Core Viewpoint - The establishment of a strategic fund by the State-owned Assets Supervision and Administration Commission (SASAC) signals a long-term commitment to investing in key emerging industries, particularly in technology, which is expected to drive the A-share market upward [2][4][15]. Group 1: Fund Details - The SASAC's newly launched strategic emerging industry development fund has an initial scale of 51 billion yuan, with an investment period of 5 years and a total cycle of up to 15 years [2][5]. - The fund will focus on sectors such as artificial intelligence, aerospace, high-end equipment, and quantum technology, which are characterized by high R&D investment and significant growth potential [5][6]. Group 2: Market Impact - The fund's long-term investment strategy is expected to stabilize market expectations, enhance liquidity, and promote a culture of value investing, contributing to a more stable "slow bull" market [7][8][15]. - The combination of the fund's launch and upcoming international events, such as the meeting of Chinese and foreign leaders and the Federal Reserve's interest rate decision, is likely to create a positive market sentiment and potential for a "resonance market" [10][11]. Group 3: Investor Sentiment - Investors are showing renewed optimism as the market has broken through the 4000-point level, with a shift in focus towards technology stocks [2][15]. - The long investment horizon of the fund is seen as a positive development, contrasting with the previous volatility driven by short-term capital [6][14].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The stock index market showed a trend of hitting bottom and rebounding throughout the day, with all three major indices rising. The outlook for relevant themes remains optimistic in the long - term, but there are uncertainties from the US's debt pressure and trade policies. Short - term liquidity may be affected, and it is expected that volatility will increase this week, suggesting attention to option double - buying or ratio spread strategies [1]. - The bond market is expected to fluctuate. Although recent factors have led to a short - term strengthening of bonds, there is a lack of strong impetus for a significant upward movement [1][2]. Summary by Directory Research Views - **Stock Index**: The market recovered after hitting bottom, with about 3000 stocks rising in the Shanghai, Shenzhen, and Beijing stock markets, and the trading volume on this day was 1.66 trillion yuan. The Shanghai Composite Index rose 0.22%, the Shenzhen Component Index rose 0.22%, and the ChiNext Index rose 0.09%. The Fourth Plenary Session of the 20th CPC Central Committee has attracted high market attention. The strategy of rejuvenating the country through science and technology remains unchanged, but there are uncertainties from the US and potential impacts on short - term liquidity. The futures market has a large discount, and option implied volatility is low. Volatility is expected to increase this week [1]. - **Treasury Bonds**: On the previous day, treasury bond futures closed with declines in various contracts. The central bank conducted 212.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 23.5 billion yuan. Economic data shows a weak recovery trend. Although there was a short - term strengthening due to factors such as the intensification of the Sino - US tariff war, there is a lack of strong impetus for a significant upward movement [1][2]. Daily Price Changes - **Stock Index Futures**: On October 23, 2025, compared with the previous day, IH rose 18.2 points (0.61%), IF rose 17.4 points (0.38%), IC rose 28.4 points (0.41%), and IM rose 15.8 points (0.22%) [3]. - **Stock Indices**: The Shanghai Stock Exchange 50 rose 16.8 points (0.56%), the CSI 300 rose 13.8 points (0.30%), the CSI 500 rose 14.5 points (0.20%), and the CSI 1000 fell 4.1 points (- 0.06%) [3]. - **Treasury Bond Futures**: On October 23, 2025, compared with the previous day, TS fell 0.022 points (- 0.02%), TF fell 0.09 points (- 0.09%), T fell 0.11 points (- 0.10%), and TL fell 0.40 points (- 0.35%) [3]. Market News - As of October 22, 2025, the number of subsidy applications for the national automobile trade - in program exceeded 10 million, including over 3.4 million for vehicle scrapping and replacement and over 6.6 million for replacement [4]. - The State - owned Assets Supervision and Administration Commission of the State Council held a symposium on the "15th Five - Year Plan" for central enterprises, emphasizing scientific planning, focusing on enhancing core functions and competitiveness, and promoting layout optimization and structural adjustment [4]. - From October 24 to 27, 2025, Vice - Premier He Lifeng will lead a delegation to Malaysia for Sino - US economic and trade consultations [5]. Chart Analysis - **Stock Index Futures**: The document provides charts of the trends and basis of IH, IF, IC, and IM contracts, showing the price trends and basis changes of these contracts from January 2024 to July 2025 [7][8][9][10][11]. - **Treasury Bond Futures**: Charts include the trends of treasury bond futures contracts, spot bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates, covering data from 2023 to 2025 [14][15][16][17][18][20]. - **Exchange Rates**: The document presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates between major currencies, with data spanning from January 2023 to July 2025 [24][25][26][28][31].

1. Report Industry Investment Ratings - Index futures: Bullish [1] - Treasury bond futures: Sideways [1] 2. Core Views of the Report - Index futures: The A - share market closed down with fluctuations yesterday. The dividend sector rose, while the technology sector pulled back. The Wind All - A index dropped 0.38% with a trading volume of 1.69 trillion yuan. The strategic focus on science and technology for national development remains unchanged in the long - term, and expectations for related themes are still optimistic. Uncertainties mainly come from the US domestic debt pressure and trade policy trends. Some domestic securities firms' adjustment of margin conversion ratios for certain stocks may affect short - term liquidity. The large discount in the futures market reflects strong hedging demand, and the low implied volatility of options shows a wait - and - see attitude. Volatility is expected to rise this week, and option double - buy or ratio spread strategies can be considered [1]. - Treasury bond futures: Yesterday, treasury bond futures closed with gains. The central bank conducted 138.2 billion yuan of 7 - day reverse repurchase operations, with a net injection of 94.7 billion yuan. Economic data shows a weak recovery. The central bank's support has eased the capital situation, and the escalation of the Sino - US tariff war has increased risk - aversion sentiment, causing treasury bonds to perform strongly. However, the central bank did not restart treasury bond trading in September, reducing expectations of monetary policy interest rate cuts. With the warming of the economy and the increase of quasi - fiscal tools, treasury bonds lack the impetus for significant upward movement [1][2] 3. Summaries by Relevant Catalogs 3.1 Daily Price Changes - Index futures: On October 22, 2025, IH was at 3,005.6 (up 0.8 or 0.03% from the previous day), IF was at 4,563.4 (down 14.2 or - 0.31%), IC was at 7,011.6 (down 41.2 or - 0.58%), and IM was at 7,163.2 (down 19.6 or - 0.27%) [3]. - Stock indices: On October 22, 2025, the Shanghai Composite 50 Index was at 3,010.1 (up 2.8 or 0.09%), the CSI 300 Index was at 4,592.6 (down 15.3 or - 0.33%), the CSI 500 Index was at 7,128.5 (down 57.1 or - 0.80%), and the CSI 1000 Index was at 7,312.2 (down 31.8 or - 0.43%) [3]. - Treasury bond futures: On October 22, 2025, TS was at 102.36 (down 0.014 or - 0.01%), TF was at 105.74 (up 0.02 or 0.02%), T was at 108.15 (unchanged), and TL was at 115.61 (up 0.02 or 0.02%) [3]. 3.2 Market News - The China Securities Investment Fund Association is about to release a draft for soliciting opinions on the rules for the performance comparison benchmarks of public funds. Multiple fund managers have submitted a batch of indices for potential use as performance comparison benchmarks, but the regulatory authorities are cautious about the number of indices included in the actual benchmark library [4]. 3.3 Chart Analysis 3.3.1 Index Futures - The report presents the historical price trends of IH, IF, IM, and IC main contracts, as well as the historical basis trends of these contracts [6][7][9]. 3.3.2 Treasury Bond Futures - The report shows the historical price trends of treasury bond futures main contracts, the historical yields of treasury bond cash bonds, the historical basis trends of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, the historical inter - period spreads of different - term treasury bond futures, the historical spreads between different - term treasury bond futures, and historical capital interest rates [13][14][16][19]. 3.3.3 Exchange Rates - The report includes the historical trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, the 1 - month and 3 - month forward exchange rates of the US dollar and euro against the RMB, the US dollar index, the euro against the US dollar, the British pound against the US dollar, and the US dollar against the Japanese yen [23][24][27][30].

Group 1: Report Industry Investment Ratings - The investment rating for stock indices is "bullish" [1] - The investment rating for 5-year treasury bonds is "sideways" [1] Group 2: Core Views of the Report - For stock indices, the A-share market oscillated upwards, with the technology sector remaining strong. The Wind All-A Index rose 1.62%, and trading volume reached 1.89 trillion yuan. The medium - to - long - term outlook for technology - related themes is optimistic, but uncertainties come from US domestic debt and trade policies. Some brokerages' adjustment of margin financing conversion ratios may impact short - term liquidity. The futures market shows a large discount and low implied volatility in options. Volatility is expected to rise this week, and option double - buy or ratio spread strategies can be considered [1] - For 5 - year treasury bonds, treasury futures closed higher. The central bank conducted 1595 billion yuan of 7 - day reverse repurchase operations, with a net injection of 685 billion yuan. Economic data shows a weak recovery. The recent relaxation of the capital side and the escalation of the Sino - US tariff war have boosted the safe - haven sentiment, but the lack of restart of treasury bond trading and the cooling of interest - rate cut expectations limit the upward momentum [1][3] Group 3: Summary by Relevant Catalogs 1. Research Views - **Stock Indices**: On October 21, 2025, the A - share market rose. The technology sector was strong, and the Wind All - A Index increased by 1.62%. The trading volume was 1.89 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices all rose. The long - term technology - driven strategy remains unchanged, but there are uncertainties from the US. Some brokerages' margin financing ratio adjustments may affect short - term liquidity. The futures market discount reflects strong hedging demand, and low option implied volatility shows a wait - and - see attitude. Volatility is expected to increase this week [1] - **5 - year Treasury Bonds**: On Tuesday, treasury futures closed higher. The central bank's reverse repurchase operations led to a net injection of funds. The economic data shows a weak recovery. The recent relaxation of the capital side and the tariff war have increased the safe - haven sentiment, but the lack of restart of treasury bond trading and the cooling of interest - rate cut expectations limit the upward movement [1][3] 2. Daily Price Changes - **Stock Index Futures**: From October 20 to October 21, 2025, IH rose 1.16%, IF rose 1.57%, IC rose 2.08%, and IM rose 1.75% [4] - **Stock Indices**: The SSE 50 rose 1.09%, the SSE 300 rose 1.53%, the CSI 500 rose 1.64%, and the CSI 1000 rose 1.45% [4] - **Treasury Bond Futures**: TS rose 0.04%, TF rose 0.06%, T rose 0.03%, and TL rose 0.25% [4] - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds decreased [4] 3. Market News - On October 20, the Ministry of Commerce held a policy interpretation round - table meeting for foreign - funded enterprises, with over 170 representatives participating. Officials from relevant departments responded to the enterprises' concerns [5] 4. Chart Analysis - **Stock Index Futures**: The report presents the trends and basis trends of IH, IF, IM, and IC main contracts [6][7][8] - **Treasury Bond Futures**: The report shows the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][14][19] - **Exchange Rates**: The report displays the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [21][22][27]

Core Viewpoint - The micro-cap stocks have gained significant attention in the market due to their strong performance and unique characteristics, contrasting with the broader market indices which have shown limited growth [1][2]. Group 1: Market Performance - As of August 8, the micro-cap index has increased by 56.68% year-to-date, while major indices like the Shanghai Composite and CSI 300 have only shown single-digit growth [1]. - Micro-cap stocks are characterized by a "slow rise and rapid fall" pattern, indicating their potential for significant upward movement when market conditions improve [1]. Group 2: Investment Opportunities - The investment landscape for micro-cap stocks has changed, with lower crowding and improved policy environments compared to previous years [2]. - The focus on technology and innovation has been emphasized, with funds like Huian Multi-Strategy Mixed Fund targeting micro-cap stocks that have strong technological attributes and can benefit from national policies promoting innovation [2]. - Recent ratings from various securities firms have recognized the Huian Multi-Strategy Mixed Fund as a top-performing fund, indicating confidence in its strategy and potential returns [2]. Group 3: Risks and Considerations - Investment in micro-cap stocks carries inherent risks, particularly liquidity risk and delisting risk, which investors need to be aware of [3]. - The potential for liquidity issues during market downturns and the risk of companies failing to meet listing requirements are significant concerns for investors in this segment [3].

Core Viewpoint - The AI Fund Xingquan Global Vision Stock (340006) reported a profit of 20.16 million yuan for Q2 2025, with a net asset value growth rate of 1.82% and a fund size of 1.177 billion yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 21, the fund's unit net value was 2.41 yuan [2]. - The fund's three-month net value growth rate was 11.43%, ranking 19 out of 61 comparable funds [4]. - The six-month net value growth rate was 9.46%, ranking 29 out of 61 comparable funds [4]. - The one-year net value growth rate was 16.73%, ranking 37 out of 61 comparable funds [4]. - The three-year net value growth rate was -15.60%, ranking 44 out of 60 comparable funds [4]. Risk and Return Metrics - The fund's three-year Sharpe ratio was -0.1241, ranking 45 out of 60 comparable funds [9]. - The maximum drawdown over the past three years was 35.97%, ranking 26 out of 59 comparable funds [11]. - The highest stock position was 92.23% at the end of H1 2020, while the lowest was 80.78% at the end of Q3 2022 [14]. Investment Focus - The fund management emphasized a focus on the technology sector, driven by government policies promoting technological innovation and new productivity [3]. - The fund aims to identify companies with high technological barriers and strong competitive advantages, particularly in sectors like smart driving, AI technology, and military electronics [3]. - The fund also seeks opportunities in companies that either reduce capital expenditures and increase cash dividends or actively develop new growth avenues to sustain performance [3]. Top Holdings - As of Q2 2025, the fund's top ten holdings included Ningde Times, Luxshare Precision, Sany Heavy Industry, Zijin Mining, Northern Huachuang, Aidi Pharmaceutical, Shandong Gold, Huaqin Technology, Electric Connection Technology, and Philips [19].

Core Viewpoint - The Shenzhen Stock Exchange announced revisions to the ChiNext Composite Index, introducing monthly removal mechanisms for risk-warning stocks and ESG negative-rated stocks, effective from July 25, 2025 [1][4]. Group 1: Index Revisions - The ChiNext Composite Index will implement a monthly removal mechanism for stocks under risk warning (ST or *ST) and will exclude stocks rated C or below in ESG assessments [4]. - The revisions aim to enhance the index's stability and promote responsible investment by filtering out high-risk and low-governance companies [4][7]. Group 2: Fund Company Responses - Following the announcement, seven fund companies quickly submitted applications for ChiNext-related ETFs, including Penghua Fund, Yinhua Fund, and Bosera Fund for standard ETFs, and Jianxin Fund, Huabao Fund, and others for enhanced ETFs [1][3]. - Fund managers believe that the revised index will attract long-term capital inflows and provide a more transparent investment tool for innovative sectors [4][6]. Group 3: Index Characteristics and Market Impact - As of July 11, 2025, the ChiNext Composite Index will consist of 1,316 stocks, covering 95% of listed companies on the ChiNext, with a total market capitalization coverage of 98% [5]. - The index is seen as a crucial investment vehicle for capturing growth in sectors like renewable energy, biomedicine, and electronic information technology, reflecting the overall market trends [5][6]. - The ChiNext Composite Index has outperformed the ChiNext Index over the past decade, with an annualized return approximately 2% higher [6]. Group 4: Future Developments - The Shenzhen Stock Exchange plans to continue enhancing the "Chuang Series" indices and related products, focusing on serving national strategic priorities and improving the quality of investment options available [9].

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to profit from price fluctuations without predicting market trends [3][12] - The report identifies suitable characteristics for grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][12] Group 2 - The semiconductor ETF (512480.SH) is highlighted due to the increasing domestic substitution under technical sanctions and the rising demand for computing chips driven by AI applications, with a predicted 20% year-on-year growth in AI PC, tablet, and mobile phone shipments by 2025 [3][13] - The artificial intelligence ETF (159819.SZ) benefits from government policies promoting AI technology across various sectors, with 433 domestic large models registered by June 30, 2025, indicating a significant push towards industrial transformation [4][16] - The robotics ETF (159770.SZ) is supported by national policies aiming to establish a humanoid robot innovation system by 2025, showcasing advancements in technology and commercial viability [5][19] - The medical ETF (512170.SH) is driven by the aging global population and supportive policies for innovative drug development, aiming to enhance the quality and efficiency of clinical trials and drug approvals [6][20]

Core Viewpoint - The article discusses the complex socio-political dynamics in Iran, highlighting the tension between religious authority and modern education, which has led to a growing discontent among the populace against the ruling clerical regime [30]. Group 1: Socio-Political Dynamics - The ruling elite in Iran consists mainly of Azerbaijanis, while the majority population is Persian, leading to a perception of "small ethnic rule over a large nation" [1]. - The ideological conflict in Iran is more significant than ethnic tensions, rooted in a paradox of a theocratic regime promoting higher education while facing increasing opposition from an educated populace [3][5]. - The Iranian regime has cultivated a large opposition through its educational policies, inadvertently creating a well-informed citizenry that questions the authority of the clerical leadership [5][16]. Group 2: Education and Technology - Iran has experienced a rapid expansion in higher education, with enrollment rates rising from under 10% before the 1979 revolution to over 60% in recent years, particularly among women [3][4]. - The regime's focus on developing scientific education is seen as a necessity for national strength, especially in the face of external threats and sanctions [8][10]. - The need for technological advancement has been exacerbated by long-standing Western sanctions, which have limited access to critical technologies and forced Iran to pursue self-sufficiency in technology [9][10]. Group 3: Economic Challenges - Economic sanctions have severely impacted Iran's oil exports, which plummeted from 2.5 million barrels per day to 1 million barrels per day, leading to a precarious fiscal situation [24]. - The Iranian economy has faced significant contraction, with GDP shrinking by 6.0% in 2018 and 6.8% in 2019, alongside persistent inflation rates between 30% and 50% [22][24]. - The economic decline has fueled public discontent, as the population struggles with high inflation and a depreciating currency, leading to a loss of faith in the ruling authorities [24][25]. Group 4: Social Media and Public Sentiment - The rise of social media has amplified public dissent against the clerical regime, allowing citizens to express their frustrations and challenge the authority of the ruling class [25][26]. - The Iranian government has struggled to control social media, which has become a platform for organizing and voicing opposition, particularly among women [27][28]. - The government has reluctantly allowed some degree of social media freedom to facilitate economic connections with the diaspora, which has become a vital source of income for many Iranians [29][30]. Group 5: Military and External Relations - Iran's military strategy has been influenced by its perception of external threats, leading to aggressive posturing and military actions in response to perceived provocations from Israel and the U.S. [31][32]. - The assassination of key military figures has highlighted internal vulnerabilities and the challenges faced by the Iranian regime in maintaining control [17][18]. - The ongoing conflict with Israel and the U.S. reflects the broader geopolitical tensions in the region, complicating Iran's efforts to stabilize its internal situation [20][21].

Core Viewpoint - The A-share market shows signs of differentiation, with the Shanghai Composite Index declining while the ChiNext Index rises over 1% [1][7]. Market Overview - The trading volume in the two markets continues to expand, exceeding 1.23 trillion yuan, with the precious metals sector declining due to falling gold prices, while the robotics sector experiences significant gains [3][7]. - Analysts believe that the downside risk in the A-share market is manageable, and there is potential for upward movement, enhancing the value of allocations [3]. Fund Management Insights - The active fund size has rebounded, increasing by 35.6 billion yuan to 3.46 trillion yuan in the first quarter, driven by a recovery in the A-share market and improved investor risk appetite [5][7]. - The latest top 20 heavy stocks held by funds reveal a focus on technology, with Ningde Times, Kweichow Moutai, and Tencent Holdings being the top three holdings, valued at 146.8 billion yuan, 142.8 billion yuan, and 111.5 billion yuan respectively [8][9]. Sector Allocation Trends - Funds have increased their positions in technology stocks, with notable additions in Hong Kong-listed tech giants such as Tencent, Alibaba, and Xiaomi [11]. - The active management funds have also increased allocations in sectors such as automobiles, non-ferrous metals, and electronics, while reducing exposure to power equipment and telecommunications [13][14]. Future Investment Directions - Key areas for potential investment include: 1. Domestic demand assets: Increased allocations in sectors like liquor, building materials, steel, beauty care, and retail [15]. 2. Recovery sectors: Increased positions in military, pharmaceuticals, and wind power components [16]. 3. Export chains: High positions maintained in sectors with strong performance expectations [17]. 4. Dividend assets: Reduced allocations to low levels, with potential for future increases [18]. Investment Strategy Recommendations - Investors are advised to maintain a balanced allocation between stocks and bonds, and to flexibly adjust their portfolios to mitigate risks and seize opportunities [19].