Core Viewpoint - The launch of the scaleX640 by Dawning Technology is expected to enhance the performance of trillion-parameter model training and inference by 30-40%, potentially accelerating the breakthrough of domestic computing chips in training scenarios [2][4]. Performance Enhancement - The scaleX640 achieves a 20-fold increase in computing density compared to traditional solutions, enabling a 30-40% performance improvement in MoE trillion-parameter model training and inference scenarios [2]. - The system has undergone a 30-day reliability test, ensuring support for large-scale cluster deployments of up to 100,000 cards, which helps mitigate performance degradation and cost increases during model training due to chip failures [2]. Open Ecosystem - The scaleX640 adopts an AI computing open architecture, supporting multiple brands of acceleration cards at the hardware level and being compatible with mainstream computing ecosystems at the software level [2]. - The open architecture is expected to facilitate the integration of domestic computing software ecosystems and unify supernode structures, potentially aiding rapid iterations of domestic supernodes [2]. Technological Innovation - The scaleX640 utilizes innovative technologies such as ultra-high-speed orthogonal architecture, ultra-high-density blades, immersion phase change cooling, and high-voltage direct current power supply, which may drive technological advancements in the upstream supply chain [3]. Catalysts for Growth - The successful implementation of the scaleX640 in domestic large model training scenarios is anticipated to accelerate the construction of local intelligent computing centers [4].

【策略】 Q3 主动基金动向：大幅加仓 AI 硬件 主动基金大幅加仓 AI 硬件。 2025Q3 主动偏股基金和股票 ETF 重仓市值合计环比 +21.7% 至 7.23 万亿元，创历史新高。主动偏股基金股票仓位环比升至 85.6% ，持仓集中度 CR20 环比 +6.3% 。板块上，主动基金大幅增配创业板和科创板，继续减配主板，港股实配比例小幅下滑。风格上，主动基金加仓行 为较极致，增配沪深 300 ，减配上证 50 和中小盘；大幅增配成长，减配消费和金融居前。三季度全球 AI 产业催化众多，主动基金大幅增配 TMT 产业链， 电子、通信实配比例均创下历史新高，其中电子行业实配比例升至 25.5% ，已经超过 2021 年牛市主线电力设备实配比例高点（ 20.3% ），加仓风格较为 极致。随着基金回本效应持续显现，叠加宽基指数突破关键整数点位，主动基金规模仍有上行空间，仓位偏低且业绩偏强的电新 / 计算机 / 传媒，以及增速 显著改善的周期行业或受到资金青睐。 行业配置：增配 TMT/ 中游制造，减仓消费 / 大金融。 三季度基金主要增配电子 / 通信 / 电新 / 有色，减配银行 / 食饮 / 家电 / ...

11月4日，国泰海通2026年度策略会于北京开幕。本次会议以"启航新征程"为主题，来 自政府、投资机构、产业、学界的专家、学者汇聚一堂，就市场热点和2026年度投资 策略进行深入探讨和全面展望。国泰海通党委副书记、总裁李俊杰出席会议并致辞， 副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈忠义出席会议，研究 与机构业务委员会副总裁、研究所所长路颖主持主论坛。 李俊杰在致辞中表示，当前中国经济正以坚持高质量发展的战略定力积极应对外部环境 的不确定性，成为世界经济增长的重要动力源和稳定锚。在此背景下，新一轮资本市场 改革聚焦提升制度包容性、适应性和吸引力、竞争力，有望进一步带来中国资产广泛价 值重估机遇。近年来，中国资本市场加速机构化、产品化、国际化，机构投资者等中长 期资金"压舱石"和"稳定器"作用不断凸显。国泰海通持续深化投研能力建设、完善产品 服务矩阵，为机构投资者提供了包括投资研究、交易服务、产品代销、资本中介等在内 的一站式、跨领域、全链条综合金融服务；同时，强化"投资—投行—投研"协同联动， 为企业客户提供全生命周期综合服务，持续助力科技创新和新兴产业、未来产业发展。 未来，国泰海通将继续坚持 ...

Core Viewpoint - The article discusses the periodic adjustments of major market index ETFs and the liquidity impact of these adjustments, highlighting the increasing trend of index-based investment in the market [3][4]. Market Index ETF Scale - As of the end of October 2025, the scales of major index ETFs are as follows: - SSE 50: 192.6 billion - STAR 50: 180.1 billion - CSI 300: 1,254.7 billion - CSI 500: 181.9 billion - CSI 1000: 170.2 billion - ChiNext Index: 141.0 billion - The overall scale of these index ETFs has increased by 4.7 times compared to the end of 2021, indicating a more pronounced trend towards index-based investment [3]. Index Component Stock Adjustment Predictions - Predictions for adjustments in core index components include: - SSE 50: 4 stocks expected to be added (Hua Dian New Energy, SAIC Motor, Zhongke Shuguang, Northern Rare Earth) and 4 stocks expected to be removed (Poly Development, CRRC, Guodian Nanjing, Shaanxi Coal) [4]. - STAR 50: 2 stocks expected to be added (Aojie Technology -U, Shengke Communication -U) and 2 stocks expected to be removed (Huaxi Biological, Hangcai Co.) [4]. - CSI 300: 10 stocks expected to be added (Hua Dian New Energy, Shenghong Technology, Ningbo Port) and 10 stocks expected to be removed (Flaite, TCL Zhonghuan, Nasda) [4]. - CSI 500: 50 stocks expected to be added (O-film, Supor, Yingjia Gongjiu) [4]. - CSI 1000: 100 stocks expected to be added (Wan Energy Power, Laofengxiang, Xiamen Guomao) [4]. - ChiNext Index: 8 stocks expected to be added (Yinzhijie, Robot Technology, Changshan Pharmaceutical) [4]. Market Index Adjustment Liquidity Impact - The article tracks the ETF fund scales of the CSI and National Series indices and the predicted adjustments in component stock weights to construct a liquidity impact factor for the entire market index adjustments. - The highest liquidity impact from additions includes stocks like Dongshan Precision, Shenghong Technology, and Zhongke Shuguang; while the highest liquidity impact from removals includes stocks like Tangrenshen, Beiyuan Group, and Suneng Shares [4].

因子协方差矩阵更新。 股票协方差矩阵估计是股票组合风险预测的核心。利用多因子模型，可以将股票协方差矩阵拆解为因子协方差矩阵和股票特质风险矩 阵的结合，从而完成较为准确的估计。本文更新了最新一期（ 2025/10/31 ）的因子协方差矩阵。股票协方差矩阵构建详见报告《 A 股风险模型实践：股票 协方差矩阵估计篇 _20240530 》。 风险提示： 量化模型基于历史数据构建，而历史规律存在失效风险。 报告导读： 本报告对大小盘轮动月度策略、价值成长轮动月度策略以及风格因子表现进行 跟踪。综合量化模型信号和日历效应， 11 月建议超配小盘风格，价值风格。 大小盘风格轮动月度策略。 10 月底量化模型信号为 -0.17 ，指向大盘；日历效应上，历史 11 月小盘相对占优；建议 11 月超配小盘风格。中长期观点： 当前市值因子估值价差为 0.88 ，相对历史顶部区域 1.7~2.6 仍有距离，中长期并不拥挤，继续看好小盘。本年以来 大小盘轮动量化模型收益为 27.85% ， 相对等权基准的超额收益为 2.86% 。结合主观观点的策略收益为 26.6% ，超额收益为 1.61% 。策略构建详见报告《量化视角多维度构建大 ...

Core Viewpoint - The electronic industry continues to experience high prosperity, with tight supply and demand in the memory segment leading to accelerated price increases; positive progress in China-US trade negotiations has improved export demand; domestic demand remains weak, while prices of steel and coal, affected by supply tightening, remain stable [1][2][3]. Group 1: Electronic Industry - AI computing demand is surging, driving the prosperity of the electronic industry chain, with DRAM memory prices continuing to rise, and domestic semiconductor sales growth showing marginal improvement [1][3]. - The Shanghai Export Container Freight Index (SCFI) has significantly increased, indicating improved export demand expectations [1]. - The semiconductor sales in September showed a year-on-year increase of 15.0%, reflecting a further improvement in growth rates [3]. Group 2: Real Estate and Consumer Durables - Real estate sales are at a low point, with the transaction area of commercial housing in 30 major cities down by 39.9% year-on-year, with first, second, and third-tier cities seeing declines of 57.0%, 32.7%, and 27.4% respectively [2]. - Retail sales of passenger cars decreased by 9.0% year-on-year, attributed to previous demand exhaustion and the withdrawal of subsidies [2]. - The air conditioning production for domestic and foreign sales fell by 21.2% and 13.8% year-on-year, respectively, indicating pressure on both domestic and overseas markets [2]. Group 3: Construction and Manufacturing - The construction demand remains weak, with environmental regulations tightening supply, leading to a marginal recovery in steel prices [3]. - The manufacturing sector shows a mixed operating rate, with a slight decline in hiring intentions among companies [3]. Group 4: Resource Prices - Coal prices remained stable due to tight supply ahead of safety inspections and high daily consumption in power plants [3]. - Industrial metal prices are fluctuating within a narrow range, influenced by international market conditions and high prices affecting downstream demand [3]. Group 5: Transportation and Logistics - Passenger transport demand is gradually improving, with a 2.1% increase in long-distance travel demand week-on-week [4]. - However, freight logistics demand has slightly declined, with national highway truck traffic and railway freight volume down by 2.5% and 0.8% respectively [4]. - The port throughput has improved, reflecting positive developments in export expectations due to the progress in China-US trade negotiations [4].

Core Insights - The infrastructure REITs sector showed significant divergence in Q3 2025, with structural opportunities emerging for quality assets supported by oversold recovery and institutional allocation demand [1][2] Group 1: Sector Performance - The affordable housing sector demonstrated the most robust performance, benefiting from stable rental rates and occupancy, with most projects achieving positive revenue growth [1] - The municipal environmental protection sector also performed well, with overall revenue indicators showing year-on-year increases and a simultaneous rise in both volume and price [1] - In contrast, the industrial park sector continued to decline, facing significant challenges due to supply-demand imbalances, with most projects experiencing revenue pressure [1] - The warehousing sector faced marginal pressure, with market-driven projects impacted by increased competition from new entrants [1] - The energy sector's Q3 operational data was disappointing, with only 1 out of 6 comparable projects achieving positive year-on-year revenue growth, influenced by regional natural resource changes and electricity market reforms [1] Group 2: Market Trends - Following the disclosure of Q3 REIT reports, the divergence in operating performance across different REIT sectors was reflected in the secondary market, with significant declines in industrial park and warehousing sector stock prices [2] - The REITs total return index briefly returned to the 1030-point level, indicating market volatility [2] - Future focus should remain on quality assets supported by oversold recovery and institutional allocation demand, while weaker projects may face further declines [2] - Attention is needed on the pace of market recovery to prevent oversold recovery from turning into an overshoot, with a cautious approach to trading and timely portfolio optimization recommended [2]

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法律声明 電 888 启HL 国泰海通证券 GUOTALHATONG SEURTES FREE all of the STENDING n 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 te . . · t a to a lo . . . 0 19 国泰海通证券2026年度策略会 2025年11月4-6日 | 北京 中国大饭店 l BE HS 1 8 1 . 国泰海通运 ...

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