Core Viewpoint - Quantum technology stocks experienced a strong surge on October 29, with notable gains in companies such as Keda Guokai, Guandun Quantum, and others, driven by advancements in quantum computing technology and its potential for commercialization [1] Group 1: Market Performance - Keda Guokai reached a 20% limit up, while Guandun Quantum rose approximately 12%, setting new highs [1] - Other companies like Tianrongxin and Shenzhou Information also hit the limit up, with Geer Software and Western Superconducting increasing over 7% [1] Group 2: Technological Advancements - NVIDIA announced the launch of NVQLink, connecting 17 quantum computing companies and 9 research laboratories, integrating GPU computing with quantum processors [1] - NVQLink is an open system architecture designed to build accelerated quantum supercomputers [1] Group 3: Industry Outlook - Quantum computing is identified as a core driver of next-generation information technology, transitioning from laboratory research to industrial applications [1] - The industry is experiencing rapid development due to technological breakthroughs, policy support, and market demand, with applications expanding from specialized to general computing [1] - The period from 2025 to 2030 is projected to be a golden window for commercialization, with the market potentially reaching a scale of hundreds of billions [1]

Core Viewpoint - The quantum technology sector has recently shown strong performance, with significant stock price increases observed on October 29, particularly in companies like Shenzhou Information and Keda Guokuan [1]. Group 1: Stock Performance - Shenzhou Information reached a limit-up, while Keda Guokuan surged over 19% [1]. - Other notable performers included GuoDun Quantum, which hit a new high, and companies like Western Superconducting, XinAn Century, and Fujida also saw gains [1]. - The following table summarizes the stock performance of key companies in the quantum technology sector: | Code | Name | Change (%) | Current Price | |--------|--------------|------------|----------------| | 300520 | Keda Guokuan | +19.38% | 44.29 | | 688027 | GuoDun Quantum| +12.10% | 515.67 | | 688122 | Western Superconducting | +10.35% | 88.03 | | 002212 | Tianrongxin | +10.02% | 10.76 | | 000255 | Shenzhou Information | +9.99% | 16.73 | | 920640 | Fujida | +10.81% | 32.50 | | 688622 | Hexin Instruments | +7.19% | 136.68 | | 688337 | Puyuan Precision | +6.11% | 41.70 | | 002512 | Dahua Intelligent | +4.81% | 5.66 | | 920300 | Chenguang Medical | +6.13% | 18.18 | | 688201 | XinAn Century | +5.27% | 15.77 | | 300768 | Dipu Technology | +5.07% | 24.47 | | 603232 | Geer Software | +4.46% | 23.20 | | 300555 | ST Lutong | +4.41% | 12.07 | | 003029 | Jida Zhengyuan | +5.22% | 28.42 [2] Group 2: Technological Developments - On October 28, NVIDIA officially launched the NVQLink interconnection system, which connects quantum processors with the AI supercomputers necessary for their efficient operation [3]. - Huang Renxun described NVQLink as the Rosetta Stone for connecting quantum and classical supercomputers [3].

Group 1: Automotive Industry - The first national-level automotive chip standard verification platform in China has been launched in Shenzhen, enhancing the quality verification and evaluation capabilities for automotive-grade chips [1] - The platform, led by the China Automotive Technology and Research Center, has gathered over 130 core units from the industry chain, promoting more than 20 domestic automotive-grade chips into mainstream automotive supply chains [1] - The platform includes 13 specialized laboratories and over 80 testing equipment, with the capability to validate more than 30 automotive chip standards, aiming to establish over 70 additional standards by 2030 [1] Group 2: Consumer Electronics - Xiaomi's first large-scale smart home appliance factory in Wuhan has officially commenced production, marking a significant step in its "human-vehicle-home" ecosystem strategy [2][4] - The factory spans over 750 acres with a total investment exceeding 2.5 billion yuan, targeting an annual production capacity of 7 million units and an estimated annual output value of 14 billion yuan [4] - The factory aims to set a benchmark for smart and green manufacturing by incorporating advanced technologies such as digital twins and AI visual inspection [4] Group 3: Semiconductor and AI Technology - Qualcomm has launched two new AI inference optimization solutions, AI200 and AI250, designed for data centers, with AI200 supporting 768GB LPDDR memory and AI250 featuring near-memory computing architecture [5] - Both solutions support direct liquid cooling and have a total system power consumption of 160 kW, with commercial availability expected in 2026 and 2027 respectively [5] - Qualcomm plans to continue advancing its data center product technology roadmap, focusing on AI inference performance and overall cost advantages [5] Group 4: Quantum Technology - The global quantum technology market is projected to exceed $6.1 billion by 2025, with China's market expected to reach 11.56 billion yuan, reflecting a compound annual growth rate of over 30% [11] - Quantum precision measurement company Guoyi Quantum has completed a strategic financing round of 131 million yuan, aimed at increasing R&D investment and expanding market applications [11] - The report indicates that quantum computing is still in its early stages, with significant advancements expected in the next 5 to 10 years, particularly in quantum security and measurement industries [11]

Group 1: Market Overview - A-shares indices strengthened on October 29, with the ChiNext Index rising over 2%, the Shanghai Composite Index up 0.11%, and the Shenzhen Component Index increasing by 0.95% [1] - Nearly 1,600 stocks in the Shanghai, Shenzhen, and Beijing markets experienced gains [1] Group 2: Robotics Sector - CITIC Securities is optimistic about the robotics sector returning to the main line of technology growth, as the humanoid robot index has rebounded after a previous market correction [2] - Tesla's Q3 earnings call indicated that the production line for Optimus V3 has been delayed until the end of 2026, but the mass production guidance remains positive, targeting a capacity of 1 million units by the end of 2026 [2] - The report suggests that the Tesla supply chain remains a preferred investment direction, along with other manufacturers capable of mass production [2] Group 3: Electrolyte Industry - Zhongyuan Securities reported a rapid increase in the prices of electrolytes and lithium hexafluorophosphate since October, with electrolyte prices reaching 25,500 CNY/ton, a 25.62% increase from early October, and lithium hexafluorophosphate prices at 98,000 CNY/ton, up 63.33% [3] - The price surge is attributed to a short-term supply-demand imbalance, with projections indicating that prices will remain under pressure in early 2025 [3] - Specific price forecasts for early 2025 include 19,400 CNY/ton for electrolytes and 62,500 CNY/ton for lithium hexafluorophosphate, with the lowest prices recorded in mid-July [3]

Report Industry Investment Rating No relevant content provided. Report's Core View - Copper prices are expected to fluctuate as the market awaits the Fed's interest rate decision [2][4]. - Zinc prices will continue to oscillate [2][7]. - Overseas inventory reduction supports lead prices [2][10]. - Aluminum prices will continue to fluctuate, alumina will trade sideways in the short - term, and cast aluminum alloy will follow the trend of electrolytic aluminum [2][12]. - Nickel prices will experience narrow - range fluctuations due to the game between smelting inventory accumulation and nickel ore concerns, and stainless steel has limited downside potential but lacks upward drivers [2][15]. Summary by Related Catalogs Copper - **Fundamentals**: The closing price of the Shanghai copper main contract was 86,980 with a daily decline of 1.57%, and the night - session closing price was 87,910 with a 1.07% increase. The trading volume of the Shanghai copper index decreased by 808 to 396,365, and the open interest decreased by 18,012 to 595,121. The LME copper 3M electronic trading volume decreased by 2,744 to 21,767, and the open interest increased by 2,194 to 323,000. The Shanghai copper inventory increased by 454 to 35,846, and the LME copper inventory decreased by 1,400 to 134,575 [4]. - **News**: The market is waiting for the Fed's interest rate decision. Antofagasta's Q3 2025 copper production was 161,800 tons, a 1% quarter - on - quarter increase, and it expects annual production to be at the lower end of the 660,000 - 700,000 - ton range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - prevention regulation on copper smelter emissions. Anglo American's Q3 copper production was 184,000 tons, up from 181,000 tons in the same period last year, but the cumulative production in the first three quarters decreased by 9% year - on - year to 526,000 tons [4][6]. - **Trend Intensity**: The trend intensity of copper is 1 [6]. Zinc - **Fundamentals**: The closing price of the Shanghai zinc main contract was 22,310, a 0.25% decline, and the LME zinc 3M electronic closing price was 3,058.5, a 1.29% increase. The trading volume of the Shanghai zinc main contract increased by 8,676 to 128,753, and the LME zinc trading volume decreased by 721 to 10,796. The Shanghai zinc inventory increased by 2,547 to 68,271 tons, and the LME zinc inventory decreased by 1,800 to 35,250 tons [7]. - **News**: The "15th Five - Year Plan" proposes measures for technological breakthroughs and economic development [8]. - **Trend Intensity**: The trend intensity of zinc is 0 [9]. Lead - **Fundamentals**: The closing price of the Shanghai lead main contract was 17,355, a 0.94% decline, and the LME lead 3M electronic closing price was 2,023.5, a 0.35% increase. The trading volume of the Shanghai lead main contract decreased by 24,547 to 57,175, and the LME lead trading volume increased by 716 to 5,707. The LME lead inventory decreased by 2,700 to 229,675 tons [10]. - **News**: The market is waiting for the Fed's interest rate decision, and the "15th Five - Year Plan" was proposed [10]. - **Trend Intensity**: The trend intensity of lead is 0 [10]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai aluminum main contract was 21,140, a 220 - point decline. The LME aluminum 3M closing price was 2,894, a 16 - point increase. The Shanghai alumina main contract closing price was 2,817, a 12 - point decline. The closing price of the aluminum alloy main contract was 20,575, a 140 - point decline [12]. - **News**: The "ADP National Employment Report" will launch weekly preliminary estimates, and the "15th Five - Year Plan" mentions "finance" 17 times [14]. - **Trend Intensity**: The trend intensities of aluminum, alumina, and aluminum alloy are all 0 [14]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai nickel main contract was 120,560, a 1,840 - point decline, and the stainless - steel main contract closing price was 12,750, a 65 - point decline. The trading volume of the Shanghai nickel main contract increased by 26,763 to 156,296, and the stainless - steel main contract trading volume decreased by 80,991 to 131,733 [15]. - **News**: Indonesia's forestry working group took over a 148 - hectare nickel - mining area of PT WedaBav Nickel, which is expected to affect nickel production by about 600 metal tons per month. China suspended a non - official subsidy for copper and nickel imports from Russia. Indonesia imposed sanctions on 190 mining companies. Trump threatened to impose a 100% tariff on China and export controls on "all key software" [15][16]. - **Trend Intensity**: The trend intensities of nickel and stainless steel are both 0 [17].

Group 1: Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core View - Zinc is expected to continue to fluctuate, and the zinc trend strength is 0, indicating a neutral outlook [1][3]. Group 3: Summary According to Related Catalogs 1. Fundamental Tracking - **Prices**: The closing price of the main contract of Shanghai zinc was 22,310 yuan/ton, down 0.25% from the previous day, while the closing price of the LME 3M electronic zinc contract was 3,058.5 dollars/ton, up 1.29% [1]. - **Trading Volume**: The trading volume of the main contract of Shanghai zinc was 128,753 lots, an increase of 8,676 lots, and the trading volume of LME zinc was 10,796 lots, a decrease of 721 lots [1]. - **Open Interest**: The open interest of the main contract of Shanghai zinc was 120,693 lots, a decrease of 491 lots, and the open interest of LME zinc was 222,508 lots, an increase of 264 lots [1]. - **Premiums and Discounts**: The premium of Shanghai 0 zinc was -45 yuan/ton, up 10 yuan; the LME CASH - 3M premium was 212.89 dollars/ton, up 25.52 dollars [1]. - **Inventory**: Shanghai zinc futures inventory was 68,271 tons, an increase of 2,547 tons, and LME zinc inventory was 35,250 tons, a decrease of 1,800 tons [1]. 2. News - The "15th Five - Year Plan" proposes to take extraordinary measures to achieve decisive breakthroughs in key core technologies in key areas, implement the "Artificial Intelligence +" action, and boost consumption. It also plans to layout future industries such as quantum technology, biomanufacturing, etc. [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Based on fundamental analysis, there are trend short positions in synthetic rubber, alumina, etc.; oscillating short - biased positions in liquefied petroleum gas, crude oil, etc.; oscillating positions in Shanghai Stock Exchange 50 Index Futures, apple, etc.; oscillating long - biased positions in some products; and trend long positions in none. Based on quantitative indicators, there are short - biased positions in sugar, hot - rolled coils, etc.; oscillating positions in Shanghai silver, palm oil, etc.; and long - biased positions in rebar, asphalt, etc. [2] - For the stock market, A - shares showed a pattern of rising and then falling. The "15th Five - Year Plan" proposes to develop strategic emerging industries, and the easing of Sino - US relations may boost risk appetite. The market expects an increase in monetary policy in the fourth quarter, and it is advisable to consider a strategy of buying on dips and pay attention to index rotation. [8] - For the bond market, as the implementation of increased monetary policy is approaching, bonds still have upward momentum. [9] - For the black market, steel and ore may continue to rebound in the short term but with limited space, and remain oscillating in the medium term; coking coal and coke may run strongly in the short term but are restricted by potential negative feedback risks; ferroalloys are still recommended to be short - biased on rallies in the medium term. [10][11][12] - For the non - ferrous and new materials market, it is advisable to wait and see for aluminum, short on rallies for alumina, hold short positions for zinc, and expect lithium carbonate to run strongly in the short term. Industrial silicon and polysilicon will run in a narrow range. [16][18][19] - For the agricultural products market, it is advisable to short on rallies for cotton, short - roll or wait and see for sugar, operate in an oscillating manner for eggs, expect apples to run strongly, be short - biased for near - term corn contracts and long - biased for far - term contracts, wait and see for jujubes, and short near - term contracts for live pigs. [22][24][25][27][29][30] - For the energy and chemical market, crude oil is likely to fall, fuel oil and asphalt will follow oil prices, plastics will run weakly, rubber will oscillate, methanol is recommended to be long - biased in small amounts after a rebound drive appears, caustic soda will be treated with an oscillating mindset, the polyester industry chain can be short - term long - biased, LPG may weaken relative to crude oil, paper pulp can be long - biased on dips, logs will be under pressure, urea will run weakly, and synthetic rubber will be short - biased in the short term. [32][33][34][37][41][43] Summary by Relevant Catalogs Macro News - The full text of the "15th Five - Year Plan" proposal is released, aiming for economic growth in a reasonable range, promoting the development of strategic emerging industries, and breaking through key core technologies. China and ASEAN sign the FTA 3.0 upgrade protocol. There will be a Sino - EU talk on rare earths. China will expand financial opening - up. The US Senate fails to pass a bill to end the government shutdown. Japan plans to invest $550 billion in the US. ADP will launch weekly employment data. The Bank of Korea may buy gold. [4][5][6] Stock Index Futures - A - shares rise and then fall. The "15th Five - Year Plan" promotes the development of emerging industries. Sino - US talks may boost risk appetite. The market expects an increase in monetary policy in the fourth quarter. It is advisable to consider a strategy of buying on dips and pay attention to index rotation. [8] Treasury Bond Futures - After the tax period, the capital market eases. The central bank will implement a moderately loose monetary policy. Bonds still have upward momentum. [9] Steel and Ore - Policy is favorable to market sentiment. In the short term, pay attention to Sino - US relations; in the medium term, focus on the Central Political Bureau Meeting and the Central Economic Work Conference. Demand for building materials is weak, while demand for coils is okay. Iron - making output remains high, and steel mills' profits are low. Steel prices may rebound in the short term but with limited space and remain oscillating in the medium term. [10] Coking Coal and Coke - Prices may run strongly in the short term, but are affected by mine inspections and downstream iron - making output. Supply may shrink in the short term, and demand supports prices, but potential negative feedback risks from weakening steel demand and shrinking steel mill profits will restrict the rebound height. [11] Ferroalloys - The over - supply situation is difficult to reverse in the medium term. It is recommended to be short - biased on rallies. The volatility is low, and it may run in a narrow range. [12] Soda Ash and Glass - Soda ash oscillates, and glass is relatively strong. It is advisable to wait and see. Soda ash supply returns to a high level, and new capacity is yet to be put into production. Glass prices are stable, and mid - stream inventory needs to be digested. [14] Non - Ferrous Metals and New Materials - For aluminum, it is advisable to wait and see as it may follow the upward trend. For alumina, short on rallies due to over - supply. For zinc, hold short positions as domestic inventory increases. Lithium carbonate will run strongly in the short term. Industrial silicon and polysilicon will run in a narrow range. [16][18][19] Agricultural Products - For cotton, short on rallies due to increasing supply and weak demand. For sugar, short - roll or wait and see because of global over - supply. For eggs, operate in an oscillating manner as the "de - capacity" process starts but the supply - demand pattern is still loose. Apples will run strongly. For corn, be short - biased for near - term contracts and long - biased for far - term contracts. Wait and see for jujubes. For live pigs, short near - term contracts as supply and demand are in a stalemate. [22][24][25][27][29][30] Energy and Chemicals - Crude oil is likely to fall due to over - supply. Fuel oil and asphalt will follow oil prices. Plastics will run weakly. Rubber will oscillate. Methanol is recommended to be long - biased in small amounts after a rebound drive appears. Caustic soda will be treated with an oscillating mindset. The polyester industry chain can be short - term long - biased. LPG may weaken relative to crude oil. Paper pulp can be long - biased on dips. Logs will be under pressure. Urea will run weakly. Synthetic rubber will be short - biased in the short term. [32][33][34][37][41][43]

Group 1 - The "14th Five-Year Plan" emphasizes the promotion of emerging industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [2] - The revised Cybersecurity Law will take effect on January 1, 2026, supporting AI development and enhancing risk assessment and regulation [2] - The Financial Regulatory Bureau supports domestic insurance companies to issue "catastrophe bonds" in the Hong Kong market, which are linked to natural disaster risks [2] Group 2 - The People's Bank of China reported that it will implement a moderately loose monetary policy to support economic recovery, ensuring that social financing and money supply growth align with economic growth targets [2] - The latest tax data shows a 229.8% year-on-year increase in the number of outbound travelers claiming tax refunds from January to September, with a 97.4% increase in refund amounts [2] - The digital RMB ecosystem has been preliminarily established, with a cumulative transaction amount of 14.2 trillion yuan by the end of September 2025 [2] Group 3 - Ganfeng Lithium reported a third-quarter revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, a year-on-year increase of 364.02% [3][8] - The public fund industry saw significant growth in the third quarter, with an increase of 2.23 trillion yuan, bringing the total scale to over 35 trillion yuan [3][8] - The China-ASEAN Free Trade Area 3.0 upgrade covers nine areas, including digital economy and green economy [2]

Core Viewpoint - The quantum technology sector is experiencing a resurgence, with significant stock price increases for companies involved in this field, particularly ShenZhou Information, which hit the daily limit up [1] Group 1: Company Performance - ShenZhou Information's stock reached the daily limit up, indicating strong investor interest and confidence in the company [1] - Other companies in the quantum technology space, such as Keda National Innovation and GuoDun Quantum, saw stock price increases exceeding 10% [1] - Additional companies like HeXin Instruments, JiDa ZhengYuan, TianRongXin, and GeEr Software also experienced stock price gains, reflecting a broader positive trend in the sector [1] Group 2: Industry Developments - NVIDIA launched NVQLink, a system designed to connect quantum computing companies and research laboratories with GPU computing capabilities [1] - NVQLink is an open system architecture that aims to tightly couple the performance of GPU computing with quantum processors, facilitating the development of accelerated quantum supercomputers [1]

| | | | | 期指：或呈现震荡格局 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4691.97 | ↓0.51 | | 5715.6 | | | | | | IF2511 | 4682.4 | ↓0.37 | -9.57 | 350.9 | 24886 | ↓1366 | 41097 | ↓630 | | IF2512 | 4669.6 | ↓0.33 | -22.37 | 1019 | 72481 | ↑1407 | 155110 | ↓2675 | | IF2603 | 4640.2 | ↓0.33 | -51.77 | 171.5 | 12271 | ↓228 ...