A-share Pre-market Briefing | State Council Executive Meeting Clearly Sets Out to Roll Out a Batch of Incremental Policies; Multiple Companies Disclose Preliminary Earnings Increases and Buyback Announcements

Pre-market Briefing 1. State Council Executive Meeting Unveils Major Deployment, Rolling Out a Batch of Pragmatic and Effective Incremental Policies! Involving Six Networks, Consumption, Real Estate, and More Type: Macro Sentiment Impact: Positive At the evening of September 28, the State Council Executive Meeting pointed out that it is necessary to intensify countercyclical adjustment of macro policies and promote sustained economic development toward new and better directions. Major engineering projects clearly defined in the "15th Five-Year Plan," the "Six Networks" implementation plan, and others should be started as early as possible; interest subsidy policies for expanding investment and promoting consumption should be strengthened; a batch of pragmatic and effective incremental policies should be rolled out; and policy measures to stabilize the real estate market and promote employment and income growth should be studied and introduced. 2. Good News for A-shares! A Batch of A-share Listed Companies Release Q3 Earnings Pre-increase Announcements and Buyback Announcements Type: Company Sentiment Impact: Positive On the evening of September 28, a batch of A-share listed companies released Q3 earnings pre-increase announcements and buyback announcements. Among them, Xinlian Integrated announced that the company expects to achieve net profit attributable to owners of the parent company of 681 million yuan in the first three quarters, turning profitable year-on-year. Shenzhen Changhong Technology, TCL Zhonghuan Renewable Energy Technology, Huaqin Co.,Ltd., Beijing Sifang Automation, and multiple other listed companies released large-scale buyback plans, drawing market attention. 3. Central Enterprise Development "15th Five-Year Plan" Officially Issued, Central SOEs' "Six Networks" Planned Investment This Year at About 2 Trillion Yuan Type: Macro Sentiment Impact: Positive Pang Xiaogang, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council, introduced that as of the end of August, the total assets of state-owned central enterprises had reached 99.3 trillion yuan and are expected to reach a new level by the end of the year; the annual planned investment in central SOEs' "Six Networks" for 2026 is about 2 trillion yuan; by 2030, the proportion of added value from strategic emerging industries in central SOEs will increase by another 5 percentage points. Formulating the central enterprise development "15th Five-Year Plan" is the "top priority" of this year's work for state-owned central enterprises. Pang Xiaogang introduced that the plan has now been officially issued. 4. AI Boom Brings Strong Cash Flow, Nvidia Announces Additional $150 Billion Share Buyback Type: Company Sentiment Impact: Positive Nvidia said on Monday that its board of directors approved an increase of $150 billion in share buyback authorization, raising the remaining repurchase capacity to $235 billion, and it is expected to be executed before the end of fiscal 2028. Nvidia CEO Jensen Huang said that strong cash generation capability enables Nvidia both to continue investing in related technologies and to return capital to shareholders. After the news was announced, Nvidia's stock price rose more than 1% in overnight U.S. trading. Investment Calendar Press Conference on Building a Strong Science and Technology Nation Investment Tips Price changes are driven by the dynamic interaction of different rules and have little, or even no, relationship with the underlying economic value of stocks. - Eric Beinhocker, "The Origin of Wealth" Institutional Views 1. Guotai Haitong: Valuations in the technology sector have been fully digested; focus on domestic AI computing power and scarce hardware. 2. Sinolink: Market trend opportunities remain unclear, and structural response remains the main approach. 3. Huatai: Odds improve for positioning before the holiday; stick to tracks with high certainty and low valuations. Preview of Positive and Negative Factors 1. New Battery "15th Five-Year Plan" Released: Accelerate Breakthroughs in All-Solid-State Battery Industrialization Technology Type: Policy Focus Tebon Securities: Solid-state battery industrial policy and capital are driving resonance from both sides. It is recommended to prioritize upstream segments with high certainty: first, on the equipment side, pay attention to dry electrode and isostatic pressing equipment; second, on the materials side, focus on sulfide electrolytes, silicon-based anodes, and others. 2. Shanghai Introduces New Property Market Policy: Comprehensively Strengthen Pre-sale Management, Implement Existing-Home Sales in an Orderly Manner Type: Policy Focus China Securities Co.,Ltd.: 828 The new policy reshapes the basic system of real estate. Urban differentiation and corporate differentiation in real estate development will continue. Favor the performance of high-quality enterprises in three tracks; in the core city track, favor developers with high-quality land reserves and strong product capabilities. 3. Nvidia Launches AI Agent Security Platform, Can Isolate Abnormal Agents in Real Time Type: Market Hot Topic Zheshang: AI security demand and landscape are expected to be reshaped. Domestic cybersecurity vendors all have their own vertical models, and the real barrier lies in long-accumulated security data and customer scenarios. In the future, closer cooperation between security vendors and model companies can be expected. Announcement Express Positive Announcements 1. Xinlian Integrated: Expected Net Profit of 681 Million Yuan in First Three Quarters, Turning Profitable Year-on-Year 2. Siglent Technologies: Releases New Product SNA6000A Series High-Performance Vector Network Analyzer 3. TCL Zhonghuan Renewable Energy Technology: Plans to Repurchase Company Shares for 400 Million to 500 Million Yuan Negative Announcements 1. Jiangxi Lian Chuang Optoelectronic Science And Technology: Subject to Other Risk Warning Due to Controlling Shareholder's Occupation of Funds 2. Hunan Yuneng New Energy Battery Material: Shareholder Contemporary Amperex Technology Reduced Holdings by About 2.06% in Total 3. Shaanxi Broadcast & TV Network Intermediary: Some Debts Overdue and Bank Account Funds Frozen Overseas Markets Editor's Note: The outlook for U.S.-Iran negotiations is unclear, the U.S. Treasury storm continues, and the three major indexes closed lower collectively. Optical communications and memory chip sectors led the declines, with ARM down more than 8%, Qualcomm down more than 7%, and Intel and SK Hynix down more than 5%. Nvidia rose more than 1%; the Nasdaq Golden Dragon China Index rose 1.12%, and NTES rose 4.86%. This article is reprinted from "Tencent Self-Selected Stocks." GMTEight Editor: Chen Siyu.