Core Viewpoint - The A-share market is currently undergoing a healthy adjustment within the growth industry cycle, indicating that the adjustment has entered its later stage, with November being a critical verification window for the next phase of growth opportunities [2][3]. Historical Adjustment Patterns - Historical data shows that typical adjustments in growth sectors have a maximum decline of 15%-20% and last 1-2 months, with stronger sectors experiencing shallower and quicker corrections [3][4]. - The current adjustment has seen the ChiNext index decline by only 9.1% over 8 days, while the AI computing sector has dropped 10.4% over 22 days, both remaining below historical adjustment limits [3][4]. Upcoming Catalysts - Two key events in late October to early November will influence the market's next phase: the completion of Q3 earnings reports and the outcomes of the APEC summit regarding US-China relations [5][6]. - The Q3 earnings reports are expected to highlight the performance of growth sectors, with AI computing chains showing an average net profit growth of over 30% [6]. - A potential easing of tensions in US-China relations could positively impact sectors like semiconductors and wind energy, enhancing market sentiment [6][7]. Policy and Liquidity Factors - Ongoing discussions about the next five-year plan are expected to boost policy support for technology and high-end manufacturing sectors, which has already begun to influence market risk appetite [8]. - The anticipated interest rate cut by the Federal Reserve is likely to create more room for domestic monetary policy, which historically benefits growth sectors more than value sectors [8]. Investment Focus - The current adjustment phase is seen as an opportunity to focus on growth sectors with strong performance support, particularly in AI computing and applications [9]. - The AI industry is still in a strong upward trajectory, with significant capital expenditure expected in data centers and related infrastructure [9][10]. - The power equipment sector is poised for growth driven by high domestic investment and expanding international markets [13]. - The machinery sector is also expected to benefit from overseas demand, particularly in high-end and intelligent equipment [14]. Conclusion - The current market adjustment is viewed as a temporary phase, with November's earnings and policy signals likely to open new opportunities for growth investments [15].

147亿市值！深圳前海半导体巨头再闯IPO，年出货量超过24亿颗 原创 阅读全文 格隆汇新股 ...

ETF进化论 大反攻！大佬卖飞了？ 原创 阅读全文 ...

格隆汇新股 市值超588亿！首创证券赴港IPO，来自北京朝阳区 原创 阅读全文 ...

作者 |哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 2025年以来，国际黄金价格走出一骑绝尘的超强行情。 高盛等国际大投行原本以为金价年底能站上4000/盎司已经足够惊艳，没想到这个目标价在四季度刚开始就被摧枯拉朽毫不费力地超越了。 就在本周一，国际黄金价格已然无限接近4500美元/盎司大关，而国内的黄金期货主力合约价格也一举超过1000元/克的历史新纪录。 10月21日， 黄金ETF基金（159937）再度收涨2.35%，重回放量上涨态势。而该ETF年内涨幅已经超过59%，表现远强于大多数其他热门 赛道板块。 不过就在盘后，随着俄乌战争传来新的消息，国际黄金白银价格突发直线跳水，COMEX白银大跌超5.5%， COMEX 黄金也一度跌超2%并失 守4300美 元大关。 近日来，美联储货币政策、中美关税问题、美政府停摆、地缘战争等事件频频发生重大变化，进而引发国际金价出现巨大波动，但尽管如此， 股票市场对于黄金资产的看涨热情依旧显得炙热。 今天盘后金价的大回调，又会是未来重新上车的机会吗？ 黄金资产的全球盛宴 01 拉长时间看，2025年以来，国际黄金确实走出了独立上升曲线，目前累 ...

上证指数又突破了3900，但今天又是老登们心态裂开的一天。上周的时候老登股虽然也没怎么涨，但看着小登们挨打，跌得稀里哗啦，心态上 总是平衡了不少。 结果那个制造上周混乱的人自上周五起不断改变口吻，小登们这周又开始活蹦乱跳，而老登们依然在垂头丧气，分外难受与迷茫。 最近不断有人来问老消费等同类型白马公司的抄底问题，确确实实它们调整的时间足够长（21年上半年至今，4年有余），调整的幅度也足够 大（4、50甚至更高的跌幅大把），估值现在也不高（以典型白酒为代表，估值处在10%的历史分位），是很容易让人觉得，但凡来点催化， 就会起飞的方向。 问题是，这个催化，这个春天还有多远。 01 短期是数据不行 市场对老登们不理不睬，短期核心问题是没有基本面。 昨天官方发布了9月的宏观经济数据，跟消费相关的几个数据，比如社零，房价，还有之前发布的通胀数据，可以来看下。 9月社零增速是3%，相比8月继续放缓，全年5月达到高峰，后面逐月不断下降。 社零是个总量，其中与老登们又相对密切的有餐饮， 餐饮行业 增速6月发生了断崖式下跌，7、8月有微微好转，但9月又重新大幅掉头向下， 仅增长了0.9%，其中规模以上的餐饮企业的收入表现更差， ...

Core Viewpoint - The article discusses the upcoming IPO of a leading optical module company, highlighting its impressive growth trajectory and the experience of its 72-year-old founder [1]. Group 1: Company Overview - The optical module company has achieved a tenfold increase in value over the past three years, indicating strong market performance and growth potential [1]. - The founder, aged 72, has been instrumental in steering the company through its growth phases, showcasing significant leadership experience [1]. Group 2: Market Context - The optical module industry is experiencing rapid growth, driven by increasing demand for high-speed data transmission and advancements in technology [1]. - The company's successful IPO is expected to attract significant investor interest, reflecting the overall positive sentiment in the optical components market [1].

Core Viewpoint - The recent surge in the A-share cultivated diamond sector is driven by policy changes and technological advancements, leading to a revaluation of its market potential from decorative to functional applications [2][4]. Group 1: Market Dynamics - The cultivated diamond sector is experiencing a significant influx of capital, with stocks like Huanghe Xuanfeng and Power Diamond seeing substantial price increases, indicating a collective vote of confidence in the industry's future [2]. - The cultivated diamond's transition from jewelry to high-tech applications, such as in semiconductor cooling solutions, highlights its evolving role in the manufacturing sector [4][5]. Group 2: Technological Advancements - Cultivated diamonds are recognized for their superior thermal conductivity compared to copper and silicon, making them ideal for addressing heat dissipation challenges in advanced electronics [4]. - Power Diamond has set a global record with a 156.47-carat cultivated diamond, showcasing advancements in single crystal cultivation technology that enhance the practical applications of diamonds in electronics [5]. Group 3: Strategic Policy Impacts - The Chinese government has implemented export controls on synthetic diamond products, recognizing their strategic importance in high-end manufacturing, particularly in the semiconductor industry [6][10]. - These export controls are expected to shift the industry focus from scale to technology, promoting higher-end production and innovation within the cultivated diamond sector [10][12]. Group 4: Industry Structure and Challenges - Despite China's dominance in cultivated diamond production, the industry faces structural imbalances, with significant reliance on India for processing and branding, leading to a distorted value distribution [8]. - The Indian cultivated diamond market is under pressure, with a 37.01% year-on-year decline in rough diamond imports, contrasting with the resilience of the natural diamond market, which saw a 14.07% increase in imports [7][8]. Group 5: Future Opportunities - The policy changes are expected to create new opportunities across the industry chain, particularly for upstream manufacturers and midstream processing firms, as well as for downstream brands in the domestic market [11][12]. - The cultivated diamond market in China has a low penetration rate of 5%, indicating significant growth potential as consumer awareness and demand increase [11].

Core Viewpoint - The article discusses the recent market rebound driven by signals of easing trade tensions and highlights the opportunities in the AI and technology sectors, particularly focusing on the performance of ETFs related to AI computing and 5G communication [2][4][10]. Market Performance - The A-share market saw a collective rise, with the Shanghai Composite Index up 0.63%, Shenzhen Component up 0.98%, and the ChiNext Index up 1.98% [4]. - The AI computing sector experienced a significant rebound, with ETFs such as the Huaxia AI ETF (159381) and 5G Communication ETF (515050) rising over 6% at one point during the trading day [3][6]. Industry Trends - A broad-based rally was observed across various sectors, with technology, battery, and consumer electronics leading the gains, while precious metals faced declines [5]. - The demand for 1.6T optical modules is expected to increase, with industry forecasts predicting a rise in global Ethernet optical module market size to $18.9 billion by 2026, and over $35 billion by 2030 [8]. Company Performance - Major companies in the AI and optical module sectors reported strong earnings, with TSMC's Q3 revenue reaching NT$989.92 billion, a 30.3% year-on-year increase, and a net profit of NT$452.3 billion, up 39.1% [11][12]. - The domestic GPU leader, Cambricon, reported Q3 revenue of 1.727 billion yuan and a net profit margin of nearly 33%, indicating robust demand in the AI sector [13]. Investment Opportunities - The article suggests that the upcoming earnings reports and key events such as U.S.-China trade negotiations and Federal Reserve interest rate decisions could present significant investment opportunities, particularly in the AI supply chain [15][16]. - ETFs focused on AI computing and 5G communication are highlighted as stable investment tools, with the 5G Communication ETF (515050) showing a year-to-date increase of 72.57% and a total size of 7.958 billion yuan [19][20]. Sector Focus - The Huaxia AI ETF (159381) has a significant allocation to optical modules, with over 51.8% of its holdings in this area, and is expected to benefit from strong earnings growth in the upcoming quarter [21][22]. - The article emphasizes the importance of focusing on leading companies within the AI sector and suggests that investors should consider ETFs as a way to gain exposure to this high-growth area [18][26].

Core Viewpoint - The article discusses the significant fluctuations in the gold market and highlights warnings from the world's largest hedge fund regarding potential risks and opportunities in the ETF sector related to gold investments [1] Group 1: Market Analysis - The global gold market has experienced substantial volatility, with prices showing dramatic shifts that could impact investment strategies [1] - The largest hedge fund has issued a cautionary statement about the current state of gold investments, suggesting that investors should be vigilant [1] Group 2: ETF Implications - The evolution of ETFs is closely tied to the performance of gold, with increasing interest from investors seeking to hedge against market uncertainties [1] - The article emphasizes the growing trend of using gold ETFs as a means of diversifying investment portfolios amid economic fluctuations [1]