**Key Weekend Events** 1. **AI Trading Black Swan** Chip giant Broadcom’s weaker-than-expected sales guidance triggered an 11% stock plunge, dragging down peers and sending the Philadelphia Semiconductor Index down 5%—its steepest drop in months. This amplified AI investment anxieties initially sparked by Oracle, an AI bellwether, which fell after forecasting higher capital expenditures and delayed revenue returns. Reports of data center project delays deepened losses. Power infrastructure firms tied to AI also declined.
2. **China’s Economic Policy Outlook** At the 2025–2026 China Economic Annual Conference, Han Wenxiu, Vice Minister of the Central Financial Commission, projected China’s 2025 GDP at ~¥140 trillion, exceeding expectations. Incremental policies will be rolled out in 2026 to stabilize growth, synergizing with existing measures.
3. **Boosting Consumption** Three ministries urged local authorities to leverage fiscal and financial tools (e.g., digital yuan smart contracts, subsidies) to spur spending in key areas like healthcare, tourism, and green tech. Banks and non-bank institutions were encouraged to collaborate on consumption upgrades.
4. **PBOC’s Monetary Stance** The People’s Bank of China pledged continued "moderate loose" monetary policy, prioritizing growth and price stability via RRR cuts, rate adjustments, and liquidity management.
5. **SpaceX’s $800B Valuation & 2026 IPO Plans** SpaceX’s internal share sale at an $800B valuation signals preparations for a potential 2026 IPO—potentially the largest ever.
6. **Healthcare Reform** China’s医保局 aims for near-zero out-of-pocket分娩 costs nationwide by 2026, expanding insurance coverage for prenatal care and painless delivery.
7. **Kweichow Moutai Co.,Ltd. Strategy Shift** Distributors discussed 2026 plans: focusing on core products (e.g., Feitian Moutai at ¥1500+), cutting non-standard offerings, and halting 2025 excess quotas to stabilize prices.
8. **Moore Threads’ Fund Management** The firm clarified its ¥7.5B idle fund plan won’t disrupt R&D projects, stressing strict adherence to allocated budgets.
9. **Vanke’s Bond Extension Rejection** Holders vetoed three proposals to extend "22 Vanke MTN004," leaving a 5-day grace period for negotiations.
10. **Property Market Support** Regulators vowed to stabilize real estate via financing mechanisms and debt risk resolution, aligning with the new development model.
**Top 10 Broker Insights** 1. **CICC**: Balance domestic/international exposure—overseas stocks face valuation ceilings; domestic recovery offers upside. 2. **SWS**: A股’s upside remains capped amid AI capex concerns; tech beta pressure persists. 3. **GF Securities**: Economic fundamentals outweigh market noise; maintain investment themes. 4. **CSC**: Year-end rally likely post-adjustment; favor metals, AI, and commercial space. 5. **Cinda Securities**: Growth stocks may rebound short-term but face Fed/BOJ headwinds; AI’s long-term bullish. 6. **East Money**: Watch Fed chair pick/data; BOJ hikes priced in, limited HK impact. 7. **Huaan Securities**: Low turnover signals AI sector rebound potential. 8. **Huaxi Securities**: Post-policy clarity, deploy incrementally per "15th Five-Year Plan." 9. **Soochow Securities**: Post-4,000 pullback normal; Fed pivot and year-end inflows support stability. 10. **EBSC**: Policy tailwinds may fuel a year-end rally; focus on TMT/advanced manufacturing or defensive plays if volatility persists.
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