Report Summary 1. Report Type and Date - Report Type: Stock Index Daily Review [1] - Date: October 15, 2025 [2] 2. Research Analysts - Nie Jiayi (Stock Index), contact: 021 - 60635735, email: niejiayi@ccb.ccbfutures.com, qualification number: F03124070 [3] - He Zhuoqiao (Macro Precious Metals), contact: 18665641296, email: hezhuoqiao@ccb.ccbfutures.com, qualification number: F3008762 [3] - Huang Wenxin (Macro Treasury Bonds and Container Shipping), contact: 021 - 60635739, email: huangwenxin@ccb.ccbfutures.com, qualification number: F3051589 [3] 3. Market Review and Outlook 3.1 Market Review - On October 14, the Wind All - A Index opened higher and then oscillated downward, closing up 0.17%, with over 3,500 stocks falling. The CSI 300, SSE 50, CSI 500, and CSI 1000 closed down 1.20%, 0.21%, 2.46%, and 1.95% respectively, with large - cap blue - chip stocks performing better. Stock index futures performed weaker than the spot market. The main contracts of IF, IH, IC, and IM fell 1.21%, 0.11%, 3.06%, and 2.19% respectively [6]. 3.2 Market Outlook - Tensions between China and the US have significantly eased after extensive communication over the weekend. The US Vice - President Vance said Trump is willing to negotiate on tariffs, and the US Treasury Secretary Besent said a 100% tariff on China may not happen. However, the US is open to all options regarding China's rare - earth export restrictions. - China's export data in September showed resilience, but exports to the US continued to decline. Given the high base due to the export rush at the end of last year, China's export year - on - year data in Q4 may face pressure. - For the A - share market, the previous low - valuation advantage has disappeared after a six - month rise, and the high valuation of the technology sector brings higher risks. The Sino - US game is mainly for the end - of - month negotiation, and China's attitude is more proactive and tough. Therefore, tariff disturbances may not subside soon, and market volatility is likely to continue. - It is recommended to participate with a light position and use arbitrage strategies to resist market risks, such as going long on large - cap blue - chips and short on small - cap growth stocks. In terms of market style, attention can be paid to defensive sectors like banks, gas, and power, as well as new infrastructure and domestic substitution sectors that benefit from policies [7]. 4. Data Overview - The report presents various data charts including domestic major index performance, market style performance, industry sector performance (Shenwan Primary Index), trading volume of Wind All - A, trading volume of stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, and statistics of major ETF fund shares and trading volume. All data sources are from Wind and the Research and Development Department of CCB Futures [9][14][15][16][17][24] 5. Industry News - On October 14, the central bank conducted 91 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%, with a net investment of 91 billion yuan as there were no reverse repurchases due that day [25]. - The Chinese Ministry of Commerce spokesperson stated China's consistent stance on the tariff and trade war: ready to fight to the end if necessary and always open to negotiation. China and the US have broad common interests, and the two sides have been communicating within the framework of the Sino - US economic and trade negotiation mechanism, with a working - level meeting held the previous day [25]. - The National Development and Reform Commission issued the "Administrative Measures for Special Central Budgetary Investments in Energy Conservation and Carbon Reduction", which supports energy - saving and carbon - reduction projects in key industries such as power, steel, non - ferrous metals, building materials, petrochemicals, chemicals, and machinery, as well as in infrastructure and central and state - owned institutions [25].

Market Overview - The A-share market has experienced increased volatility recently, with notable fluctuations in various indices [1] - The Shanghai Composite Index has seen a decline for three consecutive trading days starting from September 2, followed by a strong rebound of 1.24% on September 5 [2] - The Shenzhen Component Index and the ChiNext Index exhibited even greater volatility, with the Shenzhen Component dropping 2.14% and 2.83% on September 2 and 4 respectively, before surging 3.89% on September 5 [2] Hot Stocks on the Dragon and Tiger List - Several popular stocks have appeared on the Dragon and Tiger List amid the market's increased volatility [3] - Shenghong Technology (300476) has been a market leader, with its stock price rising nearly 400% since mid-April. The stock experienced an 8.81% drop on September 4, followed by a 20% limit-up on September 5, reaching a historical high. On September 5, net buying from the Shenzhen Stock Connect was approximately 11.7 billion yuan [3] - New Yisheng (300502), another market leader, has seen a maximum increase of over 700% since mid-April. The stock dropped 15.58% on September 4 but rebounded over 11% on September 5. On September 4, net buying from the Shenzhen Stock Connect was about 4.01 billion yuan [4] - Tianfu Communication (300394) has also shown strong performance, with a maximum increase of over 400% since mid-April. The stock fell 15.42% on September 4 and rebounded 7.57% on September 5, with net buying of approximately 2.82 billion yuan on September 4 [4] Performance of New Energy Stocks - Some stocks in the new energy sector have shown even stronger performance recently, with many appearing on the Dragon and Tiger List [5] - Sungrow Power Supply (300274) has been a strong performer, with trading volumes exceeding 10 billion yuan for three consecutive days. On September 5, the stock surged 16.67%, reaching a new high for the year. From September 3 to 5, net buying from the Shenzhen Stock Connect was 19.31 billion yuan [5] - EVE Energy (300014) is another strong leader in the new energy sector, with a 16.59% increase on September 5. During the same period, several institutional seats appeared on the Dragon and Tiger List, with one institution net buying 2.15 billion yuan, while another net sold 3.06 billion yuan [5]

Core Viewpoint - The A-share market has experienced increased volatility recently, with several popular stocks appearing on the trading platform's "Dragon and Tiger List" [1][2][4]. Market Overview - The A-share market has shown significant fluctuations, with major indices like the Shanghai Composite Index and Shenzhen Component Index experiencing sharp declines followed by strong rebounds [3][4]. - For instance, the Shanghai Composite Index fell for three consecutive trading days starting September 2, then surged by 1.24% on September 5 [3]. Stock Performance - Several leading stocks have seen substantial price movements: - Shenghong Technology has risen nearly 400% since mid-April, with a notable drop of 8.81% on September 4, followed by a 20% limit-up on September 5 [5]. - New Yisheng, a leader in optical modules, has increased over 700% since mid-April, experiencing a 15.58% drop on September 4 and an 11% rise on September 5 [5]. - Tianfu Communication has also shown strong performance, with a 400% increase since mid-April, dropping 15.42% on September 4 and rebounding 7.57% on September 5 [6]. Institutional Activity - Institutional trading activity has been notable: - On September 5, Shenghong Technology saw a net buy of approximately 11.7 billion yuan from the Shenzhen Stock Connect [5]. - New Yisheng had a net buy of about 4.01 billion yuan on September 4, with significant trading from institutional seats [5]. - Tianfu Communication recorded a net buy of approximately 2.82 billion yuan on September 4, with institutions showing a net buying trend [6]. New Energy Sector - The new energy sector has shown strong performance: - Yangguang Power has seen trading volumes exceed 100 billion yuan over three days, with a 16.67% increase on September 5 [7]. - Yiyuan Lithium Energy also rose by 16.59% on September 5, with significant institutional buying activity [7].

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]