展望未来，光大证券预计2026年市场情绪趋于理性，未来涨势可持续性取决于政策落地效果。外需方 面，虽然美日利差收窄推动日元走强，削弱出口企业的国际竞争力，但贸易对象多元化以及日本优势产 业的竞争力较强，仍可能支撑日本的出口增速。内需方面，若通胀回落顺畅、居民实际收入水平提升， 将带动居民消费信心改善，实现"工资-通胀"螺旋，提高企业盈利水平。 日元方面，日元存在震荡上行空间。日本央行货币政策正常化以及美联储仍处于降息周期。这种利差收 敛趋势将显著削弱套息交易活跃度，为日元升值提供支撑。日股方面，前期涨幅已充分兑现政策预期， 截至10月末日经 225 指数年内累计上涨31.4%，而其中约半数涨幅是由政策预期拉动的，本质是投资者 对其"扩张性财政、弱日元"的提前定价。 【环球网财经综合报道】日本财务省最新数据显示，上周，日本投资者净抛售5811亿日元外国股票、 3544亿日元长期债券及7987亿日元短期债券。同期，外国投资者连续第五周净买入6901亿日元日本股 票。 光大证券近日发布研报分析指出，由于日本仍处于高通胀的环境，当局在货币政策方面难以复制此前对 央行的强干预。但在财政政策方面，推行"负责任的积极财政" ...

开源证券则详细分析认为，煤炭曾经是传统的周期股无疑，但随着地缘政治、双碳政策、煤电盈利平衡 等多因素的影响下，煤炭的周期属性弱化已是事实，煤炭已体现出红利和周期的双重属性。在经济偏弱 和市场整体收益率下行的背景下，煤炭作为高股息红利的代表，仍旧是市场最为认可的价值资产；如政 策助力和市场调节致使供需短期错配，煤炭股随着煤价的变动仍有望凸显出周期属性。 【环球网财经综合报道】近日，国家能源局出台指导意见推进煤炭与新能源融合发展，提出加快发展煤 炭矿区光伏风电产业，推动矿区用能清洁替代，建设一批清洁低碳矿区。 银河期货近日发文认为，四季度历来是煤矿事故多发高发期，加之临近一年收官之际，各地区往往都会 加强煤矿安全监管。查超产、安全、环保等因素制约了煤炭产量释放，预计11-12月焦煤产量同比下 降，焦煤产量难以回补；同时到11月中下旬，预计原料冬储也逐步启动，焦煤底部支撑较强。 据此开源证券判断认为煤炭周期与红利双重属性，有望让煤炭成为市场资金最优先的配置资产。中信证 券也提出在政策、煤价、业绩预期均有改善的背景下，板块反弹具备持续性。 ...

Group 1 - India's gold exchange-traded funds (ETFs) are experiencing record inflows, with purchases nearing $3 billion, equivalent to approximately 26 tons of gold this year [1] - The surge in investment is attributed to historical high gold prices, central bank purchases, geopolitical and economic concerns, and the Federal Reserve's loose monetary policy, with gold prices rising over 50% year-to-date [1] - In October, Indian gold ETFs saw an inflow of $850 million, slightly lower than the previous month's $942 million, bringing total assets to $11 billion and total gold holdings to 83.5 tons [1] Group 2 - As of the end of October, China's gold reserves stood at 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking 12 consecutive months of gold accumulation [2] - However, the monthly purchase volume has dropped to the lowest level since the resumption of accumulation in November 2024 [2]

Core Insights - MSCI announced the results of its November index adjustments, which will be implemented after the market close on November 24, 2023 [1] - This marks the first net increase in the number of Chinese companies in global stock indices since February 2024, with 26 new companies added and 20 removed [1][3] - The newly added companies focus on strategic industries such as advanced materials and robotics, indicating a positive trend in the Chinese stock market [1] Group 1 - MSCI added 26 new Chinese stocks, including China Gold International, Zijin Mining International, and Ganfeng Lithium [1] - 20 Chinese stocks were removed from the index, including Haige Communication and Dong'e Ejiao [1] - The adjustments reflect an improvement in the Chinese stock market, potentially leading to increased passive fund inflows [1] Group 2 - The number of Chinese companies included in the MSCI Global Standard Index exceeded those removed for the first time since February 2024 [3] - Recent foreign institutional views indicate a positive outlook on the A-share market and Chinese innovative companies [3] - Goldman Sachs reported that recent policy signals demonstrate China's commitment to enhancing the competitiveness of its advanced manufacturing sector and boosting exports [3]

【环球网财经综合报道】日产汽车近日公布，2025财年上半年净亏损2219亿日元，为5年来首次半年报 亏损；全球销量同比下降7.3%至148万辆，销售额下降6.8%至5.58万亿日元。公司将以970亿日元的价格 出售位于横滨市的总部大楼及土地。 日本时事通信社发文称，日产汽车2025财年9月中期财报显示销量下滑7.3%，尤其在中国和日本市场表 现疲软，美国销量也下降。公司计划推出9款新车反击，但半导体供应问题日益显现，使得重建之路困 难。 伊万·埃斯皮诺萨会长在财报说明会上表示："经营稳定性的迹象正在显现，6月以后，中国市场表现良 好"，他还强调自4月起在中国销售的电动汽车（EV）"N7"的强劲增长。 然而报道也提到，美国市场EV势头减缓，混合动力汽车（HV）需求增加，日产可能调整电动车生产计 划并重新考虑其车型布局，但"找不到成为主力的HV"则是现状。 ...

Core Insights - Hong Kong is enhancing its position as a global wealth management center, surpassing Singapore, driven by a significant increase in the number of wealthy clients opening accounts [1][4] - The demand for asset management in Hong Kong is rising, with 59% of private wealth institutions reporting increased interest from wealthy individuals [4] Group 1: Market Developments - The Hong Kong government is collaborating with the central government to promote dual-currency trading of local stocks and enhance the "Southbound Trading" scheme, allowing mainland residents to invest in Hong Kong's financial markets using RMB [1] - A report indicates that over 44% of clients from top global private banks prefer Hong Kong, a substantial increase from 13% the previous year [4] Group 2: Client Demographics - It is projected that in five years, the proportion of wealthy clients from mainland China will rise to 63% of all private banking and wealth management clients in Hong Kong, up from the current 57% [4] - The share of Southeast Asian clients is expected to decrease from 12% to 10%, while American clients will drop from 10% to 8% [4] Group 3: Investment Trends - Wealthy clients are increasingly inclined to invest in alternative assets such as private credit, with AI and digitalization expected to play a significant role in wealth services, further solidifying Hong Kong's leading position [4]

【环球网财经综合报道】Wind数据显示，两融客户继续加仓A股，本周合计融资净买入逾116亿元，今 年以来累计净买入逾6264亿元，超过去年全年1倍多，并逼近2014年创下的年度净买入6739亿元的历史 纪录。 中信建投证券发文数据显示，两融资金净流入为290.9亿元，交易额占比11.9%，环比小幅提升，流入较 多的行业主要有电力设备、电子、医药生物。 银河证券撰文分析认为，"稳增长、稳股市"以及"提振资本市场"的政策目标将持续定调板块未来走向， 流动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景 气度上行，中长期资金扩容预期进一步增强基本面改善预期。 ...

Core Insights - The State Council has issued an implementation opinion to accelerate the cultivation and large-scale application of new scenarios in 22 key areas, including artificial intelligence, unmanned systems, biotechnology, and marine development [1] Group 1: Policy Initiatives - The opinion emphasizes the need for deepening scenario openness and fair, efficient resource allocation, while promoting reforms in access, scenarios, and elements [1] - It highlights the role of scenarios in testing institutional construction [1] Group 2: Industry Focus - The recent State Council meeting discussed accelerating the cultivation of new scenarios and large-scale applications, prioritizing new fields, high-value niche scenarios, and cross-regional, cross-field comprehensive scenarios [1] - The meeting also addressed deepening reforms in key areas to enhance institutional openness and improve market access rules [1] Group 3: Open Platforms - The opinion stresses leveraging high-level open platforms such as free trade zones and ports to explore replicable and promotable reform outcomes [1] - It aims to continuously enhance the effectiveness of institutional openness [1]

特朗普称希望继续在布达佩斯与普京会晤 当地时间7日，美国总统特朗普表示，希望继续在匈牙利首都布达佩斯与俄罗斯总统普京会晤。他表示，与普京的会晤正在讨论中。 特朗普表示，他和匈牙利总理欧尔班一致认为，俄乌冲突将在不久的将来结束。 此前报道 10月16日，特朗普与普京通话后，宣布两国元首近期将在匈牙利首都布达佩斯会晤。10月22日，特朗普表示，他已取消美俄领导人近期会晤计 划，原因是目前会晤不会取得成果。他将同普京"在未来某个时间"会晤。 10月27日，俄罗斯总统助理乌沙科夫表示，目前普京与特朗普会晤的时间尚不明确，但会晤的意愿依旧存在。 10月27日，匈牙利总理欧尔班表示，尽管俄美总统原定在匈首都布达佩斯举行的会晤已被推迟，但该会晤势必将在布达佩斯举行。目前，相关谈 判仍在进行中。 责任编辑：郝欣煜 特朗普当天在白宫会见到访的匈牙利总理欧尔班，双方预计将讨论贸易、能源和乌克兰问题等。 ...

Core Insights - The eighth China International Import Expo (CIIE) took place from November 5 to 10, showcasing Australia's leading dairy company, Ausnutria, which presented six major imported brands and 61 products, emphasizing "hardcore innovation, industry empowerment, and internationalization" [1][3] Group 1: Product Launches and Innovations - Ausnutria launched six new products during the expo, including the probiotic product "NC Tian Sleep," which utilizes the CCFM1025 strain, marking a significant collaboration with Jiangnan University [3][6] - Nutrition Care introduced three series of nasal probiotics targeting specific needs for children and adults, representing a shift from single products to comprehensive health solutions [4] - The "NC Tian Sleep" probiotic product offers a natural approach to sleep improvement through the "gut-brain axis" method, enhancing safety and effectiveness for consumers [6] Group 2: Industry Reports and Insights - Ausnutria collaborated with Xiaohongshu, JD.com, and Kantar to release the "Feeding Trends 2026 Infant Formula Report," providing insights into consumer trends in the infant formula market [7][9] - The report indicates that the infant formula industry has entered a "high-value" era, with premiumization and functionality as core demands, highlighting the growing popularity of goat milk formula [9] Group 3: Internationalization and Strategic Development - Ausnutria has consistently participated in the CIIE for eight years, leveraging the event to enhance its international strategy and foster high-quality development [10][11] - The company has established a global R&D system and a diverse product matrix, including infant formula, health foods, and personalized nutrition products, to meet precise health service needs [11] - Ausnutria's revenue and profit have shown continuous growth, with overseas business increasing by 68.2% in 2024 and 65.7% in the first half of 2025, reflecting the effectiveness of its international strategy [11][12]