Pre-market report on the A-share market | Trade tensions eased! China's Golden Dragon Index rose more than 3% and spot gold broke through the $4100 mark.

Pre-market news 1. Trade tensions eased! U.S. stock market rebounded strongly, China Golden Dragon Index rose more than 3% Type: Market Sentiment Impact: Positive Driven by positive factors such as Trump softening trade stance and continued AI capital expenditure boom, the U.S. stock market experienced a comprehensive rebound, with the Nasdaq rising more than 2% and large-cap tech stocks collectively closing higher, with Tesla up 5.42%; the Nasdaq Chinese Golden Dragon Index rose 3.21%, popular Chinese concept stocks rose across the board, with Alibaba and JD.com up more than 4%. 2. Gold and silver skyrocketed! Spot gold broke through the $4,100 mark, silver price year-to-date increase approaching 80% Type: Market Sentiment Impact: Positive International gold and silver prices hit historical highs, with spot gold surpassing $4,100 per ounce, up nearly $1,500 year-to-date; spot silver price broke through $52 per ounce, up over 78% year-to-date. The rise in gold and silver prices was driven by geopolitical tensions, economic uncertainty, expectations of Fed rate cuts, and central bank buying. 3. OpenAI signs another major agreement: to collaborate with Broadcom to deploy 10 gigawatts of customized chips and network equipment Type: Industry Sentiment Impact: Positive OpenAI signed a multi-year agreement with Broadcom to deploy 10 gigawatts of AI data center capacity. This scale is equivalent to the power generation of about 5 Hoover Dams, marking the entry of AI infrastructure construction into the era of super large scale. After the announcement, Broadcom's stock price surged nearly 10%. 4. U.S. threatens to impose additional tariffs in retaliation for China's rare earth controls, Foreign Ministry responds: China strongly opposes this Type: Macro Sentiment Impact: Neutral The U.S. threatens to impose additional tariffs in retaliation for China's rare earth controls, Foreign Ministry spokesperson Lin Jian said that the U.S. continues to implement a series of restrictions and sanctions against China, seriously undermining China's interests. China strongly opposes this. China urges the U.S. to correct its wrong practices as soon as possible, and if the U.S. insists on its own way, China will resolutely take corresponding measures to protect its legitimate rights and interests. Investment Calendar International Atomic Energy Agency Fusion Energy Conference Investment Tips I believe that it is crucial to remember that everything has cycles. I am not sure of many things, but the following is certain: cycles always win in the end. - Howard Marks, "The Most Important Thing About Investing" Institutional Views 1. Guotai Haitong: Geopolitical shocks and adjustments are inevitable, but they will not last long, and the style will not change, with emerging technologies being the main theme. 2. EB SECURITIES: Multiple factors are intertwined, and the market may enter a period of wide fluctuations in the short term, focusing on high dividend and consumer sectors. 3. Orient: There is still a possibility of repeated fluctuations in the market, which may delay the recovery time, but it does not change the upward trend in the market. Positive and Negative Prospects 1. U.S. fuel cell company secures $5 billion investment, targeting new AI factory power ecosystem Type: Market Hot Topic Sinolink: 2025 is the settlement point for the mid-term hydrogen energy planning. The hydrogen energy and fuel cell industry will enter a period of accelerated growth, with fuel cell vehicles and green hydrogen projects accelerating, hydrogen energy and fuel cell manufacturing being the current two main themes. 2. JPMorgan Chase announces a $1.5 trillion investment plan for the next decade, quantum computing stocks rally collectively Type: Institutional Hot Comment Guotai Securities: The industrialization of quantum computing is accelerating, with a focus on two hardware components, dilution refrigerators/measure-control systems, which are expected to account for 52.66%/66.51% of the value of quantum computing hardware by 2030/2035, giving the quantum computing hardware industry a "recommended" rating. 3. The Ministry of Industry and Information Technology has approved three operators to conduct commercial trials of eSIM, institutions are optimistic about industry chain opportunities Type: Market Hot Topic Minsheng Securities: By the end of 2025, the global number of eSIM-enabled smartphones is expected to reach 1 billion; by 2030, this number is expected to significantly increase to 6.9 billion. The three major domestic operators are restarting the eSIM business, which is expected to accelerate the commercial use of eSIM. Announcements Update Positive announcements 1. Qinghai Yanhu Industry: Net profit in the third quarter expected to increase by 97%-141% year-on-year, driven by the increase in potash prices 2. New China Life Insurance: Net profit for the first three quarters expected to increase by 45%-65% year-on-year 3. Anhui Truchum Advanced Materials and Technology: Net profit for the first three quarters expected to increase by 2058%-2243% year-on-year Negative announcements 1. China Northern Rare Earth: Issued a warning letter by the Inner Mongolia Securities Regulatory Bureau for non-disclosure of non-operating funds by related parties 2. Yuntian Lifei: Yuntian Donghai and Donghai Phase I collectively sold 3.1702 million shares from September 24 to October 10 3. Suzhou Hesheng Special Material: Director Wu Haifeng taken enforcement measures for suspected illegal loan granting Overseas Market Due to the easing of trade tensions, the U.S. stock market rebounded strongly, with large-cap tech stocks rising, Tesla up over 5%, and U.S. rare earth mining company stocks leading the gains; popular Chinese concept stocks rose across the board, with the Chinese concept stock index up over 3%. This article is reprinted from "Tencent Stock Selection", GMTEight Editor: Xu Wenqiang.