Core Viewpoint - The domestic AI computing power ecosystem is evolving rapidly, with significant developments in server orders and large models, indicating strong growth potential for leading domestic suppliers [1] Group 1: Server Orders - Industrial and Commercial Bank of China and China Unicom announced a combined server tender result of 10 billion, with over 90% of the contracts awarded to domestic computing power suppliers [1] Group 2: Large Models - Alibaba released its large model Qwen3-VL-30B-A3B, while Huawei's Ascend achieved 0-day support; Tencent's latest visual model ranked third globally in the LMArena leaderboard [1] Group 3: Investment Recommendations - The rapid evolution of domestic computing power suggests a focus on leading companies in the sector for potential investment opportunities [1]

中信证券明明等研报指出，FOMC内部，部分成员如沃勒、米兰和鲍曼等明确表示支持降息，然而，包 括美联储主席鲍威尔在内的其他官员表态则更为谨慎，鲍威尔在9月23日的讲话中指出，若政策调整过 于激进，可能导致通胀目标难以实现，而维持限制性政策过久又会带来劳动力市场疲软的风险。美联储 副主席杰克逊10月3日表示劳动力市场正趋软，需在双重使命间寻求平衡。此外，政府关门对经济数据 发布造成了干扰，9月就业报告等关键数据未能按计划发布，这使得美联储在决策时面临更大挑战，截 至10月7日市场对于10月降息预期概率仍在90%以上。 ...

Core Viewpoint - Good Doctor Cloud Medical has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International and CITIC Securities as joint sponsors [1] Company Summary - Good Doctor Cloud Medical is a comprehensive grassroots medical empowerment platform, ranking second in China's grassroots medical empowerment service industry based on projected revenue for 2024 [1] - As of December 31, 2024, the company ranks second in the number of grassroots medical terminal customers in China [1] - It is the only comprehensive empowerment platform in China's grassroots medical industry that utilizes digital intelligence and AI-assisted empowerment [1] - As of June 30, 2025, the company has directly served over 660,600 grassroots medical terminal customers, including grassroots medical institutions and pharmacies [1] - The number of registered grassroots medical terminal customers has grown at a compound annual growth rate (CAGR) of 29.0% from December 31, 2022, to December 31, 2024 [1] - By June 30, 2025, the customer coverage has expanded to over 99% of county-level administrative regions in China [1] Industry Summary - The market size of China's grassroots medical industry is substantial, with an expected compound annual growth rate (CAGR) of 9.2% from 2024 to 2030 [1]

中信证券明明等研报指出，10月1日美国政府开始停摆，当前美国政府关门僵局仍在持续。虽然特朗普 总统表态愿与民主党就医保问题谈判，但其前提是民主党先重启政府，其立场引发双方进一步僵持，目 前美国政府关门的结束时间仍不确定。美国9月非农数据的披露或需等待至政府恢复正常运转后才会披 露。后续若政府停摆持续，或将继续影响美国CPI等数据的披露。 ...

Core Viewpoint - The continuous rise of Hong Kong stocks since early September is driven by abundant liquidity and ongoing investments and innovations in AI [1] Group 1: Market Dynamics - Southbound capital is expected to continue flowing into Hong Kong stocks due to the "wealth effect" [1] - The potential election of a new Japanese Prime Minister, if successful, may lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] Group 2: Sector Analysis - Increased capital expenditure in the AI sector by domestic and international companies is anticipated to lead to performance realization in Hong Kong's complete AI and technology industry chain [1] - Despite a six-month valuation expansion, the current absolute valuation of Hong Kong stocks is not cheap, but the fundamentals are expected to rebound [1] Group 3: Investment Recommendations - Investors are advised to focus on four long-term directions: 1) Technology sector, including AI-related sub-sectors and consumer electronics [1] 2) Healthcare sector, particularly biotechnology [1] 3) Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4) Consumer sector, which may see valuation recovery with further domestic economic recovery [1]

来源：市场资讯 （来源：中信证券发布） 2025年10月8日，长风药业股份有限公司（以下简称长风药业，2652.HK）成功于香港联交所主板上 市，发行规模约6.08亿港币。中信证券担任牵头保荐人、整体协调人、联席全球协调人、联席账簿管理 人及联席牵头经办人。 香港市场吸入制剂第一股 香港公开发售认购倍数达6,697.80倍，斩获港股医疗健康行业IPO公开认购倍数历史第一 长风药业本次在香港联交所主板成功上市，不仅提升了国际影响力，更标志着长风药业在"高壁垒仿制 +全球原研创新"双引擎驱动下，向世界级吸入给药领航者迈出关键一步。 港股医疗健康行业IPO公开认购倍数历史第一 2025年以来上市的13单港股生物医药IPO中，中信证券以保荐人身份参与8单 专注于吸入技术及吸入药物 全球吸入给药的新兴领导者 长风药业是一家"仿创并举"的全球化吸入给药平台型企业：一方面以高壁垒仿制药为基础，构建了从装 置工程、处方工艺、质量体系到规模化生产与国际注册的全链条能力，形成稳定现金流与全球合规制造 实力；另一方面，围绕呼气辅助鼻喷递送系统、脂质体吸入、小干扰核糖核酸等前沿技术，面向哮喘、 慢性阻塞性肺疾病（即"慢阻肺"）、过敏 ...

Core Insights - Resource security, corporate globalization, and technological competition remain the most important structural market clues, corresponding to the industry allocation framework of resources, globalization, and new productivity [1][7] - The recent surge in prices of precious metals, base metals, and energy metals indicates an increasing focus on resource security, with significant price increases driven by supply shocks [2][7] - The expansion of AI from enterprise-level to consumer-level applications is expected to lead to a boom in edge hardware and applications, with major companies competing for user entry points [3][7] Resource Security and Metal Prices - Precious metals, base metals, and energy metals have seen comprehensive price increases, with tin and cobalt experiencing the most significant rises of 8.7% and 4.9% respectively during the week of October 3, driven by supply disruptions [2] - Cobalt prices have surged, with battery-grade cobalt reaching 343,000 yuan per ton, a 29% increase since September, and prices doubling since the beginning of the year [2] - The upward trend in precious metals is notable, with gold reaching new highs and silver approaching historical peaks, indicating a potential for further increases in the future [2] AI Expansion and Consumer Applications - Major AI companies, led by OpenAI, are increasingly targeting consumer applications, with products like Sora 2 and ChatGPT Pulse gaining significant traction [3] - The introduction of Apps SDK by OpenAI aims to capture operating system-level user entry points, highlighting the importance of hardware control for data collection and user engagement [3] - The competition in edge hardware is intensifying, with reports of collaborations between OpenAI and consumer electronics manufacturers, as well as advancements in AR technology by companies like Apple and Meta [3] Trade Relations and Corporate Globalization - The trend of Chinese companies going global is expected to continue, although it may face challenges due to the current state of US-China relations [4] - The upcoming APEC summit may yield partial agreements in areas with less divergence, such as aircraft procurement and rare earth supply stability, but comprehensive tariff negotiations may remain unresolved [4] Market Liquidity and Structural Characteristics - The current market liquidity is primarily driven by absolute return funds, with traditional long-only funds not showing significant net inflows [5][6] - Insurance companies reported a total premium income of 591.4 billion yuan in August, a year-on-year increase of 35.6%, indicating a strong inflow of funds into the market [6] - The issuance of public equity funds has improved marginally, but redemption rates remain high, indicating ongoing pressure on existing products [6] Investment Strategy and Focus Areas - The focus on resource security, corporate globalization, and technological competition suggests a need for strategic investment in sectors with real profit realization or strong industrial trends [7] - Key sectors to watch include resources, consumer electronics, innovative pharmaceuticals, and gaming, with specific ETFs recommended for exposure [7] - Attention should be given to industries with sustained pricing power from single supply countries, such as cobalt, rare earths, tungsten, and various chemical sectors [7]

Group 1: Core Insights - Resource security, corporate globalization, and technological competition remain the most important structural market clues, corresponding to the industry allocation framework of resources + globalization + new productivity [1][6] - The recent surge in prices of precious metals, base metals, and energy metals indicates an increasing focus on resource security, with significant price increases observed in tin and cobalt due to supply shocks [2][6] - The expansion of AI from enterprise-level to consumer-level applications is expected to drive a boom in edge hardware and applications, with major companies like OpenAI leading the charge [3][6] Group 2: Market Trends - Precious metals have shown a clear upward trend, with gold and silver prices reaching historical highs, and the gold-silver ratio declining, indicating potential for further increases in silver prices [2][6] - The market is currently characterized by an influx of absolute return funds, with traditional long-only funds not showing significant net inflows, suggesting a gradual return to structural market characteristics [5][6] - The ongoing trade disputes, particularly between the US and China, are complex, but a delicate balance is likely to be maintained, impacting corporate globalization efforts [4][5] Group 3: Investment Recommendations - Focus on sectors with real profit realization or strong industrial trends, particularly in resources, consumer electronics, innovative pharmaceuticals, and gaming [6] - Suggested ETFs for investment include those focused on non-ferrous metals, VR technology, innovative pharmaceuticals, and gaming, while also considering sectors with sustained pricing power like cobalt, rare earths, and phosphorous chemicals [6]

Core Insights - Resource security, corporate overseas expansion, and technological competition remain the most important structural market clues, corresponding to the industry allocation framework of resources, overseas expansion, and new productivity [1] Group 1: Resource Sector - Precious metals, base metals, and energy metal prices have risen across the board, indicating an increase in the heat of the resource security theme [1] Group 2: AI Sector - The trend of AI expanding from enterprise-level to consumer-level is becoming increasingly evident, with competition for user entry points potentially leading to a significant boom in edge hardware and applications [1] Group 3: Market Dynamics - Recent incremental liquidity continues to be dominated by absolute return funds, and the market is expected to gradually return to structural characteristics [1] - The frequency of trade disputes is increasing in October, necessitating a firm commitment to the trend of corporate overseas expansion while downplaying external disruptive factors [1]

Core Viewpoint - The report from CITIC Securities indicates that the recent increase in M1 growth cannot be fully explained by the low base effect from "manual interest supplementation" and "debt reduction" factors, suggesting a more optimistic outlook for M1 growth due to real improvements in the liquidity of certain enterprises [1] Industry Analysis - The report highlights significant improvements in liquidity for industries such as electricity and heat production and supply, electrical machinery and equipment manufacturing, general equipment manufacturing, and automobile manufacturing, which may lead to a more optimistic outlook for the continued prosperity of these sectors [1] - The resilience of M1 growth further supports the likelihood that the PPI turning point has been confirmed, indicating a more favorable price transmission from upstream to downstream industries, particularly for those with significant improvements in liquidity [1]