A-share Evening Highlights | "One Central Bank and Two Commissions and One Regulatory Body" Make Major Statements on Capital Markets, Monetary Policy, and More

Evening Highlights of Top News 1. Financial Street Holdings Forum Opens! "One Central Bank, Two Commissions and One Regulatory Body" Make Major Statements on Capital Markets, Monetary Policy, and More Importance: The 2026Financial Street HoldingsForum Annual Conference opened this afternoon. Pan Gongsheng, Governor of the People's Bank of China; Ding Xiangqun, Director of the National Financial Regulatory Administration; Wu Qing, Chairman of the China Securities Regulatory Commission; and Zhu Hexin, Administrator of the State Administration of Foreign Exchange, attended the 2026Financial Street HoldingsForum Annual Conference and delivered keynote speeches. Key points are as follows: 2. First Batch of 18 Active ETFs Approved Today! A-shares to Receive at Least RMB 36 Billion in Fresh Capital, How Will It Affect the Market? Importance: After a three-month approval process, active ETFs have been officially approved. The issuance scale of this batch of products may be around RMB 2 billion, meaning at least nearly RMB 36 billion in fresh capital will flow into A-shares. Fund companies may disclose product issuance announcements as early as tomorrow and start sales on Friday, and brokerage distribution channels may see a wave of issuance enthusiasm. Listing is also proceeding quickly, with expectations of about one month later. The first batch of 18 approved active ETFs under public fund managers in China includes 9 under the Shanghai Stock Exchange: E Fund, ChinaAMC, Yongying, Morgan, Huatai-PineBridge, China Universal, HuaAn, China Merchants, and Ping An Fund; and 9 under the Shenzhen Stock Exchange: Southern, Fullgoal, Dacheng, Penghua, ICBC Credit Suisse, Lone Star, Guotai, Tianhong, and CCB Fund. 3. CSRC Issues New Rules! Will Strictly Crack Down on Various Illegal Reductions in Holdings, Interpretation Here Importance: On October 19, the CSRC issued the "Implementation Rules for Administrative Penalties in Cases of Illegal Transfer of Securities," effective December 1, 2026. The Rules contain 18 articles, dividing illegal transfers of securities into four major categories and classifying penalty levels based on the proportion and amount of illegal transfers. Among them, cases of "illegal transfer proportion exceeding 5% + amount exceeding RMB 500 million" will be subject to heavier penalties. A responsible person from the relevant department of the CSRC said in response to reporters' questions that the Rules send a strong signal to the market of "strict supervision and precise enforcement," which is of great significance for guiding market entities to standardize reductions in holdings and maintaining market order. 4. Eleven Departments: Make Good Use of Established Social Security Sci-Tech Innovation Funds, Steadily and Orderly Provide Funding Support for the Sci-Tech Innovation Sector Importance: The People's Bank of China and eleven departments jointly issued the "Guiding Opinions on Financial Support for Building International Science and Technology Innovation Centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area." It mentions accelerating the expansion of patient capital and strengthening leadership in high-end industries. Support Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area in building international-level venture capital centers. Give play to the patient capital role of the National Venture Capital Guidance Fund and invest in a batch of sub-funds and projects in emerging and future industries. Make good use of established social security sci-tech innovation funds and steadily and orderly provide funding support for the sci-tech innovation sector. 5. CSRC Seeks Public Comments on the "Guiding Opinions on Advance Compensation in the Securities Market" Importance: In order to promote and ensure that advance compensation activities stipulated in Article 93 of the Securities Law are implemented in a more standardized, transparent, and predictable manner, and to better leverage the function of the advance compensation system in quickly resolving securities mass disputes, the CSRC has drafted the "Guiding Opinions on Advance Compensation in the Securities Market" and is now seeking public comments. The main contents of the Guiding Opinions include: First, clarifying the applicable entities and basic positioning of advance compensation, and standardizing the main implementation procedures of advance compensation. Second, clarifying the methods and scope of entrusted services of investor protection institutions, as well as the coordination mechanism among relevant units during the advance compensation process. Third, clarifying support for and encouragement of advance compensation, and that the CSRC may, in accordance with laws and regulations, consider advance compensation-related circumstances as factors in administrative licensing review, administrative penalty discretion, and credit supervision and management of the securities and futures market. 6. Doubling Positions in 5 Bank Stocks! Latest Public Fund Rebalancing Bets on High Dividends Importance: Recently, public fund third-quarter reports have begun to be disclosed successively. As of now, seven actively managed products under public fund companies including Jinxin Fund, Dongcai Fund, and Southern Fund have published third-quarter reports. Since the third quarter of this year, major A-share stock indices have continued to fluctuate and decline, and some funds reduced equity asset positions in the third quarter. Judging from the top ten holdings, some products under Jinxin Fund significantly increased positions in the third quarter in stocks with high dividend characteristics such as banks, insurers, and telecom operators. Analysts believe that against the backdrop of a downward shift in the interest rate center and the continuation of "asset scarcity," dividend assets can still serve as one of the important bottom-position varieties in investment portfolios, and the dividend yield advantage will continue to attract allocation-oriented funds. In the short term, amid Federal Reserve rate hikes, the technology growth sector, which is more sensitive to the interest rate environment, may be significantly affected and see increased volatility, while the dividend sector has relative returns due to its defensive attributes. 7. Three Departments Including the Ministry of Commerce: No Export of Certain Unmanned Aircraft-Related Items Without License Importance: On October 19, the Ministry of Commerce, the General Administration of Customs, and the Equipment Development Department of the Central Military Commission issued an announcement stating that export control measures for certain unmanned aircraft-related items will be optimized and adjusted. Items meeting specific characteristics may not be exported without a license, and exporters shall apply to the competent commerce department of the State Council for a license in accordance with relevant regulations. 8. Multiple Nasdaq ETFs to Be Suspended for 1 Hour Tomorrow Importance: On the evening of October 19, multiple ETFs tracking the Nasdaq index, including Nasdaq ETF E Fund (159696), Nasdaq ETF Harvest (159501), Nasdaq ETF GF (159941), and Nasdaq ETF China Universal (159660), issued announcements stating that they will be suspended from the opening of trading on October 20 and resume at 10:30, with redemption business handled as usual during the suspension period. Opportunities to Watch Ahead The editor has sorted through investment opportunities of market interest and found that optical fiber and others are receiving attention. 1. Optical Fiber Spot Quotation Multiples Climb in 2026; Data Center Demand Shortage May Continue Until 2028 According to the latest communications industry research by TrendForce, as AI data centers, cross-data center interconnection, and high-capacity backbone network construction drive up optical fiber demand, the global optical fiber supply-demand gap is estimated to reach 180 million core kilometers in 2026, and supply tightening will drive spot prices of finished optical fiber products to increase by 2.8 to more than 5 times year-on-year. The institution said that due to the substantial demand created by applications around AI data centers, global optical fiber supply has been tight since the end of 2025 and is expected to continue at least until 2028. In addition, the following sectors are also worth watching: 2. Large Models: MiniMaxM3.1Flash launched, with comprehensively enhanced performance, 3x faster speed, and 70% lower price. 3. Chips: Alibaba DAMO Academy releases the automotive-grade enhanced processor XuanTie E908A. 4. Brokerages: The CSRC once again emphasizes that it will support mergers and acquisitions and subsequent integration in the securities industry. 5. AI Glasses: Ministry of Commerce: In January-September, sales of smart glasses on key platforms increased 1.1 times. Positive and Negative Announcements from Listed Companies For positive announcements, the editor reminds readers to watch Biwin Storage Technology's cumulative repurchase of RMB 250 million, etc.; for negative announcements, pay attention to Dazhong Mining's independent director Wei Yuan being investigated, etc. Positive Announcements 1. Biwin Storage Technology: Repurchase implementation completed, cumulative repurchase amount of about RMB 250 million 2. Avary Holding: Plans to repurchase company shares for RMB 300 million to RMB 500 million 3. Hygon Information Technology: Net profit in the first three quarters was RMB 2.847 billion, up 45.12% year-on-year 4. China Jushi Co., Ltd: Third-quarter net profit was RMB 2.412 billion, up 173.80% year-on-year 5. Sharetronic Data Technology: Wholly owned subsidiary Xiechuang Intelligent Computing signs a computing power cloud service agreement of no more than RMB 37.49 billion Negative Announcements 1. Dazhong Mining: Independent director Wei Yuan accepts disciplinary review and supervisory investigation 2. Chongqing Wanli New Energy: Shareholder Zheng Hairuo and accounts controlled by her collectively reduced 2.5325 million shares 3. Lanzhou Lishang Guochao Industrial Group: Honglou Group completed reduction, total shareholding fell to 17.05% and touched the 1% threshold 4. HuangShan Googe: Saige High-Tech terminated the plan early after reducing 642,900 shares 5. Puyang Refractories Group: Third-quarter net profit was RMB 14.9484 million, down 42.42% year-on-year This article is reprinted from "Tencent Zixuan Stocks," edited by GMTEight: Xu Wenqiang.