A[GEM Index and Science and Technology Innovation 50 both fell by more than 2%] On October 19, the index continued to weaken, with the GEM Index falling by more than 2.00%, the Shanghai Index falling by 0.35%, and the Shenzhen Component Index falling by 0.87%. Agriculture, computing hardware, semiconductor chips, medicine and biology, and real estate were among the top decliners, with nearly 4,100 stocks falling in Shanghai, Shenzhen and Beijing. A[The ChiNext Index fell more than 1%, nearly 3,800 stocks fell] On October 19, the index weakened, the ChiNext Index fell more than 1.00%, the Shanghai Index fell 0.33%, and the Shenzhen Component Index fell 0.31%. Agriculture, computing hardware, semiconductor chips and other directions were among the top decliners, with nearly 3,800 stocks falling in Shanghai, Shenzhen and Beijing. A[Bidding to see the leader] On October 19th, the market focus stock Xinhua Media (11 boards) opened lower by 1.06%, and the media sector Xinhua Wenxuan (11 boards in 15 days) opened lower by 9.59%, reading Zhe Media (2nd board) opened 6.80% lower, ice and snow industry concept stocks Bingshan Lengre (4th board) opened 8.01% lower, M&A and reorganized Jinaobo (3rd board in 4 days) opened 1.09% higher, Yuehong Yuan A (2 boards in 3 days) opened 5.15% higher, Oriental Jiasheng (2 boards) in the chip industry chain opened 5.87% higher, network security concept stock Jidazhengyuan (2 boards) bid for the daily limit, pharmaceutical stock Jianfeng Group (2 boards) opened 3.53% lower, low-altitude economic concept stock Huayang International (2 boards in 4 days) opened 0.21% lower, and Fujian local stock Fujian Cement (2 boards in 4 days) opened 1.47% higher. A[Morning News Selection on October 19th]
1. Premier Li Qiang chaired an executive meeting of the State Council on the 16th. The meeting pointed out that it is necessary to continuously deepen and expand the "artificial intelligence +" action, strengthen technological research and algorithm innovation; it is necessary to control low-price and disorderly competition in accordance with laws and regulations, and improve supporting rules such as industry cost surveys and prohibiting low-price dumping.
2. The Ministry of Commerce and the Ministry of Science and Technology announced on the 16th that they plan to revise the "China's Catalog of Prohibited and Restricted Export Technologies" to include some artificial intelligence, biomedicine, and photovoltaic technologies.
3. Four departments including the Ministry of Industry and Information Technology organized discussions with more than 30 automobile companies to strengthen the innovative design and R&D testing and verification management of automobile products.
4. The 2026 Financial Street Forum Annual Meeting will be held in Beijing’s Financial Street from October 19th to 22nd. Pan Gongsheng, Ding Xiangqun, Wu Qing, and Zhu Hexin will attend the 2026 Financial Street Forum Annual Meeting and deliver keynote speeches.
5. Pan Gongsheng attended the 54th International Monetary and Financial Committee meeting. The meeting held that the rapid development of artificial intelligence technology has exacerbated the risk of differentiation, and the world economy still faces downward risks.
6. The 6th RISC-V China Summit will be held from October 18th to 20th at the Shenzhen Convention and Exhibition Center (Futian). Frost & Sullivan estimates that China's RISC-V main control chip market will reach approximately 219.4 billion yuan in 2030.
7. Morgan Stanley said that in 2027, the scale of new computing power in the data centers of ultra-large-scale cloud vendors and emerging clouds will surge by 48% year-on-year, reaching 32 gigawatts.
8. Frost & Sullivan, an international consulting organization, recently released the "2026 Global Humanoid Robot Market Research Report". In the first half of this year, global sales of humanoid robots reached 36,000 units, exceeding the 35,000 units in the whole of 2025; market revenue reached US$540 million.
9. Changxin Technology announced that in the first three quarters, it had a pre-profit of RMB 131 billion to RMB 132.5 billion year-on-year, and the chairman proposed to repurchase shares of RMB 1 billion to RMB 2 billion.
10. Dingtai High-tech announced that the chairman proposed to repurchase A shares for 50 million to 100 million yuan; Montage Technology announced that the independent directors proposed to repurchase A shares for 300 million to 500 million yuan; Zhongke Shuguang announced that the chairman proposed to repurchase the company's shares for 300 million to 500 million yuan; Haiguang Information announced that the chairman proposed to repurchase 500 million to 800 million yuan of shares; Shengyi Technology announced that the chairman proposed to repurchase A shares for 200 million to 300 million yuan.
11. Shenghong Technology announced that the actual controller proposed that the company repurchase A shares for 150 million to 300 million yuan; OmniVision Group announced that it planned to repurchase A shares for 250 million to 500 million yuan; Shandong Gold announced that it planned to repurchase shares for 300 million to 400 million yuan to cancel and reduce registered capital.
12. Sihui Fushi announced that its net profit in the third quarter increased by 217% year-on-year; Welgo announced that its net profit in the third quarter increased by 462% year-on-year; Kexiang announced that its net profit in the first three quarters was 244 million yuan; Yongtai Technology announced that its net profit in the first three quarters increased by 1,222% year-on-year.
13. Demingli announced that it expected net profit in the first three quarters to be 8.65 billion yuan to 8.95 billion yuan year-on-year; Jialichuang announced that net profit in the first three quarters was expected to increase by 79%-118% year-on-year; Hengtong Optoelectronics announced that net profit in the first three quarters was expected to increase by 151%-168% year-on-year; Jinhaitong announced that net profit in the first three quarters was expected to increase by 148% to 172% year-on-year.
14. Shengyi Electronics announced that net profit in the first three quarters is expected to increase by 68%-75% year-on-year; Tengjing Technology announced that net profit in the third quarter is expected to increase by 61.68%-76.38% year-on-year; Shengyi Technology announced that net profit in the first three quarters is expected to increase by 164%-181% year-on-year.
15. Shenhao Technology announced that its subsidiary signed a purchase contract for computing power equipment worth 881 million yuan; Dataport announced that it plans to purchase computing power services of no more than 1 billion yuan.
16. Shenghe Resources announced that it plans to transfer 51% of the equity of four rare earth smelting and separation subsidiaries to China Rare Development.
17. The market has reduced expectations for the Federal Reserve to raise interest rates in October. After Federal Reserve Chairman Warsh's "dovish" speech, the probability of raising interest rates dropped from about 27% to less than 15%.
18. Trump signed an executive order on the 16th local time to suspend the implementation of a new round of large-scale sanctions against the Russian economy passed by the US Congress.
19. Trump said in an interview at the White House on the 15th that the United States may launch another attack on Iran’s nuclear facilities, including the underground nuclear facility in Haoshan.
20. According to reports, India has ordered state-owned fuel retailers to stop purchasing ethanol produced from sugar and the main sugar cane raw material, a move that may help curb rising sugar prices. The ban will come into effect in India's new supply year starting on November 1.
21. Last Friday, the three major U.S. stock indexes collectively closed down. The Dow Jones Industrial Average fell 0.34%, the Nasdaq Composite fell 2.14%, and the S&P 500 Index fell 1.09%. Popular technology stocks generally fell. The Storage Concept Index fell 6.28%. The Philadelphia Semiconductor Index fell 3.83%, marking the eighth consecutive trading day of decline. SanDisk, Western Digital, and SK Hynix fell more than 6%.
22. Last Friday, the settlement price of WTI crude oil futures increased by 3.51%, and the settlement price of Brent crude oil futures rose by $3.94. COMEX gold futures closed up 0.4%, while COMEX silver futures fell 0.04%.
23. When talking about the shock in the AI market, Huang Renxun said: "This will all pass." Huang expressed optimism, saying the benefits of the technology would soon allay investor concerns.
24. According to people familiar with the matter, SoftBank Group is considering acquiring Allied Universal, the largest security services company in the United States, and founder Masayoshi Son is exploring ways to implement AI-driven robots across the industry.
25. The artificial intelligence company OpenAI is laying out the humanoid robot research and development track. Sam Altman disclosed the progress of related projects. The project will focus on the research and development of robot intelligent systems as its core research direction. B[TSMC’s second JASM fab in Japan has been approved to switch to 3nm chip production] On October 18, according to a recent announcement on the official website of Japan’s Ministry of Economy, Trade and Industry, the plan to convert JASM’s second wafer fab, a Japanese joint venture controlled by TSMC, to produce 3nm chips has been officially approved by Japan’s Ministry of Economy, Trade and Industry. It is understood that JASM’s second wafer fab had previously planned to produce 40-nanometer, 12-nanometer, and 6-nanometer process chips, with a total designed monthly production capacity of 63,000 wafers. B[ZTE CTO Wang Xiyu: The new generation data center network NPO solution is providing a better solution for AI Fabric] October 17th, the 10th Future Network Development Conference was held in Nanjing, Jiangsu from October 15th to 17th. Wang Xiyu, executive vice president and chief technology officer of ZTE, pointed out in his speech that with the rapid development of large AI models and computing power clusters, profound changes have occurred in the data center domain, wide area, and air and space domain businesses. For data center domain scenarios, optical devices are gradually moving closer to electrical chips, which is a significant trend in optical interconnection. NPO takes into account the advantages of openness, cost and maintainability, and intra-node interconnection is the main scenario of NPO. Wang Xiyu said that ZTE’s new generation data center network NPO solution is providing better solutions for AI Fabric and becoming a pioneer in the development of high-density bandwidth. Facing the space and space domain scenarios, satellite laser communications are extending the network from the ground to space. In terms of bandwidth capabilities, ZTE is promoting the commercial verification of spaceborne 100G/200G products. 400G/800G core chips and optical devices are also being verified, which can meet the needs of the long-term evolution of spaceborne laser applications. In terms of product form, it supports "lasers and routing can be separated and combined" to adapt to the needs of different satellite platforms. High-value scenarios integrating space and ground are taking root. (Securities Times) B[The trend of U.S. technology stocks has been torn in the past 20 days, and memory chip stocks have suffered heavy losses] On October 16, the trends of U.S. technology stocks in the past 20 days were obviously divided. Meta and Microsoft rose by 8.42% and 7.57% respectively, Apple rose by 2.63%, Google A and Google C fell by 1.45% and 1.09% respectively, and Nvidia fell by 1.97%. Chip stocks performed even weaker, with Micron Technology falling 11.42%, SK Hynix falling 25.70%, Broadcom and TSMC falling 5.88% and 4.42% respectively; on the other hand, Walmart and Eli Lilly rose 11.30% and 9.66% respectively. Technology stocks no longer rise and fall together, and memory chips have become one of the most prominent sectors in recent corrections. B[What are the main considerations for the artificial intelligence technologies to be added to China’s Catalog of Export Prohibited and Restricted Technologies? Ministry of Commerce's response] On October 16, the spokesperson of the Ministry of Commerce answered reporters' questions on the revision of the "China's Catalog of Export Prohibited and Restricted Technologies". Q: What are the main considerations for the artificial intelligence technology to be added?
Answer: Currently, global artificial intelligence technology innovation has entered an unprecedented active period, with opportunities and challenges coexisting. This time, it is planned to add 23 key technologies related to artificial intelligence large models, agents, computing power clusters, and information processing to the "Catalogue" for the following main considerations:
The first is to ensure that artificial intelligence technology is safe and controllable. Various endogenous and derived risks caused by artificial intelligence have attracted great attention from countries around the world. The artificial intelligence-driven autonomous malicious code generation and mutation technologies planned to be listed this time can be used to attack sensitive systems such as national critical information infrastructure, national defense industry, and core government affairs, or to bypass the national security defense system. If obtained by non-state actors or malicious entities, it may cause harm to national security and the common security of mankind. The Chinese government implements necessary management of this type of technology in order to establish a solid bottom line for safety, prevent abuse and abuse, ensure that artificial intelligence is always under human control, and promote international governance of artificial intelligence.
The second is to encourage open source, cooperation and sharing. The Chinese government is committed to making artificial intelligence an important source of power for promoting common prosperity and maintaining common security. In order to support the construction of an artificial intelligence open source innovation ecosystem, automatic licensing and other convenient measures will be applied to technology exports in situations such as open source artificial intelligence technology, Chinese enterprises building self-operated computing centers overseas, going overseas to carry out chip tape-out manufacturing, using overseas resources to carry out joint research and development, and participating in the formulation of international standards, basically realizing "immediate export"; related technologies that have entered the public domain through open source, publishing academic papers, etc., are not planned to be included in the scope of export management, creating a good environment for international exchanges and cooperation in artificial intelligence technology.
It should be particularly pointed out that China advocates engaging in dialogue and cooperation on artificial intelligence with other countries on the basis of mutual respect, equality and mutual benefit to jointly deal with the risks of proliferation and loss of control of artificial intelligence technology. China supports countries in the Global South to strengthen artificial intelligence capacity building, bridge the digital intelligence gap, and promote sustainable development. More convenience and support will be provided for the technology exports required for international cooperation in capacity building, technology sharing and rule building among members of the World Artificial Intelligence Cooperation Organization. A[Memory chip concept rebounded in shock, Changxin Technology's total market value returned to 3 trillion] On October 16th, the memory chip concept rebounded in intraday shock, Changxin Technology rose by more than 5%, the total market value returned to over 3 trillion, Juchen shares rose by more than 10%, Montage Technology, Puran Shares, GigaDevice Innovation, and Taiji Industrial were among the top gainers. On the news, South Korean stock markets opened higher in early trading, with memory chip leader SK Hynix rising more than 3% and Samsung Electronics rising nearly 3%. B[CITIC Securities: It is recommended to pay attention to the investment opportunities of companies in the HDD, DRAM, and NAND tracks] On October 16, CITIC Securities reported that the recent global memory chip stock price fluctuations have intensified, and their performance has been significantly weaker than other sectors since October. In addition to the disturbance of macro factors (increased crude oil price fluctuations, inflation and interest rate expectations have resurfaced), the industry has also become more concerned about the progress of Changxin Technology’s 4F² technology. The main reason is that the market is worried that China's local wafer fabs will form an effective technological breakthrough in the high-margin server DDR5 market, and the narrative logic of overseas giants maintaining ultra-high bargaining power through monopolizing production capacity will be shaken. From the perspective of industry progress, the current DRAM technology is still dominated by 6F² unit structure. The implementation of 4F² technology depends on the progress of Samsung Electronics and Changxin Technology. At present, 4F² technology is still in the early verification stage. It is still necessary to observe the company's yield, output, gross profit margin, downstream customer certification and other indicators in this field. It will have a relatively small impact on the short- and medium-term storage industry. It is recommended to pay attention to the investment opportunities of companies in the HDD, DRAM, and NAND tracks. A[Selected evening news on October 15th]
1. In response to the recent significant increase in the interest in long-term government bond yield trading, some securities firms and banks have received reminders from regulatory authorities, requiring relevant institutions to strengthen bond investment risk management.
2. TSMC’s net profit in the third quarter was NT$763.06 billion, a year-on-year increase of 68.7%; it confirmed that capital expenditures in 2026 are expected to be US$60 billion to US$64 billion.
3. After the United States released CPI data that exceeded expectations, the probability of the Federal Reserve raising interest rates in October has increased. Senior forecaster: No change expected in October.
4. Cook said that Apple Smart and related Alibaba Qianwen large models have indeed been approved, and a test version will be released in China at the end of October, including real-time translation, writing tools, photo cleaning tools, etc.
5. Company news: ① Guangxun Technology: Net profit in the first three quarters is expected to increase by 65%-82% year-on-year. Demand for datacom optical modules is growing rapidly. ②Muxi Shares: Net profit in the first three quarters is expected to be 587 million yuan-717 million yuan, turning losses into profits year-on-year. ③ Haiguang Information: Net profit in the first three quarters is expected to increase by 38%-52% year-on-year. Domestic demand for high-end chips continues to rise. ④ Sugon: Net profit in the first three quarters increased by 78.48% year-on-year. ⑤ Baiwei Storage: The controlling shareholder proposed to repurchase 200 million to 250 million yuan of A shares to cancel and reduce registered capital. ⑥Tianfu Communications: The controlling shareholder proposed to repurchase A shares for 100 million to 150 million yuan. ⑦Shanghai Electric Co., Ltd.: The controlling shareholder proposed a cash dividend of no less than 2.2 billion yuan in 2026. ⑧Xinyisheng: The controlling shareholder proposed to buy back 800 million to 1 billion A shares. ⑨ Longsys: Net profit in the first three quarters is expected to increase by 1865%-1991% year-on-year.
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