1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints of the Report - **Macro - economic and Policy**: The Fourth Plenary Session of the 20th Central Committee proposed major goals for economic and social development during the "15th Five - Year Plan" period. Macroeconomic policies are expected to continue to exert force, and there is a need to actively and steadily resolve local government debt risks. Fiscal policy may enter a bottleneck, while monetary policy is likely to be further loosened in the fourth quarter [6][9]. - **Stock and Bond Markets**: For stock index futures, a strategy of buying on dips can be considered, paying attention to index rotation. For treasury bond futures, an upward - trending and volatile strategy is recommended, focusing on the odds of short - term bonds [9][10]. - **Commodity Markets**: Different commodities have different trends. For example, in the black metal market, steel and ore are expected to be volatile in the medium - term; in the energy and chemical market, crude oil may rebound in the short - term but will be based on fundamentals in the long - term [13][37]. 3. Summary by Directory Macro - financial - **Stock Index Futures**: A strategy of buying on dips can be continued, paying attention to index rotation. The A - share market was affected by the Fourth Plenary Session and the Sino - US talks in Malaysia. The market is expected to see continuous efforts from macro - policies [9]. - **Treasury Bond Futures**: An upward - trending and volatile strategy is recommended, focusing on the odds of short - term bonds. The market was also affected by the Fourth Plenary Session and the Sino - US talks. Fiscal policy may face a bottleneck, and monetary policy is likely to be loosened [10]. Black Metals - **Steel and Ore**: Steel and ore are expected to be volatile in the medium - term. Iron ore short positions can be reduced on dips. Demand for building materials is weak, while demand for rolled plates is mixed. Raw material costs are volatile, and there is a risk of negative feedback if demand is poor [13]. - **Coking Coal and Coke**: The prices of coking coal and coke may continue to be volatile and strong in the short - term. Supply is gradually recovering, but there are still expectations of "anti - involution", environmental protection, and safety inspections. The demand for finished products during the "Golden September and Silver October" needs to be observed [15]. - **Ferroalloys**: The medium - term outlook for ferrosilicon and silicomanganese is bearish. The 23rd saw the ferrosilicon 01 contract rise to 5570 yuan/ton and the silicomanganese 01 contract rise to 5820 yuan/ton, affected by coking coal sentiment [16]. - **Soda Ash and Glass**: For soda ash, a bearish strategy can be short - term profitable. For glass, a wait - and - see approach is recommended. The supply of soda ash is at a high level, and the inventory of glass has increased [17][18]. Non - ferrous Metals and New Materials - **Aluminum and Alumina**: Aluminum prices are expected to be volatile at a high level, and a wait - and - see approach is recommended. Alumina prices are expected to continue to decline, and shorting on rallies when the price is at a premium is advisable [20]. - **Zinc**: Domestic zinc inventories have decreased. The price of zinc can be temporarily observed. Overseas LME zinc inventories continue to decline, and the spot premium has risen rapidly [21]. - **Lithium Carbonate**: Short - term supply disruptions and strong demand support the price, and it is expected to be volatile and strong in the short - term [22]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be volatile and weak in a range. Polysilicon will continue to be volatile in a narrow range, with the lower limit supported by spot prices and the upper limit depending on the implementation of capacity merger policies [23]. Agricultural Products - **Cotton**: A strategy of shorting on rallies is recommended. Supply pressure is increasing, and demand is weak. The international cotton market has uncertainties, and domestic cotton supply is increasing while demand is still weak [27]. - **Sugar**: A bearish rolling operation or a wait - and - see approach is recommended. The global sugar market is expected to have a surplus, and domestic sugar supply is gradually increasing [28]. - **Eggs**: A strategy of shorting near - month contracts on rallies is recommended. The supply of eggs is still abundant, and the demand is in the off - season. The 01 contract is affected by the expectation of capacity reduction and the peak season before the Spring Festival [29]. - **Apples**: The price is expected to be volatile. The price of apples in the western region is firm, and attention should be paid to price changes, storage progress, and merchants' purchasing sentiment [32]. - **Corn**: A strategy of shorting the 01 contract or selling out - of - the - money call options on the 01 contract is recommended. Corn prices are affected by supply and demand in different regions, and there is a risk of substitution from policy - released wheat [33]. - **Red Dates**: A strategy of shorting on rallies is recommended. The market price is stable, and the opening price is expected to decline [34]. - **Pigs**: A strategy of shorting the LH2601 contract on rallies is recommended. The supply of pigs is abundant, and although there is some support at the bottom, there is no strong driving force for a significant price increase [35]. Energy and Chemicals - **Crude Oil**: Crude oil may rebound in the short - term due to geopolitical factors, but will be based on fundamentals in the long - term. Supply is increasing steadily, and demand is expected to weaken [37]. - **Fuel Oil**: Fuel oil prices will follow the trend of crude oil. The supply is loose, and the demand is weak. The short - term focus is on the impact of sanctions on Russia [38]. - **Plastics**: Polyolefins are expected to be volatile and weak from a supply - demand perspective. The current price is relatively low, and there may be a small - scale rebound. Short positions can be reduced appropriately [39]. - **Rubber**: Rubber is expected to be volatile and strong in the short - term. A strategy of buying on dips can be considered, but chasing the rise should be cautious [40]. - **Methanol**: Methanol is expected to be volatile and strong in the short - term. There are uncertainties in supply, and a small - scale long - position can be considered after a rebound driving force appears [42]. - **Asphalt**: Asphalt prices are trending strongly, affected by geopolitical factors and seasonal demand. The production has decreased, and the inventory reduction speed is normal [43]. - **Polyester Industry Chain**: A short - term strategy of going long with cost can be considered, but the overall fundamentals are still weak. An arbitrage opportunity of PTA 1 - 5 reverse spread can be observed [44]. - **Liquefied Petroleum Gas (LPG)**: LPG may rise in the short - term due to geopolitical factors, but is expected to be weak relative to crude oil in the long - term. The supply is abundant, and the demand is expected to weaken [44]. Others - **Offset Printing Paper**: The market is expected to be volatile and weak. A strategy of selling put options near the factory production cost or selling call options on rebounds can be considered [46]. - **Pulp**: A strategy of going long on the 01 contract on dips can be considered if the spot price is stable. The inventory of pulp has decreased slightly, and the price of white cardboard is expected to increase [47]. - **Logs**: A strategy of going long on the 01 contract on dips can be considered. The cost provides some support, and attention should be paid to downstream demand and freight [47]. - **Urea**: A volatile strategy is recommended. The spot price has increased, and the futures price is volatile and strong. The demand from the compound fertilizer industry in Henan has increased [48]. - **Synthetic Rubber**: A strategy of short - term long - position on dips can be considered, but the upward pressure is large. The price of butadiene is weak, and the profit of butadiene rubber is improving [49].

Group 1: Coal Industry Performance - The coal sector has shown strong performance, with stocks like Shaanxi Black Cat, Shanxi Coking Coal, and Yunmei Energy hitting the daily limit up [3] - Dayou Energy has achieved a remarkable 10-day streak with 9 limit-up days, accumulating a nearly 150% increase [3] - The supply of coal is expected to be constrained due to ongoing "anti-involution" policies, while demand is anticipated to rise due to winter heating and industrial peak seasons, shifting the supply-demand relationship towards a "tight balance" [3] Group 2: Market Trends and Investor Sentiment - The A-share market experienced a rebound, with major indices closing in the green, indicating a recovery in investor sentiment [2] - The financial sector contributed to the market's recovery, with significant movements in stocks like Ruida Futures [2] - Analysts suggest that the coal sector's performance in Q4 may surpass that of Q3, with the current overall valuation being relatively low, presenting a buying opportunity [3] Group 3: Media and Gaming Sector Developments - The short drama and gaming sectors have also seen significant gains, with stocks like Haikan Co., Rongxin Culture, and Xingfu Lanhai reaching the daily limit up [4] - iQIYI has announced a new cooperation plan for comic dramas, which includes revenue-sharing incentives for partners [4] - The National Press and Publication Administration has approved a high number of game licenses, indicating a robust pipeline for the gaming industry [4] Group 4: Technology Sector Outlook - Despite a recent market pullback, the technology sector is expected to present opportunities, with significant developments in AI and robotics anticipated in the coming weeks [5] - Analysts recommend maintaining a balanced investment strategy, focusing on sectors like domestic computing power and semiconductor self-sufficiency [5] - The market is expected to see continued inflows of capital, with investors showing a strong willingness to buy on dips, suggesting a potential recovery in market momentum [5]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices closing in the green [1] - The Shanghai Composite Index rose by 0.22% to 3922.41 points, while the Shenzhen Component Index also increased by 0.22% to 13025.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [1] Sector Performance - The coal sector saw significant gains, with stocks like Daya Energy achieving 9 limit-ups in the last 10 trading days, accumulating a nearly 150% increase [1][16] - The brokerage sector also performed well, with stocks such as Harbin Investment and Guosen Securities leading the gains [1] - The media sector was active, with companies like Rongxin Culture and Haikan Co. hitting the limit-up [1] - The quantum technology concept stocks surged, with Keda Guokuan and Dahua Intelligent both hitting the limit-up [2][3] Quantum Technology - The quantum technology sector saw a substantial late-session rally, with stocks like Keda Guokuan and Dahua Intelligent rising by approximately 10% within five minutes [3] - Keda Guokuan reached a limit-up of 20%, while other stocks like Dahua Intelligent and Shenzhou Information also hit their limit-ups [3][4] - Recent advancements in quantum communication technology by China Telecom's Quantum Research Institute have been recognized internationally, enhancing China's technological standing in this field [5] Coal Sector Insights - The coal sector is expected to see a shift from structural oversupply to a tight balance due to increased demand for winter heating and industrial activity [18] - Regulatory policies are expected to constrain coal supply, while demand is anticipated to rise, supporting coal prices in the short term [18][19] - The overall valuation of the coal sector is considered low, with potential for rebound as market sentiment shifts [19] Shenzhen State-Owned Enterprises - The Shenzhen state-owned enterprises sector saw a collective surge, with stocks like Jian Ke Yuan hitting a limit-up of 20% [21] - The recent action plan released by Shenzhen aims to enhance the quality of listed companies and promote mergers and acquisitions, targeting a total market value of over 20 trillion yuan by 2027 [21]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices turning positive by the end of the day [2] - The Shanghai Composite Index rose by 0.22% to close at 3922.41 points, while the Shenzhen Component Index also increased by 0.22% to 13025.45 points [2] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [2] Sector Performance - The coal sector saw a significant surge, with stocks like Daya Energy achieving 9 consecutive limit-ups in the last 10 trading days, accumulating a nearly 150% increase [14] - The brokerage sector also performed well, with stocks like Harbin Investment and Guosen Securities leading the gains [2] - The quantum technology sector experienced a notable rise, with stocks such as Keda Guochuang and Dahua Intelligent hitting the limit-up [3][5] Notable Stocks - Keda Guochuang surged by 20% to hit the limit-up, while other stocks like Dahua Intelligent and Shenzhou Information also reached their limit [4] - In the coal sector, stocks like Shanxi Coking Coal and Yunnan Coal Energy saw limit-up gains of over 10% [15] - Shenzhen state-owned enterprises were active, with stocks like Tefa Information and Shenzhen Property A hitting the limit-up [17] Policy and Future Outlook - The Chinese government is expected to introduce more specific policies to support the quantum technology sector, which has been recognized as a future industry [5] - The coal supply is anticipated to be constrained due to regulatory policies, while demand is expected to increase during the winter heating season, leading to a potential shift from structural surplus to a tight balance [16]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices turning positive by the end of the day [1] - The Shanghai Composite Index closed up 0.22% at 3922.41 points, while the Shenzhen Component Index also rose 0.22% to 13025.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [1] Sector Performance - The coal sector saw significant gains, with several stocks hitting the daily limit, including Daya Energy, which achieved 9 limit-ups in the last 10 trading days, accumulating a nearly 150% increase [1][15] - The brokerage sector also performed well, with stocks like Harbin Investment and Guosen Securities leading the gains [1] - The media sector was active, with stocks such as Rongxin Culture and Haikan Co. hitting the daily limit [1] - The Shenzhen state-owned assets concept stocks surged, with companies like TeFa Information and Shenwei A also reaching the daily limit [1][19] Quantum Technology Sector - The quantum technology concept stocks saw a significant surge, with Keda Guokuan and Dahua Intelligent both hitting the daily limit, and other stocks like Dipu Technology rising over 14% [3][4] - Recent advancements in quantum communication technology by China Telecom's Quantum Research Institute have been recognized internationally, enhancing China's technological standing in this field [4] - The global quantum race is accelerating, with the Chinese government emphasizing quantum technology as a future industry, indicating potential policy support [5] Coal Market Insights - The coal market is expected to experience a tightening supply-demand balance due to seasonal demand for heating and industrial activity, with analysts predicting a rise in coal prices [17][18] - Recent weather patterns and regulatory measures have constrained coal supply, while demand is anticipated to increase during the winter [17] - Analysts recommend focusing on coal sector investments, particularly in elastic varieties, as the market is expected to recover in the fourth quarter [18] Shenzhen State-Owned Assets - The Shenzhen government has launched an action plan to promote high-quality mergers and acquisitions, aiming for a significant increase in the total market value of listed companies by 2027 [20] - The plan includes fostering a robust merger fund ecosystem and completing numerous high-value merger projects, which could enhance the performance of related stocks [20]

Group 1 - A-shares experienced significant market activity on October 23, with 72 stocks hitting the daily limit up and 9 stocks hitting the limit down [1] - Shenzhen state-owned enterprises were notably active, with Shenzhen Energy and Shen Saige reaching the limit up [1] - Lithium mining stocks showed strength, with *ST Zhengping achieving two consecutive limit ups and Shengxin Lithium Energy hitting the limit up [1] Group 2 - *ST Yuancheng faced a continuous decline, hitting the limit down for 9 consecutive days [2] - Yuanda Holdings and Huajian Group also experienced declines, hitting the limit down for 2 consecutive days [2] - Other companies such as Maohua Shihua and Haiou Zhugong also reached the limit down [2]

Core Viewpoint - Shenzhen state-owned concept stocks have shown significant upward movement, driven by the recent announcement of a high-quality development action plan for mergers and acquisitions, which aims to accelerate strategic restructuring and professional integration of state-owned enterprises [1][2][4]. Group 1: Market Performance - On October 23, a collective surge in Shenzhen state-owned concept stocks was observed, with over 10 stocks hitting the daily limit, including JianKexuan, Guotian Group, and Tianjian Group [2][3]. - The action plan aims for a comprehensive improvement in the quality of listed companies by the end of 2027, targeting a total market capitalization of over 20 trillion yuan and the establishment of 20 companies with a market value of over 100 billion yuan [3][4]. Group 2: Action Plan Details - The action plan emphasizes the need for strategic restructuring and professional integration of state-owned enterprises, enhancing the valuation tolerance for light asset technology companies in mergers and acquisitions [4][5]. - It sets a goal to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, while also promoting industry demonstration cases [3][5]. Group 3: Investment Initiatives - Recent establishment of the Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund, with an initial scale of 5 billion yuan, focusing on semiconductor equipment, chip design, and advanced packaging [7][8]. - The launch of the JianYuan ZhengXing Equity Investment Fund, a 7 billion yuan mother fund, aims to enhance investment in artificial intelligence and semiconductor sectors, indicating a shift towards a more structured financial ecosystem in Shenzhen [8][9]. Group 4: Fund Development - Shenzhen has developed a comprehensive fund system, including seed funds, angel funds, venture capital funds, and industry funds, with over 500 funds totaling more than 700 billion yuan, primarily directed towards strategic emerging industries [9].

Group 1 - A-shares experienced significant activity with 50 stocks hitting the daily limit up and 3 stocks hitting the limit down during the half-day session [1] - The coal sector showed strong performance, with companies like Dayou Energy achieving 9 limit ups in 10 days, and other firms such as Shanxi Coking Coal and Shanghai Energy also reaching limit up [1] - Shenzhen state-owned enterprises gained momentum, with Shenzhen Energy and Shen Saige hitting the limit up [1] Group 2 - *ST Yuancheng faced a continuous decline with 9 consecutive limit downs, while Huajian Group and Ruineng Technology also experienced limit downs [2]

Market Overview - The market experienced increased volatility in the morning session, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index increasing by 0.28%, while the ChiNext Index fell by 0.07% [1] - The automotive industry chain, pharmaceutical stocks, real estate, and consumer electronics sectors showed strong performance, while short drama concept stocks faced adjustments, with education, tourism, and Shenzhen state-owned assets sectors seeing significant declines [1][2] Automotive Industry - The automotive industry chain saw a strong rally in the morning, with significant gains in automotive manufacturing, parts, and services sectors, including over 10 stocks hitting the daily limit [1] - Notably, the joint release of the Avita 12 by Changan and Huawei achieved remarkable pre-order numbers, surpassing 5,000 within 12 hours, 6,700 within 36 hours, and a total of 11,128 within 72 hours, with an average order price exceeding 350,000 [1] Pharmaceutical Sector - Pharmaceutical stocks opened strong, with companies like Yue Wannianqing, Tailong Pharmaceutical, and Guilin Sanjin hitting the daily limit [2] Real Estate Sector - The real estate sector showed resilience, with stocks such as Jinke Property and Longfor Properties reaching the daily limit [2] Consumer Electronics - The consumer electronics sector was active, with companies like HiVi Technology and Shiyi Da also hitting the daily limit [2] Short Drama Concept Stocks - Short drama concept stocks faced a decline of 2.49% by midday, with companies like Haikan Co., Baina Qiancheng, and Jiayun Technology experiencing drops exceeding 10% [2]