Market Overview - The Shanghai Composite Index closed at 3832.90 points, up 0.13% while the Shenzhen Component Index rose to 13355.98 points, up 1.11% [1] - The ChiNext Index increased by 1.77%, whereas the Sci-Tech 50 Index fell by 0.51% [1] Stock Performance - Among the tradable A-shares, 3074 stocks rose, accounting for 57.08%, while 2138 stocks declined, and 173 stocks remained flat [1] - A total of 52 stocks hit the daily limit up, while 6 stocks hit the limit down [1] Sector Analysis - The leading sectors for stocks hitting the limit up included Power Equipment (10 stocks), Basic Chemicals (8 stocks), and Construction Decoration (7 stocks) [1] - Notably, 9 of the limit-up stocks were ST (Special Treatment) stocks, indicating financial distress [1] Notable Stocks - The stock with the highest limit-up order volume was Shanzi Gaoke, with 170.08 million shares, followed by Vanadium Titanium Co. with 163.12 million shares [1] - In terms of order value, Lingyi Zhi Zao topped the list with 1.344 billion yuan, followed by Guosheng Jinkong with 1.051 billion yuan [1] Detailed Stock Data - Lingyi Zhi Zao (002600) closed at 16.18 yuan with a turnover rate of 7.98% and a limit-up order volume of 8305.25 million shares [1] - Guosheng Jinkong (002670) closed at 22.13 yuan with a turnover rate of 8.62% and an order volume of 4750.23 million shares [1] - Tianji Co. (002759) closed at 17.93 yuan with a turnover rate of 8.63% and an order volume of 4027.25 million shares [1] Additional Stock Insights - Other notable limit-up stocks include: - Shanzi Gaoke (000981) with a closing price of 3.85 yuan and an order volume of 17008.20 million shares [1] - Duofluo (002407) with a closing price of 19.40 yuan and an order volume of 3362.31 million shares [1] - BQX New Materials (605376) with a closing price of 59.49 yuan and an order volume of 1069.14 million shares [1]

Market Performance - A-shares market showed overall gains with major indices performing differently, particularly the ChiNext index which was strong, reflecting a robust performance in the new energy sector [1][4][3] - Over 3000 stocks in the A-share market were in the green, with the Shanghai Composite Index rising by 0.13%, Shenzhen Component Index increasing by over 1%, and ChiNext Index reaching a peak gain of over 2.8% before narrowing [4][5] Sector Performance - The power equipment sector led the gains, with a rise of over 3%, featuring stocks like Yicheng New Energy and Wanrun New Energy hitting the daily limit up [4][6] - Non-bank financials also saw gains exceeding 2%, with several brokerage stocks experiencing significant increases, including Guosheng Financial Holdings hitting the daily limit up [7][8] - Other sectors such as machinery, communications, steel, and environmental protection showed strong performance, while coal, oil and petrochemicals, and agriculture sectors lagged [9] Futures Market - Domestic silver futures surged over 4%, reaching a new historical high, while gold futures also saw significant increases, with the main contract surpassing 865 yuan per gram [2][15][14] Hong Kong Market - The Hong Kong market exhibited strength, with the Hang Seng Index rising over 1.6% and the Hang Seng Tech Index increasing by over 2%, driven by stocks like New Oriental and Sands China [11][12]

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电力设备 | 2.58 | 1970.15 | 13.33 | 万润新能 | 20.00 | | 非银金融 | 2.13 | 491.83 | 78.57 | 国盛金控 | 9.99 | | 有色金属 | 2.03 | 718.09 | -7.88 | 博迁新材 | 10.00 | | 机械设备 | 1.29 | 892.03 | -13.97 | 华光新材 | 13.23 | | 综合 | 1.19 | 17.21 | -14.87 | 天宸股份 | 3.10 | | 环保 | 0.98 | 134.83 | -5.68 | 复洁环保 | 20.00 | | 汽车 | 0.83 | 781.08 | -16.67 | 日盈电子 | 10.00 | | 钢铁 | 0.80 | 69.28 | 6.12 | 钒钛股份 | 10.00 | | 建筑材料 | 0.70 | 77.63 | 0.38 | 万里石 | 10.01 ...

证券时报·数据宝统计显示，国盛金控所属的非银金融行业，目前整体涨幅为1.89%，行业内，目前股价 上涨的有73只，涨幅居前的有国盛金控、华泰证券、东吴证券等，涨幅分别为9.99%、6.06%、5.06%。 股价下跌的有9只，跌幅居前的有*ST仁东、拉卡拉、海南华铁等，跌幅分别为1.96%、1.59%、1.32%。 两融数据显示，该股最新（9月26日）两融余额为9.89亿元，其中，融资余额为9.82亿元，近10日增加 1.21亿元，环比增长14.07%。 国盛金控股价创出历史新高，截至10:49，该股上涨9.99%，股价报22.13元，成交量1.17亿股，成交金额 24.82亿元，换手率7.19%，该股最新A股总市值达428.23亿元，该股A股流通市值359.25亿元。 公司发布的半年报数据显示，上半年公司共实现营业收入11.36亿元，同比增长32.10%，实现净利润 2.09亿元，同比增长369.91%，基本每股收益为0.1081元，加权平均净资产收益率1.87%。（数据宝） （文章来源：证券时报网） ...

□本报记者 王鹤静 自9月美联储降息落地以来，A股市场科技成长风格持续走强。截至9月26日，多只半导体设备相关主题 ETF表现不俗。业内机构分析，人工智能（AI）产业的新进展层出不穷，成长风格带动的结构性行情仍 未结束。不过，叠加十一假期的"节前效应"，如果没有较多的利好催化，近期市场或以震荡为主。 在科技板块估值进入高位的同时，板块内部的轮动也在提速。业内机构提示，此前市场极致的结构分化 和过于集中的共识需要消化和整固。在当下由增量资金和部分行业景气度驱动的行情中，轮动并非简单 基于估值、追求赔率的"高切低"，决定板块胜率的主要因素是景气度的确定性，而非位置高低，所以更 要立足景气度逻辑与产业趋势，挖掘优势风格及主线机会的"扩散"。 A股成长风格行情仍未结束 自9月18日美联储降息落地以来，A股市场延续此前的科技成长风格，截至9月26日，科创50指数区间涨 幅超过5%。 短期来看，富国基金认为，美联储重启降息给予了流动性叙事更多底气，目前国内经济数据仍在回暖， 叠加十一假期的"节前效应"，如果没有较多的利好措施进一步出台，近期市场或以震荡波动为主。 富国基金提示，可关注以下板块的机会：一是科技板块仍是行情核 ...

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the performance of the stock market, particularly focusing on the dual innovation indices (创业板 and 科创 50) and their impact on the overall market dynamics [1][3][4]. Core Insights and Arguments 1. **Market Performance and Divergence** - The dual innovation indices have shown strong performance, particularly the 科创 50, which indicates a strong upward momentum despite the pressure on weight indices like 上证 50 and 沪深 300 [1][3][4]. 2. **Challenges and Uncertainties** - The market faces significant challenges, including the divergence of indices, unclear direction of the 上证 index, and the upcoming long holiday which adds to market uncertainty [4][5]. 3. **Investment Strategy in Complex Market** - Investors are advised to focus on systemic market characteristics, avoiding concentrated strategies and instead monitoring overall market rotation. Attention should be given to the sustainability of the dual innovation indices to prevent larger adjustment pressures [6][7]. 4. **Future Market Predictions** - The market is expected to continue in a range-bound consolidation phase, with the 上证 index lacking momentum. The performance of the financial sector, particularly brokerages, is crucial for any potential upward movement in the broader market [11][14]. 5. **Sector Performance** - Notable sectors this week include electronics, non-ferrous metals, and battery industries, which have seen significant gains. Conversely, consumer-related sectors have underperformed, likely due to profit-taking ahead of the National Day holiday [10][11]. 6. **Asset Relationships and Impact** - There is a notable interrelationship among various asset classes, with systemic market characteristics leading to simultaneous rises and falls. A balanced allocation between cyclical and technology sectors is recommended to mitigate risks [7][24]. 7. **Investment Recommendations** - Investors should consider a diversified approach, focusing on sectors with strong fundamentals such as non-bank financials and real estate, which may have significant upside potential if profit expectations improve [29][30]. 8. **Market Sentiment and Wealth Effect** - The improvement in industrial profits and consumer spending in Shanghai is attributed to the wealth effect, which has begun to manifest after two years of market growth [2][28]. Other Important but Possibly Overlooked Content 1. **Technical Analysis of Indices** - The 上证 index's daily and weekly analysis indicates it is currently in an adjustment phase, with the need for careful monitoring of key moving averages to assess potential risks [8][12]. 2. **Brokerage Sector's Role** - The brokerage sector's performance is critical for the overall market's ability to reach higher levels, emphasizing the need for a healthy rotation within this sector [14][31]. 3. **Real Estate Sector Dynamics** - The real estate sector, while currently lacking in momentum, shows potential for significant upside if profit recovery occurs, making it a sector to watch closely [30]. 4. **Future Focus on Research and Service** - The team acknowledges the need to enhance service quality and better align research outputs with investor needs, indicating a shift towards more investor-centric approaches in the future [32].

Core Viewpoint - The article discusses the performance of the A-share market around the National Day holiday, highlighting historical trends and sector performance, suggesting a generally positive outlook for the market post-holiday [1][5]. Market Performance Statistics - Over the past decade, the Shanghai Composite Index and Shenzhen Component Index have shown a 70% probability of rising on the first trading day after the National Day holiday, with 60% and 70% probabilities of rising over the next five trading days respectively [1]. - The historical data indicates that the Shanghai Composite Index recorded five years of gains and five years of losses in October, while the Shenzhen Component Index had seven years of gains and three years of losses [2][3]. Sector Performance Analysis - The sectors with the highest probability of gains post-National Day include Computer, Communication, and Electronics, with Banking, Non-bank Financials, and Automotive also showing strong performance in the weeks following the holiday [4]. - The average returns for key sectors during the week before and after the holiday indicate that sectors like Computer and Communication have consistently performed well, with average returns of 2.7% and 1.8% respectively in the first trading day after the holiday [4]. Future Market Outlook - Multiple brokerages have a positive outlook for the A-share market post-holiday, recommending investors to maintain positions and consider sector allocations in Electronics, Communication, and Machinery [5][6]. - The current market environment shows active trading and a recovery in investor participation, suggesting a continuation of the upward trend in A-shares [6].

[Table_Title] 研究报告 Research Report 28 Sep 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为A股将延续盘整以消化前期涨幅，港股补涨后短期或跟随进入震荡阶段。本周A股上证综指震荡微涨 0.2%，创业板指冲高回落仍录得2%的周涨幅；港股方面，恒生指数和恒生科技全周下跌1.6%。 香港策略 Hong Kong Strategy 国庆前后交投趋弱，十五五预期利好低位蓝筹配置 Weaker Trading Around National Day; 15th Five-Year Plan Expectations Favor Low-Valued Blue Chips 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com • 情绪边际转弱：阿里云栖大会一度继续提振市场信心，但在股价连续大涨后，市场情绪已见顶回落。 • 汇 ...

Core Viewpoint - The A-share and Hong Kong stock markets continue to exhibit "volatile differentiation + internal rotation of technology style," with capital preference focusing on power equipment, non-ferrous metals, and electronics sectors [1][4] Economic Environment - The U.S. August core PCE data did not show significant inflationary pressure, increasing market bets on two more rate cuts by the Federal Reserve this year [1][18] - The "Great American Rescue Plan" is expected to gradually take effect in the second half of the year, alongside fiscal and monetary expansion in Europe, which may boost global demand recovery [1][11] Industry Performance - The technology-related overseas sectors are performing strongly due to ongoing capital expenditure expansion related to AI, while traditional manufacturing and consumption sectors are relatively weak due to high interest rates suppressing demand [2][8] - The A-share and Hong Kong markets are seeing a rotation in capital towards sectors with clear improvement in profitability, such as power equipment and non-ferrous metals [4][6] Investment Opportunities - The AI sector remains a mid-term industry prosperity mainline, with potential for short-term trading adjustments as valuations digest [3][18] - Key areas to watch include battery, engineering machinery, and the anti-involution price increase chain (express delivery, breeding, fiberglass) [3][18] - The overseas capital goods chain is worth early-stage exploration, particularly in non-ferrous metals, engineering machinery, and petrochemicals [3][18] Market Trends - Historical analysis shows that after the Fed resumes rate cuts, improvements in the U.S. job market often lag, while PMI and CPI rebound more quickly [14][18] - The current high interest rate environment is expected to gradually improve housing mortgage rates and corporate financing rates, potentially leading to a recovery in the real estate sector and traditional industry investment willingness [11][18]

Group 1 - The main focus in October is the Fourth Plenary Session, which is expected to boost market risk appetite and generate numerous thematic investment opportunities, leading to a stable or upward-trending market [3][4] - The Fourth Plenary Session's "15th Five-Year Plan" recommendations are anticipated to enhance market risk appetite, with a focus on traditional manufacturing upgrades and strategic deployment of emerging and future industries [4][14] - Micro liquidity remains abundant, supporting the market, while macro liquidity continues to be loose, with no significant risks emerging from domestic economic conditions or US-China negotiations [5][18] Group 2 - The industry configuration emphasizes the establishment of a new growth cycle, with a focus on AI computing infrastructure, which is deemed irreplaceable, alongside attention to AI applications and military industries [3][6] - Key sectors with hard support for performance include power equipment (wind power/storage/batteries/power supply), non-ferrous metals (rare earth permanent magnets/precious metals), and machinery (engineering machinery) [6][8] - The first main line of investment is the new growth cycle in industries, particularly in AI computing infrastructure, with significant advantages in application expansion, focusing on areas such as TMT, computing power, and military [8][39] Group 3 - The second main line of investment focuses on sectors with strong performance support, including power equipment benefiting from high demand in wind power exports and overseas storage, as well as breakthroughs in solid-state batteries [8][38] - The report highlights that the growth in the AI computing infrastructure sector is expected to continue, with significant demand for related products such as PCBs and CPOs, driven by the rapid expansion of AI and data transmission needs [39][40] - The report anticipates that the global optical module market will see a year-on-year growth rate of 32% in 2025, indicating strong demand in the sector [40][41]