B[Cheng Fubo, Director of the State-owned Assets Supervision and Administration Commission of the State Council, went to China Mobile to investigate progress in accelerating 6G core technology research and promoting the construction of new generation communication networks] On October 10, Cheng Fubo, Secretary and Director of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, went to China Mobile on October 8 to investigate corporate reform and innovation, party building, and work progress in accelerating 6G core technology research and promoting the construction of new generation communication networks. Cheng Fubo emphasized that China Mobile should focus on the needs of the country and industry trends, strengthen strategic planning, determine the direction of development, and advance cutting-edge technologies that will affect the future, seize the commanding heights of technological development in the cybersecurity and informatization field, and serve as the main force in building a network power and a technological power. B[Jingjiawei: The CH37 series is advancing customer introduction and small batch production] On October 9, Jingjiawei stated on the interactive platform that the CH37 series is aimed at general markets such as embodied intelligence and edge computing. It has core advantages such as abundant AI computing power, flexible computing accuracy, and multi-modal perception fusion, and is suitable for scenarios with high multi-modal perception and low-latency requirements such as robots, industrial drones, and embodied intelligence. Currently, CH37 series products are continuing to promote customer introduction, small batch mass production, improvement of supporting software development and optimization, and sales promotion activities. B[Guangdong: Focus on scene cultivation and opening, as well as the construction of new infrastructure such as computing power networks] October 9th, the Guangdong Advanced Manufacturing Conference was held in Guangzhou on October 9th. Provincial Party Committee Secretary Huang Kunming attended the meeting and delivered a speech. Huang Kunming pointed out that it is necessary to strengthen demand orientation, application traction, and scenario promotion, focusing on the cultivation and opening of scenarios as well as the construction of new infrastructure such as computing power networks, so as to become the "preferred hosting place" for new technologies to accelerate breakthroughs from point to point applications. It is necessary to integrate basic research, technological research, and achievement transformation, insist on climbing to the high end, strive for independence, and focus on practicality, strengthen the R&D layout in strategically contested and advanced frontier fields, strengthen the research on key core technologies, increase the promotion and application of basic technologies, advanced process technologies, and common technologies, and support the advanced manufacturing industry chain with a strong innovation chain. B[Guanghe Technology: Net profit is expected to increase by 100%-107% year-on-year in the first three quarters of 2026] On October 9, Guanghe Technology (001389.SZ) announced that the net profit attributable to shareholders of listed companies in the first three quarters of 2026 is expected to be 1.450 billion yuan-1.500 billion yuan, a year-on-year increase of 100.33%-107.23%. The change in performance is mainly due to the company seizing the market opportunities brought by the surge in demand for computing power hardware, firmly focusing on the computing power PCB market such as general servers, AI servers, switching products, and accelerator cards, and operating performance has steadily improved; the overseas factory Thailand Guanghe has completed core customer certification, gradually released production capacity, and achieved profitability during the reporting period; the subsidiary Huangshi Guanghe continued to promote cost control and product structure optimization, and profitability increased year-on-year. Xiaocai Note: The company’s Q3 net profit is expected to be 494 million to 544 million, and Q2 net profit is 563 million. Based on this calculation, Q3 net profit is expected to decrease by 3% to 12% month-on-month. B[Zerun New Energy: Plans to acquire no less than 51% of the equity of Hechuang Intelligent Manufacturing Technology Co., Ltd. to quickly enter the thermal management industry] On October 9th, Zerun New Energy (301636.SZ) announced that the company's board of directors reviewed and approved a proposal to acquire no less than 51% of the equity of Dongguan Hechuang Intelligent Manufacturing Technology Co., Ltd. in cash, obtain control, and sign a "Cooperation Framework Agreement" with its shareholders Wang Qiang, Dongguan Chuangzhizhan Venture Capital Partnership (Limited Partnership), and Li Xiong. Hechuang Intelligent Manufacturing is mainly engaged in the research and development, production and sales of thermal management cooling components. It mainly provides cooling solutions and services for computing power centers, smart projections, AI smart hardware, industrial equipment and PC products. Through this acquisition of Hechuang Intelligent Manufacturing, the listed company has acquired thermal management and heat dissipation-related product technologies and processes, and integrated them with the company's existing precision manufacturing, product research and development, and business expansion to quickly enter the thermal management industry, further develop the company's business and enhance the company's profitability. A[Central Committee of the Communist Party of China and the State Council: Comprehensively implement the "artificial intelligence +" action to strengthen the efficient supply of computing power, algorithms, data, etc.] On October 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". The opinion proposes to fully implement the "artificial intelligence +" action. Promote the transformation of traditional industries by artificial intelligence, and accelerate the application of new generation intelligent terminal scenarios such as intelligent connected new energy vehicles, artificial intelligence mobile phones and computers, and humanoid robots. Accelerate the innovation of digital intelligence technologies such as artificial intelligence, break through basic theories and core technologies, and strengthen the efficient supply of computing power, algorithms, data, etc. According to local conditions and industry-specific policies, we will lay out national artificial intelligence industry application pilot bases and high-value application scenarios, and vigorously promote the application of artificial intelligence in various industries. Build a technical monitoring, risk warning, and emergency response system to ensure the safety, reliability, and controllability of artificial intelligence. A[Afternoon Commentary: The GEM index fell 2.61% and fell below 3,000 points. The lithium battery concept bucked the trend and strengthened] On October 9, the market fell collectively in early trading, and the GEM index fell below 3,000 points. The half-day turnover of the Shanghai and Shenzhen stock markets was 1.17 trillion, 62.8 billion higher than the previous trading day. More than 4,300 stocks across the market fell. On the market, the lithium battery concept bucked the trend and strengthened during the session, with Liwang Co., Ltd. having a 30CM double board, Times Wanheng having a 5-way board, Zizhu Hi-tech having a 4-way board, Lingpai Technology having a 2-way board, Tianci Materials and Jinyuan shares rising to their daily limit; agricultural Jinjian Rice Industry and Wanxiang Denong rising to their daily limit; large consumers Guofang Group and Liren Lizhuang trading at their daily limit; silicone concepts were active, M&G New Materials rising to their daily limit, and Dongyue Silicon Materials rising to their daily limit 20CM. In terms of decline, the concept of computing power hardware collectively weakened, with MLCC and PCB leading the decline. Yunzhong Technology, China Ceramics Materials, and Fangbang Shares fell by more than 10%, and Huazheng New Materials and Jinan Guoji fell by the limit. As of the close, the Shanghai Stock Exchange Index fell 1.21%, the Shenzhen Component Index fell 2.09%, and the ChiNext Index fell 2.61%. A[GEM Index fell more than 3%, computing power hardware led the decline] On October 9, the index weakened, the GEM Index fell more than 3.00%, the Shanghai Stock Exchange Index fell 1.19%, and the Shenzhen Component Index fell 2.39%. Computing hardware, semiconductor chips, medicine and biology, robotics, and military industry were among the top decliners, with nearly 4,400 stocks falling in Shanghai, Shenzhen, and Beijing. A[The GEM Index fell more than 2%, nearly 4,300 stocks fell in the three cities] On October 9, the index weakened, the GEM Index fell more than 2.00%, the Shanghai Index fell 0.73%, and the Shenzhen Component Index fell 1.55%. Computing hardware, semiconductor chips, medicine and biology, robotics, and military industry were among the top decliners, with nearly 4,300 stocks falling in Shanghai, Shenzhen, and Beijing. B[CITIC Securities: The next round of technology market launch window is likely to be in the fourth quarter] On October 9, CITIC Securities Research Report stated that the transmission of "CapEx → ROIC → EPS" in the computing power industry has been initially verified. The growth of capital expenditures from 2027 to 2028 will support the upward trend of the computing power chain's profitability and will form a solid support for the subsequent technology market. At the same time, the accelerated progress of RSI, the iteration of large versions of domestic models, and the demand for Meta Muse verification of C-side agents are pushing the market focus to extend from infrastructure investment to model capabilities, personal agents, and application monetization. The next round of technology market launch window is likely to be in the fourth quarter of 2026. It also needs to verify three conditions: marginal reversal of interest rate expectations, new narrative to build consensus, and completion of financial rebalancing. It is recommended to insist that structure is more important than position, and pay attention to structural opportunities such as Hong Kong stock model iteration, Internet platforms, hardware technology upgrades, and domestic semiconductor equipment. A【October 8th Evening News Selection】
1. The spokesperson of the Ministry of Foreign Affairs announced that French President Diplomatic Advisor Bonne will come to China from October 9 to 13 to hold a new round of China-France strategic dialogue with Wang Yi, member of the Political Bureau of the CPC Central Committee and director of the Foreign Affairs Office of the CPC Central Committee.
2. The People's Bank of China issued an article stating that China's trade development is rooted in the improvement of the international competitiveness of its industries. China has no need or intention to gain trade competitiveness through exchange rate depreciation and has never engaged in competitive currency depreciation.
3. According to the Ministry of Industry and Information Technology, in the first eight months of this year, China’s software business revenue exceeded 10 trillion yuan, a year-on-year increase of 8.8%, and the total software industry profit increased by 1.3% year-on-year; software business exports were US$45.99 billion, a year-on-year increase of 12.5%.
4. The Ministry of Human Resources and Social Security issued the "Measures for the Protection of Workers' Rights and Interests in New Employment Forms (Draft for Comment)", which stipulates basic labor rights and interests such as equal employment and free choice of employment, labor remuneration, rewards and punishments, working hours and labor intensity, rest, labor safety and health, protection from severe weather, vocational training, social insurance, personal information protection, collective consultation, etc., and sets the bottom line for labor conditions for workers in new employment forms.
5. Zunjie Auto released a statement stating that the Zunjie braking system has completed the entire process development and verification in accordance with requirements that are higher than national standards (GB 21670-2025 / GB 7258-2026) and higher than industry standards (QC/T 788-2018). In actual usage scenarios, the brake pedal bracket base did not break. The design of this component will be further optimized and free upgrades will be provided to users.
Iranian Foreign Minister Araghchi said that negotiations between Iran and the United States are still continuing. Iran is still evaluating the US response to the proposal to "reopen the Strait of Hormuz within seven days" and will respond within a few days.
6. Company news: ① Dongshan Precision responded to rumors related to optical chip procurement restrictions: some of the optical chips used in the optical module business are self-developed and self-produced, and the overall compliance space is sufficient; ② Xingyun Technology: Q3 net profit is expected to increase by 569%-716% month-on-month. The computing power business, especially the server sales business, has achieved explosive growth; ③ Wavelength Optoelectronics: The company and its chairman were prosecuted for smuggling goods prohibited from import and export by the country; ④ Xiongsu Technology: plans to acquire no more than 80% of the equity of Xinyuan New Materials; ⑤ Jingchen shares: third quarter net profit is expected to increase by 223%-248% year-on-year Preliminary estimates are that this year's revenue is expected to exceed 10 billion yuan; ⑥ Benchuan Intelligent: Net profit in the first three quarters is expected to increase by 190%-335% year-on-year. The revenue share of high-end high value-added PCB products such as high-end multilayer boards and high-end HDI has increased; ⑦ Dongyue Silicon Materials: Net profit in the first three quarters is expected to increase by 19050%-19750% year-on-year. Prices of major products have increased; ⑧ Dieffenbachia: It was clarified that Chairman Ou Xiantao was not involved in the rumors of the China Eastern Airlines flight conflict and has been reported to the police. B[Huang Kunming: I hope Tencent will unswervingly make long-term investment in the field of artificial intelligence and deeply participate in the construction of artificial intelligence infrastructure in Guangdong] On October 8, Huang Kunming, secretary of the Guangdong Provincial Party Committee, went to Shenzhen on October 8 to conduct in-depth research on port hubs and platform companies. At Tencent's headquarters, Huang Kunming walked into the exhibition hall to observe on-site core product application demonstrations, focusing on Tencent's R&D innovation and industrial layout progress in the field of artificial intelligence, and listened to the company's introduction to digital technology innovation and empowered development in multiple fields in recent years.
When discussing and communicating with business leaders and young scientists, Huang Kunming affirmed Tencent's insistence on independent innovation to promote the steady development of corporate operations. He pointed out that the current development of artificial intelligence is in the ascendant. Guangdong has clearly regarded artificial intelligence as a key development area in the "15th Five-Year Plan" and even longer. He hopes that Tencent will firmly seize the new opportunities in the new era. We will unswervingly make long-term investment in the field of artificial intelligence, give full play to the advantages of resources, technology, talents and all kinds of convenient conditions, deeply participate in the construction of artificial intelligence infrastructure in Guangdong, continue to increase the layout of computing power in Guangdong, focus on strengthening general and vertical large-scale models and strengthen application promotion, and help Guangdong accelerate the intelligent development of the entire industry chain. At the same time, we will make good use of our own technology research and development, platform channels, traffic support, skills training and other resources to strengthen the innovative production and product transformation of digital and intelligent content, and promote Lingnan culture to "come alive" and "go global";
Participate more deeply in the "Hundreds and Thousands Project" to help eastern Guangdong, western Guangdong and northern Guangdong expand product sales, build Jianqiang central towns, promote the upgrading of rural cultural tourism, and achieve new and greater development in empowering the construction of counties, towns and villages in Guangdong. Relevant provincial departments and Shenzhen City must accurately respond to the innovation and development demands of enterprises, provide detailed and complete full-cycle service guarantees, and strongly support enterprises to deepen their main business and strive for innovation. (Southern+) A[The GEM Index fell more than 3% and the Science and Technology Innovation 50 Index fell nearly 4.5%] On October 8, the index weakened, the GEM Index fell more than 3.00%, the Science and Technology Innovation 50 Index fell nearly 4.5%; the Shanghai Index fell 0.75%, and the Shenzhen Component Index fell 1.87%. Pharmaceutical biology, semiconductor chips, computing hardware, and robotics were among the top decliners, with nearly 3,600 stocks falling in Shanghai, Shenzhen, and Beijing. B[Roman Shares: Subsidiary signed a sales contract for computing power equipment worth 311 million yuan] On October 7, Lohman Shares (605289.SH) announced that the company’s controlled subsidiary Shanghai Wutongshu High-tech Co., Ltd. signed a "Sales and Purchase Contract" with China Merchants Financial Leasing (Shanghai) Co., Ltd. and China Merchants Zhirong Supply Chain Services Co., Ltd. According to the contract, China Merchants Financial Leasing (Shanghai) Co., Ltd. purchased computing power equipment from Wutong High-tech and leased it to China Merchants Zhirong Supply Chain Services Co., Ltd. Wutong High-tech directly delivered the relevant computing power equipment to China Merchants Zhirong Supply Chain Services Co., Ltd., with a total contract value of approximately RMB 311 million. This transaction is the daily operating behavior of the subsidiary, does not involve related transactions, and does not need to be submitted to the board of directors or shareholders' meeting for review. B[CITIC Construction Investment: The post-holiday market is expected to usher in a recovery market after the short-term factors are digested] On October 7, CITIC Construction Investment believes that the pre-holiday A-share decline is driven by the concentrated resonance of multiple short-term factors, and the post-holiday market is expected to usher in a recovery market after the short-term factors are digested. Looking at profits in the short term: A-shares will enter a performance verification period in October; mid-term policies: a new round of policy may be coming; long-term focus on liquidity: the probability of an interest rate hike in October has dropped, but the 30-year U.S. bond interest rate is still high. CITIC Construction Investment expects that after the market recovers after the holiday, A-shares will continue to fluctuate as a whole and continue to have a balanced allocation of both offense and defense. Offensive end: Focusing on AI computing power (PCB, CCL, electronic cloth, etc.) and innovative drugs. Defensive end: Take dividend sectors such as banks, non-banks, coal, and public utilities as bottom positions. B[The proportion of individual investors in ETF investment continues to expand, and three types of theme ETFs are popular] October 3rd, the proportion of individual investors in ETF investment continues to expand. According to statistics from the Fund Observation Room, among the 48 newly listed ETFs since September, individual investors accounted for more than 80%, and in 19 of them, individual investors accounted for more than 90%. In terms of investment types, theme and industry ETFs are the most popular products among individual investors. Taking the 48 ETFs listed in September as an example, 37 have a listing share of less than 300 million shares, and there are two products with a listing share of more than 1 billion shares. From the perspective of investment fields, newly listed ETFs are mainly concentrated in the following three parts: first, GEM computing power ETFs; second, science and technology growth theme ETFs such as science and technology chips, science and technology materials, cloud computing, etc.; third, dividends, banks, cash flow and other stable varieties.
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