- The report does not contain any specific quantitative models or factors for analysis

========= - The Shanghai Composite Index experienced a slight decline with a total market turnover of less than 1.7 trillion yuan, marking a 50-day low[1] - On October 22, 2025, the SSE 50 Index performed well among scale indices, while the Beijing 50 Index performed well among sector indices, and the CSI 300 Value Index performed well among style indices[2] - The sectors that performed well included petroleum and petrochemicals, banking, real estate, home appliances, and media, while the sectors that performed poorly included agriculture, forestry, animal husbandry, and fishery, non-ferrous metals, electric power, defense and military, and coal[2] - The market sentiment showed 74 stocks hitting the daily limit up and 8 stocks hitting the daily limit down at the close[2] - The financing balance as of October 21, 2025, was 24.443 trillion yuan, with a financing balance of 24.273 trillion yuan and a securities lending balance of 170 billion yuan[2] - The ETF with the highest premium on October 21, 2025, was the Oil and Natural Gas ETF, while the ETF with the highest discount was the Innovation 100 ETF[3] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.15%, 3.05%, 10.33%, and 12.81%, respectively[3] - The stock with the most institutional research in the past week was Huace Testing, which was surveyed by 118 institutions[4] - The top ten stocks with the highest net inflows from institutional seats on October 22, 2025, included Rongxin Culture, Keboda, Teyi Pharmaceutical, Huayi Group, and Sanwei Communication[4] - The top ten stocks with the highest net inflows from Northbound Trading on October 22, 2025, included Sanwei Communication, Hunan Baiyin, Keboda, Teyi Pharmaceutical, and Guangming Real Estate[4] =========

Market Performance - The Shanghai 50 Index performed well today, increasing by 0.09%, while the CSI 300 Index decreased by 0.33% and the CSI 500 Index fell by 0.80% [4] - The North Exchange 50 Index showed strong performance, rising by 0.87%, while the Shenzhen Composite Index and the ChiNext Index both declined [4] - The oil and petrochemical, banking, real estate, home appliance, and media sectors performed well, with returns of 1.55%, 0.94%, 0.88%, 0.84%, and 0.56% respectively [8] Market Sentiment - At the close, 74 stocks hit the daily limit up, while 8 stocks hit the limit down [12] - Stocks that were limit up yesterday had a closing return of 2.18%, while those that were limit down had a return of -0.81% [14] - The sealing rate was 71%, down 7% from the previous day, while the consecutive sealing rate increased by 12% to 28% [16] Market Capital Flow - As of October 21, 2025, the margin trading balance was 24,443 billion yuan, with a financing balance of 24,273 billion yuan and a securities lending balance of 170 billion yuan [18] - The margin trading balance accounted for 2.5% of the total market capitalization, and margin trading represented 11.5% of the market turnover [20] Premium and Discount - On October 21, 2025, the oil and gas ETF had the highest premium at 0.97%, while the Innovation 100 ETF had the highest discount at 0.69% [24] - The average discount rate for block trades over the past six months was 6.15%, with a discount rate of 5.54% on the same day [26] Institutional Attention and Rankings - The stocks with the most institutional research in the past week included Huace Detection, Shiyuan Co., and Jiuzhou Pharmaceutical, with Huace Detection being researched by 118 institutions [31] - The top ten stocks with net inflows from institutional special seats included Rongxin Culture, Kebo Da, and Te Yi Pharmaceutical [34] - The top ten stocks with net outflows from institutional special seats included Lanfeng Biochemical, Hezhu Intelligent, and Haima Automobile [34]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.63% to close at 3863.89 points, while the Shenzhen Component rose by 0.98% to 12813.21 points. The ChiNext Index saw a gain of 1.98%, closing at 2993.45 points. Overall, 4064 stocks rose, 1248 fell, and 121 remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 17376 billion, a decrease of 2005.11 million from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as telecommunications, coal, power equipment, machinery, electronics, and transportation showed significant gains. Conversely, industries like non-ferrous metals, agriculture, beauty care, food and beverage, and banking experienced declines [1][2]. Concept Sector Performance - The top-performing concept sectors today included cultivated diamonds, superhard materials, optical modules (CPO), lithium battery electrolytes, selected coal mining, aviation transportation, germanium-gallium-antimony ink, optical chips, optical communications, ice and snow tourism, oil and gas extraction, RF and antennas, 6G, and natural gas [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]

Market Overview - The A-share market saw a majority of major indices decline today, with the Shanghai Composite Index down by 0.19% closing at 3889.50 points, the Shenzhen Component down by 0.93% at 13231.47 points, and the ChiNext Index down by 1.11% at 3078.76 points. The STAR 50 Index, however, increased by 1.40% to 1473.02 points. Overall, there were 1682 stocks that rose while 3628 stocks fell, with a total trading volume of 23547 billion yuan, a decrease of 1609 billion yuan from the previous trading day [1][2]. Industry Performance - Among the 31 first-level industries, only a few sectors such as non-ferrous metals, environmental protection, steel, national defense and military industry, banking, and computing saw gains, with respective increases of 3.35%, 1.65%, 1.49%, 0.86%, 0.74%, and 0.22%. Conversely, the automotive, home appliances, beauty care, media, and pharmaceutical industries experienced the largest declines, with decreases of 2.33%, 1.74%, 1.58%, 1.54%, and 1.47% respectively [1][2]. Concept Sectors - The leading concept sectors in terms of gains today included rare earths, rare earth permanent magnets, photoresists, semiconductor silicon wafers, rare metals, SMIC, lithium battery electrolytes, wafer industry, small metals, operating systems, semiconductor materials, gold and jewelry, continuous boards, pre-increase, and cobalt mines [2][11].

Market Overview - The main indices showed a decline today, with the Shanghai Composite Index down by 0.94%, the Shenzhen Component down by 2.7%, and the ChiNext Index down by 4.55% [1] - Among the Shenwan first-level industry performances, building materials, coal, and textile and apparel sectors led the gains, while non-ferrous metals, media, and telecommunications lagged behind [1] - Concept sectors showed mixed results, with pre-increase, animal vaccines, and continuous board concepts performing relatively well, while power batteries, lithium battery electrolytes, and semiconductors performed poorly [1]

Group 1 - The new energy sector remains active before the holiday, with lithium battery electrolyte, lithium battery anodes and cathodes, and lithium iron phosphate batteries leading the gains today [1] - As of the market close, the China Securities New Energy Index rose by 2.3%, the National Securities New Energy Battery Index increased by 1.6%, the China Securities Photovoltaic Industry Index went up by 1.2%, and the China Securities Shanghai Environmental Exchange Carbon Neutrality Index climbed by 1.7% [1] - The energy storage battery ETF (159566) saw a net subscription of 69 million units throughout the day, with over 1.2 billion yuan of net inflow since September [1] Group 2 - The photovoltaic index focuses on one of the future energy sources, consisting of 50 representative stocks from the upstream, midstream, and downstream of the industry chain [4] - The index has experienced a 1.2% increase and has a price-to-book ratio of 2.5 times, with a valuation of 49.09 since its launch [4]

Market Overview - The main indices showed mixed performance today, with the Shanghai Composite Index increasing by 0.52%, the Shenzhen Component Index rising by 0.35%, and the ChiNext Index remaining unchanged at 0% [1] - Among the Shenwan first-level industry sectors, non-ferrous metals, defense and military industry, and real estate led the gains, while environmental protection, banking, and food and beverage sectors lagged behind [1] - Concept sectors performed variably, with memory storage, lithium battery electrolyte, and cobalt mining concepts showing relatively strong performance, while near-term new stocks, stock trading software, and liquor concepts performed poorly [1] Strategy Commentary - The report highlights the performance of major indices and sectors, indicating a cautious but positive sentiment in the market, particularly in non-ferrous metals and real estate [1][7] - The analysis suggests that certain concept sectors, especially those related to technology and materials, may present potential investment opportunities [1][7]

Group 1 - The E Fund New Energy ETF tracks the China Securities New Energy Index, which covers the entire new energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power [1] - As of the midday close, the index increased by 1.9% with a rolling market rate of 56.5 times, and it has an estimated value of 89.09 since its inception [1] - The Storage Battery ETF tracks the National Securities New Energy Battery Index, focusing on the energy storage sector, consisting of 50 companies involved in battery manufacturing, energy storage inverters, and system integration [1] - The index for the Storage Battery ETF rose by 1.4% with a rolling market rate of 35.0 times, and it has an estimated increase of 86.6% since its inception, indicating potential benefits from future energy development opportunities [1]