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融资折算率调整影响有限 公募切换仓位保“收成”
Zheng Quan Shi Bao· 2025-10-12 22:04
对此,多位公募基金分析人士认为,四季度通常会进入防御策略阶段,以锁定当年在手业绩,局部赛道 高估值状态已较为明显,叠加部分标的两融折算率调整为0,高位板块存在止盈动力。以2010年至2024 年共15年的行情经验和规律来看,每年前三个季度涨幅靠前的行业,在四季度涨幅通常靠后,主要原因 在于机构资金选择落袋为安或者布局低位方向,以降低高位波动风险。 在公募逐渐兑现高收益品种的背景下,节后股票市场出现大幅波动,A股、港股及美股全线走跌。 前海开源基金基金经理杨德龙认为,预计调整的空间较为有限,虽然局部股票热度过高,但传统的白马 股在这一轮上涨过程中并没有表现,估值仍然处于历史均值之下。短期市场受到外部因素影响出现调 整,但市场大的趋势并没有改变。这轮慢牛行情背后有深刻的逻辑,牛市仍然有望延续较长时间。短期 市场的冲击难以避免,中长期的表现更取决于科技股能否兑现业绩。 富荣基金则认为,资金从高弹性赛道转入保守与红利赛道,是市场下跌的主要原因之一。部分国内资金 以及海外资金风险偏好下降,创业板前期在短时间内上涨幅度较大,导致市场部分资金选择切换至更加 保守的煤炭等红利板块。 融资折算率调整影响轻微 上周五,A股、港股 ...
收评:沪指失守3900点跌0.94% 创指收跌4.55% 大消费板块逆势活跃
Xin Lang Cai Jing· 2025-10-10 07:09
Market Overview - The three major stock indices collectively declined, with the ChiNext Index falling over 4%, the Shenzhen Component Index down nearly 3%, and the Sci-Tech Innovation 50 Index dropping 5.61% [1][2] Sector Performance - The consumer sector was notably active, with new consumption areas like beauty and pet economy leading the gains, as stocks such as Zhuangyuan Pastoral and Yiyi Co. hit the daily limit [1] - The gas sector also performed well, with Dazhong Public Utilities and Hongtong Gas reaching the daily limit [1] - The military equipment sector strengthened in the afternoon, with Changcheng Military Industry hitting the daily limit [1] - Conversely, the semiconductor sector experienced a pullback, with stocks like Aojie Technology and Dongxin Co. dropping over 10% [1] - The battery sector declined, led by Liyuanheng, while the precious metals sector continued to adjust, with Western Gold seeing significant losses [1] Key Highlights - The consumer sector saw a surge in stocks ahead of the 2025 "Double 11" shopping festival, with platforms like Kuaishou and Douyin initiating pre-sales [3] - In the electric grid equipment sector, New Special Electric hit the daily limit, supported by a report from Goldman Sachs indicating a significant increase in power demand for data centers, raising investment expectations from $720 billion to $780 billion by 2030 [4]
军工装备板块持续走高
Di Yi Cai Jing· 2025-10-10 06:03
(本文来自第一财经) 长城军工涨停,捷强装备、北方长龙涨超15%,理工导航、内蒙一机、星网宇达、北摩高科、晨曦航空 跟涨。 ...
午评:创指半日跌3.40% 大消费板块逆势活跃 半导体全线调整
Xin Lang Cai Jing· 2025-10-10 04:11
Market Overview - The major stock indices opened lower and continued to decline, with the ChiNext Index dropping over 3% and the Sci-Tech 50 Index falling more than 4% [1] - As of the midday close, the Shanghai Composite Index was at 3913.80 points, down 0.51%; the Shenzhen Component Index was at 13471.74 points, down 1.85%; and the ChiNext Index was at 3150.78 points, down 3.40% [2] Sector Performance - The electric grid equipment sector experienced significant gains, with New Special Electric reaching a 20% limit up, and several other stocks like State Grid Nanzhi and Sifang Co. also hitting the limit up [1][5] - The consumer sector showed resilience, particularly in retail and food and beverage, with stocks like Zhuangyuan Pasture and Shen Saige reaching their limit up [1][4] - The military equipment sector continued to rise, with Changcheng Military Industry hitting the limit up [1] - Conversely, the semiconductor sector faced a pullback, with stocks like Dongxin Co. and Yandong Microelectronics dropping over 10% [1] - Precious metals saw a decline, with Western Gold leading the drop, while the solid-state battery sector weakened, with Xian Dao Intelligent showing significant losses [1] Hotspot Sectors - **Consumer Sector**: The beauty care and food and beverage segments led the gains, with Zhuangyuan Pasture achieving consecutive limit ups. The Ministry of Commerce reported a 2.7% year-on-year increase in sales for key retail and catering enterprises during the National Day and Mid-Autumn Festival holiday [4] - **Electric Grid Equipment**: Goldman Sachs' research indicated a significant impact of AI and non-AI workloads on data center power demand. The expected investment in the electric grid has been raised from $720 billion to $780 billion by 2030, with a focus on distribution infrastructure [5]
A股军工装备板块涨幅扩大:长城军工涨停,北方长龙涨超15%
Ge Long Hui· 2025-10-10 03:40
格隆汇10月10日|A股军工装备板块持续拉升,长城军工涨停,捷强装备、北方长龙涨超15%,理工导 航、内蒙一机、星网宇达、北摩高科、晨曦航空跟涨。 ...
华泰证券:建议关注四足机器人本体与任务载荷产业链投资机会
Xin Lang Cai Jing· 2025-10-10 00:06
华泰证券指出,国内军用四足机器人产业链可分为本体、任务载荷两部分,本体类似于四肢和小脑,任 务载荷类似于大脑和工具。军用四足机器人总体设计与总装集成商以军工央企为主;任务载荷包括侦 察、打击、通信等类型;另外,景业智能等企业主要在购买本体、任务载荷基础上进行二次开发以满足 特种应用需求。四足机器人本体产业链、任务载荷供应商均有望受益于军用四足机器人放量。 ...
北方导航控制技术股份有限公司关于公司2020年股票期权激励计划第三个行权期2025年第三季度自主行权结果暨股份变动的公告
Core Viewpoint - The announcement details the results of the third exercise period of the 2020 stock option incentive plan of Beifang Navigation Control Technology Co., Ltd., highlighting the number of options exercised and the implications for the company's stock structure and financial situation [2][9]. Summary by Sections Stock Option Exercise Details - The number of stock options available for exercise in the third period is 6,612,255 shares, with an actual exercise period from January 16, 2025, to December 29, 2025. The exercise method is self-exercise. As of September 30, 2025, a total of 5,296,271 shares have been exercised, accounting for 80.10% of the total options available for this period [2][6]. Decision-Making Process and Disclosure - The board of directors approved the stock option incentive plan on November 15, 2020, and the plan received approval from the State-owned Assets Supervision and Administration Commission on December 29, 2020 [3][4]. Stock Listing and Trading Arrangements - Shares obtained through the exercise of options will be tradable on the second trading day after the exercise date (T+2). A total of 925,955 shares were listed for trading in the third quarter of 2025 [6][7]. Changes in Shareholding Structure - The exercise of options did not result in any changes to the shareholding of major shareholders, specifically Beifang Navigation Technology Group Co., Ltd. and China Weapon Investment Management Co., Ltd., which remain under the control of China North Industries Group Corporation [8]. Fundraising and Financial Impact - The total funds raised from the exercise of options in the third period amount to 44,761,117.84 yuan, which will be used to supplement the company's working capital. The exercise does not have a significant impact on the company's financial status or operating results [8][9].
六九一二:主要产品为军事训练装备、特种军事装备等军事装备
Zheng Quan Ri Bao Wang· 2025-09-30 08:43
证券日报网讯 六九一二(301592)9月30日在互动平台回答投资者提问时表示,公司以军事作战需求为 导向,具备较强的军事通信技术研发优势及军事指挥理论研究能力,主要产品为军事训练装备、特种军 事装备等军事装备,客户主要为直接军方、军工集团及科研院所等单位,详细内容请查询公司定期报 告。 ...
军贸概念发力走高,国睿科技、中航沈飞涨停,航天南湖等大涨
Core Viewpoint - The military trade sector has seen a significant surge due to escalating global security concerns, particularly in the Middle East, leading to increased demand for defense equipment from China [1] Group 1: Market Performance - As of the report, aerospace companies such as Aerospace South Lake have risen over 10%, while Guorui Technology and AVIC Shenyang Aircraft have reached their daily limit, and Hongdu Aviation and Aerospace Rainbow have increased by approximately 7% [1] Group 2: Industry Insights - Since September, the worsening situation in the Middle East has intensified global security issues, suggesting a potential rise in defense spending worldwide [1] - Historical trends indicate that the rise of major powers is often accompanied by the expansion of military trade, which is crucial for enhancing China's international influence and maintaining its peaceful rise strategy [1] - The global military expenditure is projected to see its largest increase since the end of the Cold War in 2024, presenting favorable conditions for China's military trade [1] Group 3: Future Outlook - Recent security and defense incidents in the Middle East have bolstered expectations for Chinese equipment exports to the region [1] - The upcoming Dubai Airshow in mid-November is anticipated to showcase strong performance for Chinese equipment exports [1] - It is recommended to focus on key players in the military trade sector, particularly those representing main engine manufacturers, as they are expected to benefit the most from this development [1]
九三大阅兵装备梳理:大国重器集结,新质装备铸军威-20250929
Investment Rating - The report provides a "Buy" rating for the defense and military industry, indicating a strong potential for growth and performance exceeding the market index by over 20% in the next 6 to 12 months [86]. Core Insights - The report emphasizes the significant advancements in military technology showcased during the recent military parade, highlighting the strategic importance of new equipment in enhancing national defense capabilities [1][2]. - It identifies a trend towards modernization and diversification of military assets, particularly in missile systems, unmanned vehicles, and naval capabilities, which are expected to drive future demand [4][50][67]. Summary by Sections 1. Missile Systems: "East Wind Rising, Long Sword Soaring" - The report highlights the introduction of advanced long-range artillery and missile systems, such as the 191 long-range box rocket launcher, which enhances the army's strike capabilities with high precision and rapid response [9]. - The CJ-20A cruise missile and other variants are noted for their role in multi-domain deterrence and precision strikes, indicating a robust demand driven by regional security challenges [14]. - Hypersonic missiles like the DF-17 and DF-26D are recognized for their speed and evasion capabilities, marking a shift towards non-linear warfare strategies [15][27]. 2. Unmanned Systems: "Unmanned Iron Array, Offense and Defense Integrated" - The report discusses the deployment of various unmanned aerial vehicles (UAVs) designed for reconnaissance and combat, showcasing China's advancements in autonomous warfare technology [51]. - It notes the increasing integration of unmanned ground vehicles for diverse military tasks, indicating a shift towards automated and efficient combat operations [57]. - The naval segment highlights the introduction of unmanned underwater vehicles and surface drones, emphasizing their strategic role in modern naval warfare [62]. 3. Aviation, Ground, and Amphibious Forces: "Dragon Soaring in the Sky, Iron Flow Treading the Land" - The report details the advancements in fighter jets, particularly the J-35A, which signifies a transition in naval defense capabilities from coastal to blue-water operations [68]. - Ground forces are equipped with next-generation armored vehicles, enhancing their operational effectiveness and adaptability in various combat scenarios [75]. - The amphibious assault capabilities are strengthened with new vehicles designed for rapid deployment and versatile operational roles, reflecting a comprehensive upgrade in military readiness [79].