（文章来源：新华财经） 新华财经北京11月5日电中钢协发布2025年10月下旬重点企业钢铁产量旬报。2025年10月下旬，重点统 计钢铁企业共生产粗钢1999万吨，平均日产181.7万吨，日产环比下降9.8%；生铁1918万吨，平均日产 174.4万吨，日产环比下降5.8%；钢材2194万吨，平均日产199.5万吨，日产环比增长0.9%。据此估算， 本旬全国日产粗钢222万吨、环比下降9.8%，日产生铁205万吨、环比下降5.8%，日产钢材399万吨、环 比下降2.3%。 ...

Core Viewpoint - The bond market is experiencing weak fluctuations, with the central bank's operations aimed at stabilizing liquidity and market expectations while avoiding rapid declines in interest rates [1][6][7]. Market Performance - The majority of government bond futures closed lower, with the 30-year main contract down 0.08% at 116.43, and the 10-year main contract down 0.01% at 108.62 [2]. - The interbank major interest rate bonds saw slight declines, with the 10-year government bond yield down 0.1 basis points to 1.789% [2]. - The China Convertible Bond Index rose 0.74% to 486.21 points, with notable increases in several convertible bonds [2]. International Market Trends - In the Eurozone, 10-year government bond yields fell slightly, with French yields at 3.436% and German yields at 2.652% [3]. - Asian markets saw a decline in Japanese bond yields, with the 10-year yield down to 1.677% [4]. - In North America, U.S. Treasury yields collectively decreased, with the 10-year yield at 4.083% [4]. Primary Market Activity - The Ministry of Finance reported weighted average yields for various government bonds, with the 50-year bond at 2.28% and a bid-to-cover ratio of 5.08 [5]. - Agricultural Development Bank's financial bonds had yields of 1.9015% for the 10-year term, with a bid-to-cover ratio of 2.49 [5]. Liquidity Conditions - The central bank conducted a 655 billion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net withdrawal of 4922 billion yuan for the day [6]. - The Shibor rates showed mixed movements, with the overnight rate stable at 1.315% [6]. - The resumption of government bond trading operations in October signals the central bank's intent to support liquidity and stabilize market expectations [6][7]. Institutional Perspectives - Long-term stability in liabilities is expected to influence the scale and pace of bond investments, with forecasts suggesting a potential decline in yields for 10-year government bonds [8]. - The liquidity environment is anticipated to tighten slightly in November, but the central bank's recent actions indicate a commitment to maintaining low interest rates [8]. - The current bond-buying operations are seen as a substitute for reserve requirement ratio cuts, aimed at easing pressure on banks while providing targeted liquidity [8].

（文章来源：新华财经） 从季度维度看，2025年第三季度（7月至9月）法国工业活动较第二季度增长1.4%；同比数据显示，9月 工业产出同比增长1.1%。 新华财经北京11月5日电法国9月工业产出环比增长0.8%，显著高于市场预期的0.1%，并从前月上修后 的下降0.9%强劲反弹。 相比之下，采矿、能源及供水行业产出在9月陷入停滞，未对整体增长形成贡献。与此同时，建筑业产 出环比下降1.3%，其中房屋建设活动下滑5.2%，专业建筑工程亦下降1.0%。 数据显示，制造业成为工业产出回升的核心支撑。9月制造业产出环比增长0.9%，其中运输设备制造业 大幅增长5.5%，电气电子及计算机设备制造业增长1.2%，食品加工业与焦化精炼业分别增长0.4%和 1.2%。 ...

据硅业分会统计，目前国内在产多晶硅企业共11家，本月内预计有两家头部企业减产、检修，将对国内 供应总量产生显著影响，总产量环比预计大幅下降12.4%。尽管供应收缩，但对比下游需求，多晶硅市 场仍处于供过于求状态。综合来看，当前多晶硅市场供需基本面依然偏弱，较高的行业库存以及疲软的 终端需求制约了价格上行空间。预计短期内，市场将在减产落实与政策预期的共同作用下，继续维持弱 势平稳运行格局。 （文章来源：新华财经） 据分析，本周国内多晶硅市场整体延续弱稳态势，成交活跃度略有回升，主流签单企业数量增至6家， 订单成交量环比小幅增加。当前价格保持稳定，主要依赖于供应端的减产预期以及政策面的潜在支撑。 供应端收缩的预期加强，11月国内多晶硅排产计划降至12万吨以内，主要受西南地区枯水期电价成本上 升影响。另外，政策层面持续推进，《硅多晶和锗单位产品能源消耗限额》新国标已进入征求意见阶 段，预计该标准正式实施后，将成为推动产能出清与产业升级的有力抓手。 新华财经北京11月5日电中国有色金属工业协会硅业分会在最新周报中称，据安泰科统计，本周多晶硅n 型复投料成交价格区间为4.9-5.5万元／吨，成交均价为5.32万元／吨， ...

不过，金属制品制造业订单环比大幅下降19.0%，部分抵消了整体增长势头。联邦统计局指出，该行业 8月曾录得多个大额订单，导致9月数据出现显著回落。 （文章来源：新华财经） 数据显示，汽车制造业与电气设备制造业成为推动9月工业订单回升的主要力量。其中，汽车制造业新 订单环比增长3.2%，电气设备制造业订单增幅达9.5%。两大行业共同支撑整体工业需求回暖。 新华财经北京11月5日电德国联邦统计局最新数据显示，9月德国工业新订单环比增长1.1%，略高于市 场预期的1.0%。此前公布的8月数据亦经修正，由初值的环比下降0.8%上修至下降0.4%。 ...

新华财经北京11月5日电据商务部消息，2025年11月4日，商务部在上海世界会客厅成功举办"共享大市 场·出口中国"系列活动启动仪式。国务院总理李强出席并宣布启动。商务部部长王文涛出席并致辞。陈 吉宁、吴政隆等出席活动。 法国开云集团首席执行官卢卡·德·梅奥、美中贸易全国委员会主席谭森、中国日本商会会长本间哲朗先 后致辞，他们表示，当前，全球工商界正在寻求更多稳定性、可预期性和合作机会。中国创新打造"共 享大市场·出口中国"品牌，向全球传递了明确信号：中国不仅是一个巨大的消费市场，更是一个愿意通 过制度创新与世界共赢共享的合作伙伴。 中国政府相关部门、有关国际组织负责人、境外贸易促进机构和商协会代表、中国国际进口博览会参展 商和采购商企业代表以及部分驻华使节等约300人参加启动仪式。 （文章来源：新华财经） 王文涛在致辞中表示，举办"共享大市场·出口中国"系列活动是中国积极扩大自主开放、推动进出口平 衡发展的务实举措；是中国与世界共享大市场机遇、开创合作共赢新局面的创新之举；是中国支持经济 全球化、维护多边贸易体制的主动担当。 王文涛表示，商务部将围绕"共享大市场·出口中国"，举办十大主题活动。聚焦持续做大朋 ...

（文章来源：新华财经） 成交额方面，寒武纪成交额90.1亿元，位居首位；*ST观典成交额962.4万元，位居末位。 换手率方面，禾元生物换手率为45.34%，位居首位；中复神鹰换手率为0.23%，位居末位。 新华财经北京11月5日电（王媛媛）科创50指数11月5日冲高回落。至收盘时，科创50指数报11390.39 点，涨幅0.23%，指数振幅为3.07%，总成交额约627.05亿元，较上一交易日萎缩。 从盘面上看，科创板个股多数下跌，上涨个股364只。高价股表现分化，低价股多数上涨。 细分领域中，电气设备、环境保护、医疗保健类个股表现活跃，部分半导体、生物制药类个股下跌。 经新华财经统计，11月5日，剔除1只停牌股，科创板剩余591只个股平均涨幅0.18%，平均换手率 2.60%，合计成交额1771亿元，平均振幅为4.11%。 个股表现方面，阿特斯、金冠电气涨20%，领涨成分股；禾元生物跌12.55%，跌幅居首。 ...

走势上看，新华500指数（989001）5日早间低开，随后震荡上行，午后指数成功翻红，最终小幅收涨。指数盘中最高触及5123.21点，最低触及5027.92点， 成分股全天总成交额报6326亿元，成交额较上一交易日略有减少。 新华财经北京11月5日电 （胡晨曦）新华500指数（989001）11月5日收盘涨0.2%，报5105.54点。 成分股方面，德方纳米、钒钛股份、宏发股份、特变电工等成分股涨幅居前；完美世界、赛力斯、传音控股、深信服等成分股跌幅靠前。 （文章来源：新华财经） ...

Market Overview - The Shanghai Composite Index closed at 3969.25 points, up 0.23%, with a trading volume of approximately 827.1 billion yuan [2] - The Shenzhen Component Index closed at 13223.56 points, up 0.37%, with a trading volume of approximately 1045.2 billion yuan [2] - The ChiNext Index closed at 3166.23 points, up 1.03%, with a trading volume of approximately 477.4 billion yuan [2] - The overall market showed a trend of fluctuation and rebound, with significant gains in the electric grid equipment and Hainan sectors [1] Sector Performance - Electric grid equipment stocks experienced a surge, leading to a wave of limit-up stocks, positively impacting related sectors such as electrical equipment, smart grids, and virtual power plants [1] - New energy sectors, including vanadium batteries, BIPV concepts, sodium batteries, and energy storage, also saw significant increases [1] - The Hainan sector regained strength with multiple local stocks hitting the limit-up [1] - Other sectors such as superconducting concepts, controllable nuclear fusion, tourism, and hotel catering also showed notable gains [1] - Conversely, sectors like software services, digital currency, and quantum technology faced declines, although the overall drop was not substantial [1] Institutional Insights - Institutions suggest that the market is likely to continue its fluctuating trend in November, with a focus on structural opportunities due to a more solidified bull market foundation [3] - The recent quarterly reports indicate satisfactory performance across many industries, particularly in the technology sector, which reflects improved corporate profitability [3] - The overall market sentiment remains cautious but is trending upwards, with no signs of overheating [3] - The A-share market is expected to rise further, supported by accelerating economic transformation and improved earnings in the third quarter [4] Policy and Trade Developments - The State Council Tariff Commission announced adjustments to tariffs on imports from the United States, continuing to suspend the 24% tariff while retaining a 10% tariff [5] - China signed the "Framework Agreement on Enhancing Economic Partnership" with several Pacific island nations, aiming to expand bilateral trade and investment [6][7]

新华财经东京11月5日电 受隔夜纽约股市纳斯达克股指大跌影响，东京股市两大股指5日大幅下挫。日 经225种股票平均价格指数收盘下跌2.50%；东京证券交易所股票价格指数下跌1.26%。 （文章来源：新华财经） 至收盘时，日经指数下跌1284.93点，收于50212.27点；东证指数下跌41.85点，收于3268.29点。 从板块来看，东京证券交易所33个行业板块多数下跌，信息及通信业、有色金属、电气产品等板块跌幅 靠前，其他制品、批发业、建筑业等11个板块上涨。 由于纽约股市股价高企的英伟达等科技股4日遭遇抛售，导致纳斯达克股指收盘重挫超过2%，5日东京 股市半导体相关股票也出现大幅下跌。东京股市两大股指当天小幅低开后快速下滑，开盘仅1个半小时 日经股指即下跌超过2000点，今年以来涨幅显著的软银集团一度下跌超过13%。午盘时段大盘跌幅有所 收窄。 ...