Core Viewpoint - The market is experiencing a weak profit effect with a significant decline in trading volume, indicating a cautious sentiment among institutional investors and a complex behavior among retail investors [6][7][8]. Market Performance - The market saw a total of 2,278 stocks rising, but the overall trend was characterized by more declines than gains, reflecting a weak profit effect [5][6]. - The Shanghai Composite Index closed at 3,913.76, with a notable decrease in trading volume, dropping over 2,000 billion, marking a recent low in trading activity [10][7]. Sector Analysis - The deep economic concept continues to gain traction, with Agricultural Bank achieving a historical high after 14 consecutive days of gains [6]. - The lithium battery industry chain experienced a widespread decline, while gold and rare earth metals also saw collective downturns [6]. Capital Flow - There was a net outflow of funds from institutional investors, who are shifting from high-valuation tech sectors like electronics and semiconductors to lower-valuation, high-dividend assets such as building materials and petrochemicals for defensive strategies [8]. - Retail investors displayed a more complex behavior, showing signs of reverse support in a broadly declining market, but their actions are heavily influenced by short-term market fluctuations and emotions [8]. Investor Sentiment - Retail investor sentiment is at 75.85%, indicating a significant level of caution and uncertainty in the market [9]. - The current positions of investors show that 25.21% are increasing their holdings, while 18.18% are reducing them, with a majority (56.61%) choosing to hold their positions [12].

一、ETF行业快讯 1.三大指数震荡下挫，油气板块ETF逆势上涨 今日，三大指数震荡下挫，上证综指下跌0.07%，深证成指下跌0.62%，创业板指下跌0.79%。多只油气 板块ETF上涨，其中，油气资源ETF（563150.SH）上涨1.27%，油气ETF博时（561760.SH）上涨 1.06%，油气ETF（159697.SZ）上涨0.91%。电力设备板块多只ETF下跌，电网设备ETF（159326.SZ） 下跌2.09%，光伏ETF易方达（562970.SH）下跌2.00%，光伏龙头ETF（516290.SH）下跌1.91%。 2.世界黄金协会：9月全球实物黄金ETF录得有史以来最大单月流入规模 三、ETF市场表现 1.ETF总体概览 根据ETF基金的规模和涨跌幅计算得出不同分类情况下各类ETF基金的平均涨跌幅。 世界黄金协会数据显示，2025年9月，全球实物黄金ETF录得有史以来最大单月流入规模，推动三季度 总流入达到创纪录的260亿美元。截至三季度末，全球黄金ETF资产管理总规模（AUM）增至4720亿美 元，再创历史新高；总持仓环比增长6%至3838吨，较2020年11月第一周3929吨的历史峰值仅 ...

10月22日，上证指数全天低位窄幅震荡；深证成指、创业板指早盘探底回升，随后震荡回落，午后低位 窄幅震荡；科创50指数早盘探底回升，随后震荡回落，午后再度回升，之后再度回落。截至收盘，上证 指数报3913.76点，跌0.07%，成交额7415亿元；深证成指报12996.61点，跌0.62%，成交额9263.32亿 元；创业板指报3059.32点，跌0.79%，成交额4164.94亿元；科创50指数报1405.41点，跌0.06%，成交额 705亿元。沪深两市合计成交16678.32亿元，成交额较上一交易日减少2060.24亿元。 人造肉、油气设服等概念走强大有能源7连板 盘面上来看，行业板块、概念跌多涨少。其中，石油石化、银行、教育、家电、房地产、机械设备等行 业涨幅靠前；人造肉、油气设服、工程机械、长寿药、租售同权、海工装备等概念走势活跃。有色金 属、贵金属、电力设备、农林牧渔、国防军工、煤炭、证券、化工等行业跌幅居前；黄金、钒电池、稀 土永磁、氟化工、存储芯片、特高压、被动元件、免税等概念走势较弱。涨停个股主要集中在机械设 备、医药生物、房地产、建筑装饰、石油石化等行业。 个股涨跌情况，截至收盘，沪深两市 ...

Market Overview - The Shanghai Composite Index fell by 0.07% on October 22, with nine sectors experiencing gains, led by the oil and petrochemical sector, which rose by 1.58% [2] - The sectors with the largest declines were non-ferrous metals and electric power equipment, down by 1.36% and 1.29% respectively [2] Capital Flow - The main capital outflow from the two markets totaled 44.231 billion yuan, with only four sectors seeing net inflows [2] - The oil and petrochemical sector had the highest net inflow of 558 million yuan, followed by the home appliance sector with a net inflow of 479 million yuan [2] Oil and Petrochemical Sector Performance - The oil and petrochemical sector increased by 1.58%, with a total net inflow of 558 million yuan, and 36 out of 47 stocks in this sector rose today [3] - Five stocks in this sector hit the daily limit up, while nine stocks declined [3] - The top three stocks with the highest net inflows were China National Offshore Oil Corporation (CNOOC) with 272 million yuan, Sinopec Oilfield Service with 143 million yuan, and Beiken Energy with 110 million yuan [3] Individual Stock Highlights - CNOOC's stock rose by 3.51% with a turnover rate of 2.98% and a net capital flow of approximately 271.95 million yuan [4] - Sinopec Oilfield Service saw a significant increase of 10.00% with a turnover rate of 4.41% and a net capital flow of approximately 142.58 million yuan [4] - Beiken Energy also rose by 10.01% with a high turnover rate of 32.56% and a net capital flow of approximately 109.85 million yuan [4]

泰山石油(000554.SZ)披露2025年第三季度报告，公司前三季度实现营收23.95亿元，同比下降5.60%;归 属于上市公司股东的净利润1.13亿元，同比增长112.32%;扣非净利润1.17亿元，同比增长105.22%;基本 每股收益0.2354元。 ...

证券研究报告 | 策略点评 粤开市场日报-20251022 今日关注 2025 年 10 月 22 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 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指跌 0.07%，收报 3913.76 点；深证成指跌 0.62%，收报 12996.61 点；科创 50 跌 0.06%，收报 1405.41 点；创业板指跌 0.79%，收报 3059.32 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2278 只个股上涨，2963 只个股下跌，194 只个股 收平。沪深两市今日成交额合计 16679 亿元，较上个交易日缩量 2060.38 亿 元。 行业涨跌情况：今日申万一级行业涨少跌多，石油石化、银行、家用电器、 房地产、传媒、机械设备等行业领涨，有色金属、电力设备、农林牧渔、国 防军工、煤炭、非银金融等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为一级地产商、油气开采、天然气、 城中村改造、央企银行、K-12 教育、西部大基建、新型城镇化、水利水电建 设、新疆振 ...

简评：旅游数据强劲增长，是国内消费市场活力和内生动力增强的直观体现。总量恢复的同时，消费结 构呈现积极变化，农村旅游市场的快速增长显示出下沉市场的消费潜力。服务消费的持续复苏对稳增长 具有重要支撑作用，可能提振市场对消费行业整体复苏的信心，或可关注旅游、酒店、餐饮、航空运输 等大消费服务板块。 市场复盘 10月22日，A股三大指数下跌。截至收盘，上证指数报3913.76点，下跌0.07%；深证成指报12996.61 点，下跌0.62%；创业板指报3059.32点，下跌0.79%；科创100报1383.65点，下跌0.72%。申万一级行业 中，石油石化、银行、家用电器涨幅靠前，分别上涨1.58%、0.97%、0.82%；有色金属、电力设备、农 林牧渔跌幅靠前，分别下跌1.36%、1.29%、1.19%。2128只个股上涨，2909只个股下跌。 【博时市场点评10月22日】两市缩量震荡，成交不足1.7万亿 每日观点 今日沪深三大指数缩量震荡，有色金属板块跌幅较大，两市成交缩至阶段新低1.69万亿，昨日两融余额 放量142亿元。近期地缘政治与贸易关系两大不确定性均出现缓和迹象，直接导致了黄金等传统避险资 产的抛售和 ...

Group 1 - The concept of "deep earth economy" has emerged as a market highlight, with several stocks experiencing significant gains, including De Shi Co., which hit a 20% limit up [1][4] - The deep earth economy focuses on the development of underground space and deep resources, covering areas such as geological exploration, underground engineering, deep drilling equipment, and technical services, aimed at addressing the depletion of surface resources and ensuring national energy security [4] - The Ministry of Natural Resources has indicated that during the 14th Five-Year Plan period, standardization efforts will focus on emerging industries like deep sea and deep earth [4] Group 2 - The A-share market experienced fluctuations, with major indices mostly declining; the Shanghai Composite Index fell by 0.44%, while the North China 50 Index rose by 1.19% [3] - The media sector led the gains, with a peak increase of over 1%, and several stocks, including Hubei Broadcasting, hitting the limit up [3] - The real estate sector also showed strong performance, with multiple stocks such as Yingxin Development and Guangming Real Estate reaching limit up [3] Group 3 - Gold-related stocks faced significant declines due to a sharp drop in gold prices, with several stocks in the A-share market and Hong Kong market experiencing losses exceeding 5% [6][5] - The price of gold on the Shanghai Gold Exchange fell sharply, with the Au99.99 contract dropping over 5% and reaching a low of 932 yuan per gram [6] - Silver prices also plummeted, with the main silver futures contract on the Shanghai Futures Exchange experiencing a drop of over 5% [7] Group 4 - The new stock Marco Polo saw a dramatic increase of over 190% on its debut, being one of the largest manufacturers and sellers of building ceramics in China [8] - Marco Polo operates five production bases in China and the U.S., focusing on both glazed and unglazed tiles, and has established several innovation platforms and high-tech enterprises [8]

（原标题：今日沪指跌0.44% 有色金属行业跌幅最大） 今日各行业表现（截至上午收盘） 证券时报•数据宝统计，截至上午收盘，今日沪指跌0.44%，A股成交量757.36亿股，成交金额11140.66 亿元，比上一个交易日减少4.19%。个股方面，2337只个股上涨，其中涨停53只，2893只个股下跌，其 中跌停4只。从申万行业来看，石油石化、房地产、传媒等涨幅最大，涨幅分别为0.83%、0.64%、 0.62%；有色金属、国防军工、电力设备等跌幅最大，跌幅分别为1.97%、1.44%、1.36%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 石油石化 | 0.83 | 124.10 | 26.80 | 石化油服 | 10.00 | | 房地产 | 0.64 | 253.10 | 28.21 | 盈新发展 | 10.10 | | ...

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten circulating shareholders of 33 companies, with a total holding of 625 million shares valued at 13.07 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has newly entered 7 stocks and increased holdings in 10 stocks, while maintaining positions in 6 stocks and reducing holdings in 10 stocks [1] - The company with the highest number of Social Security Fund shareholders is Sanhe Tree, with 3 funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of circulating shares [1] - The stock with the highest holding ratio by the Social Security Fund is Baiya Shares, with a holding ratio of 4.34%, followed by Guoyao Shares at 4.12% [1][2] Group 2: Performance and Profit Growth - Among the stocks held by the Social Security Fund, 26 companies reported year-on-year net profit growth, with the highest growth seen in Xinqianglian, achieving a net profit of 664 million yuan, a year-on-year increase of 1939.50% [2] - The average increase of Social Security Fund heavy stocks since October is 1.21%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Shenhuo Shares, with a cumulative increase of 16.74%, followed by Haotaitai and Jinling Mining with increases of 14.87% and 13.64%, respectively [2] Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical, basic chemical, and agriculture sectors, with 4, 4, and 3 stocks respectively [2] - In terms of board distribution, 26 stocks are from the main board, 6 from the ChiNext board, and 1 from the Sci-Tech Innovation board [2]