A-share three major indices closed lower, medical aesthetics and robotics sectors rose against the trend

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The three major A-share indices continued their sluggish performance today. As of the close, the Shanghai Composite Index fell 1.48% to 3,658.03 points; the Shenzhen Component Index fell 2.96% to 11,357.32 points; and the ChiNext Index fell 4.37% to 2,576.90 points. Trading volume across the Shanghai, Shenzhen and Beijing markets totaled 1.54 trillion yuan, an increase of 100 billion yuan from yesterday. EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start

Industry sectors showed a broad decline, with only medical aesthetics, robotics and construction machinery rising against the trend. Film and cinema, advertising and marketing, media, components, education, internet e-commerce and gaming sectors led the declines. EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start

Among individual stocks, more than 500 stocks rose, with over 30 hitting the daily limit-up. The humanoid robot concept was active against the trend: Daye Co. posted five consecutive limit-ups, Zhaowei Electromechanical rose for a second time in four days, and Dayang Electric, Xiangyang Bearing and Moons' Electric hit the limit-up. The banking sector partially recovered, with ICBC and China Construction Bank hitting record highs again. EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start

Industry capital flows: 1.094 billion yuan net inflow into electric motors

In terms of industry capital, as of the close, electric motors, personal care products and white goods ranked among the top net inflows, with electric motors seeing a net inflow of 1.094 billion yuan.

On the net outflow side, communications equipment, components and semiconductors ranked among the top net outflows, with communications equipment seeing a net outflow of 8.596 billion yuan.

Today's headlines

First in the industry! Eight departments issue the "15th Five-Year Plan for Industrial Base Capacity Enhancement"

On October 22, the Ministry of Industry and Information Technology and seven other departments jointly released the "15th Five-Year Plan for Industrial Base Capacity Enhancement." The plan proposes anchoring the goal of basically achieving new industrialization, taking the promotion of high-quality development as the theme, advancing the upgrading of industrial bases as the main line, and implementing the industrial base reengineering project as the key lever. It coordinates efforts to shore up weaknesses, strengthen strengths and lay out frontiers, strengthens the approach of using demand to drive breakthroughs and combining breakthroughs with application, advances technological breakthroughs and their promotion and application in an integrated manner, systematically addresses the problem of weak industrial bases, and achieves a comprehensive upgrade of industrial bases toward "strong innovation, high self-reliance and excellent quality."

Sudden U.S. troop buildup! Aircraft carrier deployed! Reports say the U.S. and Israel have formulated a new round of plans to strike Iran

According to the latest CCTV News report, content posted on the social media account of the U.S. aircraft carrier "Roosevelt" on the 20th showed that the carrier had recently arrived in Japan and carried out resupply. According to U.S. sources, the "Roosevelt" is being dispatched to the Middle East. According to CCTV News, the reporter learned on October 21 local time, citing U.S. officials and other informed sources, that the U.S. and Israeli militaries have formulated specific plans to launch another military strike on Iran after the U.S. midterm elections.

At the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference, Wang Xingxing, founder of Unitree Robotics, said that almost everyone in the world, including himself, does not attach enough importance to and have enough faith in AI. With the release of GPT-6, physical AI has now shown signs of being broken through, and it is very likely to happen in the next 1-2 or 2-3 years. The core challenge for embodied intelligence to pass the ChatGPT moment is the alignment between the input and output of AI models and real robots.

After the U.S. market closed on Wednesday Eastern Time, Meta released its third-quarter 2026 financial report and held an earnings call. The company's overall revenue and fourth-quarter guidance both exceeded market expectations. The biggest highlight of this earnings report is clearly Meta's personal AI agent Muse. After delivering impressive early user and commercialization data, CEO Mark Zuckerberg said at the earnings call that he plans to increase Muse's computing efficiency tenfold within a year and expects to achieve substantial profitability within a few years.

CATL repurchases nearly 800 million yuan of shares in a single day; its plan to repurchase up to 40 billion yuan of A-share shares is being accelerated

On the evening of October 21, CATL announced that it repurchased 3.4886 million A-share shares that day at an average price of 229.32 yuan per share, spending a total of about 800 million yuan. On October 21, several brokerages issued research reports saying that factors such as changes in shipment structure, tax rate adjustments and inventory impairment affected CATL's short-term profitability, but its medium- and long-term demand guidance was better than market expectations.

Institutional strategy

CSC: Supernode products are being released intensively; server systems, switch chips and other industry segments will benefit first

CSC's research report said that supernodes, by expanding the ScaleUp interconnect domain, unifying memory addressing and improving in-rack interconnect efficiency, use system engineering capabilities to break through the bottleneck of traditional eight-GPU servers in cross-node communication. Compared with traditional computing clusters, supernodes have significant advantages in computing utilization, interconnect bandwidth, throughput, latency, MoE adaptation and effective throughput per GPU. At present, domestic and foreign manufacturers are intensively releasing supernode products, and the industry has officially entered the stage of large-scale delivery from solution verification. Looking at the subdivided segments of the industrial chain, server systems, switch chips, switches, connectors and other industry segments are expected to benefit first. In addition, PCB, liquid cooling, power supplies, CPUs and domestic computing chips and other segments will also continue to benefit as supernode penetration increases.

CICC: AI4S reshapes the intelligent paradigm of new drug R&D; recommend continued attention to three types of companies

CICC's research report pointed out that AI for Science (AI4S, AI-driven scientific research) continues to heat up, and biomedicine is the core application scenario. The efficiency-enhancing capability of AI drug discovery is gradually emerging, and platform capabilities and the value of drug assets are also being verified simultaneously. Capital and industrial investment continue to increase, and platform competition relies more on data and experimental capabilities. AI expands the scope of R&D exploration, and the industrial chain is expected to benefit simultaneously from the growth in verification demand and the upgrading of service capabilities. It is recommended to continue paying attention to three types of companies: 1. Companies that rely on differentiated technology platforms to effectively improve R&D efficiency; 2. Companies that can continuously produce high-quality pipelines, are expected to achieve key clinical progress and have potential for outbound licensing; 3. Companies with experimental feedback capabilities and automated experimental systems that can undertake new verification demand.

Sinolink Securities: The undervalued brokerage sector offers relatively high cost-effectiveness

Sinolink Securities' research report pointed out that for the capital market, the CSRC puts stabilizing the market in the primary position and adheres to seeking progress while maintaining stability. It improves the resilience of the capital market by improving the market stabilization mechanism, promoting the entry of medium- and long-term funds, cracking down on illegal share reductions, and encouraging share repurchases and increases; and improves the vitality of the capital market through more inclusive financing-side reforms. For brokerages, measures such as investment and financing-side reform, further expansion of interconnectivity, and accelerating the building of internationally first-class investment banks create opportunities in brokerages' domestic and cross-border wealth management, investment banking, investment and other businesses. Against the backdrop of stabilizing the market, the undervalued brokerage sector offers relatively high cost-effectiveness. Body middle section Embedded advertisement