二、中游扩产潮退，上游让利在即：2025-2027年产业链利润或加速向下游转移！三大龙头有望借 势起飞。 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 一、深地经济站上"十五五"风口，建筑行业有哪些投资机会？机构挖出PB低至0.2倍+股息率近6% 建筑央国企，还有这些深耕细分领域重点企业； 点击付费阅读，解锁市场最强音，把握投资机会！ 前言 ...

格隆汇10月22日丨广东建科(301632.SZ)公布，公司前三季度实现营业收入7.24亿元，同比下降2.65%； 归属于上市公司股东的净利润1530.19万元，同比增长190.62%；归属于上市公司股东的扣除非经常性损 益的净利润1269万元，同比增长169.06%；基本每股收益0.0366元。 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 10 月 22 日 钢材&铁矿石日报 专业研究·创造价值 预期现实博弈，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡走高，录得 0.59%日涨幅，量仓收缩。现阶段， 螺纹供应偏低但利好有限，相反需求表现偏弱，弱势基本面并无实质性 改善，库存去化压力偏大，钢价继续承压运行，相对利好的是成本支 撑，后续走势延续震荡寻底态势，关注需求表现情况。 热轧卷板：主力期价震荡企稳，录得 0.81%日涨幅，量仓收缩。目前来 看，热卷供应压力偏大，而需求韧性趋弱，基本面表现不佳，相对利好 则是成本支撑，弱现实与成本支撑博弈下热卷价格延续弱势寻底态势， 关注需求表现情况。 铁矿石：主力期价震荡运行，录得 0.65%日涨幅，量仓收缩。现阶 段，铁矿石供应高位，而产业担忧未退，矿石需求走弱，矿市基本面持 续转弱，高估值矿价承压运行，但因刚需尚处高位，下行存有阻力，预 计走势维持震荡运行态势，关注钢厂生产情况。 （仅供参考，不构成任何投资建议） 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z001 ...

格隆汇10月22日｜中铝国际(2068.HK)午后持续拉升一度涨超24%。消息面上，有媒体称，力拓考虑与中铝集团进行资产换股权交易。中铝国际A股尾盘拉升 封涨停板。 | | 中铝国际 2.980 + 19.68% 分时 均线 所属行业: 建筑 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 3.090 @ | | | | | | | | 2.970 | | | | | | | | 2.850 | | | | | | 3 | | 2.730 | | | | | | | | 2.610 | | | | | | | | 2.490 | | | | | | | | 2.370 | | | | | | | | 2.250 | | | | | | | | 2.130 | | | | | | | | 2.010 | | | | | | | | 1.890 | | | | | | | | 971万 | | | | | | | | 728万 | | | | | | | | 485万 | | | | | | | | 243万 | | | | | | | | 9: ...

Market Overview - The A-share market experienced weak fluctuations on October 22, with the three major indices showing a decline by the end of the day. The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 0.79% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.69 trillion yuan, reflecting a decrease of 202.4 billion yuan compared to the previous trading day [1] Sector Performance - The market's focus was on sectors such as deep earth economy and Hubei state-owned assets, with stocks like ShenKai Co., Petrochemical Machinery, and CITIC Heavy Industries showing strong performance [3] - The oil and gas sector saw a surge in the afternoon, with Beiken Energy hitting the daily limit [3] - Agricultural Bank of China achieved a 14-day consecutive rise, with its stock price surpassing 8 yuan, marking a year-to-date increase of over 58% [3] Declining Stocks - Battery stocks collectively weakened, with companies like Tianji Co. and Tianci Materials experiencing significant declines [4] Company Highlights - Cambrian's market capitalization returned to over 600 billion yuan, with its stock price rising more than 4% by the end of the day [5][6] - Cambrian's third-quarter report revealed a revenue of 1.727 billion yuan, representing a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up by 390.23% [6] - On October 21, Cambrian completed a directed issuance of 3.3349 million shares at a price of 1195.02 yuan per share, raising 3.985 billion yuan, marking a record high for single financing in the domestic AI chip sector [8] Real Estate Sector - The real estate sector continued to rise, with stocks like Yingxin Development achieving a three-day consecutive limit increase, alongside other companies such as Guangming Real Estate and Jingtou Development [9] - On October 21, the Shanghai Municipal Government issued an action plan to promote high-quality development in the construction industry, proposing 21 specific measures to stabilize real estate investment and accelerate urban renewal [10] Foreign Investment Outlook - Goldman Sachs reported that the Chinese stock market is expected to enter a more sustained upward phase, predicting a potential increase of about 30% in key indices by the end of 2027, driven by a 12% growth in earnings trends and a 5%-10% further revaluation potential [11] - Analysts noted that Chinese stocks remain deeply undervalued relative to global markets, with potential asset reallocation funds reaching trillions of dollars [11]

Group 1 - The election of Sanna Takichi as Japan's new Prime Minister has led to market speculation about a potential "Abenomics 2.0" revival, which previously resulted in a significant rise in the Nikkei 225 index [1][2] - Japan's September exports showed a year-on-year increase of 4.2%, ending a four-month decline, although it fell short of the expected 4.6% [1] - The Nikkei 225 index has seen a nearly 15% increase since the resignation of former Prime Minister Shishiro, outperforming the S&P 500's 3.9% gain during the same period [2][3] Group 2 - High expectations for Takichi's economic policies include expansionary fiscal measures, collaboration between the government and the Bank of Japan, and a focus on technological innovation [2][3] - Concerns about the stability of the new government and the implementation of Takichi's policies have led to profit-taking in the stock market, with significant declines in defense and technology sector stocks [3][4] - The newly formed coalition government faces challenges in passing budgets and legislation due to a lack of majority in the House of Representatives, which may hinder policy implementation [3][4] Group 3 - The Japanese yen has come under pressure due to expectations of large-scale fiscal spending and monetary stimulus, complicating the path for potential interest rate hikes by the Bank of Japan [4][5] - Market speculation indicates a reduced likelihood of an interest rate hike in October, with current odds at approximately 9%, while December's odds have risen to about 50% [5][6] - Despite a slight rebound, the yen remains near a six-day low against the dollar, reflecting ongoing market concerns [6]

Group 1 - As of the third quarter of 2025, there are 23,800 foreign citizens from 103 countries working in Mongolia, an increase of 6,000 compared to the same period in 2024 [1] - By nationality, Chinese, Indian, and Vietnamese workers account for 70.6%, 11.1%, and 3.2% respectively, while workers from the Philippines, Nepal, and Russia represent 2.5%, 1.8%, and 1.4% [1] - The mining, construction, and manufacturing sectors employ 5,200, 4,800, and 4,600 foreign workers respectively, with wholesale retail and automotive repair, electrical supply, and education sectors employing 2,900, 1,300, and 1,300 workers respectively [1] Group 2 - International organizations and permanent representative offices employ 1,000 foreign workers, while other industries account for 2,700 workers [1]

经查，当事人在中天建设集团有限公司涉嫌经营超过保质期食品（地道肠）一案中任食堂主管。其职责 是落实食堂管理制度，加强管理，保证食堂食品的质量。但其在明知食品过期的食品下，有侥幸心理， 仍加工销售，存在故意。其行为满足故意实施经营超过保质期食品（地道肠）违法行为的构成要件。其 2024年的工资收入总额为30000元。 2025年9月30日，天津市北辰区市场监督管理局向当事人送达了本案《行政处罚告知书》(津北辰市监罚 告〔2025〕317-1号)，当事人在法定期限内未提出任何陈述或申辩，也未要求听证。 当事人行为违反了《中华人民共和国食品安全法实施条例》第七十五条第一款第一项"食品生产经营企 业等单位有食品安全法规定的违法情形，除依照食品安全法的规定给予处罚外，有下列情形之一的，对 单位的法定代表人、主要负责人、直接负责的主管人员和其他直接责任人员处以其上一年度从本单位取 得收入的1倍以上10倍以下罚款：（一）故意实施违法行为；"的规定。鉴于当事人在本案调查中，积极 配合，对过期食品当场销毁，并且及时清理公司食堂进行整改，主动消除和减轻违法行为危害后果，符 合市场监管总局《关于规范市场监督管理行政处罚裁量权的指导 ...

10月22日（周三）申购提示 新股方面，丹娜生物申购代码920009，发行价17.10元/股，申购上限36万股。 投资有风险，申购需谨慎。 重要的消息有哪些 1．10月21日，外交部发言人郭嘉昆主持例行记者会。有记者就中美经贸谈判提问。郭嘉昆表示，中方 在处理中美经贸问题上的立场是一贯的、明确的，关税战、贸易战不符合任何一方的利益，双方应该在 平等、尊重、互惠的基础上协商解决有关问题。 2．10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。 3．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。 8．广州市人民政府办公厅印发广州市提振消费专项行动实施方案，其中提出，拓展财产性收 ...

Group 1: Market Overview - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average reaching a historical high, driven by blue-chip earnings [2] - The Nasdaq index experienced a slight decline, influenced by weakness in the technology and semiconductor sectors [2] - The Nasdaq China Golden Dragon Index fell by 0.97%, with notable declines in Alibaba and NIO, while companies like TAL Education and Bilibili saw gains [2] Group 2: Commodity Prices - International gold prices saw a significant drop, with spot gold falling by 5.18% to $4,130.41 per ounce, marking the largest single-day decline since April 2013 [2] - Silver prices also decreased sharply, down 7.16% to $48.705 per ounce, the largest drop since 2021 [2] - WTI crude oil prices increased slightly, closing at $57.82 per barrel, a rise of 0.52% [4] Group 3: Corporate Earnings - China Telecom reported a third-quarter net profit of 77.56 billion yuan, reflecting a year-on-year growth of 3.60% [10] - Pop Mart's third-quarter revenue is expected to grow by 245%-250% year-on-year [10] - New Qiang Lian reported a staggering 1940% year-on-year increase in net profit for the first three quarters [9] Group 4: Government Policies and Initiatives - The Ministry of Commerce held a roundtable with over 170 foreign enterprises to address their concerns and discuss policies [4] - The Guangdong provincial government released an action plan to enhance the high-quality development of the manufacturing industry through AI [7] - Shanghai's government issued a plan to stabilize real estate investment and promote high-quality construction [6]