The Zhitong Finance App learned that on the last trading day (October 28), the Shanghai Stock Exchange Index rose 0.91% to 3681.47 points, the Shenzhen Securities Index rose 2.02% to 11473.18 points, and the GEM index rose 3.40% to 2634.76 points; the turnover of the two markets was 2080,714 billion yuan; 4156 individual stocks rose, 1,239 fell, 181 flat, 67 were down, and 1 fell.
CITIC Securities believes that the Federal Reserve remains on hold in October, and its statement is more cautious about policy guidelines; Guosheng Securities believes that active equity fund stock positions declined in the third quarter, and pharmaceuticals received the most active positions; SDIC Securities believes that the central bank's BNSF tool can help block negative feedback on redemption and sell-off, which is good for the bond market in the medium to long term; Huafu Securities believes that physical AI competition extends to the full chain of systematization, and digital mining is a key link; Guojin Securities believes that AI pharmaceuticals can reduce 50-90% of the R&D and industry space Wide.
CITIC Securities: The Federal Reserve suspended moderately in October, guidelines are more cautious, and interest rates may be raised by another 25 bps in December
The Federal Reserve remained on schedule in October. The wording of the statement was more optimistic about the pace of economic expansion and more cautious in guiding policy positions; Walsh's post-meeting speech was more moderate than in September, mentioning that the credit environment had been tightened and inflation expectations were moving in the right direction, and predicted that the FOMC meeting schedule would be adjusted in the next two years.
The agency still expects the Federal Reserve to raise interest rates by another 25 bps in December, and the final interest rate for this round of interest rate hikes may not be too far away. The new variables in the Middle East situation are not enough to bring a clear and long-term exit path between the US and Iran. High oil prices may continue until the situation becomes clear, and further improvements in dollar liquidity require new catalysts.
Guosheng Securities: Active Equity Fund positions generally declined in Q3, pharmaceutical positions were increased the most, and electronics positions were reduced (market analysis)
The overall stock positions of active equity funds declined in 2026Q3: the median stock positions of common stock, partial share hybrid, and flexible allocation funds were 90.56%, 89.02%, and 83.55%, respectively, down 0.69, 1.47, and 3.73 percentage points from the previous quarter. The weight of the main board and Hong Kong stocks in the sector increased (+4.11, +2.32 percentage points), while the weight of GEM and the Science and Technology Innovation Board declined (-2.97, -3.47 percentage points).
In the industry, electronics is still the largest allocation industry (34.38%), but active position reduction (-2.79 percentage points), pharmaceuticals received the most active position increase (+1.94 percentage points); fixed income + funds reduced electronics even more strongly (active reduction of 5.43 percentage points). At the individual stock level, the top three in absolute market capitalization were Zhongji Xuchuang, Xinyisheng, and Yaoming Kangde (873, 804, and 43.1 billion yuan), while the top three actively increased positions were Yao Ming Kangde, Tianfu Communications, and Zijin Mining.
SDIC Securities: Zero investment of the central bank's BNSF tools throughout the process, blocking redemptions and sell-offs, and favorable to the bond market in the medium to long term
On October 26, the central bank established the non-bank large redemption and swap facility (BNSF) in the bond market to position a crisis management liquidity support tool and clearly not backed up: the scenario is limited to systemic pressure in the bond market, limited to financial planners and public equity managers with systemic influence, and the use is limited to purchasing the company's redeemed product holdings; the central bank lends central notes rather than funds, and credit risk and valuation losses remain with the institution itself.
The tool has zero liquidity throughout the process, but it blocks the negative feedback of “product net value withdrawal - debt side redemption - asset side forced sell-off” from three aspects: using central bank notes as collateral, changing “must sell securities” to “can hold securities financing”; limiting the purchase of the company's product holdings to internalize the externalities of discounting; and after the manager has liquidity backing, the probability of early trading and redemption expectations declined.
In the medium to long term, tools can help reduce liquidity tail risk premiums. The most obvious benefits are medium- to short-term high-grade credit bonds that are heavy in financial management and public placement and are easily sold during periods of pressure; they do not invest in the base currency or directly affect yield levels, and the benefits to the bond market are indirect and relatively limited.
Huafu Securities: Physical AI competition extends to the entire chain, and data collection has become a key part of implementation
The field of physical AI is progressing intensively this week, and industry competition is extending from single-point model capabilities to a systematic full chain of “physical reasoning - simulation training - real deployment”; Nvidia is expanding the ISAAC platform and jointly launching the Agile ONE-SN humanoid robot reference platform to promote software and hardware collaboration and development process integration.
As large robot models move towards real task verification, data collection has become a key link affecting model iteration and implementation efficiency. Digital mining industry chain links such as data collection equipment vendors, digital acquisition companies, and robot machine manufacturers are worth paying attention to.
Guojin Securities: From tools to engines, AI pharmaceuticals can reduce the R&D cycle by 50-90% and save about US$54 billion in costs
AI pharmaceuticals can reduce the R&D cycle by 50-90%, saving about 54 billion US dollars; MNC accelerates the layout, and the initial payment for global AI pharmaceutical transactions reached 1.8 billion US dollars in the first half of 2026, and the total amount exceeded 50 billion US dollars. AI-enabled clinical phase I success rate exceeds 70% (traditional about 50%), and phase II-III has yet to be verified.
The closed loop of dry and wet drives the expansion of demand for wet experiments. Twist has completed 200,000 + protein expression and 130,000+ antibody tests; the industry is growing rapidly and has broad space.