题材方面，核电概念表现活跃，合锻智能录得9天5板，中国核建、安泰科技实现两连板。创投概念股延 续强势，大众公用斩获4天3板，七匹狼等多股涨停。整体来看，市场热点较为分散，缺乏明确主线。 【CNMO科技消息】10月10日，A股市场全天震荡下行，三大指数集体收跌。截至收盘，上证指数下跌 0.94%，深证成指下跌2.70%，创业板指大幅下挫4.55%，北证50指数亦下跌1.24%。沪深两市合计成交 额约为2.52万亿元，较前一个交易日缩量约1376亿元，市场交投热度有所回落，全市场超2500只个股下 跌，呈现普跌格局。 与此同时，部分传统及防御性板块逆势走强。燃气板块表现亮眼，大众公用、洪通燃气双双涨停，带动 相关概念股活跃。光刻机概念股午后局部拉升，新莱应材、凯美特气涨停，波长光电、国林科技等跟 涨。此外，水泥建材、港口航运、煤炭、纺织制造、猪肉及电网设备等板块盘中均有不同程度异动，显 示出资金在高估值品种回调背景下，向低位板块轮动的迹象。 盘面分化明显，前期强势的高成长板块遭遇大幅调整。半导体、电池、贵金属、算力硬件及光伏设备等 赛道股集体走低，成为拖累指数的主要力量。电池板块中，璞泰来、天赐材料、国轩高科等个 ...

今天，A股市场震荡调整，盘面热点出现高低切换，有色金属、电池、半导体等板块集体调整。午后，题材分化轮动，光刻机概念股局部异动，大消费概 念股表现活跃。 午后，光刻机概念股异动拉升，龙头股新莱应材、凯美特气涨停。 | F 301421 | | | | --- | --- | --- | | 人气龙头2 光学系统 光源 | | | | *ST和科 | 21.00 | +5.00% +13.15% | | 002816 | | | | 2天2板 最终涨停09:30 | | | | 久日新材 | 27.50 | +4.72% +4.96% | | 融 688199 | | | | 百傲化学 | 27.51 | +4.01% +7.71% | | 603360 | | | | 联合化学 | 128.95 | +3.61% +13.12% | | 融 301209 | | | | 领涨龙头1 | | | | 华特气体 | 68.59 | +3.24% +1.39% | | 融 688268 | | | | 喷雷壮又 | | | 10月9日，新莱应材在投资者互动平台上表示，公司CDU产品已应用于数据中心液冷系统，控股70% ...

转自：智通财经 【收评：创业板指低开低走跌4.55% 高位股集体大跌】智通财经10月10日电，市场全天震荡调整，三大 指数集体下跌，沪指跌近1%失守3900点，黄白二线分化明显。沪深两市成交额2.52万亿，较上一个交 易日缩量1376亿。盘面上，市场热点较为杂乱，核电板块表现活跃，合锻智能9天5板，中国核建、安泰 科技2连板。光刻机概念股局部爆发，新莱应材、凯美特气双双涨停。创投概念股延续强势，大众公用4 天3板，七匹狼等多股涨停。下跌方面，高位股集体下跌，电池、芯片概念股大面积调整，华虹公司、 亿纬锂能、先导智能、佰维存储等多股大跌。板块方面，燃气、煤炭等板块涨幅居前，半导体、电池、 贵金属等板块跌幅居前。截至收盘，沪指跌0.94%，深成指跌2.70%，创业板指跌4.55%。 ...

10月10日，市场全天震荡调整，三大指数集体下跌，黄白二线分化明显。沪深两市成交额2.52万亿，较上一个交易日缩量1376亿。 盘面上，市场热点较为杂乱，核电板块表现活跃，合锻智能9天5板，中国核建、安泰科技2连板。光刻机概念股局部爆发，新莱应材、凯美特气双双涨停。 创投概念股延续强势，大众公用4天3板，七匹狼等多股涨停。下跌方面，高位股集体下跌，电池、芯片概念股大面积调整，华虹公司、亿纬锂能、先导智 能、佰维存储等多股大跌。 板块方面，燃气、煤炭等板块涨幅居前，半导体、电池、贵金属等板块跌幅居前。截至收盘，沪指跌0.94%，深成指跌2.70%，创业板指跌4.55%。 2.52万1乙 -13761 涨停表现 封板 56 触及 27 昨涨停今表现 1.20% 高开率 68% 获利率 封板率 70.00% ...

（文章来源：上海证券报） 10月10日午后，A股三大指数持续走弱。截至发稿，创业板指跌幅扩大至4%，深证成指跌2.49%，沪指跌0.95%。半导体芯片、光伏、电池、有色金属等 方向跌幅居前。全市场成交额超2.1万亿元，较上日此时缩量1313亿元。 光刻机概念午后异动拉升，凯美特气（002549）涨停。新莱应材（300260）盘中实现"20cm"涨停，14：07左右，该股震荡打开涨停板，14：21左右又重 新封回涨停板。波长光电、海立股份、百傲化学、旭光电子跟涨。 ...

Core Viewpoint - Japan's Ministry of Economy, Trade and Industry (METI) updated the "final user list" on September 29, adding multiple Chinese companies while removing two previously listed companies [1][2]. Group 1: Japan's Export Control Measures - Japan has been tightening export controls on high-end semiconductor manufacturing equipment since 2023, with further restrictions planned for 2025, using the "final user list" as a tool to prevent technology from being used for military purposes [2][3]. - The initial expansion of the list in February included 42 Chinese entities, bringing the total number of affected Chinese companies, research institutions, and organizations to approximately 110, primarily in critical technology sectors such as semiconductors, artificial intelligence, and quantum computing [3]. Group 2: China's Response - The Chinese Ministry of Commerce expressed strong opposition to Japan's actions, stating that the listing of Chinese companies lacks factual basis and harms the interests of both countries' enterprises [2][4]. - China welcomed the removal of two companies from the list, viewing it as aligned with mutual interests, and expressed a willingness to enhance communication with Japan to facilitate the removal of more Chinese companies from the list [4].

Market Overview - Last Friday, the market experienced fluctuations, with the ChiNext Index dropping over 2.5% during the session. The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion, a decrease of 224.2 billion compared to the previous trading day. The Shanghai Composite Index fell by 0.65%, the Shenzhen Component Index by 1.76%, and the ChiNext Index by 2.60% [1]. Sector Performance - In terms of sector performance, wind power and insurance sectors saw the highest gains, while gaming, computing hardware, and photolithography sectors faced the largest declines [1]. Analyst Insights - Everbright Securities predicts that the index will likely maintain a fluctuating pattern before the holiday, with the current market style indicating a short-term adjustment in the technology sector, which does not alter the mid-term upward trend. The upcoming Hefei International New Energy Vehicle Conference on September 29 is expected to stimulate related concepts with over 100 million in consumer vouchers and subsidies planned [1]. - GF Securities highlights a significant characteristic in the market structure entering the fourth quarter: since 2005, cyclical industries have had over a 65% probability of rising in Q4, with more than 60% likelihood of outperforming the CSI 300 Index. This is contingent on the cyclical industries benefiting from a "calendar effect" based on improved macroeconomic fundamentals [2].

一、A股小级别调整波段未结束的判断正在验证。中期没有下行风险，短期调整也不是大级别。调整兑现后，"红十月"是大概率：长期政策布局期临近，科 技催化仍在延续，短期性价比调整可能很快到位。 三、后续结构展望：科技成长趋势性占优，科技内部高低切换效果好于成长价值之间的高低切换。后续有新催化的新增景气方向仍会有高弹性，已经累积一 定涨幅的科技板块(海外算力、创新药，储能、固态电池、特斯拉机器人，光刻机)，中期行情还有空间。反内卷是结构牛向全面牛转化的关键结构，是重要 的中期结构(光伏和化工)。港股中期展望不变，中期港股可能继续受益于"特朗普降息看涨期权"不断强化 + 新经济产业趋势发酵，港股龙头代表性强。 2026春季前，科技成长催化可能持续多于顺周期催化，看好科技成长趋势性占优。科技内部高切低、板块轮动是常态，但成长价值之间的高切低行情，很难 趋势性演绎。后续有新催化的新增景气方向，仍会有高弹性。而已经发酵了一定乐观预期的方向，中期仍有绝对收益空间，包括海外算力、创新药，储能、 固态电池、特斯拉机器人，光刻机，仍有产业趋势叙事发酵空间。 反内卷是中期结构牛向全面牛转化的关键结构。继续提示，反内卷终局重点关注全球市占 ...

2025-09-28 %% %% %% %% research.95579.com 创业板指或将进入中枢震荡状态 长江证券研究所金融工程研究小组 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 9月行情强度 9月从弹性靠前的个股对应的阶段性涨幅看与8月弹性相当，但鉴于涨幅榜前20的个股中涨时自由流通市值 在百亿以上的仍有5只，起涨时成交额大致在10亿的量级，整体强度虽不及8月但仍处于较为理想的状态 表：9月涨幅榜前20（截至9月26日） | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 机器人 | 首开股份 | 239% | 2.61 | 32.61 | 10.30 | | 固态电池 | 海博思创 | 140% | 120.55 | 46.81 | 24.98 | | 芯片 | 向日葵 | ...

Core Viewpoints - The adjustment phase in A-shares is not expected to lead to a major downward risk in the medium term, with a high probability of a "red October" following the current adjustments, as long-term policy layouts are approaching and technological catalysts continue to persist [3][5][6] - The economic outlook for the second half of 2025 remains uncertain, but it is not expected to affect the anticipated upward turning point in supply-demand dynamics in 2026 [3][5][6] - The narrative of a bull market is still valid, with the current phase characterized by increased allocation of equity by residents and improvements in cyclical fundamentals [3][5] Short-term Market Outlook - October is seen as a critical policy layout window, which may stabilize and elevate market expectations after the current adjustments [6][7] - The cyclical catalysts are expected to be limited in the fourth quarter of 2025, while technological industry catalysts are on an upward trend, particularly in AI, both domestically and internationally [6][7] - The ongoing adjustments are likely to improve short-term cost-effectiveness indicators, setting the stage for the "red October" market to unfold [6][7] Medium-term Market Outlook - Before spring 2026, technological industry catalysts are expected to dominate over cyclical catalysts, although there may be short-term cost-effectiveness issues in tech growth [7][8] - Spring 2026 may present challenges for the A-share market, including verification of demand-side dynamics and potential delays in the supply-demand turning point if demand remains weak [7][8] - The long-term cost-effectiveness of the tech industry may reach low levels, similar to previous market conditions in late 2013 and late 2019, potentially leading to a mid-term consolidation phase [7][8] Structural Outlook - The trend in tech growth is expected to remain dominant, with better performance in high-low switches within tech sectors compared to switches between growth and value [8][9] - New catalysts in emerging sectors are anticipated to have high elasticity, with significant growth potential in sectors like overseas computing power, innovative pharmaceuticals, energy storage, solid-state batteries, and advanced manufacturing technologies [8][9] - The structural transition from a structural bull market to a comprehensive bull market is critical, with a focus on industries like photovoltaics and chemicals [8][9] Hong Kong Market Outlook - The medium-term outlook for the Hong Kong market remains positive, benefiting from the anticipated interest rate cuts and the strengthening of new economic trends [9]