To The Moon

Premarket Highlights

1. State Council Unveils Major Deployment, Rolling Out a Set of Practical and Effective Incremental Policies! Covering Six Major Networks, Consumption, Real Estate and More. Category: Macro Sentiment. Impact: Positive. On the evening of September 28, the State Council pointed out that countercyclical adjustment of macro policies should be intensified to drive the economy toward sustained, innovative, and improving development. Major engineering projects already specified in the 15th Five-Year Plan and the implementation plans for the "Six Major Networks" should be launched as early as possible; interest subsidy policies for expanding investment and boosting consumption should be strengthened; a set of practical and effective incremental policies should be introduced; and policy measures to stabilize the real estate market and promote employment and income growth should be studied and rolled out.

2. Good News for A-Shares! A Batch of A-Share Listed Companies Released Third-Quarter Earnings Pre-Increase Announcements and Buyback Announcements. Category: Company Sentiment. Impact: Positive. On the evening of September 28, a number of A-share listed companies published third-quarter earnings pre-increase announcements and buyback announcements. Among them, Xinlian Integrated announced that the company expects to achieve net profit attributable to owners of the parent company of 681 million yuan in the first three quarters, turning profitable year-on-year. Changhong Technology, TCL Zhonghuan, Huaqin Technology, Sifang Holdings and several other listed companies released large-scale buyback plans, drawing market attention.

3. The 15th Five-Year Plan for the Development of Central Enterprises Has Been Officially Issued, with Central Enterprises' "Six Major Networks" Expected to Invest About 2 Trillion Yuan This Year. Category: Macro Sentiment. Impact: Positive. Pang Xiaogang, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council, introduced that as of the end of August, the total assets of state-owned assets and central enterprises had reached 99.3 trillion yuan and were expected to reach a new level by the end of the year. In 2026, the annual planned investment of central enterprises in the "Six Major Networks" is about 2 trillion yuan. By 2030, the share of value added from strategic emerging industries in central enterprises will rise by another 5 percentage points. Formulating the 15th Five-Year Plan for the development of central enterprises is a major priority in this year's work for state-owned assets and central enterprises. Pang Xiaogang said the plan has now been officially issued.

4. The AI Boom Brings Strong Cash Flow as Nvidia Announces an Additional $150 Billion in Share Buybacks. Category: Company Sentiment. Impact: Positive. Nvidia said on Monday that its board approved an increase of $150 billion in its share repurchase authorization, bringing the remaining repurchase capacity to $235 billion, with execution expected before the end of fiscal 2028. Nvidia CEO Jensen Huang said the company's strong cash-generating ability allows it to continue investing in relevant technologies while also returning capital to shareholders. After the news was announced, Nvidia's stock rose more than 1% in overnight U.S. trading.

Investment Calendar

Press Conference on Building a Strong Science and Technology Nation

Investment Tips

Price changes are driven by the dynamic interaction of different rules and have little, or even no, relationship with the underlying economic value of a stock. From "The Origin of Wealth" by Eric Beinhocker.

Institutional Views

1. Guotai Haitong: Valuations in the technology sector have been fully digested; focus on domestic AI computing power and scarce hardware.

2. Sinolink Securities: Trend opportunities in the market remain unclear, and structural responses should still be the main approach.

3. Huatai Securities: Positioning before the holiday improves the odds; stick to tracks with high certainty and low valuations.

Positive and Negative Outlook

1. The 15th Five-Year Plan for New-Type Batteries Is Released: Accelerate Breakthroughs in All-Solid-State Battery Industrialization Technology. Category: Policy Focus. Debon Securities: Solid-state battery industry policies and capital are driving resonance from both sides. It is recommended to prioritize layout in upstream segments with high certainty: first, on the equipment side, pay attention to dry electrode and isostatic pressing equipment; second, on the materials side, focus on sulfide electrolytes, silicon-based anodes and others.

2. Shanghai Introduces New Property Market Policies: Comprehensively Strengthen Pre-Sale Management and Implement Ready-Home Sales in an Orderly Manner. Category: Policy Focus. China Securities: The 828 new policies reshape the basic system of real estate. Urban differentiation and enterprise differentiation in real estate development will continue. It is optimistic about the performance of high-quality enterprises in three tracks. In the core city track, it favors developers with high-quality land reserves and strong product capabilities.

3. Nvidia Launches an AI Agent Security Platform That Can Isolate Abnormal Agents in Real Time. Category: Market Discussion. Zheshang Securities: AI security demand and landscape are expected to be reshaped. Domestic cybersecurity vendors all have their own vertical models, and the real barrier lies in long-accumulated security data and customer scenarios. In the future, closer cooperation between security vendors and model companies can be expected.

Announcement Express

Relatively Positive Announcements

1. Xinlian Integrated: Expects net profit of 681 million yuan in the first three quarters, turning profitable year-on-year.

2. Dingyang Technology: Releases the new SNA6000A series high-performance vector network analyzer.

3. TCL Zhonghuan: Plans to repurchase company shares for 400 million yuan to 500 million yuan.

Relatively Negative Announcements

1. Lianchuang Optoelectronics: Subject to other risk warning due to controlling shareholder's occupation of funds.

2. Hunan Yuneng: Shareholder CATL reduced its stake by about 2.06% in total.

3. Broadcast and Television Network: Some debts are overdue and funds in bank accounts have been frozen.

Overseas Markets

Editor's note: The outlook for U.S.-Iran negotiations is unclear, and the U.S. Treasury storm continues, with the three major indexes closing lower collectively. Optical communications and memory chip sectors led the declines, with ARM falling more than 8%, Qualcomm falling more than 7%, and Intel and SK Hynix falling more than 5%. Nvidia rose more than 1%; the Nasdaq Golden Dragon China Index rose 1.12%, and NetEase gained 4.86%.