Pre-market highlights. 1. The three major US stock indices closed mixed, with the Dow rising 1.02%, led by biopharmaceutical and weight-loss drug stocks. Type: Market. Sentiment impact: Neutral. The Dow rose 1.02% to 52,495.88 points, the Nasdaq fell 0.02% to 26,424.82 points, and the S&P 500 rose 0.29% to 7,712.57 points. Most large-cap tech stocks declined, with Apple, Google, and Meta dropping over 1%, SK Hynix falling more than 2%, while Tesla gained over 1%. The biopharmaceutical and weight-loss drug sectors led gains, with Eli Lilly and Amgen up over 3%, AstraZeneca up nearly 3%, and Novo Nordisk and Pfizer up more than 2%. Semiconductor equipment and materials, along with oil and gas sectors, declined, with KLA down over 2%, Applied Materials down nearly 2%, and ASML down nearly 1%. The Livermore China Concept Stock Leaders Index closed up 0.59%.
2. SASAC establishes National Data Group Co., Ltd., with SASAC performing investor responsibilities. Type: Macro. Sentiment impact: Positive. With State Council approval, National Data Group Co., Ltd. has been established, with the State-owned Assets Supervision and Administration Commission of the State Council representing the State Council in performing investor responsibilities and being included in the list of enterprises supervised by SASAC. The group was officially inaugurated on October 20. According to its positioning, the company will lead data technology, prosper the data industry, serve artificial intelligence, and build a digital China.
3. Smart computing power scale reaches 2,592 EFLOPS, up 146% year-on-year; MIIT will accelerate capacity expansion and quality improvement of computing facilities. Type: Industry. Sentiment impact: Positive. Xie Cun, Director of the Information and Communication Administration Bureau of the Ministry of Industry and Information Technology, stated at a State Council Information Office press conference that as of the end of September 2026, China's smart computing power scale reached 2,592 EFLOPS, up 146% year-on-year. Next, MIIT will plan and implement a batch of major engineering projects with strategic, guiding, and breakthrough significance, accelerate the expansion and quality improvement of computing facilities; proactively layout 6G technology innovation, deepen 5G industrial internet application innovation; support more qualified enterprises in applying for commercial trials of satellite IoT services, and study further expansion of value-added telecommunications business opening pilots in due course.
4. Tianqi Lithium expects net profit of 5.1 billion to 6 billion yuan for the first three quarters, up 2,734.97% to 3,235.26% year-on-year. Type: Company. Sentiment impact: Positive. Tianqi Lithium released its 2026 first three quarters earnings forecast, expecting net profit attributable to shareholders of the listed company of 5.1 billion to 6 billion yuan, compared to 180 million yuan in the same period last year; net profit after deducting non-recurring gains and losses of 5.03 billion to 5.93 billion yuan, compared to 71.2758 million yuan in the same period last year. The company stated that operating revenue in this reporting period rose significantly year-on-year, mainly due to a notable increase in the average selling price of lithium products compared to the same period last year. This earnings forecast has not been pre-audited by certified public accountants.
Investment calendar. October 21: NVIDIA CEO Jensen Huang delivers a speech at NVIDIA GTC Berlin conference.
Institutional views. 1. Huafu Securities: Coal supply elasticity is limited, rising costs support the bottom of coal prices, and coal prices are in a new round of upward cycle. 2. Guotou Securities: Industry investment and sales are still bottoming out, but housing prices have continued to improve marginally, and the market is accumulating momentum for stabilization. 3. Zhongtai Securities: AI film projects are accelerating, and positive changes in content supply from year-end to the New Year and Spring Festival periods are favored.
Positive and negative outlook. 1. Today, 5.6 billion yuan of 7-day reverse repos mature. Type: Policy focus. Guotai Haitong: The Financial Street Forum clarified that the policy interest rate will opportunistically switch its anchor to the overnight repo rate, and established a liquidity tool for large non-bank redemptions, expanding the scope of institutions eligible for SLF to domestic and foreign-funded legal person banks. 2. NVIDIA GTC Berlin conference is held, with Jensen Huang delivering a keynote speech. Type: Market hot topic. CITIC Securities: It is expected that Q4 2026 will be a key time point for enterprise-level deployment of overseas model companies. After October, Anthropic ARR is expected to regain upward momentum, repairing pessimistic expectations for the AI sector. 3. The 93rd National Pharmaceutical Trade Fair is held in Beijing from October 21 to 23. Type: Institutional hot review. Sinolink Securities: Innovative drug frontier technologies are accelerating iteration, with IO2.0, ADC iteration, and autoimmune long-acting bispecific antibodies reshaping the treatment landscape, and Chinese original research assets entering a harvest period of internationalization.
Announcement express. Positive announcements. 1. Pengding Holdings: Plans to repurchase 300 million to 500 million yuan, with a repurchase price ceiling of 80 yuan per share. 2. Qiaoyin Shares: Pre-winning bid for the rural sanitation integration project in Anxin County, Hebei, with an amount of 77.31 million yuan and an operating period of 3 years. 3. Montage Technology: Expected net profit of 1.2 billion to 1.3 billion yuan in the third quarter, up 153.6% to 174.7% year-on-year.
Negative announcements. 1. Tiansheng New Material: Terminates the 2026 targeted issuance of stocks to specific objects, and the change of controlling shareholder and actual controller is also terminated simultaneously. 2. Jinlong Shares: Terminates the acquisition of 29.3151% shares of Shenzhen Benmao Technology. 3. *ST Zhuoran: Closing market value on October 20 was 192 million yuan, below 300 million yuan for 14 consecutive trading days, posing a risk of delisting.
Overseas markets. The three major US stock indices closed mixed, with the Dow rising 1.02% to 52,495.88 points, the Nasdaq falling 0.02% to 26,424.82 points, and the S&P 500 rising 0.29% to 7,712.57 points. International oil prices surged then fell back during the session, with oil and gas and semiconductor equipment sectors declining accordingly, and KLA down over 2%; biopharmaceutical and weight-loss drug sectors led gains, with Eli Lilly and Amgen up over 3%. Most large-cap tech stocks declined, with Apple, Google, and Meta down over 1%. The Livermore China Concept Stock Leaders Index rose 0.59%, with XPeng up over 7% and Li Auto up over 5%.
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