AI Model Performance - Chinese AI models DeepSeek and Qwen outperformed ChatGPT and Grok in crypto trading [1] - The report suggests AI is potentially changing the landscape of crypto trading [1]

Core Insights - Hong Kong Exchanges and Clearing (HKEX) has emerged as the largest IPO market globally, with over 300 companies in the listing pipeline, indicating strong fundraising momentum in the city [1][2] - International investors, particularly from Europe, the US, the Middle East, and emerging markets, are actively participating in new listings, showing confidence in the mainland's technology sector [2][3] - Total funds raised from new share sales in Hong Kong surged by 220% year-on-year in the first nine months of 2025, amounting to US$23.27 billion raised by 66 companies on the main board [3][4] Fundraising and Market Performance - HKEX outperformed the New York Stock Exchange and Nasdaq, which raised US$16.53 billion and US$15.32 billion respectively, marking the first time HKEX ranked first in the first three quarters since 2018 [4] - The Hang Seng Index increased by 35% this year, making it one of the best-performing major indices globally [5] - Funds raised by existing Hong Kong-listed companies through share placements and other offerings reached HK$456.1 billion (US$58.47 billion) in the first nine months of this year, which is double the amount raised in IPOs during the same period [6]

Core Insights - The domestic AI industry is experiencing a significant boost, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) showing a rapid increase in value, driven by key stocks like Cambricon and others [1][3]. Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) has seen a quick rebound, with a 1% increase, indicating a potential upward trend in the market [1]. - Key component stocks such as Cambricon have surged over 5%, while others like Chipone and Fudan Microelectronics have also shown positive performance [1]. Group 2: Technological Developments - DeepSeek, a domestic AI company, has open-sourced its latest model, DeepSeek-OCR, which compresses document images into fewer visual tokens, reducing computational costs [3]. - The Ministry of Industry and Information Technology is seeking opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 to enhance the computing power standard system [3]. Group 3: Industry Outlook - Dongxing Securities highlights that the AI industry is currently in a phase of policy, technology, and demand resonance, with strong support from top-down policies and potential funding [3]. - The artificial intelligence sector is expected to maintain its leading position in technology investments, with ongoing improvements in performance from domestic chip and cloud computing leaders [3]. Group 4: Investment Highlights - The Sci-Tech Innovation Artificial Intelligence ETF (589520) is positioned to benefit from policy support and the acceleration of AI integration in various sectors, focusing on companies with strong domestic replacement characteristics [5]. - The ETF offers a low-threshold investment opportunity with a 20% price fluctuation limit, enhancing efficiency during market surges [5]. - The top ten holdings of the ETF account for over 70% of its weight, with semiconductors representing more than half of the portfolio, indicating a concentrated and aggressive investment strategy [6].

Group 1 - DeepSeek, a domestic AI company, has open-sourced its latest model, DeepSeek-OCR, which utilizes a visual-text compression paradigm to reduce computational costs by representing content with fewer visual tokens [1] - DeepSeek-OCR can compress a 1000-word article into just 100 visual tokens, achieving a recognition accuracy of 96.5% with a tenfold compression [1] - OpenAI launched the AI browser Atlas to compete directly with Google Chrome, allowing users to invoke ChatGPT on any webpage for summarization, questioning, or task execution [1] Group 2 - The Ministry of Industry and Information Technology is soliciting opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 to promote the construction of a computing power standard system [2] - The AI industry is currently experiencing a three-dimensional resonance of policy, technology, and demand, with potential funding support from the "AI+" initiative, leading to increased certainty in the performance of domestic chip and cloud computing leaders [2] - Analysts expect continued technology-led market trends in the fourth quarter, with the AI sector remaining a key driver of investment [2] Group 3 - In the stock market, companies like Stone Technology and Optoelectronics led gains of over 2%, while others like Zhongke Star Map and Haotian Ruisheng saw declines of over 2% [3] Group 4 - The focus on the Sci-Tech Innovation AI ETF (589520) highlights three key points: 1. Policy support is igniting AI growth, with core trends in edge-cloud integration benefiting leading companies in the sector [4] 2. The importance of information and industrial security emphasizes the need for self-controllable AI technologies, with the ETF focusing on domestic AI industry chains [5] 3. The ETF offers high elasticity and strong offensive potential, with a 20% price fluctuation limit, allowing for efficient investment during market surges [5] Group 5 - The top ten weighted stocks in the Sci-Tech Innovation AI ETF as of September 30, 2025, show a concentration in semiconductor companies, with the first largest holding, Cambricon, at 16.623% [6]

Group 1 - DeepSeek, a domestic AI company, has open-sourced its latest model, DeepSeek-OCR, which utilizes a visual-text compression paradigm to reduce computational costs by representing content with fewer visual tokens [1] - DeepSeek-OCR can compress a 1000-word article into 100 visual tokens, achieving a recognition accuracy of 96.5% with a tenfold compression [1] - OpenAI launched the AI browser Atlas to compete with Google Chrome, allowing users to directly invoke ChatGPT on any webpage for summarization, questioning, or task execution [1] Group 2 - The Ministry of Industry and Information Technology is soliciting opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 across various aspects of computing power [2] - The AI industry is currently experiencing a three-dimensional resonance of policy, technology, and demand, with potential funding support from the "AI+" initiative, leading to increased certainty in the development of domestic chips and cloud computing [2] - Analysts expect a technology-led market trend in the fourth quarter, with the AI sector remaining a key focus for investment [2] Group 3 - The domestic AI industry chain is highlighted as a key investment area, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) experiencing a slight decline of 0.50% amid market adjustments [3][4] - The ETF is positioned to benefit from policy support and the trend of AI development, focusing on companies with significant revenue in niche segments [4] - The ETF offers a low-threshold investment opportunity with a 20% price fluctuation limit, enhancing efficiency during market surges [5] Group 4 - The top ten holdings of the Sci-Tech Innovation Artificial Intelligence ETF account for over 70% of its weight, with the semiconductor sector representing more than half of the portfolio [6]

商 品 研 究 2025 年 10 月 22 日 黄金：俄乌危机缓解 白银：现货矛盾缓解，冲高回落 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | 贵金属基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | | 沪金2512 | 昨日收盘价 994.06 | 日涨幅 2.45% | 昨日夜盘收盘价 945.44 | 夜盘涨幅 -4.64% | | | 黄金T+D | 986.89 | 1.35% | 944.47 | -4.55% | | | Comex黄金2512 | 4138.50 | -5.39% | - | | | | 伦敦金现货 | #N/A | #N/A | - | - | | | 沪银2512 | 11805 | 0.51% | 11285.00 | -4.86% | | 价 格 | 白银T+D | 11759 | -0.16% | 11261 | -4.86% | | | Comex白银2512 | 48.160 | -6.30% | - | - ...

Core Insights - DeepSeek has introduced a new model called DeepSeek-OCR, which can compress text information into images, achieving a significant reduction in token usage while maintaining high accuracy [5][31][39]. Group 1: Model Capabilities - DeepSeek-OCR can store large amounts of text as images, allowing for a more efficient representation of information compared to traditional text-based models [9][10]. - The model demonstrates a compression ratio where it can use only 100 visual tokens to outperform previous models that required 256 tokens, and it can achieve results with less than 800 visual tokens compared to over 6000 tokens used by other models [14][31]. - DeepSeek-OCR supports various resolutions and compression modes, adapting to different document complexities, with modes ranging from Tiny to Gundam, allowing for dynamic adjustments based on content [17][18]. Group 2: Data Utilization - The model can capture previously unutilized data from documents, such as graphs and images, which traditional models could not interpret effectively [24][26]. - DeepSeek-OCR can generate over 200,000 pages of training data in a day on an A100 GPU, indicating its potential to enhance the training datasets for future models [29]. - By utilizing image memory, the model reduces the computational load significantly, allowing for a more efficient processing of longer conversations without a proportional increase in resource consumption [31]. Group 3: Open Source Collaboration - The development of DeepSeek-OCR is a collaborative effort, integrating various open-source resources, including Huawei's Wukong dataset and Meta's SAM for image feature extraction [38][39]. - The model's architecture reflects a collective achievement from the open-source community, showcasing the potential of collaborative innovation in AI development [39].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The global economic situation is complex, with the US economy affected by wrong policies and the global economy entering the top - region [2]. - AI - related fields are rapidly developing, with multiple technological breakthroughs and new product launches, and AI toys are reshaping the consumer market [1]. - The US banking industry has increased concerns about credit losses, leading to increased merger expectations [1]. - The Japanese stock market has reached new highs, but the market is now focusing on the political stability of the new government [1]. 3. Summary by Related Catalogs 3.1 Important Information - OpenAI is facing absolute computing power scarcity, and it has a resource - allocation mechanism for research and application [1]. - DeepSeek has launched a revolutionary OCR model that solves the computing power problem of AI in processing long documents and has high - efficiency data generation capabilities [1][2]. - Yushu (Unitree) has released a four - legged robot training platform and a 180 - cm humanoid robot Unitree H2 with good balance and control capabilities [1][2]. - AI toys are becoming a new consumer hotspot across all age groups and are in a "golden age" of development, breaking the scene boundaries of traditional toys [1]. - The nuclear fusion technology competition is intensifying in the US, covering two key tracks: small modular reactors for AI power and future - oriented fusion technology [1]. - US banks' concerns about credit losses are promoting merger expectations, and regulatory and political factors support merger discussions [1]. - Kōichi Hamada has been elected as the new Prime Minister of Japan, and the Japanese stock market has reached new highs, but market attention has shifted to the political stability of the new government [1]. 3.2 Global Economic Logic - China's industrial added value in September 2025 increased by 6.5% year - on - year and 0.64% month - on - month, and the central parity rate of the RMB against the US dollar has been raised to 7.0995 [1]. - Traders are betting that the Fed will cut interest rates by at least 50 basis points in the upcoming meetings [1]. - China is the preferred stock investment market for emerging markets, and 100 surveyed institutions manage $423 billion in emerging - market assets [2]. - Huawei has announced the evolution and goals of Ascend chips, with its computing power "super - node + cluster" leading NVIDIA by more than a year [2]. - Although AI infrastructure investment has reached a new high in nominal terms, the proportion of US AI investment in GDP is still less than 1% [2]. - TSMC's CEO said that AI demand is stronger than expected [2].

1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - The stabilization of the stock market is crucial for expanding the property - income channels of urban and rural residents and enhancing people's consumption confidence. A stable stock market can inject capital into the real economy and promote consumption through wealth, psychological, and expected effects [1][2][3]. - From the 15th Five - Year Plan period, people's consumption demand will shift from survival - type to development - type, and the consumption structure will change from being dominated by commodity consumption to a balance between commodity and service consumption. Service consumption will be a key area for expanding consumption in China [2]. - The ETF market has seen significant net inflows in October 2025, with equity - based ETFs being the main driving force. Many foreign institutions believe that the current valuation of A - shares is reasonably low, making them attractive for investment [1][3]. 3. Summary by Relevant Catalogs Market Review - On Tuesday, with the rise of overseas markets, the major domestic stock indices fluctuated upwards, and the communication sector led the gains. The total trading volume of the two markets was 1.87 trillion yuan, showing a slight increase. The CSI 300 index closed at 4607 points, up 69 points or 1.53%; the SSE 50 index closed at 3007 points, up 32 points or 1.09%; the CSI 500 index closed at 7185 points, up 115 points or 1.64%; the CSI 1000 index closed at 7344 points, up 104 points or 1.45% [1]. - Among industry and theme ETFs, those related to communication, 5G, and consumer electronics led the gains, while coal, energy, and dividend ETFs led the losses. Among sector indices, consumer electronics, communication equipment, and other sectors led the gains, while forestry, coal mining, and other sectors led the losses [1]. - The futures of the CSI 500, CSI 1000, CSI 300, and SSE 50 indices saw net inflows of 3600 million, 2400 million, 1700 million, and 500 million yuan respectively [1]. Important Information - As of October 13, the number of new A - share accounts exceeded 20 million, a year - on - year increase of over 50%, which has effectively increased residents' property income [1][3]. - Most domestic families allocate over 20% of their financial assets to the securities market, and the fluctuation of stock book value affects residents' wealth and consumption willingness [1][3]. - Morgan Stanley believes that factors such as upcoming dividend distributions, stable interest rates, and 500 billion yuan in structural financial policy tools will support the re - evaluation of Chinese bank stocks [2]. - AI toys are reshaping the industry landscape in the 2025 consumer market, becoming a new consumption hotspot across all age groups [2]. - OpenAI is facing a shortage of computing power, which restricts the release of many products [2]. - Concerns about credit losses in the US banking industry have increased the expectation of mergers and acquisitions [2]. - After the election of the new Japanese Prime Minister, the Japanese stock market has reached new highs, but the market is now focusing on the political stability of the new government [2]. - Morgan Chase believes that the competition in nuclear fusion technology is intensifying, with two key tracks attracting large amounts of capital [2]. Market Logic - With the rise of overseas markets, the domestic stock market rose on Tuesday. The increase in new A - share accounts and the net inflow of funds into the ETF market reflect the growing confidence of investors. The reasonable and low valuation of A - shares makes them attractive to foreign investors [1][3]. Future Outlook - The stock market is expected to remain in a volatile state, and the market is waiting for the clarity of Sino - US negotiations at the end of the month. The long positions of stock index futures should be mainly based on the CSI 300 and SSE 50 indices [3]. - Traders are increasing their bets on the Fed to cut interest rates by at least 50 basis points in the upcoming meetings [3]. Trading Strategies - For stock index futures directional trading, due to the volatile market and the uncertainty of Sino - US negotiations, long positions should be mainly based on the CSI 300 and SSE 50 indices [3]. - For stock index option trading, as the market is in a volatile and consolidating state, it is advisable to wait and see [3].

Core Insights - DeepSeek has open-sourced a new model called DeepSeek-OCR, which utilizes visual patterns for context compression, aiming to reduce computational costs associated with large models [1][3][6] Model Architecture - DeepSeek-OCR consists of two main components: DeepEncoder, a visual encoder designed for high compression and high-resolution document processing, and DeepSeek3B-MoE, a lightweight language decoder [3][4] - The DeepEncoder integrates two established visual model architectures: SAM (Segment Anything Model) for local detail processing and CLIP (Contrastive Language–Image Pre-training) for capturing global knowledge [4][6] Performance and Capabilities - The model demonstrates strong "deep parsing" abilities, capable of recognizing complex visual elements such as charts and chemical formulas, thus expanding its application in fields like finance, research, and education [6][7] - Experimental results indicate that when the number of text tokens is within ten times that of visual tokens (compression ratio <10×), the model achieves 97% OCR accuracy, maintaining around 60% accuracy even at a 20× compression ratio [6][7][8] Industry Reception - The model has received widespread acclaim from tech media and industry experts, with notable figures like Andrej Karpathy praising its innovative approach to using pixels as input for large language models [3][4] - Elon Musk commented on the long-term potential of AI models primarily utilizing photon-based inputs, indicating a shift in how data may be processed in the future [4] Practical Applications - DeepSeek-OCR is positioned as a highly practical model capable of generating large-scale pre-training data, with a single A100-40G GPU able to produce over 200,000 pages of training data daily [7][8] - The model's unique approach allows it to compress a 1000-word article into just 100 visual tokens, showcasing its efficiency in processing and recognizing text [8]