以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此，成长风格基金经理因此业绩翻身，重仓 AI算力、创新药的基金中，已经出现多个年内收益翻倍的产品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低估值、竞争力足够强、格局足够稳的行业 和公司，来强化投资的安全性。其收益的特征是牛市里涨得少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣更是成了行业顶流，功成名就后觉得公募 庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下，能超过30%的产品凤毛麟角。而中证主动 偏股基金指数年内收益达到了34 ...

当天伦敦股市成分股中位于跌幅前五位的个股分别为：广告传媒巨头WPP股价下跌5.90%，汇丰银行股 价下跌5.38%，邦瑞地产公司股价下跌3.60%，劳埃德银行集团股价下跌3.33%，英国奢侈品集团博柏利 股价下跌3.32%。 欧洲其他两大主要股指方面，法国巴黎股市CAC40指数报收于8041.36点，较前一交易日下跌18.77点， 跌幅为0.23%；德国法兰克福股市DAX指数报收于24611.25点，较前一交易日上涨14.12点，涨幅为 0.06%。 【纠错】 【责任编辑:马俊卿】 新华社伦敦10月9日电（记者赵阳）英国伦敦股市《金融时报》100种股票平均价格指数9日报收于 9509.40点，较前一交易日下跌39.47点，跌幅为0.41%。欧洲三大股指当天涨跌不一。 当天伦敦股市成分股中位于涨幅前五位的个股分别为：国际联合航空集团股价上涨3.20%，英美资源集 团股价上涨2.17%，工程公司韦尔集团股价上涨2.07%，苏格兰和南方能源公司股价上涨1.82%，梅特伦 能源与金属公司股价上涨1.74%。 ...

Market Performance - On October 3, U.S. stock indices closed mixed, with the Dow Jones and S&P 500 recording six consecutive daily gains, reaching new historical highs. The Dow rose by 0.51% to 46,758.28 points, and the S&P 500 increased by 0.01% to 6,715.79 points, both setting new closing records. The Nasdaq Composite fell by 0.28% to 22,780.51 points [1]. - For the week, the Dow gained 1.1%, the Nasdaq rose by 1.32%, and the S&P 500 increased by 1.09% [2]. Sector Performance - Popular technology stocks mostly declined, with AMD down nearly 3%, Meta down over 2%, and Tesla down over 1%. In contrast, Apple rose by 0.35%, reaching a historical high. The weight loss drug concept and cryptocurrency mining companies saw significant gains, with Coinbase and Eli Lilly rising over 2%, and Novo Nordisk and Pfizer increasing over 1% [2]. - The Nasdaq Golden Dragon China Index fell by 1.15% for the week, with many popular Chinese stocks declining, including a drop of over 4% for Global Data and nearly 4% for Li Auto. However, Baidu saw an increase of over 1% [2]. Commodity Market - On October 3, U.S. oil futures rose by 0.35% to $60.69 per barrel, while Brent crude oil futures increased by 0.42% to $64.38 per barrel. However, both contracts experienced weekly declines of 7.65% and 6.99%, respectively. Analysts from JPMorgan indicated that the oil market is moving towards a significant oversupply [3]. Economic Data and Government Shutdown - Due to the U.S. federal government shutdown, the Labor Statistics Bureau was unable to release the monthly employment data report as scheduled. This shutdown affects various critical statistical data releases, including the Consumer Price Index, which is set to be published in mid-October [4]. - Economic analysts believe that the current economic situation in the U.S. is complex, characterized by weak employment and persistent inflation. The inability to release important data will hinder the Federal Reserve's assessment of whether economic stimulus is necessary [4]. Federal Reserve Policy - Federal Reserve Governor Stephen Milan called for a more aggressive rate cut, suggesting that if policies deviate from the intended path, adjustments should be made quickly. He believes the current policy is more restrictive to growth and requires a looser monetary environment [6]. - Federal Reserve Vice Chairman Philip Jefferson reiterated that without supportive monetary policy, the U.S. job market may face pressure. He noted that inflation remains above the 2% target, while signs of weakening in the job market are evident [7].

当日是新中国76周年华诞，各行各业劳动者坚守岗位，祝福祖国。 ↑ 10月1日，工人在河北省遵化市苏家洼镇一家食品加工企业包装车间工作。新华社发（刘满仓摄） ↑ 10月1日，工人在河北省遵化市高强化纤有限公司车间工作。新华社发（刘满仓摄） ↑ 10月1日，河北省石家庄市新华区环卫工人在中华大街进行道路晨扫工作。新华社发（梁子栋摄） ↑ 10月1日，在河北省石家庄市井陉县的石太高速改扩建项目甘陶河大桥施工现场，工人进行桥梁施工作业。新华社发（张晓峰摄） ↑ 10月1日，工人在位于江苏省兴化市陈堡镇的中铁上海工程局盐宜铁路项目部钢筋加工场进行焊接作业。新华社发（周社根摄） ↑ 10月1日，工人在位于江苏省兴化市陈堡镇的中铁上海工程局盐宜铁路项目部钢筋加工场进行焊接作业。新华社发（周社根摄） ↑ 10月1日，在河北省秦皇岛市海港区的国家管网北方管道秦皇岛作业区，技术人员在对"北气南下"能源大通道线路设备进行日常巡检。新华 社发（曹建雄摄） ↑ 10月1日，在北京CBD核心区Z3项目上，玻璃幕墙安装工人在施工间歇观赏城市景色。新华社记者 才扬 摄 ↑ 10月1日，在北京CBD核心区Z3项目上，中建二局安装工程有限公司机 ...

美国职位空缺几乎没有增加，显示劳动力需求趋稳。美国8月份的职位空缺几乎没有增长，显示出劳动 力需求相对稳定。美国劳工统计局周二公布的数据显示，职位空缺从7月份修正后的721万个增加到723 万个。自2022年初达到峰值以来，职位空缺逐步下降，并在过去一年维持在一个相对狭窄的区间内。经 济学家正密切关注是否会出现进一步疲软的迹象，因为雇主已减少招聘，而失业者找到新工作的时间也 更长了。美联储主席鲍威尔在本月早些时候降息时指出劳动力市场存在疲软。尽管其他官员也有类似担 忧，但由于通胀仍远高于央行目标，许多人对进一步降息持谨慎态度。通常情况下，美联储政策制定者 会依赖关键的政府数据来指导决策，包括在10月的会议，但由于政府关门风险逼近，可能会推迟周五的 非农就业报告及其他关键数据的发布，目前尚不清楚他们届时能掌握多少信息。 特朗普：如果政府停摆，许多联邦雇员可能会被解雇。美国总统特朗普周二表示，如果美国政府因国会 民主党和共和党之间的僵局而停摆，许多联邦工作人员可能会被解雇。周二，美国政府面临停摆，避免 美国政府关门的民主党法案未能在参议院通过。白宫表示，政府关门迫在眉睫，不到6小时。 周二，三大指数收涨。今日是9 ...

本报（chinatimes.net.cn）记者刘昱汝 徐芸茜 北京报道 9月29日，财政部披露数据显示，今年1—8月全国国有及国有控股企业（下称"国有企业"）经营状况持 续改善，营业总收入同比由降转升，利润总额降幅进一步收窄，国有经济运行显现重要积极信号。 与此同时，国资委主任张玉卓近日到广东深入有关中央企业和地方国有企业生产运营一线、科研实验室 调研，他强调，围绕落实国家重大战略，坚持创新驱动发展，因地制宜培育壮大新质生产力，持续提高 企业价值创造能力和可持续发展能力，努力开启增长的"第二曲线"，加快建设世界一流企业，不断增强 核心功能、提升核心竞争力，全力做好"十四五"收官和"十五五"谋划工作，更好发挥国有经济战略支撑 作用。 中国企业研究院首席研究员李锦对《华夏时报》记者表示，国资委多次强调"第二曲线"，是为了推动国 有企业摆脱对传统增长路径的依赖，在新发展阶段主动寻求新的增长引擎，以确保国有资本在实现国家 战略目标的同时，也能保持自身的持续生存、发展和竞争力。 1月初，他赴深圳调研时就提出要提高产业核心竞争力，推进战略聚焦与专业化整合，练就"独门绝 技"，抢占竞争制高点以开辟企业增长的"第二曲线"；7 ...

出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 不到一年，过去三年熊市中，业绩抗跌、一度风光的深度价值基金经理，在牛市中却显得落寞。 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此， 成长风格基金经理因此业绩翻身，重仓AI算力、创新药的基金中，已经出现多个年内收益翻倍的产 品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低 估值、竞争力足够强、格局足够稳的行业和公司，来强化投资的安全性。其收益的特征是牛市里涨得 少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣 更是成了行业顶流，功成名就后觉得公募庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下， 能超过30%的产品凤毛麟角。而中证主动偏股基金指数年内收益达到了34.11%。 大成基金徐彦3月份时发行了新基大成 ...

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - Amid the expansion of QDII fund scale and the increase in the number of Southbound Connect investors, the demand and allocation ratio of overseas bond assets by Chinese - funded institutions will rise, and Japanese US - dollar bonds may have high allocation value [22]. - There is a 'long - holiday market' pattern in the bond market this year. Given the large - scale adjustment of yields and a favorable slope, the market during the last two trading days before the National Day holiday may be positive [22]. - Favorable cyclical factors of emerging from low inflation and structural institutional designs such as reducing the savings rate, A - share volatility, attracting long - term funds into the market, and increasing the dividend payout ratio will improve the long - term return of A - shares relative to bonds [23]. - The US bond market is large - scale and mature. However, risks in US municipal bonds should be noted due to the possibility of local government bankruptcy [23]. - The cost - performance of chasing pan - technology stocks in the stock market is decreasing. It is recommended to shift to mid - cap stocks and deploy traditional sectors with low valuations and policy expectations and non - banking sectors. Convertible bonds still have room for performance [23]. - The yield spread has reached a long - cycle bottom. With the end of debt - resolution policies, risks may be re - priced [24]. 3. Summary of Different Sections 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the 4.7% of the same period last year [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% in the same period last year; the non - manufacturing PMI for business activities was 50.3%, slightly higher than the previous month's 50.1% and the same as the same period last year [1]. - In August 2025, the year - on - year growth rates of M0, M1, and M2 were 11.7%, 6.0%, and 8.8% respectively. New RMB loans in financial institutions reached 590 billion yuan [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year [1]. - In August 2025, the cumulative year - on - year growth rate of fixed - asset investment (excluding rural households) was 0.5%, and the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.64% [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 20th Fourth Plenary Session of the CPC Central Committee will be held from October 20th to 23rd, emphasizing high - quality development during the '15th Five - Year Plan' period [2]. - The new policy - based financial instruments worth 500 billion yuan can leverage about 6 trillion yuan in investment [2]. - The PBC's Monetary Policy Committee will maintain the stability of the capital market. The A - share market has shown a positive trend this year [3]. - China's water conservancy infrastructure construction has made new progress. The investment in water conservancy construction is expected to exceed 5.4 trillion yuan during the '14th Five - Year Plan' period, 1.6 times that of the '13th Five - Year Plan' [3]. - The US has introduced export control rules, and China firmly opposes this and will safeguard the legitimate rights and interests of Chinese enterprises [4]. 3.2.2 Metals - International precious metal futures generally rose. Gold prices hit a record high. London base metals mostly increased. The eight - department plan for the non - ferrous metal industry will support the demand for base metals in the long term [5]. - Bank of America raised its copper price forecasts for 2026 and 2027 [5]. - As of September 26th, the inventory of some metals on the London Metal Exchange changed, with tin and zinc inventories decreasing, nickel and aluminum inventories changing, and copper and lead inventories hitting new lows [5]. - As of September 29th, the position of SPDR Gold Trust increased by 0.60% [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Beijing Iron Ore Trading Center launched the 'Iron Ore Port Spot Price Index' to challenge the international pricing system [7]. - After the Trump administration's policies, some US coal mining companies' stock prices rose [8]. 3.2.4 Energy and Chemicals - OPEC + may increase oil production again in November, and a meeting will be held on October 5th to discuss the increase [9]. - TotalEnergies' CEO said that if the EU bans Russian LNG imports, it can be shipped to Turkey or India. The company expects gas demand to grow by 6% - 7% in the next few years [9]. - Crude oil from the Iraqi Kurdistan region is flowing into Turkey's Ceyhan Port at a rate of 150,000 - 160,000 barrels per day [9]. 3.2.5 Agricultural Products - Chinese customers have reduced purchases of US soybeans, and South American soybeans are replacing US soybeans in the Chinese market [10]. - The US Department of Agriculture released data on the export inspection volumes of soybeans, wheat, and corn [10]. 3.3 Financial News Compilation 3.3.1 Open Market - On September 29th, the central bank conducted 288.6 billion yuan of 7 - day reverse repurchase operations, with a net investment of 48.1 billion yuan [12]. 3.3.2 Important News - The 20th Fourth Plenary Session of the CPC Central Committee will be held from October 20th to 23rd, emphasizing high - quality development during the '15th Five - Year Plan' period [13]. - The new policy - based financial instruments worth 500 billion yuan can leverage about 6 trillion yuan in investment [13]. - In August, local government bonds worth 980.1 billion yuan were issued. From January to August, the total issuance was 7.6838 trillion yuan [14]. - From January to August, the operating income of state - owned enterprises was 53.96 trillion yuan, with a year - on - year increase of 0.2%; the total profit was 2.79 trillion yuan, with a year - on - year decrease of 2.7% [14]. - Shanghai issued a document to promote the high - quality development of free - trade offshore bonds [15]. - The US and Japan have introduced export control measures, and China firmly opposes these and will safeguard the legitimate rights and interests of Chinese enterprises [15]. - Banks and wealth management subsidiaries are promoting holiday - themed financial products, but investors need to be aware of risks [15]. - The stock - bond constant ETF is expected to be launched this year [16]. - As of the end of June 2025, China's banking industry's external financial assets, liabilities, and net assets were 1.7721 trillion US dollars, 1.5377 trillion US dollars, and 234.4 billion US dollars respectively [16]. - Some bond - related events include defaults, asset seizures, mergers, and judicial auctions [16]. - Some overseas credit ratings were confirmed, adjusted, or revoked [17]. 3.3.3 Bond Market Summary - The bond market weakened, especially the ultra - long - end bonds. The 30 - year treasury bond yield rose by more than 2bp, and the corresponding futures contract fell by 0.47% [18]. - In the exchange bond market, some bonds rose, and some fell [18]. - The CSI Convertible Bond Index rose by 0.87%, and the Wind Convertible Bond Equal - Weighted Index rose by 1.10% [18]. - On September 29th, most money market interest rates rose, and the performance of inter - bank repurchase rates varied [19]. - European and US bond yields generally fell [20]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose by 143 points, and the central parity rate was raised by 63 points. The US dollar index fell by 0.26%, and most non - US currencies rose [21]. 3.3.5 Research Report Highlights - Japanese US - dollar bonds may have high allocation value [22]. - The bond market may have a positive trend during the last two trading days before the National Day holiday [22]. - Long - term A - share returns relative to bonds may improve [23]. - The US bond market has its characteristics, and risks in US municipal bonds should be noted [23]. - Stock and convertible bond investment strategies are recommended [23]. - The bond market is at a crossroads, and the yield spread may face re - pricing [24]. 3.4 Stock Market Highlights - A - shares rose, with the Shanghai Composite Index up 0.9%, the Shenzhen Component Index up 2.05%, and the ChiNext Index up 2.74%. The trading volume was 2.18 trillion yuan [27]. - The Hong Kong Hang Seng Index rose 1.89%. Southbound funds had a net sell - off of 16.54 billion Hong Kong dollars [27]. - Over 60% of private equity institutions plan to hold heavy positions during the holiday, and most are optimistic about the post - holiday A - share market, with a preference for technology - related sectors [27]. - The capital market is cracking down on illegal activities such as financial fraud [28]. - The stock - bond constant ETF is expected to be launched this year [28].

Core Viewpoint - The U.S. stock market experienced declines, with major indices like the Dow Jones, Nasdaq, and S&P 500 all closing lower, amid ongoing pressure on AI-related stocks such as Oracle and Nvidia. The upcoming PCE inflation data is anticipated to influence market sentiment [1][2]. Market Performance - The Dow Jones fell by 171.50 points, a decrease of 0.37%, closing at 46,121.28 points. The Nasdaq dropped by 75.61 points, down 0.33%, ending at 22,497.86 points. The S&P 500 declined by 18.95 points, a 0.28% drop, closing at 6,637.97 points [2]. AI Sector Pressure - AI stocks continued to face pressure, with Nvidia down 0.8% and Oracle down 1.7%. Micron Technology's earnings report initially boosted market confidence, showing a 46% revenue growth driven by AI demand, but concerns about the cyclical nature of the AI industry dampened sentiment [4][5][6]. Investor Sentiment - Investors are questioning whether the growth plans of major AI companies like Nvidia and Oracle have sufficient energy support. There are concerns that the stock prices of these companies may have already priced in optimistic projections, leading to potential loss of momentum [6][7]. Valuation Concerns - High market valuations have led traders to consider profit-taking. Federal Reserve Chairman Jerome Powell highlighted concerns regarding elevated stock valuations, which have been driven by bullish sentiment around AI's potential, overshadowing geopolitical risks and trade tensions [8]. Upcoming Economic Data - Traders are adopting a cautious stance ahead of the unemployment claims data and the PCE inflation data set to be released [9]. Government Shutdown Concerns - Developments regarding a potential U.S. government shutdown have become a focal point, particularly after President Trump canceled a meeting that could have prevented a government shutdown before the September 30 deadline [10]. Alibaba and Nvidia Collaboration - Alibaba officially announced a partnership with Nvidia to develop Physical AI, launching seven new large model products. This collaboration encompasses various aspects of AI, including data synthesis, model training, and environment simulation [11][15]. Sector Performance - In the S&P 500, seven out of eleven sectors declined, with materials and real estate leading the losses at 1.59% and 1.01%, respectively. The energy and utilities sectors saw gains of 1.23% and 0.73% [12]. Notable Stock Movements - Intel shares rose by 6.41%, with reports of the company seeking investment from Apple. Nvidia's stock fell by 0.82%, following a series of stock sales by CEO Jensen Huang as part of a pre-planned strategy [13][14]. Chinese Stocks Performance - Most popular Chinese stocks saw gains, with the Nasdaq China Golden Dragon Index rising by 2.83%. Alibaba surged over 8%, while other notable Chinese companies also experienced significant increases [15]. Mining Sector Incident - McMoRan Copper & Gold shares dropped by 16.95% after a landslide incident at its Indonesian mine resulted in fatalities and a projected delay in production recovery until 2027 [15].

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has announced a spin-off plan for its subsidiary, Kason Technology Co., Ltd. (卡松科技), which has submitted an application for listing on the National Equities Exchange and Quotations (新三板) without involving new share issuance [1][2]. Group 1: Spin-off Details - The spin-off will allow Yanzhou Coal to maintain a 51% stake in Kason Technology, ensuring control remains unchanged [1]. - The spin-off is seen as a step towards professionalizing operations, although there are concerns regarding the actual benefits and asset quality [1][2]. - The process is straightforward as it does not require financing or shareholder approval, only needing approval from the Hong Kong Stock Exchange and the National Equities Exchange [1][2]. Group 2: Financial Overview of Kason Technology - Kason Technology's total assets are reported at 355 million yuan, with net assets of 206 million yuan and total liabilities of 149 million yuan as of June 2025 [1]. - For the first half of 2025, Kason Technology achieved revenue of 154 million yuan and a net profit of 4.36 million yuan, indicating a need for improved growth and profitability stability compared to its 2024 full-year performance of 333 million yuan in revenue and 10.64 million yuan in net profit [2]. Group 3: Strategic Intentions - The spin-off aims to create independent financing channels for Kason Technology, reducing its reliance on the parent company and enhancing its market competitiveness [4]. - It is expected to improve corporate governance transparency and brand value, as Kason Technology will need to enhance its information disclosure and internal controls as a public company [4]. - The listing is anticipated to provide a market-based valuation reference, helping Yanzhou Coal to realize the value of its quality assets [4]. Group 4: Market Context and Challenges - The New Third Board market is expanding, with 158 new companies listed in the first half of 2025, a 41.07% increase from the previous year [7]. - Kason Technology's revenue of 333 million yuan is significantly below the average revenue of 1.03 billion yuan for new companies listed in the same period, indicating a competitive disadvantage [7]. - Despite favorable policies aimed at supporting small and micro enterprises, the effectiveness of these measures in driving growth for Kason Technology will depend on its operational capabilities and industry competitiveness [7][8].