恒指低开0.14%，恒生科技指数跌0.07%。金融、地产行业普遍回调；国际金价突破4300美元，黄金股 再度大幅高开，紫金矿业涨5%；医药股造好。福耀玻璃低开2%，曹德旺请辞董事长职务。 ...

截至发稿，梁溥森累计任职时间5年165天，现任基金资产总规模30.89亿元，任职期间最佳基金回报 132.91%， 任职期间最差基金回报-23.47%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 数据显示，前海开源基金旗下1只基金重仓东阳光。前海开源中证500等权ETF（515590）二季度持有股 数1.12万股，占基金净值比例为0.26%，位居第十大重仓股。根据测算，今日浮亏损失约1.21万元。 前海开源中证500等权ETF（515590）成立日期2019年11月14日，最新规模5061.22万。今年以来收益 25.56%，同类排名2080/4218；近一年收益32.3%，同类排名1792/3865；成立以来收益78.41%。 前海开源中证500等权ETF（515590）基金经理为梁溥森。 10月17日，东阳光跌5.03%，截至发稿，报20.41元/股，成交8.16亿元，换手率1.31%，总市值614.25亿 元。 资料显示，广东东阳光科技控 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 中银国际指出，在中性情形下，市场重心有望回归国内基本面，政策层面或将继续加快"自主可控+内 循环"体系建设，核心方向聚焦关键技术攻关、产业链补短板与能源安全体系强化。科技自主、国产替 代和新质生产力建设有望成为政策主线，高端制造、半导体设备、新材料与新能源产业链等板块有望持 续受益。同时，消费、医药、数字经济等内需驱动型板块在经济修复与政策托底中或将展现韧性。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅为20%，该指数从创业板 市场中筛选出市值规模较大、流动性优异的50只股票，重点覆盖信息技术、新能源、生物医药等战略新 兴产业领域。指数成分股在行业分布上高度聚焦电力设备、医药生物及电子等板块，充分展现出"科技 +成长"的核心特质，能够综合反映创业板市场内具备 ...

Core Insights - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, focusing on sustainable development and ESG practices [1] - Liu Kai, a professor from Renmin University, presented four key research outcomes from the Beijing ESG Research Institute during the conference [3] Group 1: ESG Disclosure Manual - The first outcome is a foundational ESG disclosure manual published by the Beijing ESG Research Institute, aimed at helping enterprises, governments, and investors understand ESG disclosure in an international context [5][7] - The manual includes over 450 indicators, detailing definitions, importance, disclosure methods, and relevant regulatory guidance [7][8] - This manual serves as a valuable tool for regulatory bodies and investors, guiding them in achieving carbon neutrality goals and understanding ESG disclosures [8] Group 2: Green Development Contribution Data Platform - The second significant outcome is the establishment of a data platform for assessing the social contributions of Chinese enterprises in green development, evaluating around 5,000 listed companies [5][10] - The platform aims to create a unique Chinese theoretical and evaluation system that encompasses and exceeds ESG principles, focusing on both positive and negative externalities [10] - The evaluation system includes monetized metrics for social contributions and is closely linked to environmental factors and the dynamic changes in green development opportunities [10] Group 3: Green Development Case Collection - The final outcome involves a nationwide case collection initiative for green development, guided by the National Development and Reform Commission and the Beijing sub-center [13] - This initiative aims to quantify externalities and integrate them into pricing systems, rewarding companies with positive contributions and penalizing those with negative impacts [13] - The collected cases will provide insights to national departments and promote best practices for green transformation across various sectors [13]

点击蓝字，关注我们 今日上午港股 1. 长飞光纤光缆(06869)跌超4%， 较9月份高点已跌超40%，光纤量价齐跌及股东清仓拖累股价。 8. 加密货币概念股集体走低，迷策略(02440)、雄岸科技(01647)、OSL集团(00863)跌超4%；欧科云链 (01499)跌超5%。 比特币价格近期剧烈波动，美国稳定币圈惊现乌龙指。 9. 光伏股延续跌势，福耀玻璃(03606)跌超3%；新特能源(01799)跌超5%；信义光能(00968)跌超5%；福 莱特玻璃(06865)跌超4%。 多晶硅收储平台已成立传闻不实，后续新增装机需求仍待观察。 10. 先声药业(02096)再涨超4%， 先声再明新型ADC候选药物SIM0505完成Ⅰ期临床美国首例患者入组。 免责声明及一般披露提示：本报告仅作一般综合数据之用，旨在贝塔投研及其关联机构之用户作一般阅览及数据参 考，并未考虑接获本报告之任何人士之特定投资目标、投资产品偏好、风险承受能力、财务状况及特别需求投资者若 基于此报告做出投资前，必须咨询独立专业顾问的意见。任何因使用或参考本报告提及内容或信息做出投资决策的人 士，需自行承担风险。贝塔投研毋须承担因使用本报告所 ...

Core Insights - The Hong Kong stock market showed structural differentiation on October 16, 2025, with the Hang Seng Index slightly declining by 0.09% to 25,888.51, while the Hang Seng Technology Index fell by 1.18% to 6,003.56. The Hang Seng China Enterprises Index rose by 0.09% to 9,259.46, and the Hang Seng High Dividend Yield Index increased by 1.13% [2][5][8] - The coal sector outperformed with a rise of 3.29%, supported by domestic "anti-involution" policies and strong coal consumption demand. The Wind Hong Kong Coal II Index continued to show strength [5][8] - The durable consumer goods sector also performed well, driven by expectations of overseas expansion for Hong Kong's trendy toy companies, bolstered by the presence of overseas tech giants at a recent event [2][8] Market Performance - On October 16, 2025, the total turnover of the Hong Kong stock market reached HKD 275.43 billion, with net inflows from southbound funds amounting to HKD 15.822 billion [2][8] - The A-share market saw the Shanghai Composite Index increase by 0.10%, and the CSI 300 rose by 0.26%, while the Wind All A Index declined by 0.44%. The dividend index increased by 1.03% [5][8] Sector Analysis - In the sector performance, coal (+3.29%), pharmaceuticals (+1.31%), and transportation (+1.12%) led the gains, while steel (-2.81%), electronics (-1.99%), and basic chemicals (-1.43%) faced declines [5][8] - Concept indices showed significant movements, with the online education index rising by 7.49%, the education index by 5.48%, and the Chinese education index by 4.64%. Conversely, the medical beauty index fell by 8.74%, the security monitoring index by 5.21%, and the smart home index by 3.60% [5][8] Future Outlook - The report anticipates that trade frictions will not alter the slow bull market in Hong Kong stocks, with potential for new highs driven by three main directions: AI technology and new consumption, continued inflows from southbound funds, and improved global liquidity from potential U.S. interest rate cuts [8]

Core Viewpoint - The chairman of Lin Yuan Investment, Lin Yuan, has faced scrutiny due to underperformance of his funds compared to the CSI 300 index and expressed concerns about his investments in technology stocks, while maintaining a bullish outlook on the liquor industry, particularly regarding long-term returns from white wine investments [1][2][4][21]. Investment Performance - Lin Yuan's funds have underperformed the CSI 300 index, with all 18 disclosed products showing lower returns this year. The best-performing fund, Lin Yuan Investment No. 218, achieved a return of 15.36%, which is still below the CSI 300's 18.77% [4][6]. - Some funds, such as Lin Yuan Investment No. 21, have reported losses exceeding 10% in the past year, raising concerns about potential liquidation risks [4][9]. Investment Philosophy - Lin Yuan emphasizes a cautious investment approach, focusing on understanding the value of investment targets and calculating the payback period before making investments. He believes that holding liquor stocks for 12 years can yield returns that cover initial investments through dividends [12][18]. - The liquor industry is viewed as a sector that will not disappear, as it fulfills a "happy demand" that is expected to persist despite market fluctuations [14][19]. Market Outlook - The liquor industry is currently experiencing a downturn, with major brands like Moutai and Wuliangye facing stock price volatility. However, Lin Yuan believes that the industry's structure is stable and that the market will eventually recover [13][15]. - Lin Yuan does not plan to adjust his investment strategy in liquor stocks despite the current market challenges, as he continues to focus on leading brands [14][16]. Technology Investment - Lin Yuan has expressed discomfort with his passive investments in technology stocks, stating that the unpredictability of these investments has caused him significant stress. He maintains that he will not actively pursue technology investments unless he can clearly assess their financial viability [21][22]. - While acknowledging the importance of technology for future growth, Lin Yuan remains cautious due to the inherent uncertainties in the sector compared to more traditional investments like liquor [21][22].

位于无锡市惠山区的惠山生命科技产业园近日传来重磅消息，园区企业——凯信远达医药(无锡)有限公司自主生产的注射用盐酸美法仑(马法兰)正式获批 上市并实现供货，并于今年国庆节首次运用在患者身上，效果良好。 无锡惠山"地产药"在南京首例应用 药品配送 据悉，这也是惠山经开区及无锡惠山区诞生的首款"地产"药品，不仅为多发性骨髓瘤患者提供了新的、更经济的选择，也标志着惠山生命科技产业园企业 在药品研发生产领域取得了"0"的突破。 研发企业大楼 据介绍，注射用盐酸美法仑主要用于多发性骨髓瘤患者造血干细胞移植前的预处理，以及不适合口服药患者的治疗，是一种手术必备药品。骨髓瘤规范化 整体治疗中的关键环节是自体移植，而在自体移植过程中，预处理(大剂量化疗)是自体移植的重要环节，预处理的用药直接决定移植成败，注射用盐酸美 法仑作用很关键。以往，患者大多只能选择进口药，但价格不菲，且近年来国际环境变幻莫测，进口用药供应存在不确定性。 惠山生命科技产业园 今年国庆节前，惠山经开区产的该款药在南京一医院进行了临床使用，顺利实现患者给药，为后续开展的自体造血干细胞移植打下了良好基础。"与进口 款药相比，惠山地产的这款药效果是一样的，但是 ...

随着股市在三季度出现不小涨幅，部分股票估值走高，资管机构对于上市公司的调研热情趋于下降。21 世纪资管研究院统计发现，三季度券商资管、保险资管、理财公司、信托合计调研上市公司次数环比下 降24.8%，其中以理财公司环比降幅最大。 而在二季度股市横盘震荡期间，资管机构调研上市公司热情一度大增，券商资管、保险资管、理财公 司、信托合计调研上市公司次数曾环比大增49.31%。三季度资管机构继续频繁调研科技股，与此同 时，医药医疗股也成为部分资管机构青睐的调研对象。 资管机构扎堆调研科技成长型上市公司 在推动中长期资金入市的号召下，资管机构积极调研上市公司，尤其对牛市领涨"主力"科技股青睐有 加。部分资管机构三季度对医药医疗个股关注度提高。 前三季度保险资管公司共调研上市公司7687次，调研个股5850只，其中调研的个股以深证主板和科创板 居多，分别占26.92%、25.91%。37家保险资管公司前三季度平均调研208次，平均调研158只个股。 以泰康资产调研最积极，前三季度已调研上市公司860次，调研566只个股，其中以上证主板的公司居 多。华泰资产和大家资产调研次数分别为581次、577次，分别排第二、第三。两家 ...

特变电工(600089.SH)公告称，为了提升公司在核电、轨道交通用电缆等中高端电缆产品的市场份额， 公司全资子公司电装集团与郑连元等49名自然人及扬州市福茂企业管理合伙企业签订《股份转让协 议》，电装集团以9.46亿元受让曙光电缆2.25亿股股份，占其总股本的74.1942%。曙光电缆是一家电线 电缆制造商，产品覆盖500kV及以下的全系列超高压、中低压电力电缆，并专精于核电站用1E级K1、 K3类电缆、风能电缆、光伏电缆、轨道交通电缆等高技术含量的特种电缆，产品线涵盖20多个系列。 今日聚焦 1、福耀玻璃：曹德旺申请辞去董事长职务 其子曹晖接棒 福耀玻璃(600660.SH)公告，董事长曹德旺向公司提交了辞去董事长职务的报告，但曹德旺在辞任公司 董事长职务后仍作为公司董事继续履职，曹德旺仍担任部分子公司的董事、董事长及法定代表人职务。 公司第十一届董事局第十次会议审议通过选举曹晖为公司第十一届董事局董事长，同时担任公司法定代 表人及董事局战略发展委员会主任。曹晖为曹德旺之子。 2、特变电工：子公司拟以9.46亿元受让曙光电缆74.19%股权 后者专精核电站用1E级K1、K3类电缆等 3、鼎际得：石化科技高 ...