Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 9 日星期四 重要事项: 研究员： 吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 节前 SM2601 合约收于 5758，SF2511 合约收于 5494。 | | | | | 【重要资讯】 | | | | | 1、本周，五大品种钢材总库存量 1600.72 万吨，环比增 127.86 万吨。其中，钢厂库 | | | | | 存量 472.56 万吨，环比增 58.63 万吨；社会库存量 1128.16 万吨，环比增 69.23 万吨。 | | | | | 2、国庆长假期间，钢厂主要以消耗原有库存为主，节后为了维持连续性生产，存在阶 | | | | | 段性的补库需求。但是考虑到目前钢厂普遍面临利润空间有限的困境，直接压制了废 | | | | | 钢的需求。预计 2025 年国庆节后，国内废钢市场预计 ...

联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 10 月 8 日 COMEX 黄金期货涨 1.40%报 4060.60 美元/盎司，COMEX 白银期货涨 1.95% 报 48.44 美元/盎司。国庆节前沪金收涨 1.48%报 874.40 元/克，沪银涨 0.77%报 10918 元/千克。 【重要资讯】 | | | | | 1、截至 10 月 8 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日增加 1.43 吨， 当前持仓量为 1014.58 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日 | | | | | 增加 19.76 吨，当前持仓量为 15415.53 吨。 | | | | | 2、当地时间 10 月 1 日 0 时，美国联邦政府时隔近七年再度"停摆"。本周美国政 | | | | | 府关门进入第二周，但预期两党终会妥协。 | | | | | 3、10 月 2 日，美国财长贝森特在接受 CNBC ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 9 日星期四 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 节前焦煤主力合约 Jm2601 收于 1126.0；焦炭主力合约 J2601 收于 1623.0。 【重要资讯】 | | | | | 1、本周，五大品种钢材总库存量 1600.72 万吨，环比增 127.86 万吨。其中，钢厂库存 | | | | 量 | 472.56 万吨，环比增 58.63 万吨；社会库存量 1128.16 万吨，环比增 69.23 万吨。 | | | | | 2、国庆长假期间，钢厂主要以消耗原有库存为主，节后为了维持连续性生产，存在阶 | | | | | 段性的补库需求。但是考虑到目前钢厂普遍面临利润空间有 ...

Group 1: Sugar (Sector: Agriculture, Livestock) Report Industry Investment Rating - Sugar: Volatile [1] Core View - After the holiday, the Zhengzhou sugar futures may rebound slightly, but there is strong resistance above, and the upside space is limited. The expected good production in major producing countries still suppresses the upward movement of sugar prices. [1] Summary by Relevant Catalog - **Market Review**: Before the holiday, SR601 closed at 5,479 yuan/ton with a daily increase of 0.02%, and at 5,493 yuan/ton in the night session; SR605 closed at 5,437 yuan/ton with a daily decrease of 0.09%, and at 5,458 yuan/ton in the night session. [1] - **Important Information**: - The closing price of the ICE raw sugar main contract was 16.32 cents/lb, with a daily decrease of 1.92%; the closing price of the London white sugar main contract was 451.3 yuan/ton, with a daily decrease of 1.57%. [1] - The spot transaction price of Guangxi white sugar before the holiday was 5,658 yuan/ton, up 5 yuan/ton. [1] - In September, Brazil exported 3,245,837.61 tons of sugar, a year-on-year decrease of 16%. The average daily export volume was 147,538.07 tons, a year-on-year decrease of 20%. [1] - In the first half of September, the sugar production in the central - southern region of Brazil increased by 15.72% year - on - year to 3.62 million tons. [1] - On September 30, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 8,968, a daily decrease of 13. [1] - **Trading Strategy**: Take profit on sugar long positions opportunely and wait for opportunities to short at high prices. [1] Group 2: Red Dates (Sector: Agriculture, Livestock) Report Industry Investment Rating - Red dates: Volatile [3] Core View - Before the large - scale harvest of red dates, the futures market is expected to be volatile. Attention should be paid to the game on the opening price of new dates and the trends of long and short funds. [3] Summary by Relevant Catalog - **Market Review**: Before the holiday, CJ601 closed at 10,820 yuan/ton, with a daily decrease of 0.87%; CJ605 closed at 10,865 yuan/ton, with a daily decrease of 0.87%. [3] - **Important Information**: - As of September 26, the physical inventory of 36 sample points was 9,203 tons, a decrease of 44 tons from the previous week, a week - on - week decrease of 0.46%. [3] - Before the holiday, the reference price of special - grade red dates in the Hebei market was 10.5 yuan/kg, a week - on - week decrease of 0.01 yuan/kg; the price of first - grade red dates was stable. [3] - Before the holiday, 3 trucks of red dates arrived at Guangzhou Ruyifang, the same as the previous day. [3] - **Trading Strategy**: Treat the CJ601 contract as volatile in the short term, and recommend high - selling and low - buying. In the medium - to - long term, short far - month contracts at high prices. [3] Group 3: Rubber (Sector: Energy, Chemical) Report Industry Investment Rating - Rubber: Volatile and Weak [4] Core View - After the holiday, the domestic rubber futures market is expected to remain weak and volatile. Although there is some support from the heavy rainfall in Thailand, the overseas rubber market does not provide obvious support, and the domestic fundamentals remain unchanged. [4] Summary by Relevant Catalog - **Market Review**: As of September 30, RU2601 closed at 15,375 yuan/ton, with a daily decrease of 0.61%; NR2511 closed at 12,435 yuan/ton, with a daily decrease of 0.04%; BR2511 closed at 11,340 yuan/ton, with a daily decrease of 0.79%. [4] - **Important Information**: - In September, the average monthly price of Thai latex was 55.79 Thai baht/kg, a month - on - month increase of 2.33%; the average monthly price of cup lump was 51.46 Thai baht/kg, a month - on - month increase of 4.51%. [4] - In August 2025, China's natural rubber imports were 52.08 million tons, a month - on - month increase of 9.68% and a year - on - year increase of 5.39%. From January to August 2025, the cumulative import volume was 412.14 million tons, a cumulative year - on - year increase of 19.47%. [4] - As of September 28, 2025, the general trade inventory of natural rubber samples in Qingdao decreased by 0.46 million tons to 38.71 million tons compared with the previous period, a decrease of 1.18%. [4] - In September, the average monthly price of Shanghai full - latex was 14,860 yuan/ton, an increase of 367 yuan/ton from the previous month; the average monthly price of 20 - grade Thai mixed rubber in the Qingdao market was 14,966 yuan/ton, an increase of 458 yuan/ton from the previous month. [4] - In September, the capacity utilization rate of sample enterprises increased month - on - month. The capacity utilization rate of China's semi - steel tire sample enterprises was 71.39%, a month - on - month increase of 2.29 percentage points and a year - on - year decrease of 8.18 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 64.29%, a month - on - month increase of 0.96 percentage points and a year - on - year increase of 4.35 percentage points. [4] - **Trading Strategy**: Hold the previous short positions and wait and see as the rubber fundamentals currently lack positive support. [4]

Morning session notice 早盘提示 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 09 日星期四 联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、美国农业部(USDA)在公布的季度库存报告上修2024年美玉米产量；当季玉米库存 | | | | | 高于市场预期。报告将美国2024年玉米产量预估上修2500万蒲式耳，至148.91756 | | | | | 亿蒲式耳。美国9月1日当季玉米库存为15.31613亿蒲式耳，较去年同期（17.63400 | | | | | 亿蒲）下滑13.1%，此前市场预估为13.37亿蒲式耳。 | | | | | 2、中国粮油商务网监测数据显示，10月8日锦州港贸易商散粮报价2290元/吨，较9 | | | | | 月30日持平。 | | | | | 3、新作方面，十一期间东北地区新粮收获逐渐加速，然而华北地区大面积连阴雨一 | | | | | 定程度上影响收获进度，关注连阴雨对华北地 ...

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - The strategies previously suggested in the semi - annual report for corn, hog, and egg futures have been verified by the market. Corn futures showed a downward trend, hog futures first rose and then declined, and egg futures also trended downwards [6][9]. - For corn, the short - term price may remain weak due to the approaching peak of new grain supply, while the medium - term presents a wide - range trading opportunity, and the long - term maintains a pricing logic related to import substitution and planting cost [124]. - The hog market is in the bottom - grinding phase. The short - term is affected by strong supply and weak demand, the medium - term has supply increase expectations, and the long - term supply situation depends on factors such as sow inventory and production efficiency [127]. - For eggs, the short - to medium - term prices are under pressure due to the end of the holiday stocking period, and the long - term supply pressure may re - emerge if the chicken culling rate is lower than expected [134]. Summary by Relevant Catalogs Corn Macro Logic - Internationally, the macro - driving force is gradually weakening; domestically, it is mainly reflected in industrial policies [124]. Industrial Logic - The industry has entered a passive inventory - building cycle, with attention on policies such as reserve acquisitions, auctions of targeted rice/imported corn, and grain import policies [124]. Supply and Demand Logic - **Supply**: Globally, the corn supply situation is tightening, while in the US, there is significant supply pressure. In China, there is a long - term corn supply - demand gap, and the pricing logic based on substitutes remains. In the medium - term, factors like new - year yield and planting cost are key, and in the short - term, the new grain price started high and then dropped, with the upcoming peak supply in October [124]. - **Demand**: In 2025, the hog production capacity increased, and the存栏 of egg - laying and meat - producing poultry remained high, providing rigid support for corn consumption. Deep - processing consumption is relatively stable [124]. Variety Viewpoint - Short - term: The new grain price may remain weak. The lower support on the futures market is around the planting cost of new - season corn, and the upper pressure is related to the wheat - corn price difference. - Medium - term: Conduct band trading based on new - season corn factors, and focus on band - buying opportunities supported by reserve policies. - Long - term: Maintain the pricing logic of import substitution and planting cost, and pay attention to import policies and grain auctions [124]. Trading Strategy - Adopt an interval trading strategy in the medium - to long - term. In the fourth quarter, focus on band - buying opportunities supported by planting cost around 2100 yuan/ton [124]. Hog Macro Logic - Domestically, pay attention to the interaction between CPI and hog prices, and focus on industrial policy directions [125]. Industrial Logic - Under the guidance of capacity - reduction policies, the structure of the hog - breeding market may change. Market share is concentrating on leading enterprises, but the implementation of sow - reduction policies and its impact on supply are still uncertain [125]. Supply and Demand Logic - **Supply**: In the fourth quarter, the supply will continue to increase. The supply pressure in the first half of 2026 remains significant, and it may start to ease in the second half of 2026, depending on factors such as MSY and slaughter weight [126]. - **Demand**: The downstream demand for hogs is relatively stable, showing seasonal patterns. The increase in consumption during the end - of - year season may be limited [126]. Market Viewpoint - The hog price is in the bottom - grinding phase. The short - term is pressured by strong supply and weak demand, the medium - term has supply increase expectations, and the long - term supply situation depends on sow inventory and production efficiency. The possibility and amplitude of a seasonal rebound in the fourth quarter depend on the slaughter weight [127]. Operation Suggestion - The hog market is in the second half of the second half of the small cycle of passive capacity reduction due to diseases. The futures market shows a pattern of near - term weakness and long - term strength. For contracts before 2605, the supply is mainly determined by supply - demand logic, while for contracts after 2605, it depends on the implementation of capacity - reduction policies [128]. Egg Macro Logic - Domestically, pay attention to raw material prices, CPI changes, and the impact of meat and vegetable prices in the second half of the year [132]. Industrial Logic - The egg - laying chicken breeding industry has been profitable for four years, and the scale - up rate continues to increase, which will change the industry's structure and production efficiency [132]. Supply and Demand Logic - **Supply**: The egg - laying chicken inventory is at a high level, and the supply pressure persists. The current high inventory and the low chicken culling rate may lead to continued supply pressure in the fourth quarter [132]. - **Demand**: After the pre - holiday stocking period, the supply - demand situation is expected to be loose from October to November. The consumption support for egg prices may be weakened due to the extended holiday stocking period [133]. Variety Viewpoint - Short - to medium - term: The end of holiday stocking leads to slower sales and rising inventory, pressuring egg prices. Long - term: Pay attention to the chicken culling rate, as the current low culling rate may cause supply pressure to re - emerge in the fourth quarter [134]. Trading Strategy - The futures market shows a pattern of near - term weakness and long - term strength. Before large - scale chicken culling, adopt a short - selling strategy for near - term contracts. Egg - breeding enterprises can also consider selling - hedging opportunities for contracts 2607 and 2608 [135].

Group 1: Report Overview - The report is a quarterly report on apples by Green大华 Futures [1] - The report is dated September 30, 2025 [4] Group 2: Price Information - In September, apple futures prices were pulled by low demand and new - season production expectations, showing a volatile and slightly upward trend [7] - Current apple spot prices vary by variety and region. For example, inventory paper - bagged late Fuji 80 and above is 3.00 - 4.00 yuan/jin (piece - red, first and second - grade), and in Shaanxi, paper - bagged Gala 70 starting semi - commodity is about 4.80 yuan/jin (high large - fruit ratio) [11] - The average wholesale price of 6 key - monitored fruits is in a seasonal upward stage, while the wholesale price of Fuji apples has a slight decline [20][21] Group 3: Inventory Situation - As of September 26, 2025, the total remaining cold - storage apples in the country is 12.18 tons, at the lowest level in the past five years. Western regions are in the large - scale bag - removing stage, and Shandong is in a trading gap period [14] Group 4: Downstream Market - Recently, the total number of apple trucks arriving at Chalong, Jiangmen, and Xiaqiao is average, with 43 trucks this week. The number of trucks arriving at Guangdong Chalong Market in the morning has slightly increased compared to last week, with an average of 15.60 trucks per day. Apples are still affected by the sales of seasonal fruits [17] Group 5: Market Structure and Outlook - The current apple market shows a structural differentiation. The double - festival stocking is ending. New - harvested Fuji in the west is listed, with high - quality fruit prices high, while the eastern inventory old Fuji has weak prices. The market expects the opening price of new Fuji to be stronger in the west and weaker in the east [25] - The apple futures market continues the strong and volatile trend. Due to multiple adverse factors during the growth cycle, the high - quality fruit rate is low. Before the quality of late - maturing Fuji is clear, the futures market will remain in a strong and volatile pattern [25] Group 6: Factors to Watch - Key factors to watch include the impact of extreme climate during the new - fruit growth period and the year - on - year change in the number of new - fruit baggings [27]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The global economy is on an upward trend, with the US economy showing strong consumption and manufacturing reshoring, while China is shifting towards AI, and large - scale AI investments are expected to drive up demand for certain assets [40][41][42] - The large - scale investment in computing power is expected to push up the price of silver, and the demand for copper is also likely to increase due to large - scale power construction [49][82][85] - The Fed's new round of interest rate cuts will lead international funds to flow from the US and Europe to emerging markets represented by China, and the stock markets in emerging markets, especially China, are favored by global institutional investors [48][51][54] 3. Summary by Relevant Catalogs US Economic Indicators - In September, the US Markit manufacturing PMI was 52.0, indicating continued expansion, and the service business activity index also showed a positive trend [6][7] - In August, the US import value from China increased by nearly 40% month - on - month after the US imposed reciprocal tariffs, and the competitiveness of Chinese goods has enhanced [10] - In August, the total retail and food sales in the US increased by 0.6% month - on - month, exceeding expectations, and the wholesale sales reached a record high with a 6.2% year - on - year increase, showing strong consumption [13][16] - In August, the US capital goods import value was still high at $91.9 billion, with a 10.5% year - on - year growth, indicating the acceleration of manufacturing reshoring and "re - industrialization" [19] - In August, the US manufacturing backlog orders were at a record high, with a 7.1% year - on - year increase, and the service export value reached a record high of $101 billion [22][25] - In August, the US CPI increased by 2.9% year - on - year and 0.3% month - on - month, in line with expectations [28] Chinese Economic Indicators - In September, China's Caixin PMI production index was 51.9%, indicating an accelerated expansion of production, and the purchase price of raw materials continued to rise [31] - China has issued an "AI +" action plan, and the economy is comprehensively shifting towards AI [42] Eurozone Economic Indicators - In September, the Eurozone manufacturing PMI slightly contracted, while the service PMI accelerated its expansion [34] Indian Economic Indicators - In August, India's manufacturing and service PMIs reached new highs, and both sectors have been expanding for more than three years [36] Japanese Economic Indicators - Japan's 10 - year government bond yield reached a new high [38] AI Investment and Market Impact - Morgan Stanley predicts that global AI data center and chip investment will reach $2.9 trillion by 2028 [43][56][58] - OpenAI plans to invest about $400 billion to build five new data centers in the US, with a planned capacity of 250GW by 2033, and the power investment may be as high as $12.5 trillion [44][58][59] - Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment, and Morgan Stanley expects Alibaba Cloud to add more than 3GW of data center capacity annually from 2026 - 2032 [45][57] Strategy Recommendations - **Asset Allocation** - With the Fed's interest rate cuts, international funds will flow to emerging markets, and the Hang Seng Tech Index is expected to rise. Semiconductor equipment ETFs will remain prosperous due to the high demand for computing power. It is recommended to hold long positions in the CSI 300 index futures [48] - Gold prices are expected to rise as the US moves towards stagflation. Silver prices will be pushed up by data center investment, and copper demand will increase due to power construction. The 30 - year Treasury bond futures are expected to fall [49][80][88] - **Stock Market Outlook** - The CSI 300, CSI 500, and科创50 indexes are expected to perform well in the fourth quarter, and the Hang Seng Tech ETF is also expected to rise [68][71][74] - **Currency Outlook** - The offshore RMB is expected to appreciate under the pattern of trade surplus and capital inflow [91]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the fourth quarter, the market is expected to rise. With the style shift, long positions in stock index futures should be mainly allocated to the CSI 300 Index. The large - financial sector in the CSI 300 has fully corrected, and the technology track remains highly prosperous. [10][11] - The Chinese stock market has become the preferred choice for global institutional investors. The optimism of investors has increased, and international capital is actively increasing its positions in the Chinese technology sector. [10][23][25] - Consumption will become the main driving force for economic growth in the fourth quarter against the backdrop of expected decline in exports and investment slowdown. [45] - The AI - related capital expenditure is increasing significantly, and the semiconductor equipment industry chain is expected to maintain high prosperity. [80][81][91] Summary by Related Catalogs Market Outlook - In September, the Shanghai Composite Index consolidated horizontally and gathered momentum before the 3900 - point mark. After the long - holiday, it is expected to cross 3900 points and head towards 4000 points. [6][94] - The CSI 300 Index has reached a new high and is expected to be the main force for upward movement in the fourth quarter. The CSI 500 Index, representing the mid - cap growth style, is expected to continue to strengthen. The STAR 50 Index remains optimistic due to the high - growth AI and semiconductor sectors. [97][100][103] Market Fundamentals - In August, the scale of stock - type funds reached 5.55 trillion yuan, an increase of over 630 billion yuan, and the scale of hybrid funds increased by over 330 billion yuan. [10] - The M1 year - on - year growth rate soared to 6.0% in August, indicating accelerated currency activation, which is beneficial for the stock market to rise. [12] - In August, the new RMB deposits of non - bank financial institutions increased by 1.18 trillion yuan, and the savings of the household sector are accelerating the transfer to the stock market. [15] - On September 17, the margin trading balance of the two markets exceeded 2.3 trillion yuan, and the margin trading funds increased their positions rapidly. In August, 2.56 million new accounts were opened. [18] - Bond funds have suffered large - scale redemptions, and funds from the bond market are continuously flowing into the stock market. [20] Global Investor Sentiment - According to the HSBC Emerging Markets Survey, investors' optimism has increased, and China has become the preferred market for stock investment. The 100 surveyed institutions manage a total of $423 billion in emerging - market assets. [10][23][27] Macroeconomic Indicators - In August, the core CPI increased by 0.9% year - on - year, and the CPI of consumer goods increased by 0.1% month - on - month, helping to get out of deflation. [28] - In September, the Caixin PMI production index was 51.9%, indicating accelerated production expansion, and the purchase price of raw materials continued to rise. [31] - In August, China's export value was $321.8 billion, with a year - on - year growth rate of 4.4%, showing export resilience. [34] - In August, the fixed - asset investment in the manufacturing industry was 2.62 trillion yuan, with a year - on - year growth rate of - 0.3%, indicating investment slowdown. [37] - In August, the infrastructure investment was 1.90 trillion yuan, with a year - on - year growth rate of - 6.4%, indicating infrastructure slowdown and reflecting the local fiscal dilemma. [40] - In August, the total retail sales of consumer goods were 3.96 trillion yuan, with a year - on - year growth rate of 3.4%. [45] - In August, the total electricity consumption of the whole society exceeded 1 trillion kWh again, with a year - on - year growth rate of 5.2%. [48] Industrial Production - In August, the output of industrial robots was 63,700 units, with a year - on - year growth rate of 32.9%. [51] - In August, the output of integrated circuits was 42.5 billion pieces, with a year - on - year growth rate of 13.9%. [54] - In August, the export volume of passenger cars reached 669,000 units, and the export volume of electric vehicles reached 358,000 units, both hitting new highs. [57] International Market - After the US imposed reciprocal tariffs on various countries, the competitiveness of Chinese goods has increased, and the US imports from China in August increased by nearly 40% month - on - month. [60] - In August, the total retail and food sales in the US increased by 0.6% month - on - month, exceeding expectations, indicating strong US consumption. [65] - In August, the sales of US wholesalers reached $711.3 billion, setting a historical record, with a year - on - year increase of 6.2%, indicating strong US consumption. [68] - In August, the US capital goods import value was $91.9 billion, still at a high level, with a year - on - year growth rate of 10.5%, indicating that the US manufacturing industry is accelerating its return and the "re - industrialization" is speeding up. [71] - In August, the unfinished orders of the US manufacturing industry were at a record high, with a year - on - year increase of 7.1%, indicating high prosperity. [74] Strategy Recommendations - Stock index futures directional trading: In the fourth quarter, the market is expected to rise. With the style shift, long positions in stock index futures should be mainly allocated to the CSI 300 Index. [11] - Stock index option trading: Buy out - of - the - money long - term call options on stock index options. [11] AI and Semiconductor - Alibaba plans to make additional investments on the basis of the 380 billion yuan investment in the next three years to strengthen computing power infrastructure. Morgan Stanley expects that Alibaba Cloud will add more than 3 GW of data center capacity annually from 2026 to 2032. [79][80] - OpenAI plans to build a data center with a capacity of over 2 GW by the end of 2025 and reach 250 GW by 2033, which requires huge capital investment and activation of the global industrial foundation. [82][84] - Huawei's Ascend chips are making rapid progress. The Matrix 386 AI server cluster based on Ascend 910C in 2025 has surpassed NVIDIA's mainstream products, and future product plans aim to far exceed NVIDIA in computing power. [85] - Huawei is developing and self - researching high - bandwidth memory (HBM), aiming to achieve full autonomy and control from the AI computing core to high - end storage chips. [88][89] - The soaring demand for computing power is expected to keep the semiconductor equipment industrial chain highly prosperous. [91]