每经AI快讯，有投资者在投资者互动平台提问：公司出个业绩预告吧！ 光力科技（300480.SZ）10月21日在投资者互动平台表示，敬请关注公司将于2025年10月30日披露的第 三季度报告。 （文章来源：每日经济新闻） ...

资金流向方面，今日该股主力资金净流出4115.10万元，其中，特大单净流出1690.18万元，大单资金净 流出2424.92万元。近5日主力资金净流入1.62亿元。（数据宝） 腾达科技10月21日交易公开信息 腾达科技今日下跌2.35%，全天换手率32.76%，成交额5.18亿元，振幅6.75%。龙虎榜数据显示，机构净 买入1082.21万元，营业部席位合计净卖出5705.63万元。 深交所公开信息显示，当日该股因日换手率达32.76%上榜，机构专用席位净买入1082.21万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.31亿元，其中，买入成交额为4228.28 万元，卖出成交额为8851.71万元，合计净卖出4623.43万元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即买一、买二、买五、卖四，合计买入 金额2729.30万元，卖出金额1647.09万元，合计净买入1082.21万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 1 ...

Core Insights - The disclosure rate of ESG reports among A-share listed companies has steadily increased, with a 71% year-on-year growth in the number of reports published for the 2024 fiscal year compared to 2021 [2] - ESG has evolved from a conceptual framework to a critical dimension for measuring corporate competitiveness, aligning with national development goals [2][3] - Companies are increasingly integrating sustainable development principles into their corporate culture and operations, demonstrating a commitment to ESG practices [2][3] ESG Disclosure and Performance - As of September 2025, 2,521 A-share listed companies have published ESG reports, representing 46.83% of all listed companies [2] - The quality of ESG disclosures has significantly improved, with 342 companies included in MSCI ESG ratings, and 100 companies receiving upgrades in their ratings [2] - The shift towards actionable ESG practices is evident across various industries, with companies adopting international ESG standards to enhance report quality [2] Green Development Initiatives - The share of renewable energy in China's power generation capacity has increased from 40% to approximately 60% during the "14th Five-Year Plan" period [4] - Significant reductions in carbon emissions have been achieved, with a reported decrease of 11.6% in energy consumption per unit of GDP, equating to a reduction of 1.1 billion tons of CO2 emissions [5] - Companies are increasingly adopting green technologies and practices, contributing to a sustainable business model and enhancing their competitive edge [3][4] Social Responsibility and Community Engagement - A growing number of companies are embedding social responsibility into their operations, with 67.16% engaging in community services and 66.67% supporting educational resources [6] - The third sector's employment capacity has strengthened, with 35.87 million people employed in this sector by the end of 2024, marking a 1.1 percentage point increase from 2020 [6] - Companies are actively participating in housing and elderly care initiatives, significantly improving living conditions and support networks for communities [6][7] Agricultural and Rural Development - Companies are integrating ESG practices with rural revitalization strategies, exemplified by successful projects like the silk industry in Guangxi, which is expected to generate over 8 million yuan in output by 2025 [8] - Digital solutions are being implemented to enhance agricultural productivity, with platforms connecting over 1,000 agricultural regions and benefiting millions of farmers [8] - The contribution of agricultural technology to productivity has reached 63.2%, with mechanization rates exceeding 75%, showcasing the role of innovation in modern agriculture [8]

题目夸张了吧，可面对美方这些年的流氓式谈判手段，不妨把格局打开，这边也预设一些老 美听了要跳脚的条件，看看美利坚灯塔怎么回应。 特朗普第二任期已经10个月了，中美之间，所有的互动几乎就围绕着所谓的谈判。 回顾这几个月的谈判，说实在的，美国的这个草台班子，对外处事已经到了荒诞的地步。 从关税到TikTok，从稀土出口到芯片制裁，从科技管制到大宗商品………… 从日内瓦到伦敦，从斯德哥尔摩到马德里，双方谈了四轮，结果我们都看到了。 除了回到4月2日之前，其他没什么成果，双方保持一个谈的状态。 我们是很有诚意的，也是很正常的。 美方呢，谈就谈嘛，每次谈之前就要搬出一堆幺蛾子条件，俗称虚空造牌。 你如果实质让步了，他就把这些无中生有的牌收回去一些，称之为"诚意"和让步。 另外，他们在谈判中会时不时会转换话题，或者临时插入一些非预设话题，他们称之为谈判的艺术。 他们得意洋洋，觉得自己很有水平，他们信心满满，认为我们终会让步。 直到我们的反击把他们彻底打疼了。 他们不满了，破防了，就跳起来说我们的谈判代表是战狼，有问题，很不尊重人，伤害他们了。 后来我们知道了，其实是我们的代表借鉴了一下他们的强硬、不按常理出牌的艺术，我们 ...

新进展新成就，浓墨重彩、举世瞩目；新突破新变革，令人鼓舞、催人奋进。让我们跟随这组海报，一 起领略五年强国建设的辉煌篇章，倾听伟大祖国砥砺奋进的铿锵脚步。 制造凝固 不能造的越来越少 能造的越来越好 拥有全球规模最大、门类最齐全 ● 体系最完整的制造体系 ·建成全球数量最多的5G基站 连续15年稳坐全球制造业"头把交椅" ● 200多种主要工业品产量世界第一 . 新华社 ASS n 天空星座 个大国重器"创新制高点 U.F 第一座中国空间站"天宫"全面建成运营 . 从制造强国、航天强国、交通强国，到科技强国、教育强国、文化强国，再到海洋强国、体育强国、金 融强国……一个个宏伟的强国梦，一份份亮眼的成绩单，汇聚成实现中华民族伟大复兴中国梦的"十四 五"答卷。 232 50 让科技更有温度 让人 手上下一篇： 新华社 ASS · 研发人员总量居世界第 · 全球百强科技创新集群数量达到26个 占比全球第一 "三新"经济增加值占GDP的比重达18% . · 国家综合创新能力排名提升至第10位 部华社 ASS "嫦娥六号"实现全球第一次 . 月球背面无人采样返回 · "祝融号"火星车首次登陆火星 . 99 · 载人航天 ...

证券研究报告·策略报告·策略点评 策略点评 20251020 多事之秋，反弹不畅——港股&海外周观察 2025 年 10 月 20 日 近期事件较多，我们认为港股短期波动或没有结束，但长期上行趋势并 未改变。 其一，短期经济数据、中美关税消息、美国科技股财报、四中全会等都 会影响港股交易节奏和风格。 其二，科技板块仍有波动加大风险。除宏观背景，美国科技龙头财报表 现也会从产业趋势上影响中国科技股交易节奏。我们对 AI 趋势乐观， 恒生科技股跌出来的机会渐显，中长期向上趋势还在。 其三，短期市场避险情绪上升，交易分歧加大。本周南向资金有低价抄 底之势，但方向有分歧，部分外资仍继续卖出。 其四，过去 10 年 10 月平均胜率低，11-12 月红利优势相对凸显。 ◼ 美股：本周纳指领涨 2.1%，标普 500 上涨 1.7%，道指上涨 1.6%。行业 上，房地产、必选消费领涨；金融领跌。中美摩擦忧虑与美国信贷担忧 扰动下美股仍较为有韧性，美股整体收涨。具体来看： 其一，鲍威尔态度放鸽。鲍威尔讲话延续 9 月会议论调，强调就业下行 风险及退出缩表预期：他进一步强调就业下行风险，且承认"流动性条 件正逐步收紧"并重申 ...

Group 1 - UBS has upgraded its rating for global stock markets to "attractive," citing expected productivity boosts from artificial intelligence spending and a supportive policy environment [1][3] - The firm has raised its ratings for global, U.S., China, emerging markets, and Asian stock markets (excluding Japan) to "attractive," emphasizing the strength of structural trends and confidence in sustainable capital expenditure cycles [3][4] - UBS has increased its global earnings growth forecast for 2025 from 6.5% to 8%, anticipating continued high single-digit growth next year [3] Group 2 - The macroeconomic backdrop is favorable for stock markets, with economic growth exceeding expectations and anticipated acceleration next year due to easing tariff pressures and expected Federal Reserve rate cuts [3] - UBS has raised its S&P 500 index target for the end of 2025 from 6,600 to 6,900 points, and the MSCI Emerging Markets index target for June 2026 to 1,470 points based on improved corporate earnings expectations [3][4] - UBS continues to favor the technology sector as its "global preferred industry," raising the rating for Chinese tech stocks to the most attractive level, predicting nearly 40% growth in earnings per share by 2026 [4]

和玮，清华大学电子系本硕，2008年毕业后入职易方达基金担任TMT行业研究员。2010年加盟银华基 金，历任TMT组长、投资经理、基金经理，现任银华沪深股通基金经理、联席投资总监，并担任银华 基金长期绝对收益团队团队长。 "'长期绝对收益'可以鲜明代表我们团队的投资风格，虽然我们的公募产品是以相对收益为考核基准， 但实际运作时，会将绝对收益的理念融入其中。"在采访中，和玮强调了所在团队的投资风格。 "这些年观察下来，我们发现即便部分基金净值创下新高，但基民可能在净值大幅震荡、超过心理承受 能力过程中离场了。为了让持有人获得稳健的持有体验，我们宁可在泡沫化阶段舍弃一些净值锐度，也 更希望做好长期投资陪伴。"谈及自己的投资风格，银华基金长期绝对收益团队团队长、银华鑫禾拟任 基金经理和玮作出上述表示。 坚持长期投资视角 "积极承担有意义的风险" 据悉，在2024年之前，银华基金长期绝对收益团队主要负责专户产品，这类产品委托人的资产配置需求 主要是追求投资的均衡风格，既要求产品有相对指数的超额收益，又要求控制最大回撤。在股市泡沫 期，该团队通过减少风险头寸暴露，持仓结构向偏防御、稳健的白马股资产集中，在回撤控制方面给 ...

Group 1: Market Adjustment Insights - The core reason for the recent market adjustment is not solely due to trade relations but rather the high valuation of US financial assets and weakening service sector, indicating a structural shift in the market [3][12][20] - A-share market experienced a significant pullback, with the CSI 300 index dropping by 2.2%, reflecting a broader global trend, although the magnitude of the decline was less severe compared to previous trade conflict periods [12][13] - The adjustment is seen as a normal phenomenon in the context of the ongoing transition in Chinese assets, with the true bull market yet to begin [6][62] Group 2: Domestic Economic Resilience - Financial data from September indicates a seasonal increase in new medium to long-term loans for enterprises, while residential loans showed a super-seasonal growth, suggesting a gradual recovery in terminal demand [4][30] - The year-on-year growth rate of domestic PPI has rebounded, particularly in upstream industries, signaling a stabilization in prices due to ongoing anti-involution efforts [4][30] - China's reliance on exports to the US has decreased, with overall export growth rebounding from 4.3% to 8.3% in September, indicating a shift towards emerging markets [4][35] Group 3: Gold Market Considerations - Long-term factors supporting gold prices include expectations of interest rate cuts, geopolitical risks leading to a weaker dollar, and persistent government deficits [5][42] - The rapid increase in gold prices since late August has been accompanied by significant inflows into gold ETFs, suggesting a shift in asset allocation preferences among investors [5][19][47] - Short-term risks for gold include potential over-exuberance in trading sentiment and the possibility of liquidity risks during major market events [5][52] Group 4: Strategic Recommendations - Focus on domestic industries showing recovery, particularly in consumer sectors such as food and beverage, aviation, and coal, as they are expected to benefit from improved demand [6][62] - In the medium term, attention should be directed towards upstream resources (copper, aluminum, oil, gold) and capital goods (engineering machinery, power grid equipment) as emerging market manufacturing activities recover [6][62] - The ongoing process of capital activation in enterprises is expected to benefit non-bank financial sectors as overall capital returns begin to recover [6][62]

来源：市场资讯 But does the stockmarket power the economy? At most points in time, it would be a ridiculous question. In recent months, though, the rise in American share prices has coincided with, and been fed by, a rush of popular enthusiasm for investing. And as people see the line go up, they become more likely to spend. Now the answer to the question has important implications for the path of America's stockmarket boom and its economy. 但股市真的能推动经济发展吗？在大多数情况下，这将是一个荒谬的问题。然而，近几个月来，美国股 价的上涨与大众投资热情的高涨不谋而合，并受到这股热潮的推 ...