Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - Overseas: Ahead of the China - US negotiations, the US is considering restricting exports of products made with US software to China. The overnight US stock market's major indices closed down slightly, and the market showed strong resistance to this news. Inflation data will be released the next day, and other asset performances were relatively stable. Attention should be paid to tariff - related news and economic data [2]. - Domestic: On Wednesday, the broader market slightly declined, with the Shenzhen Component Index and the ChiNext Index falling more significantly. The market still lacks a clear main line, and the profit - making effect of individual stocks is poor. Policy - oriented signals from the learning newspaper have given the market some confidence. The real estate and state - owned enterprise reform concepts are strengthening, indicating that funds are betting on the development of deep - earth economy, resource assetization, and asset securitization. The stock index is expected to continue to fluctuate, and in the short term, it may retest the 20 - day moving average [3]. 3. Summary by Directory 3.1 Important News - US Senate: The 12th rejection of the temporary appropriation bill led to a "shutdown" [5]. - Japan: The newly - appointed Japanese Prime Minister, Hayase Sanae, plans a procurement package to please Trump [5]. - Tariffs: India and the US are about to reach a trade agreement, reducing tariffs on India to 15% - 16%. The Trump administration is preparing a drug investigation to pave the way for new tariffs [5]. - Russia - Ukraine Situation: The EU approved the 19th round of sanctions against Russia, including a liquefied natural gas import ban. The US is reported to allow Ukraine to use long - range missiles against Russia, but Trump called it fake news. The US Treasury sanctioned two major Russian oil companies, and Trump cancelled his meeting with Putin in Budapest [5]. - China - US Trade: Trump said that China and the US will reach a trade agreement at the APEC summit, but the foreign ministry has no information to provide [5]. - Shenzhen: It aims to exceed 20 trillion yuan in the total market value of domestic and overseas listed companies by the end of 2027 [6]. - Fund Rules: A draft for soliciting opinions on the performance comparison benchmark rules for public funds is about to be released [7]. - Foreign Exchange: In the first three quarters of this year, China's foreign - related payment and receipt totaled 11.6 trillion US dollars, a record high for the same period, with a year - on - year increase of 10.5%. Cross - border capital inflows were 119.7 billion US dollars, and the bank settlement and sales surplus was 63.2 billion US dollars, both higher than the previous year [7]. 3.2 Futures Market Tracking - Performance: The performance of various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000, is presented, showing the closing price, settlement price, change, change rate, basis, etc. [9]. - Trading Volume and Open Interest: The trading volume, trading volume change, turnover, turnover change, open interest, and open interest change of each contract are provided, along with the net position of the top 20 members [10]. 3.3 Spot Market Tracking - Index Performance: The current points, daily, weekly, monthly, and annual changes, trading volume, and price - to - earnings ratios of major indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and others are shown [29]. - Sector Performance: The performance of different sectors, including upstream, mid - stream, consumer, TMT, financial, and public utility sectors, is analyzed, including their price changes, trading volumes, and price - to - earnings ratios [29]. - Market Style Impact: The impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices is presented, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions [30][31]. - Valuation: The valuations and historical quantiles of major indices and Shenwan sectors are shown [33][36]. - Market Activity: The Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, and index trading volume changes are presented [38]. 3.4 Liquidity Tracking - Central Bank Operations: The central bank's open - market operations, including money injection, money withdrawal, and net money injection, are shown [44][45]. - Interest Rates: The Shibor interest rate levels are presented [44][46].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Overseas: Overnight, gold closed down 5.31%. The decline was related to market structure as high prices led to less buying. The risk of the gold slump did not spread to other assets. Risk assets were supported by factors such as the expected end of the US government shutdown this week and optimistic expectations for Sino - US negotiations. The US dollar index, US bonds, and crude oil rose, the US volatility index fell sharply, and the three major US stock indexes showed mixed performance [2]. - Domestic: On Tuesday, the domestic market showed a rebound. The Shanghai Composite Index rose 1.36%, the Shenzhen Component Index rose 2.06%, and the ChiNext Index rose 3.02%. The market was led by technology stocks like computing power hardware. Sectors such as communication, electronics, building decoration, and real estate led the gains, while coal declined. The market's mid - day rise on the previous day was an index - repair rebound rather than a new uptrend due to reduced trading volume and index incoordination. Short - term, the impact of precious metal retracement on the market needs attention, and the index is expected to fluctuate around the 20 - day moving average. Medium - term, the market requires joint efforts from policies and fundamentals [3]. 3. Summary by Directory 3.1 Important News - High - profile political events include the election of Kishida Fumio as the Japanese Prime Minister, the formulation of a 12 - point Russia - Ukraine peace plan by Europe and Ukraine, and Trump's intention to visit China next year [5][7]. - Diplomatic exchanges involve calls between Chinese Minister of Commerce Wang Wentao and Dutch Economic Minister Karel de Groot, and a video conference between Wang Wentao and EU Commissioner for Trade and Economic Security Valdis Dombrovskis [7]. - Diplomatic responses were made regarding the US threat to cut off aircraft parts supply to China [7]. 3.2 Futures Market Tracking - **Price and Volume Data**: The report provides detailed price, volume, and position data for various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000. For example, the Shanghai 50 index rose 1.09%, and its futures contracts IH2511, IH2512, etc., also showed different degrees of increase [9]. - **Base and Spread Data**: It also presents base and spread data for different contracts, which helps investors understand the relative price relationships between futures and spot markets and among different futures contracts [9]. 3.3 Spot Market Tracking - **Index Performance**: Multiple indexes, including the Wind All - A Index, Shanghai Composite Index, and Shenzhen Component Index, showed varying degrees of increase. For example, the Wind All - A Index rose 1.62%, and the Shanghai Composite Index rose 1.36% [32]. - **Sector Performance**: Different sectors had different performances. Communication, electronics, and other sectors led the gains, while coal declined. The report also provides detailed data on sector performance in terms of price changes, trading volume, and other aspects [32]. - **Market Style Impact**: Analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 [33][34]. - **Valuation and Volume Data**: Presents valuation data for important indexes and Shenwan sectors, as well as market trading volume and turnover rate data, which helps investors understand the overall market valuation and trading activity levels [36][39][41]. 3.4 Liquidity Tracking - **Central Bank Operations**: The report shows the central bank's open - market operations, including currency injection, currency withdrawal, and net currency injection [50]. - **Interest Rate Data**: It also provides Shibor interest rate data, which reflects the short - term inter - bank lending rates [51].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Overseas, the US government shutdown may end this week, which will boost market risk appetite to some extent. The market expects the Fed to cut interest rates next week with a probability of over 90% and continue to cut rates in December. Overnight, risk assets were boosted by the expected end of the government shutdown and Trump's remarks on trade negotiations. [2] - In the domestic A - share market, on Monday, the market showed a weak recovery trend with a shrinking volume. The market seems to be waiting for the release of the 14th Five - Year Plan. In the medium term, the stock index still has upward potential based on fundamental improvement and policy support. In the short term, it is expected to continue to fluctuate around the 20 - day moving average, and the market style tends to be balanced. [3] 3. Summaries by Directory Important Information - The US and Australia signed a critical minerals agreement, and Trump said there would be an abundance of rare earths and critical minerals. [5] - The White House stated that Australian pension fund investment in the US will increase by about $1 trillion in the next decade. [6] - White House official Hassett said the government shutdown may end this week; if not, the White House will consider taking stronger measures. [6] - Concerns about bond violations triggered a panic in the Vietnamese market, and the stock index recorded its largest decline since April. [7] - China's GDP in the first three quarters increased by 5.2% year - on - year. [8] - The Ministry of Finance decided to conduct treasury bond market - making support operations in October 2025. [9] - The new loan prime rate remained unchanged, with the one - year and five - year LPRs staying the same. [9] - In September, the prices of newly built commercial residential buildings in first - tier cities decreased by 0.3% month - on - month. [10] Futures Market Tracking - **Index Futures Performance**: The Shanghai Composite 50 Index rose 0.24%, the CSI 300 Index rose 0.53%, the CSI 500 Index rose 0.76%, and the CSI 1000 Index rose 0.75%. Among the futures contracts, most showed fluctuations, with some contracts rising and some falling. For example, IH2511 in the Shanghai Composite 50 futures fell 0.37%, IF2511 in the CSI 300 futures fell 0.44%, IC2511 in the CSI 500 futures fell 1.30%, and IM2511 in the CSI 1000 futures fell 1.28%. [13] - **Trading Volume and Open Interest**: Overall, trading volume and open interest decreased in most varieties. For example, the total trading volume of all varieties decreased by 193,934 lots, and the total open interest decreased by 16,919 lots. [14] Spot Market Tracking - **Market Index Performance**: The Shanghai Composite Index rose 0.63%, the Shenzhen Component Index rose 0.98%, the ChiNext Index rose 1.98%, the Shanghai Composite 50 Index rose 0.24%, the CSI 300 Index rose 0.53%, the CSI 500 Index rose 0.76%, and the CSI 1000 Index rose 0.75%. [36] - **Industry Performance**: Industries such as communication, coal, power equipment, and machinery had the highest gains, while non - ferrous metals, agriculture, forestry, animal husbandry, beauty care, and food and beverage had the largest declines. [3] - **Market Style Influence**: Different market styles had different impacts on various indexes. For example, the cyclical style had a relatively large daily contribution to the CSI 500 and CSI 1000 indexes, while the financial style had a certain impact on the Shanghai Composite 50 and CSI 300 indexes. [37][38] Liquidity Tracking - The report provides figures on central bank open - market operations, including currency injection, currency withdrawal, and net currency injection, as well as the Shibor interest rate level, but no specific analysis is given. [53][54][55]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The overseas market is caught between the Fed's potential interest rate cuts and trade frictions. Although U.S. stocks rose overnight, the increasing volatility indicates growing market concerns. The domestic A - share market shows resilience against external shocks, suggesting that the slow - bull pattern remains unchanged. In the short term, the index is expected to fluctuate around the 20 - day moving average, with the banking sector providing significant support. The short - term market style will tend to be balanced, but this is only a temporary style switch. As the Fourth Plenary Session approaches, the market style is expected to return to a technology - growth orientation [3][12] 3. Summary by Relevant Catalogs 3.1 Market Outlook 3.1.1 Overseas Overnight - The U.S. New York Fed Manufacturing Index in October was 10.7, higher than the expected - 1.4 and the previous value of - 8.7, indicating a marginal recovery in U.S. manufacturing. Fed Governor Milan called for a faster pace of interest rate cuts, and the expectation of rate cuts still affects the market. Overnight, the market continued to be influenced by rate - cut expectations and remained cautious about tariff news. The U.S. dollar index declined, short - term U.S. Treasury yields fell while long - term yields were basically flat, gold prices rose, the Dow of the three major U.S. stock indexes closed down, the Nasdaq and S&P rose, the Nasdaq Golden Dragon China Index rose, but U.S. stock volatility increased, and the offshore RMB exchange rate appreciated. There is uncertainty in the Sino - U.S. game, and the market is still in an observational state [2][5] 3.1.2 Domestic Market Review - Recently released economic and financial data in China are mixed. The export growth rate in September was better than expected, and the annual rates of CPI and PPI in September both rebounded compared to the previous values but were lower than expected. In the financial aspect, M2 growth declined in September, M1 increased year - on - year, and the year - on - year growth rate of social financing declined. The weak total demand still requires policy support. In addition to the current abundant macro - liquidity, the A - share market also needs positive fundamental catalysts. On Wednesday, the market showed a rebound after a decline, with the Shanghai Composite Index rising 1.22%, the Shenzhen Component Index rising 1.73%, and the ChiNext Index rising 2.36%. However, the rebound process was tortuous and mainly concentrated in the afternoon. Although the index performance was good, the individual - stock profit - making effect was poor, and the market's structural trend continued. Among the sectors, power equipment, automobiles, electronics, and pharmaceutical biology led the gains, while steel and petroleum and petrochemicals declined. There were 4332 rising stocks and 944 falling stocks in the whole market [2][6] 3.1.3 Important News - Fed Governor Milan called for a faster pace of interest rate cuts, suggesting two more rate cuts this year are realistic, and the (single) rate - cut amplitude should not exceed 50BP. He also said that apart from gold, he couldn't see risk premiums in the market [7] - The Fed's Beige Book showed that consumer spending decreased slightly, and labor demand was generally weak [8] - U.S. Treasury Secretary Bessent plans to submit a list of three to four candidates to lead the Fed to Trump after Thanksgiving [8] - Trump threatened that if Hamas does not abide by the cease - fire agreement, Israel will resume action at his order [9] - The National Development and Reform Commission plans to build 28 million charging facilities nationwide by the end of 2027 to meet the charging needs of over 80 million electric vehicles [9] - The Ministry of Finance will implement the overseas tourist shopping tax - refund policy in Inner Mongolia Autonomous Region starting from November 1 [10] - China sued India's electric vehicle and battery subsidy measures at the WTO, and the Ministry of Commerce responded that it would take resolute measures to safeguard the legitimate rights and interests of domestic industries [10] - Sanhua Intelligent Control verified that it did not receive large - scale robot orders [11] 3.1.4 Today's Strategy - The overseas market is caught between the Fed's interest - rate cuts and trade frictions. Although U.S. stocks rose overnight, the increasing volatility reflects growing market concerns. The domestic A - share market shows resilience against external shocks, indicating that the slow - bull pattern remains unchanged. In the short term, the index is expected to fluctuate around the 20 - day moving average, with the banking sector providing significant support. The short - term market style will tend to be balanced, but this is only a temporary style switch. As the Fourth Plenary Session approaches, the market style is expected to return to a technology - growth orientation [12] 3.2 Futures Market Tracking - The report provides detailed data on the performance, trading volume, and open interest of various stock - index futures contracts, including the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, as well as their corresponding changes [14][15] 3.3 Spot Market Tracking - The report presents the current points, daily, weekly, monthly, and annual changes, trading volumes, price - to - earnings ratios, and their historical quantiles of major stock indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. It also analyzes the performance of different sectors, including upstream, mid - stream, consumer, TMT, and large - finance sectors [38] - The impact of different market styles (cycle, consumption, growth, finance, stability) on major stock indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 is analyzed [39][40] - Valuation data of important indexes and Shenwan sectors are provided, including current valuations and historical quantiles [42][46] - Data on market trading volume, turnover rate, the number of rising and falling stocks, trading volume changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and net margin trading purchases and their proportions in A - share trading volume are presented [48][50][52] 3.4 Liquidity Tracking - Data on the central bank's open - market operations (money injection, money withdrawal, and net money injection) and Shibor interest - rate levels are provided [54]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The dovish remarks of Fed officials have boosted market expectations for Fed rate cuts, while Sino-US trade frictions have intensified ahead of the APEC meeting, causing uncertainties in the market. The short - and long - term yields of US Treasuries have declined, gold has risen, and the US stock market has shown a volatile trend. The A - share market is in the process of risk release, with the short - term index expected to fluctuate around the 20 - day moving average, and the market style will be balanced in the short term but is expected to return to technology growth as the main line near the Fourth Plenary Session [2][3][16]. Summary by Directory 1. Market Views 1.1 Overseas Overnight - Fed Chair Powell said that balance - sheet reduction may near an end in the next few months and that the downside risk of the employment market has increased. Bowman expects two more rate cuts by the end of this year. Sino - US trade frictions have intensified due to counter - measures against US subsidiaries and Trump's threat to terminate trade in certain commodities. The Fed's dovish signals have supported US Treasuries, gold, and US stocks, but the US stock market has shown a volatile trend [2][6]. 1.2 Domestic Market Review - On Tuesday, the broader market, Shenzhen Component Index, and ChiNext Index all declined. The decline was due to the incomplete clearing of market risks on Monday. The banking sector provided support, while the STAR Market and ChiNext fell. The Sino - US trade friction has dampened market risk appetite. The banking, coal, food and beverage, and transportation sectors led the gains, while the communication, electronics, non - ferrous metals, and computer sectors led the losses [3][7]. 1.3 Important News - Fed: Powell believes that the balance - sheet reduction may near an end, the employment market has downside risks, and the Fed's actions need to be carefully balanced. Bowman expects two more rate cuts by the end of this year. Trump will announce a list of projects to be shut down related to the government shutdown on Friday. The US will announce its national security strategy in a few weeks. Premier Li Qiang chaired an economic symposium. China's Ministry of Commerce took counter - measures against five US - related subsidiaries of Hanwha Ocean Co., Ltd. The Ministry of Transport launched an investigation into the shipping and shipbuilding industries. A document on strengthening photovoltaic capacity regulation may be issued soon [8][9][13]. 1.4 Today's Strategy - The short - term index is expected to fluctuate around the 20 - day moving average. The market style will be balanced in the short term, but it is expected to return to technology growth as the main line near the Fourth Plenary Session [16]. 2. Futures Market Tracking - The report provides the closing prices, settlement prices, price changes, price change rates, basis, and other data of futures contracts such as Shanghai 50, CSI 300, CSI 500, and CSI 1000, as well as the trading volume, trading volume changes, trading value, trading value changes, open interest, and other data of each contract [18][19]. 3. Spot Market Tracking - The report shows the current points, daily, weekly, monthly, and annual price changes, trading volumes, and other data of major stock indices such as the Wande All - A Index, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index. It also analyzes the impact of market styles on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices, and presents the valuation, trading volume, turnover rate, and other data of the market [41][42][43]. 4. Liquidity Tracking - The report presents the central bank's open - market operations and the Shibor interest rate level [57].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Overnight, due to continuous data shortages and increased uncertainty about the future, U.S. Treasuries, U.S. stocks, gold, and crude oil all declined. After the holiday, the domestic A-share market had a good start, with the index breaking through the previous oscillation platform with increasing volume. However, individual stocks did not form a resonance, and the market had a fragmented breakthrough. A slow bull market is certain at the index level, but it is currently difficult for individual stocks to make money by tracking the market trend. The strategy is to maintain a long position in the Shanghai 50 Index, and the position of the CSI 1000 can be switched to the CSI 500. In terms of industry sectors, only large-cap stocks should be selected instead of small-cap stocks. Attention should be paid to the technology sector, but the focus should not be overly concentrated on computing power. [3][12] Summary by Relevant Catalogs 1. Market Views 1.1 Overseas Overnight - The U.S. federal government shutdown led to the non - release of the initial jobless claims on Thursday. Fed officials' remarks indicated a split within the Fed regarding future interest rate cuts. Williams supported further rate cuts due to the slowdown in the labor market, while Barr advocated for caution, and Kashkari agreed with Barr. Overnight, most peripheral assets declined, the U.S. dollar index rose, U.S. Treasury yields increased at both short and long ends, gold fell, the three major U.S. stock indexes declined, the NASDAQ Golden Dragon China Index fell, and the offshore RMB exchange rate appreciated. Geopolitical changes and the Fed's attitude towards rate cuts remain key points to monitor. [1][5] 1.2 Domestic Market Review - After the holiday on Thursday, the market had a good start. The broader market rose 1.32% with a high - opening and oscillating trend, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 0.73%. The market showed a significant index rebound but a polarization of individual stocks. Benefiting from the rise of overseas gold during the holiday, the cyclical sector rose, and the technology sector was internally divided. The market trend was fragmented. Sectors such as non - ferrous metals, steel, coal, and public utilities led the gains, while media, real estate, social services, and automobiles led the losses. There were 3109 rising stocks and 2184 falling stocks in the whole market. Although 100 stocks reached the daily limit, the performance of stocks with consecutive daily limits in the previous trading session was poor, and the profit - making effect was weak. On October 9, 2025, the Ministry of Commerce and the General Administration of Customs issued four announcements to implement export controls on related items such as super - hard materials, some rare - earth equipment and raw materials, some medium - heavy rare earths, lithium batteries, and artificial graphite anode materials. [2][6] 1.3 Important Information - **Fed Officials' Views**: Williams supported further rate cuts as the labor market may further slow down; Barr believed rate cuts should be cautious as the current interest rate is moderately restrictive; Kashkari basically agreed with Barr. - **U.S. Labor Statistics**: The U.S. Bureau of Labor Statistics recalled some employees to compile the CPI report, and it is expected to be released during the government shutdown. - **International Events**: The first - stage Gaza cease - fire agreement officially took effect. Trump said he would go to Egypt to attend the signing ceremony of the Gaza cease - fire agreement. Japan's LDP President Takashi Hayao stated that there was no intention to cause excessive depreciation of the yen. Li Qiang met with Kim Jong - un at the Central Committee of the Workers' Party of Korea in Pyongyang. China and India will resume direct flights by the end of October. The Ministry of Commerce included foreign entities such as anti - drone technology companies in the unreliable entity list. The Ministry of Commerce and the General Administration of Customs implemented export controls on relevant items with obvious dual - use military and civilian attributes, such as some medium - heavy rare earth - related items, lithium battery and artificial graphite anode material - related items. The Ministry of Commerce announced decisions on export controls of rare - earth - related technologies and overseas rare - earth items. [7][11] 1.4 Today's Strategy - The same as the core view mentioned above. [3][12] 2. Futures Market Tracking - **Performance**: Tables show the closing prices, settlement prices, price changes, price change percentages, basis, and other data of futures contracts for the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including different contract delivery months such as 2510, 2511, 2512, and 2603. [14] - **Trading Volume and Open Interest**: Tables present the trading volume, trading volume changes, trading amount, trading amount changes, open interest, open interest changes, weekly position increases, net positions, and changes in net positions, short - position open interest, and long - position open interest for different futures contracts and their corresponding indexes. [15] 3. Spot Market Tracking - **Market Performance**: Tables display the current points, daily, weekly, monthly, and annual price changes, trading amounts, price - to - earnings ratios, and their historical quantiles of major indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, as well as various industry sectors. [37] - **Market Style Impact**: Tables show the impact of market styles (cyclical, consumption, growth, finance, and stability) on the price changes of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions. [38][39] - **Valuation and Other Data**: Charts show the valuations of important indexes, Shenwan valuations, market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, index trading amount changes, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balances, and margin trading net purchases and their proportions in A - share trading amounts. [41][47] 4. Liquidity Tracking - Charts show the central bank's open - market operations and the Shibor interest rate levels. [53]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - US economic data resilience constrains the Fed's interest - rate cut expectations, and increased geopolitical uncertainties weaken overseas risk assets. The domestic A - share market continues to fluctuate and consolidate. The seesaw effect between technology and banking sectors shows the market's regulatory power. The index is expected to remain range - bound in the short term, with resistance at 3900 and support between 3750 - 3800. It is recommended to continue to focus on the structural market of the technology sector and the corresponding Hang Seng Technology Index in Hong Kong [2][10] 3. Summary by Relevant Catalogs 3.1 Market Outlook 3.1.1 Overseas Overnight - US economic data such as the Q2 real GDP annualized rate final value (3.8%, higher than expected and the previous value of 3.3%), Q2 real personal consumption expenditure rate final value (2.5%, higher than expected 1.7% and the previous value of 1.6%), Q2 core PCE price index annualized rate final value (2.6%, higher than expected and the previous value of 2.5%), and August durable goods orders monthly rate (2.9%, higher than expected - 0.5% and the previous value of - 2.7%) indicate the resilience of the US economy, further suppressing the Fed's interest - rate cut expectations. The market moved in the opposite direction, with the US dollar index rising, US Treasury yields up at both short and long ends, gold rising after a decline and closing slightly higher, the three major US stock indexes falling, the Nasdaq Golden Dragon China Index rising, and the offshore RMB exchange rate depreciating [1][4] 3.1.2 Domestic Market Review - On Thursday, the market showed a volatile and differentiated trend. The Shanghai Composite Index fell slightly by 0.01%, the Shenzhen Component Index rose by 0.67%, and the ChiNext Index rose by 1.58%. Most major indexes rose, but individual stocks generally fell. Traditional sectors dragged down the index, while the technology sector enlivened the market atmosphere. There was an obvious seesaw effect between technology and banking sectors. Among sectors, media, communication, non - ferrous metals, power, and computer led the gains, while textile and apparel, agriculture, forestry, animal husbandry, household appliances, and transportation led the losses. There were 1474 rising stocks and 3875 falling stocks in the whole market. Google's announcement of an Android computer operating system next year may bring opportunities related to the Android PC trend [2] 3.1.3 Important News - Dallas Fed President Logan called for reforming the interest - rate benchmark, replacing the federal funds rate with the Tri - Party General Collateral Rate (TGCR) due to its larger trading volume. Fed officials had different views on inflation, employment, and the balance - sheet reduction. The Supreme Court was warned about market chaos if a Fed official was dismissed. Russia restricted diesel and gasoline exports until the end of the year. The Chinese Ministry of Commerce conducted trade - investment barrier investigations and anti - dumping investigations, and called on the US to cancel unreasonable soybean tariffs. The National Financial Regulatory Administration held a seminar, and the China Non - Ferrous Metals Industry Association opposed "involution - style" competition in the copper smelting industry [6][8][11] 3.1.4 Today's Strategy - Overseas factors, including US economic data and geopolitical uncertainties, affect the market. The domestic A - share market is expected to remain range - bound in the short term, with attention on the technology sector's structural market and the Hang Seng Technology Index [10] 3.2 Futures Market Tracking - The report presents data on the performance, trading volume, and positions of various stock - index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes and their corresponding futures contracts, such as closing prices, settlement prices, price changes, trading volumes, and open interests [13][14] 3.3 Spot Market Tracking - It shows the performance of the spot market, including the current points, daily, weekly, monthly, and annual changes, trading volumes, and price - to - earnings ratios of major indexes and sectors. Market - style analysis reveals the impact of different styles (cyclical, consumption, growth, finance, and stability) on major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000. There are also charts showing important index valuations, Shenwan valuations, market trading volumes, turnover rates, the ratio of rising to falling stocks, and changes in index trading volumes [37][38][47] 3.4 Liquidity Tracking - No detailed analysis content is provided, only the titles of relevant charts such as central bank open - market operations and Shibor interest - rate levels are given [52][53]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Externally, although the Sino-US tariff negotiations have entered a period of easing, the US government's expansion in Europe and pressure on Russia have increased geopolitical uncertainties. There are still significant differences within the Federal Reserve regarding future interest rate cuts, leading to increased volatility in peripheral assets. [3][10] - Domestically, the current fundamental recovery remains weak, and incremental policies are anticipated. The A-share market is in a technology - driven structural bull market. The CSRC Chairman Wu Qing stated that efforts will be made to increase the proportion of A-share technology market value, signaling a future structural transformation of the A-share market. Attention should be focused on the technology sector. [3][10] - In the short - term, the recent A - share trend indicates strong support below 3750 - 3800 points for the broader market, but significant pressure at 3900 points. With 4 trading days left until the National Day holiday, it is expected that the stock index will continue to consolidate in a volatile manner before the holiday. [3][10] 3. Summary by Relevant Catalogs 3.1行情观点 - **海外隔夜** - US new home sales in August reached an annualized 800,000 units, higher than the expected 650,000 and the previous value of 664,000, indicating the resilience of the US real estate market. [2][5] - Federal Reserve official Goolsbee said he would not support a rate cut at the next meeting. After Fed Chairman Powell sent an uncertain signal about future monetary policy, the hawkish signals from Fed officials suggest significant differences in internal views, dampening market expectations for a Fed rate cut. [2][5] - Overnight, the US dollar index rose, US Treasury yields increased at both short and long ends, gold prices fell, the three major US stock indexes declined, the Nasdaq Golden Dragon China Index rose, and the offshore RMB exchange rate depreciated. Geopolitical uncertainties and the risk of Russian sanctions are rising, increasing asset volatility. [2][5] - **国内行情回顾** - On Wednesday, the broader market rose 0.83%, the Shenzhen Component Index rose 1.8%, and the ChiNext Index rose 2.28%, showing a rebound. Compared with the sharp rise of the index a year ago on September 24th, the current rise is slower, mainly a structural market around the technology sector. [2][6] - Sectors such as power equipment, electronics, media, computers, and real estate led the gains, while banks, coal, and communications declined. There were 4457 rising stocks and 852 falling stocks in the entire market. Alibaba CEO Wu Yongming's plan to invest 380 billion yuan in AI infrastructure in three years boosted market sentiment towards the technology sector. [2][6] - **重要资讯** - US Treasury Secretary Yellen believes that the Fed's interest rates have been too high for too long and that the US will enter an easing cycle, suggesting that Powell should signal a 100 - 150 basis - point rate cut. [7] - FOMC voting member Goolsbee warns against a series of rate cuts due to inflation concerns and will not support a rate cut at the next meeting, while San Francisco Fed President Daly believes that economic growth and labor market indicators have slowed, and inflation is lower than expected, suggesting a further rate cut. [7] - The US officially lowered the tariff on EU cars to 15% starting from August 1, 2025. [7] - The Kremlin criticized Trump, saying he is trying to force the world to buy US oil and gas at higher prices. [7] - China aims to reduce net greenhouse gas emissions by 7% - 10% from the peak in the entire economic scope by 2035. [8] - Chinese Minister of Commerce Wang Wentao held a round - table meeting with some Chinese - funded enterprises in the US. [9] - Eight departments including the Ministry of Commerce issued policies to promote service exports and develop digital consumption. [9] - **今日策略** - The external environment has geopolitical uncertainties, and the Federal Reserve has internal differences on rate cuts. The domestic fundamental recovery is weak, and A - shares are in a technology - driven structural bull market. Focus on the technology sector, and expect the stock index to consolidate in a volatile manner before the National Day holiday. [3][10] 3.2期货市场跟踪 - **期货市场表现** - Data on the closing prices, settlement prices, price changes, price change percentages, basis, and other indicators of various stock index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided. [12] - **期货成交与持仓** - Data on trading volume, trading volume changes, trading turnover, trading turnover changes, open interest, open interest changes, and other indicators of various stock index futures contracts are presented, as well as data on the positions of the top 20 member institutions. [13] 3.3现货市场跟踪 - **现货市场表现** - Information on the current points, daily, weekly, monthly, and annual price changes, trading turnover, and price - to - earnings ratios of various stock indexes such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided. [35] - **市场风格对指数涨跌影响** - Analyzes the impact of different market styles (cyclical, consumer, growth, financial, stable) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes in terms of weight, daily, weekly, monthly, and annual contributions. [36][37] - **估值情况** - Presents the current valuations and historical percentile rankings of important indexes and Shenwan sectors. [39][42] - **其他市场指标** - Includes data on market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, changes in index trading turnover, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and margin trading net purchases and their proportions in A - share trading turnover. [44][45][46] 3.4流动性跟踪 - **央行公开市场操作** - Displays data on currency injection, currency withdrawal, and net currency injection in the central bank's open - market operations. [49][50] - **Shibor利率水平** - Shows the levels of SHIBOR overnight, 1 - week, 2 - week, and 1 - month interest rates. [52]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The short - term stock index is likely to continue to consolidate in a volatile manner. Attention should be paid to the technology, finance, and cyclical sectors in terms of sectors, and the Shanghai 50 and CSI 1000 in stock index futures. Position control is necessary. [4][11] Summary by Relevant Catalogs 1. Market Analysis Overseas Overnight - US economic data in September showed a marginal decline but remained resilient. The Fed cut the federal funds rate by 25BP, but the subsequent monetary policy path is unclear, weakening the recent rate - cut logic. Geopolitical uncertainty has increased. Overnight asset prices showed different trends, with the US dollar index falling, US bond yields dropping, gold hitting a new high, US stocks falling, and the VIX volatility rising. [2][6] Domestic Market Review - On Tuesday, the Shanghai Composite Index fell 0.18%, the Shenzhen Component Index fell 0.29%, and the ChiNext Index rose 0.21%. The market showed a wide - range volatile trend. The banking sector's rise disrupted the market rhythm, while the large - finance sector played a significant role in regulating the index. The Shanghai Composite Index closed above 3800 points, and the market remained in a consolidation phase. [3][7] Important Information - Fed officials have different views on interest - rate cuts. Powell's remarks suggest that interest rates are still tight, which may open the door for further rate cuts. Trump has made a series of statements on international relations and trade policies, increasing geopolitical uncertainty. There have also been diplomatic exchanges between China and the US, and China has implemented some domestic policies. [8][9] Today's Strategy - The large changes in the US foreign policy, geopolitical uncertainty, and the conflict among Fed officials' views on subsequent rate cuts will increase the volatility of overseas assets. The domestic market still has expectations for policies on the anniversary of 924. The short - term stock index is likely to continue to consolidate in a volatile manner. [11] 2. Futures Market Tracking - The performance of various stock index futures contracts, including the closing price, settlement price, price change, change rate, basis, and other indicators, is provided. The trading volume, turnover, and open interest of different contracts and their changes are also presented. [13][14] 3. Spot Market Tracking - The performance of the spot market shows that different indexes have different trends. The large - finance sector has an important impact on the market. The performance of different sectors varies, with some rising and some falling. Market style also has different impacts on different indexes. [3][37] 4. Liquidity Tracking - The central bank's open - market operations and the Shibor interest - rate level are presented to reflect the market's liquidity situation. [55]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The preventive interest rate cut by the Federal Reserve will boost subsequent risk assets and equity markets. A-shares rebounded on Wednesday, with the Shenzhen market performing significantly stronger than the broader market, and a clear structural market in technology stocks. In the short term, stock index futures may seek to break through the upper limit of the trading range. The strategy remains unchanged, focusing on technology growth and large financial sectors, such as computing power and robotics in specific sectors, and maintaining a long position in the SSE 50 and CSI 1000 in stock index futures [2][3][5]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Overseas Market**: In August, the annualized total of new housing starts in the US was 1.307 million units, lower than the expected 1.365 million and the previous value of 1.429 million. The total number of building permits was 1.312 million units, lower than the expected 1.37 million and the previous value of 1.362 million, indicating a weakening of the US real estate market. The Federal Reserve announced a 25 - basis - point interest rate cut at its September meeting, and the market's expectation for the number of subsequent interest rate cuts this year increased from 1 to 2. The Fed's statement showed a dovish stance, but Powell's speech was hawkish, leading to significant fluctuations in overnight assets [2][7]. - **Domestic Market**: On Wednesday, the broader market opened lower, fluctuated, and then rose 0.37%. The Shenzhen Component Index rose 1.16%, and the ChiNext Index rose 1.95%. The market showed a pattern of index rebound but stock differentiation. Traditional heavy - weight stocks pressured the index, while technology stocks supported the market, with a clear structural market in technology stocks. Among sectors, power equipment, automobiles, household appliances, coal, and machinery had the highest gains, while agriculture, forestry, animal husbandry, and fishery, commerce and retail, social services, food and beverages, and textile and apparel had the largest losses [3][8]. 3.2 Important News - **Federal Reserve Meeting**: The Fed cut interest rates by 25 basis points in September, with only Milan opposing and supporting a 50 - basis - point cut. Powell said the labor market risk was skewed downward, and this rate cut could be seen as a risk - management measure. The median of the dot - plot implied a total of 3 interest rate cuts (75 basis points) this year and 1 cut next year. Milan hoped for a total of 150 basis points of cuts this year. Powell also implicitly expressed concerns about stagflation [9][10]. - **Other News**: The EU announced sanctions against Israel; the US Treasury Secretary's property issue was similar to the reason for Cook's removal; the Bank of Canada cut the benchmark interest rate by 25 basis points to 2.50%; the State - owned Assets Supervision and Administration Commission will promote strategic and specialized restructuring and integration of state - owned enterprises; from January to August, the securities transaction stamp duty revenue increased by 81.7% year - on - year, and the national general public budget revenue was 14.8198 trillion yuan, up 0.3% year - on - year; Li Jiachao aims to make Hong Kong an international gold trading market; the Ministry of Industry and Information Technology solicited opinions on standards for intelligent connected vehicle combined driving assistance [11][12]. 3.3 Today's Strategy - The Federal Reserve cut interest rates by 25 basis points as expected, and there will be 2 more cuts in the second half of the year. Although overnight asset prices fluctuated significantly due to Powell's hawkish remarks, the preventive interest rate cut will boost the subsequent equity market. The strategy remains unchanged, focusing on technology growth and large financial sectors, such as computing power and robotics in specific sectors, and maintaining a long position in the SSE 50 and CSI 1000 in stock index futures [2][5][13]. 3.4 Futures Market Tracking - **Futures Performance**: Data on the closing prices, settlement prices, price changes, price change rates, basis, and other indicators of various stock index futures contracts such as the SSE 50, CSI 300, CSI 500, and CSI 1000 are provided, showing the performance of different contracts on a specific day [15]. - **Trading Volume and Open Interest**: Data on the trading volume, trading volume changes, turnover, turnover changes, open interest, open interest changes, and other indicators of various stock index futures contracts are provided, as well as the changes in the net positions of the top 20 member institutions [16]. 3.5 Spot Market Tracking - **Market Index Performance**: Information on the current points, daily, weekly, monthly, and annual price changes, trading volume, price - to - earnings ratios, and other indicators of major market indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided [39]. - **Sector Performance**: The performance of various sectors, including upstream, mid - stream, consumer, TMT, finance, and public utilities sectors, is presented, including price changes, trading volume, and price - to - earnings ratios [39]. - **Market Style Impact**: The impact of different market styles (cyclical, consumer, growth, financial, and stable) on major market indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 is analyzed, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions [40][41]. 3.6 Liquidity Tracking - **Central Bank Operations**: Information on the central bank's open - market operations, including money injection, money withdrawal, and net money injection, is presented [52][53]. - **Shibor Rates**: The levels of Shibor rates for different tenors (overnight, 1 - week, 2 - week, and 1 - month) are shown [52][53].