For stock trading, just read the Jinlin Analyst Research Report — authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! Today is the last day of the long holiday. As for some important news during the holiday, the editor has sorted it out and picked two key points to discuss.

1. The central bank has stepped up gold purchases

On October 7, central bank data showed that China's gold reserves at the end of September stood at 77.47 million ounces, an increase of 740,000 ounces month-on-month. This marks the 23rd consecutive month of gold accumulation by the central bank. Looking at it, although the central bank has been increasing holdings continuously, how much it buys is quite particular. Previously, when gold was at high levels, the central bank actually slowed down its gold purchases — for instance, in March it only added 30,000 ounces. As gold prices gradually fell back to around 900 yuan, it slowly increased its buying pace. In July it rose to 640,000 ounces, in August it reached 650,000 ounces, and in September it increased to 740,000 ounces. According to reports such as the Hurun Report, high-net-worth individuals are now very fond of buying gold. The editor also has many people around asking about gold — they may not necessarily buy tech, but they will basically allocate some gold. The editor feels that one approach is to directly buy private funds focused on gold investment, saving yourself the hassle; another approach, if you insist on investing in gold yourself, is to refer to the central bank's rhythm — when the central bank buys less, you steady yourself; when the central bank buys more, pay more attention. Although there is some lag, the overall rhythm can be followed.

2. Divergence in overseas markets

During the long holiday, US stocks and Japanese and Korean markets performed relatively well. Excluding October 7, the Nasdaq rose 2.75% cumulatively, and the Nikkei 225 index rose 5.89% cumulatively. European markets were a bit sluggish, mostly declining, and Hong Kong stocks were also relatively weak. Behind this divergence is the surge in US Treasury yields, hitting a new high in more than 20 years, with the 10-year yield climbing from 4.80% in early September all the way to 5.31%. This is the anchor for global asset pricing — the more it rises, the more pressure on stock market valuations. The US and East Asia are the global leaders in AI, with global capital inflows, plus AI leading companies' profits exploding in the past six months, holding up the market. Europe, however, has little presence in AI. With a high probability of Fed rate hikes, US Treasury yields surging, and valuations under pressure, there is nothing to support it, so it naturally weakens. Below, let's look at the historical performance of A-shares after the National Day holiday. According to the GF Securities Development Research Center, based on data from 2011-2025 (excluding the 2024 September 24 event): 1. Most broad-based indices are weaker before the holiday and rebound in the first week after the holiday. 2. In terms of sectors, TMT has the highest probability of outperforming the market in the week after the holiday and the highest average excess return, with a 73% probability of outperforming. The sectors with the highest rebound probability and average excess return in the week after the holiday are computers, agriculture, textiles and apparel, chemicals, etc. From private fund holdings: according to a pre-holiday survey, 34.62% of private funds favor a barbell-type balanced allocation, i.e., high-dividend blue chips + tech growth; 30.77% of private funds focus on the tech growth main line; 19.23% choose value blue chips; and 15.38% prefer high-low switching and sector rotation, avoiding crowded tracks. Finally, sharing a few pictures taken during the holiday in the Amazon rainforest. The pictures are a bit green. May everyone's accounts go the opposite way after the holiday~ Editor's reminder: The article is for reference and exchange only, and does not constitute investment advice.