Pre-market broadcast of A shares | Cloud business achieved the fastest growth in three years! Amazon rose 14% after hours. China and the United States reached consensus on multiple achievements in economic and trade negotiations.

Pre-market news 1. Apple's fourth quarter results exceeded expectations and the after-hours stock price rose, Cook announced that iPhone 17 will have strong sales Type: Company Emotional impact: Positive Apple's fourth-quarter revenue reached $102.66 billion, an 8% year-on-year increase; diluted earnings per share were $1.85, a 13% year-on-year increase, both exceeding market expectations; Cook expects the company's first-quarter revenue in the 26th fiscal year to increase by 10% to 12% year-on-year, and iPhone sales will also achieve double-digit growth. Stimulated by the financial report, Apple's stock rose more than 5% in after-hours trading. 2. Five departments issued documents to improve duty-free shop policies to support consumption, integrating and optimizing duty-free shop layout according to local conditions Type: Industry Emotional impact: Positive The Ministry of Finance, the Ministry of Commerce, and three other departments issued a notice clarifying the improvement of duty-free shop policies effective from November 1, 2025. The notice specifies the optimization of domestic commodity tax refund policies, actively supporting the sale of domestic products in outbound duty-free shops and in-city duty-free shops; relaxing duty-free shop approval authority, supporting local integration and optimization of duty-free shop layout according to local conditions. 3. China and the United States reached multiple agreements in economic and trade consultations: the U.S. canceled fentanyl tariffs, and both sides temporarily suspended some export controls Type: Macro Emotional impact: Positive The China-US economic and trade teams reached agreements through consultations in Kuala Lumpur. The key points of the agreement are as follows: the U.S. canceled the 10% so-called fentanyl tariffs on Chinese goods, the 24% tariffs imposed by the U.S. continue to be suspended for one year; the U.S. temporarily suspends the implementation of the 50% penetration rule for export controls for one year; China will temporarily suspend measures such as export controls announced on October 9 for one year and will study and refine specific plans. 4. It is expected to stimulate total investment in projects exceeding 7 trillion yuan, and 500 billion yuan in new policy financial instruments have been put into operation Type: Macro Emotional impact: Positive According to Xinhua News Agency, 500 billion yuan of new policy financial instruments have been put into operation, providing strong support for the construction of key areas and weak links projects, which are expected to stimulate total project investments exceeding 7 trillion yuan. Technological innovation, expanding consumption, and stabilizing foreign trade are the key directions supported by the tools. Investment calendar Asia-Pacific Economic Cooperation summit held today Investment tips When there is an oversupply of gold, credit costs decrease, attracting consumers and businesses to borrow, injecting more money into the economy. Conversely, when there is a shortage of gold, interest rates rise, attracting consumers and businesses to deposit money, tightening the money in circulation. "The King of Finance" by Ahmed Institutional perspectives 1. Debon Securities: The conclusion of the China-US agreement dispels short-term uncertainties, the market may still fluctuate upward, focusing on the technology sector. 2. Minsheng Securities: The conclusion of the China-US agreement is in line with expectations; the market is starting to reverse; precious metals may bottom out in this round of adjustments. 3. Orient: The market trend is still healthy, sector rotation is orderly to continue the upward momentum, focusing on commercial space, and 6G, etc. Positive and Negative Prospects 1. Cloud business achieves the fastest growth in three years; capital expenditure exceeds expectations, Amazon rose 14% after hours Type: Market discussion Central China: Benefiting from AI driving core business of the company, the four major cloud vendors in North America, Google, Microsoft, Meta, and Amazon continue to increase capital expenditures and investment in AI infrastructure, driving strong demand for AI computing power hardware infrastructure. 2. Domestic GPU manufacturer Moore Thread IPO approved by the China Securities Regulatory Commission, several companies disclose holding details Type: Institutional Review Yongxing Securities: With the rapid development of downstream application markets such as AI, data centers, games, professional graphics rendering, and autonomous driving, the demand for high-performance computing acceleration chips will increase significantly; relevant companies will proceed with financing smoothly, and the GPU industry chain is expected to receive increased attention from capital. 3. Tight capacity, electrolyte key material prices skyrocketed by more than 23%! Industry chain companies exposed Type: Market discussion Guosen: Lithium battery short-term production continues to be highly prosperous, and demand for power storage batteries is expected to exceed expectations. From the supply side, benefiting from limited industry expansion, measures against internal group pressure and self-discipline continue to be implemented, the prices of hexafluoride and electrolyte have risen, and the profitability of enterprises is expected to rebound. Announcement Express Slightly positive announcements 1. The People's Insurance: Net profit for the first three quarters increased by 28.9% year-on-year 2. Guotai Haitong: Net profit for the first three quarters increased by 132% year-on-year, and business scale expanded after the merger with Haitong 3. China Life Insurance: Net profit for the third quarter was 1.26873 trillion, a 91.5% year-on-year increase Slightly negative announcements 1. BYD Company Limited: Net profit for the first three quarters decreased by 7.55% year-on-year 2. COSCO Shipping Holdings: Net profit for the first three quarters decreased by 29% year-on-year, and container shipping business's single box revenue decreased year-on-year 3. Shanghai Prosolar Resources Development: Chairman Liu Peng was approved for arrest on suspicion of crime Overseas Markets Tech stock earnings pressure stock indices, U.S. stocks collectively fell, with major tech stocks performing poorly, Meta fell over 11%; most popular Chinese stocks fell, with Alibaba falling over 3%. This article is reprinted from "Tencent Stock Selection", GMTEight editor: Xu Wenqiang.