Core Viewpoint - Norska's stock price has shown a positive trend with an 8.48% increase year-to-date, reflecting investor confidence in the company's growth potential in the clinical trial services sector [2]. Company Overview - Norska (Beijing) Pharmaceutical Technology Co., Ltd. was established on August 22, 2008, and went public on August 2, 2022. The company is located in Haidian District, Beijing [2]. - The company's main business includes clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2]. - Revenue composition: Clinical trial operation services (39.25%), clinical trial site management services (34.10%), data management and statistical analysis services (13.30%), biological sample testing services (8.45%), clinical pharmacology services (3.74%), and clinical trial consulting services (1.16%) [2]. Financial Performance - For the first half of 2025, Norska achieved operating revenue of 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61.12 million yuan, up 4.45% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 49.50 million yuan [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 10,400, with an average of 5,486 circulating shares per person, a decrease of 1.97% from the previous period [2]. - New significant shareholders include Hong Kong Central Clearing Limited and two funds from Zhonggeng, indicating growing institutional interest [3].

来源：新浪基金∞工作室 9月29日，港股创新药ETF鹏华（159286）涨0.61%，成交额8844.33万元。当日份额减少300.00万份，最 新份额为5.58亿份，近20个交易日份额减少1.50亿份。最新资产净值计算值为5.50亿元。 港股创新药ETF鹏华（159286）业绩比较基准为国证港股通创新药指数收益率(经汇率调整后)，管理人 为鹏华基金管理有限公司，基金经理为林嵩、张羽翔，成立（2025-08-20）以来回报为-1.33%，近一个 月回报为0.88%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report comprehensively presents the overnight performance of domestic and international futures markets, important macro - economic news, and the situation of various industries. It includes price fluctuations in different futures sectors, policy developments in multiple industries, and the performance of financial markets at home and abroad, providing a multi - faceted view of the current economic and market situation [3][10][37]. Summary by Directory Overnight Night - Market Futures Market - Domestic futures主力合约跌多涨少，沪金涨1.02%，沪银涨0.66%，SC原油等跌超2% [3] - International agricultural futures多数下跌，美大豆跌0.44%，美豆粕涨0.15% [4] - International precious metal futures普遍收涨，COMEX黄金涨1.42%报3862.90美元/盎司，COMEX白银涨0.97%报47.11美元/盎司 [5] - International oil prices全线下跌，美油主力合约跌3.86%报63.18美元/桶，布伦特原油主力合约跌3.51%报66.79美元/桶 [6] - London basic metals多数上涨，LME期锡涨2.79%报35465.00美元/吨，LME期铜涨2.43%报10428.50美元/吨 [8] Important News Macro News - The Politburo will discuss the 15th Five - Year Plan, and the 4th Plenary Session of the 20th Central Committee will be held from October 20 - 23 [10] - The National Development and Reform Commission is promoting new policy - based financial tools worth 500 billion yuan for project capital [10] - Six ministries issued a plan for the machinery industry's stable growth from 2025 - 2026, aiming for an average annual revenue growth of about 3.5% and revenue exceeding 10 trillion yuan [11] - As of September 29, 2025, the Shanghai Export Container Settlement Freight Index (European route) dropped 10.7% [12] - The US Senate will vote on a bill to avoid a government shutdown, and the US Bureau of Labor Statistics will suspend operations during a shutdown [13] - Fed officials have different views on interest rate cuts, with some supporting and some advocating for maintaining a tight policy [13] - Trump announced a 20 - point plan to end the Gaza conflict, which Israel has accepted and Hamas will review [13] - Iran responded that European and American sanctions are unjust and illegal [14] Energy and Chemical Futures - China's nitrogen fertilizer industry faces challenges due to weak demand and price decline, and the China Nitrogen Fertilizer Industry Association will hold a market analysis meeting [16] - As of September 29, 2025, Jiangsu's pure benzene port inventory decreased 0.93% month - on - month and increased 35.90% year - on - year [16] - Saudi Arabia is expected to raise November crude oil prices for Asian buyers, with a possible increase of 20 - 40 cents per barrel [18] Metal Futures - PT Mitra Murni Perkasa's nickel smelter in Balikpapan is expected to be fully operational in early 2026, with an annual nickel processing capacity of about 21,000 nickel tons [20] - As of September 29, national zinc ingot social inventory decreased [20] - Indonesia's president ordered the closure of 1000 illegal tin mines in Bangka - Belitung [21] - Bank of America raised its copper price forecasts for 2026 and 2027 [22] - In the 4th week of September 2025, Brazil's copper and aluminum ore shipments decreased compared to last year [22] - Gold prices exceeded $3830, and the value of US gold reserves exceeded $1 trillion [24] Black - Series Futures - From September 22 - 28, 2025, China's iron ore arrivals at ports decreased, while global iron ore shipments increased [26] - Three coal mines in Linfen will stop production for 3 - 7 days, affecting about 206,000 tons of raw coal [26] - In September 2025, the coking coal long - term agreement price increased [27] - Tangshan's section steel mills will implement production control until the end of October, with weak market transactions [27] - In the 4th week of September 2025, Brazil's iron ore shipments decreased compared to last year [29] Agricultural Futures - Malaysia's palm oil inventory is expected to decline to about 1.7 million tons by the end of the year due to seasonal production slowdown and increased exports [31] - As of September 26, domestic soybean crushing volume decreased, and it is expected to drop to about 1.8 million tons before the holiday [31] - As of last Thursday, Brazil's 2025/26 soybean planting progress reached 3.2% [32] - US private exporters reported corn sales to Mexico and unknown destinations [32] - As of September 25, US soybean export inspection volume was 593,956 tons [32] - As of September 27, Brazil's soybean sowing rate was 3.5% [33] - In the 4th week of September 2025, Brazil's soybean shipments increased compared to last year [35] - As of September 28, US soybean and corn's good - to - excellent rates and harvest rates were reported [35] Financial Market Finance - A - shares rose, with securities stocks surging in the afternoon. The Shanghai Composite Index rose 0.9%, the Shenzhen Component Index rose 2.05%, and the ChiNext Index rose 2.74% [37] - Hong Kong's Hang Seng Index rose 1.89%, and southbound funds had a net sell of HK$1.654 billion [37] - Over 60% of private equity institutions plan to hold high positions during the holiday and are optimistic about the post - holiday A - share market [37] - The capital market is cracking down on illegal activities, and penalties have increased significantly during the 14th Five - Year Plan [38] - Stock - bond constant ETFs are expected to be launched this year [38] Industry - Six ministries issued a plan for the machinery industry's stable growth from 2025 - 2026 [39] - Beijing's real estate developers are accelerating the launch of new projects in September [39] - The China Household Electrical Appliance Association called for fair competition [39] Overseas - Trump's Gaza peace plan was accepted by Israel, and aid will be provided if the plan is implemented [41] - Trump threatened to impose high tariffs on overseas - made movies and furniture [41] - The value of US gold reserves exceeded $1 trillion, potentially releasing about $99 billion in funds [41] - Fed officials have different views on interest rates and inflation [42] - US existing home sales contracts in August increased by 4% month - on - month [43] - A Japanese central bank official called for policy rate adjustment [43] International Stock Markets - US stocks rose slightly, with the Dow up 0.15%, the S&P 500 up 0.26%, and the Nasdaq up 0.48% [45] - European stocks rose slightly, with the German DAX up 0.02%, the French CAC40 up 0.13%, and the UK FTSE 100 up 0.16% [45] - The SEC chair promised to promote minimal regulation and may cancel quarterly earnings reports [45] - Goldman Sachs upgraded US stocks to overweight for the next three months [46] - Electronic Arts will be privatized for $55 billion [46] - AstraZeneca plans to list on the New York Stock Exchange [47] Commodities - International precious metal futures rose, with gold and silver prices increasing [49] - Oil prices fell due to increased supply expectations [49] - London basic metals mostly rose, and China's eight - ministry plan will support basic metal demand [49] Bonds - The domestic bond market weakened, with 30 - year Treasury bond yields rising [50] - In August, China issued 980.1 billion yuan in local government bonds [50] - Shanghai is promoting the high - quality development of free - trade offshore bonds [50] - US Treasury yields fell due to economic concerns [52] Foreign Exchange - The on - shore RMB against the US dollar rose on Monday, and the central parity rate was adjusted up [53] - As of the end of June, China's banking industry had a net external financial asset of $234.4 billion [53] - In the week of September 26, the RMB exchange rate index rose [53] - Switzerland and the US issued a joint statement on exchange rates [54] - The US dollar index fell on Monday, and most non - US currencies rose [54] Upcoming Economic Data and Events - Various economic data such as PMI, inflation, and housing data will be released in different countries [57] - Central banks in Japan, Australia, the US, and Europe will have policy - related speeches and meetings [59] - There are corporate events such as the listing of new stocks and the release of financial reports [59]

Group 1 - The A-share market experienced a volatile upward trend in the first three quarters, with the Shanghai Composite Index reaching 3,800 points, led by technology growth stocks, while consumer and cyclical stocks performed poorly [1] - Among the 31 primary sub-industries, only coal and oil & petrochemicals saw declines, while the other 29 sub-industries recorded gains, with the top five performing industries being communication, electronics, non-ferrous metals, media, and comprehensive, all exceeding a 60% increase [1] - The communication industry surged by 105% and the electronics sector rose by 87%, significantly outperforming other sectors, with leading companies like Zhongji Xuchuang and Xinyisheng seeing increases of 2.4 times and 3.7 times respectively [1] Group 2 - The consumer sector, including hotels, restaurants, and liquor, has shown weak performance, with companies like Jinjiang Hotels and Kweichow Moutai experiencing declines of over 12% and 2% respectively [1] - The cyclical sectors, particularly coal and oil & petrochemicals, also underperformed, with China Shenhua down by 7% and both China Petroleum and China Petrochemical seeing declines of nearly 20% [1] - Looking ahead to the fourth quarter, market styles are expected to rebalance, with cyclical styles entering a trading window and previously lagging sectors likely to see a rebound [2][3]

Core Viewpoint - The article discusses the ongoing debate of whether to hold stocks or cash during the upcoming National Day and Mid-Autumn Festival holidays, with a prevailing optimism among institutions favoring stock holdings due to historical trends indicating a higher probability of market gains post-holiday [1][4]. Group 1: Market Sentiment and Predictions - Multiple brokerages, including CITIC Securities, suggest a 60% probability of A-share gains in the five trading days following the National Day holiday, particularly in a bull market where such gains tend to be sustained [1][4]. - A survey indicates that over 65% of private equity respondents prefer to hold a heavy or full position (over 70% allocation) during the holiday, reflecting confidence in market opportunities despite recent market fluctuations [1][5]. Group 2: Historical Trends and Analysis - Historical data shows that in the last decade, the probability of the A-share market rising after the National Day holiday is significant, with 10 out of 15 years seeing gains in the five trading days following the holiday [4][5]. - The Hang Seng Technology Index has a 72.86% probability of rising in the seven trading days post-holiday, outperforming the Hang Seng Index's 65.71% [4]. Group 3: Factors Influencing Market Movements - Key factors affecting post-holiday A-share performance include policy changes, external events, liquidity conditions, and fundamental market conditions [5][6]. - The liquidity environment is expected to remain loose, which could support market gains, while tightening could lead to weakness [5][6]. Group 4: Investment Themes for Q4 - Institutions are optimistic about investment opportunities in Q4, with themes such as new sectors, AI, robotics, and "anti-involution" being highlighted as key areas of focus [1][8]. - Analysts predict that the market may challenge new highs, driven by anticipated policy changes and economic expectations related to the "14th Five-Year Plan" [8][9]. Group 5: Sector-Specific Insights - New sectors, including renewable energy, robotics, and semiconductors, are expected to maintain structural growth, presenting investment opportunities [9][10]. - Traditional sectors like innovative pharmaceuticals, consumer electronics, and metals have already seen significant gains but still hold value due to improving demand and supply dynamics [10].

Group 1 - The core viewpoint is that many institutions favor holding stocks during the upcoming National Day and Mid-Autumn Festival holidays, citing historical trends of post-holiday market performance [2][3][4] - Historical data shows a 60% probability of A-shares rising in the five trading days after the National Day holiday, particularly during bull markets where the post-holiday gains tend to be sustained [3][4] - Over 65% of surveyed private equity firms prefer to hold heavy positions (over 70% allocation) during the holiday, indicating a strong bullish sentiment despite recent market fluctuations [4][5] Group 2 - Analysts suggest that the A-share market may continue its oscillating trend in the short term, but risks during the holiday period are limited, supporting the case for holding stocks [4][6] - Key factors influencing post-holiday market performance include policies, external events, liquidity, and fundamentals, with a positive outlook if these factors remain favorable [4][6] - The upcoming quarter is expected to present significant investment opportunities, particularly in new sectors such as AI, robotics, and "anti-involution" themes [7][8][10] Group 3 - Institutions anticipate that the market may challenge new highs in the fourth quarter, driven by changes in monetary policy and economic expectations [8][9] - The liquidity environment is expected to remain supportive, with potential upward movement in the market following the holiday [6][9] - Specific sectors such as new energy, robotics, and semiconductors are highlighted as having structural growth potential, with a focus on identifying opportunities in these areas [10][11]

Core Viewpoint - The resignation of Zhang Qinghua from the position of Deputy General Manager at E Fund is part of a broader trend where senior fund managers are returning to investment roles, indicating a shift in the industry towards a focus on professional research and investment capabilities rather than management roles [1][5]. Company Summary - Zhang Qinghua has resigned from his position as Deputy General Manager at E Fund due to work adjustments and will focus on investment management [1][2]. - He has nearly 18 years of experience in the securities industry and over 11 years in investment, having held various roles within E Fund since joining in September 2010 [4]. - Zhang manages five multi-asset public funds, with four of them having been under his management for over five years, including the E Fund Anxin Return, which has achieved a net value growth rate of 305.77% since its inception in June 2011 [4]. Industry Summary - Since 2024, several senior fund managers from various companies have stepped down from management roles to return to investment positions, including notable figures from Jiashi Fund, Wanjia Fund, and others [2]. - The trend of "returning to investment" among senior executives is seen as a signal of the industry moving towards high-quality development, emphasizing professional research and investment capabilities [5]. - The shift reflects a maturation of the public fund industry in China, moving away from scale competition to a focus on investment research strength, which is expected to shape the future industry landscape [5].

Group 1 - The CNQQ ETF, focused on Chinese technology, was launched on September 26 on NASDAQ, aiming to provide global investors with exposure to China's tech and innovation sectors [1] - The underlying index, Solactive ChinaAMC Transformative China Tech Index, was developed in collaboration with Solactive AG and China Asset Management, emphasizing companies with strong R&D capabilities [2] - The index uses a non-traditional market capitalization weighting method, selecting the top 100 stocks based on adjusted market cap and R&D spending, with a maximum weight of 10% per stock [2] Group 2 - The Solactive ChinaAMC Transformative China Tech Index includes nearly 100 Chinese companies listed in mainland China and Hong Kong, spanning five sectors: automotive and transportation, commercial and consumer services technology, electronic and electrical products, healthcare technology, and industrial and manufacturing technology [2] - Major holdings in the CNQQ ETF include Alibaba Group (10.94%), Tencent Holdings (9.93%), and Contemporary Amperex Technology (8.00%) [4] Group 3 - Morgan Stanley noted a shift in investor sentiment towards Chinese technology since the "9·24" event, indicating a cautious optimism regarding the Chinese stock market and improving corporate earnings in various sectors [5] - The Hong Kong technology fund has seen significant inflows, ranking first in capital inflow among single market sector funds, while U.S. technology funds have experienced outflows [8]

Group 1 - The core viewpoint of the articles revolves around the debate of whether to hold stocks or cash during the upcoming National Day and Mid-Autumn Festival holidays, with a prevailing optimism among various institutions favoring holding stocks [1][2][3] - Historical data indicates a 60% probability of A-shares rising in the five trading days following the National Day holiday, particularly during bull markets where post-holiday gains tend to be sustained [3][4] - A significant portion of private equity firms, over 65%, prefer to hold heavy positions (over 70% allocation) during the holiday, reflecting confidence in market opportunities despite recent market fluctuations [2][5] Group 2 - Analysts suggest that the A-share market may continue its oscillating trend in the short term, with limited risks during the holiday, thus supporting the strategy of holding stocks [4][6] - The upcoming fourth quarter is expected to present new investment opportunities, particularly in sectors like AI, robotics, and "anti-involution," as institutions anticipate a clearer policy direction [2][8] - The market is expected to challenge new highs, driven by factors such as potential interest rate cuts by the Federal Reserve and the implications of the "14th Five-Year Plan" on economic and policy expectations [9][10] Group 3 - The sentiment in the market remains stable, with liquidity conditions not showing significant tightening, suggesting a continuation of a slow bull market [10] - Key investment themes for the fourth quarter include new sectors, AI, robotics, and innovative pharmaceuticals, with a focus on structural growth opportunities [10][11] - Certain industries, such as innovative pharmaceuticals and consumer electronics, have already seen significant price increases, yet they still hold good long-term investment value due to improving demand and supply dynamics [11]

Group 1 - The core viewpoint of the articles highlights the active engagement of public funds in researching technology growth sectors, indicating a strong market focus on these areas amid a slowly improving economy [1][4][7] - As of September 28, public funds conducted a total of 4,275 research sessions on 605 A-share listed companies, with 154 public fund institutions participating [2][6] - Notable public fund institutions such as Huaxia Fund and Fuguo Fund have shown significant research activity, with Huaxia Fund leading with 107 sessions [2][6] Group 2 - The stocks that received the most attention from public funds in September include World, Demingli, and Jingzhida, with World showing a remarkable increase of 113.77% [2][3][6] - The sectors that attracted the most research interest from public funds are machinery equipment and electronics, each exceeding 700 research sessions, followed by power equipment and pharmaceuticals [4][5] - The articles suggest that technology growth remains a key investment focus, with sectors like AI, semiconductors, and innovative pharmaceuticals expected to perform well in the medium term [7]