-创业板指 -- 上市公司数 总市值(万亿元) -- 创业板 上市公司 涨幅TOP10 涨幅 (%) 总市值(亿元) 所属行业 股票名称 新易盛 22493.35 4037 通信 5786 中际旭创 17072.40 通信 链接您与财富 市场有风险 给资雪谨慎 创业板开而16周 涨幅前10公司分布在5个行业 2009年10月30日创业板开市,发展至今已经16周年。当前创业板上市 公司数量已达1389家，总市值突破18万亿元。 4500 18.0820 4000 18 716 ER 7 3500 3000 12 2500 10 2000 8 1500 1000 500 2 O 2017-02-20 22:22:22:22 2017-08-20 20:00:00 2 创业板指于2010年6月1日正式发布，初始点数为1000点，截至10月29日，最新点数为3324.27点。 | 胜宏科技 | 10535.52 | 2950 | 电子 | | --- | --- | --- | --- | | にFC 天孚通信 | 8912.57 | 1512 | は 通信 | | EVE 亿纬锂能 | 8434.99 | 1710 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industry allocation has reached historical extremes, with active equity - type public funds in 25Q3 mainly adding positions in ChiNext component stocks and the technology sector, and increasing allocations in communication, media, non - ferrous metals, and power equipment while reducing positions in domestic - demand consumption sectors [4]. - The congestion level of the TMT technology sector represented by electronics has reached a historical high, with the electronic position ratio in 25Q3 reaching 25.7% and the TMT full - industry chain position ratio reaching 40%, and the margin trading balance ratio also hitting new highs [6]. - After the high congestion of the TMT technology sector represented by electronics, the subsequent market and observation indicators need to be discussed, including tracking the fundamentals, the change of PPI, and the trends of industrial capital [7]. - The clues for subsequent style switching are to track PPI and pay attention to the opportunities for the clearance of chips in undervalued reversal - type industries during the bottom - rising stage of inflation [8]. - In the context of the upsurge in index - based investment, the scale of ETFs remains high, and the equity positions of fixed - income + funds have increased [9]. - The net value performance of active equity - type funds shows that the money - making effect has continued to improve under high positions, but as the net value recovers to the cost line, public funds face greater redemption pressure, which is expected to ease with the establishment of a slow - bull market [9]. 3. Summary According to Relevant Catalogs 3.1 Industry Allocation Reaches Historical Extremes - **A - share Plate Allocation**: In 25Q3, active equity - type public funds added positions in the ChiNext and reduced positions in the Main Board and the Science and Technology Innovation Board. The Main Board accounted for 49.1% (down 5 percentage points from 25Q2), the ChiNext accounted for 17.6% (up 3.9 percentage points), and the Science and Technology Innovation Board accounted for 13.7% (up 1.9 percentage points). The configuration coefficients of the ChiNext increased by 0.16, while those of the Main Board and the Science and Technology Innovation Board decreased by 0.05 and 0.26 respectively [13]. - **Hong Kong Stock Allocation**: In 25Q3, the allocation proportion of Hong Kong - connected stocks reached a high and then declined, with the structure shifting from technology to medicine, non - ferrous metals, and new energy. The top five industries with increased allocation proportions in Hong Kong - connected stocks were commerce and trade retail (+6.3%), medicine and biology (+3.3%), non - ferrous metals (+1.7%), power equipment (+0.7%), and real estate (+0.7%). The top three industries with decreased allocation proportions were social services (-2.3%), communication (-2.1%), and light manufacturing (-1.9%) [16]. - **Style Allocation**: In 25Q3, active equity - type public funds added positions in the constituent stocks of the ChiNext Index and the CSI 300, with their configuration coefficients rising by 0.12 and 0.07 respectively. The configuration coefficients of the CSI 500, CSI 1000, and Guozheng 2000 decreased by 0.21, 0.06, and 0.07 respectively [20]. - **A - share Major Category Plate Allocation**: Active equity - type public funds added positions in the technology (TMT) sector, with a configuration coefficient of 1.79 (up 0.22 from 25Q2) and a configuration proportion of 40%. Other sectors were generally reduced in positions [21]. - **First - level Industry Allocation**: In 25Q3, industries with increased positions included communication, power equipment, non - ferrous metals, etc., while industries with reduced positions included household appliances, social services, and automobiles. For example, the position proportion of electronics reached 25.7% (up 6.9 percentage points from 25Q2), and the position proportion of communication reached 9.3% (up 3.9 percentage points) [24]. 3.2 Subsequent Market and Observation Indicators of the Highly Congested TMT Technology Sector Represented by Electronics - **Historical Comparison of Single - Industry Position Ratios**: Since 2010, the maximum position ratio of public funds in a single industry has almost all been around 20%, with a total of 7 times. In 25Q3, the electronic position ratio reached 25.7%, exceeding the experience upper limit of 20% [40]. - **TMT Industry Chain Position Ratio**: In 25Q3, the TMT industry chain position ratio accelerated to 40%, reaching a historical high, but the configuration coefficient was only 1.8, still far from the level in 2015 [41]. - **Leveraged Funds and Market Main - Line Switching**: In the past, when leveraged funds and active equity adjusted positions in resonance and their allocations to a single industry reached high points simultaneously, it was easy to trigger a market main - line switch. Currently, the margin trading balance ratio of the electronics industry has exceeded 15%, setting a new historical high [47]. - **Stock Performance after Position Peaks**: After the industry position ratio reaches its peak, the absolute/relative returns face challenges in 2 - 3 quarters. The position ratio usually takes 3 - 10 quarters to fall from the highest point to the lowest point, and each adjustment will fall from around 20% to around 10% or even single - digit levels [50]. 3.3 ETF Scale Remains High, and the Equity Positions of Fixed - income + Funds Increase - **ETF Situation**: In 25Q3, the total scale of stock - type ETFs exceeded 3.6 trillion yuan, and the proportion of ETF stock - holding market value was 3.8%, up 0.1 percentage point from 25Q2. From July to August, ETFs were generally net - redeemed, and from late August to mid - October, they began to have net inflows. The shares of most broad - based ETFs declined, while the shares of some industry ETFs such as banks, securities, and innovative drugs increased [9]. - **Fixed - income + Funds**: In 25Q3, as the bond market entered a volatile period and the equity market continued to recover, fixed - income + funds increased their equity allocation. The single - quarter stock - holding market value increased by nearly 100 billion yuan, and the equity position increased by 2.4 percentage points to 9.9% [9]. 3.4 Total Perspective: The Money - making Effect of Public Funds under High Positions Continues to Improve, but Public Funds Face Greater Redemption Pressure as the Net Value Recovers to the Cost Line - **Net Value Performance**: Since the beginning of 2025, public funds have maintained high positions, and the money - making effect has continued to improve. The median net value increase of active equity - type public funds since the beginning of 2025 was 26.9%. The overall positions of ordinary stock - type, partial - stock hybrid, and flexible - allocation funds in 25Q3 increased by 0.7, 1.0, and 2.3 percentage points respectively, approaching historical high levels [9]. - **Redemption Pressure**: As the net value recovers to the cost line, public funds face greater redemption pressure. In 25Q3, the net redemption shares of active equity funds further expanded, with new fund issuances of 1.19 billion shares and active equity stock redemptions of 231.9 billion shares, resulting in a single - quarter net redemption of 22 billion shares [9].

Core Viewpoint - China Orient Group's subsidiary, Qingdao Huijintong Electric Equipment Co., Ltd., reported a decline in revenue and net profit for the nine months ending September 30, 2025, indicating challenges in the company's financial performance [1] Financial Performance - The total operating revenue for the period was 2.902 billion RMB, representing a year-on-year decrease of 10.3% [1] - The net profit attributable to the parent company's shareholders was 82.2755 million RMB, down 21.6% compared to the previous year [1] - The basic earnings per share stood at 0.2426 RMB [1]

科创50指数今日下跌1.87%，报收1461.30点，科创板全日成交量49.44亿股，成交额2611.17亿元，加权 平均换手率为2.59%。 证券时报·数据宝统计显示，今日可交易科创板股中，144只股收盘上涨，涨幅超过10%的有10只，涨幅 在5%至10%的有18只，收盘下跌的有439只，跌幅超10%的有5只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有24只，换手率5%~10% 的74只，换手率3%~5%的131只，换手率1%~3%的284只，换手率不足1%的有76只。 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | 资金净流入（万元） | | --- | --- | --- | --- | --- | --- | | 688783 | C奕材 | 30.00 | 12.15 | 49.36 | 13188.75 | | 688759 | C必贝特 | 34.82 | 9.29 | 47.32 | 5148.74 | | 688765 | C禾元 | 117.90 | 4.13 | 40.51 | -5666.36 | | 688146 ...

主力资金净流出的行业有30个，电子行业主力资金净流出规模居首，全天净流出资金231.26亿元，其次是通信行业，净流出资金为120.65亿元，净流出资金较多的还有电力设备、非银金融、 电力设备行业今日下跌0.36%，全天主力资金净流出101.50亿元，该行业所属的个股共363只，今日上涨的有98只，涨停的有6只；下跌的有260只，跌停的有3只。以资金流向数据进行统计， 电力设备行业资金流入榜 电力设备行业资金流出榜 沪指10月30日下跌0.73%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为钢铁、有色金属，涨幅分别为0.90%、0.79%。跌幅居前的行业为通信、电子，跌幅分别为2.83%、2.23%。 资金面上看，两市主力资金全天净流出1006.37亿元，主力资金净流入的行业仅有1个，有色金属行业净流入资金5.65亿元。 ...

Core Points - The Shanghai Composite Index fell by 0.73% on October 30, with six industries experiencing gains, led by steel and non-ferrous metals, which rose by 0.90% and 0.79% respectively [1] - The public utilities sector ranked third in terms of daily gains [1] - The main funds in the market saw a net outflow of 100.637 billion yuan, with only one industry, non-ferrous metals, experiencing a net inflow of 0.565 billion yuan [1] Industry Summary - The electronic industry had the largest net outflow of funds, totaling 23.126 billion yuan, followed by the communication industry with a net outflow of 12.065 billion yuan [1] - The public utilities sector saw a slight increase of 0.13% despite a net outflow of 1.750 billion yuan, with 49 out of 131 stocks in this sector rising, and one hitting the daily limit [1] - The public utilities sector had a mixed performance with significant outflows, indicating potential volatility in investor sentiment [1]

（文章来源：证券时报网） Choice统计显示，10月30日，沪深两市可交易A股中，上涨个股有1177只，下跌个股有3888只，平盘个 股有88只。不含当日上市新股，共有62只个股涨停，13只个股跌停。从所属行业来看，涨停个股主要集 中在机械设备、医药生物、电力设备、房地产、建筑装饰等行业。 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index surpassing 4000 points for the first time in ten years, driven by growth sectors such as AI computing, communications, and semiconductors. The ChiNext 50 index, which includes leading companies from the Sci-Tech Innovation Board and the ChiNext Board, has seen a remarkable increase of over 60% in the past year, making it a popular choice for investors looking to engage in hard technology investments [1][3]. Group 1: Performance and Growth - In Q3 2025, Shenghong Technology reported a revenue of 5.086 billion yuan, marking a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% [3]. - CATL, the largest weight stock in the ChiNext 50, also showed strong performance in its Q3 report, with a revenue of 283.072 billion yuan for the first three quarters, a 9.28% increase year-on-year, and a net profit of 49.034 billion yuan, up 36.2% [3]. - Cambricon's performance in the first half of 2025 exceeded expectations, with revenue reaching 2.881 billion yuan, a staggering year-on-year growth of 4348%, and a net profit of 1.038 billion yuan, up 296% [3]. Group 2: Policy and Market Sentiment - The advancement of the "14th Five-Year Plan" mid-term assessment has injected clearer support for domestic substitution and technological innovation, particularly in the semiconductor and information technology sectors, aligning with the ChiNext 50's focus [4]. - The emphasis on technological autonomy and innovation as a primary task in the "15th Five-Year Plan" indicates a shift in industrial policy from quantity to quality, highlighting the significant growth potential in the semiconductor sector [4]. Group 3: Investment Trends - As of September 15, the A-share financing balance exceeded 2.35 trillion yuan, indicating that leveraged funds are actively positioning themselves in technology sectors, with leading stocks from the ChiNext and Sci-Tech Innovation Boards attracting significant net inflows [7]. - The logic for new capital entering the market in Q4 remains robust, with liquidity conditions favoring investments in high-growth sectors and turnaround opportunities [7]. Group 4: Focus on Leading Technology Companies - The current market is in a phase of "industrial momentum restructuring," with new capital showing a higher preference for leading companies that possess significant advantages in technology development, market share, and risk resistance [9]. - The ChiNext 50 index employs a three-tier selection mechanism based on market capitalization, liquidity, and pure technology attributes, ensuring a focus on leading companies while minimizing the impact of small-cap or non-tech stocks [9]. Group 5: Investment Products - For ordinary investors looking to capitalize on the opportunities presented by the ChiNext 50 index, the ChiNext 50 ETF (159781) and its linked funds (Class A: 013304, Class C: 013305) offer a convenient and efficient investment tool [10]. - Investing in this ETF allows investors to avoid extensive individual stock research while sharing in the growth of new productive forces and benefiting from the rise of growth-oriented assets [10].

Market Overview - On October 30, the A-share market experienced a slight drop at the beginning, followed by fluctuations, with the Shanghai Composite Index rising by 0.06% and the Shenzhen Component Index falling by 0.02% [1][2] - The total trading volume across the market reached 1.56 trillion CNY, showing an increase compared to the previous day, with over 3,200 stocks declining [2] Sector Performance - The steel, electric equipment, non-ferrous metals, and coal sectors led the gains in the morning session, while lithium batteries, shipping, power batteries, and cybersecurity stocks were active [2][12] - The steel sector was particularly strong, with notable stocks like Anyang Iron & Steel and Dazhong Mining hitting the daily limit [5][6] Key Stocks - China Hongqiao saw a significant increase of over 8%, leading the Hang Seng Index constituents [3] - In the electric equipment sector, stocks like Penghui Energy and Tianhua New Energy experienced substantial gains, with Penghui Energy hitting a 20% limit up [13][14] Policy Developments - The Henan Provincial Government issued the "Action Plan for the Quality Improvement and Upgrading of the Steel Industry," which emphasizes enterprise restructuring and integration, encouraging innovation and cooperation among small and medium-sized steel enterprises [8][11] Emerging Technologies - Recent research breakthroughs in solid-state batteries were reported, addressing challenges in fast charging, which may accelerate the commercialization of solid-state batteries [12][15] - The solid-state battery sector is expected to see significant market opportunities due to emerging applications in low-altitude, robotics, and AI [15] Declining Sectors - The communication sector faced declines, particularly in optical module stocks, with companies like Tianfu Communication and Dekeli seeing significant drops [16][17] - The electronics sector also weakened, with stocks like Minxin and Anke Innovation experiencing notable declines [18]

- The average performance of active equity funds significantly improved in Q3 2025, with 98% of active equity funds achieving positive returns and a median quarterly return of 22.80%[9] - The scale of active equity funds and passive index funds both increased, with passive index funds growing more significantly, reaching 4.54 trillion yuan by the end of Q3 2025, compared to 3.86 trillion yuan for active equity funds[16] - The stock positions of public active equity funds continued to rise for the fifth consecutive quarter, with the latest weighted position at 89.31%, higher than the historical average of 77.05%[23] - The exposure of active equity funds to different index components showed mixed changes, with increased exposure to the CSI Growth Index (+3.72%) and the CSI 300 Index (+2.69%), and decreased exposure to the CSI Value Index (-4.77%) and the CSI Dividend Index (-2.04%)[29][31] - The top five concepts with the most increased exposure were Top 10 Turnover, Technology Leaders, TMT, 5G, and Artificial Intelligence+[30][32] - The top five A-shares with the highest holding ratios were CATL, New Easy-Send, Zhongji Xuchuang, Luxshare Precision, and Industrial Fulian[33] - The top five Hong Kong stocks with the highest holding ratios were Tencent Holdings, Alibaba-W, SMIC, Cinda Biotech, and Pop Mart[36][38] - The top five industries with the highest allocation were Electronics (24.09%), Electric Power Equipment and New Energy (10.45%), Medicine (9.80%), Communication (8.97%), and Nonferrous Metals (5.95%)[42] - Growth-style funds increased their positions the most in Electronics, Nonferrous Metals, Electric Power Equipment and New Energy, Medicine, and Media[63][66] - Value-style funds increased their positions the most in Nonferrous Metals, Coal, Basic Chemicals, Home Appliances, and Construction[67][68] - Quality-style funds increased their positions the most in Electronics, Communication, Computers, Nonferrous Metals, and Building Materials[70][73] - The top three fund companies with the largest active equity fund management scale were E Fund, China Europe Fund, and Bosera Fund, with E Fund's active equity fund scale reaching 642 billion yuan by the end of Q3 2025[74] - The top five fund companies with the highest average quarterly performance in Q3 2025 were Caitong Fund, E Fund, Dongwu Fund, Morgan Fund, and Huashang Fund, with Caitong Fund achieving an average quarterly return of 46.35%[78][81]