每周视点｜科技股调整，信号切换？（2025.9.29-10.10）

Domestic Focus - The Central Committee of the Communist Party of China held a meeting on September 29 to discuss major issues regarding the 15th Five-Year Plan, emphasizing high-quality development and new development concepts [1] - The Ministry of Transport announced a special port fee for American ships starting October 14 in response to the U.S. 301 investigation into China's shipbuilding industry [1] - The Ministry of Commerce and the General Administration of Customs issued four announcements on October 9 regarding export controls on superhard materials, rare earth equipment, lithium batteries, and artificial graphite anode materials [1] - During the National Day and Mid-Autumn Festival holiday, cross-regional personnel flow reached 2.433 billion person-times, averaging 304 million person-times per day, a 6.3% increase compared to the same period in 2024 [1] International Focus - On October 10, U.S. President Trump announced a 100% additional tariff on all goods imported from China starting November 1, 2025, along with strict export controls on critical U.S. manufacturing software [2] - The U.S. Senate rejected a temporary funding bill on October 1, leading to a government shutdown affecting approximately 750,000 federal employees and potentially delaying economic data releases [2] Market Overview - The A-share market showed an upward trend with the Shanghai Composite Index breaking through 3900 points, while the AI industry chain experienced a period of consolidation [5] - The bond market saw a significant decline in yields following the announcement of additional tariffs on Chinese imports, with the 10-year government bond yield dropping by 4 basis points to 1.82% [7] - The gold price reached a new high, surpassing $4000 per ounce, driven by expectations of U.S. interest rate cuts and increased demand for safe-haven assets due to the government shutdown [7] Market Outlook - The equity market is expected to maintain a positive trend, transitioning from a liquidity-driven market to one supported by fundamentals, with a focus on technology sectors such as AI and innovative pharmaceuticals [8] - The bond market may experience limited downward yield movement due to ongoing U.S.-China negotiations, with a potential for increased allocation opportunities in the medium term [9] - The real estate market is stabilizing due to effective policy measures, with a need for close monitoring of high-frequency data to prevent downturns similar to late 2024 and early 2025 [10]