A-share pre-market report | Qualcomm enters the data center AI chip market, and the China Securities Regulatory Commission issues measures to protect small and medium investors.

Pre-market news 1. Qualcomm enters the data center AI chip business: focuses on large memory, cost-effectiveness, stock price skyrockets over 11% Category: Company Sentiment impact: Positive Qualcomm has released the new AI200 and AI250 inference acceleration chips and rack products, both of which have outstanding memory capacity and can provide excellent performance for AI inference at industry-leading total cost of ownership (TCO). As a result of this news, Qualcomm's stock price surged over 20% at one point during trading hours and eventually closed up by 11.09%. 2. CSRC introduces policy measures to protect small and medium investors, proposes further strengthening supervision of programmatic trading Category: Macro Sentiment impact: Positive CSRC released the "23 Measures" for the protection of small and medium investors. It includes proposals to further enhance supervision of programmatic trading. It also proposes to strictly crack down on illegal activities such as insider trading, market manipulation, illegal reduction of holdings of listed companies, short-term trading, illegal securities and futures investment consulting, and dissemination of false or misleading information through self-media platforms to disrupt the order of securities and futures markets. 3. "One line, one bureau, one meeting" makes a significant statement! Involving monetary policy, capital market reform, government bond trading, and more Category: Macro Sentiment impact: Positive Yesterday afternoon, the 2025 Financial Street Holdings Forum Annual Meeting opened in Beijing. PBoC Governor Pan Gongsheng stated that the People's Bank of China will resume open market operations for government bond trading, continue to adhere to a supportive monetary policy stance, and implement a moderately loose monetary policy approach. China Banking and Insurance Regulatory Commission Director Li Yunze stated that there will be a prudent and orderly promotion of mergers and restructuring of small and medium-sized financial institutions. CSRC Chairman Wu Qing stated that they will launch the deepening reform of the ChiNext board and further deepen the comprehensive reform of investment and financing. 4. PCB performance explodes! Victory Giant Technology's net profit in the first three quarters increases by over 324%, Shengyi Electronics is expected to increase by 519% Category: Industry Sentiment impact: Positive The surge in computing power in artificial intelligence is bringing a golden moment to the PCB (Printed Circuit Board) industry, known as the "mother of electronic products." Victory Giant Technology presented an impressive third-quarter report: revenue for the first three quarters was 14.117 billion yuan, an 83.40% year-on-year increase; net profit was 3.245 billion yuan, a 324.38% year-on-year increase. Earlier, Shengyi Electronics released a performance forecast for the first three quarters, expecting net profit to increase by as much as 476% to 519%. Investing calendar China International AI Conference to be held today Investment tips Psychologically, it is difficult to buy back stocks at a higher price than before. But I try to look forward, not backward. I try to remember that decisions should not be emotional, but based on fundamental principles. - Edgar How to Buy Stocks with Common Sense Institutional views 1. Guotai Haitong: With the deployment of a new round of financial policies and capital market reforms imminent, China's stock market "transformation bull" may reach new highs. 2. EB Securities: Multiple favorable factors are stacking up, and the market may continue to show strong performance in the medium term. Pay attention to the TMT and advanced manufacturing sectors. 3. Orient: The battle to break through 4000 points is entering a sprint stage. Short-term upward movement will not be smooth sailing. Focus on technology themes. Positive and negative outlook 1. Copper prices approach historical highs, trade easing combined with supply constraints boost the trend Category: Market discussion Zhongtai: Both copper and aluminum have shown a trend of continuous international supply disturbances. Under the background of reshaping the long-term supply-demand pattern, there is considerable room for upward movement in the prices of basic metals, especially for rigid supply types such as aluminum and copper. Maintain a buy rating for the non-ferrous industry. 2. China's "artificial sun" is expected to be completed by 2027, and the development prospects of nuclear fusion are gradually becoming clearer Category: Market discussion EB SECURITIES: AI-driven restructuring of electricity consumption structure, strategic value of fusion energy becomes prominent, and industry financing accelerates significantly. High-value links such as magnet systems, vacuum chambers and internal components, power systems, etc., are expected to benefit significantly from the acceleration of industrial capital expenditure. 3. Coal prices fall combined with rising demand, significant profit recovery for thermal power companies in the first three quarters Category: Market discussion Orient: The profitability of the thermal power industry is expected to continue to grow in the third quarter, with improvements in business models becoming apparent, along with an increase in the compensatory proportion of capacity electricity prices and the gradual opening of spot markets in various provinces. It is expected that the industry's dividend capacity and willingness to pay dividends will continue to increase. Announcements Positive announcements 1. China Northern Rare Earth: Net profit for the first three quarters increased by 280%, rare earth product sales increased 2. Jiangsu Hengrui Pharmaceuticals: Net profit for the third quarter was 1.301 billion yuan, a year-on-year increase of 9.53% 3. United Faith Auto-Engineering: Plans to acquire 100% equity of Indichip Micro for 2.856 billion yuan, constituting a major asset restructuring Negative announcements 1. Jiangsu Tongrun Equipment Technology: Two shareholders plan to reduce their holdings by 1.50% each 2. Beijing Oriental Yuhong Waterproof Technology: Net profit for the third quarter was 245 million yuan, a year-on-year decrease of 26.58% 3. Ingenic Semiconductor: Net profit for the first three quarters decreased by 19.75% year-on-year Overseas markets Due to the easing of global trade tensions, the three major U.S. stock indexes closed at historic highs, with large tech stocks collectively rising, Qualcomm's entry into AI chips causing a stock price surge of 11%, Apple's total market value nearing $4 trillion, and most popular Chinese concept stocks closing higher. This article is reprinted from "Tencent Stock Selection", edited by Xu Wenqiang.