Key Insights - The report highlights a dual bullish trend for both the Renminbi and the US dollar, driven by market dynamics and external factors [4] - The A-share market is expected to maintain a "slow bull" strategy, with a focus on financial sectors and real estate for absolute returns, while monitoring the innovation index for relative returns [6] - The report emphasizes China's commitment to climate governance through its NDC goals, with AI playing a crucial role in green finance and energy transition [8] Group 1: Macro Insights - The report discusses the rebound of the US dollar index during the National Day holiday, attributed to a temporary risk aversion due to the US government shutdown [4] - Future expectations for the US dollar index are linked to potential corrections in the market's recession forecasts for the US economy [4] Group 2: A-Share Strategy - The report suggests that investors should focus on large financial institutions, real estate, and infrastructure for absolute returns, while being cautious of the innovation index's performance [6] - The report notes that if the innovation index fails to recover its upward trend, adjustments may be necessary [6] - The report maintains confidence in a "slow bull" market, viewing any significant pullbacks as opportunities for increased allocation [6] Group 3: ESG and Climate Goals - The report outlines China's 2035 NDC goals, emphasizing progress in reducing non-CO2 greenhouse gases and the importance of AI in promoting efficient energy use [8] - It highlights the divergence in sustainable policy directions between federal and local governments in the US, alongside significant movements in ESG indices [8] - The report notes a nearly 15% increase in the SEEE carbon neutrality index, while the national carbon price has dipped below 60 yuan per ton [8] Group 4: Company-Specific Insights - The report on Taotao Automotive indicates a projected 116% year-on-year increase in Q3 performance, positioning the company as a leading player in the North American leisure vehicle market [10] - The gaming sector is highlighted as a key growth area, with expectations for a significant valuation shift by 2026, suggesting a potential 25 times P/E ratio [11] - The report identifies risks related to new game launches and international trade policies that could impact the gaming industry's growth trajectory [12]