Core Viewpoint - Accelerating the construction of a financial power is essential for achieving a modern socialist strong country, promoting high-quality development, and balancing development and security [1] Group 1: Key Features and Tasks of Building a Financial Power - The main features of building a financial power include six key financial elements: strong currency, strong central bank, strong financial institutions, strong international financial center, strong financial regulation, and strong financial talent [2] - The path to building a financial power is characterized by a unique Chinese financial development approach, with the construction of a modern financial system being a key task [2][3] Group 2: Specific Tasks for the 14th Five-Year Plan - Seven main tasks for the 14th Five-Year Plan include improving the central bank system, enhancing financial support for key areas, promoting stable capital market development, optimizing financial institutions and infrastructure, building an international financial center, improving financial regulatory capabilities, and strengthening financial legal construction [4][5][6][7][8][9] Group 3: Financial System and Cultural Support - A scientific and stable financial regulation system, a reasonable financial market structure, and a diverse financial product and service system are necessary for building a financial power [3] - The construction of a unique Chinese financial culture, emphasizing legal and moral governance, is crucial for supporting the financial power [3]

Report Industry Investment Rating - Not provided in the report Core Views of the Report - The central bank's resumption of Treasury bond trading is expected to inject stable liquidity into the market, significantly boosting bond market sentiment. The positive progress in the new round of Sino-US trade consultations has significantly alleviated the market's concerns about trade policy uncertainties. Looking ahead, the continuous recovery of the economic fundamentals and the implementation of broad fiscal policies still require a low-interest rate environment. The market generally expects the central bank to focus on medium- and short-term bond purchases, which may lead to a continued decline in short-term interest rates and potentially drive down long-term interest rates. However, it is necessary to be vigilant about the potential suppression of long-term interest rates due to the recovery of risk appetite. It is recommended to buy on dips with a light position [102]. Summary by Relevant Catalogs 1. Market Review - **Weekly Data**: The 30-year, 10-year, 5-year, and 2-year Treasury bond futures' main contracts (TL2512, T2512, TF2512, TS2512) rose by 1.45%, 0.62%, 0.43%, and 0.21% respectively. The trading volumes were 594,400, 377,500, 330,800, and 190,300 contracts respectively. The prices of the top two CTD bonds of each contract also increased [13]. - **Treasury Bond Futures Market Review**: The main contracts of 30-year, 10-year, 5-year, and 2-year Treasury bond futures all rose this week. The trading volumes and open interests of the main contracts of TS, TF, T, and TL all increased [16][22][30]. 2. News Review and Analysis - **Key News Review**: The central bank will maintain a supportive monetary policy stance, resume open-market Treasury bond trading, and study various policy measures. Five departments issued a plan to promote the improvement of urban commerce. The results of the Sino-US economic and trade consultations in Kuala Lumpur were announced, with the US canceling a 10% tariff and suspending some measures. The National Development and Reform Commission plans to allocate 50 billion yuan from the local government debt balance limit. Japan plans to invest $550 billion in the US. The Federal Reserve cut interest rates by 25 basis points and will end balance sheet reduction in December [33][34]. 3. Chart Analysis - **Spread Changes**: The spreads between 10-year and 5-year, 10-year and 1-year Treasury bond yields widened. The spreads between the main contracts of 2-year and 5-year, 5-year and 10-year Treasury bond futures widened. The inter - period spreads of 10-year, 30-year, 5-year, and 2-year Treasury bond futures narrowed [40][49][53]. - **Treasury Bond Futures Main Position Changes**: The net short positions of the top 20 positions in the T Treasury bond futures main contract increased significantly [67]. - **Interest Rate Changes**: The 2 - week and 1 - month Shibor rates declined, while the overnight and 1 - week Shibor rates rose. The DR007 weighted average rate rebounded slightly. The yields of Treasury bond cash bonds strengthened, with the 1 - 7Y yields falling by about 5 - 11bp, and the 10Y and 30Y yields falling by about 5 and 6bp to 1.79% and 2.15% respectively. The spreads between Chinese and US 10 - year and 30 - year Treasury bond yields widened slightly [69][74]. - **Open Market Operations**: The central bank conducted 206.8 billion yuan in reverse repurchases, 90 billion yuan in MLF injections, with 70 billion yuan in MLF maturities and 86.72 billion yuan in reverse repurchase maturities, resulting in a net injection of 140.08 billion yuan. The DR007 weighted average rate rebounded slightly [79]. - **Bond Issuance and Maturity**: This week, bonds worth 114.2609 billion yuan were issued, with a total repayment of 77.9563 billion yuan, resulting in a net financing of 36.3046 billion yuan [83]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 7.0880, up 48 basis points this week. The spread between offshore and onshore RMB narrowed. The 10 - year US Treasury bond yield fluctuated upward, and the VIX index remained stable. The 10 - year Treasury bond yield declined, and the A - share risk premium increased slightly [87][93][98]. 4. Market Outlook and Strategy - **Domestic and Overseas Fundamentals**: In China, the manufacturing PMI declined in October, while the non - manufacturing PMI entered the expansion range. The GDP growth rate was stable but slowed down. The economy shows a pattern of "strong production, weak demand" and "strong external demand, weak domestic demand". In the US, inflation was lower than expected, the labor market recovered moderately, the Fed cut interest rates, and the end of balance sheet reduction was announced [101]. - **Strategy**: It is recommended to buy on dips with a light position, considering the potential decline in short - term interest rates and the need for a low - interest rate environment, while being vigilant about the potential suppression of long - term interest rates by the recovery of risk appetite [102].

Market Overview - The three major indices experienced a slight increase after a low opening, with the Shanghai Composite Index rising by 0.37% to surpass the 4000-point mark again, the Shenzhen Component Index increasing by 0.9%, and the ChiNext Index up by 1.35% [1] - A total of over 3000 stocks declined across the two markets, with a combined trading volume of 1.42 trillion [1] Banking Sector - The banking sector opened lower and fell into adjustment, with a decline of 1.45% by midday. Notably, Chengdu Bank dropped by 5.08%, while several other banks, including Xiamen Bank, Shanghai Pudong Development Bank, Qingdao Bank, and Jiangsu Bank, saw declines exceeding 3% [3] Sector Performance - The Hainan sector showed strong performance, rising by 4.89%, with multiple stocks such as Kangzhi Pharmaceutical, Hainan Airport, and Zhongtung High-tech hitting the daily limit [3] - The large financial sector experienced localized surges, particularly in the securities sector, where Huashan Securities hit the daily limit and Northeast Securities approached the limit [3] - The non-ferrous metals sector strengthened again, with CITIC Metals reaching the daily limit [3] - The quantum technology concept remained active, with stocks like Keda Guokuan, Geer Software, and Shenzhou Information hitting the daily limit [3] News Highlights - Chongqing plans to upgrade the China-Singapore digital RMB bilateral cross-border settlement pilot to a "China-Singapore Digital Currency+" model [3] - The military of China and India held the 23rd round of general-level talks regarding the western section of their border [3] - NVIDIA announced plans to ship 20 million Blackwell and Rubin graphics processors, with an expected business scale of $500 billion over the next six quarters [3]

Group 1 - The Central Committee of the Communist Party of China has released suggestions for the 15th Five-Year Plan, emphasizing the acceleration of building a financial powerhouse and improving the central bank system [5] - The report from the State Council on financial work indicates a focus on implementing a moderately loose monetary policy to support economic recovery, alongside the exploration of new policy measures [5] - The China Securities Regulatory Commission is planning to enhance the capital market's inclusiveness and adaptability, aiming to better serve the goals of the 15th Five-Year Plan and the construction of a financial powerhouse [5][6] Group 2 - *ST Zhengping will be suspended from trading starting October 29 due to a stock price surge, having doubled since September [3][13] - The 11th batch of national organized drug procurement results has been announced, covering 55 commonly used drugs across various therapeutic areas [7] - China Bank reported a net profit of 177.66 billion yuan for the first three quarters, reflecting a year-on-year growth of 1.08% [14] - China Ping An's net profit attributable to shareholders for the first three quarters reached 132.86 billion yuan, up 11.5% year-on-year [14] - Ganfeng Lithium reported a net profit of 557 million yuan for Q3, marking a significant year-on-year increase of 364.02% [14] - Huayi Brothers Media achieved a net profit of 106 million yuan in Q3, with a remarkable year-on-year growth of 993.71% [14]

Market Overview - US stock markets continued to rise, with the Dow Jones up 0.34%, Nasdaq up 0.8%, and S&P 500 up 0.23%. Notable gains included Nvidia, which rose 4.98% to a record closing high, while Google A shares fell 0.67% [1][2]. Nvidia Developments - Nvidia plans to invest $1 billion in Nokia for AI 6G network collaboration and expects to ship 20 million Blackwell chips [2]. The company also announced partnerships with Uber, Lucid, and Eli Lilly, and aims to integrate quantum computing with supercomputing through NVQLink [2]. Nokia Stock Performance - Nokia's ADR surged 22.85%, marking its largest single-day gain since January 2021, following Nvidia's investment announcement [3]. OpenAI and Microsoft Partnership - OpenAI has transitioned to a profit-oriented organization, securing an additional $250 billion in Azure service orders from Microsoft, which holds a 27% stake in OpenAI. The AI model licensing has been extended to 2032, with a roadmap aiming for fully autonomous AI researchers by 2028 [3]. Semiconductor Industry Insights - SK Hynix reported record profits driven by AI demand for chips and is preparing to supply HBM4 [4]. Additionally, semiconductor manufacturers are facing a price increase of 70% to 90% for hexafluorotungsten due to rising tungsten prices [12]. Consumer Electronics Updates - Apple plans to upgrade the display screens of MacBook Air and iPad product lines, with a potential price increase of $100 for the iPad mini [6]. Energy Sector Developments - The US government signed an $80 billion agreement with Westinghouse Electric for nuclear reactors, indicating a significant investment in nuclear energy [7]. AI and Quantum Technology Cooperation - The US and South Korea are set to sign an agreement to enhance cooperation in AI and quantum technology [8]. Financial Sector Insights - The People's Bank of China is advancing the internationalization of the Renminbi, aiming to enhance its functions in pricing, payment, and investment [13]. Consumer Market Trends - The "14th Five-Year Plan" emphasizes accelerating technological self-reliance and boosting consumption, with a focus on key sectors like quantum technology and advanced materials [14][16]. Company Earnings Highlights - Notable earnings reports include: - Light Media: Q3 net profit of 106 million yuan, up 993.71% YoY [22] - Ganfeng Lithium: Q3 net profit of 557 million yuan, up 364.02% YoY [22] - Sunlight Power: Q3 net profit of 4.147 billion yuan, up 57.04% YoY [22] Stock Performance - Companies reaching historical highs include: - Zhongtung High-tech: up 10.02% - Zhenghe Industry: up 10.01% - Yunjigroup: up 9.99% [20]

Market Overview - The US stock market indices reached new highs, primarily driven by major tech companies like Microsoft, Nvidia, and Apple, while most other stocks declined [1] - Microsoft announced a new partnership with OpenAI, resulting in a 2% increase in its stock price, bringing its market capitalization back to $4 trillion [1] - Nvidia's CEO expressed optimism about AI and announced several collaborations, leading to a nearly 5% increase in its stock price, with its market cap approaching $5 trillion [1] - Gold prices fell for three consecutive days, dipping below $4,000 per ounce, while silver experienced a V-shaped recovery [1][10] - Oil prices dropped over 2%, with WTI crude oil falling below $60 per barrel [1] Key Developments - The "15th Five-Year Plan" emphasizes unconventional measures to drive breakthroughs in key technologies, including AI and financial sectors [2][14] - The US private sector added an average of approximately 14,000 jobs over the past four weeks, according to the ADP report [4][15] - Nvidia plans a $1 billion equity investment in Nokia for AI and 6G network collaboration, and aims to integrate quantum computing with supercomputing [6][24] - OpenAI has transitioned to a profit-oriented organization, securing a $250 billion Azure service order from Microsoft, which holds a 27% stake in OpenAI [19][20] Company Earnings - China Bank reported a return to profit with a significant increase in non-interest income [28] - Ping An's net profit surged by 45.4% year-on-year in Q3, showing accelerating growth [29] - ZTE's Q3 revenue increased by 5.11%, but net profit saw a significant decline of 87.84% [30] -兆易创新 reported a 31% increase in revenue and a 61% increase in net profit in Q3, driven by rising DRAM prices [31] -阳光电源's Q3 revenue grew by 20.83%, with net profit increasing by 57.04% [32] Industry Insights - The gold market is experiencing significant fluctuations, with a notable reduction in gold ETF holdings, marking the largest single-day decrease in six months [3][14] - The AI sector is facing scrutiny, with concerns about a potential bubble as highlighted by prominent investors [22] - The gas turbine supply shortage is becoming a bottleneck for AI data center expansion, prompting developers to procure modified turbine generators [44]

Group 1 - The People's Bank of China (PBOC) is advancing the internationalization of the Renminbi (RMB) by enhancing its functions in pricing, payment, investment, financing, and reserves [1] - The PBOC has authorized Abu Dhabi First Bank to act as the RMB clearing bank in the UAE, marking it as the first regional local bank to take on this role, which will facilitate RMB clearing services and promote bilateral trade and investment between China and the UAE [1] - The PBOC plans to optimize the management system of the digital RMB and support more commercial banks to become operational entities for digital RMB services [1] Group 2 - Current global cross-border payments heavily rely on the USD clearing system, which has inefficiencies due to multiple intermediaries, indicating a significant opportunity for improvement [2] - The digital RMB platform, based on blockchain technology, offers direct peer-to-peer fund clearing, which can shorten transaction times, reduce intermediary costs, and enhance the efficiency of cross-border payments [2] Group 3 - Companies like Jingbeifang are involved in the construction of payment settlement systems for several banks, assisting clients in connecting to SWIFT and CIPS systems [3] - Sifang Jingchuang is building cross-border payment systems based on traditional frameworks like SWIFT and CIPS, as well as domestic systems like IBPS and Hong Kong's FPS [3]

Market Overview - US stock indices reached new highs, driven primarily by a few tech giants like Microsoft, Nvidia, and Apple, while most other stocks declined [3] - Microsoft announced a new partnership with OpenAI, leading to a 2% increase in its stock price, regaining a market cap of $4 trillion [3] - Nvidia's CEO expressed optimism about AI, resulting in a nearly 5% surge in its stock price, pushing its market cap close to $5 trillion [3] - Gold prices fell below $4,000 per ounce, marking a continuation of a downward trend, while silver experienced a V-shaped recovery [3][10] - The Chinese stock market saw the Shanghai Composite Index briefly surpass 4,000 points before closing down 0.2% [3] Key Developments - The "15th Five-Year Plan" emphasizes the need for breakthroughs in key technologies and the implementation of "AI+" initiatives, with a strong focus on finance [5][14] - The US private sector added an average of 14,000 jobs per week as of October 11, indicating a modest employment growth [6] - OpenAI transitioned to a profit-oriented organization, securing a $250 billion Azure service order from Microsoft, which holds a 27% stake in OpenAI [18] - Nvidia plans a $1 billion equity investment in Nokia to collaborate on AI and 6G networks, while also launching several partnerships in various sectors [17][21] Company Earnings - China Bank reported a return to profit growth in Q3, driven by non-interest income [26] - Ping An Insurance's Q3 net profit surged by 45.4%, showing accelerating growth [26] - ZTE's Q3 revenue increased by 5.11%, but net profit fell by 87.84% [27] - Sunny Solar's Q3 revenue grew by 20.83%, with a 57.04% increase in net profit [27] Industry Trends - The gold market is experiencing significant fluctuations, with a notable drop in ETF holdings, indicating reduced demand for safe-haven assets [15] - The AI sector is facing scrutiny, with concerns about potential bubbles as interest rates are expected to rise [21] - The gas turbine supply shortage is impacting the expansion of AI data centers, leading to increased demand for modified jet engines [38] Upcoming Events - The Federal Reserve is set to announce its interest rate decision, with market participants closely watching for any changes in monetary policy [39] - Major companies including Microsoft, Alphabet, Meta, Caterpillar, and Boeing are scheduled to release their earnings reports [40]

点评：量子计算作为下一代信息技术的核心驱动力，正从实验室走向产业化应用。技术突破、政策支持 与市场需求共同驱动产业快速发展，其应用场景从专用计算向通用计算拓展，推动金融、医药、能源等 领域深度变革。量子计算产业正处于"技术驱动向应用牵引"的关键转折期，2025-2030年将是商业化落 地的黄金窗口，有望迈进千亿美元市场规模。中国"十四五"规划将量子科技列为核心战略。凭借政策支 持与工程化能力，中国有望在量子通信、光量子计算等领域实现局部突破。概念股包括科大国创、三未 信安、国盾量子等。 2、据报道，经过多年稳妥推进，数字人民币生态体系初步建立，创新应用和场景建设持续深化。截至 2025年9月末，试点地区累计交易金额达14.2万亿元。目前，数字人民币试点覆盖17个省(区、市)的26个 地区，已在批发零售、公共服务、社会治理、乡村振兴等领域，形成可复制可推广的应用模式。截至 2025年9月末，试点地区累计处理交易33.2亿笔，通过数字人民币 App开立个人钱包2.25亿个。数字人民 币的产业链覆盖上、中、下游各环节，形成了完整的技术和应用生态体系。 点评：数字人民币的上游产业链包括技术研发和基础设施建设领域的公司 ...

Important Market News - NVIDIA CEO Jensen Huang delivered a keynote speech at the GTC conference, focusing on breakthroughs in 6G, AI, quantum computing, and robotics, introducing NVQLink technology that connects quantum processors with GPU supercomputers, supported by 17 quantum computing companies [1] - Major US stock indices closed higher, with the Nasdaq up 0.8%, Dow Jones up 0.34%, and S&P 500 up 0.23%. NVIDIA's stock rose approximately 5%, adding $231.8 billion to its market cap, nearing $5 trillion. Microsoft increased about 2%, regaining a $4 trillion market cap. Intel rose over 5%, while Tesla and Amazon gained over 1%. Nokia's ADR surged about 23%, marking its largest single-day gain since January 2021 [1] Industry Insights - NVIDIA launched a new quantum device to connect quantum processors with NVIDIA GPUs through NVQLink, which is an open system architecture that tightly couples GPU computing with quantum processors to build accelerated quantum supercomputers. This has garnered support from 17 quantum computing companies and 9 research laboratories [3] - Quantum computing is transitioning from laboratory experiments to industrial applications, driven by technological breakthroughs, policy support, and market demand. The industry is expected to reach a market size of hundreds of billions by 2025-2030, with China prioritizing quantum technology in its 14th Five-Year Plan [4] - The digital RMB ecosystem has been established, with a cumulative transaction amount of 14.2 trillion yuan by September 2025 across 26 regions. The digital RMB trial covers various sectors, creating replicable application models [4][5] - A research team from the Chinese Academy of Sciences successfully industrialized the production of high-purity Hastelloy alloy, crucial for the manufacturing of second-generation high-temperature superconducting tapes, which are essential for controlled nuclear fusion [6] Company Updates - Silane Technology announced that a shareholder plans to reduce holdings by up to 8.441 million shares, representing 2% of the total share capital [7] - Brother Technology's chairman and other executives plan to reduce their holdings by a total of approximately 1.142 million shares [7] - ZTE Corporation reported Q3 2025 revenue of nearly 29 billion yuan, a year-on-year increase of 5.11%, but net profit decreased by 87.84%. For the first three quarters of 2025, revenue was 100.52 billion yuan, up 11.63%, while net profit fell by 32.69% [7]