A-share Pre-market Briefing | Cultural and Tourism "15th Five-Year Plan" Released, Eight Major Tasks Deployed, Token Economy Welcomes Another Boost

Pre-market Briefing 1. Fed hikes rates by 25 basis points, U.S. stocks and gold under pressure! A-share performance after previous rate hikes revealed Type: Macro Sentiment impact: Negative The Fed raised rates by 25 basis points, lifting the benchmark rate to 3.75%-4%. The median of the Fed's dot plot shows one more hike in 2026. The hawkish signal triggered a chain reaction in the market, with both U.S. stocks and gold coming under pressure. A review of Fed monetary policy since 2015 shows two rate-hike cycles over more than a decade. On the day after a hike lands, A-shares show a "shoe drops" recovery pattern, with small-cap stocks proving more resilient than large-cap stocks. Five and ten days after Fed hikes, the average gains/losses of the five major broad-based indices were all negative. 2. Cultural and Tourism Development "15th Five-Year Plan" released, deploying eight key tasks for the tourism industry Type: Industry Sentiment impact: Positive The Ministry of Culture and Tourism recently issued the "Cultural and Tourism Development '15th Five-Year Plan'." The Plan makes comprehensive arrangements for eight key tasks, including prospering artistic creation and production, strengthening the protection and inheritance of cultural heritage, improving public services for culture and tourism, vigorously developing the cultural and tourism industries, coordinating the cultivation and regulation of the cultural and tourism market, promoting technology empowerment for cultural and tourism development, advancing cultural and tourism exchanges and cooperation, and promoting coordinated cultural and tourism development between regions and between urban and rural areas. 3. Saudi Arabia supplies Asian refiners via transshipment through Oman ports; crude oil fell more than 4% intraday Type: Market Sentiment impact: Negative Overnight, both U.S. WTI crude and Brent crude fell by more than 4% at one point. According to reports, Saudi Arabia is supplying Asian refiners through transshipment via Oman ports. The U.S. Energy Secretary said that 18 million barrels of oil passed through the Strait of Hormuz on Tuesday, returning to pre-conflict levels. Last week, U.S. EIA crude inventories fell by only 640,000 barrels, less than half of analysts' expected decline. 4. Xinhua commentary: Implement new real estate policies effectively and in an orderly manner to promote stable and healthy market development Type: Industry Sentiment impact: Positive Xinhua News Agency published an article stating that the stable and healthy development of the real estate market bears on economic performance and people's well-being. Localities should take the effective and orderly implementation of new real estate policies as a starting point, accelerate the construction of a new model for real estate development, promote better matching of supply and demand, consolidate the market's stabilizing trend, promote the stable and healthy development of the real estate market, and better meet the people's needs for a better living environment. Investment Calendar State Council Information Office press conference introduces broadcasting and television development Investment Tips As long as you hold the stock market for the long term, you will become a winner, while those who try to beat the market will become losers. John Bogle, "The Little Book of Common Sense Investing" [U.S.] Institutional Views 1. Orient: After nearly two months of consolidation, leading tech companies' interim reports confirm reasonable valuations, making this a good time to position. 2. Huatai: The pressure on trading-oriented funds has begun to ease, but incremental funds remain largely on the sidelines; a full recovery still awaits a convergence of forces. 3. Founder: Stock indices rebounded on higher volume, but the market remains in an "emotion repair" phase rather than a confirmed trend reversal. Positive and Negative Outlook 1. Huawei releases "Intelligent World 2035" report, predicting Token consumption will grow 100,000-fold Type: Market hot topic Western: Token factories process scattered computing resources and model capabilities into Token services that developers and enterprises can directly call. This places greater demands on manufacturers' inference optimization and integration of underlying computing power, and operators are expected to achieve higher resource utilization and gross margins. 2. Institutions estimate global data center electricity demand will grow 31% annually in 2026, with the grid gap widening in 2028 Type: Market hot topic CMSC: Looking at both demand and supply, overseas AI data center construction is still accelerating, but equipment supply bottlenecks will be difficult to significantly ease in the short term. Continue to focus on areas such as gas turbines. 3. Apple considers re-entering the server market, has held talks with Nvidia about adopting its network interconnect technology Type: Institutional hot comment Zheshang: The server system industry has entered a stage of AI infrastructure demand spillover. It is recommended to pay attention to value revaluation opportunities in targets related to system manufacturing, rack-level delivery, liquid-cooled servers, enterprise-grade storage, and data center infrastructure. Announcement Express Positive announcements 1. Ningbo Deye Technology Corporation: Plans to repurchase company shares for RMB 100 million to RMB 200 million 2. Sany Heavy Industry: Repurchased 16.6206 million shares, paying RMB 299 million 3. Xinhua Winshare Publishing & Media: Signed a RMB 1.311 billion free textbook procurement contract Negative announcements 1. Zhejiang Yueling: Shareholder Lin Xianming plans to reduce holdings by no more than 3% 2. Shenzhen Sinovatio Technology: Concerted action party of controlling shareholder cumulatively reduced 2.1393 million shares from September 10 to September 15 3. Henan Shijia Photons Technology: Recent shareholder Hebi Investment Group completed a 1% stake reduction Overseas Markets Editor's note: The Fed raised rates for the first time in more than three years, and the three major indices closed lower collectively, with the Dow hitting its lowest close since mid-June. Some optical communication concept stocks surged, with Lumentum up more than 9% and Coherent up more than 6%; the KBW Bank Index fell 2.9%, its biggest drop since February; most large-cap tech stocks rose, with SpaceX up more than 5% and Nvidia up nearly 1%. This article is reprinted from "Tencent Zixuangu." Edited by GMTEight: Li Fo.