Economic News - The 28th ASEAN Plus China, Japan, and South Korea Leaders' Meeting emphasized the importance of open cooperation and strategic alignment to enhance economic potential through environmental improvement, deepening industrial chain collaboration, and fostering new growth drivers [1] - Canadian Prime Minister Carney announced plans for significant domestic investment and trade diversification, aiming to double exports to non-U.S. markets over the next decade, exceeding CAD 300 billion [1] - From January to September, profits of large-scale industrial enterprises in China increased by 3.2% year-on-year, marking the highest growth rate since August of the previous year [1] - The China Logistics and Purchasing Federation reported that the total demand for food cold chain logistics in the third quarter reached 117 million tons, a year-on-year increase of 4.72% [1] - The International Monetary Fund (IMF) predicts that the U.S. government's debt burden may exceed that of Italy and Greece for the first time this century, with total debt projected to rise over 20% to 143.4% of GDP by the end of the decade [1] Company Insights - Rio Tinto Group and State Power Investment Corporation launched a pilot project for pure electric battery swap mining trucks at the Oyu Tolgoi copper mine in Mongolia, marking the first use of this technology in an open-pit mine [4] - Yongmaotai reported third-quarter revenue of CNY 1.655 billion, a year-on-year increase of 59.65%, with net profit soaring by 6319.92% to CNY 30.41 million [4] - Delin Hai's third-quarter revenue reached CNY 185 million, up 94.96% year-on-year, while net profit surged by 1322.74% to CNY 48.73 million [4] - Knight Dairy's third-quarter revenue was CNY 246 million, down 6.78%, but net profit increased by 189.26% to CNY 22.73 million [4] - Porsche, a subsidiary of Volkswagen Group, reported a third-quarter loss of EUR 966 million (approximately CNY 8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters [4] Industry Analysis - The 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and technological self-reliance as core foundations for future growth, aiming to transition from a follower to a leader in the global industrial chain [6][7] - The meeting highlighted the need to build a modern industrial system and strengthen the real economy, with a focus on becoming a manufacturing, quality, aerospace, transportation, and internet power [6] - The report suggests that the technology sector, particularly those related to self-reliance, will be a key area for investment, with a positive outlook for companies in this space [7] - The food and beverage sector is experiencing a shift towards lower-alcohol products to attract younger consumers, as evidenced by the introduction of new low-alcohol products at recent trade fairs [10][11] - The logistics industry is seeing a recovery in single-ticket revenue, with major players like Shentong and Yunda reporting significant increases in revenue per ticket [22][23] Investment Recommendations - The report recommends focusing on technology sectors, particularly those with strong performance indicators, as the market shifts back to fundamentals with the release of quarterly reports [7] - In the food and beverage sector, attention is drawn to leading companies like Guizhou Moutai, which are showing signs of recovery despite short-term price fluctuations [11] - For the chemical industry, investment opportunities are identified in sectors benefiting from improved supply-demand dynamics and those driven by capital expenditure and R&D [27]

Market Performance - The Shanghai Composite Index rose by 1.18%, closing at 3996.94 points, while the Shenzhen Component Index increased by 1.51%, closing at 13489.40 points, with a total trading volume of 2.34 trillion [1] - The Hong Kong stock market saw a gain of 1.05%, with the Hang Seng Tech Index up by 1.83%, recovering from previous declines due to overseas uncertainties [3] Sector Highlights - The storage chip sector experienced a surge, with over 3300 stocks rising, while media and real estate sectors faced declines [1] - In the Hong Kong market, technology companies like Alibaba, Tencent, and Meituan are highlighted as core assets under the "14th Five-Year Plan," benefiting from the AI wave and having strong business models [3][4] Investment Opportunities - The Hang Seng Tech Index has a TTM P/E ratio of 23.79, which is attractive compared to global tech indices, suggesting a favorable investment environment for tech-focused assets [4] - The CSI A500 index, which includes a significant portion of new productivity sectors, is expected to benefit from technological advancements and industry upgrades, making it a promising investment option [7][8] Policy and Economic Context - The "14th Five-Year Plan" emphasizes the importance of technological self-reliance, which is expected to drive market sentiment and support long-term growth in the A-share market [7][10] - Recent adjustments in U.S. monetary policy, including expectations for interest rate cuts, are likely to enhance market risk appetite and support cyclical assets [10][11] Sector-Specific Insights - The AI industry is experiencing accelerated industrialization, with significant capital expenditure planned by North American cloud service providers, which is expected to benefit related sectors like optical modules and IDC [9][10] - The copper market is projected to see increased demand driven by applications in electric vehicles and AI data centers, while supply constraints may lead to higher prices [11][12]

Core Insights - The Hong Kong stock market saw a net inflow of 28.73 billion HKD from northbound trading, with 16.46 billion HKD from the Shanghai Stock Connect and 12.27 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included SMIC (00981), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - The most net sold stocks were Alibaba-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810) [1] - SMIC had a net inflow of 32.97 billion HKD, while Alibaba-W faced a net outflow of 19.84 billion HKD [2][7] Group 2: Sector Trends - Northbound capital is increasingly favoring semiconductor stocks, with SMIC and Hua Hong Semiconductor receiving net inflows of 11.43 billion HKD and 9.86 billion HKD, respectively [4] - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which is expected to boost the semiconductor industry [4] - Analysts predict that AI computing demand will drive expansion in domestic and international logic and memory manufacturers [4] Group 3: Company-Specific Developments - Tencent (00700) received a net inflow of 10.3 billion HKD, attributed to strong performance in its gaming segment, with a nearly 15% year-on-year increase in domestic revenue [5] - Alibaba-W (09988) is expected to have capital expenditures reaching 460 billion HKD, significantly higher than its previous target of 380 billion HKD, driven by surging AI demand [7] - Bubble Mart (09992) saw a net inflow of 4.89 billion HKD, with a reported sales growth of 245% to 250% in Q3, exceeding expectations [5]

Core Insights - The "15th Five-Year Plan" emphasizes the importance of new demand leading to new supply and the interaction between consumption and investment, indicating a shift towards a more demand-driven economic policy [1][2] - The A-share market is highly sensitive to policy changes, making the "15th Five-Year Plan" a significant signal for thematic investors [1][3] Industry and Company Analysis - The plan highlights sectors such as technology and advanced manufacturing, which have been repeatedly mentioned as key areas for growth [1] - Historical data shows that sectors prioritized in previous five-year plans, such as biotechnology, 5G, and new energy vehicles, have seen substantial returns, typically in the range of 40%-50% over 1-3 years following policy announcements [2][3] - The focus on "high-level technological self-reliance" and the establishment of a modern industrial system centered on advanced manufacturing is expected to drive growth in China's high-tech industries [2][6] Sector-Specific Opportunities - The aerospace sector is gaining attention due to its first-time mention in the "15th Five-Year Plan," which supports the growth of aerospace technology and innovation [6][7] - The semiconductor industry is positioned for growth under the narrative of "domestic substitution," with a focus on high-end fields like HBM and enterprise SSDs [7][8] - The robotics industry is highlighted as a rapidly growing sector, with humanoid robots being integrated into the "15th Five-Year Plan" as a key area for investment [8][9] Investment Vehicles - Several ETFs are identified as potential beneficiaries of the "15th Five-Year Plan," including those focused on aerospace, semiconductors, and robotics, which have shown strong performance and liquidity [6][7][8] - The "Huaxia CSI Robotics ETF" is noted for its significant size and liquidity, while the "Tianhong CSI Robotics ETF" has demonstrated exceptional returns over the past year [8][9]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week (2025.10.20 - 2025.10.24), the A - share market broke through in fluctuations, with the Shanghai Composite Index standing above 3950 points on Friday. The technology - growth sector made a strong comeback in the second half of the week, reflecting market expectations for policies in the "15th Five - Year Plan". However, the A - share market entered a volume - shrinking phase due to macro uncertainties [12]. - If the possible upcoming summit meeting between the two heads of state materializes, the risk appetite of the capital market may be further restored [3][12]. - The "15th Five - Year Plan" focuses on technological self - reliance and self - strength + expanding domestic demand. The strategic position of technology development has been significantly elevated, and expanding domestic demand is emphasized as a "strategic base point" [4][13]. - The market has entered a style - equilibrium stage, indicating that the style switch has basically ended, and the market has returned to a performance - driven structural market. Looking forward, the market may enter a consolidation period, and after November, it may be dominated by valuation [4][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - Market performance: The Shanghai Composite Index rose 2.88%, the ChiNext Index rose 8.05%, and the Hang Seng Index rose 3.62%. The technology - growth sectors such as communication, electronics, and power equipment led the gains. The average daily trading volume of the whole A - share market was 1792.8 billion, a further decline from the previous week [12]. - Sino - US consultations: The consultations in Malaysia from October 24th to 27th are seen as a key signal to ease trade tensions, laying a positive foundation for a possible summit meeting between the two heads of state at the APEC meeting. Past summit meetings have effectively broken negotiation deadlocks [12]. - "15th Five - Year Plan": Compared with the "14th Five - Year Plan", it adds "centering on economic construction" and removes "deepening supply - side structural reform as the main line". The key focuses are technological self - reliance and self - strength + expanding domestic demand, with a significant increase in the strategic position of technology development [13]. - Style switch: The market has entered a style - equilibrium stage, and the style switch has basically ended. After November, the market may be dominated by valuation, and the difficulty of judging its sustainability will increase significantly [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock Fund Preferred Index - Performance: It rose 3.72% last week and has recorded a cumulative excess return of 13.84% since its establishment. Its performance comparison benchmark is the active stock fund (930980.CSI) [5][15]. - Index positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability within value, equilibrium, and growth styles, and balance the style distribution according to the CSI Active Stock - Type Fund Index [16]. 3.2.2 Value Stock Fund Preferred Index - Performance: It rose 1.44% last week and has recorded a cumulative excess return of 2.93% since its establishment. Its performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [6][15]. - Index positioning: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and equilibrium - value styles based on multi - period style division to form the index [18]. 3.2.3 Equilibrium Stock Fund Preferred Index - Performance: It rose 3.14% last week and has recorded a cumulative excess return of 7.66% since its establishment. Its performance comparison benchmark is the CSI 800 (000906.SH) [7][15]. - Index positioning: It selects 10 funds of relatively equilibrium and value - growth styles based on multi - period style division to form the index. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [20]. 3.2.4 Growth Stock Fund Preferred Index - Performance: It rose 5.14% last week and has recorded a cumulative excess return of 12.21% since its establishment. Its performance comparison benchmark is the 800 Growth (H30355.CSI) [7][15]. - Index positioning: It aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and equilibrium - growth styles based on multi - period style division to form the index [24]. 3.2.5 Pharmaceutical Stock Fund Preferred Index - Performance: It fell 1.12% last week and has recorded a cumulative excess return of 19.19% since its establishment. Its performance comparison benchmark is the pharmaceutical - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative pharmaceutical indexes. It constructs an evaluation system in eligible samples, mainly considering indicators such as the fund's relative benchmark index winning rate, and ensures 15 funds are included in the index [24][27]. 3.2.6 Consumption Stock Fund Preferred Index - Performance: It rose 0.59% last week and has recorded a cumulative excess return of 22.45% since its establishment. Its performance comparison benchmark is the consumption - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative consumption indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [27]. 3.2.7 Technology Stock Fund Preferred Index - Performance: It rose 5.79% last week and has recorded a cumulative excess return of 21.12% since its establishment. Its performance comparison benchmark is the technology - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative technology indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [33]. 3.2.8 High - end Manufacturing Stock Fund Preferred Index - Performance: It rose 8.47% last week and has recorded a cumulative excess return of - 2.53% since its establishment. Its performance comparison benchmark is the high - end manufacturing - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [35]. 3.2.9 Cycle Stock Fund Preferred Index - Performance: It fell 1.90% last week and has recorded a cumulative excess return of - 2.85% since its establishment. Its performance comparison benchmark is the cycle - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative cycle indexes. It constructs an evaluation system in eligible samples and ensures 5 funds are included in the index [35].

观点总结 重点关注 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 A股主要指数收盘普遍上涨。三大指数高开后震荡上行，上证指数逼近4000点整数关口。截止收盘，上证指数指涨 1.18%，深证成指涨1.51%，创业板指涨1.98%。沪深两市成交额重回两万亿。全市场超3300只个股上涨。行业板块 普遍上涨，通信、电子等板块大幅走强。海外方面，中美双方于10月25日至26日在马来西亚举行经贸磋商。双方就解 决多项共同关心的重要经贸问题的安排达成基本共识。美财长贝森特周日在接受CBS采访时表示，在进行了"两天非常 好的会谈"后，对中国征收额外 100% 关税"实际上已不予考虑"。贸易关系缓和提振风险资产价格。国内方面，经 济基本面，1-9月份，国内规上工业企业利润增速明显加快，其中高技术制造业及装备制造业带动明显，此前公布的数 据同样显示，高技术制造业带动9月份国内规上工业增加值超预期上行，新质生产力对经济起到支撑。政策端，二十届 四中全会公报指出将加快高水平科技自立自强，引领发展新质生产力，"十五五"期间推动 ...

消息面上，据媒体报道，伴随着存储芯片市场的涨价潮，A股存储芯片相关公司的盈利预期改善、股价一路高 涨，存储芯片"超级周期"来临。国内存储公司有望继续受益于"价格回升+国产创新"的双重驱动。据智通财 经，韩国产业通商资源部第一副部长文慎鹤周三表示，随着全球人工智能(AI)市场的扩张，对先进半导体的需 求不断增加，2025年韩国半导体出口额有望超过1650亿美元，连续第二年创下历史新高。 另外，前期我们解读过多次，半导体行业正处于行业周期上行阶段，景气度突出。根据海关数据，9月当月集 成电路出口金额190.47亿美元(历史新高)，同比增长32.80%，环比+7.47%；出口数量323亿块，同比+17.0%。 另一方面，据SIA数据，8月全球半导体行业销售额为648.8亿美元(历史新高)，同比+21.7%，环比+4.4%；中国 为176.3亿(历史新高)，同比+12.4%，环比+3.3%。 今天A股大科技表现强势，芯片半导体领涨两市。截至14:30，芯片产业指数涨2.83%、半导体材料设备指数涨 3.93%。 政策面上，最新公布的四中全会公报继续关注科技国产替代，尤其是卡脖子领域。同时，"十五五"规划强调加 快高水 ...

刚刚闭幕的党的二十届四中全会，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规 划的建议》（以下简称《建议》），对未来五年发展作出顶层设计和战略擘画。 习近平总书记强调，科学制定和接续实施五年规划，是我们党治国理政一条重要经验，也是中国特色社 会主义一个重要政治优势。 从1953年至今，15个五年规划（计划）见证着中国从一穷二白到繁荣富强的伟大飞跃，引领我国科技事 业取得长足发展，成为世界上具有影响力的科技大国。 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，也是科技强国建设承上启 下、跨越发展的关键时期。党的二十届四中全会提出，"加快高水平科技自立自强，引领发展新质生产 力"，为我国未来科技创新事业的关键五年擘画了新蓝图、锚定了新坐标。 自主创新的"关键推力" 五年规划是我国经济社会长远发展的"定盘星"，也是我国科技事业"接力式"进步的"关键推力"。 "五年规划作为我们党治国理政的重要经验和中国特色社会主义的显著政治优势，对国家经济发展和科 技创新起到了方向指引、集聚动能、破解时代发展难题的战略性引领作用。"中国科学技术发展战略研 究院党委书记刘冬梅在接受科技日报记者专访时 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The Sino-US trade negotiation in Malaysia sent positive signals, with the two sides reaching a framework on issues such as fentanyl, ships, rare earths, and soybeans, and the 10 - month Sino - US trade friction is basically over for now [2]. - The US inflation in September was basically in line with expectations. The Fed is likely to cut interest rates by 25BP this Thursday, but its stance on subsequent rate cuts may be dovish [3]. - The 15th Five - Year Plan emphasizes technological self - reliance, and it is expected that industrial and fiscal policies related to the modern industrial system and technological self - reliance will be introduced. The financial report shows that finance is serving the real economy more closely, and policies will promote a moderately loose monetary policy and lower social comprehensive financing costs [4][5]. - The A - share market rebounded last week, with the technology growth sector as the main line. With multiple favorable policies over the weekend, the market is expected to break through 4000 points on Monday, but the short - term upside space is limited, and the market is expected to show a volatile rebound trend. Maintain long positions in the Shanghai 50 and CSI 500 [5]. 3. Summary by Directory 3.1 Important News - **US CPI**: The US September CPI was lower than expected. Traders bet that the Fed will cut interest rates twice this year. The US White House may not release inflation data next month for the first time in history [7]. - **Trade Agreements**: The US signed various trade and key mineral agreements with Thailand, Malaysia, and Vietnam, and will maintain certain tariffs. Trump met with the Brazilian president for economic and trade negotiations, and announced additional tariffs on Canada and terminated trade negotiations with it [7]. - **Other News**: Trump said the stock market was stronger due to tariff policies. The US and Japan may sign a technology cooperation memorandum. Xi Jinping will attend the APEC meeting in South Korea. The Sino - US economic and trade consultation in Kuala Lumpur reached a preliminary consensus. The State Council emphasized a moderately loose monetary policy and high - quality financial services. The central bank will conduct a 900 billion yuan MLF operation. The CSRC focused on enhancing the resilience and risk - resistance ability of the capital market [7][8][9]. 3.2 Futures Market Tracking - Multiple charts show the basis of contracts and inter - period spreads of the CSI 300, Shanghai 50, and CSI 500, including the basis of each contract (current month, next month, current quarter, next quarter) and the inter - period spreads between different contract months [11][16][20]. 3.3 Spot Market Tracking - **Index Valuation**: Charts present the valuations and historical quantiles of important indexes such as the Shanghai Composite Index, Shenzhen Component Index, and the valuations and historical quantiles of Shenwan industries [31][33]. - **Market Volume and Turnover**: Charts show the Sunday average trading volume, Sunday average turnover rate, the ratio of rising to falling stocks in the two markets, the change in index trading volume, the relative return of stocks and bonds, the Hong Kong Stock Connect, margin trading balance, and the net purchase amount of margin trading and its proportion in A - share trading volume [35][37][39]. 3.4 Liquidity Tracking - Charts show the central bank's open market operations (including currency injection, currency withdrawal, and net currency injection) and the Shibor interest rate level [41].

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23 in Beijing, where the "15th Five-Year Plan" for national economic and social development was approved, outlining China's development blueprint for the next five years [1] - The session emphasized the importance of focusing on the real economy, enhancing the vitality of various business entities, and improving people's livelihoods to promote common prosperity [1] - Financial institutions expressed their commitment to support key areas such as technological innovation, green and low-carbon initiatives, and rural revitalization, aligning their services with the goals of the "15th Five-Year Plan" [1][2] Group 2 - The Bank of China in Guangdong plans to leverage regional advantages to enhance resource allocation and innovate service models in areas like financial connectivity and modern industrial construction [2] - The session highlighted the need for a strong domestic market and a new development pattern, focusing on expanding domestic demand and promoting effective investment [3] - Agricultural modernization and rural revitalization were identified as key components for supporting economic recovery and high-quality development [3][4] Group 3 - Financial institutions are encouraged to transform traditional services into value-creating platforms that integrate digital empowerment and community services [3] - The Agricultural Development Bank of China aims to support food security and urban-rural integration as part of its commitment to the agricultural strong nation goal [3] - The importance of financial support for rural revitalization and the development of new agricultural productivity was emphasized by various banking representatives [4]