A-share three major indices rebound, ChiNext Index up 3%, robot industry chain erupts

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The three major A-share indices rebounded collectively, with the ChiNext Index rising 3%. On the board, the concepts of reducers, robot actuators, humanoid robots, automation equipment, industrial mother machines, aerospace equipment, and PEEK materials led the gains, while baijiu, banks, tax refund shops, and insurance performed poorly, ranking at the bottom of the decliners list. EM_StockImg_Start

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As of the midday close, the Shanghai Composite Index rose 0.72% to 3,674.44 points; the Shenzhen Component Index rose 1.99% to 11,470.03 points; the ChiNext Index rose 3% to 2,624.64 points; the STAR 50 Index rose 2.51% to 1,283.67 points; and the Beijing Stock Exchange 50 Index rose 1.32% to 943.98 points. Across the entire market, 4,498 stocks rose and 916 stocks fell, with 80 stocks hitting the daily limit up. The two markets recorded combined half-day turnover of 1,013.6 billion yuan. EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start EM_Promo_Module_End EM_Promo_Module_Start

Today's Highlights

Three months since listing! ChangXin Technology becomes the largest weighted stock in the Shanghai Composite Index and the STAR Composite Index

Data disclosed on the CSI Index website on October 27 shows that ChangXin Technology has become the largest weighted stock in the Shanghai Composite Index, with a weight of 4.67%. Agricultural Bank of China and Industrial and Commercial Bank of China ranked second and third, with weights of 3.83% and 3.77%.

SK Hynix delivers an exceptionally strong third-quarter report: supply shortage to persist until 2030!

On the morning of October 28 Beijing time, SK Hynix released its third-quarter report. The company's revenue for the third quarter of fiscal year 2026 was 104.62 trillion won, operating profit was 83.33 trillion won, and net profit was 39.78 trillion won. The operating profit margin for the third quarter of fiscal year 2026 was 80%, and the net profit margin was 38%. SK Hynix expects the memory market supply shortage to continue until 2030.

Chasing the light against the trend and heavily overweighting the PCB track! Latest position adjustments by Zhang Jianping and other prominent individual investors revealed

As of 21:30 on October 27, Zhang Jianping and his wife Fang Wenyan together appeared among the top ten tradable shareholders of 6 stocks, with holdings highly concentrated in electronic materials and the PCB industry chain; Ge Weidong's related persons Wang Ping, Ge Guilian, and Ge Guilan held a combined position of approximately 3.708 billion yuan (calculated based on the closing price on September 30), most of which remained unchanged; Liu Xin significantly rotated positions, while Zhang Sufen only added to positions without reducing them.

Major reshuffle in public fund third-quarter report heavyweight stocks! Optical modules remain firm; memory and CXO enter the top ten

On the evening of October 27, as the disclosure of public fund third-quarter reports for 2026 concluded, the latest list of the top ten heavyweight stocks of public funds was officially released. Compared with the second quarter of 2026, AI computing power and the semiconductor sector remained the main lines of public fund heavyweight stocks, but there were considerable changes in the rankings of the top tier. As of the end of the third quarter, Zhongji Innolight and Eoptolink continued to firmly hold the top two heavyweight stock positions; ChangXin Technology entered as a dark horse in fourth place among public fund heavyweight stocks; WuXi AppTec and WUS Printed Circuit advanced into the top ten heavyweight stocks list. At the same time, GigaDevice, AMEC, and Sanhuan Group all exited the top ten, showing that fund managers are making substantial position adjustments, moving funds from some semiconductor design, equipment, and component targets to core areas such as memory, AI hardware, and pharmaceuticals.

Musk's latest prediction: robot memory demand beyond imagination

On October 27, in response to a netizen's comment on total robot memory demand, Tesla founder Musk said that robots' demand for memory will be larger than that of anything else on Earth. He emphasized that as artificial intelligence moves from processing information to the physical world, embodied robots' memory consumption will crush all existing computing devices on Earth. He also said that robots use low-power DRAM chips rather than high-bandwidth memory HBM, and that as artificial intelligence expands beyond data centers, chip manufacturers may usher in greater market opportunities.

Institutional Views

Guotai Haitong: Optimus starts prototype trial production, physical AI expected to accelerate breakthroughs

Guotai Haitong released a research report stating that in its third-quarter 2026 financial report, Tesla said that the Optimus humanoid robot has begun production work, and the first batch of Optimus robots meeting mass-production standards officially rolled off the line. Wang Xingxing of Unitree Robotics judged that physical AI has now shown signs of being broken through, very likely within the next 1-2 years or 2-3 years.

The core bottleneck of embodied intelligence is still model capability. The entry of major AI companies is accelerating breakthroughs, but breakthroughs increasingly depend on real-machine data, and deployment still needs to solve inference latency and cost. Nvidia's report on October 14 shows that GPT-6 Astra achieved a zero-shot success rate of 66.3%–74.8% on the RoboLab-120 benchmark, while the specialized VLA model π0.5 achieved 28.0%; however, Astra's single inference takes 11–19 seconds, while π0.5 takes about 47 milliseconds. The stronger the "brain," the more prominent the constraints of real-machine data and body hardware. We are optimistic about three types of segments: data collection and perception, body motion control, and high-precision transmission; related segments already led gains last week, and subsequent verification is needed through orders and batch supply. At Tesla's Q3 earnings call, Musk said that ramping to 20,000 units per week will take at least another year, and Optimus is expected to begin external deliveries by the end of 2027. T-chain orders are expected to be realized quarter by quarter along with the ramp-up, and it is recommended to pay attention to core T-chain suppliers.

Northeast Securities released a research report stating: focus on achievement transformation and grasp the two main lines of commercial validation and clinical validation. AI drug discovery is currently in a stage of deepening from technology application to commercial realization. In the short term, look at pharmaceutical company cooperation and platform delivery; in the medium and long term, look at clinical evidence and the release of drug asset value. More worthy of attention are enterprises with cross-project replication capability, clear achievement rights and interests, and reasonable capital investment. Focus on tracking the expansion of cooperation with large pharmaceutical companies, key clinical data, actual milestone payments and cash flow improvement, and beware of excessive extrapolation from single licensing revenue and individual success cases.

CSC: Clothless is a key step in the upgrade of high-speed copper interconnect, prioritize CCL/PP leaders

A CSC research report states that clothless is a key step in the upgrade of high-speed copper interconnect, but it does not mean removing all glass fiber cloth from the entire PCB. Instead, based on performance and reliability constraints, less-cloth/clothless implementation is applied in specific dielectric layers. Clothless applications fall into two scenarios: computing-power PCBs and optical modules. The common goal is to reduce loss and improve signal integrity, while the difference lies in the entry position and material form. Clothless drives industrial chain value to concentrate in the CCL/PP segment. Prioritize CCL/PP leaders, while also paying attention to incremental opportunities in PCB processing and upstream materials. As high-speed copper interconnect upgrades toward less-cloth/clothless, CCL/PP is expected to become a core beneficiary segment. At the same time, increased PCB processing difficulty and growing demand for upstream materials such as resin and spherical silica are expected to bring new opportunities.

Huayuan Securities: A-shares may have entered a window period for allocation value

A-shares are currently undergoing volatile adjustment, and market bulls and bears are increasingly divided. Liao Zhiming, assistant director of the Huayuan Securities Research Institute and chief analyst for fixed income and banking, said that after sustained pullbacks, four conditions—market valuation, corporate profitability, capital structure and cross-asset comparison—have improved simultaneously. A-shares have ushered in a new round of allocation window, and investors are advised to steadily position for medium- and long-term opportunities amid disagreement. Liao Zhiming analyzed that the current CSI 300 price-to-earnings ratio is only 12.8 times, at the 0.7% percentile of the past year and the 50% percentile of the past decade; the ChiNext Composite Index PE has fallen to the 10% percentile of the past five years. Only with low valuation combined with upward earnings will investment value become prominent. In the first half of the year, the growth rate of net profit attributable to parent companies across all A-shares reached 16%, and profit growth is expected to remain relatively high in the third quarter. In terms of trading structure, the balance of margin financing and securities lending fell from a peak of 3 trillion yuan to 2.4 trillion yuan, and crowding in holdings has clearly eased; over the past month, equity ETFs recorded cumulative net inflows of more than 350 billion yuan, mainly into broad-based ETFs, and incremental funds at the bottom are forming support. Liao Zhiming also said that deposit rates and bond yields are currently at historical lows, household savings deposits have exceeded 170 trillion yuan, and the cost-effectiveness of stock market investment is rising; monetary policy remains moderately loose, and there may still be room for reserve requirement ratio cuts and interest rate cuts in the future, while fiscal spending is expected to accelerate.

Everbright Securities released a research report stating that the current supply-demand pattern in the optical fiber industry is relatively tight. AI computing power, the implementation of CPO technology and other factors are driving rapid growth in demand for high-end optical fiber. Coupled with the recovery of operator centralized procurement and improving overseas exports, product prices and profitability continue to recover. It is recommended to focus on leading enterprises that have independent production capacity for optical fiber preforms and also have first-mover advantages in optical communication products for AI computing power and specialty optical fibers. Embedded advertisement in the middle of the main text