On October 27, the three major A-share indices all moved lower by the morning close, with the Shanghai Composite Index down 0.13% at 3,692.58 points, the Shenzhen Component Index down 0.33% at 11,496.44 points, the ChiNext Index down 0.45% at 2,626.31 points, the STAR 50 Index down 1.5% at 1,295.83 points, and the Beijing Stock Exchange 50 Index down 0.09% at 963.09 points.
On the liquidity front, the central bank announced that on October 27 it conducted 412 billion yuan of 7-day reverse repurchase operations through fixed-rate, quantity-based bidding, fully meeting the demand of primary dealers, with an operating rate of 1.4%, a bid amount of 412 billion yuan, and an allotment amount of 412 billion yuan. It also conducted 1 trillion yuan of overnight reverse repurchase operations. Wind data showed that 398 billion yuan of reverse repos matured on the same day, implying a single-day net injection of 1.014 trillion yuan.
On the news front, the National Energy Administration released data showing that in September 2026, power trading institutions nationwide completed 673.7 billion kilowatt-hours of traded electricity, up 17.5% year on year. From January to September 2026, power trading institutions nationwide completed a cumulative 5,853.6 billion kilowatt-hours of traded electricity, up 18.9% year on year. The National Bureau of Statistics reported that from January to September, profits in the electronics industry doubled year on year, contributing 9.6 percentage points to the profit growth of all industrial enterprises above designated size, serving as an important support for the relatively rapid profit growth of industrial enterprises above designated size. By subsector, driven by demand in areas such as AI computing power and advanced storage, profits in the electronic special materials manufacturing and semiconductor discrete device manufacturing industries rose 2.2 times and 51.7%, respectively. The accelerated development of next-generation information technology drove profits in the optoelectronic device manufacturing and electronic circuit manufacturing industries up 69.8% and 62.5%, respectively.
In terms of sectors, motors, general retail, reducers, blind box economy, aquatic products concept, and banks were strong, while aerospace equipment, aviation equipment, biological products, and EDA concept performed poorly and led the market lower. Reducers are core components in the transmission field, capable of reducing speed and increasing torque, with wide downstream applications. Among them, precision reducers are widely used in robots and account for a high proportion, directly affecting robot performance. At present, humanoid robots are advancing rapidly at home and abroad, and mass production is imminent. By 2030, this may bring a market increment of tens of billions of yuan for precision reducers. As domestic policy support continues to strengthen and domestic manufacturers continue to make technological breakthroughs, the domestic production rate of precision reducers is gradually rising, and domestic precision reducers are ushering in a critical moment.
1. Mingyang Technology is expected to maintain its business growth trend through deepened specialization in its main business, horizontal expansion into related fields, and continuous R&D optimization upstream toward materials. — Huayuan Securities
2. Wanye Group has been deeply engaged in flexible power regulation for many years. As a pioneer participating in the market as a new-type energy storage entity and a participant in the formulation of multiple industry standards, the company has significant advantages in technology, talent, and project resource reserves. — Tianfeng Securities
3. Guangyang Co., Ltd. is expected to gradually turn profitable as its FPC and robotics businesses ramp up, thereby improving the company's overall profitability. — Soochow Securities
4. Duoli Technology has gained control of Hanmeng Transmission through its subsidiary Daya Intelligent. Its core product is an internal-external dual steel wheel harmonic reducer, with reduction ratios covering a range of 11 to 50, featuring low energy consumption, long service life, and high reliability. — Western Securities
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