Nasdaq hits record high; PBOC pledges moderately accommodative monetary policy

Market Overview

Sentiment: Positive

Geopolitical tensions showed signs of easing, leading to a sharp drop in international oil prices and easing inflationary pressures. Combined with sustained optimism in the artificial intelligence sector, the Nasdaq closed at a record high. Chip stocks led the rally, with AMD closing up 10%, reaching a market capitalization of $1 trillion for the first time. Meta's AI assistant Muse climbed to the top of the free app charts on both Apple's App Store and Google Play in the U.S., driving the company's stock up more than 11%. South Korea's KOSPI index rose 2.2% in early trading, with Samsung Electronics up 3% and SK Hynix up 2%.

Macroeconomic

Sentiment: Positive

The People's Bank of China (PBOC) held a symposium with foreign financial institutions. PBOC Governor Pan Gongsheng stated that the central bank will implement a moderately accommodative monetary policy to create a favorable monetary and financial environment for stable economic growth and smooth financial market operations. The PBOC will continue to promote high-level financial opening, steadily improve policy supply, expand two-way opening of financial markets, optimize cross-border payment services, and facilitate the international use of the renminbi.

Corporate

Sentiment: Negative

Since its listing, Shengu Group's stock has experienced significant volatility for three consecutive trading days, with clear speculative trading characteristics. Last evening, the Shanghai Stock Exchange issued another notice stating it will continue to closely monitor the stock's early-stage trading and take self-regulatory measures as appropriate. Capital market experts have warned that short-term speculation detached from fundamentals is unsustainable, and investors should rationally assess price fluctuations in new stocks and be mindful of investment risks.

Industry

Sentiment: Positive

A-share listed companies have begun disclosing performance forecasts for the first three quarters of 2026. AI industry chain companies have shown particularly strong performance. From GPUs, packaging and testing, to precision manufacturing, multiple companies have achieved high growth driven by surging demand for computing power. Meanwhile, sectors such as biomedicine and new energy have also seen steady improvements in operations due to rising product volumes and prices.

Investment Calendar

• 2026 Alibaba Cloud Apsara Conference opens

Investment Tips

"In monetary policy, credibility is a valuable asset, but it is built primarily through actions and results, not just through rhetoric." — Ben Bernanke, 21st Century Monetary Policy

Institutional Views

1. GF Securities: The market is experiencing a "well-timed rebound opportunity." Focus on the AI industry chain with high visibility in Q3 earnings.
2. Soochow Securities: A-share markets are expected to enter a phased recovery window, lasting approximately one week after the National Day holiday.
3. Founder Securities: The market's upward trend remains stable. Focus on policy-driven and oversold recovery sectors, and seize rotation opportunities.

Positive and Negative Outlook

Policy Focus

Kaiyuan Securities: On the demand side, there remains significant room for relaxation in policies such as optimizing restrictive measures in core cities, housing provident fund loans, and urban renewal. If policy intensity and implementation pace are further strengthened, the stabilization and recovery of the real estate market could accelerate.

Market Discussion

Sinolink Securities: The AI rally has shifted from early-stage technological imagination into a "mid-game" phase of realization. Agent applications, token consumption, ARR growth, and cloud capital expenditure are forming a clearer commercial闭环 (closed loop), and the "AI bubble" narrative is clearly receding.

BOC International Securities: Global new energy vehicle sales are expected to maintain rapid growth in 2026, driving demand for batteries and materials. In energy storage, demand remains strong. Investors are advised to focus on energy storage cells and large-scale storage integrators.

Announcement Express

Positive

1. Tianchuang Fashion: Controlling shareholder plans to increase holdings by RMB 150 million to RMB 300 million.
2. Keda Manufacturing: Plans to invest RMB 4.5 billion to build a 500,000-ton annual graphite anode material integration project.
3. Xinhua Winshare: Plans to acquire 100% equity of Sichuan Ethnic Publishing House for RMB 346 million.

Negative

1. Sun Cable: Shareholder Xiamen Xiangyu Group and its concert parties plan to reduce holdings by up to 3%.
2. Xiamen Tungsten: Has applied for arbitration with the Beijing Arbitration Commission regarding CMOC Group's cessation of tailings supply to Luoyang Yulu.
3. ST Coconut: Under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations.

Overseas Markets

Editor's Note: Driven by a broad rally in tech giants, all three major indices closed higher. Semiconductor and chip stocks surged: ARM rose over 17%, its largest single-day gain since April last year; Intel gained over 12%, its biggest gain since May; Meta rose more than 11%, its largest single-day increase since April last year; AMD climbed approximately 10%, hitting a new high and surpassing $1 trillion in market cap for the first time.

This article is republished from "Tencent Self-Selected Stocks." Editor: Feng Qiuyi, Zhitong Finance.