Core Insights - A-shares indices opened higher on October 24, driven by policy catalysts, with significant gains in sectors such as commercial aerospace, satellite connectivity, satellite navigation, military information, and large aircraft [1] - The Fourth Plenary Session of the Central Committee emphasized achieving the centenary goal of military development and advancing the modernization of national defense and military [1] - The report from AVIC Securities indicates that in 2024, China is expected to implement more policies supporting the aerospace industry, particularly in missile and intelligent ammunition, as well as space infrastructure and applications [1] Group 1 - The Aerospace ETF (159227) opened strongly, rising by 2.77% with a trading volume of 59.78 million yuan, leading the market [1] - Key stocks such as China Satellite and Shanghai Hanxun saw significant gains, with China Satellite hitting the daily limit and Shanghai Hanxun rising over 7% [1] - The military industry sector, represented by the Aerospace ETF, has a high purity of 98.2% in the Shenwan first-level military industry, covering critical areas such as aerospace equipment and satellite navigation [2] Group 2 - The Fourth Plenary Session's focus includes political, reform, technological, talent, and legal advancements in military construction, aiming to enhance national strategic capabilities [1] - The report highlights that the aerospace industry is entering a phase of resource allocation and policy support, particularly in defense and space infrastructure [1] - The Aerospace ETF includes leading companies in military and aerospace sectors, covering emerging fields like large aircraft development and commercial aerospace [2]

随着"十五五"规划将"航天强国"提升至新高度，航空航天产业链将迎来新的发展机遇。中航证券表示，伴随"航天强国"已经进入到建设落地阶 段，我国有望落地更多支持航天产业发展的政策，向航天产业倾斜相对更多的资源。其中，以导弹与智能弹药为代表的国防安全建设重要组成、 火箭与卫星为代表的空间基础设施及应用有望成为"航天强国"下的重要发展领域。 航空航天ETF(159227)跟踪国证航天指数，申万一级军工行业占比高达98.2%，是全市场军工含量最高的指数，聚焦军工细分空天力量，成分股覆 盖战斗机、运输机、直升机、航空发动机、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。 10月24日，A股三大指数集体上涨，卫星互联、商业航天、卫星导航等概念涨幅居前，聚焦空天领域的航空航天ETF(159227)开盘走强，截至 11:01，涨幅2.5%，成交额达1.81亿元，稳居同类第一，持仓股中国卫星涨停，上海瀚讯、振华风光、长城军工、天奥电子、华力创通、航天电 子、航天发展等涨幅居前。航空航天ETF最新规模超13亿元，稳居同类第一。 消息面上，10月23日晚，四中全会公报正式发布。首次将"航天强国"纳入建设目标，全会提 ...

Core Viewpoint - A-shares showed a rebound after a dip, with the ChiNext and STAR 50 indices performing strongly, while Hong Kong stocks also gained momentum, with the Hang Seng Index and Hang Seng Tech Index both rising over 1% [1][2]. A-shares Market Summary - The three major A-share indices initially dipped but then rose, with the Shanghai Composite Index closing up 0.13% at 3812.22 points, the Shenzhen Component up 0.38% at 12557.68 points, and the ChiNext Index up 1.27% at 2904.27 points. The STAR 50 Index increased by 1.09% [2]. - Total trading volume in the Shanghai and Shenzhen markets was 200.42 billion yuan, a decrease of 148.2 billion yuan from the previous day [2]. - Market hotspots were diverse, with resource sectors like non-ferrous metals, coal, chemicals, and power experiencing declines, while the oil sector surged, with Keli Co. rising over 10% and Zhun Oil Co. hitting the daily limit [2]. - The film and entertainment sector was notably active, with companies like Happiness Blue Sea and Jin Yi Film both hitting the daily limit, and the newly listed Aifenda soaring 170% [2][4]. Film and Entertainment Sector - The film sector saw significant gains, with Happiness Blue Sea rising nearly 14% and reaching a nine-year high, while Jin Yi Film and Yue Media both hit the daily limit [4]. - The National Film Administration reported that from June 1 to August 31, 2025, the summer box office reached 11.966 billion yuan, with a year-on-year increase of 2.76% and attendance rising by 12.75% [5]. - Upcoming films for the National Day holiday include major titles like "Assassination Novelist 2" and "Panda Project 2," which are expected to support box office performance [5]. AI Industry Chain - Stocks in the AI industry chain, including CPO and computing power sectors, saw collective gains, with Jia Yuan Technology hitting the daily limit with a 20% increase, and Shenghong Technology nearing 300 yuan, also reaching a new high [6][7]. - Oracle projected a 77% increase in cloud infrastructure sales to $18 billion in fiscal year 2026, driven by rising AI demand, exceeding market expectations [8]. - Broadcom reported a 22% year-on-year revenue growth to $15.95 billion for its third fiscal quarter, surpassing analyst expectations and indicating strong growth in AI chip revenue [8][9]. Hong Kong Market Summary - In the Hong Kong market, stocks like Hong Teng Precision rose nearly 13%, Bilibili increased over 7%, and Lenovo Group gained nearly 5%, while Pop Mart saw a decline of over 7% [2][11]. - Pop Mart's stock has dropped approximately 18% over the past 11 trading days, attributed to a significant decline in secondary market prices for its products, despite Morgan Stanley suggesting that secondary market prices may not accurately reflect supply and demand [11].

Group 1 - The market experienced a fluctuation around the 3400-point mark, with a decline of 0.27% for the week, while only the ChiNext index saw an increase. The leading sectors included pharmaceuticals and cyclical industries, while technology and consumer sectors lagged behind [10][14]. - The stock-bond yield spread decreased to 1.3%, which is below the +1 standard deviation threshold, indicating a decline in valuation dispersion [23]. - Market sentiment improved, with the market sentiment index rising by 15.3% to 72.1, reflecting a stronger industry rotation intensity [25]. Group 2 - The upcoming summer movie season is expected to feature a diverse supply of films, with over 60 domestic and foreign films scheduled for release, potentially boosting consumer interest [44]. - The SNEC conference highlighted the industry's consensus on "anti-involution," emphasizing the need for supply-side reforms in the photovoltaic sector [45]. - Several major automotive companies have committed to reducing payment terms to suppliers to no more than 60 days, which is anticipated to enhance cash flow within the supply chain [46]. Group 3 - The report emphasizes a return to AI as a main investment theme, alongside opportunities in satellite connectivity and long-term gold investments due to de-dollarization trends. The demand for AI infrastructure remains strong, with significant developments in large model iterations and application expectations [49][50]. - The report notes that the average daily trading volume of the Stock Connect increased by 209.29 billion yuan compared to the previous week, indicating a positive trend in market liquidity [35].

Group 1 - The escalation and subsequent ceasefire of the India-Pakistan conflict has led to fluctuating interest in military stocks, with significant discussions around the impact on the defense sector [1] - The Chinese military equipment, represented by the J-10C, has gained positive publicity from the conflict, which may benefit China's military trade [1] - The "14th Five-Year Plan" is anticipated to provide further opportunities for the military industry amidst the current geopolitical tensions [1] Group 2 - Ongoing negotiations in Switzerland between the U.S. and China have lasted around 8 hours, with both sides expressing a desire for constructive dialogue and potential progress [2] - Trump's comments on the negotiations suggest a positive outlook, but the actual outcomes remain to be confirmed [2] - The length of the discussions indicates a willingness to engage, which may lead to better-than-expected results for the market [2] Group 3 - The robotics sector is experiencing increased activity, with events and discussions focused on the commercialization of intelligent robots [4] - Developments in satellite internet and low-altitude economy are noteworthy, particularly regarding potential collaborations between China and Brazil [4] - Market direction for the upcoming week will depend on feedback from ongoing negotiations and may influence technology and growth sectors [4]