China

周末这些重要消息或将影响股市（附新股日历+机构策略）

STCN | Local Language | News | Oct. 28, 2025 | UndeterminedInvestor Sentiment

China and the U.S. held economic and trade consultations in Kuala Lumpur on October 25–26, led by Vice Premier He Lifeng and U.S. Treasury Secretary Beisent and Trade Representative Grier. They discussed key issues including U.S. Section 301 measures, reciprocal tariffs, fentanyl tariffs, agricultural trade, and export controls, reaching basic consensus on resolving concerns, with plans to specify details and pursue domestic approvals.

The State Council’s financial work report emphasized implementing a moderately accommodative monetary policy to support economic recovery and reduce overall social financing costs. The People’s Bank of China (PBOC) announced a 900 billion yuan medium-term lending facility operation on October 27 to maintain ample banking system liquidity, marking eight consecutive months of increased MLF rollover.

Scope Ratings downgraded the U.S. sovereign credit rating from “AA” to “AA-” due to deteriorating public finances and governance. U.S. President Trump threatened to impose an additional 10% tariff on Canadian goods in response to Ontario’s tariff-related advertising. U.S. September inflation data showed a 0.3% month-on-month CPI rise, lower than expected.

The PBOC reiterated commitments to stable financial market operations and advancing monetary policy frameworks, macroprudential management, financial reform, opening, and national financial security. The China Securities Regulatory Commission (CSRC) outlined five priorities including enhancing market resilience, regulatory enforcement, capital market openness, and governance in line with the 20th Central Committee’s Fourth Plenary Session.

In industry, Peking University researchers made advances in photoresist technology to reduce lithography defects. Guangdong Province issued measures to support the development of the low-altitude economy by guiding social capital and promoting listings. Maotai Group announced leadership changes with Chen Hua replacing Zhang Deqin as chairman. Huawei updated its website showing Yu Chengdong’s new role as Director of the Product Investment Committee.

This week includes three new stock subscriptions scheduled, with 52 companies unlocking restricted shares totaling 47.7 billion yuan in market value. The 2025 Financial Street Forum Annual Meeting will be held in Beijing from October 27–30, featuring key regulatory officials delivering speeches.

Global financial markets will experience a “super central bank week” with interest rate decisions by the Bank of Canada, Federal Reserve, European Central Bank, and Bank of Japan between October 29 and 30, with expectations of a 25 basis point Fed rate cut. U.S. tech giants, including Microsoft, Meta, Alphabet, Apple, and Amazon, will release quarterly earnings at the end of October.

Institutional analysis from Huaxi Securities highlights a continuing “slow bull” trend in A-shares and a synchronized global tech AI rally driven by earnings and AI capital expenditure. Shenwan Hongyuan is bullish on technology growth stocks leading the fourth-quarter market, supported by ongoing AI trends. Everbright Securities recommends medium-term focus on TMT and advanced manufacturing sectors, with lagging sectors like high-dividend and consumer stocks as defensive plays during volatility.

Global Times | English | News | Oct. 28, 2025 | Geopolitical Conflict and Disputes

Russia has successfully tested its nuclear-powered Burevestnik cruise missile, according to President Vladimir Putin. The missile flew approximately 14,000 kilometers (8,700 miles) over about 15 hours, demonstrating its extraordinary range and endurance. Putin described it as a unique weapon not possessed by any other country.

The Burevestnik is a ground-launched, low-flying cruise missile capable of carrying a nuclear warhead and powered by a nuclear engine, granting it much longer range than traditional turbojet or turbofan-powered missiles. It reportedly has a notional range of up to 20,000 kilometers and flies at very low altitudes (50-100 meters), making it difficult for air defense systems to detect.

Chinese military experts highlight the strategic significance of the missile's unprecedented range and endurance, which enable it to patrol vast distances and act as a new form of nuclear deterrence. This capability could fundamentally alter the balance of global nuclear forces. However, there are concerns about potential nuclear contamination risks from malfunctions or interception, and the missile’s full technical capabilities remain to be confirmed through further tests.

光大证券：多重利好叠加 市场或持续强势表现

Sina Finance | Local Language | News | Oct. 28, 2025 | UndeterminedInvestor Sentiment

The A-share market showed strong performance this week, with major indices closing higher. The ChiNext Index and the Sci-Tech Innovation 50 led gains, while the SSE 50 and Shanghai Composite lagged. Large-cap growth stocks outperformed, with sectors like telecommunications and electronics performing well, whereas agriculture, food & beverage, and beauty & personal care underperformed. Current valuations for indices such as the Sci-Tech Innovation 50 and the Wind All A Index remain relatively high, with PE percentiles above 90% since 2010.

Key policy developments included the Fourth Plenary Session of the 20th CPC Central Committee setting goals for the "15th Five-Year" period, a policy roundtable with foreign-funded enterprises by the Ministry of Commerce, and accelerated issuance of policy-oriented financial instruments. Economic data showed resilience, with 5.2% GDP growth in the first three quarters of 2025, rapid industrial production growth, steady market sales, strong service retail, stable fixed-asset investment, and robust manufacturing investment. China-U.S. economic consultations in Malaysia helped reduce short-term uncertainties, while European leaders supported ceasefire negotiations in the Russia-Ukraine conflict.

Short-term market outlook remains positive, supported by policy guidance from the CPC Central Committee and improved China-U.S. relations alongside the potential for the Federal Reserve to cut interest rates. Medium-term expectations include improved earnings for listed companies driven by economic recovery, resilient domestic exports, and sustained domestic demand growth. Fourth-quarter A-share earnings are expected to moderately recover, providing new market momentum.

Sector focus for the medium term centers on technology, media, and telecommunications (TMT) and advanced manufacturing due to catalysts like the Federal Reserve’s rate cuts and AI industry growth. In case of market volatility, lagging sectors such as high-dividend and consumer sectors including banks, utilities, food & beverage, and beauty & personal care warrant attention.

Key risks highlighted include slower-than-expected policy implementation, deteriorating market sentiment, disappointing economic growth, and significant deterioration in China-U.S. relations.