Pre-market highlights
1. NASDAQ futures opened 0.6% higher, WTI crude oil fell 0.99% to $102.246
Type: Market Sentiment Impact: Neutral
US stock futures strengthened in the Asia Pacific session on Monday. Dow Jones futures rose 0.34%, S&P 500 futures rose 0.48%, and Nasdaq 100 futures rose 0.66%. International oil prices weakened, and WTI crude oil futures fell 0.99% to 102.246 US dollars/barrel. According to the CME “Federal Reserve Watch”, the probability that the Federal Reserve will keep interest rates unchanged this week is 90%, and the probability of raising interest rates by 25 basis points is 10%.
2. The central bank launched a 700 billion yuan medium-term loan facilitation operation today
Type: Macro Sentiment Impact: Positive
In order to maintain sufficient liquidity in the banking system, the People's Bank of China will today launch a 700 billion yuan medium-term loan facility (MLF) operation using fixed amounts, interest rate tenders, and multi-price bid wins, for a period of 1 year. Medium-term lending facilitation is a monetary policy tool for the central bank to provide a medium term base currency, and can be carried out through tenders. The scale of this operation is 700 billion yuan, and the period is 1 year. The capital was invested through tenders.
3. The “Fifteenth Five-Year Plan for National Informatization” was issued and proposed to launch 6G commercial use in due course
Type: Macro Sentiment Impact: Positive
The Central Cyber Security and Information Technology Commission issued the “Fifteenth Five-Year Plan for National Informatization”. According to the plan, by 2030, a three-dimensional network system for land, sea, air, and space will be basically formed, a next-generation communication network will be fully completed, commercial use of sixth-generation mobile communication (6G) will be launched in due course, and a national blockchain network will basically be completed. The plan includes the construction of a next-generation communication network and 6G commercial use as the 2030 goal.
4. 1,028 companies disclosed a year-on-year increase of more than 100% in net profit of 176 companies in the three-quarter report
Type: Industry sentiment Impact: Positive
According to Wind data, as of 18:00 on October 25, a total of 1,028 A-share listed companies had disclosed three quarterly reports. Of these, 548 companies' net profit attributable to shareholders of listed companies increased year-on-year, accounting for about 53.31%. Of the companies that have disclosed three quarterly reports, 176 had a year-on-year increase of more than 100% in net profit. From an industry perspective, the performance of industries such as semiconductors, chemicals, glass fiber, batteries, and electronic components has clearly picked up.
Investment calendar
October 26th to October 28th CPE 2026 International Computing and Electronics Show
Institutional views
1. CITIC Securities: The fall in the AI trend is not the beginning of a bear market; not the AI sector may face a more favorable environment
2. SDIC Securities: The GEM index has reached the bottom, and the second wave of AI technology in the year may begin from the end of October to November
3. Huayuan Research: Expectations of the Fed's interest rate hike are rising, and copper prices are under pressure. This week, Lunton copper fell 1.48%
Positive and negative outlook
1. The Federal Reserve announced interest rate decisions at the October interest rate meeting
Type: Policy Focus
Investment strategy: High interest rates on US bonds, rising oil prices reduce room for easing. High interest rates still restrict valuation. It is recommended to maintain a balanced allocation
2. Intensive release of financial reports from US tech giants
Type: Hot Market Discussion
CITIC Securities: The computing power industry is still growing but will return to rationality. Capital “pumping” is picking up while net “water injection” narrows. US stocks must be wary of adjustment risks
3. The general model enters the robot control process
Type: Agency Hot Reviews
CITIC Securities: Looking forward to 2027, the general model will be the next investment direction for the AI industry to enter the field of concrete tasks, and short-term division of labor and collaboration with special models
Announcement Express
Positive announcements
1. Tianfu Communications: Plans to repurchase shares of 100 million yuan to 150 million yuan for cancellation
2. Rongbai Technology: Plans to invest 3.603 billion yuan to build an integrated sodium electrocathode material integration project with an annual output of 200,000 tons in Xiangyang
3. Yuneng Holdings: The subsidiary plans to invest in the Puyang Comprehensive Energy Project, with a total dynamic investment of 13.927 billion yuan
Negative announcements
1. San'an Optoelectronics: The actual controller Lin Xiucheng was arrested with the approval of the procuratorial authorities
2. Huaxin shares: planning changes in controlling shareholders, stock trading will be suspended from October 26
3. Huaci Co., Ltd.: Net profit for the third quarter was 39.023,600 yuan, down 43.60% year on year
Overseas markets
The three major US stock indices collectively closed down last Friday. The Dow fell 1.24%, the NASDAQ fell 0.21%, and the S&P 500 index fell 0.52%. CME data shows that the probability that the Federal Reserve will keep interest rates unchanged this week is 90%, and the probability of raising interest rates by 25 basis points is 10%; Goldman Sachs lowered the 12-month target of the Kospi Index by 25% to 9,000 points on the same day, citing the increase in AI infrastructure investment returns and financing costs. Most popular technology stocks fell; Google fell more than 1%, Amazon and Meta fell nearly 1%; the storage sector rose, SK Hynix rose more than 4%, and Micron Technology rose more than 2%.