宏观热点 商务部召开专场外企圆桌会 2025年前三季度，国内居民出游花费4.85万亿元，比上年同期增加0.50万亿元，同比增长11.5%。其 中，城镇居民出游花费4.05万亿元，同比增长9.3%；农村居民出游花费0.80万亿元，同比增长24.0%。 事关建筑行业，上海最新发文 据上海市人民政府网站消息，10月21日，上海市人民政府办公厅印发《上海市促进建筑业高质量发展加 快培育增长新动能行动方案》，其中提出，推动建筑企业整合升级，鼓励建筑企业同质化业务整合，实 现错位竞争、链条互补。推动企业联合出海，鼓励国有企业发挥国际市场开拓优势，携手中小型和民营 建筑企业以总分包形式共同"走出去"。 产量激增1.2倍！机器人核心部件国产化高歌猛进 商务部10月21日消息显示，10月20日，商务部副部长兼国际贸易谈判副代表凌激在京主持召开政策解读 专场外资企业圆桌会，170余家外资企业及在华外国商协会代表参会。与会外资企业表示，当前国际贸 易投资面临挑战增多，中国政府持续扩大开放，在稳外资、促发展方面展现出坚定决心与务实举措，期 待"十五五"规划为外资企业提供更大发展空间，愿继续加大在华投入，深化合作，助力中国高质量发 展 ...

商务部部长王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈就中欧经贸重点议题深入交换意见 2025年前三季度国内49.98亿人次出游同比增长18.0% 金银价格直线跳水现货黄金盘中跌幅超过5% 商务部网站10月21日消息，商务部副部长凌激20日主持召开外资企业圆桌会，170余家外资企业及外国商协会代表参会。凌激表示，"十四五"前四年，中国 GDP增速平均为5.5%，在复杂严峻的外部环境下，中国经济展现出强大韧性和巨大潜力，并充满活力，为外资企业带来广阔机遇和良好预期。与会外资企 业表示，当前国际贸易投资面临挑战增多，中国政府持续扩大开放，在稳外资、促发展方面展现出坚定决心与务实举措，期待"十五五"规划为外资企业提供 更大发展空间，愿继续加大在华投入，深化合作，助力中国高质量发展。（新华财经） 10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就出口管制、欧盟对华电动汽车反补贴案等中欧经贸重点议 题深入交换意见。王文涛表示，中方愿与欧方共同努力，积极落实中欧领导人经贸共识，推动中欧经贸关系健康稳定发展。关于稀土出口管制问题，中方近 期措施是依法依规完善中国出口管制 ...

今日关注 1、针对美方近期宣布签证限制举措、威胁中美洲工商界人士不得同中国国有企业开展合作等行径，外 交部21日表示，美方挥舞签证大棒吓不倒真正的有识之士，挡不住中国同中美洲国家关系发展的时代大 势。 2、10月21日，商务部部长王文涛应约与荷兰经济大臣卡雷曼斯通话，双方围绕安世半导体等问题交换 意见。详情>>> 3、10月20日，商务部副部长兼国际贸易谈判副代表凌激在京主持召开政策解读专场外资企业圆桌会， 170余家外资企业及在华外国商协会代表参会。工业和信息化部、财政部、商务部有关司局负责人进行 政策解读并回应外资企业反映的问题诉求。 详情>>> 4、广东省人民政府新闻办公室定于10月22日9:00举行《广东省人工智能赋能制造业高质量发展行动方 案（2025—2027年）》新闻发布会。 5、广东省人民政府新闻办公室定于10月22日11:00举行2025粤港澳大湾区全球招商大会新闻发布会。 宏观经济 2、广东：支持工业智能算力应用，培育工业软件和智能装备。 1、文化和旅游部：2025年前三季度，国内居民出游人次49.98亿，同比增长18.0%。国内居民出游花费 4.85万亿元，同比增长11.5%。 3、据不 ...

Group 1 - A-share investment highlights include Yiyaton Holdings planning to reduce its stake by no more than 1% and Lihua Microelectronics' shareholder Lihua Science and Technology intending to reduce its stake by no more than 3% [2] - The Dow Jones Industrial Average rose by 0.47%, reaching a new historical high, with General Motors increasing nearly 15% [3] - The precious metals market experienced a comprehensive sell-off, with gold and silver prices hitting their largest declines in years [3] Group 2 - Citigroup has a bearish outlook on gold in the short term, setting a target price of $4,000 per ounce within three months [3] - Netflix reported a post-market drop of over 6%, with third-quarter operating profit at $2.86 billion, falling short of market expectations [3] - Longxin Storage plans to list on the Shanghai stock market, with a target valuation of up to 300 billion yuan [3]

Group 1 - The US President Trump plans to visit China early next year, emphasizing the importance of high-level diplomatic communication in US-China relations [2] - The Chinese Ministry of Commerce held a video conference with EU officials to discuss key trade issues, including export controls and the EU's anti-subsidy measures against Chinese electric vehicles [2] - The Chinese government is enhancing its export control system in response to international obligations, while urging the Netherlands to resolve semiconductor-related issues to maintain global supply chain stability [2] Group 2 - The precious metals market experienced a significant decline, with spot gold dropping as much as 6.3% to approximately $4080 per ounce, marking the largest single-day drop in over 12 years [3] - Spot silver fell by 8.7% to $47.89 per ounce, the worst single-day performance since February 2021, driven by reduced safe-haven demand and a stronger dollar [3] - COMEX gold and silver futures also saw substantial declines, with gold futures down 5.07% to $4138.5 per ounce and silver futures down 6.27% to $48.16 per ounce [3] Group 3 - The Ministry of Commerce held a roundtable meeting with over 170 foreign enterprises, emphasizing China's commitment to maintaining global supply chain stability through responsible export control measures [4] - Domestic tourism in China saw significant growth, with 4.998 billion trips taken in the first three quarters, an increase of 18% year-on-year, and total spending reaching 4.85 trillion yuan, up 11.5% [4] - The People's Bank of China plans to accelerate legislation in key and emerging areas to enhance the financial legal system and support high-quality financial development [4] Group 4 - The A-share market saw a strong upward trend, with the Shanghai Composite Index rising 1.36% to 3916.33 points, driven by interest in technology stocks and consumer themes [5] - The Hong Kong Hang Seng Index closed up 0.65% at 26027.55 points, with significant gains in major financial stocks [5] - A total of 843 A-share companies announced mid-term dividend plans, with a total dividend amount of 662.03 billion yuan, indicating a trend of high amounts and frequency of dividends [6] Group 5 - A report predicts that Wuliangye's third-quarter revenue may decline by 30% year-on-year, with net profit expected to drop by 45% [7] - Changxin Storage, a leading Chinese memory chip manufacturer, plans to launch an IPO on the Shanghai Stock Exchange, targeting a valuation of 300 billion yuan [7] - Pop Mart anticipates a 245%-250% year-on-year increase in overall revenue for the third quarter, with significant growth in both domestic and overseas markets [7] Group 6 - China Telecom reported a third-quarter net profit of 7.756 billion yuan, a year-on-year increase of 3.6% [9] - Wens Foodstuff Group's third-quarter net profit fell by 65.02%, with a proposed dividend of 3 yuan per share [9] - China Giant Glass reported a 54.06% year-on-year increase in net profit for the third quarter [9] Group 7 - The National Medical Products Administration plans to enhance the legal standards for medical devices and accelerate the approval process for innovative products [10] - The total asset management scale of the trust industry in China is expected to reach 32.43 trillion yuan by June 2025, marking a 20.11% year-on-year growth [10] - Guangzhou has announced plans to develop six core future industries, including intelligent systems and quantum technology [10] Group 8 - The US stock market showed mixed results, with the Dow Jones rising 0.47% while the Nasdaq fell 0.16% [17] - Japan's Nikkei 225 index closed above 49000 points for the first time, reflecting investor optimism regarding the new prime minister's fiscal policies [17] - European stock indices experienced slight gains, supported by strong performances in the technology and luxury goods sectors [17]

终止收购，股价跌停 群兴玩具终止重大资产重组公告发布次日，群兴玩具股价开盘即"一字跌停"。 记者发现，这与今年2月底群兴玩具首次披露该收购计划时的股价表现形成鲜明对比。 当时，群兴玩具宣布拟以现金收购天宽科技控股权。标的公司被国家工信部认定为专精特新"小巨人"企 业，主营业务涵盖人工智能计算中心建设与运营、数字化服务和数智安全领域。天宽科技2024年实现营 业收入5.79亿元，净利润为4029.67万元。其整体估值当时不超过8亿元，因此51%股权对应约4.08亿 元。 该消息一经公布，群兴玩具股价在2月27日、28日以及3月3日连续3个交易日"一字涨停"（如下图），市 场对其跨界布局AI算力业务抱以高度期待。 彼时，群兴玩具董事长张金成在接受媒体采访时表示，收购天宽科技是公司抢抓人工智能算力行业机遇 的"战略先手棋"，有望使群兴玩具跻身国内智算中心第一梯队。 10月21日，群兴玩具（SZ002575，股价6.35元，市值39.15亿元）开盘一字跌停，至收盘仍未打开跌 停。《每日经济新闻》记者注意到，前一日晚间，该企业发布了终止重大资产重组的公告。 今年2月底，群兴玩具提出收购杭州天宽科技有限公司（以下简称天宽 ...

联合研究丨行业点评 [Table_Title] IP 衍生品产业研究（十四）：从 CTE 中国玩具 展，看布鲁可产品力进阶 %% %% 请阅读最后评级说明和重要声明 2 / 9 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 10 月 15 日-17 日，中国玩具和婴童用品协会主办的亚洲规模最大玩具类展会——2025CTE 中 国玩具展&潮玩展正式举办，布鲁可携【积木人】和【积木车】两大品类和 100 多款产品参展， 其中 20 余款新品首次亮相，同时 40 多件 BFC 优秀作品展出，新品类【积木车】亮相，新 IP 繁星集结（布鲁可第 3 个自有 IP）/星球大战/DC/王者荣耀等展出，自然生物类积木【自然集】 推出多款恐龙。整体来看，产品丰富，覆盖多价格带和全人群；新品精致度高，性价比提升； 新 IP 反馈不错如星球大战，同时新品类积木车具备潜力，可比竞品不多，多美卡、风火轮等小 车为成品，不具备拼搭性；高价格带产品如传奇版等持续扩充 IP 阵容。 分析师及联系人 [Table_Author] 蔡方羿 高超 仲敏丽 SAC：S0 ...

Group 1: New Stock Offerings - Dana Biological is offering a new stock with a subscription code of 920009, an issue price of 17.10 yuan per share, and a subscription limit of 360,000 shares [1] Group 2: Economic and Trade Developments - The Ministry of Commerce held a roundtable with over 170 foreign enterprises, indicating a commitment to expand foreign investment and support high-quality development in China [2] - The Chinese government is emphasizing the need for equal and respectful negotiations in the ongoing US-China trade discussions, stating that trade wars do not benefit either side [2] Group 3: Industry Standards and Guidelines - The Ministry of Industry and Information Technology is soliciting opinions on a draft guideline for building a computing power standard system by 2027, aiming to revise over 50 standards and promote innovation and collaboration in technology [3] - Guangdong Province has launched an action plan to enhance the quality of manufacturing through artificial intelligence, focusing on various sectors and supporting the development of intelligent factories [4] - Zhejiang Province aims to cultivate 10 leading intelligent development platforms and 1,000 intelligent products by 2027, with a goal of achieving over 70% application rate of intelligent systems [5] Group 4: Consumer and Tourism Initiatives - Guizhou Province is enhancing its tourism sector by creating world-class destinations and improving the quality of existing attractions, while also promoting diverse tourism products [6] - Shanghai is encouraging the integration and upgrading of construction enterprises to foster new growth drivers in the industry [7] - Guangzhou is implementing measures to boost consumer spending and stabilize investor returns through various economic initiatives [7] Group 5: Company Performance Highlights - Pop Mart reported a year-on-year revenue increase of 245% to 250% in the third quarter [8] - Jin Gu shares have been selected for a low-carbon wheel project by a global leading automotive company [9] - China Telecom's net profit for the first three quarters increased by 5.03% year-on-year [9] - Shiyida's net profit surged by 471.34% in the third quarter [9] - Wanchen Group's net profit for the first three quarters increased by 917.04%, with a proposed dividend of 1.5 yuan per 10 shares [9] - Shengnong Development's net profit rose by 202.82% in the first three quarters, proposing a dividend of 3 yuan per 10 shares [9] - China National Materials Technology reported a 234.84% increase in net profit for the third quarter [9] - Grebo secured significant orders for lithium battery outdoor power equipment from a leading US home improvement retailer [9]

【导读】2025年前9个月，中国香港ETP日均成交额排名全球第三 中国基金报记者 格林 10月21日，港股继续强势上攻。恒生指数收涨0.65%，报26027.55点；恒生科技指数收涨1.26%，报6007.94点；恒生中国企业指数收涨0.76%，报9302.66 点。全日大市成交额为2647亿港元，较前一交易日略有回升。南向资金净流入11.71亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26027.55c | 168.72 | 0.65% | 2647亿 | 29.75% | | 2 | HSTECH | 恒生科技 | 6007.94c | 74.77 | 1.26% | 755亿 | 34.46% | | 3 | HSBIO | 恒生生物科技 | 16057.66c | 63.23 | 0.40% | 116亿 | 86.25% | | 4 | HSCEI | 恒生中国企业指数 | 9302.66c | 69.99 ...

中国基金报记者 格林 10 月 21 日，港股继续强势上攻。恒生指数收涨 0.65% ，报 26027.55 点；恒生科技指数收涨 1.26% ，报 6007.94 点；恒生中国企 业指数收涨 0.76% ，报 9302.66 点。全日大市成交额为 2647 亿港元，较前一交易日略有回升。南向资金净流入 11.71 亿港元。 【导读】 2025 年前 9 个月，中国香港 ETP 日均成交额排名全球第三 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26027.55c | 168.72 | 0.65% | 2647亿 | 29.75% | | 2 | HSTECH | 恒生科技 | 6007.94c | 74.77 | 1.26% | 755亿 | 34.46% | | 3 | HSBIO | 恒生生物科技 | 16057.66c | 63.23 | 0.40% | 116亿 | 86.25% | | 4 | HSCEI | 恒生 ...