今日上午，上证指数突破3900点。上一次A股"见到"3900点，是在2015年8月18日，距今已有3700余天。 盘面上，"科技+有色金属"成为最强双主线。有色金属板块中，贵金属板块领涨，工业金属、小金属、稀土永磁等板块上涨。两大龙头股紫金矿业、洛阳 钼业联手大涨，盘中股价均创历史新高。 科技股全面发酵，存储芯片、消费电子等板块涨幅居前。通富微电"一字"涨停，晶圆代工双雄中芯国际涨超7%、华虹公司"20CM"涨停，兆易创新、澜起 科技、中微公司、拓荆科技等龙头股也大涨，这些龙头股盘中股价均创历史新高。 此外，可控核聚变、固态电池、量子科技等板块也大涨。 上午收盘，上证指数上涨1.24%，报3931.07点，深证成指上涨1.75%，创业板指上涨1.77%。市场半日成交超1.72万亿元。 科技股全面走强 今天上午，科技股全面走强，半导体产业链大涨，存储芯片、先进封装等板块涨幅居前。消费电子概念上涨，AI PC、AI手机等板块涨幅居前。算力产业 链表现活跃，PCB、光模块等板块上涨。 | 德邦科技 ■ 688035 | 63.18 | 14.56% | 89.9 Z | | --- | --- | --- | -- ...

Market Overview - The Shanghai Composite Index has surpassed 3900 points for the first time since August 18, 2015, marking over 3700 days since it last reached this level [1] - The market saw a significant increase in trading volume, with over 1.72 trillion yuan traded in the first half of the day [1] Technology Sector - The technology sector experienced a strong rally, particularly in the semiconductor industry, with storage chips and advanced packaging leading the gains [3] - Notable stocks included Tongfu Microelectronics, which hit the daily limit, and major players like SMIC and Hua Hong Semiconductor, which saw increases of over 7% and reached their historical highs [1][3] - Catalysts for the technology sector included price increases in storage chips driven by major companies like Samsung and Micron, with DRAM prices expected to rise by 15% to 30% and NAND flash prices by 5% to 10% [6] - OpenAI's strategic partnership with AMD to deploy 6 GW of AMD GPU power for AI infrastructure also contributed to the positive sentiment in the tech sector [6] Precious Metals Sector - The precious metals sector saw significant gains, with gold prices reaching new highs, including a record of over $4000 per ounce [11] - Major stocks in this sector, such as Sichuan Gold and Shandong Gold, hit their daily limits, reflecting strong investor interest [8] - The increase in gold prices is attributed to ongoing concerns over U.S. government debt and a long-term trend towards de-dollarization, which is expected to support continued price increases [11] Non-Ferrous Metals Sector - The non-ferrous metals sector also performed well, with the precious metals segment leading the charge [1] - Key stocks like Yunnan Copper and Jiangxi Copper reached their daily limits, while lithium companies such as Ganfeng Lithium and Tianqi Lithium saw substantial gains [8] - The rare earth permanent magnet sector also experienced significant increases, with companies like Baotou Steel and Northern Rare Earth achieving notable stock performance [8]

期金首破 4000，国庆假期收官，周期如何看？ 20251008 摘要 国庆假期邮政快递揽收量同比增长 4.5%，增速放缓，主要受反内卷涨 价政策影响，低价件减少导致整体件量增速下降。 国庆期间 BDI 指数同比下降 8.8%，航运市场表现平淡，但四季度航空 票价预计同比正增长，推荐关注华夏航空及港股航空公司。 极兔速递与 TikTok 深度绑定，东南亚业务件量高增，给予"三年一 倍"强推评级；嘉友国际受益于焦煤价格回升，预计三季度业绩环比、 同比均增长。 快递行业反内卷政策推动价格回升，申通、圆通等公司业绩有望大幅改 善，预计该趋势将在 10 月份延续并体现在三季报中。 化工产品价格指数与前两周环比持平，原油期货受俄罗斯炼油厂遇袭及 OPEC 增产低于预期影响，维持在 60-66 美元/桶。 伯克希尔哈撒韦收购西方石油公司化工部门 OxyChem，表明细分龙头 企业在周期底部具备较高投资价值，当前是投资化工行业的良好时机。 近期黄金价格突破 4,000 美元，主要受美元走弱影响，预计未来两三年 仍表现出色，明年金价或达 5,000 美元/盎司，推荐关注紫金黄金国际。 Q&A 今年国庆假期期间的客运流量和票价 ...

当全球都在为碳中和目标全力以赴时，一场悄无声息的资源革命正在悄然展开。在新时代领域，支撑新能源汽车、储能电站和智能电网的，并非传 统的石油煤炭，而是锂、钴、镍这些"白色石油"。它们就是能源金属，是通往清洁能源时代的关键钥匙！ 如图，在资本市场，能源金属板块指数自从4月份开始呈现出沿着5、10、20日均线单边上涨趋势。进入9月份，随着上证指数走弱而进行了区间震 荡。从技术分析角度看，整个九月份就是在构建中枢。此时 市场对此存在两种观点：一是上涨中继，二是高位派发筹码。 就在上周二（9月30 号），当天板块指数大涨4.03%，实现了箱体突破，从而进一步打开了上涨空间！ 能源金属主要包括锂、钴、镍、稀土等，它们是制造锂电池、燃料电池等新型能源装置的核心原材料。而锂、钴、镍又被誉为"三大金刚"，各自在 新能源产业链中扮演着不可或缺的角色。接下来，我们将详细剖析这些金属何以成为资本市场的新宠，以及它们未来的机遇与挑战。 01 锂：下游需求高增长，供需格局有望改善 锂需求的爆发本质是新能源产业崛起的直接映射，应用场景的拓宽与深化构成需求增长的核心动力。 动力电池是绝对主力 ，2025年全球新能源汽 车销量预计达1920万 ...

Core Viewpoint - A resource revolution is underway as the world strives for carbon neutrality, with energy metals like lithium, cobalt, and nickel becoming essential for the clean energy transition [1] Group 1: Energy Metals Market Trends - The energy metals sector index has shown a consistent upward trend since April, with a significant breakout on September 30, where the index rose by 4.03%, indicating potential for further gains [3] - Energy metals, including lithium, cobalt, nickel, and rare earths, are critical raw materials for new energy devices such as lithium batteries and fuel cells [3] Group 2: Lithium Demand and Supply - Lithium demand is expected to surge due to the rise of the new energy industry, with global sales of electric vehicles projected to reach 19.2 million by 2025, contributing over 15 million from China [4][6] - The demand structure for lithium is characterized by a dominant role of power batteries, with a projected 52% year-on-year growth in domestic lithium carbonate demand by 2025 [4] Group 3: Cobalt Market Dynamics - The Democratic Republic of the Congo (DRC) has extended its cobalt export ban to stabilize prices, with a shift towards an annual export quota management system expected to tighten supply [7] - Global cobalt supply is projected to increase from 20.7 thousand tons in 2022 to 32.9 thousand tons by 2026, while demand is expected to rise from 18.7 thousand tons to 28.0 thousand tons in the same period [8] Group 4: Nickel Supply and Demand - Nickel prices are supported by rising costs across the supply chain, with the stainless steel sector accounting for 70% of nickel demand, while the battery sector is growing rapidly [9][11] - The global stainless steel production is expected to grow at a compound annual growth rate of 3.85% from 2017 to 2024, indicating a stable demand for nickel [9] Group 5: Investment Outlook - The current global interest rate cut cycle enhances the investment value of the non-ferrous metals sector, particularly energy metals, which are poised to benefit from the energy transition and carbon neutrality efforts [12] - Investors are encouraged to focus on companies with resource advantages in lithium, cobalt, and nickel production, as well as those leading in battery material technology [12]

2025.09. 30 A股三大股指集体收红,全天窄幅震荡,延续节前反弹态势,上证指数在3800点整数关口获 得支撑后震荡走高,全月整体在3800点上方震荡,距离3900点仅一步之遥。 2655家上涨 散户资金净流入 涨跌停比 SHT 个股市场涨跌比大致相当,市场赚钱效应一 般,盘面上,存储芯片、能源金属、半导体、锂电 池、军工板块强势,白酒、汽车服务板块走弱, 银行、保险、公用事业、旅游酒店等板块跌幅 居。 两市成交额 万亿元 ▲ 0.93% 今日两市成交额呈现温和放量特征,市场基础 流动性依然充裕,8月、9月A股市场日均成交金 额连续两个月超过2万亿元,这一水平较去年同 期显著提升,市场交投活跃度处于历史高位。 资金情绪 主力资金净流出 79. 机构以"乐观布局、持股过节"为主流共识、机构资金明显向有产业趋势和政策催化的领域集中,重点布 局科技成长主线,并进行调仓换股,从部分高位板块向估值更合理的领域转移;散户"积极参与、热衷题 材",散户更倾向于追逐市场热点,例如对存储芯片、有色金属等当日强势板块表现出较高的关注度和交易 意愿,也有部分投资者因长假不确定性而选择观望,整体情绪在普涨格局下偏向乐观。 散户 ...

Group 1 - Double-Helix Pharmaceutical announced that its associate, Changfeng Pharmaceutical, is expected to be listed on the Hong Kong Stock Exchange on October 8, 2025, with a global offering of 41.198 million shares priced at HKD 14.75 each. Double-Helix holds approximately 3.68% of Changfeng's shares, with a lock-up period of 12 months post-listing [1] - Changfeng Pharmaceutical is involved in the pharmaceutical industry, specifically in the research and development of gene-engineered drugs [2] Group 2 - Lio Corporation has submitted an application to the Hong Kong Stock Exchange for issuing H-shares and listing on the main board [3] - Lio Corporation operates in the mechanical manufacturing and digital marketing sectors [3] Group 3 - Changjiang Securities received approval from the China Securities Regulatory Commission to issue corporate bonds totaling no more than CNY 20 billion, valid for 24 months [4] - Changjiang Securities provides services such as securities and futures brokerage, financial product distribution, investment advisory, asset custody, and margin financing [4] Group 4 - Jingye Intelligent plans to acquire 51% of Hefei Shengwen Information Technology for CNY 108 million, focusing on engineering information technology and intelligent products [5][6] - Jingye Intelligent specializes in the research, development, production, and sales of special robots and intelligent equipment systems [6] Group 5 - Aimeike's subsidiary received approval for the registration of Minoxidil topical solution, a non-prescription drug for treating hair loss [7][8] - Aimeike is engaged in the research, development, production, and sales of biomedical materials and biopharmaceuticals [8] Group 6 - Dalian Heavy Industry expects a net profit of CNY 474 million to CNY 508 million for the first three quarters of 2025, representing a year-on-year increase of 19.91% to 28.52% [9] - Dalian Heavy Industry specializes in the design, manufacturing, assembly, and installation of major technical equipment [9] Group 7 - Huayou Cobalt signed supply agreements with LGES for a total of approximately 76,000 tons of ternary precursor products from 2026 to 2030 [10][11] - Huayou Cobalt focuses on the research, manufacturing, and sales of new energy lithium battery materials and cobalt new materials [11] Group 8 - Zhenjiang Co. plans to reduce its shareholding by up to 5.529 million shares, not exceeding 3% of the total share capital, due to personal funding needs [12] - Zhenjiang Co. is involved in the design, processing, and sales of wind power equipment and components [12] Group 9 - Watson Bio's subsidiary received a drug registration certificate for a 13-valent pneumococcal polysaccharide conjugate vaccine for children [14][15] - Watson Bio specializes in the research, development, production, and sales of human vaccines and biopharmaceuticals [15] Group 10 - Yikang Pharmaceutical's major shareholder plans to reduce holdings by up to 42 million shares, not exceeding 2.04% of the total share capital, due to personal funding needs [16] - Yikang Pharmaceutical is engaged in the production and sales of excipients, raw materials, finished drugs, and new energy materials [16] Group 11 - Sichuan Gold's shareholder plans to reduce holdings by up to 7.56 million shares, accounting for 1.80% of the total share capital [19] - Sichuan Gold focuses on the construction, mining, and sales of gold mines [19] Group 12 - Kangchen Pharmaceutical received approval for a clinical trial of an innovative drug for treating advanced esophageal squamous cell carcinoma [20][21] - Kangchen Pharmaceutical specializes in the manufacturing of chemical drug formulations [21] Group 13 - UCloud plans to repurchase shares worth between CNY 8 million and CNY 10 million for employee stock ownership plans [22] - UCloud provides cloud computing services centered on IT infrastructure [22] Group 14 - Woton Technology announced an adjustment to its share repurchase plan, raising the price cap to CNY 60 per share [24] - Woton Technology specializes in the research, manufacturing, and sales of separation membrane products [24] Group 15 - Five Continents Medical announced plans for shareholders to reduce holdings by up to 126,530 shares, accounting for 1.8606% of the total share capital [26] - Five Continents Medical focuses on the research, manufacturing, and sales of disposable sterile infusion medical devices [26] Group 16 - CIMC Group plans to repurchase A-shares with a total amount not exceeding CNY 5 billion [27] - CIMC Group specializes in logistics and energy equipment solutions [27] Group 17 - Zhifei Biological's subsidiary received a drug registration certificate for a trivalent influenza vaccine suitable for individuals aged 3 and above [29][30] - Zhifei Biological is involved in the research, development, production, and sales of vaccines and biological products [30]

解套率创新高 9月30日A股市场投资情绪 资本市场是投资者信心的晴雨表。投资者情绪的波动会影响其对未来收益的主观 判断,进而影响投资行为,形成合力后对市场产生显著影响。我们想通过几个问 题,了解投资者对每日市场的看法。9月30日共有11947位用户参与了调研,具体 情况如下: 上证指数 创业板指 深亚成指 0.35% ▲ 0.52% A股三大股指集体收红. 全天窄幅震荡. 延续节前反弹态势,上证指数在3800点整数关口获 得支撑后震荡走高,全月整体在3800点上方震荡,距离3900点仅一步之遥。 2655家上涨 涨跌停比 个股市场涨跌比大致相当,市场赚钱效应 般. 盘面上. 存储芯片、能源金属、半导体、锂电 池、军工板块强势,白酒、汽车服务板块走ิ 银行、保险、公用事业、旅游酒店等板块跌 居。 主力资金净流出 机构以"乐观布局、持股过节"为主流共识,机构资金明显向有产业 局科技成长主线,并进行调仓换股,从部分高位板块向估值更合理的领域转移:散户"积极参与、热衷题 材",散户更倾向于追逐市场热点,例如对存储芯片、有色金属等当日强势板块表现出较高的关注度和交易 意愿,也有部分投资者因长假不确定性而选择观望,整体情 ...

水皮杂谈 一家之言 兼听则明 偏听则暗 身不由己 盘面消息 A股三大指数今日集体上涨，截止收盘，沪指涨0.52%， 收报3882.78点； 深证成指涨 0.35%， 收报13526.51点； 创业板指涨0.00%， 收报3238 .16 点； 科创50指数涨 1.69%， 收报1495.29点 。 沪深两市成交额达到21814亿，较上一交易日放量200亿。 老水看盘 主力对上证指数的把控已到炉火纯青的地步。今 天 上证指数收盘上涨 20.25 点，全天指数 波动区间约 20 点，大致在 3866-3887 点 之间，基本呈现 "涨不让涨、跌不让跌"的状 态。实现这一调控的工具便是银行股、证券股与保险股。 既然主力如此控盘，昨 天 股市为何会大涨？其实昨 天 大涨或许是 "阴差阳错"——从盘面可 见，昨 天 证券、保险板块的大涨由 H 股引发。换句话 来讲 ，港股上演了 "围魏救赵"的 局 面 。正是通过拉升港股的券商股与保险股，才带动 A 股跟涨。 今 天 盘面也有类似情况：港股早盘高开低走，但午后开始一路拉升，尤其在 A 股收盘后，拉 升力度进一步加大。港股拉升本有其自身操作逻辑 以及自己的出发点 ，却没想 ...

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]