Economic Overview - The September economic data indicates that counter-cyclical policy adjustments are gaining momentum, with improved liquidity and a rebound in M1 growth leading to a narrowing M1-M2 spread, suggesting marginal recovery in domestic demand [1] - The year-on-year decline in PPI has narrowed, and the profit growth rate of industrial enterprises has turned positive, reflecting stabilization in the industrial sector [1] - Despite ongoing pressures on investment and consumption, accelerated fiscal spending and the implementation of new policy financial tools are expected to further support improvements in the economic fundamentals [1] Digital Economy and AI Development - The Ministry of Industry and Information Technology has issued a notice to promote the "millisecond computing" initiative, which aims to advance AI computing power towards distributed and edge collaborative development [1] - This initiative marks a critical transition for China's digital economy from "computing power scale" to "computing power efficiency," benefiting communication equipment, computing infrastructure manufacturers, and the domestic AI chip and edge computing industry chain [1] - In the long term, the AI server sector is expected to continue benefiting from the trend of computing architecture upgrades [1] Market Performance of Zhongzheng 500 ETF - As of October 20, 2025, the Zhongzheng Small Cap 500 Index (000905) has seen a 0.93% increase, with notable gains in constituent stocks such as CITIC Heavy Industries (10.05%) and Feiliwa (9.15%) [3] - The Zhongzheng 500 ETF Ping An (510590) has risen by 16.51% over the past three months, with a current price of 7.49 yuan [3] - The ETF has recorded a turnover of 0.1% during the trading session, with a total transaction volume of 818,100 yuan [3] Performance Metrics of Zhongzheng 500 ETF - The Zhongzheng 500 ETF Ping An has achieved a net value increase of 22.04% over the past five years [4] - The highest monthly return since inception was 22.89%, with an average monthly return of 5.04% and a year-to-date profit percentage of 66.67% [4] - The fund's management fee is 0.50%, and the custody fee is 0.10% [4] Top Holdings in Zhongzheng Small Cap 500 Index - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng Small Cap 500 Index include Shenghong Technology, Huagong Technology, and Xian Dao Intelligent, collectively accounting for 7.8% of the index [5]

人民财讯10月21日电，10月21日，华为常务董事、终端BG董事长余承东宣布，华为新款路由X3Pro将于 11月正式上市。记者获悉，该路由器定位高端，内部灯光可展示日照金山、雪落满山等效果，外形类艺 术品。 ...

Group 1 - The F5G concept sector is leading the market with an increase of 3.52% [1] - Among the top performers, Zhongji Xuchuang rose by 6.21%, Shijia Guangzi increased by 2.92%, and Cambridge Technology went up by 2.7% [1] - Other companies such as Tiandi Technology, StarNet Ruijie, and Hengtong Optic-Electric also saw gains exceeding 2% [1]

财信证券认为，周一，A股大盘在周末利好的提振下高开，但由于本周宏观事件较多，部分重要事件落 地前，资金行为偏谨慎，叠加上周盘面波动较大，市场整体风险偏好仍不高，因此场外增量资金观望情 绪较为浓厚，导致成交额继续缩量，大盘也未能继续上攻，三大指数均不同程度冲高回落，同时仍未出 现明显的主线方向。短期内，在市场出现明显改善信号之前，维持谨慎追高、适当控制仓位的思路，静 待新的领涨板块形成。中期来看，在全球科技投资热情不减、"反内卷"政策、居民储蓄入市等因素支撑 下，本轮慢牛行情的根基并未动摇，第四季度A股指数仍存在继续走强的基础。 （文章来源：证券时报网） 中原证券认为，周一，A股市场冲高遇阻，小幅震荡上行。盘中通信设备、电子元件、煤炭以及机器人 等行业表现较好；贵金属、珠宝首饰、能源金属以及有色金属等行业表现较弱。市场政策预期升温，叠 加美联储年内仍有降息空间，将对市场形成支撑。当前A股市场可能继续呈现蓄势震荡的特征，在国内 政策预期升温与三季报业绩验证的支撑下，结构性机会依然丰富。科技成长仍是市场中长期主线，在良 性调整期间宜择优布局。同时关注三季报业绩验证，寻找盈利优势明显的细分方向。预计A股市场短期 以稳 ...

截至6月30日，硕贝德股东户数5.89万，较上期增加1.37%；人均流通股7485股，较上期减少2.45%。 2025年1月-6月，硕贝德实现营业收入12.08亿元，同比增长48.50%；归母净利润3353.08万元，同比增长 981.11%。 分红方面，硕贝德A股上市后累计派现1.16亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，硕贝德十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1143.13万股，相比上期增加912.16万股。 责任编辑：小浪快报 10月20日，硕贝德跌1.19%，成交额4.55亿元。两融数据显示，当日硕贝德获融资买入额5069.60万元， 融资偿还4373.35万元，融资净买入696.25万元。截至10月20日，硕贝德融资融券余额合计6.09亿元。 融资方面，硕贝德当日融资买入5069.60万元。当前融资余额6.09亿元，占流通市值的5.89%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，硕贝德10月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1.33万股，融券余额29.86万 ...

Group 1 - The company signed a procurement contract with ChaoXun Communication for the purchase of data center equipment for the second phase of the Lanzhou New Area Big Data Industrial Park on December 30, 2022 [3] - On August 2025, the company received a civil lawsuit from the Guangzhou Tianhe District People's Court due to a sales contract dispute with ChaoXun Communication, leading to the freezing of several bank accounts [3] - As of the announcement date, the company had a total of 8 frozen bank accounts, with a total amount applied for freezing of RMB 119,357,883.50, and actual frozen funds amounting to RMB 45,919,996.33, which represents 5.07% of the company's latest audited net assets attributable to shareholders and 14.41% of the latest audited consolidated cash balance [3] Group 2 - As of October 20, the company's stock closed at RMB 29.26 per share, up 1.99%, with a total market capitalization of RMB 5.634 billion [4] - The stock opened at RMB 28.88 and reached a high of RMB 30.20 during the trading session [6]

Core Insights - Apple CEO Tim Cook announced the official launch of the iPhone Air in China on October 22, which is the first smartphone in the country to utilize eSIM technology, eliminating the physical SIM card slot [1] - Major Chinese telecom operators, including China Unicom, China Mobile, and China Telecom, have received approval to commence eSIM services, marking a significant shift towards a "cardless era" in mobile technology [1][2] - The global eSIM market is projected to grow significantly, with an estimated 1 billion eSIM-enabled smartphones by the end of 2025 and 6.9 billion by 2030, representing 76% of total smartphone connections [2] Industry Developments - The eSIM technology integrates SIM card functions into the phone's internal chip, allowing for a more compact design and improved features such as water and dust resistance [2] - Domestic brands are quickly adapting to the eSIM trend, with OPPO announcing an eSIM version of its Find X9 series set to launch in November [1] - The eSIM industry involves a complex ecosystem, including chip design, platform management, operator services, device integration, and end-user applications, with expectations for collaborative growth and maturity [3] Company Activities - Several companies have been actively involved in the eSIM space, including Unisoc, which has launched multiple eSIM products compliant with GSMA standards [4] - Eastcompeace has developed an embedded operating system and eSIM management platform that has received GSMA security certification [5] - Megmeet has established a mature eSIM solution with large-scale production capabilities across 4G and 5G platforms [5] Market Performance - eSIM concept stocks have seen an average increase of 42.42% this year, significantly outperforming the Shanghai Composite Index [7] - Six stocks have recorded gains exceeding 50%, including Hengbao Co., Eastcompeace, and Chutianlong [7] - Despite the overall positive trend, some stocks have experienced significant pullbacks, with several dropping over 30% from their year-to-date highs [7]

Group 1: Sany Heavy Industry - Sany Heavy Industry plans to globally issue 580 million shares with a price range of HKD 20.3 to HKD 21.3, aiming to raise up to HKD 12.354 billion, with pricing expected on October 24 and listing on October 28 [1] - The company is a leader in the engineering machinery sector, with products including concrete machinery, excavators, cranes, and road machinery, holding the top global position in concrete equipment and first in China for excavators and large-tonnage cranes [1] - Sany Heavy Industry's projected revenues for 2022 to 2024 are RMB 80.839 billion, RMB 74.019 billion, and RMB 78.383 billion, with corresponding net profits of RMB 4.433 billion, RMB 4.6 billion, and RMB 6.092 billion [2] Group 2: Cambridge Technology - Cambridge Technology focuses on the development, production, and sales of terminal devices and high-speed optical modules for telecommunications and data communications, with products used by major global telecom operators and internet giants [3] - The company plans to issue 67.01 million H-shares with a maximum price of HKD 68.88, potentially raising up to HKD 4.615 billion if the over-allotment option is fully exercised [3] - Cambridge Technology has attracted 16 cornerstone investors, collectively subscribing to USD 290 million [3] Group 3: Dipo Technology - Dipo Technology is the fifth company to launch an IPO in the Hong Kong market under the 18C special technology category, planning to issue 26.632 million H-shares, representing 8.15% of total shares post-issue [3] - The company specializes in providing cutting-edge AI solutions for enterprises, ranking fifth in the Chinese enterprise-level AI application solutions market with a market share of 4.2% [3] Group 4: Bama Tea - Bama Tea plans to globally issue 9 million shares, with 900,000 shares available for Hong Kong and 8.1 million for international offerings, at a price range of HKD 45 to HKD 50 per share [4] - The company is a well-known tea supplier in China, ranking first in the high-end Chinese tea market, oolong tea market, and black tea market by sales revenue in 2024 [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The market is in a defensive state, waiting for the major deal between China and the United States at the end of the month. Enterprises' profit improvement expectations and policy support effects are still clear. In the short - term, domestic demand sectors may take the lead, while the technological revolution and manufacturing recovery form the medium - to - long - term investment mainlines. A - shares are currently attractively valued for foreign investors. [1][2][3] - Foreign institutions are optimistic about the long - term value of the Chinese A - share market, as evidenced by their high - frequency research and subsequent substantial allocations. [2] - Traders are betting on the Fed to cut interest rates by at least 50 basis points in the upcoming meetings. [2] 3. Summary by Related Catalogs Market Performance - On Monday, the major indices in the two markets opened higher, then rose and fell back, and fluctuated. The trading volume was 1.73 trillion yuan, showing a continued decline. The CSI 300 index closed at 4538 points, up 23 points or 0.53%; the SSE 50 index closed at 2974 points, up 7 points or 0.24%; the CSI 500 index closed at 7069 points, up 53 points or 0.76%; the CSI 1000 index closed at 7239 points, up 53 points or 0.75%. [1] - Among industry and theme ETFs, those with the highest gains were communication equipment ETF, coal ETF, etc., while those with the highest losses were gold stock ETF, mining ETF, etc. Among the sector indices in the two markets, forestry, cultivated diamonds, etc. had the highest gains, while precious metals, feed, etc. had the highest losses. [1] - The settlement funds of stock index futures for the CSI 1000, CSI 300, SSE 50, and CSI 500 indices had net outflows of 3 billion, 2.3 billion, 1.6 billion, and 700 million yuan respectively. [1] Important Information - In September, the value - added of industrial enterprises above designated size increased by 6.5% year - on - year and 0.64% month - on - month. In the first three quarters, the output of industrial robots, service robots, and EMUs increased by 29.8%, 16.3%, and 8.6% respectively. [1] - From January to September, the national fixed - asset investment (excluding rural households) was 37.1535 trillion yuan, a year - on - year decrease of 0.5%. Private fixed - asset investment decreased by 3.1% year - on - year. In September, fixed - asset investment (excluding rural households) decreased by 0.07% month - on - month. [1] - In September, the total retail sales of consumer goods were 419.71 billion yuan, a year - on - year increase of 3.0%. The retail sales of gold, silver, and jewelry increased by 9.7% year - on - year; the retail sales of communication equipment, furniture, and sports and entertainment products increased by 16.2%, 16.2%, and 11.9% respectively. [1] - As of October 17, the net inflow of the ETF market in October reached 99.161 billion yuan. Equity ETFs contributed 92.457 billion yuan, accounting for over 90%. More than 50 index funds are planned to be issued this month. [1][2] - Unitree released the 180 - cm - tall Unitree H2 humanoid robot, which has 31 degrees of freedom and can perform complex movements. Unitree is deepening its "full - size, full - scenario, full - price" strategy. [1] - Goldman Sachs believes that although AI infrastructure investment has reached a new high in nominal terms, it is not exaggerated compared with historical technology cycles. The current AI investment in the US accounts for less than 1% of GDP, while in historical technology cycles such as railways, electrification, and IT, the investment peak accounted for 2 - 5% of GDP. [2] - Goldman Sachs expects that after the full application of generative AI, the labor productivity in the US will increase by 15% over the next 10 years, bringing 8 trillion US dollars in capital income to US enterprises. [2] - A Morgan Chase report indicates that after the realization of autonomous driving, the driver cost, which accounts for 75% - 80% of the total transaction volume, will be eliminated, and the entire travel market may have about 50% more profit space. [2] - According to the weekly report on the coal mining industry, last week, port coal prices increased significantly. On October 17, the price of thermal coal at northern ports was 748 yuan/ton (a week - on - week increase of 39 yuan/ton), and the pit - mouth coal prices in Shanxi, Inner Mongolia, and Shaanxi increased by 50 yuan, 45 yuan, and 46 yuan per ton respectively. [2] - A Morgan Stanley research report shows that Oracle's investor day disclosed three key positive factors, but several core issues remain unanswered, and the market's skeptical attitude may continue. [2] Market Logic The major indices in the two markets opened higher, then rose and fell back, and fluctuated on Monday, with the trading volume shrinking to 1.73 trillion yuan. The net inflow of the ETF market in October reached 99.161 billion yuan, with equity ETFs as the main driving force. Despite short - term market fluctuations, enterprises' profit improvement expectations and policy support effects are clear. Domestic demand sectors may perform well in the short - term, while the technological revolution and manufacturing recovery are the medium - to - long - term investment mainlines. A - shares are attractively valued for foreign investors. [1][2] 后市展望 The market is still in a defensive state, waiting for the major deal between China and the United States at the end of the month. The coal ETF had a high gain. In September, the industrial added - value data was good. The net inflow of the ETF market in October was significant, and foreign institutions are optimistic about the long - term value of A - shares. Traders are betting on the Fed to cut interest rates. The major indices in the two markets opened higher, then rose and fell back, and fluctuated. Futures multi - positions should be mainly allocated to the CSI 300 and SSE 50 indices. [1][2][3] Trading Strategy - For futures directional trading: The market is in a defensive state, waiting for the clarity of the major deal between China and the United States at the end of the month. Futures multi - positions should be mainly allocated to the CSI 300 and SSE 50 indices. [3] - For index option trading: The market is in a defensive state, so it is advisable to wait and see. [3]

Core Viewpoint - Wuhan Fangu announced that its controlling shareholder and actual controller Meng Qingnan, along with his associate Meng Fanbo, plan to reduce their holdings in the company from November 11, 2025, to February 6, 2026, due to personal and other investment funding needs [1] Summary by Category - **Shareholding Reduction Plan** - The total shares to be reduced amount to no more than 20.4986 million shares, which represents up to 3% of the company's total share capital [1]