A-share market opening express | Three major indices collectively open higher, storage chip sector leads gains.

Stock A collectively opened higher, with the Shanghai Composite Index rising by 0.48% and the ChiNext Index rising by 1.75%. In terms of the market, sectors such as storage chips, CPO, and lithography machines had the highest increase. Institutions' Views on the Future Market: Huaxi: Short-term risk appetite is expected to boost, the slow bull market of A shares will continue, and big technology remains the medium to long-term theme. Huaxi stated that important meetings have solidified investors' expectations for medium to long-term policies, combined with expectations for Sino-US interactions at the APEC summit and the Fed rate cut, short-term risk appetite is expected to be boosted, and the "slow bull" market of A shares will continue. Structurally, "big technology" remains the medium to long-term theme. This week, the financial reports of A-share listed companies and US tech giants will be released intensively. In the context of the accelerating global AI arms race, the AI capital expenditure guidance of tech giants will be the focus, and a global tech AI market resonance period will emerge. CITIC SEC: The market will tend to be calm, the style switch has basically ended, and it will return to an earnings-driven market structure. CITIC SEC stated that three characteristics show that the style switch has actually basically ended, rather than just started, and the market will return to an earnings-driven market structure: 1) In the past two weeks, active funds have basically completed portfolio adjustments rapidly; 2) Market understanding of the trade dispute has quickly shifted from replicating experiences from the previous TACO trade to a serious approach; 3) Dividend-related industries recovered the negative excess of the past three months in less than three weeks. Following a phased outcome in the US-China negotiations and the disclosure of third-quarter reports, it is still positive to search for directions with sustained high profit growth next year. Two new clues are emerging: industrial chain security, with more and more global non-commercial interferences, China's share advantage is obvious and overseas competitive manufacturing enterprises with high reset costs may significantly benefit from this, turning the share advantage into pricing power, and driving continuous profit margin improvement; AI diffusion from the cloud side to the edge side, the trend of edge AI as a wider data entry and personalized AI carrier is already very clear, it just needs more product examples to catalyze the market. Zhongtai: The overall benefits of the important meeting's communiqu to A shares, there may be unexpected policies in the future, and the index's strong bias remains unchanged. Zhongtai stated that the overall benefits of the important meeting's communiqu to A shares, especially in the technology, manufacturing, and consumer sectors, with possible unexpected policies in the future. Looking at the overseas environment, factors for a favorable change in expectations for A shares have increased. In terms of funds, ETF funds and northbound funds show weakness, but leveraged funds provide strong support, pressure from large shareholders' reduction has slowed down, and funds from different channels show inconsistent expectations. With the backdrop of easing tensions in US-China trade friction, maintaining the index's strong bias remains unchanged, and it is recommended to focus on the internal switch of technology stocks, with core themes including Chinese advantageous AI directions globally (such as Siasun Robot & Automation, edge AI, leading companies in the Hang Seng technology sector) and "anti-internal convergence" related tracks (such as polysilicon, photovoltaic modules). In the unlikely event of the US-China negotiation result falling below expectations, the main theme should switch from "technological growth" to "big finance + new consumption", combined with autonomous controllable themes (such as defense industry, lithography machines, domestic substitutes) and rare resources sectors (non-ferrous metals, rare earths, gold) for allocation.