东 兴 晨 报 东兴晨报 P1 2025 年 10 月 10 日星期五 经济要闻 本期编辑 | 分析师：沈逸伦 | | | --- | --- | | 010-66554044 | shenyl@dxzq.net.cn | | 执业证书编号： | S1480523060001 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002074.SZ | 国轩高科 | | 002850.SZ | 科达利 | | 002991.SZ | 甘源食品 | | 300619.SZ | 金银河 | | 300666.SZ | 江丰电子 | | 600012.SH | 皖通高速 | | 600176.SH | 中国巨石 | | 605123.SH | 派克新材 | | 688103.SH | 国力电子 | | 688111.SH | 金山办公 | | 688627.SH | 精智达 | 数据来源：《十月金股汇》 2025 年 09 月 29 日，东兴证券研究所 东 兴 证 券 股 份 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 有 限 公 司 1. 商务部：自 2025 年 11 ...

文 | 商务部 商务部 海关总署公告2025年第58号 公布对锂电池和人造石墨负极材料相关物项实施出口管制的决定 【发布单位】安全与管制局 【发布文号】商务部 海关总署公告2025年第58号 【发文日期】2025年10月09日 根据《中华人民共和国出口管制法》《中华人民共和国对外贸易法》《中华人民共和国海关法》《中华人民共和国两用物项出口管制条例》有关 规定，为维护国家安全和利益、履行防扩散等国际义务，经国务院批准，决定对下列物项实施出口管制： 一、锂电池相关物项 （一）3A001 重量能量密度大于等于300 Wh/kg的可充放电锂离子电池（包含电芯和电池组）（参考税则号列：85076000）。 （二）3B901.a．用于制造可充放电锂离子电池的设备： （三）3E901.a．用于生产3A001项所管制物项的技术。 二、正极材料相关物项 三、石墨负极材料相关物项 出口经营者出口上述物项应当依照《中华人民共和国出口管制法》《中华人民共和国两用物项出口管制条例》的相关规定向国务院商务主管部门 申请许可。 出口经营者应当对报关商品的真实性负责，加强出口物项识别，属于管制物项的，必须在报关单备注栏中注明"属于两用物项" ...

送放后 电力设备 2025 年 10 月 10 日 版 发行业 锂电出口管控加严，利好生产高 材料和有海外产能的公司 对商务部与海关总署公布对锂电池和相关材料实施 出口管制的解读 本期投资后示: 相关研究 证券分析师 马天一 A0230525040004 maty@swsresearch.com 曾子栋 A0230525070007 zengzd@swsresearch.com 联系人 曾子栋 (8621)23297818× zengzd@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 事件:25 年 10 月 9 日,商务部和海关总署公布对锂电池和人造石墨负极材料相关物项 实施出口管制的决定。锂电产业链相关物项实施出口管制，出口经营者出口相关物项应 向国务院商务主管部门申请许可，包括：1）重量能量密度≥300wh/kg 的锂电池、锂电 设备及技术；2）压实密度≥2.5g/cm3 且克容量≥156mAh/g 的铁锂正极、三元前驱体、 富锂锰基正极及正极生产设备，3）石墨负极、生产负极的相关设备及工艺。自 2025 年 11 月 8 日起正式实施。 锂电出口管 ...

Market Overview - The market experienced a day of fluctuations with all three major indices closing down: Shanghai Composite Index fell by 0.94%, Shenzhen Component Index dropped by 2.7%, and ChiNext Index decreased by 4.55% [3] - The trading volume in the Shanghai and Shenzhen markets was 2.52 trillion yuan, a decrease of 137.6 billion yuan compared to the previous trading day [3] Market Trends - The article discusses the "slow bull" market trend, suggesting that investors should trust the trend while being cautious about market corrections [4][5] - A pattern observed in the A-share market indicates that when the index rises significantly, it often leads to a necessary pullback [6][8] Sector Performance - Sectors such as gas and coal saw gains, while semiconductor, battery, and precious metals sectors faced significant declines [3] - Notably, the ChiNext and STAR Market indices fell below multiple moving averages, indicating weakness in technology stocks [10] Stock Performance - Key stocks in the technology sector experienced substantial declines, with companies like SMIC down by 7.89% and CATL down by 6.82% [13] - The article highlights that the adjustment in stock margin rates for several popular stocks has contributed to the market's volatility [14] Future Outlook - The semiconductor industry is expected to see strong demand in emerging fields such as AI and robotics, with predictions of the global robotics market exceeding $400 billion by 2029 [18] - Analysts suggest that the current low volatility in market indices may allow for continued upward momentum, particularly in sectors supported by government policies [18][19]

Group 1: Industry Overview Upstream - Black: Glass prices are rising [2] - Agriculture: Egg prices have significantly declined [2] - Non - ferrous: Copper prices are rising [2] Midstream - Chemical: PX operating rate has declined, while urea operating rate is rising; PX operating rate was at a high level [2] - Energy: Power plant coal consumption is at a low level [2] Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have slightly recovered [2] - Service: The number of domestic flights is at a three - year high due to holidays [2] Group 2: Industry Events Production Industry - On October 9, 2025, the Ministry of Commerce and the General Administration of Customs issued 4 announcements to implement export controls on items such as super - hard materials, some rare - earth equipment and raw materials, some medium - heavy rare earths, lithium batteries, and artificial graphite anode materials [1] - On October 9, three departments including the Ministry of Industry and Information Technology issued an announcement on the technical requirements for new energy vehicles eligible for vehicle purchase tax exemption from 2026 - 2027, adjusting the technical requirements for pure - electric passenger cars and plug - in (including extended - range) hybrid passenger cars [1] Service Industry - China and India will resume direct flights by the end of October this year [1] Group 3: Key Data - On October 9, the spot price of corn was 2237.1 yuan/ton, down 2.12% year - on - year; the spot price of eggs was 6.3 yuan/kg, down 12.93%; the spot price of palm oil was 9598.0 yuan/ton, up 4.03%; the spot price of cotton was 14764.2 yuan/ton, down 0.84%; the average wholesale price of pork was 18.6 yuan/kg, down 3.47%; the spot price of copper was 85823.3 yuan/ton, up 7.20%; the spot price of zinc was 22140.0 yuan/ton, up 1.45% [33] - For non - ferrous metals, on October 9, the spot price of aluminum was 20970.0 yuan/ton, up 1.34%; the spot price of nickel was 124000.0 yuan/ton, down 0.32%; another spot price of aluminum was 16868.8 yuan/ton, down 0.95%; the spot price of rebar was 3174.5 yuan/ton, down 0.64% [33] - For other metals, on October 9, the spot price of iron ore was 792.2 yuan/ton, down 1.94%; the spot price of wire rod was 3357.5 yuan/ton, down 0.52%; the spot price of glass was 15.6 yuan/square meter, up 3.45% [33] - For non - metals, on October 9, the spot price of natural rubber was 14758.3 yuan/ton, down 1.34%; the China Plastic City price index was 788.5, down 0.21% [33] - For energy, on October 9, the spot price of WTI crude oil was 62.6 dollars/barrel, down 1.42%; the spot price of Brent crude oil was 66.3 dollars/barrel, down 1.25%; the spot price of liquefied natural gas was 3762.0 yuan/ton, down 2.39%; the coal price was 791.0 yuan/ton, down 0.25% [33] - For chemicals, on October 9, the spot price of PTA was 4564.5 yuan/ton, down 0.18%; the spot price of polyethylene was 7348.3 yuan/ton, up 0.02%; the spot price of urea was 1583.8 yuan/ton, down 4.31%; the spot price of soda ash was 1262.5 yuan/ton, unchanged; the national cement price index was 135.4, up 0.44% [33] - For real estate, on October 9, the building materials composite index was 113.0 points, down 1.22%; the national concrete price index was 91.7 points, down 0.02% [33]

Domestic Market Overview - The A-share market opened positively in October, with the Shanghai Composite Index closing at 3933.97 points, up 1.32%, and the Shenzhen Component Index at 13725.56 points, up 1.47% [1][4][9] - The total trading volume of the entire A-share market reached 26,718 billion, showing an increase compared to the previous day [1][4][9] - Among the 30 sectors, 22 sectors saw an increase, with non-ferrous metals, steel, and coal leading the gains, while consumer services, media, and real estate experienced significant declines [1][4][9] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones falling by 0.52%, the S&P 500 down by 0.28%, and the Nasdaq decreasing by 0.08% [2][4] - Boeing's stock dropped over 4%, leading the decline in the Dow, while the technology sector saw a slight increase, with Facebook rising over 2% and Nvidia up more than 1% [2][4] News Highlights - China has implemented export controls on rare earths, superhard materials, and lithium batteries, marking a significant regulatory move [3][11][14] - The National Development and Reform Commission and the State Administration for Market Regulation are addressing issues of price disorder to maintain a stable market price order [15] - The Ministry of Industry and Information Technology has adjusted the technical requirements for tax exemptions on new energy vehicles for 2026-2027 [16][17] - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million person-times, with total spending exceeding 809 billion [18]

碳酸锂日报 碳酸锂日报（2025 年 10 月 10 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货主力合约涨 0.27%至 73340 元/吨。现货价格方面，电池级碳酸锂平均价维持 73550 元/吨，工业级碳酸锂平均价维持 71300 元/吨，电池级氢氧化锂（粗颗粒）下跌 50 元/吨至 73580 元/吨。仓单方面，昨日仓单库存增加 670 吨至 42379 吨。 2. 消息面，10 月 9 日，商务部、海关总署联合发布公告，宣布自 2025 年 11 月 8 日起，对锂电池、人 造石墨负极材料等多项新能源核心物实施出口管制。此次管制涵盖三大类关键产品。工业和信息化 部、财政部、税务总局等三部门近日联合公告 2026—2027 年减免车辆购置税新能源汽车产品技术 要求，明确纯电动乘用车、插电式（含增程式）混合动力乘用车有关技术要求调整等情况。 3. 供应端，周度产量环比增加 119 吨至 20635 吨，其中锂辉石提锂环比增加 75 吨至 13064 吨，锂云母 提锂环比减少 145 吨至 2695 吨，盐湖提锂环比增加 14 ...

行 业 及 产 业 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 曾子栋 A0230525070007 zengzd@swsresearch.com 联系人 曾子栋 (8621)23297818× zengzd@swsresearch.com 2025 年 10 月 10 日 锂电出口管控加严，利好生产高端 材料和有海外产能的公司 看好 ——对商务部与海关总署公布对锂电池和相关材料实施 出口管制的解读 电力设备 行 业 研 究 / 行 业 点 评 相关研究 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 事件：25 年 10 月 9 日，商务部和海关总署公布对锂电池和人造石墨负极材料相关物项 实施出口管制的决定。锂电产业链相关物项实施出口管制，出口经营者出口相关物项应 向国务院商务主管部门申请许可，包括：1）重量能量密度≥300wh/kg 的锂电池、锂电 设备及技术；2）压实密度≥2.5g/cm3 且克容量≥156mAh/g 的铁锂正极、三元前驱体、 富锂锰基正极及正极生产 ...

金隅集团(02009)涨超5%，公司积极推动新型建材"出海"海外多地新增重大工程项目。 中国石墨(02237)涨超24%，两部门对锂电池和人造石墨负极材料相关物项实施出口管制。 芯片股延续昨日跌势。多家券商调整中芯国际两融折算率，中芯国际(00981)再跌5.6%；华虹半导体 (01347)跌4%。 诺诚健华(09969)再挫逾9%，日前宣布与Zenas就三款自免管线达成授权许可合作。 宁德时代(03750)再跌超7%，基石禁售期将于下月19日到期，大小摩均下调公司H股评级。 智通财经APP获悉，港股恒生指数跌1.14%，跌304点，报26447点；恒生科技指数跌2.45%。港股早盘成 交1803亿港元。 茶饮股逆势走强，双节假期茶饮门店爆单，茶企出海步伐明显加快。古茗(01364)涨13.23%；奈雪的茶 (02150)涨7.26%；蜜雪集团(02097)涨5.98%。 内险股集体走高。分红型健康险时隔22年重新回归，有助提升保险产品吸引力。新华保险(01336)涨 3.11%；中国太保(02601)涨3.02%；中国人寿(02628)涨3.02%。 小菜园(00999)再涨超9%，国庆假期经营数据亮眼，全 ...

近日，多部门重磅频发，我们一起关注下吧↓ 01 治理价格无序竞争 维护良好市场价格秩序 为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争，近日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好 市场价格秩序的公告》（以下简称公告）。 公告提出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民经济健康发展。国家支持 公平、公开、合法的市场竞争，维护正常的价格秩序。实行市场调节价的商品和服务，经营者应当按照价格法规定，遵循公平、合法和诚实信用的原则， 以生产经营成本和市场供求状况为基本依据，依法行使自主定价权，自觉维护市场价格秩序，共同营造公平竞争、有序竞争的市场环境。【相关报道：】 02 2027年买新能源车购置税减免有新要求 工业和信息化部、财政部、税务总局等三部门近日联合公告2026—2027年减免车辆购置税新能源汽车产品技术要求，明确纯电动乘用车、插电式（含增程 式）混合动力乘用车有关技术要求调整等情况。2026年1月1日起，列入《减免车辆购置税的新能源汽车车型目录》的车型，需符合本公告要求。2026年1 月1日（含）起， ...