Market Overview - The Shanghai Composite Index opened up by 0.17%, the Shenzhen Component Index by 0.51%, and the ChiNext Index by 0.83%, with sectors like quantum technology and commercial aerospace leading the gains [1] External Market Movements - On the US market, major indices rose collectively, with the Nasdaq increasing by nearly 1% driven by strong performance in technology stocks. Notable gains were observed in Chinese concept stocks, with the Nasdaq Golden Dragon China Index rising by 1.66% [2] Sector Insights - **AI and Data Centers**: CITIC Securities highlighted the acceleration of AI monetization and strong capital expenditure from cloud vendors, predicting rapid growth in global data center installations. The report emphasized the advantages of Solid-State Transformers (SST) in high-voltage direct current (HVDC) systems for data center power distribution [3] - **Gold Assets**: Huatai Securities noted a significant drop in international gold prices, but maintained that gold remains a suitable safe-haven asset. The report suggested that the recent price decline presents a buying opportunity, with a recommendation to focus on leading gold companies that are expected to achieve volume and price growth [4] - **Baijiu Sector**: Tianfeng Securities pointed out a relatively subdued response at the recent national liquor exhibition, with a cautious sentiment among distributors. However, they noted a mild recovery in terminal sales and suggested that the current valuation of leading liquor companies presents a buying opportunity [5] - **Robotics Industry**: Guotai Haitong recommended focusing on investment opportunities within the Yushu Robotics industry chain, following the launch of a humanoid robot by Yushu Technology, which showcases significant technological advantages [6] - **Coal Market**: CITIC Construction Investment reported a favorable supply-demand balance for thermal coal, predicting continued price increases due to supply constraints from adverse weather and maintenance activities in major production areas [7] - **Cryptocurrency Mining Transition**: Guojin Securities indicated that cryptocurrency mining companies are transitioning to AI data centers, leveraging low electricity costs and existing power quotas. The report advised focusing on companies with clear AI expansion plans and undervalued stock prices [8]

NO.2华泰证券：关注金价企稳后黄金资产的增配机会 华泰证券指出，10月21日晚国际金价创12年来最大单日跌幅5.3%，背后核心原因是多要素推动避险情 绪大幅回落。但全球秩序重构期，黄金仍是最合适的避险资产。我们认为短期下跌不影响黄金长期逻 辑，回调反而提供加仓机会，企稳后建议重新关注。10月22日当天典型黄金公司股价跌幅反而好于金价 本身，说明市场对黄金相关资产的长期配置价值的共识未发生改变。金价仍处长期上行区间，多数黄金 公司2026年仍有望实现量价齐升，当前估值水平已逐渐具有增配价值，建议逢低买入，推荐兼具成长性 及资源优势的龙头标的。 ｜2025年10月24日星期五｜ NO.1中信证券：新一代AIDC供配电架构高功率时代加速渗透 中信证券研报表示，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装 机量将保持快速增长趋势。智算中心(AIDC)整体功率密度正加速提升，高压直流配电方案是大势所 趋。固态变压器(SST)是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地空 间、新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优势，能够精准解决 ...

人民财讯10月24日电，中信证券认为，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全 球数据中心新增装机量将保持快速增长趋势。智算中心(AIDC)整体功率密度正加速提升，高压直流配 电方案是大势所趋。固态变压器(SST)是高压直流配电技术方向下的最新技术路线，其在转换效率、建 设周期、占地空间、新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优 势，能够精准解决高功率时代下数据中心配电需求的痛点。随后续NV Rubin Ultra芯片及NVL576等进入 批产阶段，预计SST配电方案将逐步开启渗透。标的选择上，建议围绕产品成熟度、技术同源积累、客 户基础等方面来筛选。 ...

中信证券研报称，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装机 量将保持快速增长趋势。智算中心（AIDC）整体功率密度正加速提升，高压直流配电方案是大势所 趋。固态变压器（SST）是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地 空间、新能源接入等方面较之高压直流系统（HVDC）、巴拿马电源等方案具备进一步优势，能够精准 解决高功率时代下数据中心配电需求的痛点。随后续NV Rubin Ultra芯片及NVL576等进入批产阶段，我 们预计SST配电方案将逐步开启渗透。标的选择上，我们建议围绕产品成熟度、技术同源积累、客户基 础等方面来筛选。 ...