Domestic Market Overview - The domestic market experienced a fluctuating rise with a decrease in trading volume, as the Shanghai Composite Index closed at 3863.89 points, up 0.63%, and the Shenzhen Component Index closed at 12813.21 points, up 0.98% [1][10] - Among the 30 sectors tracked, 26 sectors saw an increase, with significant gains in telecommunications, coal, and power equipment & new energy, while non-ferrous metals, agriculture, forestry, animal husbandry, and banking faced declines [1][10] - The total trading volume for the A-share market was 17513 billion, showing a decrease compared to the previous day [1][10] Economic Data - The National Bureau of Statistics reported that China's GDP for the first three quarters reached 1015036 billion, with a year-on-year growth of 5.2% [3][13] - The industrial added value for September increased by 6.5% year-on-year, while retail sales of consumer goods grew by 3% [11] - Fixed asset investment decreased by 0.5% year-on-year, but grew by 3% when excluding real estate development investment [11] Industry Insights - The cement industry is focusing on stabilizing growth, with a meeting organized by the Ministry of Industry and Information Technology to discuss strategies for maintaining industry stability and optimizing structure [16] - The meeting emphasized the importance of balancing supply and demand in the cement sector and preventing the addition of new capacity while promoting the replacement of outdated capacity [16] International Market Overview - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.12% and the Nasdaq up 1.37%, driven by significant gains in major tech stocks like Apple [2][18] - Chinese concept stocks also experienced a general increase, with notable rises in companies like iQIYI and Century Internet [2]

Core Viewpoint - The recent signals from U.S. President Trump regarding trade talks have positively influenced market sentiment, leading to a rebound in the AI computing sector and overall market indices [1][2][5]. Market Performance - A-shares saw a collective rise, with the Shanghai Composite Index up 0.63%, Shenzhen Component up 0.98%, and ChiNext Index up 1.98% [1]. - The AI computing sector, particularly the ETFs with over 50% CPO content, experienced significant gains, with the Huaxia AI ETF (159381) and 5G Communication ETF (515050) rising by 3.89% and 3.41% respectively [1][2]. Industry Trends - Demand for 1.6T optical modules is on the rise, with industry forecasts increasing total demand from 10 million to 20 million units by 2026 [4]. - The global Ethernet optical module market is expected to grow significantly, with a projected market size of $18.9 billion in 2026, reflecting a 35% year-on-year increase [4]. Company Developments - Zhongji Xuchuang has begun shipping 1.6T optical modules and anticipates continued mass production in the coming quarters [5]. - The PCB market is experiencing a supply shortage driven by AI-related demand for high-speed optical modules, particularly for products rated at 800G and above [5]. - TSMC reported a third-quarter revenue of NT$989.92 billion, a 30.3% year-on-year increase, and a net profit of NT$452.3 billion, marking a record high with a 39.1% increase [6]. Investment Opportunities - The Huaxia AI ETF (159381) and 5G Communication ETF (515050) are highlighted as stable investment tools, with the former focusing on AI and the latter on the 5G communication industry [10][12]. - The Huaxia AI ETF has seen a net inflow of 280 million yuan this year, with a 53% increase in share growth, indicating strong investor interest [14]. Future Outlook - The AI industry is expected to maintain high growth, with upcoming quarterly reports likely to validate the sector's robust performance [6][7]. - The upcoming events, including trade negotiations and financial reports, are anticipated to provide further investment opportunities in the technology sector [7][15].

Market Overview - The Shanghai Composite Index rose by 0.63% to close at 3863.89 points, while the Shenzhen Component Index increased by 0.98% to 12813.21 points. The trading volume significantly decreased to 1.75 trillion yuan, marking a two-month low. The communication and coal sectors led the gains, while the non-ferrous metals sector was dragged down by the pullback in gold and silver prices. The market is expected to continue a structural trend with oscillations as the profit inflection point has not yet been reached [1] Hong Kong Market - The Hong Kong stock market opened higher and maintained a high-level oscillation throughout the day, ultimately closing up 2.42% at 25858.83 points. The recent U.S.-China trade disputes had caused a decline in market sentiment, leading to adjustments in the Hong Kong market. If the trade disputes further ease, the Hong Kong market, which has been under emotional pressure, is likely to gather rebound momentum. Investors are recommended to keep an eye on the Hong Kong Stock Connect 50 ETF (159712) and the Hong Kong Technology ETF (513020) [1] Communication Sector - The Communication ETF (515880) increased by 3.39%. The industry fundamentals are improving, with Nvidia's Rubin shipment expectations for 2026 being raised, and leading companies may start to adjust their total demand for 1.6T to 15 million units, indicating further upward potential. This demand adjustment not only enhances the profit expectations for leading firms but also reinforces the sustainability and certainty of the high prosperity cycle for optical modules driven by AI computing power. Additionally, Google's Gemini 3 series is expected to be released on October 22, which may catalyze the sector's performance. The market is currently facing multiple event disturbances, and the sector may continue to oscillate. Interested investors are advised to monitor the Communication ETF (515880), the ChiNext AI ETF (159388), and the Semiconductor Equipment ETF (159516) [2] Dividend and State-Owned Enterprises - The Dividend State-Owned Enterprises ETF (510720) rose by 1.41%. The current market risk appetite has decreased, coupled with the coal and banking sectors leading the gains, resulting in the continued relative strength of the dividend sector. In the short term, with the third-quarter report season approaching and external uncertainties still present, the cost-performance ratio of dividend styles is highlighted. Investors are encouraged to focus on the Dividend State-Owned Enterprises ETF (510720) and the Cash Flow ETF (159399) to position themselves in dividend assets [2]

Group 1 - Major indices such as Chuangzhang, ChiNext 50, ChiNext Index, and Sci-Tech Innovation 50 showed leading gains in the afternoon of October 20, with sectors like telecommunications, coal, electronics, and power equipment performing well [1] - Concept sectors including cultivated diamonds, optical module CPO, lithium battery electrolyte, optical chips, and 6G were notably active [1] - The Sci-Tech Innovation 50 ETF (159783) rose over 1.5%, with top holdings like Tianfu Communication, Zhongji Xuchuang, and Huayun Micro leading the gains [1] Group 2 - The recent pullback in the technology sector is analyzed through wave theory, suggesting that the adjustment of the Sci-Tech Innovation 50 may be in the A wave phase of a larger fourth wave adjustment [1] - A significant drop below the high point from late August during last Friday's adjustment is a key reason for classifying the current adjustment as a fourth wave [1] - The high-frequency temperature index for the Sci-Tech Innovation 50 has fallen below 20, indicating that the current adjustment may be nearing its end [1] Group 3 - The Sci-Tech Innovation 50 ETF (159783) tracks the CSI Sci-Tech Innovation 50 Index, which selects 50 leading companies with the largest market capitalization and pure technology attributes from the ChiNext and Sci-Tech boards [2] - This index combines the advantages of both the Sci-Tech and ChiNext boards, selecting high-tech stocks from the Sci-Tech board and growth-oriented, profitable stocks from the ChiNext board [2]

Core Viewpoint - The A-share market showed signs of recovery on October 15, with the ChiNext Index rebounding above 3000 points after five consecutive declines, indicating a potential turnaround in investor sentiment towards AI-related stocks, particularly in the optical module sector [1][3]. Group 1: Market Performance - The ChiNext AI Index rebounded by over 1%, with notable recoveries in leading optical module companies such as Zhongji Xuchuang, which rose by 2.32%, and New Yisheng, which increased by 1.92% [1]. - The largest and most liquid ChiNext AI ETF (159363) saw a price increase of 1.54%, ending a five-day decline, with total trading volume reaching 546 million yuan [1][4]. Group 2: Industry Trends - Recent performance in the computing power sector has been affected by negative sentiment due to overseas tariffs, but there are signs of recovery, particularly in the optical module segment, which is crucial for computing power [3]. - Institutions remain optimistic about the AI computing power sector, suggesting that short-term fluctuations do not alter the long-term growth trend, and they recommend accumulating positions during market dips [3]. Group 3: Valuation Insights - Longjiang Securities noted that the actual performance PE of leading optical module companies is significantly lower than consensus expectations, indicating potential for upward valuation adjustments [4]. - The current optical module market reflects a rapid amplification effect similar to that seen in the consumer electronics sector, suggesting both explosive growth potential and sustainability [4]. Group 4: Investment Recommendations - It is advised to focus on the first ChiNext AI ETF (159363) and related funds, which have over 70% of their portfolio allocated to computing power and more than 20% to AI applications, effectively capturing the AI thematic market [4]. - As of October 13, the ChiNext AI ETF (159363) had a total size exceeding 3.7 billion yuan, with an average daily trading volume of over 1 billion yuan, indicating strong market interest [4].

Group 1 - The Bay Area Semiconductor Industry Ecological Expo ("Bay Chip Expo") is being held in Shenzhen, featuring leading companies such as New Kylin, North Huachuang, and Applied Materials [1][3] - New Kylin previously launched 31 equipment models at the SEMICON China exhibition, covering almost the entire semiconductor industry chain [3] - The domestic production rate of key equipment required for advanced processes still has significant room for improvement, which currently limits production capacity [3] Group 2 - The Chinese AI market is expected to reach a scale of $50 billion this year, with a growth rate exceeding 50% [4] - Domestic AI computing chip shipments are gradually increasing, supported by improvements in product performance and manufacturing yield [4] - The semiconductor industry is poised for a new upward cycle due to the rapid growth of the AI market and the potential for domestic computing power penetration to exceed expectations [4] Group 3 - The communication ETF (515880) is the largest in its category, with nearly 79% of its portfolio consisting of "optical modules, servers, copper connections, and optical fibers" [6][7] - Optical modules account for nearly 50% of the communication ETF, presenting potential investment opportunities [6]

Core Viewpoint - The technology sector has become a focal point in the market this year, with significant performance gains driven by policy and technological advancements [1] Group 1: Market Performance - As of the end of September, the ChiNext Index and the Sci-Tech Innovation 50 Index have both seen year-to-date increases exceeding 50%, marking new highs in nearly three and four years respectively [1] - The strong performance of technology-themed funds is highlighted, with multiple products under the China Europe Fund's technology team showing outstanding past performance [1] Group 2: Policy and Technological Drivers - Recent policies such as the "1+6" new regulations for the Sci-Tech Innovation Board and the "Artificial Intelligence+" action plan reflect the government's commitment to encouraging technological innovation [1] - Accelerated iterations of AI large model technologies and the growth of computing infrastructure and intelligent driving sectors are expected to yield substantial returns for investors who strategically position themselves [1] Group 3: Fund Performance - The China Europe Digital Economy A fund, managed by Feng Ludan, ranks first among 59 TMT and information technology sector equity funds over the past year [2] - The China Europe Intelligent Manufacturing A fund, managed by Shao Jie, has shown exceptional profitability, ranking in the top 2% over the past year and the top 1% over the past three years [2] - Other funds managed by Liu Weiwei and Zhong Ming also demonstrate strong performance, with their respective funds ranking in the top 9% and 6% of their categories [2] Group 4: Team Collaboration and Research - The success of the China Europe technology team is attributed to their proactive identification of industry opportunities and effective collaboration [3] - The team has developed a comprehensive "interrelationship table" covering the entire industry chain, which aids in investment decision-making [3] - Feng Ludan identified a key shift in the AI industry from research-driven to commercialization-driven, sharing insights with the team to focus on investment opportunities in the optical module sector [3] Group 5: Specialized Expertise - Each team member specializes in different segments, contributing unique insights to the overall research process [4] - The team leader, Du Houliang, emphasizes the rapid advancement of multimodal large model capabilities and their implications for domestic applications [4] - Other team members express optimism about the growth potential in various AI applications, including AI hardware and intelligent driving [5][6] Group 6: Research and Investment Framework - The China Europe technology team's strong performance is supported by a well-established "industrialized" research and investment system that promotes deep research in niche areas [7] - The collaborative model allows researchers and fund managers to work as partners, enhancing the depth of analysis and investment strategies [7] - The analysis of the optical module investment exemplifies the team's collective effort in establishing critical signals within a complex industry chain [7]

Core Viewpoint - Luxshare Precision (002475) is actively working to enter the supply chains of global leading customers, indicating a strategic focus on expanding its market presence and customer base [1] Company Summary - The company has successfully delivered its 400G and 800G optical module products to both domestic and international customers, showcasing its capability in high-speed communication technology [1]

Core Insights - The communication and communication equipment industry is experiencing development opportunities due to the global AI computing power resonance, highlighted by the strategic partnership between OpenAI and AMD to deploy 6GW of AMD GPU computing power [1] - The release of the video model Sora2 is accelerating the demand for computing power, with its multimodal capabilities consuming significantly more computing resources than voice models [1] - The ongoing domestic 5G construction is projected to reach a total of 4.646 million base stations by August 2025, representing a year-on-year growth of 19.46%, prompting attention to three main lines: optical modules, liquid cooling, and domestic computing power [1] Industry Trends - Continuous investment in computing power infrastructure both domestically and internationally is expected to maintain a high level of prosperity in the optical module market [1] - As of October 10, the communication ETF (515880) has exceeded 10 billion yuan in scale, with "optical modules + servers + copper connections + optical fibers" accounting for nearly 79% as of September 30, effectively representing the fundamentals of computing hardware [1] - Optical modules alone account for nearly 50% of this composition, indicating potential investment opportunities in related sectors [1]

据新易盛9月30日晚间公告，公司控股股东及实际控制人之一高光荣计划通过询价转让方式转让1143.07万股，占公司总股本的1.15%，转让原因为自身资 金需求。 根据拟转让价格和转让股份计算，高光荣本次拟转让股份市值为37.49亿元。 新易盛是A股市场去年以来的大牛股，从去年4月初的46.56元一度涨至今年9月初的401.10元，并不断创新高，期间涨幅约7.61倍，目前市值为3490亿 元。截至10月9日收盘，新易盛报351.15元/股，询价转让价格较收盘价折价6.6%。 新易盛（300502）10月9日晚间公告，根据2025年10月9日询价申购情况，公司股东高光荣的询价转让初步定价为328.00元/股。参与报价及申购的机构投 资者家数为29家，有效认购股份数量为2926万股，对应的有效认购倍数为2.6倍。本次询价转让拟转让股份已获全额认购，初步确定受让方为16家机构投 资者，拟受让股份总数为1143.07万股。 2020年，高光荣以26亿元身家登上《胡润百富榜》。若以10月9日收盘价351.15元计算，高光荣身家约为258亿元。 资料显示，新易盛2016年3月登陆深交所创业板。公司专业从事光模块的研发及制造， ...