A-share Pre-market Briefing | U.S. CPI Reignites Rate Hike Bets! Global Tech Stocks Plunge; A-share Q3 Earnings Pre-announcement Wave Continues

Pre-market Briefing 1. U.S. CPI Reignites Rate Hike Bets! Popular Tech Stocks Fall Broadly, Nasdaq Drops 2%, Semiconductor Index Slumps Over 4% Type: Market Sentiment Impact: Negative U.S. September CPI rose more than expected, sharply raising market bets that the Federal Reserve will keep interest rates higher for longer. The S&P 500 fell 1.1%, while the tech-heavy Nasdaq 100 dropped 2%, its biggest one-day decline in three months. Popular tech stocks fell broadly, with memory and semiconductor sectors declining across the board, and the Philadelphia Semiconductor Index closing down 4.3%. This morning, South Korea's KOSPI index fell below 6,000 points, down more than 5% at the open. SK Hynix dropped over 7%, and Samsung Electronics fell more than 6%. 2. A-share Q3 Earnings Pre-announcement Wave Continues: Guangdong Jiayuan Technology Expects Net Profit Up Over 11-fold, Jiujiang Defu Technology Expects Over 5-fold Increase Type: Company Sentiment Impact: Positive The "good news wave" of A-share third-quarter earnings pre-announcements continues. Guangdong Jiayuan Technology expects net profit for the first three quarters to increase 1,197%-1,319% year-on-year, noting continuously rising downstream industry prosperity and significant growth in copper foil product production and sales; Jiujiang Defu Technology expects net profit for the first three quarters to rise 561%-621% year-on-year; Grand Industrial Holding expects net profit for the first three quarters to increase 890%-1,018% year-on-year; Wus Printed Circuit expects net profit for the first three quarters to rise 101%-110% year-on-year. 3. Saudi Arabia and Houthis Exchange Attacks on Energy Facilities! Saudi Aramco Confirms Attack, International Oil Prices Continue to Rise Overnight Type: Macro Sentiment Impact: Negative Recently, mutual attacks between Saudi Arabia and Yemen's Houthi armed forces have intensified, with both sides increasingly targeting energy facilities. The U.S. remains hesitant about military intervention, while President Trump has turned his attention to Turkey. WTI crude oil rose 1% to above $95 per barrel amid heightened Middle East tensions, further exacerbating inflationary pressure. 4. Q3 Financial Data Released! Bond and Equity Financing Still Account for a Major Share, Credit Structure Continues to Optimize Type: Macro Sentiment Impact: Positive Central bank data shows that in the first three quarters, cumulative social financing increment reached 27.46 trillion yuan, with bond and equity financing combined accounting for 49.48%, exceeding the loan share by about 7 percentage points. On the other hand, the credit structure continues to optimize, with loans in the financial "five major articles" sectors maintaining double-digit growth for consecutive periods, and the share of new loans rising to over 70%. Investment Calendar Ministry of Commerce Holds Regular Press Conference Investment Tips Investment Tips: Experience shows that the market speaks for itself, and the market is always right. Those who underestimate the market's power will ultimately suffer losses. [U.S.] William O'Neil Institutional Views 1. Orient: The market's short-term characteristic of declining amid resistance is very obvious; continue to focus on cultural media and dividend stocks. 2. Founder: After extreme volume contraction, the market is expected to usher in a rebound; the financial sector is worth watching, and investors can position on dips. 3. Huatai: Capital expenditure may no longer be the sole pricing anchor for AI assets; recommend focusing on PCB, liquid cooling, and other sectors. Positive and Negative Outlook 1. Major Breakthrough! Domestic EUV Light Source Prototype Debuts: Localization Rate Reaches 90% Type: Market Hot Topic Guosheng: Domestic demand for domestic lithography machines exceeds domestic supply; high-end lithography machines are still in the R&D stage and have not yet achieved mass production. Amid continuously tightening geopolitical risks, the domestic lithography machine supply chain has broad substitution space. 2. Filling Shortcomings, Unifying Standards: State Administration for Market Regulation Issues 15 National Hydrogen Energy Standards Type: Policy Focus Changjiang: Looking ahead to the "15th Five-Year Plan," the hydrogen energy industry is expected to evolve deeply toward scale and commercialization. The central government's total fiscal funding shows no significant increase compared to the "14th Five-Year Plan," which does not mean reduced support intensity, mainly because the hydrogen energy supply chain has significantly reduced costs over the past five years. 3. One Rocket, Ten Satellites: Zhuque-2 Improved Y4 Carrier Rocket Launches Successfully Type: Market Hot Topic Huayuan Securities: Heavy-lift and reusable rockets are unavoidable mandatory courses. Starship progress may accelerate the pace of domestic policy and capital investment on the capacity side. Key milestones such as the Long March 10B reuse verification and the maiden flight of Hyperbola-3 are worth close attention. Announcement Express Positive Announcements 1. Fspg Hi-Tech: Expects net profit for the first three quarters of 1.2 billion yuan-1.4 billion yuan, up 1,329.95%-1,568.28% year-on-year before restructuring 2. Guangdong Orient Zirconic Ind Sci & Tech: Expects net profit for the first three quarters to rise 262%-365% year-on-year, with major products seeing both volume and price increases 3. Satellite Chemical: Expects net profit for the first three quarters of 8.7 billion yuan-9.7 billion yuan, up 131.69%-158.32% year-on-year Negative Announcements 1. Jiangxi Fushine Pharmaceutical: Controlling shareholder, actual controller, and chairman Bao Jianhua placed under detention 2. Chengdu RML Technology: Shareholder Chen Fashu reduced holdings by 4.94 million shares, stake lowered to 6.8578% 3. Shandong Linglong Tyre: Expects net profit for the first three quarters to decline 94.09% to 94.69% year-on-year Overseas Markets Editor's note: The three major U.S. stock indices closed lower collectively on Wednesday, with the Dow down 0.09% and the Nasdaq down 1.88%; popular tech stocks fell broadly, with memory and semiconductor sectors declining across the board, and the Philadelphia Semiconductor Index closing down 4.3%; pharmaceutical, retail, and other defensive themes strengthened across the board, with Berkshire Hathaway rising for a tenth consecutive session. This article is reprinted from Tencent Zixuangu, edited by GMTEight: Chen Wenfang.