Core Viewpoint - The article discusses the recent developments in China's economy and the AI industry, highlighting the potential for a stable performance in the A-share market following the National Day and Mid-Autumn Festival holidays, driven by positive economic indicators and upcoming policy expectations related to the 14th Five-Year Plan [1][8]. Economic and Policy Developments - During the holiday period, domestic travel data showed a stable increase, with a total of 1.77 billion trips made, reflecting a year-on-year growth of 5.2% [2]. - The manufacturing PMI for September was reported at 49.8%, indicating a slight recovery from August's 49.4% [3]. - Industrial profits for large-scale enterprises saw a significant year-on-year increase of 20.4% in August, compared to a cumulative growth of 0.9% from January to August [3][18]. Policy and Industry Updates - The Central Political Bureau held a meeting on September 29 to discuss major issues related to the 14th Five-Year Plan, with a subsequent plenary session scheduled for October 20-23 [4]. - The Ministry of Finance and the Ministry of Commerce issued a notice to support new consumption models and international consumption environment construction, targeting around 50 pilot cities [4]. - Several domestic AI companies announced new models and adaptations, indicating ongoing advancements in the AI sector [4][9]. Overseas Economic and Policy Context - The U.S. federal government experienced a shutdown, delaying the release of key economic data, including employment statistics [5]. - OpenAI announced collaborations with Samsung and SK Hynix, as well as a strategic partnership with AMD to deploy new AI chips starting in 2026 [6][14][15]. - A new round of tariffs in the U.S. took effect on October 1, affecting various imported goods, including a 100% tariff on all brand-name or patented drugs [7][16]. Market Outlook - The A-share market is expected to maintain a stable performance post-holiday, supported by positive travel data and industrial profit recovery, alongside the anticipation of policy developments related to the 14th Five-Year Plan [8]. - The market is currently in a consolidation phase, with potential for future upward trends contingent on new catalysts [8]. Industry Focus Areas - Key sectors to watch include AI computing and robotics, which are expected to remain attractive until a significant change in industry conditions occurs [9]. - Other sectors such as innovative pharmaceuticals, consumer electronics, and non-ferrous metals are also highlighted for their potential due to improving demand and supply dynamics [9]. - Industries like engineering machinery, power grid equipment, and aquaculture are noted for their favorable cost-performance ratio despite limited price increases [9].
中金:长假期间,市场关注哪些热点?
Xin Lang Cai Jing·2025-10-09 03:20