Core Viewpoint - The article emphasizes the importance of building a modern industrial system as the material and technological foundation for a modern nation, as outlined in the "14th Five-Year Plan" by the Central Committee of the Communist Party of China [1]. Group 1: Optimizing Traditional Industries - The plan aims to enhance and upgrade key traditional industries such as mining, metallurgy, chemical, light industry, textiles, machinery, shipbuilding, and construction to strengthen their global competitiveness [4]. - It focuses on improving the self-controllability of industrial chains and emphasizes the need for major technological breakthroughs and the implementation of high-quality development actions for key manufacturing industries [4]. Group 2: Developing Emerging Pillar Industries - The initiative includes the implementation of industrial innovation projects to promote the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy [5]. - It aims to create a robust industrial ecosystem by facilitating large-scale application demonstrations of new technologies, products, and scenarios to accelerate the growth of emerging industries [5]. Group 3: Forward-Looking Layout for Future Industries - The plan encourages exploration of diverse technological routes, typical application scenarios, feasible business models, and market regulation rules to drive growth in sectors like quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [6]. - It also emphasizes the need for innovative regulatory methods and the development of venture capital to support the growth of future industries [6][8]. Group 4: Enhancing and Upgrading the Service Sector - The strategy includes actions to expand and improve the service sector, enhance regulatory reforms, and develop a supportive policy framework [9]. - It aims to promote the specialization and high-end value chain extension of productive services while fostering high-quality, diversified, and convenient development in the life services sector [9].

Group 1 - The aerospace ETF (159227) experienced a slight decline of 0.94% on October 30, with a trading volume of 157 million yuan, maintaining its position as the leading fund in its category. Notable stocks such as Guobo Electronics, China Satellite, Shanghai Hanhua, and Guoke Military Industry saw significant gains [1] - The aerospace ETF has attracted continuous capital attention, with a net inflow of 342 million yuan over the past nine trading days, marking a new high in its total size of 1.673 billion yuan since its inception [1] - The Shenzhou 21 manned mission is scheduled for launch on October 31 at 23:44 Beijing time, highlighting the advancements in China's commercial aerospace industry, which is expected to achieve a market size of 7.8 trillion yuan by 2030 [1] Group 2 - The aerospace ETF closely tracks the Guozheng Aerospace Index, with a high military industry purity of 98.2%, covering key sectors such as aerospace equipment, satellite navigation, and new materials. The fund includes leading companies in the military sector and emphasizes emerging fields like commercial aerospace, which constitutes 51.83% of its weight [2]

Group 1 - Aerospace ETF Tianhong (159241) experienced a pullback with a turnover of 9.47% and a transaction volume of 43.67 million yuan as of October 30, 2025 [3] - The fund has seen significant capital inflow, with net subscription reaching 4 million shares [3] - Among the index constituents, Guobo Electronics (688375) led the gains with an increase of 7.32%, followed by China Satellite (600118) at 3.79%, and Shanghai Hanyun (300762) at 2.96% [3] Group 2 - Aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the first-level military industry, making it the highest purity military index in the market [4] - The ETF covers key industry segments such as aerospace equipment, satellite navigation, and new materials, featuring leading companies in the military sector [4] - A recent event highlighted the upcoming launch of the Shenzhou 21 manned spacecraft, scheduled for October 31 at 23:44 Beijing time [4] Group 3 - Following a cooperation agreement signed in February, Pakistan has initiated the selection process for its astronauts, mirroring China's astronaut selection process [5] - The selection process consists of three stages: initial selection in Pakistan, followed by re-selection and final selection in China [5] - Financial securities believe that the synergy between policy and industry will accelerate the development of commercial aerospace, with satellite internet and launch vehicles poised for large-scale opportunities [5]

Core Viewpoint - The 19th Dubai Airshow focuses on sustainable aviation and green transformation, gathering key industry players to explore decarbonization pathways in the aviation sector [1] Group 1: Event Overview - The Dubai Airshow will emphasize sustainable aviation fuel (SAF) expansion, green financing, and energy transition [1] - Major participants include Airbus, Boeing, the World Economic Forum, and the UAE General Civil Aviation Authority [1] Group 2: Initiatives and Innovations - The oneDXB sustainable alliance, led by Dubai Airport, will showcase green ground handling solutions in collaboration with flydubai and dnata [1] - Jetex will provide SAF and utilize electric equipment at the exhibition, with the entire exhibition area powered by renewable energy [1] Group 3: Industry Impact - The airshow is positioned as a significant platform for the UAE to promote global aviation green innovation [1]

Group 1 - The core viewpoint of the article highlights advancements in technology across various sectors, including robotics, aviation, and telecommunications, showcasing new products and collaborations aimed at enhancing efficiency and user experience [2][3][4]. Group 2 - 1X Technologies has launched a home humanoid robot named NEO, priced at $20,000 or available for a monthly subscription of $499, with capabilities in household tasks and expected delivery starting in 2026 [2]. - The AG600 "Kunlong," a large amphibious aircraft, successfully completed its first water collection and discharge exercise in a wild environment, marking a significant milestone for its operational capabilities [2]. - NASA's X-59 supersonic aircraft has completed its first flight, designed to reduce noise pollution from sonic booms, potentially paving the way for a new generation of supersonic passenger and cargo transport [2]. - Nokia and Ericsson have partnered with the Fraunhofer Heinrich Hertz Institute to develop a next-generation video encoder for 6G, significantly improving compression efficiency over existing standards while enhancing energy efficiency and scalability [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - The central enterprise strategic emerging industry development special fund, initiated by the State - owned Assets Supervision and Administration Commission of the State Council and managed by China National New, was launched in Beijing on the 29th. With an initial scale of 51 billion yuan, it will support strategic emerging industries and future industries [1]. - The Federal Reserve announced a 25 - basis - point cut in the federal funds rate target range to 3.75% - 4.00% on October 30th, and will end the reduction of the overall securities holding scale on December 1st [1]. 3) Summary by Related Catalogs A. Industry Events - **Production Industry**: The central enterprise strategic emerging industry development special fund will focus on areas like artificial intelligence, aerospace, and high - end equipment [1]. - **Service Industry**: The Federal Reserve cut interest rates and will end the "balance - sheet reduction" [1]. B. Industry Data - **Upstream**: Glass prices continued to decline; palm oil prices dropped; liquefied natural gas prices rose [2]. - **Mid - stream**: PX operating rates remained stable at a high level; power plant coal consumption remained stable at a three - year high [2]. - **Downstream**: Second - and third - tier city commercial housing sales declined; domestic flight frequencies recovered [2]. C. Key Industry Price Index Tracking - **Agriculture**: Corn prices decreased by 1.05%; egg prices increased by 1.65%; palm oil prices decreased by 2.31%; cotton prices increased by 0.34%; pork prices increased by 2.33% [35]. - **Non - ferrous Metals**: Copper prices increased by 3.24%; zinc prices increased by 1.76%; aluminum prices increased by 1.11% and 0.40%; nickel prices decreased by 0.20% [35]. - **Ferrous Metals**: Iron ore prices increased by 1.94%; wire rod prices increased by 1.29%; glass prices decreased by 5.33% [35]. - **Non - metals**: Natural rubber prices increased by 1.82%; the China Plastic City price index increased by 0.04% [35]. - **Energy**: WTI crude oil prices increased by 5.08%; Brent crude oil prices increased by 5.02%; liquefied natural gas prices increased by 11.12%; coal prices increased by 1.13% [35]. - **Chemicals**: PTA prices increased by 3.15%; polyethylene prices increased by 0.82%; urea prices increased by 3.50%; soda ash prices increased by 0.53% [35]. - **Real Estate**: The national cement price index increased by 1.47%; the building materials composite index increased by 1.36%; the national concrete price index decreased by 0.19% [35].

Report Overview - Report Date: October 30, 2025 - Content: Covers overnight market trends, important news, and financial market updates Overnight Market Trends International Precious Metals - COMEX gold futures fell 1.04% to $3,941.7 per ounce, and COMEX silver futures fell 0.1% to $47.275 per ounce [4][50] Crude Oil - WTI crude oil rose 0.35% to $60.36 per barrel, and Brent crude oil rose 0.74% to $64.30 per barrel [5][50] London Base Metals - LME nickel rose 0.71% to $15,405 per ton, LME copper rose 0.47% to $11,090 per ton, LME zinc rose 0.39% to $3,070 per ton, LME lead fell 0.35% to $2,019 per ton, LME aluminum fell 0.66% to $2,870 per ton, and LME tin fell 0.70% to $36,105 per ton [5][50] Domestic Futures - As of 23:00, domestic futures contracts mostly rose. Coking coal rose over 2%, PVC, coke, BR rubber, and low-sulfur fuel oil rose over 1%, iron ore and styrene rose nearly 1%, and glass fell nearly 1% [5] Important News Macroeconomic News - Five departments including the Ministry of Commerce issued the "Urban Business Quality Improvement Action Plan" to regulate the market order [8] - Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea, on October 30 to discuss Sino-US relations [8] - From October 1 - 26, the retail sales of new energy passenger vehicles in China were 901,000 units, a 0% year-on-year increase, an 8% decrease from the previous month, and a 22% year-to-date increase [8] - The Fed cut interest rates by 25 basis points to 3.75% - 4.00%, ending balance sheet reduction on December 1 [9] Energy and Chemical Futures - As of October 29, the inventory of Chinese polyethylene producers was 416,000 tons, a 19.16% decrease from the previous period [12] - As of October 27, the total refined oil inventory in Fujairah Port, UAE, decreased by 2.258 million barrels [12] - As of October 29, the total methanol port inventory in China was 1.5065 million tons, a decrease of 5,700 tons [12] - As of October 25, Japanese commercial crude oil, gasoline, and kerosene inventories decreased, and the refinery operating rate increased to 91.2% [13] - For the week ending October 24, US commercial crude oil inventories decreased by 6.858 million barrels, and strategic petroleum reserves increased by 533,000 barrels [13] Metal Futures - As of October 29, the FOB alumina price in Western Australia was $319 per ton, and the import window remained open [15][16] - Glencore's copper production in the first nine months decreased by 17%, and it tightened its 2025 production guidance [16] - HSBC expects gold prices to continue rising and peak in the first half of 2026 [17] - Zinc mines in central, northern, and southwestern China will experience production changes in November [17] - The China Smelter Group decided not to set a Q4 copper concentrate TC/RC guidance [18] - China has established a complete lithium product supply system, with lithium carbonate and hydroxide production of about 588,000 and 303,000 tons from January - September [18] - An explosion occurred at a mine in Australia on October 27, causing casualties [18] Black Futures - Shanxi is increasing coal production to meet winter demand, with a 3.7% year-on-year increase in the first three quarters [21] - The third round of coke price increases has begun in Shandong [21] - On October 29, coking coal auction prices in Linfen mostly rose [21] - A large factory in Gansu will reduce silicon iron production by about 340 tons per day [22] - On October 29, coal shipments from Qinhuangdao and Jingtang ports showed different trends [22] Agricultural Futures - China may have purchased US soybeans this harvest season [24] - The government of Uttar Pradesh, India, raised the new sugarcane purchase price by 8.1% [26] - Soybean planting in Paraná, Brazil, is progressing rapidly [26] - On October 29, the import costs of US, Brazilian, and Argentine soybeans increased [26] - Rabobank expects Brazil's 2025/26 soybean production to be 177 million tons, an increase of 3% [26] - The Argentine oilseed workers' union may go on strike next week [27] Financial Markets A-Shares - The Shanghai Composite Index rose 0.7% to 4,016.33, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 2.93%. A-share trading volume was 2.29 trillion yuan [29] Regulatory News - The CSRC will regulate AI in the capital market and promote reforms in the Beijing Stock Exchange and the New Third Board [31][31] Fund News - As of September, the net asset value of China's public funds reached 36.74 trillion yuan, a record high [31] - Central Huijin's ETF holdings increased by over 200 billion yuan in Q3 [32] North Exchange - As of October 29, 90 out of 133 North Exchange companies had year-on-year revenue growth, and 72 had profit growth [32] M&A Rules - Beijing issued M&A rules to encourage strategic and emerging industry mergers [34] Private Fund - Ningquan Asset will suspend new investor subscriptions starting October 30 [35] Industry News - A 51 billion yuan central enterprise strategic emerging industry fund was launched [36] - The financial regulator promoted the use of the fourth life table in the life insurance industry [36] - The added value of the electronic information manufacturing industry increased by 10.9% in the first three quarters [36] - Five departments launched a three-year action to promote integrated medical and elderly care services [36] - The total social logistics volume in the first three quarters was 263.2 trillion yuan, a 5.4% increase [37] - In September, the automobile dealer inventory coefficient was 1.35, above the reasonable range [38] Overseas News - South Korea and the US reached a trade agreement, with South Korea investing $350 billion and the US reducing auto tariffs [40] - The US Senate passed a bill to end tariffs on Brazilian goods, but the House may delay the vote [40] - The US imposed new sanctions on Russian oil companies [40] - France plans to raise the digital tax rate on tech giants to 6% [41] - The Bank of Canada cut interest rates by 25 basis points to 2.25% [41] International Stock Markets - US stocks closed mixed, with the Dow down 0.16%, the S&P 500 flat, and the Nasdaq up 0.55% [42] - European stocks closed mixed, with the German DAX down 0.64%, the French CAC40 down 0.19%, and the UK FTSE 100 up 0.61% [44] - The Nikkei 225 rose 2.17% to a new high, and the South Korean Composite Index rose 1.76% [44] - Google, Meta, Microsoft, and other companies released their Q3 earnings [44][45][46] Commodities - International precious metals fell, crude oil rose, and base metals were mixed [50] - Russians are buying more gold, and the Indian central bank is repatriating gold reserves [51] Bonds - The domestic bond market was active, with short-term bond yields falling [53] - Barclays plans to issue up to 4 billion yuan in panda bonds in China [53] - US bond yields rose due to Powell's remarks [53] Foreign Exchange - The onshore RMB rose to a one-year high against the US dollar, and the US dollar index rose [54]

"十五五"规划建议加快航空航天、低空经济产业发展。提出育壮大新兴产业和未来产业。着力打造新兴 支柱产业。实施产业创新工程，一体推进创新设施建设、技术研究开发、产品迭代升级，加快新能源、 新材料、航空航天、低空经济等战略性新兴产业集群发展。 航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，成分股精选军工领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业 航天概念权重占比高达51.83%。 10月30日，A股三大指数集体低开，军工行业跌幅靠前。截至9:41，航空航天ETF（159227）跌幅 1.28%，成交额达4770万元，稳居同类第一，持仓股仅上海瀚讯、国博电子、迈信林逆势上涨，长城军 工、航天电子、亚光科技、中航成飞、中航沈飞等股跌幅居前。 航空航天ETF已连续9个交易日获资金净流入，合计"吸金"高达3.42亿元，最新规模16.73亿元，创成立 以来新高，为同指数规模最大。 每日经济新闻 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the "Fifteen Five" planning document, focusing on China's economic and technological strategies for the upcoming period, emphasizing self-reliance and innovation in various sectors, including technology, consumption, and military industries [1][2][3]. Core Insights and Arguments - **Economic Growth Target**: The "Fifteen Five" plan sets a target of approximately 5% economic growth, aiming to stabilize expectations amidst global uncertainties [1][8]. - **Modern Industrial System**: The plan outlines the construction of a modern industrial system, highlighting the need for upgrading traditional industries and developing emerging sectors such as renewable energy and aerospace [1][9]. - **Consumer Sector Focus**: The consumer industry is positioned as a key driver for economic growth, with measures aimed at increasing consumer spending and enhancing service supply [1][12][13]. - **AI Integration**: AI technology is emphasized as a critical component across the industrial chain, with expectations for deep integration into six key areas by 2027, aiming for over 70% penetration of smart terminals [1][20]. - **Investment Opportunities**: The document identifies investment opportunities in domestic AI chips, servers, and applications in industrial automation and consumer electronics [1][20][23]. Important but Overlooked Content - **Military Industry Priorities**: The plan highlights the importance of military modernization and the integration of advanced technologies like AI into defense strategies, with military spending expected to grow at a rate higher than GDP [3][28][32]. - **Healthcare Sector Development**: The healthcare sector is prioritized, with a focus on traditional Chinese medicine, innovative drugs, and mental health, indicating a broad scope for investment in medical technology and AI applications [3][36][40]. - **Global Geopolitical Context**: The document discusses the impact of global geopolitical changes, including trade tensions and regional conflicts, which necessitate a shift towards domestic economic resilience and innovation [5][10]. Conclusion - The "Fifteen Five" planning document outlines a comprehensive strategy for China's economic and technological development, emphasizing self-reliance, innovation, and the importance of various sectors, including consumer, military, and healthcare industries. The focus on AI and modernization presents significant investment opportunities while addressing the challenges posed by global uncertainties.

Core Insights - The establishment of the Central Enterprise Strategic New Industry Development Fund is a key initiative to support the development of strategic emerging industries in China [1][2] - The fund aims to enhance the core functions and competitiveness of state-owned enterprises (SOEs) by addressing industrial weaknesses and focusing on cutting-edge innovations [1][2] Fund Details - The fund, initiated by the State-owned Assets Supervision and Administration Commission (SASAC), has an initial scale of 51 billion yuan, with China Reform Holdings contributing approximately 15 billion yuan [1] - Participating contributors include major companies such as China Mobile, Sinopec, and China National Petroleum, among others [1] Strategic Focus - The fund will prioritize support for industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, future energy, future information, and future manufacturing [1][2] - The SASAC emphasizes that the fund will serve national strategic needs and promote the enhancement of the industrial chain [2] Development Goals - Beijing's government plans to strengthen innovation capabilities and support systems to facilitate the fund's development in the city [4] - The fund aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, generating a multiplier effect [4] Historical Context - China Reform Holdings was designated as a pilot for state capital operation in early 2016 and transitioned to a deepening reform phase in December 2022 [5] - As of October 28, 2023, the China Reform Holdings has invested in over 320 projects, totaling more than 120 billion yuan [5]