Core Viewpoint - The Shanghai Municipal Communication Administration and the Shanghai Municipal Economic and Information Technology Commission have launched a special initiative to develop a "millisecond computing" network, aiming for comprehensive coverage and efficient connectivity by 2027 [1] Group 1: Initiative Goals - The primary goal is to enhance the millisecond computing network infrastructure across the city, focusing on seamless connectivity [1] - The initiative aims to establish a network capability system that provides millisecond-level computing resource access throughout the metropolitan area [1] Group 2: Technical Specifications - The plan includes achieving millisecond interconnection (<1 millisecond) for computing centers at the infrastructure level [1] - It also targets millisecond access (<1 millisecond) to computing resources at key locations [1] - Additionally, the initiative aims for application-level millisecond accessibility with network latency under 10 milliseconds [1]

Core Insights - The communication sector has outperformed the market recently, contributing to a significant rise in the Growth ETF of the ChiNext board, which increased by 7.71% from October 15 to October 21, compared to a 4.11% rise in the ChiNext index, resulting in an excess return of 3.6 percentage points [1][2]. Group 1: ETF Performance - The ChiNext Growth ETF (159967) recorded a rise of 7.71% with a maximum drawdown of -4.04% and an annualized return of 3993.36% [2]. - The ChiNext index (399006) increased by 4.11% with a maximum drawdown of -4.44% and an annualized return of 648.50% [2]. Group 2: Sector Allocation - The ChiNext Growth Index has a significant overweight in the communication sector, accounting for 35.5% of its holdings, while the ChiNext index holds 16.1% in the communication sector [2]. Group 3: Industry Catalysts - A recent catalyst for the communication industry is the notice issued by the Ministry of Industry and Information Technology on October 16, 2025, which aims to develop a high-speed, low-latency, and widely covered metropolitan network by 2027 [2].

Group 1 - The Ministry of Commerce of China stated that the recent rare earth export control measures are a normal action to improve its export control system and are not targeted at specific countries or regions [2] - The Chinese government will approve compliant export applications for civilian use [2] Group 2 - The Chinese Ministry of Foreign Affairs emphasized that China's purchase of Russian oil is part of normal economic cooperation and condemned the U.S. for unilateral sanctions [5] - Economic experts predict a GDP growth rate of 4.8% for the third quarter of 2025, indicating a continuation of moderate growth [5] Group 3 - Tax data revealed significant growth in retail sales for home appliances and furniture, with refrigerator sales up 48.3% and furniture sales up 33.2% year-on-year [6] - The sales of new energy vehicles increased by 30.1%, indicating a sustained vitality in the industry [6] Group 4 - The Ministry of Industry and Information Technology announced plans to establish a city-wide millisecond computing network by 2027, aiming for high efficiency and low latency [7] Group 5 - Over 4,100 platform enterprises have reported tax-related information, with major platforms like Pinduoduo and Meituan participating in the compliance process [8] Group 6 - The Beijing government announced tax incentives for registered housing rental enterprises starting January 1, 2025, to promote the rental market [14] Group 7 - The real estate market in Hainan has shown signs of recovery, with a 22% increase in sales area and a 115% increase in sales amount during the recent holiday period [15] Group 8 - The U.S. Senate failed to pass a temporary funding bill for the tenth time, continuing the government shutdown [17] Group 9 - The U.S. Department of Homeland Security announced a $1,000 fee for immigrants entering under humanitarian exemptions [18] Group 10 - The U.S. has initiated terrorism-related charges against members of the "Antifa movement," marking a significant legal action following its designation as a terrorist organization [19]

Core Viewpoint - The Ministry of Industry and Information Technology has launched a special initiative to develop a millisecond-level computing network across urban areas in China, aiming for comprehensive coverage and efficient connectivity by 2027 [1] Group 1: Initiative Overview - The initiative focuses on the development of computing networks, aiming to establish a high-speed, large-capacity, low-latency, and widely accessible urban network [1] - It aims to provide millisecond-level computing resource network accessibility within urban areas, connecting computing centers, key locations, and application terminals [1] Group 2: Specific Actions - The initiative outlines the need to improve the interconnection architecture between computing centers and accelerate the deployment of high-performance networks [1] - It emphasizes the enhancement of computing access networks in key locations, promoting the deployment of optical network equipment to integrated access points and industrial parks [1] - The initiative also aims to optimize network latency from application terminals to servers, improving communication efficiency for artificial intelligence training and inference [1] Group 3: Organizational Support - Provincial communication management bureaus are required to strengthen organizational support, conduct research, and coordinate solutions to various challenges [1] - Telecommunications companies are expected to provide specialized guidance, policy support, and technical assistance to their subsidiaries in the regions where the initiative is implemented [1]

Domestic News - The Ministry of Commerce announced plans to strengthen policy reserves and timely introduce new policies to stabilize foreign trade, highlighting that China's foreign trade has faced challenges but is showing signs of improvement in the first three quarters of the year [1] - The Ministry of Industry and Information Technology launched a special action for "millisecond computing" in urban areas, aiming to develop a high-speed, low-latency computing network by 2027 [2] - Reports of the establishment of a polysilicon storage platform in the photovoltaic industry were confirmed to be false by industry insiders [3] - A new large gold mine was discovered in Gansu Province, adding over 40 tons of gold resources, equivalent to two large gold mines [3] - The number of auctioned properties in the national judicial auction market decreased by approximately 4.9% year-on-year, with total transaction amounts shrinking by 21.3% in the first three quarters of 2025 [3] - JD.com announced a trial in 25 cities to replace penalties for delivery delays with a "service score" management system, shifting from punitive measures to positive incentives for delivery personnel [3] International News - The Bank of Japan's policy committee member called for an interest rate hike due to increasing inflation risks, consistent with his previous stance against maintaining low rates [5] - U.S. Treasury Secretary indicated that the yen would stabilize at an appropriate level if the Bank of Japan continues its correct monetary policy [5] - Investor sentiment towards the South Korean economy has turned pessimistic, with short positions on the Korean won reaching their highest level since January 2025 [5] - The UK economy is showing signs of mild recovery, with GDP growth remaining steady at 0.3% quarter-on-quarter [5] - The Swiss government revised its economic growth forecast down to 1.3% for 2025, citing U.S. tariffs as a hindrance to its export-driven economy [5]