隔夜，纳斯达克指数下跌3.56%，创4月4日以来最大跌幅，道指跌了1.9%，创4月21日以来最大跌幅。 对于美股的大幅调整，A股投资者当下的决策重点，应该放在应对思路上，而非探求原因上。本次美股毫无征 兆闪崩，是一个不错的交易应对能力训练，同时，它并不会改变A股持续向上的内在驱动力，今年4000点的观 点不变。 "9.24"行情之后，A股驱动力源自内部 "9.24"行情之后，A股趋势由内部因素主导、外部冲击仅致波动的特征，可通过市场数据与历史对比来印证。 2024年9月24日政策组合拳落地后，A股开启上行趋势，日成交额从不足5000亿元攀升至3万亿元水平，增量资 金入市趋势显著。 这一波趋势的核心驱动力来自内部： 产业端，AI算力、半导体等科技赛道的技术革新，推动有色金属、通信等板块涨幅超60%。与此同时，来自外 部的干扰并没有结束这股趋势，仅仅是增加了趋势中的波动。就拿4月份那波调整来说，很多投资者也正是因 为那波调整，才顺利拿到便宜筹码，赚到了不错的超额收益。 分析清楚A股趋势的核心驱动力后，后面的事情就容易多了。 应对思路 所谓应对思路，主要从三个方面来看：指数层面、对冲层面和弹性层面。 指数层面，两个 ...

近期半导体行业的监管新闻频出，中美在高科技领域的博弈热度上升。西部证券称噪音之外，真正的实 质性进展，或需等十月底元首对话后才能确认。机构的判断是，即便年底前中美关系适度降温，"国产 替代""自主可控"在未来仍将是一条持续的主线，越来越多的中国企业选择使用国产芯片。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业68.77%，计算机行业4.99%，合计73.76%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高。从当前位置来看，参照创业板历史走势，科创50未来成长空间 值得期待。看好中国硬科技长期发展前景的投资者建议持续关注。 相关ETF:科创50ETF（588000） 早盘，芯片半导体方向涨幅居前，科创50ETF上涨3.31%，持仓股票西部超导涨幅超16%，芯联集成、 海光信息、芯原股份、澜起科技、华润微、中芯国际涨幅超6%。 消息面，国庆假期期间，OpenAI与AMD宣布签署价值数百亿美元的芯片交易。根据协议，OpenAI和 AMD将共同开发基于AMD处理器的AI数据中心。 华鑫证券表示，国产AI芯片大时代 ...

行业研究丨点评报告丨软件与服务 [Table_Title] 政府采购将采用本国产品标准，国产替代趋势有 望进一步加强 报告要点 [Table_Summary] 9 月 30 日，国务院办公厅印发《关于在政府采购中实施本国产品标准及相关政策的通知》，自 2026 年 1 月 1 日起施行。《通知》旨在构建统一开放、竞争有序的政府采购市场体系，完善政 府采购制度，保障各类经营主体平等参与政府采购活动。此次本国产品标准的出台完善了政府 采购制度，进一步增加了政府采购政策的公平性和透明度，同时，有望推动重点产业供应链国 产化，国产替代提速值得期待。建议重点关注受益于信创产业的国产芯片产业链、国产操作系 统产业链和华为产业链等方向。 丨证券研究报告丨 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 政府采购将采用本国产品标准，国产替代趋势 2] 有望进一 ...

Market Performance - The Hong Kong stock market showed strong performance during the week, with the Hang Seng Index rising by 3.88% to close at 27,140.92 points, the Tech Index increasing by 6.90% to 6,622.85 points, and the National Enterprises Index up by 3.82% to 9,658.34 points [2] - The Hang Seng Tech Index reached its highest level since November 2021, with notable gains from stocks like Kuaishou-W (up 13.50%), Alibaba-W (up 7.62%), and Bilibili-W (up 7.10%) [2] Sector Insights - The semiconductor sector is expected to continue its upward trend, driven by the AI industry and a potential interest rate cut by the Federal Reserve. The second half of the year typically sees a surge in technology releases from Chinese companies, particularly in semiconductors and AI applications [2] - Gold stocks are gaining traction due to heightened demand for safe-haven assets amid geopolitical uncertainties and expectations of interest rate cuts. Notable performers include Zijin Mining International (up 89.97%) and China Silver Group (up 41.41%) [3] - Nuclear power stocks are also on the rise, with China Nuclear International and China Nuclear Technology seeing increases of 53.04% and 34.69%, respectively, following the approval of new nuclear power units [4] Investment Opportunities - The pharmaceutical sector is benefiting from improved financing conditions, with stocks like Yiming Anke and Clover Biopharma rising by 36.72% and 39.44%, respectively, as the market for innovative drugs shows signs of recovery [5] - The electric power sector is led by Harbin Electric, which saw a rise of 7.42%, supported by positive analyst ratings and expectations of strong revenue growth [7][8] - The automotive sector is experiencing a downturn, with major players like BYD and Xpeng Motors seeing declines of 3.95% and 2.84%, respectively, despite positive long-term sales forecasts for Chinese brands [9][10] Notable Company Developments - Empire Technology Group surged by 59.05% after announcing a share placement to raise funds for AI development [13] - Shanghai Electric rose by 14.19% following the signing of a significant photovoltaic project in Romania [14]

消息面上，央行会议指出，要落实落细适度宽松的货币政策，引导金融机构加大货币信贷投放力度，用 好证券、基金、保险公司互换便利和股票回购增持再贷款。 涨跌停板数据，不仅是反映板块和个股强弱的指标，更是市场情绪与资金流向的重要标志。那么，今日 的涨停个股有哪些特点呢？哪些涨停股又值得重点关注？ 今日上证指数上涨0.90%，个股涨跌幅中位数为0.58%。涨停板方面，今日科技股依旧是热门主题板 块，不过今日涨停股数量最多的科技股概念，不是此前的AI产业链，而是固态电池。 值得注意的是，今日证券股中有几只个股涨停，其中，国盛金控更是创下历史新高。而主力资金流入前 5名的个股中，有两只是证券股，分别是国盛金控和华泰证券。 华西证券研报称，2025年三季度证券市场各项指标逐渐清晰。预计45家上市券商在2025年三季度实现调 整后营收1581亿元，同比增加50%，环比增加21%。开源证券表示，券商投行、衍生品和公募业务等业 务有望接续改善，头部券商海外业务崛起和内生增长导向有望驱动本轮头部券商ROE扩张，板块估值仍 在低位，机构欠配明显。 | 概念 | | 涨停个数 概念逻辑 | 具体个股名称 | | --- | --- | ...

Group 1 - The event showcased the integration of traditional skills and modern technology, highlighting China's achievements in the field of skills and craftsmanship [2] - International students from Germany expressed their curiosity and admiration for China's advancements in mechanical engineering during their visit to the National Skills Competition [1][2] - The exhibition featured various high-tech displays, including satellite return capsules and domestic chips, which impressed the attendees [1] Group 2 - Foreign guests were deeply moved by China's ability to preserve and showcase its historical and cultural heritage through traditional craftsmanship [2] - The event served as a platform for international exchange, allowing participants to discuss skill operation standards and practical insights [1]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The overall A-share market showed a narrow-range volatile trend last week with significant structural industry differentiation. The science and technology sector remained the market's mainstay despite increased volatility. The market demonstrated strong resilience and stable sentiment. Looking ahead, the A-share market may face structural adjustments and overall range-bound fluctuations [3][5]. 3. Summary by Related Catalogs 3.1 Market Performance - Last week, the four stock index futures varieties mainly showed a volatile consolidation trend. The adjustment amplitudes of the Shanghai 50 and CSI 300 were relatively large. The basis of the four stock index futures varieties continued to develop towards deep discounts, and most contracts maintained the futures discount mode. The futures-spot basis of the main contracts of the index futures were as follows: IH at 3.66, IF at -37.52, IC at -186.35, and IM at -247.39 [3]. - The A-share market showed a narrow-range volatile trend last week with significant structural industry differentiation. After the communication computing power led the market, the new energy, semiconductor, and robot sectors gradually showed a leading trend. The science and technology sector remained the market's mainstay despite increased volatility [3]. 3.2 Comprehensive Analysis - There were many information catalysts related to science and technology recently. For example, NVIDIA invested in Intel and would jointly develop high-performance chips for PCs and AI data centers with it, US technology companies invested in UK data centers, Huawei first clearly disclosed the Hetu series of AI chip plans, and Chinese technology companies adapted domestic chips. The mainstay position of science and technology did not change significantly [4]. 3.3 Outlook - The social retail and industrial added value data released last week showed that after the marginal effect of the "two important and two new" policies gradually faded, domestic demand might stall again. The Federal Reserve cut interest rates by 25 basis points as expected, but the interest rate cut guidance for 2026 was less than market expectations. The A-share market may face structural adjustments and overall range-bound fluctuations in the future [5].

Market Sentiment - The market is experiencing a contraction, with major players having exited, leaving weaker participants struggling to recover losses [1] - Today's trading volume is lower than last Friday, indicating a cautious sentiment ahead of the holiday [1][4] Sector Performance - Technology stocks are rising, but other sectors such as liquor, agriculture, pharmaceuticals, banking, and insurance are declining, suggesting a shift in capital from consumer and dividend stocks to technology [1][6] - The main focus for investment should be on technology sectors, particularly robotics and semiconductors, rather than consumer or dividend stocks [6] Trading Dynamics - Buy-side strength is at 1990+, with limited selling pressure at 360+, indicating a manageable outflow of funds [4] - The majority of fund outflows occurred on Thursday and Friday, suggesting that any further selling pressure before the holiday may be minimal [4] Stock Trends - A total of 70 stocks hit the daily limit up, with 57 being genuine limit ups, indicating some bullish activity in the market [5] - There are 1434 stocks that have declined for three consecutive days, which is considered normal, while 208 stocks have declined for five days, indicating a lack of strong support [10] Investment Strategy - Investors are advised to focus on technology stocks as the main line of investment, while avoiding sectors that are experiencing consistent declines [6][10] - It is suggested that maintaining a well-structured portfolio before the holiday is a prudent strategy, as significant market movements are not expected until after the holiday [1][4]

Group 1: Semiconductor Industry - Semiconductor Manufacturing International Corporation (SMIC) is testing DUV lithography machines from Shanghai startup Yulian Sheng, with promising initial results for 7nm process technology [1] - Yulian Sheng is a joint venture between Shanghai Kechuang Group's subsidiary Chuangke Micro and Huawei's subsidiary New Kai, marking its first media appearance [1] - Key suppliers for Yulian Sheng include Yongxin Optical and Wavelength Optics, with Yongxin being a dark horse in the lithography machine supply chain, showing strong performance and lower valuation compared to Maolai Optical [1] Group 2: Domestic Computing Chip Market - Domestic computing chips are experiencing a surge, with Alibaba's Tianshu and Baidu's Kunlun chips winning significant contracts in domestic operator procurement [1] - The domestic computing industry chain is gaining momentum, potentially becoming a market focus, as the adoption of domestic chips may lead to new solutions rather than copying Nvidia's models [1] - Potential investment targets include Inspur Information (server manufacturing) and LightSpeed Technology (optical devices) [1] Group 3: Oil and Shipping Industry - The Middle East situation is escalating, with increased attacks from Israel, leading to tighter oil tanker supply and demand dynamics, especially as October approaches [3][4] - OPEC+ is expected to release an additional 1.65 million barrels per day in October, which will stabilize demand [4] - Low oil prices are driving global refinery restocking, with China's crude oil imports rising to approximately 11.65 million barrels per day in August, providing crucial support for demand [4] Group 4: Shipping Dynamics - The deterioration of relations between Europe and Russia due to the Ukraine conflict is reducing short-haul oil transport routes, while increasing long-haul routes from the Middle East and the Americas to the Far East [5] - The increase in VLCC (Very Large Crude Carrier) oil transport demand is expected to normalize freight rates, benefiting Chinese shipowners like COSCO Shipping Energy [5] Group 5: Federal Reserve Interest Rate Decision - The Federal Reserve is anticipated to lower interest rates by 25 basis points, with a potential surprise of 50 basis points, impacting market sentiment [6] - A rate cut is expected to benefit Hong Kong stocks, CROs, and the real estate sector, with a focus on state-owned enterprises for stability [7] - The biotech sector may see improved financing conditions, particularly benefiting companies with higher overseas receivables [7]

Core Points - The third National Skills Competition opened in Zhengzhou, Henan, with 3,420 participants from 35 delegations, marking it as the largest and most comprehensive national vocational skills event in China [1][2] - A total of 106 competition projects are set, including 66 for the World Skills Competition and 40 selected national projects, with over 50% focusing on intelligent manufacturing, high-end equipment, digital technology, and new energy [1] - The average age of participants is 24, with 77% under 30 and 70% under 25, showcasing a mix of "skill newcomers" from educational institutions and experienced workers [2] Competition Structure - The competition features a combination of skills contests and exhibitions, including four major exhibition areas and interactive training experiences, highlighting advanced technologies and skills [2] - 40 unique skills demonstrations are presented, covering high-tech, handmade, and artistic fields, enhancing audience engagement and participation [2] Community Engagement - Innovative activities such as "Skill Training Mini-Class" and "Skill Adventure Check-in" are introduced to educate the public, especially youth, on skill knowledge and improve the overall experience of the event [3] - The competition runs from September 20 to 22, with a closing ceremony on the evening of September 23 [3]