Core Viewpoint - A-shares experienced a volatile trading session with major indices opening high but subsequently retreating, while sectors like lithium batteries and AI computing saw increased activity, indicating a potential spring market rally driven by growth-oriented technology sectors [1] Market Performance - Major A-share indices opened high but faced a pullback, with sectors such as lithium batteries and AI computing showing activity, while previously strong sectors like optical modules and robotics led the decline [1] - Notable stocks such as New Yisheng, Industrial Fulian, and Jingwang Electronics fell over 3% [1] - The 5G Communication ETF (515050) dropped nearly 3%, and the ChiNext AI ETF (159381) fell over 2% [1] Fund Flows - The AI computing sector has seen a consolidation phase, with significant capital inflows; in the last 10 trading days, the 5G Communication ETF (515050) attracted a net subscription of 450 million yuan, while the ChiNext AI ETF (159381) accumulated 250 million yuan [1] Future Outlook - Institutions are optimistic about the upcoming spring market, particularly for high-growth technology sectors [1] - Dongwu Securities predicts that the spring market will primarily focus on growth-oriented industrial trends, particularly those represented by AI [1] - The global technology industry is expected to experience a trend-driven growth, supported by China's unique advantages such as a large user base and manufacturing capabilities, which will facilitate deeper participation in global tech transformations [1] - The long-term logic of industrial development remains unchanged, with core global industry segments expected to build momentum for future growth after recent adjustments [1]

Group 1 - A-shares indices declined on October 30, with the ChiNext index dropping over 1%, led by sectors such as telecommunications, media, and electronics [1] - New Yi Sheng reported a Q3 2025 revenue of 16.505 billion yuan, a year-on-year increase of 221.70%, and a net profit of 6.327 billion yuan, up 284.38% year-on-year [1] - The Q3 revenue showed a quarter-on-quarter decline of 4.97%, while net profit increased by 0.63% quarter-on-quarter, attributed to the impact of major customer delivery schedules and material shortages [1] Group 2 - Dongxing Securities noted that the "14th Five-Year Plan" draft suggests a shift in national investment towards efficient development of communication and computing networks, indicating continued expansion in related markets [2] - The cloud computing 50 ETF tracks an index with a high AI computing content, covering popular concepts such as optical modules, computing leasing, and data centers [2]

Core Viewpoint - The A-share market is experiencing a strong performance, particularly in sectors related to AI computing power, with significant capital inflows into related ETFs and stocks [1] Group 1: Market Performance - On October 29, the A-share market opened high, with the Shanghai Composite Index making another push towards the 4000-point mark [1] - Key sectors such as Hainan Free Trade Zone, quantum technology, memory, GPU, and optical module CPO are showing active performance [1] - Technology stocks like Industrial Fulian, Putian Technology, Guangke Technology, Huanxu Electronics, Luxshare Precision, and Huagong Technology are trading positively [1] Group 2: ETF and Capital Inflows - The Huaxia ChiNext AI ETF (159381) and the 5G Communication ETF (515050) saw gains exceeding 2% at one point [1] - Over the past 20 days, the Huaxia ChiNext AI ETF (159381) has received a net inflow of over 110 million yuan, while the 5G Communication ETF (515050) has attracted over 100 million yuan for four consecutive days [1] Group 3: Industry Outlook - CITIC Securities indicates that the latest "14th Five-Year Plan" emphasizes accelerating innovation in AI and digital technologies, enhancing the efficient supply of computing power, algorithms, and data [1] - The penetration rate of AI large models remains low, and the development of large models is still in its early to mid-stages, suggesting a long industrialization cycle ahead [1] - Investment in computing power is expected to grow alongside the revenue from large models, indicating a high potential ceiling for investments in this area [1]

Core Viewpoint - A-shares opened higher on October 29, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.4%, and the ChiNext Index up 1.07, driven by strong performance in computing hardware stocks and active sectors such as copper-clad laminates, memory, and optical modules [1] Group 1: Market Performance - The recent hot topic, the Science and Innovation 50 ETF (159783), opened strong and rose nearly 2%, with leading stocks including Sanan Optoelectronics, Jiangbo Long, Sungrow Power Supply, Artesyn Technologies, Tiger Medical, Yiwei Lithium Energy, Lanke Technology, and Cambrian [1] - The computing power sector is expected to become a market focus following the release of the "14th Five-Year Plan" recommendations, emphasizing technological self-sufficiency [1] Group 2: Industry Outlook - Daitong Securities indicates that strong AI demand will continue to drive robust growth in computing power hardware performance, particularly in the AI core computing hardware and semiconductor self-sufficiency benefiting industry chain [1] - The A-share technology direction is represented by the Science and Innovation 50 ETF (159783), which focuses on high elasticity covering semiconductor, communication equipment, battery, and photovoltaic equipment sectors [1] - The A-share computing power direction is represented by the Cloud Computing 50 ETF (516630), covering popular computing concepts such as optical modules & devices, computing power leasing, data centers, AI servers, and liquid cooling [1]

Market Overview - A-shares opened lower on October 28, with the Shanghai Composite Index down 0.25%, Shenzhen Component Index down 0.58%, and ChiNext Index down 0.9% [1] - After opening, ChiNext Index turned positive, rising over 0.5%, while banking and beauty care sectors led the decline, and communication and defense industries saw slight increases [1] Sector Performance - Active sectors included fiberglass, fluorochemicals, lithium battery electrolytes, and optical module CPO [1] - Mainstream ETFs such as Cloud Computing 50 ETF (516630) rose over 1%, with leading stocks including Tax Friend Co., Kingsoft Office, and others [1] Economic Indicators - Zhongtai Securities noted that favorable factors for A-shares are increasing due to the easing of the US-China trade friction [2] - Upcoming high-level interactions between China and the US are expected to boost market confidence [2] - The expectation of further interest rate cuts by the Federal Reserve has increased, following lower-than-expected US CPI data for September [1][2] - Japan's new Prime Minister, Fumio Kishida, is expected to continue expansionary fiscal and monetary policies, positively impacting global equity market sentiment [1] Investment Focus - The focus remains on technology stocks, particularly in AI and related sectors, as well as "anti-involution" related tracks such as polysilicon and photovoltaic components [2] - Relevant ETFs include the Hang Seng Technology Index ETF (513180) for Hong Kong tech direction and Cloud Computing 50 ETF (516630) for A-share tech direction [3]

Group 1 - The A-share market continues to show a warming trend, with strong performance in sectors such as optical modules CPO and consumer electronics, particularly with leading companies like Zhongji Xuchuang and Xinyi Sheng rebounding over 6% [1] - As of 11:01 AM, the optical module CPO concept stocks accounted for over 51% of the ChiNext AI ETF Huaxia (159381), which rose over 4% with trading volume exceeding 100 million yuan [1] - There is a significant supply-demand gap in optical modules, with LightCounting reporting that 800G optical modules will start application in 2023, with an estimated demand of 7.5 million units in 2024 and 18 million units by 2025, maintaining high demand beyond 2026 [1] Group 2 - The ChiNext AI ETF Huaxia (159381) tracks the ChiNext AI Index (970070.CNI) and has a significant allocation to optical module CPO, which constitutes 51.8% of its portfolio, while also covering domestic software and AI application companies [2] - The top three weighted stocks in the ETF are Zhongji Xuchuang (20.95%), Xinyi Sheng (20.42%), and Tianfu Communication (5.39%) [2] - The ETF has a low overall fee rate of only 0.20%, the lowest among its peers, with available classes for investment [2]

Group 1 - The A-share technology sector experienced a surge followed by a pullback, with strong gains in optical module CPO and other tech stocks, including Jingwang Electronics hitting the daily limit and Yuanjie Technology rising over 10% [1] - A report from Industrial Securities indicates that overseas major clients have recently revised their 2026 procurement plan for 1.6T optical modules from 10 million to 20 million units, driven by the accelerated deployment of GB300 and subsequent Rubin platforms, as well as the rapid growth in bandwidth demand for AI training and inference networks [1] Group 2 - Zhongyuan Securities forecasts optimistic capital expenditure outlook from leading cloud providers, with high demand across the AI computing power industry chain, suggesting that major firms are likely to maintain high profit margins and continue experiencing robust growth [2] - Guosheng Securities notes that price fluctuations in optical modules reflect the healthy development of the industry, driven by technological iteration speed, cost control capabilities, and product structure optimization, indicating that leading optical module companies will maintain strong profitability and competitive advantages [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 8 billion, focusing on the supply chains of Nvidia, Apple, and Huawei, and is characterized by high exposure to TMT and technology leaders [2] Group 3 - The AI-focused ETF, Huaxia (159381), tracks the ChiNext AI Index and has a significant weight in optical module CPO at 51.8%, while also covering domestic software and AI application companies, providing high elasticity [3] - The top three weighted stocks in the AI ETF are Zhongji Xuchuang (20.95%), Xinyi Sheng (20.42%), and Tianfu Communication (5.39%), with a low overall fee rate of only 0.2% [3]

Group 1 - Chinese assets showed a comprehensive recovery on October 20, with A-shares' three major indices collectively rising, and the ChiNext index initially increasing over 3% before narrowing to around 1% in the afternoon [1] - In the concept sectors, cultivated diamonds and optical module CPOs led the gains, while AI computing hardware stocks rebounded, with "Yizhongtian" among the top performers [1] - The Hang Seng Technology Index surged nearly 4% in the morning and maintained over 2% gains in the afternoon, with tech stocks like NetEase, Alibaba, and Tencent rebounding [1] Group 2 - Huaxi Securities indicated that a repair market is expected to slowly unfold in late October, with potential consensus during upcoming economic discussions and the APEC summit, suggesting a possible re-emergence of "TACO" trades [2] - The current market environment reflects a shift in funds rather than a broad decline, with net inflows into financing and ETFs indicating sufficient micro liquidity in the stock market [2] - The construction of a "stabilizing market mechanism" and improvements in investor return systems are highlighted as key features of the current market cycle, supporting the notion of a "slow bull" market in A-shares [2]

Group 1 - The A-share market indices opened lower but quickly turned positive, with the optical module CPO concept sector showing strength for two consecutive days [1] - Key stocks such as Zhongji Xuchuang rose nearly 6%, with other companies like Xinyi Sheng, Changxin Bochuang, Tianfu Communication, and Guangku Technology also experiencing gains [1] - The recent market volatility has seen a rebound in the AI computing power sector, indicating high sector prosperity [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 8 billion [2] - The index has a high purity of "hard technology," with telecommunications and electronics accounting for nearly 80% of the total weight [2] - The AI-focused ETF (159381) tracks the ChiNext AI Index, with a significant weight in optical modules and a low comprehensive fee rate of 0.20% [2]

Core Insights - The A-share major indices stabilized and rebounded on October 15, with diverse hotspots in the market, including sectors like excavators, operating systems, e-commerce, and digital government leading the gains [1] - The AI-focused ETF, Huaxia (159381), tracking the ChiNext AI Index, saw significant inflows, accumulating 114 million yuan over the past 10 trading days, indicating strong investor interest in high-growth sectors [1] Group 1: Market Performance - The market showed a recovery with various sectors performing well, particularly in excavators, operating systems, e-commerce, and digital government [1] - The Huaxia AI ETF, which focuses on AI-related companies, turned positive during trading, with key holdings like Chengmai Technology and Capital Online leading the gains [1] Group 2: ETF and Investment Trends - The Huaxia AI ETF has a low expense ratio of 0.20%, the lowest among its peers, and has a significant allocation of 51.8% to optical modules, covering domestic software and AI application companies [1] - The top three weighted stocks in the ETF are Zhongji Xuchuang (20.95%), Xinyi Sheng (20.42%), and Tianfu Communication (5.39%) [1] Group 3: Institutional Outlook - Longjiang Securities remains optimistic about the AI sector, noting that the actual performance PE of leading optical module companies is significantly lower than consensus expectations, suggesting room for valuation growth [1] - CITIC Construction emphasizes that while North American tech stocks may be influenced by market sentiment, the underlying industry trends remain strong, advising continued focus on optical modules and computing power sectors [1]