Group 1 - The report indicates that the A-share market is expected to maintain a "slow bull" trend, benefiting from the new "National Nine Articles" policy and a similar "4 trillion" investment strategy [8][39] - The A-share market is projected to continue a wide fluctuation and gradual upward trend in November, with specific attention on sectors benefiting from the "15th Five-Year Plan" [4][39] - The report highlights that the major A-share indices have shown an upward trend in 2025, with the ChiNext Index and the Sci-Tech Innovation Board leading with increases of 48.09% and 48.53% respectively [2][10] Group 2 - The report emphasizes that the macroeconomic environment is expected to improve, particularly with the anticipated easing of US-China trade tensions and the positive outcomes from the recent economic discussions [4][20] - Domestic funding conditions are likely to remain relatively loose, driven by long-term capital inflows and a shift of household deposits towards equity markets [5][28] - The report notes that the industrial added value has maintained a year-on-year growth of over 6% in the first three quarters, with industrial profits showing a rebound trend [30][32] Group 3 - The report suggests that the Hong Kong stock market is expected to follow the US market and continue its upward trend, supported by anticipated interest rate cuts by the Federal Reserve [31][37] - The report identifies technology and new consumption sectors as key areas of focus for investment in the Hong Kong market [7][37] - The report highlights that the Hong Kong market has outperformed other major global equity markets in 2025, with significant increases in the Hang Seng Technology Index and the Hang Seng Index [6][31]

Core Viewpoint - Kevin Kelly predicts significant technological advancements in the next 25 years, including brain-computer interfaces, space exploration, personalized medicine, and the rise of artificial intelligence as a foundational infrastructure [5][6][28]. Group 1: Technological Innovations - Brain-computer interfaces will be achievable within 25 years without surgery, using non-invasive methods like a special hat [6][7]. - China is likely to return to the moon before the US and Elon Musk, indicating a lead in manned lunar capabilities [8][9]. - Personalized medicine will emerge, allowing for drugs tailored to specific genetic profiles, enhancing treatment effectiveness [10][11]. Group 2: Future of Communication and Interaction - The next generation of technology will replace smartphones with a "mirror world" accessed through special glasses, integrating virtual and real-world experiences [12][13]. - AI will become a basic infrastructure, with most value derived from how users interact with AI rather than from the AI itself [19][20]. Group 3: Food and Sustainability - Lab-grown meat will become affordable and widely available, eliminating the need for traditional animal farming and addressing ethical concerns [14][15][16]. Group 4: Global Positioning and Soft Power - China has the potential to become a leading global power by producing high-quality products and fostering a desirable culture, enhancing its soft power [17][18]. Group 5: The Role of Trust in AI - Trust will become a core competitive advantage in the workplace, as AI takes over tasks but humans remain responsible for the work [21][22][23]. Group 6: Education and Learning - The ability to learn how to learn will be crucial in the future, with a focus on teaching critical thinking and effective questioning skills [24][25][26].

Market Overview - The market experienced a strong upward movement in the early session, with the ChiNext Index rising over 1% and the Shanghai Composite Index surpassing the 4000-point mark, reaching a ten-year high [1] - By the end of the morning session, the Shanghai Composite Index increased by 0.21%, the Shenzhen Component Index rose by 0.52%, and the ChiNext Index gained 1.35% [1] Sector Performance - The market saw rapid rotation of hotspots, with significant strength in sectors such as Fujian, nuclear power, and commercial aerospace [2] - The Fujian sector was particularly strong, with Pingtan Development achieving a significant increase, hitting the limit up for eight consecutive days, and both Fujian Cement and Haixia Innovation recording two consecutive gains [2] - The nuclear power sector was active, with Dongfang Tantalum Industry achieving three gains in four days, and Antai Technology recording two consecutive gains [2] - The commercial aerospace sector continued its strong performance, with Aerospace Zhizhuang reaching a new historical high [2] - The computing hardware concept also showed repeated activity, with Zhongji Xuchuang refreshing its historical high again [2] Declining Sectors - The coal sector weakened, with Dayou Energy hitting the limit down [3] Trading Volume - The total trading volume of the Shanghai and Shenzhen markets reached 1.35 trillion yuan, a decrease of 215.6 billion yuan compared to the previous trading day [4] - In terms of individual stocks, Shenghong Technology led with a trading volume exceeding 18.7 billion yuan, followed by Zhongji Xuchuang, Xinyi Sheng, and Sanhua Intelligent Control with high trading volumes [4]

出品：新浪财经创投Plus 编辑整理：shu 据中国基金业协会数据显示，2025年9月新增登记的私募股权、创业投资基金管理人仅4家，在8月低基数基础上再降20%，与2024年9月相比减少71.4%；月 内已注销的私募股权、创业投资基金管理人共137家，其中接近三成为主动注销；新增备案私募股权投资基金、创业投资基金分别为177只、380只，合计新 增557只，同比增长83.8%，环比增长51.4%。 机构加速出清、募资有序回暖，带动投资端显著升温。基于公开数据不完全统计，9月国内一级股权投资市场共发生686起融资事件，同比、环比分别增长 37.8%、21.4%；披露总融资额约443.38亿元，较2024年9月提高7.0%，与2025年8月相比增加26.0%；平均单笔融资额约为6463.28万元，同比缩水22.3%，环 比微增3.8%。 值得关注的是，9月6日，汽车生产经销商「一汽奔腾」引入悦达汽车集团、农银投资、中国电信投资和地平线等战略投资方，控股股东中国一汽同步增资， 共获得融资85.5亿元，约占披露融资总额19.3%。 从融资阶段分布来看，早期阶段的种子轮、天使轮、Pre-A轮和A轮融资事件共有474起， ...

每经AI快讯，10月28日，市场焦点股盈新发展（6板）竞价涨停，零售股国光连锁（11天6板）高开 2.81%，氯化亚砜概念股世龙实业（5板）高开0.35%，福建本地股平潭发展（7天5板）竞价涨停，存储 芯片板块时空科技（4板）竞价涨停、大为股份（5天3板）高开5.32%，算力产业链的汇绿生态（6天4 板）高开3.66%、环旭电子（5天3板）低开0.38%，商业航天概念股中信重工（6天4板）低开0.92%、达 华智能（3板）高开7.94%，农药股农心科技（3板）高开4.49%。 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - In the morning session, driven by the smooth progress of China - US economic and trade negotiations, the major indices of the two markets opened higher, with the Shanghai Composite Index approaching 4,000 points. The trading volume increased as the market rose. High - growth industries and the stock market are expected to perform well, and the stability of the stock market is crucial for boosting consumer confidence and promoting economic internal circulation [1][2][3] - High - growth industries such as quantum technology, biomanufacturing, and AI are expected to become new economic growth points in the future, with the potential to double the scale of China's high - tech industry in the next 10 years [3] - Goldman Sachs predicts that Chinese stocks will show a more sustained upward trend in the future, with the MSCI China Index expected to rise by about 30% by the end of 2027 [2] Summary According to the Directory Market Review - The trading volume of the two markets was 2.34 trillion yuan. The CSI 300 Index closed at 4,716 points, up 55 points or 1.18%; the SSE 50 Index closed at 3,069 points, up 23 points or 0.78%; the CSI 500 Index closed at 7,379 points, up 120 points or 1.67%; the CSI 1000 Index closed at 7,495 points, up 76 points or 1.03% [1] - Among industry and theme ETFs, the top gainers were communication equipment ETF, semiconductor equipment ETF, etc., while the top losers were game ETF, real estate ETF, etc. Among the sector indices of the two markets, the top gainers were components, forestry, etc., and the top losers were games, wind power equipment, etc. [1] - The CSI 500, CSI 1000, CSI 300, and SSE 50 index futures saw net inflows of 4.2 billion, 3.8 billion, 3.2 billion, and 700 million yuan respectively in the settled funds [1] Important Information - China - US economic and trade teams had in - depth and constructive exchanges on issues such as 301 measures on the maritime logistics and shipbuilding industries, and reached a basic consensus on resolving concerns [1] - From January to September, the total profit of industrial enterprises above designated size was 5.3732 trillion yuan, a year - on - year increase of 3.2%. In September, the profit of industrial enterprises above designated size increased by 21.6% year - on - year [1] - Global investors' stock allocations are continuously rising, approaching the historical high of the 1990s, driven by factors such as excess global liquidity and technological breakthroughs in AI [1] - Tencent's R & D shows that AI has been deeply integrated into its R & D system, with over 90% of engineers using AI programming assistants and 50% of new code generated by AI, boosting overall R & D efficiency by over 20% [1] - Blue Arrow Aerospace's Zhuque - 3 completed pre - flight fueling and static ignition tests, and is scheduled for an orbital launch in November, aiming to be China's first recyclable launch vehicle [1] - OpenAI completed a $15 trillion chip supply deal, showing high execution efficiency and the urgency of the AI computing power race [2] - The AI data center boom is squeezing the US manufacturing industry, with a 18% increase in data center construction spending and a 2.5% contraction in factory construction this year [2] - Google's cloud business won a major order from AI unicorn Anthropic, posing pressure on its competitor Amazon [2] - After the US sanctions on Russian oil companies, Indian refineries are considering reducing Russian crude oil purchases [2] - A Japanese startup launched the world's first yen - linked stablecoin, marking a change in Japan's financial infrastructure [2] - US quantum computing companies achieved technological breakthroughs, and the industry predicts that the "quantum advantage" may be reached in 3 - 5 years, posing a threat to security [2] - The Fed is expected to cut interest rates for the second consecutive time this week, but extending the easing cycle may face opposition from some officials due to inflation concerns [2] Market Logic - Driven by the smooth progress of China - US negotiations, the major indices of the two markets opened higher. In September, the profit of industrial enterprises above designated size increased significantly year - on - year [1][2] - The "15th Five - Year Plan" proposes to strengthen original innovation and key core technology research in key areas such as integrated circuits and industrial mother machines [2] - As the stock market recovers, investor confidence is increasing, driving up residents' property income, highlighting the importance of stabilizing the stock market [2] - Goldman Sachs predicts that Chinese stocks will have a more sustained upward trend in the future [2] Market Outlook - High - growth industries such as quantum technology and AI are expected to become new economic growth points, with the potential to double the scale of China's high - tech industry in the next 10 years [3] - Chinese stocks are attracting more domestic and foreign investors. Stable stock market can boost consumption and strengthen economic internal circulation [3] - Before the China - US summit on October 30, the uncertainty of the details of the agreement may cause market fluctuations. The Shanghai Composite Index may experience sharp fluctuations around 4,000 points [3] Trading Strategies - For futures index trading, before the China - US summit on October 30, wait for a clearer situation at the end of the month. Long positions in index futures should be mainly based on the CSI 300 Index and the SSE 50 Index [3] - For index option trading, wait and see as there may be sharp fluctuations around the 4,000 - point level of the Shanghai Composite Index [3]

Core Points - The recent Fourth Plenary Session of the 20th Central Committee approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining a strategic framework for the next five years [1] - Emphasis on accelerating high-level technological self-reliance and innovation as a key driver for new quality productivity [1][8] Group 1: Five-Year Plan Significance - The Five-Year Plan serves as a guiding star for long-term economic and social development, playing a crucial role in directing technological innovation and economic growth [2][3] - Experts highlight the importance of the Five-Year Plan in establishing long-term goals and directions for technological innovation, showcasing its continuity and innovative characteristics [2] Group 2: Technological Advancements - China's global innovation index ranking has improved from 34th in 2012 to 10th in 2025, with high-level international journal papers and patent applications leading the world for five consecutive years [3] - The "14th Five-Year Plan" has positioned innovation-driven development at the core of national modernization, emphasizing original innovation and strengthening foundational research [5][6] Group 3: Future Outlook - The "15th Five-Year Plan" is seen as a critical period for achieving high-level technological self-reliance and building a strong technological nation, with a focus on artificial intelligence and addressing challenges such as population aging [7][8] - The plan aims to enhance the integration of technological and industrial innovation, fostering new quality productivity and supporting China's modernization efforts [7][8]

Group 1: Economic Development Strategy - The "15th Five-Year Plan" period is crucial for achieving socialist modernization, emphasizing the need for continuous effort and progressive development[11] - The meeting highlighted the importance of maintaining a stable economic foundation, with strengths in the economy, resilience, and potential for long-term growth[12] - The goal is to achieve significant progress in high-quality development, with a focus on technological self-reliance and strengthening the real economy[14] Group 2: Technological Innovation and Self-Reliance - The emphasis is on accelerating high-level technological self-reliance to lead new productive forces, moving from merely having technology to achieving excellence and leadership[21] - Policies will focus on breaking through key core technologies and enhancing original innovation to seize future technological competition[22] - The aim is to create a robust national innovation system capable of producing disruptive technological achievements[21] Group 3: Domestic Demand and Economic Circulation - The strategy includes expanding domestic demand and strengthening the domestic economic cycle, with specific measures to enhance consumer spending and investment in human capital[23] - The focus is on creating a closed-loop logic between improving people's livelihoods and promoting consumption[24] - The meeting called for breaking down barriers to building a unified national market to unleash domestic demand potential[25] Group 4: High-Level Opening Up - The meeting stressed the need to expand high-level opening up and maintain a multilateral trade system, promoting reform and development through openness[27] - China aims to deepen institutional opening up, enhancing its economic resilience and competitiveness by aligning with international high standards[27] Group 5: Common Prosperity and Social Welfare - The meeting emphasized increasing efforts to improve people's livelihoods and advance common prosperity, ensuring coverage for all citizens[28] - Policies will focus on basic public services and strengthening social security for vulnerable groups[28] - The real estate sector is shifting towards high-quality development, focusing on meeting people's needs and improving product quality[28]

Group 1 - The "Orion" spacecraft for NASA's Artemis 2 mission has successfully docked with the Space Launch System rocket, marking a significant step towards the first crewed deep space flight in over half a century [2] - China successfully launched the Gaofen-14 02 satellite, which will provide high-precision imagery and geographic information for national economic and defense projects, including the Belt and Road Initiative [2] - A breakthrough in the field of photoresists has been achieved by a research team at Peking University, which has developed a method to significantly reduce defects in photoresists through advanced imaging techniques [2] - The ChuanTou Luzhou natural gas power generation project has completed the commissioning of its two units, with a total capacity of 1400 MW, expected to save 348,100 tons of standard coal and reduce CO2 emissions by 912,000 tons annually [2]

Core Insights - The report highlights the strong performance of the gaming industry, with the game "Escape from Duckkov" selling over 1 million copies within a week, indicating sustained high demand in the sector [5] - The aerospace industry is expected to experience significant growth opportunities following the announcement of "Aerospace Power" in the Fourth Plenary Session, with related stocks such as China Satellite Communications and China Satellite being highlighted [5] - The storage chip sector in the US has seen a substantial increase, with a continued upward trend in storage prices expected in Q4, pointing to potential investment opportunities in related companies like Purun Technology and Yake Technology [5] Industry Dynamics - The macroeconomic environment is being shaped by the 18th meeting of the 14th National People's Congress, which is reviewing significant legislative changes, including the revision of maritime laws and the establishment of Taiwan Recovery Day [4] - The State Council is planning major policies and reforms aimed at stimulating economic growth, which could positively impact various sectors [4] - The central bank is focused on maintaining stability in financial markets, including stock, bond, and foreign exchange markets, by carefully managing monetary policy [4] Company Focus - Guoxuan High-Tech reported a net profit of 2.533 billion yuan for the first three quarters, marking a remarkable year-on-year growth of 514.35% [6] - Taihe Intelligent's net profit for the same period reached 28.7793 million yuan, reflecting a year-on-year increase of 46.28% [6] - Longjing Environmental Protection plans to raise no more than 2 billion yuan through a private placement, aimed entirely at replenishing working capital [6] - AVIC Optoelectronics is actively pursuing research and development needs in the controllable nuclear fusion industry chain, particularly in valve systems and complete machine research [6] Market Review and Outlook - On October 24, the market experienced a rebound, with the Shanghai Composite Index reaching a new high for the year, and the ChiNext Index leading the gains [7] - The total trading volume in the Shanghai and Shenzhen markets was 1.97 trillion yuan, an increase of 330.3 billion yuan from the previous trading day [7] - The report suggests that the A-share market may continue to exhibit a pattern of steady fluctuations, supported by rising policy expectations and the verification of Q3 earnings [7] - Investors are advised to maintain strategic focus and actively seek quality assets during this volatile market phase, with technology growth remaining a long-term market theme [7]