沪指10月20日上涨0.63%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为通信、煤炭，涨幅 分别为3.21%、3.04%。跌幅居前的行业为有色金属、农林牧渔，跌幅分别为1.34%、0.88%。农林牧渔 行业位居今日跌幅榜第二。 平潭发展 | 002157 | 正邦科技 | 0.34 | 0.92 | 2668.23 | | --- | --- | --- | --- | --- | | 002141 | 贤丰控股 | 5.45 | 5.70 | 2261.13 | | 688098 | 申联生物 | -2.80 | 6.00 | 1200.18 | | 002868 | *ST绿康 | 5.00 | 1.36 | 1052.71 | | 002385 | 大北农 | 0.00 | 1.47 | 1035.88 | | 300021 | 大禹节水 | 1.89 | 1.84 | 982.71 | | 600313 | 农发种业 | -0.47 | 1.26 | 905.47 | | 600354 | 敦煌种业 | -0.16 | 3.53 | 800.56 | | 600467 | 好当家 | 1.6 ...

证券研究报告 | 策略点评 2025 年 10 月 20 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251020 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.63%，收报 3863.89 点；深证成指涨 0.98%，收报 12813.21 点；科创 50 涨 0.35%，收报 1367.90 点；创业板指涨 1.98%，收报 2993.45 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4064 只个股上涨，1248 只个股下跌，121 只个股 收平。沪深两市今日成交额合计 17376 亿元，较上个交易日缩量 2005.11 亿 元。 行业涨跌情况：今日申万一级行业涨多跌少，通信、煤炭、电力设备、机械 设备、电子、交通运输等行业涨幅靠前，有色金属、农林牧渔、美容护理、 食品饮料、银行等行业跌幅靠前。 板块涨跌情况：今日涨幅居前概念板块为培育钻石、超硬材料、光模块(CPO)、 锂电电解液、煤炭开采精选、航空运输精选、锗镓锑墨、光芯片、光通信、 冰雪旅游、油 ...

证券时报·数据宝统计，截至上午收盘，今日沪指涨0.69%，A股成交量749.78亿股，成交金额11708.61 亿元，比上一个交易日减少1.48%。个股方面，4237只个股上涨，其中涨停75只，1061只个股下跌，其 中跌停5只。从申万行业来看，通信、电子、电力设备等涨幅最大，涨幅分别为2.73%、2.28%、 1.83%；农林牧渔、有色金属、美容护理等跌幅最大，跌幅分别为0.54%、0.51%、0.45%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 2.73 | 807.22 | 32.32 | 恒信东方 | 12.39 | | 电子 | 2.28 | 2304.91 | 9.50 | 经纬辉开 | 19.96 | | 电力设备 | 1.83 | 1330.57 | -15.12 | 华瑞股份 | 20.00 | | 机械设备 | 1.55 | 734.37 | -2.04 | 博盈特焊 | 19.73 | | 煤炭 | 1.51 | 15 ...

A 股市场今天（ 10 月 20 日）上午整体上行，其中通信板块表现强劲，板块盘中涨幅一度超过 5% ，多只个股盘中涨停或涨幅超过 10% ，带动市场人气上 升。 港股市场今天上午整体显著走强，恒生指数盘中涨幅一度超过2.6%。 通信板块掀涨停潮 A股市场今天上午整体上行，主要指数不同程度上涨，其中创业板指表现强劲，盘中涨幅一度超过3.6%，后涨幅有所收窄。截至中午收盘，上证指数上涨 0.69%，深证成指上涨1.38%，创业板指上涨2.49%，科创50指数上涨1.39%。全市场超4200只个股上涨。 从主要行业板块和赛道来看，若按照申万一级行业划分，通信板块领涨，板块盘中涨幅一度超过5%。截至中午收盘，恒信东方涨超12%，天孚通信、中际旭 创等多只前期热门股盘中涨幅一度超过10%。世嘉科技、剑桥科技、瑞斯康达、超讯通信等多股盘中涨停。 电子、电力设备、煤炭、机械设备等板块涨幅居前；有色金属、农林牧渔、银行等板块上午表现相对疲弱。 概念板块方面，CPO概念、光通信、复合铜箔、人脑工程等概念涨幅居前，黄金概念板块上午出现较明显调整，盘中跌幅一度超过2%。 活跃个股方面，截至中午收盘，中际旭创、新易盛、寒武纪-U、 ...

Core Insights - The Social Security Fund has disclosed its stock holdings for the third quarter, appearing in the top ten shareholders of 12 companies, with a total holding of 121 million shares valued at 5.991 billion yuan [1][2] - The fund has reduced its holdings in 5 stocks, initiated positions in 3 stocks, and increased its holdings in 4 stocks during this period [1] Holdings Overview - The company with the highest number of Social Security Fund shareholders is Sanhe Tree (三棵树), with 3 fund combinations listed among the top ten shareholders, holding a total of 15.024 million shares, accounting for 2.04% of the circulating shares [1] - The stock with the highest holding percentage by the fund is also Sanhe Tree at 2.04%, followed by Yingxi Network (萤石网络) at 1.94%, and other notable companies include Haida Group (海大集团), Jinling Mining (金岭矿业), and Jiuzhou Pharmaceutical (九洲药业) [1] Performance Metrics - Among the stocks held by the Social Security Fund, 10 companies reported year-on-year net profit growth in their third-quarter reports, with Sanhe Tree achieving a net profit of 744 million yuan, a year-on-year increase of 81.22% [2] - The fund's holdings are primarily concentrated in the pharmaceutical, agriculture, and construction materials sectors, with 2 stocks each from these industries represented [2] Market Performance - Since October, the average performance of the Social Security Fund's major holdings has declined by 1.82%, underperforming the Shanghai Composite Index [2] - Jinling Mining has shown the best performance with a cumulative increase of 12.17%, while the stock with the largest decline is Yingwei Ke (英维克), which has dropped by 13.89% [2]

Core Viewpoint - CITIC Securities believes that the bull market logic remains intact despite the recent market consolidation, driven by capital market reforms and structural prosperity [1] Market Conditions - Following a peak in trading activity in the computing power sector in early September, the market has entered a consolidation phase characterized by high capital rotation, index stagnation, and reduced trading volume [1] - The current market conditions are attributed to the failure to meet the criteria for ending the bull market consolidation, ongoing uncertainties in US-China relations, and reduced volatility ahead of key meetings [1] Investment Strategy - The company suggests a shift in investment style, with short-term focus on "countermeasures + risk aversion" and a year-end focus on dividend and technology styles [1] - Key sectors to watch include dividends, non-ferrous metals (rare earths, precious metals), large financials (banks, insurance), steel, agriculture, AI, batteries, chips, robotics, and innovative pharmaceuticals [1]

Core Insights - The market's focus on corporate performance has significantly increased with the ongoing disclosure of Q3 reports, with 46 institutions conducting 195 "buy" ratings covering 140 stocks as of October 17 [2][8] - Among the stocks rated, Zhongchong Co. and Xiaoshangpin City received the highest number of ratings, with 16 and 9 institutions respectively [2][3] - Zhongchong Co. reported a revenue of 3.86 billion yuan for the first three quarters, a year-on-year increase of 21.05%, and a net profit of 333 million yuan, up 18.21% [2] Company Performance - Zhongchong Co. has successfully entered the North American market through its WANPY brand on Chewy, the largest pet e-commerce platform in North America, indicating ongoing channel development [2] - Among the 140 stocks rated, 32 reported a year-on-year increase in net profit for the first three quarters, with Shijia Photon and Chenguang Biotech showing net profit growth exceeding 100% [8] - Shijia Photon achieved a net profit of 300 million yuan, a staggering increase of 727.74%, driven by the rapid growth of the data communication market due to AI development [8] - Chenguang Biotech's estimated net profit for the first three quarters ranges from 278 million to 314 million yuan, reflecting a year-on-year growth of 344.05% to 401.55% [8] Industry Trends - The pharmaceutical and biotechnology sectors are seeing a surge in positive news, with new regulations aimed at promoting biomedical innovation and improving medical quality [5][6] - The electronic industry is also favored by institutions, with AI technology driving new growth, particularly in high-bandwidth memory (HBM) demand, which is expected to grow by 70% globally by 2025 [6] - The average increase in stock prices for the 140 rated stocks this year is 39.56%, with 14 stocks experiencing gains exceeding 100%, highlighting strong market performance [9]

Market Overview - The A-share market experienced a decline across major indices, with the Shanghai Composite Index falling by 1.95% to close at 3839.76 points, the Shenzhen Component Index down by 3.04% to 12688.94 points, and the ChiNext Index decreasing by 3.36% to 2935.37 points [1] - Overall, the market saw more stocks decline than rise, with 598 stocks increasing and 4781 stocks decreasing, while 53 stocks remained unchanged [1] - The total trading volume in the Shanghai and Shenzhen markets reached 193.81 billion yuan, slightly increasing by 7 billion yuan compared to the previous trading day [1] Industry Performance - All primary industries in the Shenwan classification experienced declines, with the coal, transportation, textile and apparel, agriculture, forestry, animal husbandry, and fishery sectors showing relative resilience [1] - The sectors that led the decline included power equipment, electronics, machinery, automobiles, and national defense, with respective declines of 4.99%, 4.17%, 3.69%, 3.55%, and 3.39% [1] Sector Highlights - The top-performing concept sectors included consecutive boards, speculative boards, first boards, Hainan Free Trade Port, duty-free shops, air transportation, FTSE Russell, banks, lithium battery electrolytes, Xinjiang revitalization, gold and jewelry, animal vaccines, pig industry, and dairy [2] - Conversely, sectors such as charging piles, power equipment, and wireless charging experienced pullbacks [11]

Core Viewpoint - The A-share market experienced a decline today, with the Shanghai Composite Index dropping by 1.39% and trading volume decreasing by 4.76% compared to the previous trading day [1] Industry Performance Summary - **Coal**: Slight increase of 0.12% with a transaction amount of 165.48 billion yuan, led by Antai Group which rose by 10.00% [1] - **Banking**: Minor decrease of 0.04% with a transaction amount of 302.99 billion yuan, led by Shanghai Bank which fell by 0.83% [1] - **Steel**: Decrease of 0.09% with a transaction amount of 133.07 billion yuan, led by Wujin Stainless Steel which dropped by 7.73% [1] - **Transportation**: Decrease of 0.11% with a transaction amount of 258.60 billion yuan, led by Pulutong which fell by 3.36% [1] - **Textiles and Apparel**: Decrease of 0.25% with a transaction amount of 119.79 billion yuan, led by Yingfeng Shares which dropped by 9.99% [1] - **Oil and Petrochemicals**: Decrease of 0.29% with a transaction amount of 83.04 billion yuan, led by Compton which fell by 3.19% [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decrease of 0.45% with a transaction amount of 139.82 billion yuan, led by Aonong Biological which dropped by 4.66% [1] - **Real Estate**: Decrease of 0.52% with a transaction amount of 213.60 billion yuan, led by Wolong New Energy which fell by 7.80% [1] - **Utilities**: Decrease of 0.52% with a transaction amount of 302.04 billion yuan, led by *ST Lingda which dropped by 13.20% [1] - **Construction and Decoration**: Decrease of 0.75% with a transaction amount of 278.81 billion yuan, led by Kexin Development which fell by 8.15% [1] - **Home Appliances**: Decrease of 0.79% with a transaction amount of 217.37 billion yuan, led by Greer which dropped by 6.72% [1] - **Food and Beverage**: Decrease of 0.86% with a transaction amount of 194.67 billion yuan, led by Huaiqi Mountain which fell by 6.44% [1] - **Environmental Protection**: Decrease of 0.92% with a transaction amount of 140.79 billion yuan, led by Science which dropped by 6.68% [1] - **Retail**: Decrease of 0.97% with a transaction amount of 173.43 billion yuan, led by Ruoyu Chen which fell by 9.98% [1] - **Social Services**: Decrease of 1.07% with a transaction amount of 89.87 billion yuan, led by Chuangye Heima which dropped by 5.28% [1] - **Light Industry Manufacturing**: Decrease of 1.12% with a transaction amount of 135.66 billion yuan, led by Songyang Resources which fell by 10.02% [1] - **Pharmaceuticals and Biology**: Decrease of 1.16% with a transaction amount of 845.22 billion yuan, led by Warner Pharmaceuticals which dropped by 7.67% [1] - **Basic Chemicals**: Decrease of 1.21% with a transaction amount of 618.91 billion yuan, led by Xinong Shares which fell by 8.88% [1] - **Non-ferrous Metals**: Decrease of 1.24% with a transaction amount of 1149.11 billion yuan, led by Galaxy Magnetics which dropped by 7.14% [1] - **Telecommunications**: Decrease of 1.28% with a transaction amount of 806.90 billion yuan, led by Shijia Photon which fell by 17.59% [1] - **Non-bank Financials**: Decrease of 1.39% with a transaction amount of 491.74 billion yuan, led by Hainan Huatie which dropped by 6.17% [1] - **Building Materials**: Decrease of 1.66% with a transaction amount of 94.02 billion yuan, led by Yaopi Glass which fell by 7.82% [1] - **Media**: Decrease of 1.68% with a transaction amount of 263.96 billion yuan, led by Vision China which dropped by 9.93% [1] - **Beauty and Personal Care**: Decrease of 1.76% with a transaction amount of 33.94 billion yuan, led by Baiya Shares which fell by 4.98% [1] - **Computers**: Decrease of 2.38% with a transaction amount of 1005.18 billion yuan, led by Kaipu Cloud which dropped by 11.94% [1] - **Comprehensive**: Decrease of 2.42% with a transaction amount of 27.84 billion yuan, led by Dongyangguang which fell by 4.70% [1] - **Defense and Military Industry**: Decrease of 2.55% with a transaction amount of 387.73 billion yuan, led by Hangyu Technology which dropped by 8.38% [1] - **Machinery and Equipment**: Decrease of 2.68% with a transaction amount of 940.87 billion yuan, led by Yingweike which fell by 10.00% [1] - **Automobiles**: Decrease of 2.69% with a transaction amount of 775.95 billion yuan, led by Tianpu Shares which dropped by 10.00% [1] - **Electronics**: Decrease of 3.19% with a transaction amount of 2631.19 billion yuan, led by Nanya New Materials which fell by 16.26% [1] - **Electric Power Equipment**: Decrease of 3.79% with a transaction amount of 1881.52 billion yuan, led by Shenghong Shares which dropped by 11.80% [1]

Core Viewpoint - The Hong Kong stock market continues to experience fluctuations, with the Hong Kong Large Cap 30 ETF (520560) showing strong investor interest despite a price drop of over 2% as of the report date [1] Group 1: Market Performance - The Hong Kong Large Cap 30 ETF (520560) has been trading at a premium, with a peak premium rate of 0.46%, indicating strong capital inflow intentions [1] - Since its listing on October 13, the ETF has seen a cumulative net purchase exceeding 18 million, with a net flow rate of 2.7% over nearly four trading days [1] Group 2: Sector Analysis - The Hang Seng China 30 Index has shown a divergence in performance recently, with a slight valuation correction [1] - Essential consumer sectors such as food and beverage, as well as agriculture, forestry, and animal husbandry, are presenting attractive valuation opportunities [1] - The technology sector has experienced a price-to-earnings (PE) ratio decline of over 1x, indicating significant potential for valuation recovery [1] Group 3: ETF Characteristics - The Hong Kong Large Cap 30 ETF (520560) closely tracks the Hang Seng China (Hong Kong listed) 30 Index, which consists of 30 constituent stocks [1] - The ETF employs a "dumbbell strategy," combining high-volatility technology stocks with high-dividend yield assets, focusing on leading companies in the internet, finance, electronics, and consumer sectors [1] - The top ten holdings of the ETF account for over 74% of its total weight, indicating a high concentration and strong capacity to absorb large trades with low impact costs [1]