Market Performance - On October 20, A-shares showed a high-level fluctuation pattern, with technology sectors recovering, leading to a stronger performance of the ChiNext Index, which rose by 1.98% [1] - The Shanghai Composite Index increased by 0.63%, and the Shenzhen Component Index rose by 0.98% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.74 trillion yuan, a decrease of 200.5 billion yuan compared to the previous Friday [1] International Indices - The Nikkei 225 Index closed up 3.37% at 49,185.5 points, reaching a historical high [1] - The Korea Composite Stock Price Index rose by 1.76% to 3,814.69 points [1] Bond Market - On October 20, government bond futures closed lower across the board, with the 30-year main contract down by 0.37%, the 10-year contract down by 0.14%, the 5-year contract down by 0.11%, and the 2-year contract down by 0.04% [1] Convertible Bonds - The China Convertible Bond Index rose by 0.06% to 474.51 points [1] - Notable performers included Morningstar Convertible Bond, which rose by 20%, and Tongguang Convertible Bond, which increased by 12.59% [1] - Conversely, Yitian Convertible Bond fell by 11.97%, and Jiaze Convertible Bond decreased by 9.27% [1] ETF Performance - On October 20, ETFs showed mixed results, with the Nikkei ETF (513520) rising by 6.57% and the Communication Equipment ETF (159583) increasing by 5.63% [2] - Gold-related ETFs, however, experienced declines, with the Gold Stock ETF (517400) down by 4.71% [2] Institutional Insights - According to a report from CICC, A-share listed companies are expected to disclose their Q3 earnings in mid to late October, with a projected increase in year-on-year profit growth compared to Q2 [2] - Non-bank financial sectors are anticipated to benefit from high market activity, while non-financial sectors, particularly gold and technology hardware, are expected to be structural highlights [2] - Goldman Sachs noted that China's exports have evolved, moving beyond low-cost industrial products for developed markets to targeting emerging markets and gaining a larger share in global high-end manufacturing [2]