Market Overview - The market experienced weak fluctuations throughout the day, with all three major indices showing a decline after briefly turning positive. The total trading volume in the Shanghai and Shenzhen markets was 1.67 trillion yuan, a decrease of 224.8 billion yuan from the previous trading day, marking the first drop below 1.7 trillion since August 5 [1][7] - The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index dropped by 0.62%, and the ChiNext Index decreased by 0.79% [1] Sector Performance - The deep earth economy sector continued to show strength, with stocks like ShenKai Co., Shihua Machinery, and CITIC Heavy Industries achieving three consecutive trading limit increases. The sector covers a full chain from "materials - equipment - services - applications," with clear beneficiary logic emerging in four key areas: superhard materials, deep earth equipment, resource development, and space utilization [2][6] - The oil and gas sector saw a significant afternoon rally, with stocks such as Beiken Energy hitting the trading limit. Leading companies like China National Offshore Oil Corporation (CNOOC) and China Petroleum & Chemical Corporation (Sinopec) are viewed as having stable cash flows and high dividend yields, making them attractive during low oil price periods [2][3] - The banking sector performed well against the market trend, with Agricultural Bank of China achieving a historical high after 14 consecutive days of gains. Other banks like Jiangyin Bank and CITIC Bank also saw increases [2] Individual Stocks - Speculative short-term trading remained active, with the number of stocks hitting trading limits increasing to 21. Notably, Dayou Energy recorded a seven-day trading limit increase. Stocks in the deep earth economy and Hubei state-owned assets sectors saw significant activity [5][6] - Technology stocks showed mixed performance, with some individual stocks like Zhongji Xuchuang and Hanwha Techwin experiencing notable price movements, indicating potential for future capital inflows if trading volume improves [5] Economic Indicators - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, a year-on-year growth of 5.5%. The first, second, and third industries grew by 0.9%, 3.9%, and 5.9%, respectively [11]

Group 1: Public Fund Industry - The China Securities Investment Fund Industry Association is set to release a draft for public fund performance benchmark rules, which will allow fund managers to select from multiple benchmarks based on their product characteristics [1] - The introduction of performance benchmarks will serve as a core standard for evaluating fund managers' ability to outperform peers and generate excess returns, impacting their compensation and industry awards [1] - A new fee war is emerging among small and medium-sized distribution agencies, with some offering subscription fees as low as 0%, indicating a trend towards reduced fees to attract users [1] Group 2: Banking and Financial Services - The average interest rates for fixed-term deposits in September 2025 showed a slight decline across various terms, with the 1-year rate at 1.277% and the 3-year rate at 1.688% [2] - The Hong Kong Stock Exchange reported a significant increase in IPO financing, with a total of HKD 182.9 billion raised in the first three quarters of 2025, more than doubling compared to the same period in 2024 [2] Group 3: Agriculture and Food Industry - Pork prices in China have been declining for ten consecutive weeks, with expectations that mid-October prices may represent the lowest point for the year due to increased supply and seasonal demand fluctuations [2] Group 4: Technology and E-commerce - Cainiao Supply Chain is joining Taobao's flash purchase business to provide rapid delivery services, expanding the range of products available for quick purchase during the Double 11 shopping festival [3] - The iPhone Air has launched with lower resale premiums compared to previous iPhone models, indicating a cooling demand in the resale market [4] Group 5: Automotive Industry - Global automotive giants are implementing large-scale layoffs due to weak market demand, with over 100,000 job cuts reported from major manufacturers and suppliers [4] - Mercedes-Benz is executing its largest-ever layoff plan, aiming for around 30,000 voluntary departures, with significant compensation packages for senior employees [4] Group 6: Corporate Developments - Alibaba's small loan company has officially completed its deregistration, with its business now fully transitioned to Ant Bank [5] - Peng'an Fund Management announced a leadership change with Yang Bin succeeding Zhang Guoyong as chairman [5] - ST Nanchuan and its subsidiaries received a consumption restriction order due to a financial dispute, although business operations remain unaffected [6] - Tengjing Technology's subsidiary secured a sales order worth 87.606 million yuan for YVO4 products [7] - Zhongyan Dadi won a bid for a sports project in Beijing valued at 74.035 million yuan [8] - Sanwang Communication plans to repurchase shares worth 20 to 40 million yuan [9] Group 7: Financial Performance - Anke Rui reported a 21.31% year-on-year increase in net profit for the first three quarters of 2025, with total revenue of 837 million yuan [11] - Taishan Petroleum's net profit surged by 112.32% year-on-year, despite a revenue decline of 5.6% [12] - Zhejiang Xiantong achieved a 17.4% increase in net profit, with revenue growth of 21.74% [13] - Xiongdi Technology's net profit rose by 71.16%, with a revenue increase of 5.63% [14] - Haichen Pharmaceutical reported a 16.22% increase in net profit, with a significant revenue growth of 30.80% [15] - Qiaoyuan Co. saw a 40.54% increase in net profit, with revenue growth of 8.75% [16] - Fuda Co. reported an 83.27% increase in net profit, with a revenue increase of 27.32% [17] Group 8: Market Overview - The stock market experienced a decline, with the three major indices closing lower and trading volume shrinking to 1.67 trillion yuan, marking a significant drop from previous days [18][19]

Group 1: Institutional Trading Insights - On the institutional trading leaderboard, 27 stocks were listed, with 11 experiencing net buying and 16 facing net selling [1] - The top three stocks with the highest net buying by institutions were Rongxin Culture (139 million), Huibo Pu (68.02 million), and Shilong Industrial (63.52 million) [1] - Huibo Pu's main business includes oil and gas engineering services and has obtained access qualifications from several oil and gas companies in the UAE, Kuwait, Iraq, and Kurdistan [1] Group 2: Deep Earth Economy - The deep earth economy is a new economic form focused on the development of underground space and deep resources, rapidly developing under policy support and technological advancements in China [1][2] - It is expected to receive strong policy support during the "14th Five-Year Plan" period, marking a golden development phase [2] - RTU (Remote Terminal Unit) is a core device in deep earth industrial automation systems, responsible for data collection, equipment monitoring, and remote operation command execution [2] Group 3: State-Owned Enterprise Reform - The company is the largest glass manufacturer in Central China and ranks among the top ten nationwide, with its actual controller changed to the Yichang State-owned Assets Supervision and Administration Commission [3] - Zhu Mian Group announced a major asset restructuring and related transaction, planning to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Toujie Holdings to accelerate the divestment of its real estate business [3] - National Securities indicated that maximizing the potential of state-owned "three assets" will effectively supplement local fiscal funding sources and accelerate the securitization of state assets [3]

Group 1 - The company, 博深股份 (002282.SZ), stated on an interactive platform that it does not engage in deep earth economy business [1]

Market Overview - The Shanghai Composite Index closed down 0.07% at 3913.76 points, while the Shenzhen Component Index fell 0.62% to 12996.61 points, and the ChiNext Index decreased by 0.79% to 3059.32 points [3][6] - The total trading volume in the Shanghai and Shenzhen markets was 166.79 billion, a decrease of 20.6 billion from the previous day [3][7] Stock Performance - The first wave of stock price increases was led by "Yizhongtian," with Zhongji Xuchuang reaching a peak increase of 3.62% before closing with a gain of 0.63% [4] - The second wave was driven by "Jilianhai," particularly by Hanwujing, which surged 7.23% before closing with a 4.42% increase. This surge was accompanied by rumors about major telecom operators providing a significant number of cards to the company [4] - The third wave of increases was propelled by major financial institutions, particularly Agricultural Bank and Industrial and Commercial Bank, which saw their stock prices rise to 8.09 yuan and 7.76 yuan respectively, contributing to a nearly 1% increase in the banking sector [5][6] Sector Analysis - The mining sector saw a notable increase of 3.44%, while engineering construction rose by 2.03%, indicating strong short-term speculative trading [7] - The real estate sector increased by 1.64%, with some companies experiencing significant price drops despite overall sector gains. For instance, Poly Real Estate's net profit fell from 2.4 billion to 1.7 billion [8] - The innovative drug sector experienced mixed results, with Xinda Biotech's stock falling by 1.21% despite initial gains from a partnership announcement [8] Shareholder Dynamics - The number of shareholders for Hanwujing increased by 50%, from 40,000 to 60,000, indicating a potential shift in ownership towards retail investors [4][9] - Other companies also saw significant increases in shareholder numbers, with Haiguang Information and China Mobile both experiencing a 50% rise in shareholders [9]

Core Viewpoint - The company Baotailong (601011) stated on October 22 that its coal and graphite mining resources do not fall under the category of "deep earth economy" [1] Group 1 - The company confirmed its ownership of coal and graphite mining resources [1] - The resources mentioned are not classified as part of the "deep earth economy" [1]

Market Overview - A-shares experienced slight fluctuations, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.62%, and the ChiNext Index down 0.79% [2] - A total of 2,280 stocks rose, 72 stocks hit the daily limit up, while 2,965 stocks declined [3] Sector Performance - The deep earth economy concept stocks remained active, with ShenKai Co. and CITIC Heavy Industries achieving three consecutive limit ups. The Hubei state-owned assets concept stocks continued to show strength, with Wuhan Holdings hitting the daily limit up [4] - Real estate stocks continued to rebound, with Tianbao Infrastructure and Jingtou Development hitting the limit up [5] - Agricultural Bank of China saw a 14-day consecutive rise, with its stock price surpassing 8 yuan, closing at 8.09 yuan per share, marking a year-to-date increase of over 58% [6] Technology Sector - Computing power chip concept stocks showed strong fluctuations, with Cambrian Technology rising over 7%, and its total market value returning above 60 billion yuan. This surge was driven by a viral article regarding Cambrian's orders [7] Commodity Market - Gold concept stocks declined, with Hunan Silver dropping over 7%. This was influenced by a significant drop in spot gold prices, which fell 6.3%, marking the largest single-day decline since April 2013. Spot silver also saw a drop of 8.7%, the largest since 2021 [8] Investment Outlook - Goldman Sachs predicts a 30% upside for the Chinese stock market by the end of 2027, driven by favorable policies, profit growth, and strong capital inflows. The report suggests that the Chinese stock market is entering a more sustained upward trend with lower volatility [9] - The firm also notes that further demand-side stimulus, profit growth driven by AI, and steady capital inflows from both domestic and foreign investors will support the market. Corporate earnings are expected to grow by 12% over the next three years, with valuation multiples potentially increasing by 5% to 10% [10]

Market Overview - The A-share market experienced a collective adjustment, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.62%, and the ChiNext Index down 0.79% [1] - The total market turnover was 1.69 trillion yuan, a decrease of 202.4 billion yuan compared to the previous trading day [1] Energy Sector Performance - Energy-related sectors continued to show strength, with deep-sea and deep-earth economy concepts surging, particularly in combustible ice, oil and gas extraction, and shale gas [3][5] - Notable stocks included ShenKai Co. and Petrochemical Machinery, which achieved "three consecutive boards," while PetroChina Oilfield Services and Huibo Pu gained "two consecutive boards" [3] - DeShi Co. hit a "20CM" limit up during trading, closing with a 16.8% increase [3] Huanghe Xuanfeng Stock Highlights - Huanghe Xuanfeng's stock price increased by over 85% year-to-date and over 52% in the current month [4] - The company specializes in superhard materials and products, including industrial diamonds and cutting tools, with applications across various industries [4] Deep-Sea and Deep-Earth Development - Reports indicate that during the "14th Five-Year Plan" period, China is advancing towards becoming a "maritime power," with significant developments in deep-sea oil and gas production [6] - The domestic crude oil production from China National Offshore Oil Corporation (CNOOC) reached 58.61 million tons, with an increase of over 16 million tons from offshore sources, accounting for over 70% of the national crude oil increase [6] - The deep-earth economy is also progressing rapidly, with advancements in drilling technology reducing the time required to reach deeper depths [6][7] Real Estate Sector Activity - The real estate sector showed active performance, with Yingxin Development achieving "three consecutive boards," and several other stocks like Guangming Real Estate and Tianbao Infrastructure hitting their limits [9] - Core city housing policies are being optimized, leading to a recovery in market confidence, with expectations for stabilization in the industry as supportive policies are implemented [12]

每经编辑｜吴永久 周三，上证指数小幅震荡，深地经济、培育钻石概念涨幅居前，特斯拉人形机器人产业链继续上涨。收盘沪指跌0.07%，收报3913.76点。沪深两市成交额 仅有16679亿元，较周二缩量2060亿元。 消息面上，人形机器人领域近期海内外利好不断。海外方面，特斯拉官网发布大量Optimus机器人制造工程师招聘信息，或预示着第三代机器人量产在 即。国内机器人企业也迎来重要进展，宇树科技IPO辅导机构已提交第一期辅导工作报告，上市工作稳步推进；乐聚机器人宣布完成近15亿元Pre-IPO轮 融资，将用于核心技术研发与产业链布局。 在每日经济新闻App举办的掘金大赛中，第76期比赛在周一开赛，多位选手跑步入场。大赛为模拟炒股，模拟资金50万元。报名时间为10月18日至10月31 日，比赛时间为10月20日至10月31日。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 对于大盘方面，有参赛高手认为，目前，上证指数处于正常的上升趋势中，处于横盘震荡状态，如果向上放量突破3950点，那么将打开新的上涨空间。 估计在10月底的APEC会议之后，市场的不确定因素会减少很多。 在板块机会方面，有参赛 ...

Market Overview - On October 22, the three major A-share indices collectively adjusted, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.62%, and the ChiNext Index down 0.79%. The total market turnover was 1.69 trillion yuan, a decrease of 202.4 billion yuan compared to the previous trading day [1]. Energy Sector Performance - The energy-related sectors continued to show strength, with deep-sea and deep-earth economy concepts experiencing significant growth. The combustible ice and oil and gas extraction sectors led the gains, with multiple stocks hitting the daily limit [3][4]. - Huanghe Xuanfeng's stock price increased by over 85% year-to-date and surged over 52% in October alone. The company specializes in superhard materials and products, which are widely used in various industries including diamond tool manufacturing and electronics [3]. Deep-Sea and Deep-Earth Developments - During the "14th Five-Year Plan" period, China has made significant advancements in deep-sea and deep-earth exploration. The country's first self-operated deep-water oil field, the Liuhua Oilfield, has achieved record high oil and gas production. Domestic crude oil production from China National Offshore Oil Corporation (CNOOC) has increased to 58.61 million tons, with offshore crude oil production accounting for over 70% of the total increase in the country [6]. - The deep-earth economy is also evolving rapidly, with advancements in drilling technology reducing the time required to reach deeper depths. The successful drilling of the Deep Earth T1 well to 10,910 meters marks a significant milestone [6]. Real Estate Sector Activity - The real estate sector showed active performance, with several stocks such as Yingxin Development achieving a "three consecutive limit" and others like Guangming Real Estate and Tianbao Infrastructure also hitting the daily limit [7]. - According to Zhongtai Securities, the continuous optimization of housing policies in core cities is expected to boost market confidence, leading to a potential stabilization of the industry as policies aimed at stabilizing sales and funding continue to be implemented [9].