可在9月调研路径中窥得端倪。 私募排排网最新统计数据显示，9月超900家私募参与到A股上市公司调研活动中，合计调研近2800次。 从行业分布来看，电子、机械设备、医药生物、电力设备等板块备受青睐，接受私募调研的频次居前。 在业内人士看来，伴随着大量海外资金和居民财富重新配置，稳增长政策持续发力，中国权益资产的基 本面、资金面和趋势上都有支撑，结构性行情有望持续演绎，尤其是代表中国经济转型方向的科技、医 药板块，以及受益于"反内卷"政策的工程机械、化工行业龙头股，值得重点关注。 私募调研步履不停 9月以来，市场震荡加剧，但私募调研依然火热。 煜德投资近日发布观点分析称，回顾过往的巨大行情，政策效应和产业革命共振往往是共同的驱动力。 如今国内政策积极信号不断释放，AI技术革命也日新月异，中国资本市场存在诸多可为的配置机会， 资源价值重估和创新成长两个核心方向值得挖掘。具体来看，受益于"反内卷"政策的煤炭行业、科技创 新领域的优质企业、中国优势制造业出海的机会，是接下来布局的重点。 从个股来看，创新型生物制药龙头企业——迈威生物备受私募关注，9月获得了88家私募扎堆调研，其 中不乏淡水泉、高毅 ...

Industry Developments - The Ministry of Industry and Information Technology, along with six other departments, issued a plan to promote service-oriented manufacturing innovation, emphasizing the construction of new information infrastructure and the integration of "5G + industrial internet" [1] - Shanghai has introduced new policies to systematically cultivate future industries, focusing on six key areas: future manufacturing, future information, future materials, future energy, future space, and future health [3] Macroeconomic Insights - The National Healthcare Security Administration has instructed local healthcare departments to investigate and address the issue of "dual pricing" in designated retail pharmacies [2] - Starting from October 11, the national railway will implement a new train operation schedule, planning to run over 13,000 passenger trains and more than 23,000 freight trains daily [2] - During the "14th Five-Year Plan" period, approximately 5 billion square meters of new residential properties were sold nationwide, with the second-hand housing market expanding significantly [2] Investment News - Securities firms have begun to disclose their October stock recommendations, with a focus on high-performing sectors such as electronics, power equipment, and media [4] - Despite increased market volatility, several private equity firms remain optimistic about structural opportunities in the market, emphasizing the emergence of high-quality assets and cyclical investments as key focus areas [4] - The offshore bond market in China has shown signs of recovery, with the issuance of dim sum bonds reaching 221.06 billion yuan in the third quarter, a year-on-year increase of 9.3% [4] Company Movements - Shenzhou Digital announced a significant divorce case involving its actual controller, which may pose risks related to changes in the company's controlling shareholder [7] - Didi Autonomous Driving has secured 2 billion yuan in Series D financing, with investors including various technology and investment funds [7] - Apple is in the final stages of negotiations to acquire computer vision startup Prompt AI, which is expected to enhance its HomeKit smart home ecosystem [7] Market Trends - A report identified 41 companies with positive earnings forecasts, with 17 companies expecting net profit growth exceeding 100%, highlighting sectors such as basic chemicals, electronics, and automotive as high-growth areas [9] - The centralized bond lending business has seen participation from 78 institutions, with the initial bond lending pool exceeding 1 trillion yuan, indicating a significant increase in trading efficiency [10]

策略周报 A 股估值扩张，有色金属行业继续领涨 A 股 TTM&全动态估值全景扫描（20251011） 核心结论 本周 A 股总体估值扩张，有色金属行业继续领涨。国庆期间有色行业利好发 酵，本周有色继续领涨。当前有色金属行业整体 PB（LF）处于历史 87.8% 分位数，细分行业中，铜/铝/锂/黄金行业 PB（LF）分别处于历史 92.1%/96.3%/40.7%/83.6%分位数，锂的估值提升空间相对更大。 创业板 PE（TTM）扩张幅度高于主板低于科创板。算力基建剔除运营商/资 源类的相对估值扩张。算力基建剔除运营商/资源类的相对 PE（TTM）从本 周的 5.80 倍降至本周的 5.66 倍，相对 PB（LF）从本周的 5.69 倍降至本周 的 5.54 倍。 观察行业绝对估值与相对估值的历史分位数—— （1）从静态的 PE（TTM）角度，大类行业中，可选消费、中游制造、大消 费、周期类、中游材料绝对估值和相对估值均高于历史中位数，其中可选消 费、中游制造绝对估值和相对估值均高于历史 90 分位数。资源类、必需消 费绝对估值和相对估值均低于历史中位数，其中服务业、金融服务、必需消 费相对估值低于历史 1 ...

作为今年首支登陆香港创业板(GEM)的公司，金叶国际的募资规模极为迷你，这为造就惊人的认购倍数提供了条件。截至当日收盘，股价报收2.15港元，较 0.5港元的发行价飙涨330%，成交额达1.3亿港元，显示出强大的市场关注度。 港股IPO市场正不断以新面目示人，认购倍数更是不断刷新认知。 10月10日，金叶国际集团(08549)以超过1.15万倍的公开发售超额认购倍数，成为港股史上首只"万倍认购股"，将打新热情推至前所未有的高度。 金叶国际仅是年内港股IPO火爆现象的冰山一角。一个更为深刻的趋势是，截至目前，年内超千倍认购的新股已多达18只。与此同时，新股首日破发率骤降 至23.18%，创下近九年新低。 赚钱效应的强势回归，并非无源之水。中信证券研究分析指出，其背后是制度、资金与产业的三重坚实支撑，港交所持续的制度优化吸引了更多企业；充裕 的市场流动性为打新提供了弹药；而新经济公司比重的增加，则重塑了市场的产业逻辑。 在这一派火热景象之下，作为港股IPO"定盘星"的基石投资者，其布局逻辑的演变同样揭示了市场深层的理性选择。纵观今年市场，一个鲜明的特征是资金 正愈发向优质龙头企业集中。龙头企业凭借清晰的商业模式和 ...