The market rose in volatile trading yesterday, with the Shanghai Composite Index opening higher and gaining over 1%, hitting a fresh decade-high and approaching the 4,000-point mark during the session. Turnover in Shanghai and Shenzhen reached 2.34 trillion yuan, up 365.9 billion yuan from the previous trading day. Leading gainers included memory chips, CPO, and controlled nuclear fusion, while gaming and wind power equipment lagged. At the close, the Shanghai Composite Index rose 1.18%, the Shenzhen Component Index gained 1.51%, and the ChiNext Index climbed 1.98%.

In today’s broker morning briefings: - **Guojin Securities** expressed optimism about the upward trend in quantum computing and controlled nuclear fusion industries. - **CSC Financial** recommended focusing on investment opportunities in the liquid cooling sector. - **China Merchants Securities** projected marginal improvement in non-financial A-share earnings growth for Q3 reports.

**Guojin Securities: Bullish on Quantum Computing and Controlled Nuclear Fusion** Guojin Securities noted that China’s 15th Five-Year Plan proposes advancing quantum technology, nuclear fusion, and other sectors as new economic growth drivers. On October 24, the CPC Central Committee’s recommendations for the 15th Five-Year Plan highlighted forward-looking industries, including quantum tech, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied AI, and 6G mobile communication. With top-level policy support and funding, the firm expects upward momentum for quantum computing and controlled nuclear fusion.

**CSC Financial: Focus on Liquid Cooling Investment Opportunities** CSC Financial highlighted 2025 as a pivotal year for Nvidia’s AI chips adopting liquid cooling, with market scale expanding as single-chip power consumption rises. As ASIC rack solutions increasingly adopt liquid cooling and domestic players launch hyper-node solutions, penetration in ASIC and local markets is expected to accelerate, further broadening growth prospects. The firm advises close attention to the liquid cooling sector.

**China Merchants Securities: Q3 Earnings Improvement Expected** China Merchants Securities anticipates marginal improvement in non-financial A-share earnings growth for Q3, supported by a low base effect. High-growth sectors are likely concentrated in IT and midstream manufacturing, while upstream resources and healthcare may see narrower declines compared to mid-year results. Financials, real estate, and consumer services face relative pressure. Key focus areas include: - High-growth IT sectors (communication equipment, semiconductors, consumer electronics, gaming, and computer hardware). - Recovering mid-to-high-end manufacturing (auto parts, batteries, PV equipment, machinery, and aerospace). - Bottoming-out resources and biopharma (steel, non-ferrous metals, and chemical pharmaceuticals).