因此，我的策略建议是：利用外部情绪回暖，优化科技持仓，聚焦内生产业逻辑。 朋友们，昨晚的美股市场，给全球的科技股投资者打了一剂强心针！纳斯达克指数大涨超过300点，之 前被"AI资本开支"问题压得喘不过气的科技板块，特别是人工智能相关股票，明显出现了"回血"的迹 象。这波反弹的核心发动机，竟然是一则看似与股市无关的商业新闻——甲骨文联手财团，正式拿下了 TikTok的美国业务。这背后传递的信号，远比股价涨跌本身更值得玩味。 对于已经持有科技仓位的朋友，可以稍微松一口气，但不宜盲目乐观。建议利用可能出现的反弹机会， 审视持仓， "去伪存真" 。优先保留那些有真实订单、技术壁垒高、受益于国内产业政策的优质公司； 而对于纯粹炒概念、缺乏业绩支撑的标的，反弹或许是调整仓位的好时机。 这次反弹的主角甲骨文，股价大涨近7%，上演了一出漂亮的"逆袭"。就在前几天，它还因为数据中心 项目融资受阻而拖累整个板块。这笔与TikTok的百亿级交易，瞬间扭转了叙事。它强有力地回应了市场 的核心质疑：高昂的AI资本开支，最终能找到买单的、能变现的巨大应用场景。 同时，英伟达关于芯 片出口可能松动的消息，也缓解了市场对技术封锁的焦虑。这 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 第一部分 关于研究与投资的心得体会分享 我先就自己从业这么多年做研究和投资的一些体会，和大家做一个分享。 一、时间是每个人唯一稀缺的资产，要学会研究最重要的问题 做研究最为重要的是时间管理，我们每一个人最稀缺的就是时间。研究工作面对的是一个非常复杂 的、非结构化的海量信息。时间的稀缺性与信息的无限性就会派生出两个问题： 1、要研究最重要的问题 我一直说，我们研究的应该是大问题，要把握的是产业与企业的大方向，并在判断与决策上获得大 概率上的正确。概括起来就是，大问题、大方向、大概率。 无论是资深的分析师还是学校刚毕业的初学者，都一样要去学习站在产业的最高处、最前沿，以企 业老板的角度去思考大问题，即使在一些细枝末叶的问题上做得多么完美，其价值也是有限的。大 问题上的模糊准确远远比小问题上的完美精确更为重要。 2、在正确的路径上持续积累 解决效率问题的第一步是要树立科学合理的正确的研究方法，然后通过不断的学习，去持续优化这 个思维框架与方法体系。要在正确的路径上持续地积累，守正出奇。不能在丛林里面的羊 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The 15th Five - Year Plan still focuses on technological self - reliance, and the technology sector is expected to be a long - term direction [2]. - Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market [2]. - Near the end of the year, funds are relatively cautious, and the market style is more balanced compared to the third quarter. From the current trend, the market is still expected to maintain a long - term and slow - bull trend [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4614.00, 4600.40, 4572.40, and 4531.60 respectively, with declines of - 75.00, - 72.80, - 68.60, and - 65.60. The trading volumes were 22853.00, 67288.00, 14864.00, and 4984.00, and the open interest changes were - 424.00, 543.00, 3546.00, and 1709.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts were 3034.00, 3030.40, 3025.80, and 3017.00, with declines of - 36.60, - 37.40, - 37.40, and - 39.40. The trading volumes were 9482.00, 32072.00, 5074.00, and 1605.00, and the open interest changes were - 824.00, 1112.00, 452.00, and 66.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts were 7208.00, 7137.40, 6960.00, and 6762.00, with declines of - 111.40, - 113.40, - 109.20, and - 104.00. The trading volumes were 22554.00, 71699.00, 16437.00, and 5922.00, and the open interest changes were - 1650.00, 610.00, 1362.00, and 986.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts were 7468.40, 7372.00, 7140.00, and 6913.40, with declines of - 81.80, - 90.80, - 91.80, and - 88.80. The trading volumes were 34335.00, 125074.00, 23113.00, and 10057.00, and the open interest changes were - 1680.00, - 1368.00, 2359.00, and 1746.00 respectively [1]. - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM next - month minus current - month contracts were - 13.60, - 3.60, - 70.60, and - 96.40 respectively, compared to previous values of - 16.60, - 3.80, - 66.40, and - 87.60 [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4628.14, 3038.43, 7235.46, and 7502.76, with declines of - 1.57%, - 1.15%, - 1.63%, and - 1.16% respectively. The trading volumes (in billions of lots) were 192.09, 48.80, 205.86, and 271.97, and the total trading amounts (in billions of yuan) were 4447.20, 1203.76, 3104.85, and 4062.93 respectively [1]. - **Industry Indexes**: Among CSI 300 industry indexes, energy, raw materials, industry, and optional consumption had declines of - 1.04%, - 2.09%, - 1.63%, and - 1.22% respectively. Main consumption, medical and health, real - estate finance, and information technology had declines of - 1.09%, - 0.83%, - 0.40%, and - 3.39% respectively. Telecommunication services and public utilities had declines of - 2.87% and - 0.71% respectively [1]. 3.3 Spot - Futures Basis - **IF Contracts**: The previous day's spot - futures basis values of IF contracts (current month, next month, next quarter, and far - quarter) minus the CSI 300 index were - 14.14, - 27.74, - 55.74, and - 96.54 respectively, compared to previous two - day values of - 8.47, - 25.07, - 56.27, and - 100.67 [1]. - **IH Contracts**: The previous day's spot - futures basis values of IH contracts minus the SSE 50 index were - 4.43, - 8.03, - 12.63, and - 21.43 respectively, compared to previous two - day values of - 1.07, - 4.87, - 9.67, and - 14.07 [1]. - **IC Contracts**: The previous day's spot - futures basis values of IC contracts minus the CSI 500 index were - 27.46, - 98.06, - 275.46, and - 473.46 respectively, compared to previous two - day values of - 19.89, - 86.29, - 267.89, and - 469.89 [1]. - **IM Contracts**: The previous day's spot - futures basis values of IM contracts minus the CSI 1000 index were - 34.36, - 130.76, - 362.76, and - 589.36 respectively, compared to previous two - day values of - 24.58, - 112.18, - 344.58, and - 578.58 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4002.76, 13289.01, 8077.94, and 3134.32, with declines of - 0.39%, - 1.03%, - 1.31%, and - 1.40% respectively [1]. - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26696.41, 50911.76, 6846.61, and 24088.06, with increases of 0.18%, 1.26%, 0.21%, and 0.53% respectively [1]. 3.5 Macroeconomic Information - National People's Congress Standing Committee Chairman Zhao Leji will conduct an official friendly visit to New Zealand and Australia from November 19th to 25th [2]. - Han Wenxiu proposed to cultivate and expand emerging and future industries, and accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy [2]. - Hong Kong's economy is expected to achieve positive growth for the third consecutive year, and the economy is expected to continue growing next year [2]. - By the end of the third quarter of 2025, the balance of insurance funds' investment reached 37.46 trillion yuan, with the book balance of stocks at 3.62 trillion yuan, an increase of nearly 50% compared to the end of last year. The third - quarter increase was 5524 billion yuan. Bank stocks remained the favorite of insurance funds, and industries such as steel, communication, and food and beverage were heavily increased in the third quarter, while power equipment, non - ferrous metals, and transportation were reduced [2]. 3.6 Industry Information - In the era of the stock housing market, the substitution effect of second - hand housing for new housing is increasing. From January to October, the online signing area of second - hand housing transactions in China increased by 4.7% year - on - year, accounting for 45% of the total transaction volume. In more than a dozen cities, the online signing area of second - hand housing transactions increased by more than 10% year - on - year [2]. - In 2025, the global clothing market size is expected to reach 1.84 trillion US dollars, accounting for 1.6% of the global GDP [2]. - In the third quarter, many large Wall Street hedge funds reduced their positions in the "Magnificent Seven" US stocks and increased their investments in application software, e - commerce, and payment fields. They also reduced their risk exposure to well - known enterprises in the healthcare and energy sectors [2].

Group 1 - Major hedge funds on Wall Street reduced their holdings in the "Big Seven" U.S. stocks during the third quarter while increasing investments in software applications, e-commerce, and payment sectors [1] - Several funds lowered their risk exposure to well-known companies in the healthcare and energy sectors during the quarter ending September 30 [1] - Nomura Asset Management noted that technology stocks experienced significant declines due to their recent strong performance and relatively high valuations, but the growth trend in AI remains unchanged, and cloud service providers continue to increase capital expenditures [1]

Group 1 - In the third quarter, nearly 3,000 listed companies in the A-share market received institutional research, with over 400 institutions focusing on the leading robotics company, Huichuan Technology [1][3] - The focus of institutional research is on companies in the "hard technology" sectors, including integrated circuits, electronic components, and application software [3] - Huichuan Technology plans to invest 8% to 10% of its revenue in R&D, emphasizing software development to address domestic shortcomings and expand into overseas markets [3] Group 2 - The technology sector, particularly AI, remains a key focus in the A-share market, with expectations for continued growth in the computer industry through Q3 2025 [4] - Institutions suggest focusing on AI applications and computing power in Q4, including management software, office software, computing chips, servers, cloud vendors, and smart driving [4] - Upstream capital expenditure in AI is expected to benefit sectors like servers and data centers, while caution is advised for communication and chip leaders in the short term [4]

Group 1 - The total cross-regional population flow in China during the National Day and Mid-Autumn Festival holiday is expected to reach 306.66 million, a year-on-year increase of 8.0% [2] - The sales revenue of key retail and catering enterprises in China increased by 3.3% year-on-year during the first four days of the holiday [2] Group 2 - The Hang Seng Technology Index rose by 13.9% in September, outperforming other major global indices [4] - Nearly 3,000 A-share listed companies were investigated by institutions in the third quarter, with over 400 institutions researching the leading company in the robotics sector, Huichuan Technology [4] - The domestic ETF market in China has reached a total scale of approximately 5.5 trillion yuan, surpassing Japan and becoming the largest ETF market in Asia [4] Group 3 - The total box office for the National Day holiday has exceeded 1.1 billion yuan, with several films backed by A-share listed companies [5] - The Chinese Geographic Information Industry Association predicts that the total output value of the national geographic information industry will reach nearly 1 trillion yuan by 2025, growing nearly 30% from the end of the 13th Five-Year Plan [5] Group 4 - Global memory chip prices have been rising, with major manufacturers like Samsung and SanDisk notifying customers of price adjustments [6] - Morgan Stanley predicts a "super cycle" for the memory chip industry driven by the AI boom [6] Group 5 - SHEIN plans to open its first physical store in France in November, marking its entry into the offline retail space [10] Group 6 - The Japanese ruling party's election resulted in the election of the first female president, who plans to address inflation and tax policies [11] - The U.S. government shutdown is expected to last at least 10 days, affecting economic data reporting [12] - The German economy ministry has revised its growth forecast for this year from 0% to 0.2% [12]

Core Insights - In the third quarter, nearly 3,000 A-share listed companies were investigated by institutions such as securities companies, fund companies, and insurance firms [1] - The leading company in institutional research was Huichuan Technology, which received over 400 institutional inquiries [2][13] - The "hard technology" sectors, including integrated circuits, electronic components, and application software, attracted significant institutional attention [3][17] Securities Companies - CITIC Securities conducted the highest number of investigations, totaling 1,002, with the top three companies of interest being Chaohongji, Wentai Technology, and Liugong [5][7] - The top ten securities companies by investigation frequency were listed, with CITIC Securities leading [6][7] Insurance Companies - Major insurance companies such as Ping An Pension, Changjiang Pension, and Taiping Pension each conducted over 100 investigations [8] - The top ten insurance companies by investigation frequency were detailed, with Ping An Pension leading [9] Foreign Institutions - Foreign institutions, including Point72 Asset Management and Goldman Sachs, ranked high in the number of investigations conducted [10] - The top ten foreign institutions by investigation frequency were provided, highlighting their focus on specific companies [11] Company Research Focus - Huichuan Technology plans to invest 8% to 10% of its revenue in R&D, focusing on software and overseas market products [14] - Maiwei Bio-U is exploring liver-targeting and CNS-targeting for its siRNA projects [14] Industry Trends - The AI sector is expected to remain a focal point in the A-share market, with predictions of steady growth in the computer industry [17][18] - Recommendations include focusing on AI applications, computing power, and related sectors such as industrial software and internet financial software [18]

Core Insights - The third quarter saw nearly 3,000 A-share listed companies being researched by various institutions, indicating a strong interest in certain sectors [1][9] - The "hard technology" sectors, including integrated circuits, electronic components, and application software, received significant attention from institutions [2][9] Group 1: Institutional Research Activity - In the third quarter, nearly 200 companies were researched by over 100 institutions, with the robotics leader, Huichuan Technology, receiving the most attention from over 400 institutions [1][9] - CITIC Securities conducted the highest number of research sessions, totaling 1,002, focusing on companies such as Chaohongji, Wentai Technology, and Liugong [3][4] - Insurance companies like Ping An Pension, Yangtze Pension, and Taiping Pension also showed high research activity, each exceeding 100 sessions [5] Group 2: Sector Focus - The technology sector remains a focal point, with AI and computing expected to drive growth in the upcoming quarters [10] - CITIC Securities anticipates steady revenue growth in the computer industry, suggesting a focus on AI applications and computing power in the fourth quarter [10] - Zhongtai Securities highlights that downstream capital expenditure in AI will continue to boost the industry chain, with a focus on servers and data centers [10]

Core Viewpoint - The Hong Kong stock market experienced a significant rebound with major indices showing strong upward trends, indicating a revival in market sentiment after a period of adjustment [1] Market Performance - The Hang Seng Technology Index rose by 2.53%, leading the gains, while the Hang Seng Index increased by 1.37%, reclaiming the 26,500-point mark, and the National Enterprises Index climbed by 1.64% [1] Sector Highlights - Major technology stocks drove the market higher, with Alibaba surging over 9% following the announcement of a collaboration with Nvidia on Physical AI [1] - Other notable gainers included Kuaishou and JD.com, both rising nearly 4%, Xiaomi up 2.6%, Tencent increasing by 2%, and Meituan gaining over 1% [1] - Semiconductor stocks remained strong due to price increases and domestic production drives, with SMIC reaching a new historical high during the trading session [1] - AI concept stocks and application software stocks also showed active performance, alongside gains in military, home appliance, photovoltaic, gaming, and lithium battery sectors [1] Underperforming Sectors - Conversely, cryptocurrency-related stocks and biopharmaceutical stocks experienced notable declines, with paper, heavy machinery, gold, building materials, and coal sectors also showing collective weakness [1] - Additionally, over 20 stocks in the market recorded declines of more than 10% [1]

Group 1 - The number of securities analysts in China has surpassed 6,000, reaching a historical high of 6,162 as of September 19, with over 400 new analysts added this year [1] - Three brokerage firms now have more than 300 analysts, an increase of two firms since the beginning of the year [1] - The transformation of brokerage research departments is urgent due to the impact of public fund fee reforms, prompting a search for non-commission-based new business growth points to diversify income structures [1] Group 2 - In September, over 1,000 A-share companies were investigated by institutions, with more than ten companies receiving over 100 institutional inquiries, notably, the robotics leader Huichuan Technology received inquiries from over 300 institutions [1] - Companies in the "hard technology" sectors, such as integrated circuits, electronic components, and application software, have attracted significant institutional research attention [1] Group 3 - According to a recent report from CITIC Securities, the overall industry selection framework in A-shares continues to focus on resources, new productive forces, and overseas expansion [1] - Resource stocks are shifting from cyclical attributes to dividend attributes due to supply constraints and global geopolitical tensions, leading to a restructured valuation system [1] - The key mid-term insight is the globalization of leading Chinese manufacturing companies, which aims to convert market share advantages into pricing power and profit margin improvements, gradually correcting the misconception that market performance is solely driven by liquidity [1]