Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - A - share third - quarter reports showed good overall performance, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress the subsequent market trend. There is a situation of "good news exhausted" after the Sino - US summit, and the RMB exchange - rate pressure restricts the loose monetary policy. It is recommended to wait and see for the moment [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - All major and secondary contracts of IF, IH, IC, and IM showed a downward trend. For example, the latest price of the IF main contract (2512) was 4589.0, down 41.2 from the previous period. The spreads between different varieties and different quarters also changed, with some widening and some narrowing. For instance, the IF - IH current - month contract spread was 1594.8, down 33.8 [2]. 3.2 Futures Position - The net positions of the top 20 in IF, IH, and IM decreased, while that of IC increased. The net position of the top 20 in IF was - 25,348.00, down 1949.0 [2]. 3.3 Spot Price - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 was 4618.70, down 34.7. The basis of the main contracts also changed, mostly showing a downward trend [2]. 3.4 Market Sentiment - A - share trading volume decreased to 19,383.95 billion yuan, a decrease of 1945.09 billion yuan. The margin trading balance increased by 83.61 billion yuan to 24,947.63 billion yuan. The north - bound trading volume decreased, and the reverse repurchase operation volume increased. The proportion of rising stocks decreased to 29.92%, down 35.03 percentage points [2]. 3.5 Wind Market Strength - Weakness Analysis - The overall A - share market, technical, and capital - related indicators all showed a downward trend. The overall A - share market was at 3.50, down 3.00 [2]. 3.6 Industry News - In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the non - manufacturing business activity index was 50.1%, up 0.1 percentage points. As of October 31, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%, and the net profit attributable to the parent was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in the third quarter reached 11.30%, up 10.19 percentage points from the second quarter [2]. 3.7 Key Events to Focus On - Upcoming events include the Australian central bank's interest - rate decision on November 4 at 11:30, the US ADP employment data for October on November 5 at 21:15, China's trade data for October on November 7 at 9:30, and China's CPI and PPI for October on November 9 at 9:30 [3].

Revenue Summary - China Petroleum reported a total revenue of 216.93 billion yuan, with a year-on-year decrease of 3.92% [2] - China Sinopec's revenue was 211.34 billion yuan, reflecting a significant year-on-year decline of 10.69% [2] - China Construction's revenue stood at 155.82 billion yuan, down 4.20% year-on-year [2] - China Ping An achieved a revenue of 83.29 billion yuan, marking a year-on-year increase of 7.42% [2] - China Mobile's revenue was 79.47 billion yuan, with a slight increase of 0.41% year-on-year [2] - China Railway's revenue reached 77.61 billion yuan, down 5.39% year-on-year [2] - China Railway Construction reported a revenue of 72.84 billion yuan, with a year-on-year decrease of 3.92% [2] - Industrial Fulian's revenue was 60.39 billion yuan, showing a significant increase of 38.40% year-on-year [2] - China Construction Bank's revenue was 57.37 billion yuan, with a slight increase of 0.82% year-on-year [2] Profitability Analysis - Industrial Fulian reported a net profit increase of 61.27% [5] - China Ping An's net profit increased by 11.47% to 132.86 billion yuan [9] - China Life's net profit surged by 60.54% to 167.80 billion yuan [9] - China Petroleum's net profit decreased by 4.90% to 126.28 billion yuan [9] - China Mobile's net profit increased by 4.03% to 115.35 billion yuan [9] - Vanke A reported a significant net loss of over 28 billion yuan, a year-on-year decline of 56.14% [9] Industry Performance - The banking sector's net profit exceeded 1 trillion yuan, indicating strong performance [16] - The steel and non-ferrous metal industries showed signs of recovery [16] - The construction and decoration, as well as the oil and petrochemical industries, reported the highest revenues [16]

A-share Market - As of October 30, 2025, a total of 5,385 A-share listed companies have disclosed their Q3 reports, with 2,887 companies showing a year-on-year profit increase and 677 companies doubling their net profits. Industries such as steel, non-ferrous metals, media, electronics, computers, and building materials have shown significant performance recovery in the first three quarters [2] - BYD reported a Q3 revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, down 32.60% year-on-year. On October 30, BYD's stock price fell by 0.87%, closing at 103.61 yuan per share, with a total market value of 944.6 billion yuan [2] - Over 300 basic chemical companies have disclosed their Q3 reports, with more than 250 companies achieving profitability in the first three quarters. Companies like Xianda Co., Sully Co., Beisimei, and Huibei New Materials have reported year-on-year profit increases exceeding 1,000% [2] - 113 companies in the food and beverage sector have disclosed their Q3 reports, with a total revenue of 630.845 billion yuan, a year-on-year increase of 1.99%, and a net profit of 137.676 billion yuan, a slight decrease of 0.26% year-on-year [2] Public Fund Reports - As of October 28, 2025, the latest top ten heavy stocks of public funds include CATL, Tencent, Xinyisheng, Zhongji Xuchuang, Alibaba-W, Luxshare Precision, Industrial Fulian, Zijin Mining, SMIC, and Kweichow Moutai. Compared to the end of Q2 2025, Zhongji Xuchuang and Industrial Fulian have entered the top ten, while Midea Group and Xiaomi Group-W have exited [3] - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibete, have officially listed on the Sci-Tech Innovation Board, with their stock prices rising by 213.49%, 198.72%, and 74.41% respectively by the end of trading [3] Financial Management - According to the Q3 fund report data, major institutions like Central Huijin Asset Management and Central Huijin Investment have maintained their holdings in several leading broad-based ETFs. Some institutions have made adjustments, such as Huaxia Fund clearing its holdings in Huaxia Hang Seng China Enterprises High Dividend ETF [4] - Recently, major financial institutions announced the completion of new policy financial tool placements totaling 2.5 trillion yuan, 1.5 trillion yuan, and 1 trillion yuan, which is expected to drive total project investments of 7.08 trillion yuan, supporting economic recovery [4] - The A-share market has shown significant recovery in Q3, with equity funds performing strongly, particularly technology-themed funds [4] - The copper futures market has seen continuous capital inflow, with a significant increase in positions and a total capital scale reaching 48.758 billion yuan, making it the second-largest commodity futures after gold [4] Other Economic Indicators - As of October 29, 2025, the total social logistics volume in China reached 263.2 trillion yuan in the first three quarters, with a year-on-year growth of 5.4%, showing a slight decline in growth rate compared to the first half of the year [6] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 3.2% year-on-year in the first nine months, marking the highest cumulative growth rate since August of the previous year [7]