Core Viewpoint - The company, Zhongyou Capital, is strategically investing in the field of controllable nuclear fusion through its subsidiary, Kunlun Capital, which reflects its commitment to green transformation and future energy development [1] Group 1 - Zhongyou Capital's subsidiary, Kunlun Capital, is participating in the investment of Fusion New Energy (Anhui) Co., Ltd [1] - Fusion New Energy is focused on the exploration and development of controllable nuclear fusion technology [1] - This investment aligns with the broader strategy of China National Petroleum Corporation (CNPC) to accelerate its green transformation [1]

时隔十年，上证指数站上3900点之际，A股融资余额规模继续攀升。 10月9日单日融资净买额508亿元，创近1年新高，亦为历史次高。 两融余额单日增长额历史最高发生在2024年10月8日，单日激增1074.86亿元，创下历史最高纪录。 截至2025年10月9日，沪深京三市融资融券余额已达24292亿元，续创历史新高。 截至10月9日，杠杆资金买入额前10的的个股分别为：东方财富、中国平安、中信证券、贵州茅台、新 易盛、宁德时代、中际旭创、胜宏科技、中芯国际、比亚迪。 杠杆资金钟爱黄金ETF。杠杆资金买入额前10的的ETF分别为：华安黄金ETF、易方达黄金ETF、华夏 恒生ETF、华泰柏瑞沪深300ETF、国泰证券ETF、博时黄金ETF基金、南方中证500ETF、海富通短融 ETF、易方达H股ETF、南方中证1000ETF。 | 证券代码 | 证券简称 | 融资融券余额(亿元) | 所属行业 | | --- | --- | --- | --- | | 518880.SH | 更蛋ETF | 75.12 | 华安基金 | | 159934.SZ | 更金ETF | 58.40 | 易方达基金 | | 159920. ...

Core Viewpoint - Zhongshan Public Utilities (000685.SZ) has made an early investment in Muxi Co., which is expected to have a positive impact on the company and validate its strategic vision for forward-looking industrial investments [1] Group 1 - The company has invested in Muxi Co. through a new energy fund [1] - The specific shareholding ratio can be referenced in the prospectus of Muxi Integrated Circuit (Shanghai) Co., Ltd [1] - The IPO of Muxi Co. is anticipated to bring positive effects to Zhongshan Public Utilities [1]

Market Overview - The A-share market is expected to continue its upward trend, although the momentum may weaken, leading to increased volatility and a more balanced investment style [6][19] - The Shanghai Composite Index rose by 15.84%, while the Shenzhen Component Index increased by 29.88% in the first three quarters of 2025 [4][13] Industry Performance - The non-ferrous metals sector led the gains with a 67.52% increase, followed by telecommunications at 62.61% and electronics at 53.51% [4][14] - The coal sector experienced the largest decline at -7.90%, with food and beverage and oil and petrochemicals also showing negative performance [4][14] Market Logic for Q4 2025 - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the impact of U.S. tariff policies and domestic economic recovery [5][18] - The demand for stocks is expected to increase due to personal investors reallocating assets towards equities, alongside improvements in public and private fund issuance [5][18] Sector Allocation - Key sectors to watch include: - Pharmaceuticals: Defensive value with recovery potential [6] - Semiconductors: Driven by self-sufficiency logic [6] - Robotics: Strong internal growth drivers [6] - Renewable Energy: Potential for continued rebound [6] - Financials: Benefiting from increased market activity [6] Thematic Investments - Thematic investment opportunities include: - AI: Expansion from hardware to applications [6] - Optical communication modules: Core drivers include AI computing and data center upgrades [6] - Rare earth materials: China's advantages in this sector [6] - Military industry: Potential driven by export attractiveness and geopolitical tensions [6]

关于举办绿电直连及新能源非电利用培训的通知 各企事业单位： 发展新能源，是改善能源结构、保障能源安全、推进生态文明建设的重要任务。近日，我 国在 联合国气候变化峰会 宣布：到 2035年，中国风电和太阳能发电总装机容量力争达 到36亿千瓦。 国家部委明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类分 档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现 100%绿色电力 消费。《 关于有序推动绿电直连发展有关事项的通知 》鼓励出口外向型企业利用周边新 能源资源探索开展存量负荷绿电直连，云南、河北、陕西陆续出台绿电直连实施方案。 在新能源发展路径上，坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转 变。目前，新能源非电利用规模占全国能源消费总量比重不足 1%，亟待实现规模突破， 打开新能源开发利用更广阔空间。 为了帮助各企事业单位了解绿电直供最新政策及新能源非电利用途径，《中国能源报》社 特举办绿电直连及新能源非电利用培训。培训完后发放《中国能源报》社有限公司中国能 源经济研究院 "绿电直连及新能源非电利用"培训结业证书。 培训地点 : 北京 二、组织机构 主办单位：《中 ...

Group 1 - The core point of the news is that Lingpai Technology's stock has experienced a decline of 5.02%, with a current price of 33.84 CNY per share and a total market capitalization of 5.819 billion CNY [1] - Lingpai Technology, established on December 12, 2002, and listed on August 9, 2016, specializes in the research, production, and sales of new environmentally friendly surface engineering chemicals and new energy power battery businesses [1] - The revenue composition of Lingpai Technology includes 33.11% from new energy EPC business, 33.11% from new energy batteries and systems, 29.04% from coating additives, 3.81% from other sources, 0.77% from coating intermediates, and 0.16% from chemical trading products [1] Group 2 - Among the top circulating shareholders of Lingpai Technology, a fund under AVIC Fund ranks as a significant holder, with the AVIC New Start Flexible Allocation Mixed A Fund (005537) newly entering the top ten shareholders in the second quarter, holding 895,800 shares, which is 0.57% of the circulating shares [2] - The AVIC New Start Flexible Allocation Mixed A Fund has achieved a year-to-date return of 95.54%, ranking 105 out of 8166 in its category, and an annual return of 84.28%, ranking 214 out of 8014 [2] - The fund manager of AVIC New Start Flexible Allocation Mixed A Fund, Han Hao, has been in the position for 7 years and 303 days, with a total asset scale of 1.788 billion CNY and a best fund return of 204.79% during his tenure [3] Group 3 - The AVIC New Start Flexible Allocation Mixed A Fund increased its holdings in Lingpai Technology by 564,900 shares in the second quarter, bringing its total to 895,800 shares, which constitutes 7.4% of the fund's net value, making it the fifth-largest holding [4]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is projected to have over 71,000 high-tech enterprises by the end of 2024, with 190 national manufacturing champions and 2,089 "specialized, refined, and innovative" small giants [1][2] - The GBA's economic output is approximately $1.89 trillion in 2023, ranking second among the world's four major bay areas, closely following the Tokyo Bay Area [2] - The GBA's nine inland cities have seen their GDP grow from 8.04 trillion RMB in 2018 to 11.5 trillion RMB in 2024, representing a significant economic concentration with only 0.58% of the country's land and 5.6% of its population [2][3] Economic Development - The GBA's central cities, Shenzhen and Guangzhou, are expected to rank 3rd and 5th in GDP among Chinese cities in 2024, maintaining over 5% of the national GDP share in recent years [2] - By 2025, 18 companies from the GBA's nine inland cities are projected to be listed in the Fortune Global 500, with Shenzhen contributing 9 and Guangzhou 6, accounting for 83% of Guangdong's total [2] Industry Clusters - Guangdong has established nine trillion-yuan-level industrial clusters, including new-generation electronic information, green petrochemicals, smart home appliances, automotive, and new energy sectors [3] - The GBA's nine inland cities host eight national advanced manufacturing clusters, representing 10% of the national total, and six national strategic emerging industry clusters, accounting for 9.1% of the national total [3] - Emerging industries in the GBA, such as new energy and artificial intelligence, are on par or leading compared to developed countries, with one in three industrial robots globally being produced in Guangdong [3]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：9月份收到国补多少金额？今年国补的速度是否有明显 加快？ 九洲集团（300040.SZ）10月10日在投资者互动平台表示，9月份公司持有的新能源电站共收到1543.08 万元国补，截止目前今年累计回国补的金额高于同期。 ...

Group 1 - The company, through its subsidiary Kunlun Capital, has indirectly invested in Fusion Energy (Anhui) Co., Ltd., focusing on the exploration and development of controllable nuclear fusion [2] - This investment is part of China National Petroleum Corporation's strategic layout in the future energy sector, aligning with its accelerated green transformation efforts [2]

浙商中拓10月10日在互动平台表示，公司少量采购华为品牌的逆变器和储能系统，暂无其他合作。 ...