央视网消息：如今，游戏成瘾已经成为威胁青少年身心健康的重要原因之一。在医学上，游戏成瘾又被 称为"游戏障碍"，已被世界卫生组织列入国际疾病分类体系。在全国多地医院心理门诊中，青少年因游 戏障碍就诊的案例持续走高。 ...

Market Overview - The overall market experienced a significant decline on October 10, with the Shanghai Composite Index falling by 0.94% and the ChiNext Index dropping by 4.55%. The total trading volume for the A-share market was 2.53 trillion, a slight decrease of 5.2% from the previous trading day [1] - There was a notable divergence in industry performance, with previously strong sectors like electronics (-4.71%), power equipment (-4.46%), and computers (-3.70%) leading the declines, while weaker sectors such as building materials (1.92%), coal (1.37%), and textiles (1.30%) saw gains [1] Market Dynamics - The sharp decline in the growth technology sector coincided with recent strong gains, indicating a risk-off sentiment among investors. The market structure shifted towards a broader decline in previously high-performing sectors, driven by profit-taking and event-driven impacts [2] - Several brokerage firms adjusted the margin financing rates for high static P/E ratio stocks to 0%, particularly affecting stocks in the electronics, computing, and related sectors that had seen significant price increases. This led to widespread declines in these stocks [2] Export Controls and Commodity Prices - Export controls on lithium batteries and artificial graphite negative materials raised concerns about the sustainability of export demand, resulting in declines in battery stocks and related energy metal stocks [3] - A significant drop in precious metal futures led to a corresponding decline in precious metal stocks. Following a period of rapid price increases, the market showed signs of overheating, culminating in a sharp correction [3] Long-term Market Outlook - The underlying support for a medium to long-term market uptrend remains intact, driven by the heightened focus of decision-makers on the capital market and the ongoing liquidity inflow amid an asset shortage [4] - The recent measures to adjust margin financing rates aim to curb speculative behavior and promote more rational investment decisions, suggesting a potential return to a more stable market environment [5] Key Investment Themes - The primary investment theme for the medium to long term is the establishment of a new growth industry cycle, particularly in AI computing infrastructure and its applications. Key sectors to watch include TMT, computing (CPO/PCB/liquid cooling/fiber optics), robotics, gaming, software, and military industry [6] - The second key theme focuses on sectors with strong fundamental support, including power equipment (wind power/storage/batteries/power supply), non-ferrous metals (rare earths/precious metals), and machinery (construction machinery). These sectors are expected to benefit from high demand and favorable market conditions [6]

Core Viewpoint - The Spanish football club Espanyol has officially changed ownership, with the transaction involving a total consideration of €130 million (approximately ¥1.08 billion) [2]. Group 1: Ownership Change - Starry Entertainment's subsidiary, Starry Sports (Hong Kong), has completed the registration change for the sale of Espanyol to VELOCITY SPORTS LTD, receiving €65 million in cash and 38.26 million A-class shares valued at €65 million, representing 16.45% of VELOCITY's total equity [1]. - Following the completion of the equity transfer, Espanyol will no longer be included in Starry Entertainment's consolidated financial statements [1]. Group 2: Financial Impact - The transaction is expected to increase Starry Entertainment's net profit attributable to shareholders by approximately ¥47.07 million, based on the exchange rate as of September 30 [1]. - Starry Entertainment previously estimated that the transaction would increase net profit by about ¥150 million, with the difference attributed to operational profits generated from player sales and other activities during the period from the audit report cutoff date to the equity transfer date [1]. Group 3: Historical Context - Starry Entertainment acquired a 50.1% stake in Espanyol in 2015 for approximately €65 million, becoming the first A-share listed company to control a top European football club [2]. - The company increased its stake to 99.35% in 2016 by investing an additional €40 million [2]. Group 4: Recent Performance - Starry Entertainment's revenue in 2024 was ¥1.36 billion, a decrease of 21.49% year-on-year, with a net loss of ¥458 million, largely due to a 52.36% decline in football-related revenue [3]. - In the first half of 2025, the company reported revenue of ¥1.135 billion, a year-on-year increase of 84.58%, with net profit turning positive at ¥155 million, attributed to player transfer income and increased broadcasting and ticketing revenues [3].

每经AI快讯，完美世界（SZ 002624，收盘价：17.82元）10月10日晚间发布公告称，公司第六届第十六 次董事会会议于2025年10月10日以现场和通讯相结合的方式召开。会议审议了《关于修订 <公司章程> 的议案》等文件。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） 2025年1至6月份，完美世界的营业收入构成为：游戏占比78.74%，影视剧制作占比20.79%，其他业务 占比0.48%。 截至发稿，完美世界市值为346亿元。 ...

Core Insights - The report highlights a positive outlook for the gaming sector driven by strong performance, favorable policies, and AI integration, with the gaming sub-sector showing significant growth [21][23][24] - The basic chemical industry experienced slight revenue and profit growth in the first half of 2025, indicating a bottoming recovery trend [15][16] - The photovoltaic industry is facing challenges with a significant decline in new installation demand, while energy consumption standards for polysilicon production are set to increase, potentially constraining supply [17][18][20] Domestic Market Performance - The Shanghai Composite Index closed at 3,933.97 with a gain of 1.32%, while the Shenzhen Component Index rose by 1.47% to 13,725.56 [3] - The A-share market showed mixed performance with sectors like aerospace and automotive leading gains, while gaming and consumer electronics lagged [12][13] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced slight declines, indicating a cautious global market sentiment [4] Industry Analysis - The basic chemical sector reported total revenue of 13,004.67 billion with a year-on-year growth of 4.70%, and net profit of 770.50 billion, reflecting a stable recovery [15][16] - The gaming industry saw a remarkable increase in revenue and net profit, with a year-on-year growth of nearly 24% and 75% respectively, showcasing strong market demand [23][24] - The photovoltaic sector's new installation capacity dropped by 55.29% year-on-year in August, highlighting a significant slowdown in growth [18][20] Policy and Economic Environment - The Chinese government has implemented various policies to stimulate economic growth, including measures to enhance consumption and support traditional industries [9][10] - The macroeconomic environment is characterized by a "weak recovery, low inflation" phase, with a focus on stabilizing growth and preventing risks [10] Investment Recommendations - The report suggests a balanced investment approach between growth and value styles, with a focus on sectors like TMT, pharmaceuticals, and securities [10][32] - In the basic chemical sector, it is recommended to focus on segments benefiting from supply-side improvements, such as pesticides and organic silicon [16] - For the gaming sector, attention is drawn to companies with strong product cycles and performance metrics, as well as those leveraging AI for efficiency [23][24]

长按识别下面二维码，添加 @课程小助手 微信，回复「 0919 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 消费行业的分类 消费行业，跟投资者的日常生活密切相关，也是最知名的行业。 一般提到消费行业，会有两种：必需消费、可选消费。 文 | 银行螺丝钉 （转载请注明出处） 有朋友问，消费有哪些细分行业，长期表现如何？ 过去20年，消费行业经历了哪些牛熊市？为啥今年比较低迷，之后还会起来吗？ 投资消费行业，需要注意哪些？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 （1）必需消费 是我们日常生活中必不可少的消费品。 主要是食品饮料，包括酒、乳制品、肉制品等。 （2）可选消费 是提高我们生活质量的消费品。 主要是汽车、家电、传媒娱乐等。 像之前比较火的新能源车属于可选消费，游戏属于传媒娱乐。 另外，消费行业和一些策略进行叠加，也可以组成新的指数。 比如，消费行业和龙头策略进行叠加，组成了消费龙头指数。 下面这张图，汇总了消费行业的常见指数，方便大家更加直观地了解消费行业的分类、具体情况等。 消费行业的长期表现 长期来看，消费行业的表现不错。 如下是11个一级行业从2004年年底以来的表现。 ...

星辉娱乐（300043.SZ）10月9日午间公告，截至本公告披露日，星辉体育（香港）、星辉游戏（香港）出售西班牙人俱乐部股权的相关公司注册变更登记手 续已完成。 | RASTAR | | 星辉互动娱乐股份有限公司 | | --- | --- | --- | | OT M5 BYTT - 0000 40 | ver MARK The Film dot 111 re- | A H- WA C 0005 040 | 星辉体育（香港）已收到VELOCITY支付的6500万欧元现金，VELOCITY已向星辉体育（香港）交付其14.72股A类股份（估值为2500万欧元，占VELOCITY 总股本的6.33%），向星辉游戏（香港）交付其23.54股A类股份（估值为4000万欧元，占VELOCITY总股本的10.12%），上述38.26股A类股份均已在英国公 司注册处完成登记。 交易标的自审计报告截止日（2025年5月31日）至股权交割日（2025年9月 30日）期间，因出售球员等经营活动累计产生的经营利润已并入公司经常性收 益，增加归母净利润约人民币10,298.07万元。上述数据未经审计，具体将以公司年度审计报告为准。 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 10 月 09 日 资料来源：聚源，中原证券研究所 -19% -13% -8% -3% 2% 7% 12% 18% 2024.10 2025.02 2025.06 2025.09 上证指数 深证成指 | 周度策略：一周要闻与投资参考(2025.0929-1005） | | --- | | 周度策略：一周要闻与投资参考(2025.0922-0928） | | 市场分析：航天汽车行业领涨 A 股震荡整固 | | 市场分析：电源计算机领涨 A 股小幅整理 | | 宏观专题：我国科创债市场发展及民营企业参与度分析 | | 【行业公司】 | 行业深度分析：上半年业绩小幅增长，二季度环比进一步改善 行业月报：八月国内新增光伏装机需求显著萎缩，多晶硅能耗标准拟大幅 提升 行业月报：周期为盾，成长为矛，关注工程机械、船舶、机器人、AIDC 等高景气板块 行业月报：稳增长工作方案出台，助力行业高质量发展 | 国内市场表现 | | | | --- | - ...

Group 1 - A-shares are expected to perform well after the "Eleventh" holiday, supported by global monetary and fiscal policy easing and the arrival of the third-quarter report trading window [2][4] - The AI industry has seen significant catalytic events during the holiday, boosting market confidence in AI computing power, storage, and applications [2][3] - The market is anticipated to maintain a trend of gradual upward movement, with improved risk appetite and favorable liquidity conditions [2][4] Group 2 - Analysts suggest focusing on technology growth sectors, particularly in AI, innovative pharmaceuticals, and military industries, as these areas are expected to provide substantial investment opportunities [4][5] - The "anti-involution" theme is gaining traction, with resources likely to concentrate on high-quality enterprises, enhancing resource allocation [4][5] - The real estate sector is expected to benefit from forthcoming supportive policies, presenting potential recovery opportunities for undervalued stocks [5]

国家外汇管理局近日公布的数据显示，今年8月份，我国国际收支货物和服务贸易进出口规模42818亿 元，同比增长2%。其中，服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。发展服务贸易和服 务消费是稳外贸、扩内需的重要抓手。着力促进服务出口，要进一步推动服务贸易创新发展，提升传统 优势服务业的国际竞争力，扩大优质服务进口。 在此背景下，应持续推动服务贸易创新发展，助其从"中国创新"走向全球共赢。 持续推动技术创新。加大数字新基建投入和核心技术创新力度，建设和完善新型基础设施体系，夯实服 务贸易创新发展的物质技术基础，全面提升服务贸易数字化转型升级能力，从源头提升知识服务的技术 含金量。 拓展服务贸易新业态、新模式，加快推进数字绿色服务贸易、新型离岸贸易发展。构建全方位支持数字 服务贸易、绿色服务贸易发展的政策体系，推动服务业态和商业模式的创新发展，重构服务交付方式和 服务供需匹配机制，促进产业链与生态融合，培育知名服务贸易品牌。 优化服务贸易创新发展的制度环境和政策体系。全面实施跨境服务贸易负面清单，完善负面清单管理制 度，有序推进电信、教育、文化、医疗、金融等领域的开放。健全与国际先进规则接轨的服 ...