Pre-market report on A-shares | Chairman of the China Securities Regulatory Commission, Wu Qing, talks about capital market reform in an article.

Pre-market news 1. Chairman of the China Securities Regulatory Commission, Wu Qing, writes in the People's Daily: Enhancing the inclusiveness and adaptability of capital market systems Type: Industry Emotional impact: Positive Chairman of the China Securities Regulatory Commission, Wu Qing, wrote in the People's Daily article that there is a comprehensive promotion of a new round of capital market reforms; highlighting the deepening of the reform of the Science and Technology Innovation Board and the Growth Enterprise Market, actively developing diversified equity financing; urging and guiding listed companies to strengthen their awareness of returning investment to investors; promoting the establishment of a sound long-term assessment mechanism for various types of medium and long-term funds; steadily expanding the high-level institutional opening of the capital market. 2. Moorthread is set to debut on the A-share market today! A single sign is expected to earn over 150,000 yuan, and Muxi Shares officially starts the subscription Type: Company Emotional impact: Positive Moorthread will debut on the Science and Technology Innovation Board on December 5th with an issue price of 114.28 yuan per share, making it the highest new A-share listing in nearly a year. There have been a total of 12 new listings on the Science and Technology Innovation Board this year, with an average increase of 270.39%. If Moorthread can achieve the average increase, a single sign will earn over 150,000 yuan. Another domestic GPU leader, Muxi Shares, officially started the subscription today with an issue price of 104.66 yuan per share. 3. The People's Bank of China conducts 1 trillion yuan in repurchase agreements to precisely protect the liquidity of the banking system at the end of the year Type: Macro Emotional impact: Positive To maintain the ample liquidity of the banking system, the People's Bank of China will conduct 1 trillion yuan in repurchase agreements today through a fixed quantity, interest rate bidding, and multi-price bidding method with a term of 3 months. Experts say that this move is a continuation of the recent monetary policy strategy of "shortening the long and extending the long," aiming to precisely protect the liquidity of the banking system at the end of the year and stabilize market expectations. 4. Ministry of Commerce: The Chinese government conducts export control of rare earth-related items in accordance with laws and regulations Type: Industry Emotional impact: Positive The Ministry of Commerce held a routine press conference. The spokesperson responded to the export control of rare earth-related items, with spokesperson He Yadong stating that the Chinese government conducts export control of rare earth-related items in accordance with laws and regulations. As far as I know, as long as the exports are for civil use and compliant, the Chinese government promptly approves them. Investment Calendar High-quality Development Conference of Traditional Chinese Medicine Investment Tips Investment Tips: Good assets turn into bad assets, and bad assets turn into good assets, this is the cycle. The key to successful investment is understanding the cycle, as everything has a cycle, and within the cycle, there will definitely be ups and downs and continuous repetitive cycles. Howard Marks' "The Cycle" Institutional Viewpoints 1. Zhongtai: The index is likely to maintain a volatile pattern in the near future, and Siasun Robot & Automation and securities firms will be the main themes before the end of the year. 2. Orient: The short-term market weakness pattern remains, with limited downside for stock indices, and it is recommended that investors choose to absorb technology stocks opportunistically. 3. EB SECURITIES: The index shrinks and rebounds, which is quite consistent with the signal characteristics of price with volume, focusing on the phosphorous chemical sector. Positive and Negative Prospects 1. Huang Renxun stated that electricity is the biggest bottleneck for AI development, and the solution is to build small nuclear reactors Type: Market hot topic China Post Securities: With the continuous exit of thermal power, the power system needs to fill the base load power supply, and nuclear power is a very good choice. With the continuous improvement of AI momentum, there is a structural power shortage globally, and nuclear power, as a low-carbon stable power supply, is expected to continue to improve. 2. China Aerospace chooses the right time to carry out rocket reusable experiments, accelerating the development of China's commercial aerospace industry Type: Institutional commentary Soochow: Large-capacity, low-cost, and highly reliable reusable rockets are imminent. Starting at the end of 2025, a batch of new commercial rocket models will be launched as planned. If these reusable rockets can be recovered, they are expected to accelerate the landing of domestic low-orbit satellite constellation networking. 3. Ministry of Commerce: Seizing the traditional consumption peak season and accelerating the pilot of new formats, new models, and new scenes of consumption Type: Policy focus Industrial: Against the backdrop of uncertain external macro environment, expanding domestic demand has become an important lever for economic growth. Corresponding policies are worth looking forward to. External and internal changes resonate, and it is optimistic about investment opportunities in leading consumer companies. Announcement Dispatch Slightly positive announcements 1. Sinoma International Engineering: Wholly-owned subsidiary jointly signs a 2.7 billion yuan engineering PC total EPC contract 2. Hubei Xingfa Chemicals Group: Subsidiary signs lithium iron phosphate commission processing agreement with Qinghai Fudi 3. Shen Zhen Weiguang Biological Products: Intends to sign a blood product technology cooperation contract Slightly negative announcements 1. Shanghai Smart Control: Wholly-owned subsidiary Hongying New Energy jointly wins the project termination 2. Fujian Nanping Sun Cable: Xiangyu Group and its concerted action parties intend to reduce their holdings of the company's shares by no more than 3% 3. Zhejiang Dongwang Times Technology: Xinling Technology intends to reduce its stake in the company by no more than 1.2% Overseas Markets Self-selected GE Tips: US stock indexes are trading in narrow range, small-cap stock indexes leading the way to new highs, AI data centers, electricity, energy storage, rare earths, quantum computing, and commercial aerospace sectors all rose; Chinese stocks rose more than fell, and the NASDAQ Chinese Golden Dragon Index closed up 0.39%. This article is reprinted from "Tencent Self-selected Stocks", GMTEight editor: Chen Xiaoyi.