To The Moon

Pre-market highlights:

1. OpenAI annualized revenue falls short of previous reports, pressuring AI-related stocks as Nasdaq drops over 1%. Type: Market sentiment. Impact: Negative. Overnight, the three major US stock indices closed mixed, with the Dow up 0.1% and the Nasdaq down 1.25%. OpenAI's annualized revenue is $20 billion lower than what the company had previously disclosed, causing AI-related stocks to decline broadly. Memory and semiconductor sectors led the losses, with Intel dropping over 5%, SanDisk, Micron Technology, and SK Hynix falling more than 4%, AMD and Marvell Technology declining over 3%, and Nvidia dropping nearly 3%.

2. Central Bank: No preset target for RMB exchange rate, focus on preventing short-term disruptive overshooting. Type: Macro sentiment. Impact: Positive. On October 8, the People's Bank of China issued the "People's Bank of China Policy Stance on the RMB Exchange Rate," which includes adhering to letting the market play a decisive role in exchange rate formation. The People's Bank of China does not preset exchange rate target levels, does not intervene in long-term exchange rate trends, and maintains exchange rate flexibility and two-way fluctuations. China's trade development stems from the enhancement of industrial international competitiveness. China has no need and no intention to gain trade competitive advantages through currency depreciation, and never engages in competitive devaluation.

3. Net profit growth of up to over 190 times! Multiple A-share companies report strong Q3 earnings. Type: Company. Impact: Positive. On October 8, multiple A-share companies released Q3 earnings forecasts after market close. Among them, Dongyue Silicon Materials expects net profit for the first three quarters to reach 547 million yuan to 567 million yuan, a year-on-year increase of 19,050% to 19,750%. Xingyun Technology expects net profit for the first three quarters to increase by 569% to 716% quarter-on-quarter, with its computing power business, especially server sales, achieving explosive growth.

4. Trump: Will not attack Iran before midterm elections. Type: Market sentiment. Impact: Positive. Subtle signals of easing in US-Iran tensions have emerged, but military and diplomatic maneuvering between the two sides continues in parallel. According to Xinhua News Agency, US President Trump posted on social media on October 8 that the United States and Iran are engaged in "productive" consultations, and the US will not launch an attack on Iran before the congressional midterm elections.

5. Fed Governor Waller's latest remarks on rate hikes. Type: Market sentiment. Impact: Neutral. On October 8 local time, Fed Governor Waller delivered a public speech at the Istanbul Economic Forum in Turkey. Waller stated that to curb inflation, further rate hikes may still be needed in the future to prompt inflation to fall back to the 2% policy target level as soon as possible. This stance is similar to views recently expressed by other senior Fed officials. Multiple officials have said the Fed still has time to assess economic conditions before considering the next rate hike.

Investment calendar: 2026 Mining Industry Chain Conference held.

Investment tip: Taking risks is blameless, but remember never to bet everything on a single throw. — George Soros.

Institutional views:

1. Hua'an Securities: Expects short-term continued volatility but still anticipates a wave of upward opportunities by year-end, positioning in technology.

2. Founder Securities: Rebound and recovery opportunities are worth anticipating, waiting for strong sectors to form and signals of stable trading volume expansion.

3. Orient Securities: Current market shows strong wait-and-see sentiment among overall funds, with utility and other dividend sectors worth anticipating.

Positive and negative outlook:

1. News Simulcast: National key monitored commercial districts saw a 4.7% year-on-year increase in revenue during National Day holiday. Type: Market hot topic. Huatai Securities: Holiday cross-border travel and emotional consumption performed outstandingly. Technology consumption showed remarkable growth driven by policy continuity and supply innovation. Recommends focusing on three major directions: technology and smart consumption, emotional and experiential consumption, and domestic brand rise and brand globalization.

2. Average daily charging volume for new energy vehicles on highways during National Day holiday increased 51.42% year-on-year. Type: Institutional hot commentary. Huafu Securities: Recommends paying attention to charging pile operation targets Terex and Wanma Holdings, as well as charging pile module and complete charging pile companies with overseas channels such as Shenghong Holdings and Kstar, and components company Volsun Electronics.

3. Crude oil inflation spreads to supply chain, shipping giant Maersk urgently adjusts fuel surcharges. Type: Market hot topic. Shenwan Hongyuan: Available capacity for Very Large Crude Carriers (VLCC) on multiple routes is scarce, which is expected to strongly support VLCC freight rates. High freight rates are expected to continue through year-end.

Announcement digest:

Positive announcements:

1. Benchuan Intelligent: Net profit for the first three quarters increased 190%-335% year-on-year, with revenue share of high-layer PCB products such as multi-layer boards increasing.

2. Amlogic: Q3 net profit expected to increase 223%-248% year-on-year, annual revenue expected to exceed 10 billion yuan.

3. Xiongshuo Technology: Plans to acquire no more than 80% equity of Xinyuan New Materials.

Negative announcements:

1. Bochang Optoelectronics: Company and chairman face prosecution for smuggling of nationally prohibited import and export goods.

2. Liziyuan: Independent director Xiao Zuoping under disciplinary review and supervisory investigation.

3. Haichuan Intelligent: Shareholder Zheng Jinkang plans to reduce holdings by no more than 3% of company shares.

Overseas markets: The three major US stock indices closed mixed on Thursday, with the Dow up 0.1% and the Nasdaq down 1.25%. Memory and semiconductor sectors declined, with Intel dropping over 5%, and SanDisk, Micron Technology, and SK Hynix falling more than 4%. The Nasdaq Golden Dragon China Index closed down 0.62%.