1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Fourth Plenary Session of the 20th CPC Central Committee's communique is overall positive for A - shares, especially in the technology, manufacturing, and consumption sectors. There may be more than expected policies in the future, which will significantly boost market confidence [6]. - From the overseas environment, factors that are favorable to A - share expectations are increasing, including Sino - US high - level interactions, expected Fed rate cuts, and the new Japanese prime minister's policy that may drive global equity market sentiment [6]. - Different channels of funds show non - consistent expectations. ETF and northbound funds are weak, while margin trading funds provide strong support [7]. - In the context of easing Sino - US trade frictions, the index is expected to remain strong. It is recommended to focus on the rotation within technology stocks, with core themes including AI + and "anti - involution" related tracks. If the Sino - US negotiation results are not as expected, the main line should shift to "big finance + new consumption" [8]. 3. Summary by Relevant Catalogs Market Observation Expectations after the Fourth Plenary Session of the 20th CPC Central Committee - Policy impact: The plenary session is beneficial to A - shares, with technology, manufacturing, and consumption as key areas. Technology enters the "shaping advantage" stage, manufacturing may see "anti - involution" policies, and consumption may have more structural and sustainable stimulus policies [6]. - Market performance: On the first trading day after the plenary session, the market sentiment improved, the index rose, and trading volume increased. The technology sector reacted positively, while traditional manufacturing and consumption sectors need policy implementation for potential rebounds [6]. - Overseas environment: Sino - US interactions, expected Fed rate cuts, and Japan's new prime minister's policy are all positive factors for A - shares [6]. - Fund flow: ETF funds mostly had net outflows, northbound funds were cautious, but margin trading funds provided strong support [7]. Investment Recommendations - In the context of easing Sino - US trade frictions, focus on technology stock rotation, including AI + and "anti - involution" related tracks [8]. - If Sino - US negotiations are not as expected, shift to "big finance + new consumption", combined with self - controllable themes and rare resource sectors [8]. Market Review Market Performance - Most major market indices rose last week, with the ChiNext 50 having the largest increase of 9.48%. Among major industry indices, the information technology and industrial indices performed relatively well, while the daily consumption and healthcare indices were weaker [9][10][15]. - Among 30 Shenwan primary industries, 27 industries rose. The communication, electronics, and power equipment industries had larger increases, while the agriculture, forestry, animal husbandry, and fishery, food and beverage, and beauty care industries declined [16][19]. Trading Heat - The average daily trading volume of the Wind All - A Index last week was 1.797314 trillion yuan (previous value: 2.192852 trillion yuan), at a relatively high historical level (86.20% in the three - year historical quantile) [22]. Valuation Tracking - As of October 24, 2025, the Wind All - A valuation (PE_TTM) was 22.59, up 0.64 from last week, at the 94.00% quantile in the past 5 years. 27 out of 30 Shenwan primary industries saw valuation (PE_TTM) repairs [27].

Core Viewpoint - The flagship product of Ping An Fund, Ping An Strategy Pioneer Mixed Fund, has achieved a historical net value high, with a remarkable 421% return over the past seven years, ranking in the top 10 among all funds in the market [1][2]. Performance Summary - The fund has delivered a one-year performance of 104.56% and a five-year performance of 145.55%, both ranking among the top in its category [2][5]. - The fund's performance since its inception in 2012 shows a net value growth rate of 407.78% compared to its benchmark growth rate of 74.74% [6]. Investment Philosophy - The investment philosophy emphasizes "performance growth" as the core of investment, focusing on company performance growth trends and analyzing factors such as economic cycles, industry cycles, and supply-demand changes [2][3]. - The fund manager, Shen Aiqian, has a broad investment capability, excelling in sectors like technology, high-end manufacturing, consumption, pharmaceuticals, new energy, and non-ferrous metals [2][4]. Market Outlook - The current market environment is seen as stabilizing, with external uncertainties diminishing and internal economic indicators showing signs of stabilization [3][4]. - Shen Aiqian highlights structural opportunities in the equity market, particularly in sectors like AI computing power, domestic chips, pharmaceuticals, rare resources, and robotics [3][4][5]. Sector Focus - The AI industry is transitioning from a development phase to a commercialization phase, with significant growth expected in AI-related investments [3][4]. - Domestic AI chip development is gaining momentum, presenting investment opportunities due to increasing market demand and profitability [4]. - Rare resources and innovative pharmaceuticals are identified as sectors with long-term attractiveness, driven by supply constraints and strong demand growth [5].

Core Viewpoint - The company, Zhongtung High-tech, has confirmed its production capacity for various rare metals and indicated that rising prices of by-products could enhance its profitability [2] Production Capacity - The company’s subsidiary, Shizhu Garden, is a large tungsten polymetallic mine, primarily producing tungsten concentrate, with by-products including molybdenum concentrate, bismuth concentrate, and fluorite [2] - The annual production of molybdenum concentrate and bismuth concentrate is approximately 1,500 tons each [2] - The annual production of fluorite is around 320,000 tons [2] Impact of Price Increases - The company stated that an increase in the prices of its by-product metals would positively impact its profitability [2]