A-share Pre-market Briefing | China and the U.S. Reach an Eight-Point Consensus on Outcomes, Involving Tax Cuts and Other Matters; Variables in the AI Sector Strike Again

Pre-market Briefing 1. China and the U.S. Reach an Eight-Point Consensus on Outcomes, Involving a $30 Billion Reciprocal Tax Cut Arrangement, China-U.S. AI Dialogue, and More Type: Macro Sentiment Impact: Positive The heads of state of China and the United States held in-depth exchanges of views on a China-U.S. constructive strategic stability relationship and major international and regional issues, reaching an eight-point consensus on outcomes. These include both sides agreeing to build a "China-U.S. constructive strategic stability relationship based on respect, fairness, and reciprocity"; establishing and advancing mechanisms such as a trade council, and reaching a "$30 billion" reciprocal tax cut arrangement; and both sides agreeing to establish a China-U.S. AI dialogue to exchange views on AI-related risks and benefits. 2. AI Variables Strike Again! The Hottest AI Muse Hit by Negative News, OpenAI Once Again Halts Frontier Model Development Type: Industry Sentiment Impact: Negative Muse has exposed a serious security vulnerability that could allow criminals to hijack and take control of Apple Mac computers entirely, and it has also been flagged as "Degraded" by the third-party status platform SaaSHub. In addition, OpenAI has suspended training, evaluation, and inference including tool calls for its latest-generation AI model, and AI-related sectors may once again face a test. 3. Central Bank's Latest Stance! Continue Implementing a Moderately Loose Monetary Policy, Strengthen Support for Expanding Domestic Demand and the Construction of the "Six Networks" Type: Macro Sentiment Impact: Positive The central bank's third-quarter meeting proposed continuing to implement a moderately loose monetary policy and intensifying countercyclical adjustment. In addition, it is necessary to properly manage the intensity, pace, and timing of policy implementation. It also proposed comprehensively using and timely adjusting monetary policy tools to maintain ample liquidity. The meeting also proposed strengthening financial support for key areas such as expanding domestic demand, technological innovation, small and medium-sized enterprises, and the construction of the "Six Networks." 4. Trump Expects Negotiations to Restart Within Days! Iran Says It Is Ready for a Renewed Conflict, International Oil Prices Rise Slightly Type: Macro Sentiment Impact: Neutral In early trading today, Brent crude oil futures rose 1.42%, briefly breaking through $99 per barrel; New York crude oil futures rose 1.3%. On the news front, U.S. President Trump said on the 27th that he expects the United States and Iran to restart negotiations within the next week. Iranian Foreign Minister Araghchi said Iran is ready for a renewed conflict with the United States but has not yet abandoned contact through diplomatic channels. Investment Calendar Industrial enterprise profit annual rate released today Investment Tips The market is like God, helping those who help themselves; but unlike God, the market will not forgive those who do not know what they are doing. Warren Buffett, U.S. Institutional Views 1. CITIC SEC: Maintain the judgment that A-shares will be in a volatile market this year; the period around the third-quarter reports is the last offensive window of the year. 2. China Securities Co.,Ltd.: The pre-holiday adjustment and shrinking volume were dominated by trading and seasonal factors, and a restorative rebound is expected after the holiday. 3. Huajin Securities: After the National Day holiday, A-shares tend to rise in the short term, the long window is opening, and investors can allocate on dips and hold shares through the holiday. Positive and Negative Outlook 1. Capped Pre-sales, Priority for Completed Homes: Beijing Takes the Lead in Implementing the Rules for the "828" New Policy Type: Policy Focus China Securities Co.,Ltd.: The 828 new policy reshapes the basic system of real estate. Urban differentiation and corporate differentiation in real estate development will continue. We are optimistic about the performance of high-quality enterprises in three tracks, and in the core city track, we favor developers with high-quality land reserves and strong product capabilities. 2. Goldman Sachs Expects Hyperscaler AI Capital Expenditure to Grow More Than 50% Next Year to $1.2 Trillion Type: Market Hot Topic Kaiyuan Securities: AI-driven transformation has brought cloud computing into a new round of expansion. In the first stage, valuation is positively correlated with capital expenditure growth; in the second stage, capital expenditure is converted into performance, and accelerating cloud revenue becomes the core driver of valuation, further raising valuations. 3. Tesla Optimus Siasun Robot&Automation Production Capacity Has Increased 10-Fold, Targeting 1,000 Units per Week by Year-End Type: Market Hot Topic Orient: Tesla's Siasun Robot&Automation mass production progress is accelerating, and the certainty of large-scale mass production by 2027 is relatively strong. Domestic humanoid Siasun Robot&Automation mass production and application are advancing in parallel, and companies in the domestic Siasun Robot&Automation industry chain are expected to see investment opportunities. Announcement Express Positive Announcements 1. Foshan Golden Milky Way Intelligent Equipment: Plans to raise no more than RMB 1.5 billion through a private placement for projects including sodium-ion battery industrialization 2. Zhongyan Technology: Plans to acquire a 60% stake in Xinhuan Yu, expanding its business into the PCB drill needle and milling cutter field 3. Hui Lyu Ecological Technology Groups: Plans to invest RMB 309 million in a project, adding an annual production line of 2 million high-speed optical modules Negative Announcements 1. Xiamen Comfort Science&Technology Group: Health service Siasun Robot&Automation-related business is still in the exploration stage 2. Zhejiang Heda Technology: Shareholders and directors plan to reduce their holdings by a total of no more than 4.74% of the company's shares 3. Skyverse Technology: Concert parties of the actual controller plan to reduce their holdings by no more than 0.28% of the shares Overseas Markets Editor's note: Amid various rumors of resolving the Iran issue through diplomatic negotiations, oil prices fell back and the three major indexes closed higher collectively. Memory chip stocks rose broadly, with Qualcomm up about 4%, SK Hynix up more than 2%, and SanDisk up more than 1%. Apple rose more than 1%, setting another record closing high, with total market value approaching $5 trillion. Microsoft rose more than 3%, hitting its highest close since November last year. This article is reprinted from "Tencent Zixuangu." GMTEight editor: Jiang Yuanhua.