国内市场综述 冲高回落 震荡走弱 周四（10 月 30 日）大盘冲高回落，放量走弱。截至 收盘，上证综指收于 3986.9 点，下跌 0.73%；深成指 收于 13532.13 点，下跌 1.16%；科创 50 下跌 1.87%； 创业板指下跌 1.84%，万得全 A 成交额共 24643 亿元， 较前一日有所上升。 4. 商务部发布《关于拓展绿色贸易的实施意见》 5. 外媒称 G7 将建立关键矿产联盟以对抗中国，外交 部回应 6. 全球重要经济数据发布 美股三大指数全线收跌，脸书跌超 11% 周四（10 月 30 日），美国三大股指全线收跌，道指 跌 0.23%，标普 500 指数跌 0.99%，纳指跌 1.57%。波 音跌超 6%，亚马逊跌逾 3%，领跌道指。万得美国科技 七巨头指数跌 2.15%，脸书跌超 11%，特斯拉跌逾 4%。 中概股多数下跌，小马智行跌近 7%，世纪互联跌超 5%。 新闻精要 1. 习近平同美国总统特朗普在釜山举行会晤 2. 财政部等五部门联合印发通知，完善免税店政策支 持提振消费 3. 商务部新闻发言人就中美吉隆坡经贸磋商联合安 排答记者问 行业方面，30 个中信一级行业有 4 ...

国内市场综述 量价齐升 震荡上扬 周三（10 月 29 日）大盘量价齐升，震荡上扬。截至 收盘，上证综指收于 4016.33 点，上涨 0.7%；深成指 收于 13691.38 点，上涨 1.95%；科创 50 上涨 1.18%； 创业板指上涨 2.93%，万得全 A 成交额共 22907 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 26 个行业上涨，其 中电力设备及新能源、有色金属及总合计金融涨幅较 大，而银行、食品饮料及纺织服装则跌幅居前。概念 方面，光伏逆变器、工业金属精选及反内卷等指数表 现活跃。 海外市场综述 美股三大指数收盘涨跌不一 周三（10 月 29 日），美国三大股指收盘涨跌不一， 道指跌 0.16%，标普 500 指数持平，纳指涨 0.55%。波 音跌超 4%，联合健康集团跌逾 3%，领跌道指。万得美 国科技七巨头指数涨 1.14%，英伟达涨近 3%，总市值 站上 5 万亿美元大关，谷歌涨超 2%。中概股涨跌不一， 阿特斯太阳能涨近 16%，陆控跌超 5%。 新闻精要 1. 外交部：愿同美方共同努力，推动中美元首会晤取 得积极成果 2. 商务部等 5 部门印发《城市商业提 ...

Domestic Market Overview - The domestic market experienced a pullback after a rise, with the Shanghai Composite Index closing at 3988.22 points, down 0.22% [10][11] - The Shenzhen Component Index closed at 13430.1 points, down 0.44%, while the ChiNext Index fell by 0.15% [11] - A total of 30 first-level industries saw 9 industries rise, with defense and military, as well as computer sectors leading the gains, while non-ferrous metals, steel, and construction faced significant declines [11][12] Overseas Market Overview - The U.S. stock market indices all closed higher, with the Dow Jones up 0.34% and the Nasdaq rising by 0.8% [2] - Notable performers included Nvidia, which rose nearly 5%, and Sherwin-Williams, which increased over 5% [2] Key Economic Data - From January to September, industrial enterprises above designated size in China achieved a total profit of 537.32 billion yuan, reflecting a year-on-year growth of 3.2% [21] - In September, profits for these enterprises increased by 21.6% year-on-year [22] - The demand for cold chain logistics in the food sector reached 1.173 billion tons in the third quarter, marking a year-on-year growth of 4.72% [22] Policy and Strategic Developments - The "14th Five-Year Plan" recommendations were fully released, emphasizing economic growth within a reasonable range, improvement in total factor productivity, and significant increases in resident consumption rates [12][14] - The plan advocates for the development of strategic emerging industries such as new energy, aerospace, and quantum technology, aiming to create new economic growth points [12][14] - It also calls for comprehensive implementation of the "Artificial Intelligence +" initiative and measures to boost consumption [12][14]

Domestic Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 3996.94 points, up 1.18%, and the Shenzhen Component Index closing at 13489.4 points, up 1.51% [1][4] - A total of 27 out of 30 sectors in the CITIC first-level industry index saw gains, with telecommunications, electronics, and non-ferrous metals leading the increases, while media, food and beverage, and real estate experienced slight declines [1][4] - The total trading volume of the A-share market reached 23,566 billion yuan, showing an increase compared to the previous day [1][4] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones rising by 0.71%, the S&P 500 increasing by 1.23%, and the Nasdaq gaining 1.86% [2][4] - Notably, Qualcomm's stock surged over 11%, reaching a new high since July 2024, while other tech giants like Nvidia and Apple also saw significant gains [2][4] - Chinese concept stocks mostly rose, with Xpeng Motors increasing by over 6% [2][4] Key Drivers - The opening of the 2025 Financial Street Forum featured significant statements from key financial leaders, including the People's Bank of China Governor, emphasizing a supportive monetary policy stance and the importance of optimizing the digital yuan's positioning [9][13] - The A-share market saw a total of 3,361 stocks rise, with 288 stocks increasing by over 5%, indicating a strong market sentiment as the index approached the 4000-point mark [9][8] Regulatory Developments - The China Securities Regulatory Commission (CSRC) issued the "Qualified Foreign Investor System Optimization Work Plan," aiming to enhance the attractiveness and adaptability of the QFII system by streamlining approval processes and expanding investment scopes [17][18] - The plan includes measures to simplify the qualification approval and account opening processes for foreign investors, which is expected to lower operational costs and encourage long-term capital inflows [19][20]

Investment Rating - The communication industry is rated as "Positive" with expectations that the industry index will outperform the market index by over 5% in the next six months [49]. Core Insights - The communication sector has shown robust growth, with a 11.56% increase from October 20 to October 24, 2025, outperforming the CSI 300 index by 8.31 percentage points [3][13]. - Year-to-date, the communication industry has risen by 70.42%, ranking second among major sectors [3][15]. - The current PE TTM for the communication sector is 25.93, which is at the 34.12 percentile, indicating a relatively low valuation level [15]. - The report highlights a significant internal performance and stock price divergence among listed companies, suggesting a cautious yet optimistic outlook for operators with sustained profit growth and enhanced network value [6][47]. Summary by Sections Market Review - The communication sector has outperformed the CSI 300 index, with 101 out of 120 listed companies experiencing stock price increases during the review period [14][15]. - The top three gainers were Zhongji Xuchuang, Online Offline, and Shijia Photon, while the top three decliners were Dongxin Peace, Zhongguang Lightning Protection, and Wanma Technology [17][14]. Industry News - The report discusses the strategic focus on emerging technologies such as quantum technology, embodied intelligence, and 6G, which are expected to create significant market opportunities over the next decade [18][19]. - Major telecommunications companies like China Mobile, China Telecom, and China Unicom reported steady revenue growth, with China Mobile achieving a revenue of 794.7 billion yuan and a net profit of 115.4 billion yuan, reflecting a 4% year-on-year increase [26][28][30]. Investment Recommendations - The report suggests maintaining a cautiously optimistic stance, focusing on operators with continuous profit growth, companies benefiting from traffic growth and computing networks, and high-quality firms with strong core competitiveness [6][47].

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by more than 5% over the next six months [10]. Core Insights - Recent fluctuations in international gold prices have been significant, with a notable drop of 6.3% on October 21, marking the largest single-day decline since April 2013, and prices fluctuating between $3950 and $4150 from October 22 to 27 [1][2]. - The primary drivers of recent volatility include a reduction in geopolitical risks, a reversal in market sentiment, and profit-taking after a cumulative increase of over 65% in gold prices since 2025 [2]. - The report highlights that despite short-term volatility, the long-term bullish trend for gold remains intact, with a recommendation to view price corrections below $4000 as potential long-term investment opportunities [3]. Summary by Sections Recent Price Movements - Gold prices experienced a sharp decline, with related assets also suffering losses, including a 7.60% drop in gold stock ETFs [1]. - Domestic gold jewelry prices were adjusted downwards by over 6% [1]. Market Drivers - Geopolitical risk reduction and a shift in market sentiment have led to decreased demand for gold as a safe haven [2]. - The report notes a liquidity squeeze effect in the A-share market, causing systemic sell-offs and impacting gold stocks negatively [2]. - The Federal Reserve's policy expectations have shifted, with a decrease in the probability of interest rate cuts, which has further pressured gold prices [2]. Upcoming Catalysts - Key upcoming data releases, including the Federal Reserve's interest rate decision and U.S. non-farm payroll data, are expected to influence gold prices significantly [3]. - A dovish signal from the Fed could boost gold prices, while a hawkish stance may lead to further declines [3]. Investment Recommendations - The report suggests maintaining a gold asset allocation of 10%-15% in investment portfolios to hedge against dollar credit risks [8]. - It recommends focusing on companies with strong resource reserves, cost control, and expansion potential, such as Zijin Mining and Shandong Gold [8].

Domestic Market Overview - The domestic market experienced a volatile rise with increased trading volume, with the Shanghai Composite Index closing at 3950.31 points, up 0.71%, and the Shenzhen Component Index closing at 13289.18 points, up 2.02% [1][9] - The total trading volume for the entire A-share market reached 199.16 billion yuan, showing an increase compared to the previous day [1][9] - Among the 30 first-level industries, 14 saw gains, with telecommunications, electronics, and defense industries leading the increases, while oil, coal, and food and beverage sectors faced significant declines [1][9] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones rising by 1.01%, the S&P 500 up by 0.79%, and the Nasdaq increasing by 1.15% [2] - Notably, IBM's stock surged over 7%, and Goldman Sachs rose more than 4%, leading the gains in the Dow [2] Driving Factors - Recent U.S.-China trade talks held in Kuala Lumpur, Malaysia, led by Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen, resulted in a basic consensus on key economic issues, which is expected to boost market sentiment [10][14] - A total of 3028 stocks in the A-share market rose, while 2274 fell, indicating a generally positive market environment following the trade discussions [10] Industry Insights - The report highlights the performance of specific sectors, with memory storage, circuit boards, and HBM indices showing active performance [1][9] - The energy sector reported significant growth, with national power generation capacity reaching 3.72 billion kilowatts, a year-on-year increase of 17.5%, and solar power capacity growing by 45.7% [21]

Investment Rating - The report rates the industry as "Positive" with expectations that the industry index will outperform the market index by over 5% in the next six months [7]. Core Insights - The "14th Five-Year Plan" emphasizes technological innovation as a driver for building a modern industrial system, elevating the strategic position of the computer industry from a supporting tool to an engine of new productive forces [3][10]. - The primary task for industry development is to tackle "root technologies" to achieve technological self-reliance, focusing on breakthroughs in foundational software, high-end AI chips, and computing infrastructure [3][11]. - The integration of "Artificial Intelligence+" is central to empowering industries, with computer technology permeating all aspects of research, production, and management, leading to new business models [3][12]. - The value release of data as a production factor and the establishment of security barriers are equally important, necessitating advancements in cybersecurity technologies [3][14]. Summary by Sections Strategic Positioning - The computer industry is positioned as a key player in achieving high-quality development and technological self-reliance, moving beyond efficiency enhancement to becoming a cornerstone of digital China and a network power [10]. Core Technologies - The focus is on addressing long-standing "bottleneck" issues by enhancing original innovation and tackling key core technologies, particularly in foundational software and core chips [11]. - China's research capabilities are rapidly improving, with a significant increase in AI-related publications and patents, indicating a strong push towards self-sufficiency in technology [11]. Industry Empowerment - The report highlights the rapid growth of the AI sector, with over 4,700 AI companies and a core industry scale nearing 600 billion yuan, indicating a doubling in four years [12]. - The integration of AI into various industries is expected to drive significant transformations, with a focus on developing industry-specific AI models and solutions [12][13]. Data and Security - The report underscores the importance of balancing development and security, with data becoming a critical production factor and the need for robust cybersecurity measures [14]. - China's extensive 5G infrastructure supports the secure transmission of data, which is essential for the digital economy [14]. Development Outlook - The computer industry is anticipated to enter a golden development period driven by national strategies and market demands, focusing on technological autonomy, industrial intelligence, and security systems [15]. - The competitive landscape is shifting towards a focus on core technologies and deep industry understanding, with companies that excel in foundational software and AI expected to lead the modernization efforts [15].

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [10]. Core Insights - The report emphasizes the transition from a "manufacturing power" to a "manufacturing strong power," positioning advanced manufacturing as the backbone of a modern industrial system, highlighting the importance of intelligent transformation and digitalization as national strategic tasks [3][4]. - The report identifies "self-reliance" and "intelligent upgrading" as the two main investment themes, suggesting a focus on companies that achieve breakthroughs in key core technologies and those that enhance efficiency through technological empowerment [5][8]. Summary by Sections Policy and Industry Trends - The core policy direction is to build a modern industrial system supported by advanced manufacturing, with a focus on intelligent, green, and integrated development [3]. - The report indicates that the high-end equipment manufacturing industry is at the beginning of a high prosperity growth cycle, with industrial robot production increasing by 29.8% year-on-year in the first three quarters of 2025 [4]. Investment Recommendations - Investment Theme 1: Focus on "self-reliance" by targeting leading companies that make breakthroughs in critical core technology areas, particularly in high-end machine tools [5][8]. - Investment Theme 2: Emphasize "intelligent upgrading" to drive efficiency across the entire industrial chain, with a growing demand for automation equipment and industrial software [8]. - Investment Theme 3: Long-term investment in core components and basic processes, as highlighted by the emphasis on original innovation [8]. - Investment Theme 4: Focus on sectors that can create new productive forces, particularly in the humanoid robot market, which is expected to see significant growth [8].

Domestic Market Overview - The domestic market experienced a rebound with reduced trading volume, with the Shanghai Composite Index closing at 3922.41 points, up 0.22%, and the Shenzhen Component Index closing at 13025.45 points, also up 0.22% [1][4][9] - Among the 30 sectors tracked, 21 sectors saw gains, with notable increases in oil, petrochemicals, coal, and comprehensive sectors, while communication, real estate, and building materials sectors faced declines [1][4][9] - The total trading volume for the A-share market was 16,607 billion yuan, showing a slight decrease compared to the previous day [1][4][9] Overseas Market Overview - The U.S. stock market indices all closed higher, with the Dow Jones up 0.31%, the S&P 500 up 0.58%, and the Nasdaq up 0.89% [2][4] - Notable performers included Honeywell International, which rose over 6%, and 3M Company, which increased by more than 2% [2][4] - Chinese concept stocks mostly rose, with Tiger Securities up nearly 6% and Hesai Technology up nearly 4% [2][4] Key News Highlights - The 20th Central Committee's Fourth Plenary Session approved the "14th Five-Year Plan" proposals, emphasizing high-quality development and significant improvements in various sectors by 2035 [3][11] - The Ministry of Commerce announced that a delegation led by Vice Premier He Lifeng will visit Malaysia for U.S.-China trade negotiations from October 24 to 27 [3][12] - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises, focusing on enhancing core competitiveness and strategic planning [3][13][14] - The first domestically developed large dual-fuel roll-on/roll-off passenger ship was delivered, achieving 100% localization in its interior [3][15]