Core Viewpoints - The A-share market experienced a rebound, with the technology sector regaining momentum, driven by improved risk appetite due to easing geopolitical tensions and favorable U.S. inflation data [2][16] - The "14th Five-Year Plan" development goals were clarified during the Fourth Plenary Session, emphasizing technological self-reliance and the cultivation of emerging industries [2][6] - The report suggests focusing on three main investment themes: technology growth sectors, industries benefiting from policy support, and consumer sectors with low valuations [2][16] Recent Economic Data - The GDP growth rate for Q3 was reported at 4.8%, a decrease from 5.4% in Q1 and 5.2% in Q2, indicating a marginal slowdown in economic growth [3][4] - Industrial production showed a year-on-year increase of 6.5% in September, with high-tech industries growing at 10.3% [3][4] - Retail sales growth slowed to 3.0% in September, reflecting the diminishing effects of the "trade-in" policy [3][4] Policy Tracking - The Fourth Plenary Session outlined major goals for the "14th Five-Year Plan," including significant improvements in high-quality development and technological self-reliance [6][7] - The session emphasized the importance of addressing rural issues and promoting urban-rural integration, with an estimated market space of around 10 trillion yuan over the next five years [6][7] - Financial policies will focus on maintaining stability in capital markets and enhancing the resilience of the financial system [6][7] Market Performance - The A-share market saw significant gains, with the Shanghai Composite Index rising by 2.9% and the ChiNext Index increasing by 8.0% [2][16] - Among 31 sectors, 28 reported positive returns, with telecommunications, electronics, and power equipment sectors leading the gains [2][16] - The average daily trading volume in the A-share market decreased to 1.8 trillion yuan, a drop of 18.04% from the previous week [2][16] Investment Recommendations - The report recommends focusing on sectors that are expected to benefit from both domestic and external demand, particularly in technology and traditional cyclical industries [2][16] - It also highlights the potential for improvement in sectors driven by policy support and those currently undervalued in the consumer space [2][16] - The report notes the importance of monitoring the upcoming "14th Five-Year Plan" guidelines and quarterly earnings reports for further investment insights [20]

- The report mentions the construction of the **A-share prosperity index**, which is based on the year-on-year net profit of the Shanghai Composite Index as the Nowcasting target. The index is currently in an upward cycle, with a value of 20.44 as of October 24, 2025, showing an increase of 15.02 compared to the end of 2023[29][32][33] - The report discusses the **A-share sentiment index**, which is constructed using market volatility and trading volume changes. The index divides the market into four quadrants based on the direction of volatility and trading volume changes. Among these quadrants, only the "volatility up-trading volume down" quadrant shows significant negative returns, while the others show significant positive returns. The sentiment index includes bottom warning and top warning signals. Currently, the bottom signal indicates bearishness, the top signal also indicates bearishness, and the overall sentiment signal is bearish[33][36][38] - The report analyzes **style factors** using the BARRA factor model, which includes ten categories: size (SIZE), beta (BETA), momentum (MOM), residual volatility (RESVOL), non-linear size (NLSIZE), valuation (BTOP), liquidity (LIQUIDITY), earnings yield (EARNINGS_YIELD), growth (GROWTH), and leverage (LVRG). Recent market trends show that liquidity factors are positively correlated with beta, momentum, and residual volatility, while valuation factors are negatively correlated with beta, residual volatility, and liquidity. Among style factors, beta factors have shown high excess returns, while non-linear size factors have shown significant negative excess returns. High-leverage stocks have performed well recently, while residual volatility and non-linear size factors have underperformed[57][58][60] - The report evaluates the **performance of enhanced index portfolios**. The CSI 500 enhanced portfolio achieved a weekly return of 2.06%, underperforming the benchmark by 1.39%. Since 2020, the portfolio has generated an excess return of 52.33% relative to the CSI 500 index, with a maximum drawdown of -5.73%. The CSI 300 enhanced portfolio achieved a weekly return of 3.24%, underperforming the benchmark by 0.01%. Since 2020, the portfolio has generated an excess return of 38.28% relative to the CSI 300 index, with a maximum drawdown of -5.86%[46][52][53] - The report highlights the **performance of industry factors**. Industry factors such as oil and petrochemicals, communication, and electronics have achieved relatively high excess returns compared to the market capitalization-weighted portfolio. On the other hand, industry factors such as non-ferrous metals, food and beverages, and retail have experienced significant pullbacks[58][61][63]

- The short-term trading volume model is neutral for A-shares[2][12] - The low volatility model is neutral for A-shares[2][12] - The characteristic institutional model is bearish for A-shares[2][12] - The characteristic trading volume model is bearish for A-shares[2][12] - The intelligent algorithm model for the CSI 300 is bearish for A-shares[2][12] - The intelligent algorithm model for the CSI 500 is bearish for A-shares[2][12] - The mid-term limit-up and limit-down model is neutral for A-shares[2][13] - The mid-term calendar effect model is neutral for A-shares[2][13] - The long-term momentum model is bullish for A-shares[2][14] - The comprehensive A-share model V3 is bearish[2][15] - The comprehensive A-share model for the CSI 2000 is bearish[2][15] - The mid-term trading volume to volatility model is bearish for Hong Kong stocks[2][16]

Market Overview - On October 23, the A-share market experienced a slight rebound with a trading volume of 1.66 trillion yuan, marking six consecutive trading days with volumes below 2 trillion yuan [1][2] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.22%, 0.22%, and 0.09% respectively, while the Sci-Tech 50 Index and North China 50 Index fell by 0.30% and 1.07% [1][2] Sector Performance - Active sectors included ice and snow tourism, lithium mining, coal, quantum technology, and operating systems, while sectors like cultivated diamonds, optical modules, and advanced packaging saw some adjustments [2] - The coal sector led gains, with companies such as Shaanxi Black Cat and Shanxi Coking Coal hitting the daily limit [2] QFII Activity - As of October 22, 372 A-share companies had disclosed their Q3 reports, with 73 companies showing QFII as a top ten shareholder [3][4] - QFII increased holdings in 30 stocks and raised positions in 21 others, with total holdings amounting to 3.73 billion shares valued at 8.694 billion yuan [3][4] Investment Sentiment - Analysts suggest that global investors still have low exposure to Chinese assets, indicating potential for increased allocations as policies clarify and economic data improves [5][6] - The overall market sentiment remains cautious, with liquidity tightening and a focus on structural issues and external uncertainties [3][6] Future Outlook - Analysts predict that the A-share market may continue to experience fluctuations, with upward potential driven by policy support and improving fundamentals [6][7] - High dividend, low valuation defensive sectors are recommended for investment, alongside a focus on technology growth areas such as AI and high-end manufacturing [7]

Core Insights - The Social Security Fund has revealed its third-quarter investment strategy, focusing on leading companies and technology sectors while maintaining traditional holdings in pharmaceuticals and consumer goods [1][3][8] Holdings Overview - As of October 22, the Social Security Fund appeared in the top ten shareholders of 43 companies, with a total holding of 738 million shares valued at 15.52 billion yuan [2][3] - The top ten holdings by market value include: Haida Group (1.83 billion yuan), China Jushi (1.48 billion yuan), Cangge Mining (1.05 billion yuan), and others [2] Investment Strategy - The fund's investment strategy is characterized by a balanced allocation between traditional industries and emerging sectors, particularly in pharmaceuticals, high-end manufacturing, and consumer goods [3][9] - The fund shows a preference for industry leaders, which typically possess strong competitive advantages and stable operations [3][9] New Trends: Technology Focus - In the third quarter, the fund initiated positions in 14 new stocks, increased holdings in 12 stocks, and reduced positions in 8 stocks [4][5] - New investments include companies in communication equipment and electronics, indicating alignment with national policies supporting emerging industries [6][9] Performance and Growth Potential - The stocks that the fund increased holdings in are primarily from sectors with strong performance, reflecting a focus on companies with solid earnings growth [7][9] - The top three stocks by increased market value are Dazhu Laser (486 million yuan), Dielian Technology (433 million yuan), and Jinling Mining (370 million yuan) [6] Future Outlook - Analysts predict that the Social Security Fund will continue to adopt a "core assets - technology growth" dual strategy, emphasizing long-term holdings in core assets while dynamically adjusting to market conditions [8][11] - The fund is expected to allocate more resources to sectors aligned with national strategic goals, particularly in technology innovation and industrial upgrades [9][10]

Core Insights - Today, 48 stocks received buy ratings from institutions, with a total of 66 buy rating records published [1] - The stock with the highest attention is Guai Bao Pet, receiving 5 buy ratings [1] - Among the rated stocks, 15 have an upside potential exceeding 20%, with Guai Bao Pet having the highest potential at 61.09% [1] - Eight stocks received their first institutional buy ratings today, including Keda Xunfei and Meihua Biological [1] Company Performance - 40 of the rated stocks have reported Q3 earnings, with Xinqiang Lian showing the highest net profit growth of 1939.50% year-on-year [2] - Other companies with significant net profit growth include Wancheng Group and Tonghuashun, with increases of 917.04% and 85.29% respectively [2] - The average decline for stocks with buy ratings today was 0.25%, underperforming the Shanghai Composite Index [1] Industry Insights - The most favored industries include power equipment and communications, each with 6 stocks listed in the buy rating category [2] - Basic chemicals and computers also received attention, with 4 stocks each on the buy rating list [2]

Core Viewpoint - The Biotech Index (970038) closed at 2259.94 points, down 0.06%, with a trading volume of 17.182 billion yuan and a turnover rate of 1.24% on October 23 [1] Group 1: Index Performance - The Biotech Index had 26 stocks rising and 22 stocks falling on the day, with Huace Testing leading the gainers at a 3.03% increase, while Jingxin Pharmaceutical led the decliners with a 4.17% drop [1] - The top ten constituent stocks of the Biotech Index include: - Mindray Medical (13.81% weight, latest price 221.80, market cap 268.92 billion yuan) [1] - Changchun High-tech (5.41% weight, latest price 117.65, market cap 47.994 billion yuan) [1] - Kanglong Chemical (4.66% weight, latest price 31.44, market cap 55.906 billion yuan) [1] - Others include Shishi Yushang, Biao Ge Pharmaceutical, and more, all within the biotech and related sectors [1] Group 2: Capital Flow - The Biotech Index constituents experienced a net outflow of 502 million yuan from main funds, while retail investors saw a net inflow of 354 million yuan [3] - Detailed capital flow for key stocks includes: - Deep Technology: Main fund net inflow of 82.5949 million yuan, retail net inflow of 21.4 million yuan [3] - Mindray Medical: Main fund net inflow of 66.9479 million yuan, retail net outflow of 3.6088 million yuan [3] - Other stocks like Muyuan Foods and Kanglong Chemical also showed varying levels of net inflow and outflow from different investor categories [3]

Core Insights - QFII has significantly increased its presence in the A-share market, with 73 companies reporting QFII as a major shareholder in their top ten circulating shareholders list as of the end of Q3 2025 [1][6] - The total market value of QFII holdings reached approximately 8.69 billion yuan, with notable investments in the electric power equipment and agriculture sectors [1][6] QFII Holdings Overview - A total of 372 A-share companies have disclosed their Q3 2025 reports, with QFII holding 373 million shares valued at 869.4 million yuan [1][2] - The top three QFII holdings by market value are: - 思源电气 (Siyuan Electric) with 1,161.87 million shares valued at 1.27 billion yuan - 中国西电 (China XD Electric) with 12,967.11 million shares valued at 876.57 million yuan - 海大集团 (Haida Group) with 1,201.85 million shares valued at 766.42 million yuan [2][4] Sector Analysis - QFII's holdings are concentrated in the following sectors: - Electric power equipment: 2.43 billion yuan - Agriculture, forestry, animal husbandry, and fishery: 1.43 billion yuan - Machinery: 856 million yuan [6][5] Changes in Holdings - In Q3 2025, QFII entered as a major shareholder in 30 new stocks, with significant increases in holdings for companies like: - 中国西电 (China XD Electric) with an increase of 72.85 million shares - 星网宇达 (StarNet) with an increase of 6.99 million shares - 思源电气 (Siyuan Electric) with an increase of 3.51 million shares [3][4] Institutional Holdings - The top three QFII institutions by market value are: - Morgan Stanley International with 2.04 billion yuan - JPMorgan Securities with 1.53 billion yuan - UBS Group with 1.19 billion yuan [8][7]

Market Overview - The Shanghai Composite Index fell by 0.66% today, with a trading volume of 764.17 million shares and a total transaction value of 1,058 billion yuan, a decrease of 5.00% compared to the previous trading day [1]. Industry Performance - The coal industry showed the highest increase, with a rise of 1.55%, followed by the oil and petrochemical sector at 1.13%, and public utilities at 0.58% [1]. - The telecommunications sector experienced the largest decline at 2.49%, followed by electronics at 2.14%, and building materials at 1.86% [2]. Leading Stocks - In the coal sector, Shaanxi Black Cat led with a gain of 10.12% [1]. - Hengli Petrochemical in the oil and petrochemical sector increased by 4.63% [1]. - Shenzhen Energy in public utilities rose by 9.96% [1]. - In the telecommunications sector, Changfei Fiber fell by 8.08% [2]. - Weier High in electronics dropped by 13.31% [2]. Trading Volume by Industry - The coal industry had a trading volume of 162.16 billion yuan, an increase of 61.42% from the previous day [1]. - The oil and petrochemical sector recorded a trading volume of 133.84 billion yuan, up by 7.85% [1]. - The telecommunications sector had a trading volume of 573.57 billion yuan, down by 20.59% [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The market should focus on the meeting at the end of the month. Trump expects to reach a good trade agreement with Chinese leaders during the APEC Economic Leaders' Meeting next week, but the meeting may be cancelled. The US government shutdown has lasted for 22 days, and it may continue until November and exceed the 35 - day record of Trump's first - term shutdown [1]. - A - share three major indexes fluctuated. The Shanghai Composite Index fell 0.07% to close at 3913.76 points, and the ChiNext Index fell 0.79%. In the industry, most sector indexes declined. The petroleum and petrochemical, banking, and household appliance industries led the gains, while the non - ferrous metals, power equipment, and agriculture, forestry, animal husbandry, and fishery industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets was about 1.7 trillion yuan. Overseas, the three major US stock indexes closed down across the board, with the Nasdaq falling 0.93% to 22740.40 points [1]. - In the futures market, the basis of IF, IC, and IM rebounded. The trading volume and open interest of stock index futures decreased simultaneously [1]. - Affected by the correction of precious metal prices, the non - ferrous sector opened lower in the morning, and the CSI 500 Index performed relatively weakly. However, supported by the long - term expectations of the "15th Five - Year Plan", the CSI 500 is expected to gradually strengthen. Attention should be paid to the key policy documents issued after the Fourth Plenary Session of the 20th Central Committee, which may provide guidance for clarifying the main direction of the market [2]. 3. Summary by Related Catalogs 3.1 Macro - economic Charts - Include charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles [1][4][5][9][11] 3.2 Spot Market Tracking Charts - The daily performance of domestic major stock indexes on October 22, 2025: the Shanghai Composite Index was 3913.76, down 0.07% from the previous day; the Shenzhen Component Index was 12996.61, down 0.62%; the ChiNext Index was 3059.32, down 0.79%; the CSI 300 Index was 4592.57, down 0.33%; the SSE 50 Index was 3010.10, up 0.09%; the CSI 500 Index was 7128.48, down 0.80%; the CSI 1000 Index was 7312.21, down 0.43% [13] 3.3 Stock Index Futures Tracking Charts - The trading volume and open interest of stock index futures decreased. For example, the trading volume of IF was 96934, a decrease of 25532; the open interest was 249313, a decrease of 9453 [15] - The basis data of stock index futures: for IF, the basis of the current - month contract was - 18.57, an increase of 0.70; for IH, the basis of the current - month contract was - 6.50, a decrease of 3.44; for IC, the basis of the current - month contract was - 63.48, an increase of 13.34; for IM, the basis of the current - month contract was - 75.01, an increase of 8.04 [37] - The inter - period spread data of stock index futures: for example, for the IF contract, the spread between the next - month and current - month contracts was - 10.60, an increase of 0.40 [43]