Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report focuses on the "15th Five-Year Plan - Artificial Intelligence (Computing Power)" and conducts research on related ETFs. It uses the benchmark index weight penetration method to calculate the equity weights of each ETF benchmark index based on the core stock pool of the upstream, hardware, and server links of the artificial intelligence (AI) computing power-related hardware industry chain, and retains the indexes and ETF products with higher weights [1]. 3. Summary by Relevant Catalogs 3.1 Technology Overview - Artificial Intelligence (AI) is a technical science that studies, develops theories, methods, technologies, and application systems for simulating, extending, and expanding human intelligence. Its core is to simulate human intelligence through computer systems, and its application fields cover robots, language recognition, image processing, intelligent decision-making, etc. [1] 3.2 Screening Logic - Based on the core stock pool of the upstream, hardware, and server links of the artificial intelligence (AI) computing power-related hardware industry chain, calculate the equity weights of each ETF benchmark index through the benchmark index weight penetration method, and retain the indexes and ETF products with higher weights [1]. 3.3 Artificial Intelligence - Computing Power Industry Chain Companies - **Server and Hardware Upstream**: Companies include DeFu Technology, FeiLiHua, Inspur Information, Tsinghua Unigroup, Foxconn Industrial Internet, ZTE, Sinoma Science & Technology, Honghe Technology, Dongcai Technology, Jiangnan New Materials, Sugon, and Huaqin Technology [3]. - **Hardware**: Companies include Cambricon, Hygon Information, Dongxin Co., Ltd., Moore Threads, Biren Technology, Muxi Co., Ltd., Cloudwalk Technology, Beijing Junzheng, Rockchip, Loongson Technology, Montage Technology, Deminli, Jiangbo Long, Allwinner Technology, Broadcom Integration, Fudan Microelectronics, Fullhan Microelectronics, Nanochip Microelectronics, Guoke Microelectronics, Jingjia Microelectronics, Anlu Technology, GigaDevice, Bawell Storage, Kaipuyun, and Dico Co., Ltd. [3] 3.4 Key ETF Target Lists | Fund Code | Fund Name | Index Code | Index Name | Holding Weight (%) | | --- | --- | --- | --- | --- | | 159540 | E Fund China Securities Information Technology Innovation Theme ETF | CN5075.CNI | China Securities Information Innovation | 53.37 | | 589030 | E Fund Shanghai - Shenzhen Science and Technology Innovation Board Chip Design Theme ETF | 950162.CSI | Science and Technology Innovation Chip Design | 43.50 | | 159546 | Guotai China Securities All - Index Integrated Circuit ETF | 932087.CSI | Integrated Circuit | 42.31 | | 159813 | Penghua China Securities Semiconductor Chip ETF | 980017.CNI | China Securities Chip (CNI) | 39.30 | | 588890 | Southern Shanghai - Shenzhen Science and Technology Innovation Board Chip ETF | 000685.SH | Science and Technology Innovation Chip | 37.53 | | 516920 | Huatai - PineBridge China Securities Chip Industry ETF | H30007.CSI | Chip Industry | 37.51 | | 159325 | Southern China Securities Semiconductor Industry Selection ETF | 932066.CSI | Semiconductor Industry Selection | 37.38 | | 512760 | Guotai CES Semiconductor Chip ETF | 990001.CSI | China Semiconductor Chip | 36.20 | | 515320 | Huaan China Securities Electronics 50 ETF | 931461.CSI | Electronics 50 | 35.36 | | 512480 | Guolianan China Securities All - Index Semiconductor ETF | H30184.CSI | China Securities All - Index Semiconductor | 34.07 | [4]

Core Viewpoint - The meeting emphasized the importance of implementing the decisions made by the Central Economic Work Conference, focusing on prudent fund investment operations and long-term planning for the development of the social security fund [1][2]. Group 1: Economic Context - The Central Economic Work Conference is a significant meeting following the 20th Central Committee's Fourth Plenary Session, summarizing the economic work for 2025 and analyzing the current economic situation, providing strategic guidance for 2026 [1]. - The meeting recognized that during the 14th Five-Year Plan period, the achievements of the Party and the state were fundamentally due to the leadership of the Central Committee with Xi Jinping at its core and the guidance of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2]. Group 2: Fund Management Strategy - The meeting highlighted the need for continuous learning of Xi Jinping's important speeches and the spirit of the conference, integrating it with the implementation of the 20th Central Committee's Fourth Plenary Session spirit to enhance confidence and proactive actions [2]. - It was stressed that fund investment operations should be conducted prudently, closely monitoring domestic and international macroeconomic conditions and capital market trends, and effectively conducting asset allocation [2]. - The meeting called for leveraging long-term funds and patient capital to serve national development needs while ensuring safety in investments [2]. Group 3: Long-term Planning - The meeting focused on long-term planning for the development of the social security fund, aligning with the key tasks outlined in the Central Economic Work Conference and the important requirements of the 15th Five-Year Plan [3]. - It emphasized the need to systematically plan the social security fund's 15th Five-Year Plan and coordinate the implementation of key tasks to promote high-quality development of the social security fund [3].

Group 1 - The report indicates that the A-share market is expected to maintain a "slow bull" trend, benefiting from the new "National Nine Articles" policy and a similar "4 trillion" investment strategy [8][39] - The A-share market is projected to continue a wide fluctuation and gradual upward trend in November, with specific attention on sectors benefiting from the "15th Five-Year Plan" [4][39] - The report highlights that the major A-share indices have shown an upward trend in 2025, with the ChiNext Index and the Sci-Tech Innovation Board leading with increases of 48.09% and 48.53% respectively [2][10] Group 2 - The report emphasizes that the macroeconomic environment is expected to improve, particularly with the anticipated easing of US-China trade tensions and the positive outcomes from the recent economic discussions [4][20] - Domestic funding conditions are likely to remain relatively loose, driven by long-term capital inflows and a shift of household deposits towards equity markets [5][28] - The report notes that the industrial added value has maintained a year-on-year growth of over 6% in the first three quarters, with industrial profits showing a rebound trend [30][32] Group 3 - The report suggests that the Hong Kong stock market is expected to follow the US market and continue its upward trend, supported by anticipated interest rate cuts by the Federal Reserve [31][37] - The report identifies technology and new consumption sectors as key areas of focus for investment in the Hong Kong market [7][37] - The report highlights that the Hong Kong market has outperformed other major global equity markets in 2025, with significant increases in the Hang Seng Technology Index and the Hang Seng Index [6][31]

Group 1 - The report emphasizes the importance of maintaining core investment themes while exploring new platforms in the A-share market for the fourth quarter of 2025 [2][4] - Key recommended sectors include rare earth permanent magnets, precious metals, military industry, financial IT, power equipment, and agricultural products [3] - The report anticipates a more abundant liquidity environment due to expected interest rate cuts by the Federal Reserve and the upcoming "14th Five-Year Plan" proposals, which may enhance market expectations [4][10] Group 2 - Economic growth is projected to steadily decline, with GDP growth expected at 5.0% for 2025, and 4.6% for Q4 2025 [10][11] - Consumer retail sales are forecasted to grow by 3.8% for the year, with a significant slowdown in investment across various sectors, particularly in real estate, which is expected to decline by 14.3% [10][11] - The report highlights that while exports are expected to maintain a high level of activity, a slight decline in growth is anticipated in Q4 due to high base effects from the previous year [19][24] Group 3 - The report discusses the anticipated recovery of the RMB exchange rate, driven by the Federal Reserve's interest rate cuts, which may attract foreign capital inflows [42][61] - It notes that the central bank has a clear intention to guide the RMB towards appreciation, which is crucial for maintaining market liquidity [47][61] - The report also indicates that the RMB's appreciation could lead to increased foreign investment in domestic stocks, enhancing overall market liquidity [61][62]