证券研究报告 | 策略点评 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.71%，收报 3950.31 点；深证成指涨 2.02%，收报 13289.18 点；科创 50 涨 4.35%，收报 1462.22 点；创业板指涨 3.57%，收报 3171.57 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3025 只个股上涨，2273 只个股下跌，138 只个股 收平。沪深两市今日成交额合计 19742 亿元，较上个交易日放量 3303 亿元。 2025 年 10 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251024 行业涨跌情况：今日申万一级行业涨跌参半，通信、电子、国防军工、电力 设备、计算机、有色金属等行业涨幅靠前，石油石化、煤炭、食品饮料、房 地产、交通运输、钢铁等行业跌幅靠前。 板块涨跌情况：今日涨幅居前概念板块为存储器、电路板、HBM、ASIC 芯片、 光模块(CPO)、半导体硅片、GPU、国家大基金、半导体精选、晶圆产业、半 导体 ...

| 房号 | 468 | 名称 | 现俗 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 000001 | 上证指数 | 3950.31 c | 27,90 | 0.71% | B5851Z | 17,86% | | 2 | 399001 | 深证成指 | 13289.18 c | 263,74 | 2.02% | 11157亿 | 27.60% | | 3 | 899050 | 北证50 | 1472.08 c | 16.71 | 1.15% | 1764Z | 41,84% | | 4 | 881001 | 万得全A | 632041 c | 79.01 | 1.27% | 199164Z | 25,86% | | ટે | 000688 | 科制50 | 1462.22 c | 60.97 | 4,35% | 26886 | 47.86% | | 6 | 399006 | 即不相容量 | 3171.57 c | 109.41 | 3.57% | 5264Z | 48.09% | | 7 | ...

国内市场综述 探底回升 缩量收涨 周四（10 月 23 日）大盘探底回升，缩量收涨。截至 收盘，上证综指收于 3922.41 点，上涨 0.22%；深成 指收于 13025.45 点，上涨 0.22%；科创 50 下跌 0.3%； 创业板指上涨 0.09%，万得全 A 成交额共 16607 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 21 个行业上涨，其 中石油石化、煤炭及综合涨幅居前，而通信、房地产 及建材则跌幅较大。概念方面，冰雪旅游、锂矿及氧 气煤炭等指数表现活跃。 海外市场综述 美股三大指数全线收涨，特斯拉涨超 2% 周四（10 月 23 日），美国三大股指全线收涨，道指 涨 0.31%，标普 500 指数涨 0.58%，纳指涨 0.89%。霍 尼韦尔国际涨超 6%，3M 公司涨逾 2%，领涨道指。万 得美国科技七巨头指数涨 0.7%，特斯拉涨超 2%，亚马 逊涨逾 1%。中概股多数上涨，老虎证券涨近 6%，禾赛 科技涨近 4%。 4. 船舶内装 100%国产化 我国首艘自研大型出口双 燃料客滚船交付 5. 商务部回应欧盟首次制裁中国大型炼油厂和石油 贸易商 6. 全球重要经济数据发 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 分析师：郑罡 执业证书编号：S0990511010001 电话：0755-83000291 观点： 总量视角 【A 股大势研判】 2025 年 10 月 24 日 邮箱：zhenggang@ydzq.sgcc.com.cn 蓝筹向好 缓解大盘回吐压力 国内银行结售汇差额再现峰值水平反映海外资金回流现象，A 股低估红利板 块持续回升带动股指收复跌势。市场交投平稳状态下大盘依然保持相对强势，得 益于配置高股息资产的中长期资金持股稳定性较强，增强 A 股发展韧性，减少异 常波动的负面影响。 在外部不确定性影响下，A 股高估值品种活跃行情或仍将受限，投资者或谨 慎评估贸易谈判的相关影响；反而受外部影响较少的 A 股蓝筹股有望受益国内经 济发展政策利多和海外资金回流带来估值上行预期，建议增加低估补涨蓝筹股配 置，降低高估无业绩支撑题材股持仓规模。 请务必阅读最后一页的免责条款 1 研报内容 总量研究 【A 股大势研判】 一、周四市场综述 周四市场呈现先抑后扬的震荡走势，成交量变化不大，低估值蓝筹股反弹带动市场止跌回稳。隔夜美股出现调整 行情，而港股恒生科技指数也有连续 ...

Core Insights - Pension funds have increased their presence in the secondary market, appearing in the top ten circulating shareholders of 23 stocks by the end of Q3, with 15 new entries and 4 increased holdings [1][2] - The total shareholding amount of pension funds in these stocks is 174 million shares, with a total market value of 6.035 billion yuan [1] - The most significant holdings are in Haiyou Development and Blue Sky Technology, with pension funds holding 65.3843 million shares and 20.7810 million shares respectively [1][2] Summary by Category Shareholding Details - Pension funds are the fourth and ninth largest shareholders in Haiyou Development, holding a combined total of 65.3843 million shares [1] - Blue Sky Technology has the highest shareholding ratio among pension fund holdings, with a 6.78% stake [1][2] - Other notable holdings include Guoyao Shares and Chunfeng Power, with shareholding ratios of 3.67% and 5.21% respectively [1][2] Performance and Trends - Among the stocks held by pension funds, 16 companies reported net profit growth in their Q3 reports, with the highest growth seen in Zhidema, which achieved a net profit of 13.4486 million yuan, a year-on-year increase of 253.49% [2] - The longest-held stock by pension funds is Blue Sky Technology, which has appeared in the top ten shareholders for 14 consecutive reporting periods [2] Sector Distribution - The stocks held by pension funds are primarily distributed across the main board (9 stocks), the Sci-Tech Innovation Board (3 stocks), and the Growth Enterprise Market (11 stocks) [2] - The holdings are concentrated in the machinery equipment and automotive sectors, with 3 stocks each in these industries [2]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of the third quarter, appearing in the top ten shareholders of 71 stocks, with 18 new entries and 20 increases in holdings [1][2] - The total number of shares held by the Social Security Fund is 1.094 billion, with a total market value of 26.808 billion yuan [1] - The fund's major holdings are concentrated in the mechanical equipment, pharmaceutical, and basic chemical industries, with 10, 7, and 7 stocks respectively [2] Group 1: Stock Holdings - The Social Security Fund has maintained its holdings in 13 stocks, reduced its holdings in 20 stocks, and increased its holdings in 20 stocks [1] - The stock with the highest holding ratio is Iwu Biological, accounting for 5.39% of its circulating shares, followed by Beiding Co., with 4.60% [1][2] - The largest number of shares held by the Social Security Fund is in Poly Development, with 124 million shares, followed by China Jushi and CNOOC Development with 85.52 million and 55.16 million shares respectively [1][2] Group 2: Performance Metrics - Among the stocks held by the Social Security Fund, 51 companies reported year-on-year net profit growth, with the highest increase seen in Xin Qiang Lian at 1939.50% [2] - The average decline of the Social Security Fund's heavy stocks since October is 0.41%, underperforming the Shanghai Composite Index [2] - The best-performing stock is Xin Qiang Lian, with a cumulative increase of 22.33%, while the largest decline is seen in Xingwang Ruijie, with a drop of 14.40% [2]

关注"十五五"。宏观方面，二十届四中全会提出了"十五五"时期经济社会发展的主要目标，高质量发展取得显著 成效，科技自立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不 断提高，美丽中国建设取得新的重大进展，国家安全屏障更加巩固。在此基础上再奋斗五年，到二〇三五年实现 我国经济实力、科技实力、国防实力、综合国力和国际影响力大幅跃升，人均国内生产总值达到中等发达国家水 平，人民生活更加幸福美好，基本实现社会主义现代化。中美关系方面，经中美双方商定，国务院副总理何立峰 将于10月24日至27日率团赴马来西亚与美方举行经贸磋商。双方将按照今年以来两国元首历次通话重要共识，就 中美经贸关系中的重要问题进行磋商。 指数收红。现货市场，A股三大指数探底回升，沪指涨0.22%收于3922.41点，创业板指涨0.09%。行业方面，板块 指数涨多跌少，煤炭、石油石化、社会服务行业领涨，通信、房地产、建筑材料行业跌幅居前。当日沪深两市成 交金额继续下滑至1.64万亿元。海外方面，美国三大股指全线收涨，纳指涨0.89%报22941.80点。 期指增仓。期货市场，基差方面，四大期指当月合约基差回升。 ...

【A 股市场大势研判】 指数探底回升，全线收红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3922.41 | 0.22% | 8.65 | | 深证成指 | 13025.45 | 0.22% | 28.84 | | 沪深 300 | 4606.34 | 0.30% | 13.77 | | 创业板 | 3062.16 | 0.09% | 2.84 | | 科创 50 | 1401.26 | -0.30% | -4.15 | | 北证 50 | 1455.37 | -1.07% | -15.70 | 证券研究报告 2025 年 10 月 24 日 星期五 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 煤炭 | 1.75% | 通信 | -1.51% | 深圳国企改革 | 6.62% ...

Market Overview - On October 23, the A-share market experienced a rebound after a decline, with a trading volume of 1.66 trillion yuan, marking six consecutive trading days below 2 trillion yuan [1][4] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index saw slight increases of 0.22%, 0.22%, and 0.09% respectively, while the STAR 50 Index and North Securities 50 Index declined by 0.30% and 1.07% [2] - The overall market saw 2,994 stocks rise, with 72 hitting the daily limit, while 2,302 stocks fell, and 9 hit the lower limit [2] Sector Performance - Strong performances were noted in sectors such as ice and snow tourism, lithium mining, coal, quantum technology, and operating systems, while sectors like cultivated diamonds, optical modules, and advanced packaging faced adjustments [3] - The coal sector led gains, with companies like Shaanxi Black Cat, Shanxi Coking Coal, and Yunmei Energy hitting the daily limit [3] QFII Activity - As of October 22, 372 A-share companies had disclosed their Q3 reports, with 73 companies showing QFII as a top ten shareholder, holding a total of 373 million shares valued at 8.694 billion yuan [5][6] - QFII increased holdings in 30 stocks and raised positions in 21 stocks, with significant increases in China Western Power and Xinyuan Electric [6] Market Sentiment and Future Outlook - Analysts suggest that global investors still have low positions in Chinese assets, indicating potential for increased allocations as policies clarify and economic data improves [1][7] - The A-share market's total market capitalization reached 115.73 trillion yuan, with a rolling P/E ratio of 22.41 times for the entire A-share market and 14.46 times for the CSI 300 [7] - Short-term market movements are expected to remain volatile, but medium to long-term upward trends are anticipated due to low valuations and improving corporate earnings [7][8] Investment Strategies - Analysts recommend a balanced investment strategy focusing on high-dividend, low-valuation defensive sectors while also considering growth sectors like AI and high-end manufacturing [8] - Goldman Sachs suggests focusing on growth stocks, particularly in AI and companies benefiting from globalization, as well as small-cap A-shares [8]

《规划纲要》提出，响应国家"双碳"目标要求，契合中国石化"一基两翼三新"产业格局和上海市"南北 转型"要求，进一步明确了上海石化建设"国内领先，世界一流"能源化工及新材料公司的愿景定位和"价 值引领、市场导向、创新驱动、人才强企、绿色低碳、融合发展"的六大发展战略，提出了"炼油向化工 转、化工向材料转、材料向高端转、园区向生态转"的发展思路。 "十四五"期间，上海石化的发展战略稳步实施，公司向着"国内领先，世界一流"的目标稳步前进。 绿色转型成效显著 本报记者 张文湘 在上海金山区南随塘河的北岸，一条长2.7千米的光伏带沿河铺开，与河流南岸郁郁葱葱的绿树带交相 辉映，不远处的北随塘河岸也随处可见草坪、花境等景观，勾勒出一幅生态画卷，而中国石化上海石油 化工股份有限公司（以下简称"上海石化"）总部就坐落于这片绿水青山之间。 无论是河畔、居民区，还是上海石化总部厂区，空气中丝毫闻不到异味，这也打破了记者对石化企业的 固有印象。附近一位居民告诉《证券日报》记者，这里是上海石化打造的无异味化工园区，南北随塘河 都通过生态治理实现了绿色发展，如今已经成为当地小有名气的"打卡点"。记者了解到，无异味化工园 区的建成，正是 ...