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午评:沪指涨1.24% 贵金属板块涨幅居前
Zhong Guo Jing Ji Wang· 2025-10-09 03:43
中国经济网北京10月9日讯 A股三大指数早盘集体上涨,截至午间收盘,上证指数报3931.07点,涨幅 1.24%;深证成指报13763.88点,涨幅1.75%;创业板指报3295.58点,涨幅1.77%。 (责任编辑:魏京婷) A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量(万手)▼ 总成交额(亿元)▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 音等国 | 7.30 | 805.04 | 174.96 | -1.09 | 11 | 0 | | 2 | 工业金属 | 4.58 | 4621.45 | 555.86 | 28.63 | 57 | 1 | | 3 | 小我屋 | 4.15 | 1007.23 | 319.44 | 43.06 | 26 | 0 | | র্ব | 金属新材料 | 4.07 | 543.81 | 117.62 | 13.52 | 31 | 1 | | 5 | 未含体 | 4.03 | 2816.92 | 2001.09 | 10 ...
招商证券:市场保持震荡上行且低斜率走势 建议关注高景气持续及困境反转方向
智通财经网· 2025-10-08 13:26
Market Outlook - The market is expected to continue the upward trend observed in September, maintaining a low-slope oscillating movement in October, with a high probability of an upward trend due to the low base effect from last year and anticipated earnings growth in most industries [1][2] - The upcoming Fourth Plenary Session and the introduction of the 15th Five-Year Plan are expected to influence market expectations and trading directions, maintaining a high risk appetite in October [2] Industry Recommendations - Key sectors to focus on include non-ferrous metals, power equipment, machinery, automotive, electronics, and media, particularly those with sustained high prosperity and potential for turnaround [1][3][7] - Specific recommendations include industrial metals, precious metals, photovoltaic equipment, batteries, automation equipment, passenger vehicles, semiconductor, consumer electronics, and gaming [3][7] Investment Style and Fund Flows - The market is leaning towards a large-cap style in October, with growth expected to continue to outperform, and a more balanced industry style [3] - There is a positive outlook for net inflows of incremental funds in October, driven by financing funds and continued interest in industry and thematic ETFs [4][5] Economic and Liquidity Conditions - The macro liquidity environment is expected to remain stable, with the central bank maintaining a supportive monetary policy, which is crucial for market stability [4] - The overall funding supply is improving, with a notable increase in the issuance of equity funds and a shift from net redemptions to net subscriptions in ETFs [5] Earnings and Sector Performance - The third-quarter earnings report is anticipated to show significant growth in sectors such as high-end manufacturing, AI industry chain, and essential consumer goods, driven by low base effects and policy support [6][7] - The sectors with the highest expected earnings growth include mid-to-high-end manufacturing, AI-related industries, and certain resource products [6]
中信建投:A股有望继续维持震荡向上的大趋势
Zheng Quan Shi Bao Wang· 2025-10-08 12:40
Core Insights - The report from CITIC Securities indicates that precious metals like gold and silver have risen further due to disruptions such as the U.S. government shutdown during the National Day holiday [1] - The copper price has also strengthened significantly in the context of a computing power revolution [1] - The global AI competition has entered a new phase, shifting investment focus from individual key segments to comprehensive computing power infrastructure and ecosystem development [1] - Looking ahead, the A-share market is expected to maintain a trend of steady upward movement, supported by stable economic fundamentals, continuous inflow of incremental capital, global liquidity easing, and improved China-U.S. relations [1] - Key sectors to watch include AI, semiconductors, non-ferrous metals (precious and industrial metals), new energy, humanoid robots, innovative pharmaceuticals, and non-bank financials [1]
和胜股份拟用自有资金等支付募投项目款项,将以募集资金等额置换
Xin Lang Cai Jing· 2025-10-08 08:55
Core Points - The company has approved the use of its own funds and bank acceptance bills to pay for fundraising project expenses, with plans to replace these with raised funds later [1][4] - The company issued 30,845,157 shares at a price of 16.21 yuan per share, raising approximately 500 million yuan, with a net amount of about 493.87 million yuan after deducting issuance costs [2] - The decision aims to improve the efficiency of fund usage and ensure the smooth progress of fundraising projects without affecting normal operations or shareholder interests [4] Fundraising Details - The company received approval from the China Securities Regulatory Commission for a specific stock issuance, with a total fundraising amount of 499,999,994.97 yuan [2] - The net amount raised after deducting issuance fees was verified by an accounting firm and is managed in a dedicated account [2] Payment and Replacement Reasons - The need for salary payments and small expenses makes it impractical to use the fundraising account directly, leading to the decision to use self-funds and bank bills [3] - The process involves submitting payment requests, financial department approval, and monthly summaries for fund replacement within six months [3] Impact on the Company - The measures are expected to enhance the efficiency of fundraising usage and support project implementation without significant impact on the company's operations or governance [4] - The board of directors and the sponsor have confirmed that the decision complies with regulations and does not harm the interests of the company or its shareholders [4]
有色金属:刚果金政策落地,钴价接连上涨
Huafu Securities· 2025-09-30 09:12
Investment Rating - The report maintains a "stronger than market" rating for the industry [7] Core Views - Precious metals are experiencing historical price highs due to dovish Federal Reserve stance and geopolitical uncertainties [11][12] - Industrial metals, particularly copper, are expected to see price increases due to supply constraints and ongoing demand [13][14] - New energy metals, especially cobalt, are witnessing price increases following policy changes in the Democratic Republic of Congo [19][20] - Other minor metals, such as rare earths, are facing price stagnation due to stable demand and increased inventory [22] Summary by Sections Precious Metals - The market anticipates a rise in Federal Reserve rate cuts, contributing to gold and silver prices reaching historical highs [11] - August PCE data shows a month-on-month increase of 0.3% and a year-on-year increase of 2.7%, supporting the Fed's confidence in further rate cuts [11] - Key stocks to watch include Zhongjin, Zijin, and Chaijin in A-shares, and Lingbao and WanGuo in H-shares [12] Industrial Metals - Copper prices are expected to rise due to supply reductions from the Grasberg mine and ongoing demand [14][18] - Current copper inventory stands at 948,000 tons, with a year-on-year increase of 29,610 tons [14] - Recommended stocks include Jiangxi Copper in H-shares and Tongling Nonferrous in A-shares [18] New Energy Metals - Lithium supply is expected to see slight increases, while cobalt prices are rising due to supply tightness following policy changes in Congo [19][20] - Cobalt prices have increased by 20.3% for sulfate and 21.3% for electrolytic cobalt [19] - Key stocks to monitor include Zhongmin and Zangge for lithium, and Huayou and Tianyuan for cobalt [21] Other Minor Metals - Rare earth prices are expected to remain stable with limited supply changes and steady demand from major manufacturers [22] - The report notes a decline in prices for antimony and tungsten, with a focus on inventory management [22] - Recommended stocks include China Rare Earth and Northern Rare Earth for rare earths [25] Market Review - The non-ferrous index increased by 6.4%, outperforming the CSI 300 index [25] - Notable stock performances include TianNai Technology with a 14.4% increase and Jingyi Co. with a 9.7% decrease [29] - The copper and aluminum sectors are noted for their low valuations, suggesting potential for growth [36]
有色金属行业双周报:钴价持续大涨,铜矿停产影响全球供应格局-20250930
Guoyuan Securities· 2025-09-30 09:02
Investment Rating - The report maintains a "Hold" rating for the industry [7] Core Views - The non-ferrous metals industry index decreased by 0.63% over the past two weeks, underperforming the CSI 300 index, ranking 12th among 31 first-level industries [2][14] - Energy metals (up 4.49%) and industrial metals (up 1.05%) showed positive performance, while metal new materials (-4.08%), precious metals (-0.95%), and minor metals (-8.51%) experienced declines [2][14] Price Trends - As of September 26, 2025, COMEX gold closed at $3,789.80 per ounce, up 2.96% over two weeks; COMEX silver closed at $46.37 per ounce, up 8.63% [3][21] - LME copper settled at $10,125.50 per ton, increasing by 1.21% over two weeks; LME aluminum fell to $2,643 per ton, down 2.38% [3][20] - Cobalt prices surged, with electrolytic cobalt averaging 310,000 CNY per ton, up 13.55% over two weeks, and cobalt sulfate averaging 65,000 CNY per ton, up 20.82% [3][53] Major Events - The Grasberg mine, one of the largest copper mines globally, has suspended operations due to a fatal landslide, significantly impacting global copper supply [4][59] - The U.S. Defense Logistics Agency awarded a contract to U.S. Antimony Corporation worth up to $245 million for supplying antimony metal [59][60] Investment Recommendations - Following the Federal Reserve's interest rate cut in September, the report suggests focusing on investment opportunities that combine "resources + growth" themes, while monitoring geopolitical and export policy changes in major resource countries [5]
机构调研周跟踪:临近假期,机构调研热度环比下降
KAIYUAN SECURITIES· 2025-09-29 08:22
Group 1: Industry Perspective on Institutional Research - The overall number of institutional research engagements in the A-share market decreased last week, likely due to the upcoming long holiday, with a total of 483 engagements, lower than 637 engagements during the same period in 2024 [12][19] - The top five industries by the number of institutional engagements were mechanical equipment, electronics, automobiles, pharmaceutical biology, and electric power equipment [12][19] - In August, the total number of institutional engagements in the A-share market showed a slight recovery but remained below the levels of 2024, with 1,854 engagements compared to 2,050 in 2024 [20][21] Group 2: Individual Stock Perspective on Institutional Research - Ice Wheel Environment, Hu Dian Co., and Hua Xia Eye Hospital received significant market attention, with Ice Wheel Environment being engaged four times last week, benefiting from AI infrastructure trends [25][29] - In the past month, companies such as Huichuan Technology, Ice Wheel Environment, and Lian De Equipment were frequently engaged, indicating strong market interest [30][31] - Ming Tai Aluminum's recent developments in high-end product lines and new energy materials have attracted attention, with two engagements last week [29][30]
金诚信涨2.05%,成交额2.08亿元,主力资金净流出774.41万元
Xin Lang Cai Jing· 2025-09-29 02:46
Core Viewpoint - The stock of Jincheng Mining Management Co., Ltd. has shown significant performance, with a year-to-date increase of 87.31% and a recent trading volume indicating active market interest [1][2]. Group 1: Stock Performance - As of September 29, Jincheng's stock price rose by 2.05% to 67.15 CNY per share, with a total market capitalization of 41.887 billion CNY [1]. - The stock has experienced a 8.73% increase over the last five trading days, a 2.75% decrease over the last 20 days, and a 44.84% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Jincheng reported a revenue of 6.316 billion CNY, representing a year-on-year growth of 47.82%, and a net profit attributable to shareholders of 1.111 billion CNY, up 81.29% year-on-year [2]. - Cumulatively, the company has distributed 768 million CNY in dividends since its A-share listing, with 477 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of August 31, the number of shareholders decreased to 16,400, while the average number of circulating shares per person increased by 1.32% to 38,065 shares [2]. - The third-largest circulating shareholder, Hong Kong Central Clearing Limited, held 13.8932 million shares as of June 30, 2025, a decrease of 16.2626 million shares from the previous period [3]. Group 4: Business Overview - Jincheng's main business activities include mining engineering construction, mining operation management, and mining design and technology research, with the primary revenue sources being sales of cathode copper, copper concentrate, and phosphate rock [1]. - The company operates within the non-ferrous metals industry, specifically in the industrial metals and copper sectors, and is associated with various concept sectors including phosphate chemicals and gold stocks [1].
焦作万方涨2.12%,成交额1.08亿元,主力资金净流入640.63万元
Xin Lang Cai Jing· 2025-09-29 02:32
Company Overview - Jiyuan Wanfang Aluminum Co., Ltd. is located in the Ma Village area of Jiyuan City, Henan Province, and was established on November 27, 1996. The company was listed on September 26, 1996. Its main business involves aluminum smelting and processing, as well as the sale of aluminum products and metal materials [1]. Financial Performance - For the first half of 2025, Jiyuan Wanfang achieved operating revenue of 3.309 billion yuan, representing a year-on-year growth of 5.34%. The net profit attributable to shareholders was 536 million yuan, showing a significant year-on-year increase of 49.06% [2]. - The company has cumulatively distributed 1.759 billion yuan in dividends since its A-share listing, with 405 million yuan distributed over the past three years [3]. Stock Performance - As of September 29, Jiyuan Wanfang's stock price increased by 2.12%, reaching 8.18 yuan per share, with a total market capitalization of 9.752 billion yuan. The stock has risen by 30.05% year-to-date, with a 2.00% increase over the last five trading days, a 10.99% decrease over the last 20 days, and a 5.55% increase over the last 60 days [1]. - The number of shareholders increased to 70,600 as of September 19, a rise of 5.27%, while the average number of circulating shares per person decreased by 5.01% to 16,869 shares [2]. Shareholding Structure - As of June 30, 2025, among the top ten circulating shareholders, Shenwan Hongyuan Securities Co., Ltd. ranked as the sixth largest shareholder with 23.8445 million shares, a decrease of 19,300 shares from the previous period. The Southern CSI 1000 ETF (512100) entered as the ninth largest shareholder with 8.8403 million shares [3]. Market Activity - Jiyuan Wanfang has appeared on the stock market's "Dragon and Tiger List" once this year, with the most recent occurrence on March 18 [1].
中金:共识景气赛道之外 A股行业配置还有哪些线索?
智通财经网· 2025-09-29 00:05
智通财经APP获悉,中金发布研报称,市场当前仍处于8月底以来的震荡期,大幅上行的制约来自成交较快上涨、涨幅较大之后资金获利了结的动机,后 续表现可能需要新的催化因素,资金面多个重要变化共振使得前期市场资金热度较高,市场难以明显回调,下行风险较小。中期维度,全球货币秩序加速 重构,美元资产的安全性下降,人民币资产将继续获得重估,这意味着市场上涨根基并未动摇。 图表1:6月23日以来A股的上涨行情中,结构分化特征显著,仅有少数行业跑赢大盘指数 资料来源:Wind,中金公司研究部 一、 产能周期视角 产能周期视角寻找拐点型行业和弹性行业仍有意义。持续跟踪各行业的产能周期变化,并寻找实现产能出清和需求改善的弹性机会,在过去市场低迷时期 取得良好的超额收益。但是自去年9月市场转为上涨以来,投资者风险偏好提升并重点配置高景气行业,该策略的优势有所下降。但该策略对于寻找基本 面预期拐点行业有较好的效果,例如2023年的通信设备、商用车和航海装备,2024年一季报的消费电子和元件,2024年三季报的锂电池,都是从产能周期 视角识别的重点行业。在当下高度共识的行业之外,拐点型行业或者具备业绩改善弹性的行业,具备较好的配置价值。 ...