Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].

Core Viewpoint - The 20th Central Committee of the Communist Party of China has approved the "15th Five-Year Plan" proposal, emphasizing the need for a new development pattern that prioritizes domestic circulation while promoting international circulation [2][3]. Group 1: Economic Development Goals - The "15th Five-Year Plan" aims to achieve high-quality development, with a focus on technological self-reliance and expanding domestic demand as key supports for economic growth [4]. - The plan highlights the importance of enhancing the national innovation system and increasing the overall effectiveness of independent innovation to seize opportunities from the new technological revolution [4]. - Measures to boost consumption will include increasing public service spending, expanding the supply of quality consumer goods and services, and fostering new consumption scenarios [4]. Group 2: Income Distribution Reform - The proposal emphasizes improving the income distribution system, advocating for a primary focus on labor-based distribution while allowing for multiple distribution methods [5][6]. - It aims to increase the proportion of residents' income in national income distribution and enhance labor remuneration in the primary distribution process [5]. - The reform will promote a more equitable income distribution, expanding the middle-income group and encouraging consumption as a key driver of economic growth [6]. Group 3: Challenges and Strategic Responses - The proposal acknowledges the challenges posed by external uncertainties and internal economic pressures, necessitating a focus on a new development pattern [2][3]. - It identifies issues such as insufficient effective demand, unbalanced development, and risks in key areas that need to be addressed to ensure sustainable economic growth [3]. - The plan calls for a steady approach to economic construction, prioritizing high-quality development and reform innovation as fundamental drivers [3].

Group 1 - The core viewpoint of the article emphasizes the importance of accelerating high-level technological self-reliance and innovation, as highlighted in the 20th Central Committee's Fourth Plenary Session [1] - The Fujian Provincial Financial Investment Co., Ltd. (Fujian Jin Investment) is positioned as a provincial-level financial equity investment operation platform with a registered capital of 100 billion yuan, focusing on strengthening finance, serving the real economy, and supporting innovation [1] - Since its establishment, Fujian Jin Investment has set up 24 funds with a total scale exceeding 30 billion yuan, leveraging over 15 billion yuan of social capital [1] Group 2 - The company manages 11 funds with a scale of nearly 20 billion yuan and has invested in over 30 sub-funds, indirectly supporting more than 750 enterprises [1] - Direct investments include 14 projects totaling over 3 billion yuan, fostering representative companies such as Yikong Zhijia and Hengkun New Materials [1] - The "Jinfu Cloud" platform has over 1.74 million registered users, addressing financing needs exceeding 1 trillion yuan, with over 40 investment institutions participating in the equity financing section [1]

Core Insights - The latest national top-level design continues to fuel the trend of domestic substitution and self-reliance in Chinese technology [11] - Companies in the semiconductor and new materials sectors are experiencing significant growth due to the demand for domestic alternatives and the overall expansion of the electric vehicle market [1][2][3][4] Group 1: Company Performance - Naxin Microelectronics reported a revenue of approximately 1.524 billion yuan in the first half of 2025, a year-on-year increase of 79.49%, with over 30% of revenue coming from automotive electronics [1] - The company has shipped over 980 million automotive chips, indicating a strong market presence [1] - Guoke Tanmei, a new materials company, is set to launch a thousand-ton industrial demonstration line in Huzhou, Zhejiang, in 2024, focusing on coal-based hard carbon production [3] Group 2: Market Trends - The demand for domestic chips has surged due to the push for supply chain security following U.S. sanctions, leading to increased capital inflow and talent return to the semiconductor sector [2] - The air spring technology developed by Konghui Technology has filled a domestic gap, achieving over 40% market share in the air spring market for electric vehicles [4][5] - The electric vehicle market is expected to see significant growth in the fourth quarter, driven by policy adjustments such as changes in the purchase tax for new energy vehicles [5] Group 3: Challenges and Strategies - Despite the growth, companies face challenges such as financing pressures and the need for continuous technological iteration [7][9] - Naxin Microelectronics is preparing for a secondary listing in Hong Kong to bolster its capital reserves and support its global market strategy [8] - Companies are focusing on enhancing core capabilities and expanding into international markets to mitigate risks associated with industry volatility [9][10]

Core Viewpoint - The article discusses the key points of the "15th Five-Year Plan" proposed by the Central Committee, emphasizing a shift from a focus on quantity to quality in economic development, addressing both opportunities and challenges in the current global and domestic landscape [2][29]. Group 1: Situation Assessment and Main Goals - The next five years will see a profound impact on China's development due to global changes, with a focus on high-quality development amidst increasing uncertainties and risks [2][3]. - The guiding principles for the "15th Five-Year Plan" include prioritizing economic construction, high-quality development, and balancing development with security [3][4]. - Key goals include enhancing economic quality, significantly improving technological self-reliance, upgrading living standards, and strengthening national security [4]. Group 2: Corporate Sector - The corporate sector's focus will shift towards building a modern industrial system, emphasizing the transformation from traditional industries to stronger, more competitive sectors [5][6]. - New and future industries will be cultivated, with a focus on emerging sectors like renewable energy and advanced technologies, aiming for a diversified technological and commercial landscape [6][7]. - The integration of manufacturing and services will be prioritized, enhancing the overall competitiveness of the industrial system [7]. Group 3: Resident Sector - The plan emphasizes improving residents' quality of life through a combination of enhancing welfare and promoting consumption, aiming for a more sustainable and inclusive growth model [10][11]. - Key indicators for the resident sector include consumer spending, income growth, and labor remuneration, all interconnected to enhance overall economic resilience [11][12]. - Specific initiatives will focus on boosting consumption, advancing urbanization, and improving social welfare systems [12][13][14]. Group 4: Government Sector - The government will enhance macroeconomic governance by promoting effective market mechanisms and ensuring a proactive role in economic management [16][20]. - Key tasks include invigorating various business entities, improving the market allocation of resources, and enhancing fiscal sustainability [21][22]. - Financial reforms will be prioritized to strengthen the financial system and support the real economy, with an emphasis on risk management and regulatory improvements [23][24]. Group 5: Regional Policy - The plan aims to leverage the synergies of various regional development strategies to optimize spatial layouts and promote coordinated growth [25]. - Highlighting key growth areas, such as the Beijing-Tianjin-Hebei region and the Yangtze River Delta, will enhance regional competitiveness [25]. Group 6: External Circulation - The plan emphasizes a shift towards a more proactive and rule-based approach to international trade, aiming to enhance China's global competitiveness [26][27]. - Initiatives will focus on promoting trade innovation, fostering a balanced investment environment, and enhancing financial openness and the internationalization of the Renminbi [27][28].

Core Points - The A-share market is experiencing a historic moment, with the Shanghai Composite Index surpassing the 4000-point mark for the first time since August 2015, marking a significant recovery in the market [1][2] - This milestone is characterized as the "lowest valuation ever" for the 4000-point level, with current PE (TTM) at 16.96 and PB at 1.54, lower than previous peaks in 2007 and 2015 [13][14] Market Dynamics - The current market rally is driven by a "hard technology-driven" structural bull market, with the electronics sector contributing the most to the index's rise, accounting for 34.9% of the increase [2][9] - The shift towards passive investment strategies is notable, with passive funds now holding more A-share market value than active funds, indicating a significant change in market structure [9][16] Sector Contributions - Key sectors contributing to the index's rise include: - Electronics: 437.12 points, with a 58.87% increase - Banking: 111.64 points, with a 12.25% increase - Non-ferrous metals: 68.16 points, with a 63.97% increase - Power equipment: 65.65 points, with a 38.18% increase - Pharmaceutical and biological: 63.77 points, with an 11.72% increase [3][4] ETF Market Trends - The ETF market has seen significant inflows, with over 1.1 trillion yuan entering through ETFs since September 2023, highlighting the growing popularity of technology-focused ETFs [9][20] - Notable ETFs include: - 5G Communication ETF: 165.63% increase - Artificial Intelligence AI ETF: 151.19% increase - Chip ETF: 149.14% increase [6][7] Economic Policy Context - The "14th Five-Year Plan" emphasizes innovation-driven growth and self-reliance in technology, which is expected to further influence market dynamics and investment strategies [17][20] - Key areas of focus in the plan include new energy, aerospace, quantum technology, and biomanufacturing, aligning with current market trends [17][20] Valuation Metrics - Current valuation metrics indicate a favorable entry point for investors, with PE and PB ratios significantly lower than previous market peaks, suggesting potential for future growth [13][14][35]

Report Information - Report Title: Stock Index Futures Panoramic Daily Report 2025/10/30 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Report Industry Investment Rating - Not provided Core Viewpoints - Although investment and consumption were under pressure in September, high - tech industries strongly supported the economy, and the Fourth Plenary Session's statement on developing new - quality productivity during the "14th Five - Year Plan" met market expectations [2] - After the meeting between the leaders of China and the United States, there were no more positive news released in the short term, and the market showed a situation of "good news exhausted" [2] - It is recommended to wait and see [2] Summary by Relevant Catalogs Futures Price and Spread - IF, IH, IC, and IM main and sub - main contracts all declined. For example, the IF main contract (2512) was at 4690.0, down 32.4 [2] - Various spreads showed different changes. For instance, the IF - IH monthly contract spread was 1654.8, down 23.0 [2] - The differences between quarterly and monthly contracts also changed. For example, IF quarterly - monthly was - 39.4, up 3.8 [2] Futures Position - The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position was - 21,903.00, down 1750.0 [2] Spot Price and Basis - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 was at 4709.91, down 37.9 [2] - The basis of the main contracts showed different trends. For example, the IF main contract basis was - 19.9, down 4.7 [2] Market Sentiment - A - share trading volume increased to 24,642.94 billion yuan, up 1736.20 billion yuan. Margin trading balance increased to 25,066.48 billion yuan, up 118.88 billion yuan [2] - North - bound trading volume decreased to 2371.33 billion yuan, down 408.51 billion yuan [2] - The proportion of rising stocks decreased to 22.77%, down 26.23 percentage points [2] Market Strength and Weakness Analysis - The strength of all A - shares decreased to 3.10, down 3.00 [2] - The technical and capital aspects also showed a decline trend [2] Industry News - The US will cancel the 10% so - called "Fenni tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust counter - measures accordingly [2] - A - share major indexes closed down. The Shanghai Composite Index fell below 4000 points. The Shanghai Composite Index fell 0.73%, the Shenzhen Component Index fell 1.16%, and the ChiNext Index fell 1.84% [2] - The Fed cut interest rates by 25 basis points, but Powell said a December rate cut was uncertain, pushing up the US dollar and weakening the offshore RMB [2] - From January to September, the profit growth rate of domestic industrial enterprises above designated size accelerated significantly, driven by high - tech manufacturing and equipment manufacturing [2] Key Data Release Schedule - From October 27 - 31, 4347 A - share listed companies will disclose their third - quarter reports [3] - On October 30 at 21:15, there will be an ECB interest rate decision [3] - On October 31 at 9:30, China's October manufacturing, non - manufacturing, and composite PMI will be released [3] - On October 31 at 20:30, the US September PCE, core PCE, personal expenditure, and personal income will be released [3]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of the "15th Five-Year Plan" period for achieving socialist modernization and outlines the strategic direction for China's economic development amidst global uncertainties [1][4]. Economic Outlook - The session highlights that China's economy is at a stage where strategic opportunities coexist with risks and challenges, stressing the need to face significant tests with a proactive approach [4][5]. - The meeting indicates that achieving a 5% economic growth target for the year is supported by substantial financial measures, including the deployment of nearly 300 billion yuan in policy financial tools and the allocation of 500 billion yuan from local government debt limits [6][5]. Industrial Development - The session places a stronger emphasis on building a modern industrial system, explicitly stating the need to maintain a reasonable proportion of manufacturing [8][7]. - It prioritizes the optimization and upgrading of traditional industries to enhance global competitiveness, while also planning for strategic emerging industries and future industries [8]. Domestic Demand and Market Integration - The session calls for enhancing the internal dynamics and reliability of domestic circulation, with specific measures to stimulate consumption and investment [9][10]. - It emphasizes breaking down barriers to the construction of a unified national market, aiming to eliminate local protectionism and market segmentation [10]. Technological Advancement - The meeting underscores the importance of technological self-reliance and the role of new productive forces, with a focus on accelerating breakthroughs in key technology areas [11]. - It highlights the integration of technology development with digital economy initiatives and the need for coordinated development of education, technology, and talent [11].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The policy orientation in the Proposals aligns with expectations. Some planning contents may have medium - to long - term impacts on major asset classes. For example, strategic positions of science, technology, and emerging industries are strengthened; there are impacts on consumption, investment, anti - involution, macro - economic policies, financial markets, RMB internationalization, and supply chain security [9][10]. - For different asset classes: - Equity index: The market is expected to consolidate at the end of the year and has an offensive window before next year's Two Sessions, focusing on technology and "anti - involution" themes [2]. - Government bonds: The short - term impact is limited, and the bond market is expected to fluctuate with a slightly stronger bias in November and December [2]. - Commodities: The demand - pull effect will diverge, with new energy - related demand growth likely to benefit more [3]. - Energy transition and carbon neutrality: Focus on the shift between traditional and new energy sources, and carbon prices may fluctuate upward [3]. - Technological self - reliance and advanced manufacturing: Sectors related to new - quality productive forces are expected to maintain rapid growth [3]. 3. Summary According to the Catalog 3.1 Macro Economy - On October 28, the Proposals and the Explanation were released. The policy orientation in the Proposals aligns with expectations. In terms of structure, compared with the 14th Five - Year Plan Outline, the importance of opening - up and social welfare protection chapters has increased. Digital development is incorporated into the science and technology chapter, new - type urbanization is merged into regional economic layout, and two other chapters are consolidated into Part III [8][9]. - Qualitative planning is made for the next five - year key tasks, with quantitative targets and detailed arrangements to be determined in the Plan Outline. Some planning contents may impact major asset classes: - Science, technology, and emerging industries: Stocks and related commodities in the technology sector may benefit as key technological fields are expected to attract more capital and real demand [10]. - Consumption: "Vigorously boost consumption" may lead to relaxed restrictions on real estate and vehicle purchases, benefiting related stocks and commodities [12]. - Investment: The proportion of construction - related demand in commodities may decline, while products related to "a better life" may have incremental demand [12]. - Anti - involution: Policy attention on key sectors' prices will continue, curbing disorderly competition and regulating local government investment - promotion practices [13]. - Macroeconomic policy: The pricing logic of refined oil products may change due to potential consumption tax reform [13]. - Financial markets: The equity market will focus more on shareholder returns, and the futures and derivatives markets may enter a new development stage [13]. - RMB internationalization: The central level of RMB exchange rate volatility may decline [14]. - Supply chain security: Certain strategic minerals may see incremental demand [14]. 3.2 Equity Index - The equity market has fully priced in short - term policy positives, and the medium - term upward trend is consolidated. Adopt a long - term perspective with short - term tactical operations, focusing on four policy themes: - Stabilize growth: Expect further strengthening of counter - cyclical adjustments [15][16]. - Manufacturing and technology: Emphasize advanced manufacturing and self - reliance, highlighting emerging and future industries and key fields [17]. - Optimize traditional industries: Require major cyclical industries to enhance their position and competitiveness, which may increase leading enterprises' market share [18]. - Boost domestic demand: Focus on people's livelihood, but the shift to consumption - driven growth takes time. The stock market is expected to be optimistic before next year's Two Sessions, focusing on technology and "anti - involution" themes [19][20]. 3.3 China's Government Bonds - The Proposals convey a medium - to long - term policy tone of "seeking progress while maintaining stability" with high - quality development as the theme. The weight of economic growth may increase, and growth sources and modes may adjust. - Regarding monetary policy, it aims to improve the central banking system, build a sound monetary policy framework and a comprehensive macroprudential governance system. The next stage of building the macroprudential governance framework focuses on four areas [22][23]. - The short - term impact on the bond market is limited. In November and December, the bond market is expected to fluctuate with a slightly stronger bias, influenced by monetary policy, year - end institutional allocations, and fund fee reform [24]. 3.4 Commodities - On the supply side, the Proposals call for optimizing and upgrading traditional industries, which will support commodity prices through supply elasticity management in different sectors such as ferrous metals, energy and chemicals, non - ferrous metals, and agricultural products [26]. - On the demand side, policies support economic growth and set a floor for commodity demand, but the impact varies by sector. New energy - related metals like copper, aluminum, and lithium will see clear demand growth, while other commodities face different challenges and opportunities [27]. - The commodities market is entering a phase of structural divergence. Short - term policy expectations may boost sentiment, but long - term trends depend on fundamentals [28]. 3.5 Energy transition and Carbon Neutrality - Energy: The Proposals emphasize accelerating new energy system construction, promoting green transformation, and increasing new energy supply. They also call for developing new energy storage and strengthening power grid construction, which may increase demand for certain metals. For fossil energy, consumption is expected to peak, and the consumption structure may change [30]. - Carbon market: The Proposals mention expanding the carbon market and developing a voluntary emission reduction market. In the short term, carbon prices are affected by quota carry - over policies; in the long term, they may fluctuate upward due to tightened quota allocations and market expansion [31]. 3.6 Technological Self - Reliance and Advanced Manufacturing - The 15th Five - Year Plan Proposals elevate scientific and technological self - reliance to the second main objective. It emphasizes advanced manufacturing and breakthroughs in "bottleneck" technologies. Investment in key areas like integrated circuits is expected to maintain rapid growth, driving related material demand [33].

Core Insights - The article emphasizes the importance of "super-normal" measures in the 15th Five-Year Plan, focusing on key core technology breakthroughs in areas such as integrated circuits and high-end equipment, reflecting a strategic urgency for technological self-reliance [1][2] Group 1: Strategic Context - The global landscape is undergoing unprecedented changes, driven by a new wave of technological revolution and industrial transformation, presenting significant development opportunities in strategic frontier technologies like AI and biomedicine [1] - There is a growing trend of unilateralism and protectionism in the international environment, leading to increasing technological blockades and strategic constraints faced by the country [1] Group 2: Innovation and Resource Allocation - "Super-normal" signifies a shift in resource allocation, requiring the breaking down of departmental, regional, and industry barriers to concentrate resources for organized scientific research [3] - The need for a fundamental transition from factor-driven to innovation-driven economic development is highlighted, necessitating a reconfiguration of the innovation ecosystem [2] Group 3: Policy Support and Talent Development - Policy support must be forward-looking and inclusive, with fiscal policies favoring major technological projects and monetary policies providing low-cost, long-term funding for tech companies [4] - The competition for key core technologies ultimately boils down to talent competition, necessitating reforms in the scientific system to empower researchers and encourage disruptive innovations [4]