10月到来，A股上市公司三季报进入披露期。 10月15日晚间，四川首份2025年三季报出炉，秦川物联(688528)公告称，2025年前三季度，公司实现营业收入2.19亿元，同比下跌16.24%；实现归属于上 市公司股东的净利润-6989.91万元，同比下跌66.72%；基本每股收益亏损0.44元。 秦川物联称，归属于上市公司股东的净利润同比减少2797.35万元，主要系公司上半年境内燃气表业务的销量及销售单价下滑，营业收入下降，产量下降 导致折旧摊销等固定成本占比被动提高，产品毛利率下滑所致。公司三季度营业收入和毛利率均同比上涨，净利润同比减亏，经营情况较上半年有所好 转。 据了解，秦川物联专注于物联网与智慧城市的理论研究和标准研究及其产品的开发、制造、销售与服务，是国家级高新技术企业及国家专精特新"小巨 人"企业。业务范围涉及智慧城市物联网、智能传感器以及工业物联网领域。 此外，截至今（16）日记者发稿，还有6家四川上市公司披露2025年三季报业绩预告。其中，雅化集团、盛和资源、西昌电力、大西洋、圣诺生物五家公 司三季报业绩均预增。 盛和资源预计前三季度归母净利润 大涨696.82%到782.96% 雅化 ...

证券研究报告 | 2025年10月16日 **E.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B.**, **B. 核心观点 金融工程日报 市场表现：20251015 市场全线上涨，规模指数中中证 2000 指数表现较好， 板块指数中创业板指表现较好，风格 ...

Group 1: Market Overview - A-shares experienced slight fluctuations with major indices including Shanghai Composite, Shenzhen Component, ChiNext, and Sci-Tech 50 showing minor gains [2] - Sectors such as insurance, coal, communication equipment, and pharmaceutical biology led the gains, while wind power equipment, aerospace equipment, new metal materials, and diversified finance faced declines [2] Group 2: Coal Sector - The coal sector saw a collective surge, with the index initially rising nearly 3%, reaching a new high for the year [3] - Major companies like Daqo Energy and Baotailong hit their daily price limits, with significant gains also seen in Antai Group and Yanzhou Coal [3] - A strong cold front has led to a temperature drop exceeding 10°C in northern regions, prompting heating supply activation and coal stockpiling [5] - The annual long-term contract prices for various coal grades have increased by 2 CNY per ton compared to the previous month [5] - In September 2025, China imported 46.03 million tons of coal, marking a year-to-date high [5] - Guosen Securities noted that post-holiday coal prices rebounded, indicating tightening supply expectations and potential profit improvements for coal companies [5] Group 3: Pharmaceutical Sector - The pharmaceutical sector continued to strengthen, with sub-sectors like chemical pharmaceuticals, biological products, innovative drugs, and immunotherapy showing significant gains [6] - Hong Kong's pharmaceutical stocks also surged, with major indices related to pharmaceuticals leading the gains [8] - The Hong Kong Stock Exchange has seen a wave of IPOs in the pharmaceutical sector, with 18 companies raising approximately $3 billion this year, the highest globally [8] - Upcoming major events such as the ESMO conference and the American Society of Hematology annual meeting are expected to generate excitement around innovative drug data and business development opportunities [8] - Guosheng Securities highlighted that the second wave of the innovative drug industry is just beginning, with a focus on "disruption" and potential opportunities in the fourth quarter [8]

Core Viewpoint - The domestic economic fundamentals in China are still in need of strengthening, with room for policy adjustments, as indicated by the mixed performance of the stock market and sector trends [1] Market Performance - The three major stock indices showed fluctuations with the ChiNext Index rising over 1% at one point, while the North China 50 Index declined by 1.16% [1] - As of the midday close, the Shanghai Composite Index rose by 0.1% to 3916.1 points, the Shenzhen Component Index increased by 0.15%, and the ChiNext Index gained 0.69% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 12.231 trillion yuan [1] Sector Analysis - Sectors such as steel, gas, oil, and chemicals experienced declines, while insurance, coal, semiconductors, and pharmaceuticals saw gains [1] - Active sectors included storage chips, innovative drugs, and charging pile concepts [1] Economic Outlook - The consumption demand is cooling down, and the effectiveness of the old-for-new consumption policy is showing signs of fatigue [1] - External demand showed strong data in September, but uncertainty looms for the fourth quarter [1] - Fiscal stimulus is weakening, and policies aimed at reducing internal competition are temporarily suppressing investment demand, leading to a slowdown in manufacturing investment growth [1] Investment Opportunities - In the context of escalating Sino-U.S. technology competition, the domestic chip industry chain, domestic operating system industry chain, and related benefits in the trusted computing industry are areas worth attention [1]

近日，华鲁集团召开的权属公司"十五五"战略规划务虚会上明确了新目标，确保进入千亿级企业行列，保持持续稳定健康高质量发展态势，成为山东省属企 业高质量发展的典范。 "十四五"前4年，华鲁集团累计实现营业收入1842亿元、利润总额284亿元，与"十三五"整个时期相比，分别提高了72%和115%。2024年实现营业收入515.5 亿元、利润总额60亿元、归母净利润18.8亿元，与"十三五"末（2020年）相比，分别增长了111.7%、120.6%、154%，主要指标全部翻番，"一利五率"继续全 部稳居省属企业前五，连续7年获得中诚信AAA信用评级，连续4年获得穆迪、惠誉A级别国际评级和"稳定"展望，提前一年达成了"十四五"规划"再造一个 新华鲁"的战略目标。 近年来，华鲁集团始终深耕主业，华鲁集团党委书记、董事长樊军表示，华鲁集团坚持做到"四个百分之百"——项目投资100%集中主业、优质资产100%装 入主业、科研投入100%用于主业、历史负担100%剥离出清。而今，主业资产、收入、利润占比均超99%，化工医药主业资产证券化率99%，整体资产证券 化率达93.4%。 作为助力企业发展最重要、最快速、最有效的举措之一 ...

三大股指集体低开，上证指数开盘报3900.68点，跌0.29%，深成指开盘报13064.26点，跌0.42%，创业 板指开盘报3008.37点，跌0.58%。充电桩板块高开，京泉华、奥特迅涨停；医药、军工、光伏板块表现 活跃；机器人概念回调，三花智控低开近5%；稀土、培育钻、EDA概念普遍下跌。天普股份复牌一字 跌停，此前连续15日涨停。 ...

近5日机构合计调研97家公司，迈瑞医疗、容百科技、能科科技等被多家机构扎堆调研。 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 300760 | 迈瑞医疗 | 1 | 184 | 230.50 | -6.18 | 医药生物 | | 688005 | 容百科技 | 1 | 160 | 28.23 | -11.73 | 电力设备 | | 603859 | 能科科技 | 1 | 96 | 45.72 | -4.97 | 计算机 | | 300779 | 惠城环保 | 1 | 78 | 181.59 | 3.77 | 环保 | | 300073 | 当升科技 | 1 | 72 | 64.05 | -3.52 | 电力设备 | | 301095 | 广立微 | 1 | 71 | 82.51 | -7.34 | 计算机 | | 002342 | 巨力索具 | 1 | 67 | 8.04 | 9.09 | 机械设备 | | 000528 | ...

本文来自格隆汇专栏：申万宏源宏观；作者：赵伟 屠强 摘要 事件：10月15日，国家统计局公布9月通胀数据，CPI同比-0.3%、前值-0.4%、市场预期-0.1%、环比0.1%；PPI同 比-2.3%、前值-2.9%、市场预期-2.4%、环比0%。 核心观点：大宗涨价提振上游PPI，黄金与家电价格走高对中下游CPI也有较大拉动。 线索一：9月PPI改善，主因大宗价格延续上涨，但主要是受反内卷影响较小的铜价大幅上涨。9月PPI环比0%。从影 响因素看，国内大宗商品中，9月以来铜价再度出现回涨（环比2.1%），对应有色采选、有色压延业CPI环比分别 2.5%、1.2%，拉动PPI环比0.1%，为主要贡献项。煤价也继续上涨，对应煤价拉动PPI环比0.1%。但中下游产能利用 率偏低导致中下游价格无法充分反映上游涨价传导，测算该因素拖累PPI环比-0.1%。 线索二：整体CPI偏低主因食品价格拖累，核心CPI涨幅仍在扩大，结构上黄金价格的拉动作用持续增强。9月CPI环 比0.1%，不及2017年来均值（0.4%）；其中核心CPI同比上行至1.1%，结构上源于核心商品CPI（同比+0.5pct至 1.4%）。其中金价对核 ...

Group 1: Electric Vehicle Charging Infrastructure - The National Development and Reform Commission and five other departments released the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" aiming to build 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles [8] - The plan emphasizes enhancing the charging network, improving charging efficiency, optimizing service quality, and innovating the industrial ecosystem to boost consumer confidence and promote wider adoption of electric vehicles [8] Group 2: Semiconductor Industry Developments - The 2025 Bay Area Semiconductor Industry Ecological Expo showcased significant advancements, with New Kailai and its subsidiaries unveiling a new generation of ultra-fast real-time oscilloscopes, achieving a bandwidth breakthrough of 90GHz [10] - Domestic semiconductor equipment has seen rapid development, with key equipment for advanced processes still needing higher localization rates, indicating potential for accelerated growth in advanced process expansion [10] - The semiconductor components sector is entering a new growth cycle driven by increased demand for advanced equipment and processes [10] Group 3: Financial Data and Economic Indicators - As of the end of September 2025, the total social financing scale was 437.08 trillion yuan, a year-on-year increase of 8.7%, with the balance of RMB loans to the real economy at 267.03 trillion yuan, up 6.4% year-on-year [4][6] - The manufacturing sector's sales revenue grew by 4.7% year-on-year in the first three quarters of 2025, accounting for 29.8% of total corporate sales revenue, supported by significant tax reductions and refunds totaling 1.2925 trillion yuan [4] Group 4: AI and Digital Innovations - Baidu announced an upgrade to its Wenxin assistant, enhancing AIGC creative capabilities across eight modalities, with daily AIGC content generation exceeding 10 million [12] - The launch of the industry's first real-time interactive digital human AI agent by Baidu is expected to provide professional content and services, indicating a promising commercial outlook for AI applications [12] Group 5: Corporate Earnings Reports - Haiguang Information reported Q3 2025 revenue of 4.026 billion yuan, a year-on-year increase of 69.6%, with a net profit of 760 million yuan, up 13.04% [14] - Zhongke Shuguang's revenue for the first three quarters of 2025 was 8.804 billion yuan, a 9.49% increase, with a net profit of 955 million yuan, up 24.05% [14] - Guanghua Technology's revenue for the first three quarters was 2.044 billion yuan, a year-on-year increase of 11.50%, with a net profit of approximately 90.39 million yuan, up 1233.70% [14]

一个小利好，鲍威尔表示，可能在未来数月内结束资产负债表缩减进程，以防止短期资金市场出现流动性紧张。 YQ的时候，美联储是扩表（量化宽松），面对高通Z压力，从22年3月开始加息，在同年6月开始缩表（量化紧缩） 而加息的转变在2024年9月开始第一次降息，但缩表一直持续到目前才开始转变。 加息，缩表，会让流动性收紧 降息，停止缩表/扩表，会让流动性宽松 也强化了10月底再度降息的预期。目前预测数据显示，10月底再度降息的概率来到了99.6%，基本板上钉钉了。 这个有什么作用呢，前两天我们在文章也说了，A股或者港股很多时候行情表现比较好的阶段，往往是内部跟外部（美联储）流动性比较好的时候，也就是 这个讲话直接利好港股，今天恒生指数上涨1.84%，恒生科技指数上涨2.57%，有企稳的迹象。 不过通过最近几次的降息以及降息预期，我发现一个规律，往往第二天港股都是涨的，但南向资金经常在那一天都是净流出的，今天同样如此，净流出54 亿，害我每次都得出降息利好，外资在买的结论 港股企稳是好事，这一次从国庆期间，港股是率先调整的，A股后面跟上。那么率先企稳，也能带动一下A股。 A股这边，早上盘中还是震荡偏弱，弱于港股不少，主要 ...