Pre-market highlights: 1. Nasdaq futures opened 0.6% higher; WTI crude fell 0.99% to $102.246. Type: Market. Sentiment impact: Neutral. In early Asia-Pacific trading on Monday, U.S. stock index futures strengthened, with Dow Jones futures up 0.34%, S&P 500 futures up 0.48%, and Nasdaq 100 futures up 0.66%. International oil prices weakened, with WTI crude futures falling 0.99% to $102.246 per barrel. According to CME's "FedWatch," the probability that the Federal Reserve will keep rates unchanged this week is 90%, while the probability of a cumulative 25 basis point hike is 10%.
2. The central bank conducted a 700 billion yuan medium-term lending facility operation today. Type: Macro. Sentiment impact: Positive. To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 700 billion yuan medium-term lending facility (MLF) operation today through fixed-quantity, rate-based bidding with multiple-price allocation, with a term of one year. The MLF is a monetary policy tool through which the central bank provides medium-term base money and can be conducted through bidding. This operation is sized at 700 billion yuan with a one-year term, and the funds will be injected through bidding.
3. The "National Informatization 15th Five-Year Plan" was issued, proposing the timely launch of 6G commercialization. Type: Macro. Sentiment impact: Positive. The Central Cyberspace Affairs Commission issued the "National Informatization 15th Five-Year Plan." The plan proposes that by 2030, a multidimensional network system spanning land, sea, air, and space will basically take shape, a new-generation communications network will be fully built, sixth-generation mobile communications (6G) commercialization will be launched in due course, and the national blockchain network will basically be completed. The plan includes the completion of the new-generation communications network and 6G commercialization among its 2030 goals.
4. 1,028 companies disclosed third-quarter reports, with 176 posting year-on-year net profit growth of more than 100%. Type: Industry. Sentiment impact: Positive. Wind data shows that as of 18:00 on October 25, a total of 1,028 A-share listed companies had disclosed third-quarter reports, of which 548 companies reported year-on-year growth in net profit attributable to shareholders of the listed company, accounting for about 53.31%. Among companies that have disclosed third-quarter reports, 176 saw year-on-year net profit growth exceed 100%. By industry, performance recovery was notably evident in semiconductors, chemicals, fiberglass, batteries, and electronic components.
Investment calendar: October 26 to October 28, CPE 2026 International Computing and Power Exhibition. Institutional views: 1. CITIC Securities: The pullback in the AI trend is not the beginning of a bear market, and non-AI sectors may face a more favorable environment. 2. SDIC Securities: The ChiNext Index has reached a bottom area, and late October to November may mark the second wave of AI technology this year. 3. Huayuan Research: Expectations of Fed rate hikes are rising, copper prices are under pressure at high levels, and London copper fell 1.48% this week.
Positive and negative outlook: 1. The Fed's October policy meeting will announce its rate decision. Type: Policy focus. China Merchants Strategy: High U.S. bond yields and rising oil prices compress room for easing, while high rates still constrain valuations, so a balanced allocation is recommended. 2. U.S. tech giants will intensively release earnings. Type: Market hot topic. CITIC Securities: The computing power industry is still growing but will return to rationality, funding conditions are tightening as "draining" rebounds while net "injection" narrows, and U.S. stocks must be alert to correction risks. 3. General models are entering the robot control stage. Type: Institutional hot comment. CITIC Securities: Looking ahead to 2027, general models entering embodied task areas will become the AI industry's next investment direction, coordinating with specialized models in the short term through division of labor.
Announcement highlights. Positive announcements: 1. Tianfu Communication: plans to repurchase 100 million to 150 million yuan of shares for cancellation. 2. Ronbay Technology: plans to invest 3.603 billion yuan to build a 200,000-ton sodium battery cathode materials integrated project in Xiangyang. 3. Yuneng Holdings: a subsidiary plans to invest in the Puyang comprehensive energy project, with a dynamic total investment of 13.927 billion yuan. Negative announcements: 1. Sanan Optoelectronics: actual controller Lin Xiucheng was approved for arrest by the procuratorate. 2. Huaxin Shares: planning a change of controlling shareholder, with trading suspended from October 26. 3. Huaci Shares: third-quarter net profit was 39.0236 million yuan, down 43.60% year on year.
Overseas markets: The three major U.S. stock indexes closed lower collectively last Friday, with the Dow down 1.24%, the Nasdaq down 0.21%, and the S&P 500 down 0.52%. CME data shows a 90% probability that the Fed will keep rates unchanged this week and a 10% probability of a 25 basis point hike; Goldman Sachs on the same day cut its 12-month target for the Kospi by 25% to 9,000 points, citing returns on AI infrastructure investment and rising financing costs. Most popular tech stocks fell, with Google down more than 1%, while Amazon and Meta fell nearly 1%; the storage sector rose, with SK Hynix up more than 4% and Micron Technology up more than 2%.
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