To The Moon

Premarket Highlights

1. Fed Leaves Rates Unchanged, Nasdaq Closes Up 0.27% — Type: Market. Sentiment Impact: Positive. The Federal Reserve voted 10-2 to keep the benchmark rate in the 3.75%-4% range, in line with broad market expectations. Governor Cook and Cleveland Fed President Hammack dissented, favoring a rate hike. The three major US indexes all closed higher, with the Nasdaq up 0.27%, the Dow up 0.19%, and the S&P 500 up 0.28%. AI cloud services and storage sectors were strong, with Oracle surging over 10% and Hynix up more than 13%. The "Magnificent Seven" tech giants were mixed, with Google up 1.70%, Nvidia down 1.17%, and Meta Platforms down 1.23%. International oil prices climbed, with December-delivery WTI crude futures rising 2.9% to settle at $102.78 per barrel.

2. 800 Billion Yuan of New Policy-Based Financial Instruments Fully Deployed for 2026 — Type: Macro. Sentiment Impact: Positive. According to disclosures from three policy banks — China Development Bank, Export-Import Bank of China, and Agricultural Development Bank of China — as of October 28, the 2026 new policy-based financial instruments have been fully deployed, totaling 800 billion yuan. The instruments were deployed by the three policy banks to supplement project capital. The full deployment of the 800 billion yuan quota means the funds have reached the project level.

3. Beijing Issues "15th Five-Year" New Energy System Plan, Targeting 600,000 kW of New Energy Storage Capacity — Type: Industry. Sentiment Impact: Positive. The Beijing Municipal People's Government issued the "Beijing 15th Five-Year Period New Energy System Plan." The plan proposes expanding photovoltaic technology innovation scenarios, focusing on the R&D and equipment manufacturing of perovskite solar cells and high-efficiency PV modules, and promoting building-integrated photovoltaics; advancing the cluster development of new energy storage, driving R&D of solid-state and flow battery technologies, with new energy storage capacity reaching 600,000 kW.

4. 186 STAR Market Companies Disclose Q3 Reports, Combined Net Profit of 38.953 Billion Yuan, Up 57.39% Year-on-Year — Type: Industry. Sentiment Impact: Positive. According to Shanghai Stock Exchange data, as of October 27, a total of 186 STAR Market companies had completed Q3 disclosures, with combined revenue of 426.676 billion yuan, up 31.54% year-on-year, and combined net profit of 38.953 billion yuan, up 57.39% year-on-year. Concurrently, public fund Q3 reports show that as of the end of Q3, total public fund scale was nearly 39.3 trillion yuan, and Zhongji Innolight retained its position as the top heavy holding of both public funds and active equity funds.

Investment Calendar — October 29: Ministry of Commerce holds the second routine press conference of October.

Institutional Views

1. CITIC Securities: Still expects the Fed to hike rates by another 25bps in December; the terminal rate of this hiking cycle may not be far from current levels.

2. Guotou Securities: BNSF's zero net liquidity injection throughout the process helps block the "redemption-selling" negative feedback loop.

3. Huafu Research: Physical AI is accelerating; focus on investment opportunities in the data collection segment.

Positive and Negative Outlook

1. Bank of Canada December Rate Decision — Type: Policy Focus. TD Securities: Expects the Bank of Canada to hike again in December; this hiking cycle may end after rates rise to 2.75%.

2. AI Drug Discovery Industrialization Advances — Type: Institutional Hot Comment. Guojin Securities: AI drug discovery can compress R&D cycles by 50%-90%; global AI drug discovery transaction value may exceed $50 billion in the first half of 2026.

3. Next Phase of AI Narrative for US Tech Stocks — Type: Market Discussion. CITIC Securities: Easing inference compute constraints and new model releases are expected to expand AI application scenarios, driving leading model makers' ARR back to an upward trajectory.

Announcement Digest

Positive Announcements

1. Century Huatong: Plans to repurchase shares, total amount 300 million to 600 million yuan.

2. Zhongtian Jingzhuang: Plans to repurchase shares, total amount 75 million to 150 million yuan.

3. Yankuang Energy: Controlling shareholder Shandong Energy Group increased holdings by 706,900 shares, with an increase amount of 12.7637 million yuan.

Negative Announcements

1. *ST Zhuoran: Closing market value below 300 million yuan for 20 consecutive trading days, triggering delisting; stock suspended from trading at market open on October 29.

2. *ST Huaxi: Disclosed a risk warning announcement that the stock may be delisted.

3. Redick: Terminated the 2025 restricted stock incentive plan and canceled granted but unvested restricted shares.

Overseas Markets

The three major US indexes all closed higher, with the Nasdaq up 0.27%, the Dow up 0.19%, and the S&P 500 up 0.28%. The Fed voted 10-2 to keep rates unchanged at 3.75%-4%. AI cloud services and storage sectors were strong, with Oracle up over 10% and Hynix up over 13%. The "Magnificent Seven" tech giants were mixed, with Google up 1.70% and Nvidia down 1.17%.