A-share Evening Highlights | A major positive of RMB800 billion! What is the impact? Institutional interpretations are here.

Evening Highlights 1. RMB800 billion in new policy-based financial instruments fully deployed, what is the impact? Importance: According to Xinhua News Agency, reporters learned from the three policy banksChina Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of Chinathat as of October 28, the full deployment of the 2026 new policy-based financial instruments was completed, totaling RMB800 billion. Among them, the China Development Bank new policy-based financial instrument, the Export-Import Bank new policy-based financial instrument, and the Agricultural Development Bank new policy-based financial instrument deployed RMB365 billion, RMB120 billion, and RMB315 billion, respectively. Luo Zhiheng, chief economist at Yuekai Securities, previously stated that guiding private capital through new policy-based financial instruments can both open up new investment space for private enterprises and fully stimulate the growth potential of emerging industries, promoting industrial upgrading. 2. Unitree's first financial report after listing: net profit up more than 270% year-on-year in the first three quarters, single-quarter profitability under pressure Importance: Siasun Robot&Automation leader Unitree Technology delivered its first quarterly report after listing, with strong performance in the first three quarters but single-quarter profitability under pressure. Specifically, revenue in the first three quarters was RMB1.817 billion, up 55.71% year-on-year; net profit attributable to shareholders was RMB387 million, up 270.54% year-on-year. However, excluding non-recurring gains and losses, net profit after deducting non-recurring items in the first three quarters was RMB349 million, down 18.78% year-on-year. In the third quarter alone, the company's revenue was RMB665 million, up 69.93% year-on-year, with revenue continuing its high-growth momentum; but net profit attributable to shareholders was RMB113 million, down 17.37% year-on-year, and net profit after deducting non-recurring items was RMB105 million, down 17.42% year-on-year. At the same time, the company significantly increased R&D investment, with single-quarter R&D expenses up 249.58% year-on-year. 3. Tonight's Fed decision: inflation running hotter, yet a rate hike pause? Importance: Inflation data continues to exceed expectations, yet the Fed is almost certain to hold steady this week. This contradictory situation is concentrating all pressure on tonight's press conferencehow Warsh will explain to the market the choice to pause rate hikes when inflation has clearly deviated from target, while not damaging the Fed's policy credibility. According to the latest Reuters survey, 94 of 100 surveyed economists expect the Fed to keep rates unchanged at 3.75%-4.00% tonight. CME federal funds futures imply only about a 10% probability of a hike this time, and Goldman Sachs' equity volatility desk estimates swap-implied probability at just 7%. 4. PBOC: RMB real estate loan balance at end-Q3 was RMB50.08 trillion, down 5.2% year-on-year Importance: The PBOC released the Q3 2026 statistical report on financial institution loan allocation. According to People's Bank of China statistics, at end-Q3 2026, the balance of RMB loans by financial institutions was RMB283.44 trillion, up 4.8% year-on-year, with RMB loans increasing by RMB11.52 trillion in the first three quarters. At end-Q3, the balance of RMB real estate loans was RMB50.08 trillion, down 5.2% year-on-year, a decrease of RMB1.9 trillion in the first three quarters. At end-Q3 2026, the balance of real estate development loans was RMB12.37 trillion, down 9.1% year-on-year, a decrease of RMB817.9 billion in the first three quarters. The balance of personal housing loans was RMB35.91 trillion, down 4.1% year-on-year, a decrease of RMB1.10 trillion in the first three quarters. 5. Sources: CXMT Corporation to start production of advanced AI memory chips, selling price may be higher than overseas competitors Importance: According to reports, people familiar with the matter said CXMT Corporation has sent HBM3E samples to multiple domestic Chinese AI chip design companies. CXMT Corporation is expected to start small-batch production within the next two months. The sources said CXMT Corporation's HBM3E is expected to be priced higher than similar products from overseas competitors. The person added that the company began independent R&D of this technology as early as 2024. 6. Ministry of Commerce: step up efforts, innovate to create offline consumption scenarios Importance: On October 28, the Ministry of Commerce held a national video and telephone conference on advancing trade-in of consumer goods, summarizing the progress and results of policy implementation and deploying key tasks for the next stage. The meeting emphasized the need to combine local realities, strengthen departmental coordination, step up efforts, innovate to create offline consumption scenarios, accelerate subsidy disbursement, and effectively enhance the people's sense of gain. 7. Super "star trader" Zhang Jianping's latest moves revealed Importance: On October 28, the third-quarter reports disclosed by Feilong Auto Components, Hengtong Optic-Electric, and Hangzhou Cable showed that Zhang Jianping significantly increased his position in Feilong Auto Components, newly becoming the fourth-largest shareholder of Feilong Auto Components; and exited the top ten shareholder lists of Hengtong Optic-Electric and Hangzhou Cable. In addition, Zhang Jianping further increased his holdings in Yunnan Lincang Xinyuan Germanium Industry in the third quarter and "returned" to Sichuan Em Technology. Zhang Jianping's associate Fang Wenyan, meanwhile, holds a heavy position in PCB leader Founder Technology Group. Opportunities in Advance The editor has sorted through market-watched investment opportunities and found that new energy and other sectors are drawing attention. 1. Beijing's major release concerns new energy! Mentions photovoltaics, green power, hydrogen energy, etc. The Beijing Municipal People's Government issued the "Beijing 15th Five-Year Plan Period New Energy System Plan." It mentions deeply tapping the potential of local renewable energy resources. Formulate development and utilization planning guidelines for renewable energy, with the city's new energy utilization rate reaching above 95%. Make every effort to expand the scale of green power entering Beijing. Raise the high-end level of the wind power industry. Expand application scenarios for photovoltaic technology innovation. Focus on R&D and equipment manufacturing of perovskite CECEP Solar Energy cells and high-efficiency photovoltaic modules, and promote building-integrated photovoltaics. Wanlian Securities stated that in the first three quarters of this year, rising lithium carbonate prices drove continued profit growth in the lithium battery sector, while the wind power industry benefited from the gradual fulfillment of earlier orders and increased overseas exports. In the power equipment sector, domestic ultra-high-voltage construction continues to ramp up, and China's construction capability in power equipment is clearly leading; medium- to long-term overseas demand will still provide strong support for company performance. In addition, the following sectors are also worth watching: 2. Ice and snow economy | Meituan: since October, "skiing" search volume has risen 125% year-on-year, and accommodation bookings around ski resorts have increased 217%. 3. Natural gas | European natural gas approaches EUR100 per megawatt-hour, the first time since late 2022. Listed Company Positive and Negative Announcements For positive announcements, the editor reminds readers to watch the turnaround to profit of a domestic GPU giant, etc.; for negative announcements, note that Shanghai Supezet Engineering Technology Corp., Ltd. will be delisted due to market value, etc. Positive Announcements 1. Moore Threads: Q3 net profit was RMB49.2604 million, turning profitable both year-on-year and quarter-on-quarter 2. Suzhou TFC Optical Communication: Q3 net profit up 55% year-on-year and 23% quarter-on-quarter 3. Hengtong Optic-Electric: Q3 net profit up 299% year-on-year and 51% quarter-on-quarter 4. China Merchants Energy Shipping: Q3 net profit up 327% year-on-year and 19% quarter-on-quarter 5. PetroChina: Q3 net profit RMB51.839 billion, up 21.6% year-on-year Negative Announcements 1. Shanghai Supezet Engineering Technology Corp., Ltd.: market value below RMB300 million for 20 consecutive days, triggering mandatory delisting; trading suspended from October 29 2. China Pacific Insurance: Q3 net profit down 68% year-on-year and 73% quarter-on-quarter 3. Zhejiang Sanhua Intelligent Controls: Q3 net profit down 9.64% year-on-year and 8% quarter-on-quarter 4. Shandong Gold Mining: Q3 net loss of RMB363 million 5. CSG Holding Co.,Ltd.: net loss of RMB589 million in the first three quarters This article is reprinted from "Tencent Zixuan Stocks"; GMTEight editor: Jiang Yuanhua.