1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" proposes to develop strategic emerging industries, achieve key technological breakthroughs, boost consumption, and improve the capital market [2][17] - The central bank will implement a moderately loose monetary policy, consolidate the positive momentum of the capital market, and study and reserve new policy measures [2][19] - The development trends of various industries such as metals, energy, and agriculture show different characteristics, including price changes, production changes, and trade situations [5][10][13] - The bond market shows mixed trends, with different performances in yields and prices of various bonds, and different views on the impact of the central bank's resumption of treasury bond trading [25][31] - The stock market has a volatile trend, with A - shares and Hong Kong stocks showing different performances, and the regulatory authorities plan to promote the reform of the capital market [35] 3. Summary by Directory 3.1 Macro Data - GDP in Q3 2025 had a year - on - year growth rate of 4.8%, down from 5.2% in the previous quarter but higher than 4.6% in the same period last year [1] - Manufacturing PMI in September 2025 was 49.8%, up from 49.4% in the previous month and the same as last year [1] - Non - manufacturing PMI in September 2025 was 50.0%, down from 50.3% in the previous month and the same as last year [1] - Other macro - economic indicators such as social financing scale, M0, M1, M2, etc. also showed different changes [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The "15th Five - Year Plan" aims to develop strategic emerging industries and achieve technological breakthroughs [2] - The central bank will implement a moderately loose monetary policy and consolidate the capital market [2] - Regarding the EU - China trade negotiation on rare earths, China hopes for dialogue and a non - discriminatory business environment [3] - On October 28, 41 domestic commodity varieties had positive basis, and 28 had negative basis [3] - A large - scale transaction in the interest rate market may indicate a change in the trend and the end of the Fed's QT policy [4] 3.2.2 Metals - The tungsten market has resumed its upward trend, with prices of black tungsten concentrate, APT, and tungsten powder rising [5] - As of October 27, the inventories of zinc, lead, copper, etc. in the London Metal Exchange showed different changes [5] - On October 27, the world's largest gold ETF had a net capital outflow of $1 billion [6] - The Bank of Korea is considering buying gold for the first time since 2013 [6] 3.2.3 Coal, Coke, Steel, and Minerals - Qingshan Steel plans to cut production by over 300,000 tons from November 2025 to January 2026 [7][8] - The US and Japan reached an agreement on ensuring the supply of key minerals and rare earths [8] - Indonesia issued a copper concentrate export license to Amman Mining [9] - The use of coal has reached a record high [9] - Vale is satisfied with its copper mining results [9] 3.2.4 Energy and Chemicals - The Xinjiang Jimsar shale oil demonstration area has an annual output exceeding 1.5 million tons for the first time [10] - In the first three quarters of 2025, Russia's natural gas exports to Europe decreased significantly [10] - The IEA predicts that LNG prices may decline in the next 5 years [10] - Indian refiners have suspended new orders for Russian oil [11] - Saudi Aramco expects daily oil demand growth of 1.1 - 1.4 million barrels next year and plans to invest nearly $2 billion in digital companies in the next three years [12] 3.2.5 Agricultural Products - China's grain is expected to have a good harvest this year, and the supply of "vegetable basket" products is sufficient [13] - Peruvian coffee beans will participate in the 8th CIIE [13] - Indonesia's palm oil production is expected to increase by 10% in 2025 [13] - Japan promised to buy $8 billion of soybeans and other commodities from the US [13] - As of October 26, the EU's soft wheat exports in the 2025/26 season decreased compared with the same period last year [13] - Brazil's soybean meal exports in October are expected to be 2.08 million tons [14] 3.3 Financial News Compilation 3.3.1 Open Market - On October 28, the central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 315.8 billion yuan [16] 3.3.2 Important News - The "15th Five - Year Plan" has set various economic and social development goals and measures [17][18][19] - The central bank will implement a moderately loose monetary policy and strengthen financial supervision [19] - China and ASEAN signed an upgrade protocol for the FTA [19] - China hopes to resolve Sino - EU trade differences through dialogue [20] - China is committed to opening up the financial sector [20] - FAB will become the second RMB clearing bank in the UAE [20] - In 2024, Guangdong had the highest number of births and the largest population increase [21] - A Shanghai financial court made a judgment in a bond false statement case [21] - China's real estate industry is undergoing anti - corruption and rectification [22] - The US Senate failed to pass a bill to end the government shutdown [22] - Some bonds were suspended, and some companies had new borrowings or won land bids [23] - Some companies' credit ratings were adjusted [24] 3.3.3 Bond Market Summary - The long - term bond yields in the Chinese bond market rebounded slightly, and treasury bond futures rose [25] - The bond prices in the exchange market showed different trends [25] - The convertible bond index declined [26] - The money market interest rates showed mixed trends [26][27] - The yields of some financial bonds were determined [27] - European and US bond yields showed different trends [28] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the RMB central parity rate also rose [29] - The US dollar index declined, and non - US currencies showed different trends [29] 3.3.5 Research Report Highlights - CITIC Securities believes that the current term spread has limited upward space [31] - CITIC Securities believes that the central bank's resumption of treasury bond trading is to cooperate with fiscal policy, and the bond market may decline in the short term [31] - Huatai Fixed Income believes that the bond market is likely to react once, and the central bank's treasury bond trading may be normalized [31] - Changjiang Fixed Income believes that the central bank cares about liquidity, and the cross - month capital may be stable with some fluctuations [32] - Guosheng Fixed Income believes that the central bank's treasury bond trading may reduce the possibility of a reserve requirement ratio cut and benefit the bond market [32] - Shenwan Fixed Income believes that the central bank's treasury bond trading may have a short - term positive impact on the bond market [32] 3.3.6 Today's Reminders - On October 29, 234 bonds were listed, 119 bonds were issued, 124 bonds were paid, and 198 bonds were redeemed [34] 3.4 Stock Market News - The CSRC will promote the reform of the capital market and strengthen the fight against cross - border illegal activities [35] - The first batch of newly registered enterprises in the Sci - tech Innovation Growth Layer was listed, and the SSE will support more high - tech fields [35] - A - shares fluctuated and closed down, with military stocks rising and some sectors falling [35] - The top ten heavy - holding stocks of public funds in Q3 2025 were released, with some changes compared with Q2 [35][36] - The Hong Kong stock market closed down, with southbound funds having a net purchase of HK$2.258 billion [36]

Group 1 - The market focus includes stocks such as Yingxin Development, which opened up 1.88%, and Pingtan Development, which has seen a price limit increase for 8 consecutive days [1] - The storage chip sector is highlighted by Shikong Technology, which has a price limit increase for 5 consecutive days, and Dawi Co., which opened down 1.74% after 4 consecutive days of increases [1] - Coal stocks like Antai Group opened up 2.17% after 5 consecutive days of increases, while quantum technology stocks such as Dahua Intelligent opened up 1.85% [1] Group 2 - Robotics concept stocks like Qingdao Double Star opened up 4.18%, while Yashi Chuangneng opened down 5.20% [1] - Liquid cooling server concept stock Jinfu Technology opened down 2.65% after 2 consecutive days of increases [1]

Market Overview - On October 28, the A-share market experienced a pullback after an initial rise, with all three major indices closing in the red. The Shanghai Composite Index fell by 0.22% to 3988.22 points, the Shenzhen Component Index decreased by 0.44% to 13430.1 points, and the ChiNext Index dropped by 0.15% to 3229.58 points. The Shanghai Composite Index briefly surpassed the 4000-point mark, reaching a ten-year high [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan compared to the previous trading day [2] Sector Performance - The sectors that performed well included Fujian, military industry, and port shipping, while sectors such as non-ferrous metals, wind power equipment, and oil and gas saw declines [2] International Market - In the U.S. stock market, the three major indices rose on October 28, with the Dow Jones Industrial Average increasing by 161.78 points (0.34%) to 47706.37 points, the S&P 500 rising by 15.73 points (0.23%) to 6890.89 points, and the Nasdaq Composite gaining 190.04 points (0.80%) to 23827.49 points [4][5] - European markets showed mixed results, with the UK FTSE 100 rising by 0.44% while the French CAC40 and German DAX indices fell by 0.27% and 0.12%, respectively [4] - International oil prices declined, with WTI crude oil falling by 1.89% to $60.15 per barrel and Brent crude down by 1.86% [4][5] Policy Developments - The Central Committee of the Communist Party of China released suggestions for the 14th Five-Year Plan, emphasizing the promotion of RMB internationalization, enhancing capital project openness, and building a self-controlled cross-border payment system for the RMB [7] - The plan also includes initiatives to develop cultural industries, promote new infrastructure, and advance artificial intelligence applications [8][9][10][11][12][13] Company Announcements - Key companies reported significant profit increases in Q3, including: - Keli Yuan: Net profit increased by 2837% due to growth in nickel battery and consumer battery segments - Haid Group: Plans to repurchase shares worth 1-1.6 billion yuan for capital reduction and employee incentive plans - Sunshine Power: Net profit rose by 57.04% - Zhaoyi Innovation: Net profit increased by 61% due to improved supply conditions in the DRAM industry - China Film: Net profit surged by 1463%, with total box office revenue reaching 12.3 billion yuan [20] Fund Flow Analysis - The top five sectors with net inflows included biopharmaceuticals, cultural media, and glass fiber, while the semiconductor sector experienced the largest net outflow [21] - Notable individual stocks with significant net inflows included N He Yuan-U and N Yi Cai-U, while Northern Rare Earth and Huayou Cobalt saw substantial net outflows [22]

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]

Macroeconomic Insights - The Fourth Plenary Session emphasizes "putting economic construction at the center" for the first time in ten years, aiming for per capita GDP to reach the level of moderately developed countries by 2035 [1] - The focus on "daring to fight and being good at fighting" is reiterated, which is beneficial for gaining initiative in both domestic and international contexts, and overcoming reform obstacles [1] - New productive forces are positioned as a core strategic priority, highlighting the goal of "seizing the technological high ground" and the ambition of becoming a "strong aerospace nation" [1] - In the consumer sector, the proposal to lead new supply with new demand aims to cultivate new consumption growth points [1] - The guidance for economic work in the fourth quarter emphasizes ensuring the successful completion of the "14th Five-Year Plan" goals, with a focus on policies that connect with next year [1] Precious Metals Sector - The proposal suggests developing emerging pillar industries, accelerating the growth of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy, which could create several trillion-yuan markets [2] - In the photovoltaic industry chain, the copper-to-silver technology is becoming a focal point for solar cell development, with companies like Poly and Dike focusing on its application [2] - The strong performance of silver prices, influenced by expectations of the Federal Reserve's loose monetary policy, significantly increases the cost burden of silver paste in photovoltaic cells [2] - The application of copper instead of silver is expected to scale up by 2026, which will lower material costs and negatively impact medium-term silver demand in photovoltaics [2] - After the end of the Federal Reserve's easing cycle, high silver prices are unlikely to sustain long-term [2] Future Industry Development - The proposal also outlines forward-looking layouts for future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [3] - In the hydrogen energy sector, platinum is a crucial component of PEM electrolyzers and fuel cells, which convert hydrogen energy into electricity [3] - Some hydrogen fuel cell vehicles are already in trial operation, offering advantages such as long range, near-zero emissions, and fast refueling, indicating potential for further promotion [3] - The World Platinum Investment Council projects that hydrogen applications will drive platinum demand to 900,000 ounces by 2030, accounting for 10% of total platinum demand, becoming a new growth point after catalytic converters and jewelry [3] - Limited growth in platinum supply over the next few years suggests that platinum prices are likely to perform strongly [3]

Group 1: Economic and Industrial Policy - The Central Committee of the Communist Party of China published suggestions for the 15th Five-Year Plan, emphasizing the cultivation of emerging industries and strategic clusters in sectors like new energy, aerospace, and quantum technology [1][1] - The People's Bank of China aims to prevent systemic financial risks while enhancing the capital market's stability and functionality [2][2] Group 2: Pharmaceutical and Healthcare Sector - The 11th batch of national drug procurement results was announced, including 55 commonly used medications across various therapeutic areas [4][4] Group 3: Financial Performance of Companies - Ganfeng Lithium reported a 364% year-on-year increase in net profit for Q3, driven by expanded sales [6][6] - AVIC Chengfei's Q3 net profit reached 1.256 billion yuan, up 169.53% year-on-year [6][6] - Zhaoyi Innovation's Q3 net profit attributable to shareholders was 508 million yuan, a 61.13% increase year-on-year [6][6] - Huasheng Tiancheng's Q3 net profit was 219 million yuan, up 563.58% year-on-year [7][7] - China Film's Q3 net profit reached 177 million yuan, a significant increase of 1,463.17% year-on-year [7][7] - Shengyi Technology reported a net profit of 1.115 billion yuan for the first three quarters, a 498% increase year-on-year [8][8] - Sungrow Power's net profit for the first three quarters was 4.147 billion yuan, up 57.04% year-on-year [8][8] - Huitian Technology's net profit for the first three quarters was 2.718 billion yuan, a 47.03% increase year-on-year, benefiting from structural demand in AI [8][8] Group 4: Market Developments and Collaborations - NVIDIA announced plans to ship 20 million Blackwell and Rubin GPUs, with expected business scale reaching 500 billion dollars over the next six quarters [14][14] - OpenAI's infrastructure investment exceeds 30 gigawatts, with a total investment of approximately 1.4 trillion dollars [15][15] - Microsoft and OpenAI signed a new agreement, with Microsoft acquiring approximately 27% equity in OpenAI [16][16] - The U.S. Department of Energy will collaborate with NVIDIA and Oracle to build seven new AI supercomputers [17][17]

Investment Rating - The industry investment rating is "Positive (Maintain)" [8] Core Viewpoints - The "14th Five-Year Plan" emphasizes technological self-reliance and the focus on future industries, including quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication as new economic growth points [2][3] - The development of basic and industrial software is expected to accelerate, driven by the need for national security amid increasing competition with the US [3] - AI technology and applications are experiencing a resonance effect, with significant growth in computational power and AI application scale anticipated [4] - Quantum technology, particularly quantum computing, holds immense potential, with recent advancements in quantum computing capabilities paving the way for future commercialization [5] Summary by Sections Industry Overview - The report highlights the importance of technological self-reliance as a means to ensure national security, particularly in the context of US-China competition [3] - The report identifies key future industries as outlined in the "14th Five-Year Plan," which aims to enhance China's economic development through advanced technologies [2] AI Sector - The AI industry is witnessing rapid growth, with significant increases in usage and application, such as a 253-fold increase in daily token calls for the Doubao model from May of last year to September this year [4] - Major companies are integrating AI into their products to enhance user engagement and monetization [4] Quantum Technology - Quantum computing is highlighted as a field with substantial potential, with the capacity of quantum bits being exponentially greater than classical bits [5] - Recent achievements in quantum computing, such as the development of a 105-qubit quantum computer, signify important advancements in the field [5] Investment Recommendations - Key software-related companies recommended for investment include Zhongwang Software (688083, Buy), Huada Jiutian (301269, Buy), and others [6] - In the AI sector, companies such as Haiguang Information (688041, Buy) and Kingsoft Office (688111, Increase) are highlighted [6] - For quantum technology, companies like Guodun Quantum (688027, Not Rated) and Hexin Instruments (688622, Not Rated) are mentioned [6]

Core Viewpoint - The company has disclosed its financial results for the first three quarters of 2025, including the recognition of credit and asset impairment provisions, which will impact its net profit and equity. Financial Data Summary - The company reported a credit impairment provision of 34.17 million yuan and an asset impairment provision of 1.24 million yuan for the first three quarters of 2025, totaling a reduction in net profit attributable to the parent company of 35.20 million yuan [9][10]. - The provisions were made to accurately reflect the company's financial condition and asset values as of September 30, 2025 [10][12]. Approval Process - The provisions for credit and asset impairments were approved by the company's fifth board of directors and the sixth supervisory board meeting, following the necessary review procedures [8][12][16]. - The audit committee of the board confirmed that the provisions comply with accounting standards and reflect the company's actual situation [12][13]. Stock Trading Activity - The company's stock experienced an abnormal trading fluctuation, with a cumulative price increase of 20.05% over two consecutive trading days [28]. - The company conducted an internal review and confirmed that there were no undisclosed significant matters affecting the stock price, and its operations remained normal [29][30][31].

早 报 精 选 宏 观 新 闻 1、 昨日，《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》公布。建议提出，培育壮大新兴产业和未来产业。加 快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身 智能、第六代移动通信等成为新的经济增长点。 2、外交部发言人郭嘉昆昨日主持例行记者会。记者提问称，欧盟和中国的代表团将在布鲁塞尔进行贸易协定的会谈，并且讨论稀土 的相关问题，中方是否打算放松对稀土的出口管制？郭嘉昆表示，中欧经贸关系的本质是优势互补、互利共赢。我们希望欧方恪守支 持自由贸易、反对贸易保护主义的承诺，不要动辄采取限制性的措施，而应坚持通过对话协商妥善解决贸易分歧，为各国企业提供公 平、透明、非歧视的营商环境，以实际行动维护市场经济和世贸组织规则。 3、外交部例行记者会上，记者提问，中方的稀土出口管制措施是否已经生效？外交部发言人郭嘉昆指出，中方相关措施是对出口管 制体系的规范和完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行防扩散等国际义务。中方愿同各国加强出口管 制的对话交流，维护全球产供链安全稳定。 6、财联社记 ...

Group 1: National Economic and Technological Development - The 15th Five-Year Plan emphasizes strengthening original innovation and key core technology breakthroughs in critical areas such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [2] - The plan aims to enhance the strategic, forward-looking, and systematic layout of basic research, increasing the proportion of investment in basic research and providing long-term stable support [2] - It highlights the need for a new type of national system to promote decisive breakthroughs in key core technologies across various sectors [2] Group 2: Artificial Intelligence and Digital Economy - The plan includes a comprehensive implementation of the "Artificial Intelligence +" initiative, aiming to integrate AI with various industries, cultural development, and social governance [3] - It focuses on deepening the integration of the real economy and digital economy, promoting industrial internet innovation, and enhancing the supply of computing power, algorithms, and data [3] - The initiative seeks to establish a robust regulatory framework for AI governance, including laws, policies, and ethical guidelines [3] Group 3: Emerging Technologies and Economic Growth - The plan outlines a forward-looking layout for future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communication as new economic growth points [3] - It encourages the development of innovative regulatory methods and venture capital to support the growth of future industries and the cultivation of unicorn companies [3] Group 4: Energy and Infrastructure Developments - The world's highest pumped storage power station, with a total installed capacity of 1.35 million kilowatts, has been fully commissioned in Jiangsu, China, enhancing clean energy regulation in the Yangtze River Delta [4] - The station is designed to store energy during low demand and release it during peak demand, with an estimated annual power generation of 1.35 billion kilowatt-hours [4] Group 5: Investment and Strategic Partnerships - Foxconn plans to invest up to $1.37 billion in an AI computing cluster and a supercomputing center, indicating a significant commitment to AI infrastructure [7] - Longqi Technology and Zhiyuan Robotics have formed a strategic partnership to enhance the application of embodied intelligent robots in industrial settings [8] - Xiaomi has established a new department focused on the next generation of smart electric vehicle technology architecture, reflecting its commitment to R&D [9] Group 6: Market Developments and International Trade - India has approved projects worth approximately $6.26 billion to boost its electronic components manufacturing industry, including multiple projects from Kaynes Circuits India [11] - A new multi-modal transport route has been established between the Beijing-Tianjin-Hebei region and Greece, enhancing international logistics efficiency [6]