每日市场观察 2025 年 10 月 22 日 【今日关注】 周二市场收涨。成交额 1.89 万亿，比上一交易日增加约 1400 亿。行 业除煤炭外全部上涨，通信、电子、建筑、地产等行业涨幅居前。 当前，市场正面临重要会议，三季报披露，以及中美即将新一轮的会 面磋商贸易等事件性因素。虽不能确定指数能够很快创出新高，但在 技术层面已经形成了一种较为稳定的 K 线组合。 根据《中华人民共和国货物进出口管理条例》《化肥进口关税配额管 理暂行办法》，商务部制定了《2026 年化肥进口关税配额总量、分配 原则及相关程序》，现予公布，请遵照执行。2026 年化肥进口关税配 额总量为 1365 万吨。其中，尿素 330 万吨；磷酸氢二铵 690 万吨；复 合肥 345 万吨。 此前市场的调整，较大程度上源于川普关于中美贸易的言论。而随后， 川普言论有所缓和，期间的反复，反映的是中美博弈攻守地位的转换。 其背后是中国科技实力和综合实力的增强，这是 A 股保持韧性并且中 长期继续向好的底层逻辑。 中午之前市场资金在多个方向均有试探，包括新能源、半导体、算力 等，但从全天看，算力板块更胜一筹，午后力度有所增强。科技板块 整体已经 ...

Group 1 - Hainan Airport's stock price dropped by 5.18%, trading at 4.58 CNY per share, with a total market capitalization of 52.328 billion CNY [1] - The company was established on May 12, 1993, and listed on August 6, 2002, focusing on airport investment and management, real estate development, and other businesses [1] - The revenue composition of Hainan Airport includes: airport management (42.31%), real estate (23.41%), property management (15.57%), other (14.08%), and duty-free and commercial operations (4.63%) [1] Group 2 - Huabao Fund holds a significant position in Hainan Airport through its Huabao CSI 800 Real Estate ETF, which reduced its holdings by 2.6745 million shares in Q2, now holding 12.2693 million shares, accounting for 9.28% of the fund's net value [2] - The Huabao CSI 800 Real Estate ETF was established on November 4, 2021, with a current size of 468 million CNY, yielding 9.96% this year, ranking 3594 out of 4218 in its category [2] - The fund has experienced a loss of approximately 3.0673 million CNY due to the recent stock price decline [2]

| 分级基金简称 代码 | | 是否暂停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 (元) | | --- | --- | --- | --- | | | | | (元) (元) | | 中金景气驱动 混合发起A | 015633 | 를 | 3000.00万 3000.00万 3000.00万 | | 中金景气驱动 015634 混合发起C | | 를 | 3000.00万 3000.00万 3000.00万 | 证券之星消息，10月22日中金基金管理有限公司发布《关于中金景气驱动混合型发起式证券投资基金暂 停大额申购（包括转换转入、定期定额投资）业务的公告》。公告中提示，为了保护中金景气驱动混合 型发起式证券投资基金份额持有人的利益，自2025年10月23日起中金景气驱动混合型发起式证券投资基 金暂停大额申购（包括转换转入、定期定额投资）业务，申购、转换转入上限金额为3000.0万元，下属 分级基金调整明细如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 注:1、根据中金基金管理有限公司（以下 ...

Core Viewpoint - The recent sharp decline in gold prices, dropping over 6.3% to below $4100 per ounce, is attributed to easing geopolitical tensions and a softening of trade attitudes from Trump, leading to profit-taking in the precious metals market [1][3]. Group 1: Market Performance - On October 21, gold prices experienced a significant drop, falling from around $4342 to $4068.7 per ounce within hours, marking the largest single-day decline since April 2013 [1]. - Prior to the drop, gold had surged over 2.5% on October 20, reaching a historical high of $4381.29 per ounce before closing at $4356.26 [3]. - The volatility in gold and silver prices indicates a potential overheating in the market, with the implied volatility of gold options exceeding 20, suggesting increased trading risks [3]. Group 2: Future Outlook - HSBC forecasts that gold's upward momentum may continue until 2026, with a target price of $5000 per ounce, driven by strong central bank purchases and ongoing concerns over U.S. fiscal deficits [5]. - The demand for gold is increasingly viewed as a hedge against debt sustainability risks and potential dollar weakness, particularly among emerging market central banks [5]. - However, HSBC warns that if the Federal Reserve's rate cuts are fewer than market expectations, the upward trajectory of gold prices may face challenges [5].

Core Viewpoint - Zhongke Electric experienced a decline of 5.05% on October 22, with a stock price of 23.49 yuan per share and a total market capitalization of 16.101 billion yuan [1] Company Overview - Hunan Zhongke Electric Co., Ltd. was established on April 6, 2004, and listed on December 25, 2009. The company is primarily engaged in the research, production, sales, and service of industrial magnetic application technologies and products [1] - The main revenue composition includes: 92.50% from lithium battery anode materials, 8.53% from electromagnetic equipment, and 2.71% from other sources [1] Shareholder Information - The top circulating shareholder of Zhongke Electric is a fund under Huatai PineBridge, specifically the Huatai Zhongzheng New Energy Vehicle Industry Index (LOF) A (501057), which entered the top ten circulating shareholders in the second quarter with 4.3704 million shares, accounting for 0.75% of circulating shares [2] - The estimated floating loss for this fund today is approximately 5.463 million yuan [2] Fund Performance - The Huatai Zhongzheng New Energy Vehicle Industry Index (LOF) A (501057) has a total asset size of 4.57 billion yuan and has achieved a return of 45.71% this year, ranking 628 out of 4218 in its category [2] - Over the past year, the fund has returned 46.86%, ranking 556 out of 3869, and since inception, it has returned 138.05% [2] Fund Manager Information - The fund manager of the Huatai Zhongzheng New Energy Vehicle Industry Index (LOF) A is Guo Beibei, who has been in the position for 10 years and 84 days, with a total asset size of 44.242 billion yuan [3] - During her tenure, the best fund return was 134.77%, while the worst was -60.74% [3]

一边是存款利率走低，一边是股市走热。冰火两重天之下投资者开始逐步从单一资产转向多元配置，以 提升收益并降低波动。今年以来，"固收+"基金刚好契合当下市场需求，通过债券底仓获取稳健收益， 少量配置权益资产增厚回报，逐步成为投资者做稳健配置的热门选择。 蚂蚁财富平台数据显示，截至10月15日，平台上偏债混合"固收+"基金今年以来申购规模同比去年提升 141%，持有用户数同比去年提升了70%。 行业人士分析，"固收+"基金相当于一个理财汉堡，底层80%以上是国债、金融债等低风险固收资产面 包，中间夹着不超过20%的股票、可转债等收益更强的高风险资产肉饼。因此它既能获取债券稳定的收 益，又能分享到市场上涨。"固收+"的普及，反映出大众投资者在经历市场震荡波动之后，不再简单地 追求单一资产收益，而是更加理性地看待风险与收益的关系。 蚂蚁财富平台也提醒，综合针对20余家金融机构的调研结论，经过前期上涨，股市短期难免有所震 荡，"固收+"产品净值波动也会加大。对于风险偏好较低的投资者，可以优选含权仓位较低的低波"固收 +"，持有胜率更高；而能够容忍更高波动的投资者，可以选择中高波"固收+"。中长期来看，在流动性 宽松和低利 ...

Group 1 - The core viewpoint of the news is the performance and financial details of Harbin New Light Optoelectronics Technology Co., Ltd., which saw a stock price increase of 5.71% to 41.29 CNY per share, with a total market capitalization of 4.129 billion CNY [1] - The company specializes in advanced optoelectronic technologies applied to optical guidance weapon systems, contributing significantly to national defense technology [1] - The revenue composition of the company includes 78.83% from R&D products, 13.67% from civilian products, and 7.50% from other sources [1] Group 2 - From the perspective of major fund holdings, Dachen Fund's Dachen Jingheng Mixed A (090019) holds 547,600 shares of New Light Optoelectronics, accounting for 1.72% of the fund's net value, ranking as the seventh largest holding [2] - The fund has achieved a year-to-date return of 39.46% and a one-year return of 53.32%, with a total return since inception of 368.26% [2] - The fund manager, Su Bingyi, has a tenure of 13 years and 260 days, with the best fund return during this period being 239.81% [2]

Core Viewpoint - The credit bond ETF (511200) is experiencing upward movement in early trading on October 22, with significant liquidity and a current scale of 19.7 billion yuan, indicating strong demand despite seasonal trends suggesting a decline in credit bond demand in Q4 [1]. Group 1: Market Performance - As of October 21, the average daily trading volume of the credit bond ETF over the past week was 8.849 billion yuan [1]. - The current scale of the credit bond ETF has reached 19.7 billion yuan, showcasing its liquidity advantage [1]. Group 2: Seasonal Trends and Investor Behavior - According to Huaxi Securities, the demand for credit bonds is expected to decline in Q4 due to seasonal patterns and some institutions seeking to take profits under assessment pressure [1]. - The overall bond market has been weak this year, leading to a prolonged adjustment or fluctuation period, which has prompted some investors to "take profits on rallies," creating potential resistance to market recovery [1]. Group 3: Investment Strategy - The recommendation for credit bonds is to focus on medium to short-duration coupon varieties to balance risk and return [1]. - The underlying bonds of the credit bond ETF are all AAA-rated and primarily issued by high-quality central state-owned enterprises, with a total of 338 constituent bonds covering a maturity range of 0-30 years [1].

Group 1 - The core viewpoint of the news is the unified support from European leaders for a just and lasting peace, endorsing President Trump's proposal for an immediate ceasefire and using the current contact line as a starting point for negotiations [1] - The statement emphasizes that international borders should not be changed by force and highlights the commitment to continue strengthening sanctions and pressure on the Russian economy and defense industry [1] - Following the statement, gold experienced a short-term drop, with the gold ETF (518800) falling over 5%, and a net inflow exceeding 5 billion yuan over five consecutive days, bringing its total scale close to 30 billion yuan [1] Group 2 - In the medium to long term, the demand for gold as a safe asset is expected to rise due to challenges to the US dollar credit system amid excessive monetary issuance and fiscal deficit monetization, along with increasing global geopolitical instability [1] - The combination of a potential Federal Reserve interest rate cut cycle, heightened uncertainty in overseas macro policies, and a global trend towards de-dollarization is likely to provide support for gold prices [1] - Investors are advised to be cautious of short-term volatility in gold prices and to focus on long-term investment value, particularly in gold ETFs (518800) that directly invest in physical gold and gold stock ETFs (517400) that cover the entire gold industry chain [1]

Core Viewpoint - Gold prices experienced a significant drop, with London gold falling over 5% due to expectations of a ceasefire in the Russia-Ukraine conflict and easing trade tensions between China and the U.S. Additionally, the substantial increase in gold prices since September led to strong profit-taking among bullish investors [1]. Market Dynamics - On October 22, during early trading, spot gold prices fluctuated dramatically, dropping nearly 3% to $4003 per ounce before quickly rebounding above $4100 [1]. - The ongoing deterioration of the U.S. fiscal deficit and debt situation, coupled with rising global tensions and increasing distrust in the current financial system, has led central banks worldwide to continue accumulating gold [1]. Investment Trends - The recognition of gold as a safe-haven asset and a store of value is increasing among investors, reinforcing the narrative that gold is the ultimate safe asset, which may accelerate its price increase [1]. - Year-to-date, the gold ETF (518800) has seen significant inflows, with its shares growing over 160%, bringing its current scale to nearly 30 billion yuan [1]. - The gold ETF closely tracks gold price movements, with one unit corresponding to 1 gram of gold, serving as a holding certificate for physical gold, and offers good liquidity for interested investors [1].