Report Industry Investment Rating - Not provided in the report Core Viewpoints - After high-level fluctuations in September, the stock index is expected to enter a direction - selection phase again, with a high probability of maintaining a bullish trend [2] - In the short term, due to Sino - US trade issues, market risk - aversion sentiment may intensify, and stock market volatility may increase [2] - Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market [2] - In the fourth quarter, considering the potential intensification of growth - stabilizing policies and the possible resonance of global monetary and fiscal policies, the market style may shift towards value and become more balanced compared to the third quarter [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts decreased, with declines ranging from - 0.87% to - 1.19%. Trading volumes varied, and changes in open interest showed a mixed pattern, with some decreasing and some increasing [1] - **IH Contracts**: The previous day's closing prices of IH contracts had minor changes, with small increases or decreases. Trading volumes and open - interest changes also showed different trends [1] - **IC Contracts**: The previous day's closing prices of IC contracts decreased significantly, with declines of up to - 2.99%. Trading volumes were relatively large, and open - interest changes were mixed [1] - **IM Contracts**: The previous day's closing prices of IM contracts decreased, with declines between - 1.78% and - 2.18%. Trading volumes were substantial, and open - interest changes were a combination of increases and decreases [1] - **Inter - month Spreads**: The current values of inter - month spreads for some contracts changed compared to the previous values [1] 2. Stock Index Spot Market - **Major Indexes**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indexes all showed different degrees of decline, with the CSI 500 and CSI 1000 having relatively larger declines [1] - **Industry Indexes**: In the CSI 300 industry indexes, the main consumption and real - estate finance sectors had positive growth rates, while the pharmaceutical and information technology sectors had negative growth rates [1] 3. Futures - Spot Basis - The basis values of different contracts relative to their corresponding indexes changed compared to the previous two days [1] 4. Other Domestic and Overseas Indexes - Domestic indexes such as the Shanghai Composite Index, Shenzhen Component Index, and others showed declines, while information on overseas indexes like the Hang Seng Index, Nikkei 225, and S&P was also provided [1] 5. Macroeconomic Information - Chinese Premier Li Qiang emphasized the need to implement counter - cyclical adjustments, expand domestic demand, and create a first - class industrial ecosystem [2] - China countered the US' 301 investigation on its maritime, logistics, and shipbuilding sectors by restricting transactions with relevant US subsidiaries of Hanwha Ocean [2] - Fed Chair Powell hinted at a possible end to balance - sheet reduction and a 25 - basis - point interest rate cut this month [2] - The central bank's monetary policy department stated that the RMB exchange rate will remain stable in the long - term [2] 6. Industry Information - Relevant authorities may issue a document to regulate photovoltaic production capacity, including restrictions on capacity utilization and a ban on new capacity [2] - The National Development and Reform Commission will support energy - saving and carbon - reduction transformations in key industries [2] - In September, China's automobile production and sales reached new highs, with significant year - on - year growth, and new - energy vehicle production and sales also set records [2] - Shanghai aims to boost the intelligent terminal industry, targeting a total scale of over 300 billion yuan by 2027 [2]

昨日A股 10月14日，市场全天震荡调整，创业板指、科创50指数盘中双双跌超4%。截至收盘，沪指跌0.62%，深 成指跌2.54%，创业板指跌3.99%。沪深两市成交额2.58万亿，较上一个交易日放量2215亿。 盘面上，市场热点较为杂乱，超硬材料概念股全天领涨，港口航运板块逆势上涨，银行板块持续拉升。 下跌方面，半导体板块集体下跌，有色金属板块冲高回落。板块方面，保险、煤炭、银行、港口航运等 板块涨幅居前，半导体、CPO等板块跌幅居前。 | 名称 | 最新点位 | 涨時幅 | | --- | --- | --- | | 上证指数 | 3865.23 | -24.27 (-0.62%) | | 深证指数 | 12895.11 | -336.36(-2.54%) | | 创业板指 | 2955.98 | -122.78(-3.99%) | | | 日期:10月14日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指10月14日涨跌不一。截至当天收盘，道琼斯工业平均指数比前一交易日上涨202.88 点，收于46270.46点，涨幅为0.44%；标准普尔500种股票指数下跌10.41点，收于6644.31点，跌 ...

Market Overview - The three major US stock indices closed mixed, with the Dow Jones up 0.44%, the Nasdaq down 0.76%, and the S&P 500 down 0.16%. Major tech stocks mostly declined, with Nvidia down over 4% and Walmart up 5%, reaching a record closing high [1] - The Nasdaq China Golden Dragon Index fell 1.95%, with Chinese concept stocks generally declining, including NIO down over 5% and Baidu down over 4% [1] Federal Reserve Insights - Federal Reserve Chair Jerome Powell warned of further signs of distress in the US labor market, suggesting a potential interest rate cut later this month. He indicated that the risk of job losses has increased, marking the strongest hint yet that the Fed may lower borrowing costs by 25 basis points [1] - Powell also mentioned that the Fed might soon end its long-standing efforts to reduce its balance sheet, known as quantitative tightening, to ensure sufficient liquidity in the financial system [1] Industry Developments - The China National Nuclear Corporation's Southwest Institute of Physics has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas coolant systems, which enhances China's engineering verification capabilities [3] - The advancement supports the construction of China's fusion experimental reactor and the ITER project, positioning nuclear fusion as a key focus in global energy strategies [3] - The demand for large-capacity storage products is rising due to AI inference applications, prompting HDD and SSD suppliers to expand their offerings. The HDD market faces a significant supply gap, leading NAND Flash manufacturers to accelerate production of ultra-large capacity SSDs [4][5] - The storage industry is expected to see a recovery driven by limited capacity and unexpected demand, with DRAM prices rising approximately 72% over the past six months [5] - Shanghai's Economic and Information Technology Commission has issued a development plan for the smart terminal industry, emphasizing the need for advancements in AI and computing technologies [6] Company Announcements - Magnetic Valley Technology announced that a shareholder plans to reduce their stake by up to 0.86% of the total share capital [7] - Tianli Lithium Energy disclosed that a shareholder intends to reduce their holdings by up to 3% of the total share capital [7] - Ruyi Group received a notice from the China Securities Regulatory Commission regarding an investigation for suspected information disclosure violations, but operations remain normal [7] - Huayi Technology announced a plan for a shareholder to reduce their stake by up to 3% of the total share capital [8]

Group 1 - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a supportive monetary policy stance [1][2] - The net injection of 400 billion yuan this month is aimed at meeting financing needs for enterprises and residents, as well as stabilizing market confidence [1][2] Group 2 - Huayin Securities has raised the margin ratio for securities financing to 100%, following Guojin Securities, indicating a trend of increased risk management among brokerage firms [2][4] - The increase in margin ratio from 80% to 100% reduces the leverage level for investors, which may signal a cautious approach in the market [2][3] Group 3 - Shanghai's action plan aims to grow the smart terminal industry to over 300 billion yuan by 2027, with a focus on developing globally influential consumer brands and leading enterprises [6][7] - The plan highlights opportunities in the AI sector, particularly in supply chain and product breakthroughs for leading consumer electronics companies [6][7] Group 4 - Ru Yi Group is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations [8]

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2] Group 1: Industry Goals - By 2027, the intelligent terminal industry in Shanghai is expected to achieve a total scale exceeding 300 billion yuan, with targets to cultivate three globally influential consumer terminal brands and two leading enterprises [1] - The plan includes achieving a production scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [1][2] Group 2: Financial Support and Investment - The action plan emphasizes increasing financing support for terminal enterprises through industrial transformation funds and guiding social capital and professional institutions to participate in investment [1][2] - It encourages financial institutions to strengthen the guarantee of financing needs for the intelligent terminal sector [1] Group 3: Product Development Focus - The plan aims to cultivate leading brands in artificial intelligence computers and support the transformation of traditional computer production capacity to AI computers [1][2] - It also calls for the establishment of a satellite terminal production line to create a Shanghai brand for satellite terminals, targeting a production capacity of 100,000 units [2] Group 4: Technological Advancements - The action plan highlights the need for collaboration between terminal enterprises and chip/algorithm companies to enhance the security and efficiency of the supply chain [3] - It emphasizes the importance of data-driven approaches to unlock the value of terminal data and create competitive advantages through a "product + scenario + ecosystem" integration [3] Group 5: Market Predictions - Experts predict that this year will be a year of explosive growth for intelligent terminals, with AI terminal shipments accounting for 42% of global totals in the first half of the year and a projected 20% increase in shipments for AI smartphones, AIPC, and AI tablets for the entire year [3]

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)", aiming to enhance the city's intelligent terminal industry, targeting a total scale exceeding 300 billion yuan by 2027 and establishing over three globally influential consumer terminal brands [1][17]. Group 1: Key Product Development Actions - Promote the rapid development of artificial intelligence computers, aiming for an annual production capacity of 10 million units and a complete transition from traditional computers to AI computers [3][18]. - Develop artificial intelligence smartphone products to fill the production capacity gap in the city, focusing on AI-enabled interaction methods and real-time scene understanding [3][18]. - Enhance the scale of intelligent computing terminals by accelerating the deployment of edge computing integrated machines and developing lightweight inference products [4][18]. - Strengthen the capabilities of humanoid robots, supporting R&D and mass production of products with emotional intelligence and skills [5][19]. - Support the advancement of smart glasses, focusing on AR, MR, and VR products, and creating a complete product matrix for various market segments [6][20]. - Cultivate satellite internet terminal products to meet low-orbit satellite constellation deployment needs, aiming for a production scale of 100,000 satellite terminals [7][20]. - Stimulate the silver economy by supporting the development of AI hearing aids, autonomous wheelchairs, and other innovative products for the elderly [8][20]. - Launch industrial terminal products that adapt to advanced AI technology trends, promoting smart factory transformations [9][20]. - Accelerate the R&D of future terminals, focusing on next-generation mobile communication and quantum computing technologies [10][20]. - Innovate new consumer terminal products, including smart vehicle terminals, wearables, and smart home devices [11][21]. Group 2: Key Technology Foundations - Strengthen the layout of edge AI chips, focusing on SoC and CPU development across major technology routes [12][22]. - Enhance the performance of edge models, supporting the development of competitive edge model products [14][22]. - Promote software and hardware collaborative innovation to improve the efficiency and energy efficiency of edge models [13][22]. - Reinforce intelligent module capabilities by integrating multi-modal sensing and developing edge computing modules [23][22]. - Advance next-generation display technologies, focusing on lightweight, low-power, and high-resolution innovations [15][24]. Group 3: Industry Ecosystem Optimization Actions - Enhance the competitiveness of Shanghai's intelligent terminal brands through targeted policies and support for brand operations [25][26]. - Build large-scale production bases for intelligent terminals, improving support for technological upgrades and smart factory initiatives [26][26]. - Accelerate the formation of industrial agglomeration effects by developing key areas for intelligent terminal industries [26][26]. - Increase financial support for the industry through investment funds and encourage participation from various enterprises [26][26]. - Promote the application and adoption of intelligent terminal products across various sectors, leveraging government procurement to drive innovation [26][26].

Core Viewpoint - Shanghai's government has released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming to strengthen the intelligent terminal industry, targeting a scale exceeding 300 billion yuan by 2027 and fostering globally influential consumer terminal brands [1][2]. Group 1: Industry Development Goals - The plan aims for the intelligent terminal industry in Shanghai to exceed 300 billion yuan by 2027, with the establishment of over three globally influential consumer terminal brands and two leading enterprises [1][2]. - It targets the production of over 10 million units each for AI computers, AI smartphones, and AI new terminals [1][2]. Group 2: Key Product Development Initiatives - The plan emphasizes the acceleration of AI computer development, aiming to create a leading brand and a production base with an annual capacity of 10 million units [2][3]. - It includes the enhancement of intelligent computing terminal scales and the development of edge computing integrated machines to support various industries [2][3]. Group 3: Technological Advancements - The plan outlines the need to strengthen the layout of edge AI chips, focusing on core chips like SoC and CPU across major technology routes such as X86, ARM, and RISC-V [4][5]. - It promotes the development of multi-modal perception capabilities and the integration of various sensor data to enhance traditional terminal products' intelligence [5]. Group 4: Industrial Ecosystem Optimization - The plan highlights the importance of financial support for the industry, encouraging investment funds to back Shanghai's terminal enterprises and promoting mergers and acquisitions among quality firms [5]. - It aims to create industrial clusters by enhancing collaboration between districts and fostering competitive enterprises within the intelligent terminal supply chain [5].

Core Viewpoint - Shanghai's government has released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming to strengthen the intelligent terminal industry with a target scale exceeding 300 billion yuan by 2027, and to cultivate globally influential consumer terminal brands and leading enterprises [1][2]. Group 1: Key Actions for Terminal Core Products - The plan emphasizes the development of artificial intelligence computers, aiming to establish a production base with an annual capacity of 10 million units and to transform traditional computer production towards AI computers [1][2]. - It aims to enhance the scale of intelligent computing terminals, including the development of edge computing integrated machines and AI-enabled solutions for various industries [2][4]. Group 2: Key Technology Foundations - The plan outlines five specific measures, including strengthening the layout of edge AI chips and improving model performance for terminal products [4][5]. - It supports the development of core chips like SoC and CPU across major technology routes (X86, ARM, RISC-V) and promotes the advancement of edge GPU chips [4][5]. Group 3: Industrial Ecosystem Optimization - The plan highlights the need for increased financial support for the industry through investment funds and encourages state-owned enterprises to participate in the development of the intelligent terminal industry [6]. - It aims to create industrial clusters by enhancing collaboration between districts and fostering competitive enterprises within the intelligent terminal supply chain [6].

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2]. Group 1: Industry Goals - By 2027, the intelligent terminal industry in Shanghai is expected to achieve a scale exceeding 300 billion yuan, with targets to cultivate three globally influential consumer terminal brands and two leading enterprises [1]. - The plan includes achieving a production scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [1]. Group 2: Financial Support and Investment - The action plan emphasizes increasing financing support for terminal enterprises through industrial transformation funds and guiding social capital and professional institutions to participate in investment [1][2]. - It encourages financial institutions to strengthen the guarantee of financing needs for intelligent terminals [1]. Group 3: Product Development Focus - The plan aims to cultivate leading brands in artificial intelligence computers and support the transformation of traditional computer production capacity to AI computers, establishing a production base with an annual capacity of 10 million units [1][2]. - It also focuses on developing AI smartphone brands and enhancing production capabilities to fill gaps in Shanghai's smartphone terminal capacity [2]. Group 4: Technological Advancements - The action plan calls for the establishment of an intelligent server terminal industry cluster, enhancing system optimization capabilities, and achieving a scale of 10 billion yuan [2]. - It highlights the need for strengthening the layout of AI chips for various terminal products, including mobile phones and computers, covering major technology routes like X86, ARM, and RISC-V [2]. Group 5: Market Potential - Experts predict that this year will be a year of explosive growth for intelligent terminals, with AI terminal shipments accounting for 42% of the global total in the first half of the year, and a projected 20% increase in shipments of AI smartphones, AIPC, and AI tablets for the entire year [3].

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2] - The plan emphasizes the need for financial support through industry transformation funds and encourages collaboration between state-owned capital and private investments to bolster the intelligent terminal sector [1][2] - The government aims to enhance the production capacity of artificial intelligence computers, smartphones, and satellite terminals, with specific targets for annual production and market presence [2][3] Group 1 - The intelligent terminal industry in Shanghai is projected to surpass 300 billion yuan by 2027, with goals to produce over 10 million units each of AI computers, AI smartphones, and new AI terminals [1][2] - The plan includes the establishment of a robust financing framework to support terminal enterprises, leveraging state-owned capital and encouraging private investment [1][2] - The focus is on developing leading brands in AI computers and smartphones, with a push for traditional computer manufacturers to transition to AI capabilities [2][3] Group 2 - The initiative aims to create a cluster for intelligent computing server terminals, targeting a scale of 10 billion yuan and promoting the application of core components like GPUs [2] - There is a strong emphasis on building a competitive edge in satellite terminal production, with a goal of achieving a production scale of 100,000 units [2] - The plan also highlights the importance of advancing AI chip development across various terminal products, including smartphones and computers, to cover major technology routes [2][3] Group 3 - The Shanghai government is committed to fostering globally influential consumer terminal brands, focusing on technological advancements and collaboration across the supply chain [3] - Experts predict a significant growth year for AI terminals, with expectations that AI device shipments will increase by 20% this year, reflecting a strong market demand [3]