香港交易所集团行政总裁陈翊庭指出，第三季季末，新股市场保持全球领先地位，新股上市申请数目众 多，申请企业涵盖科技等多个蓬勃发展的行业；现货市场、衍生产品市场及沪深港通的日均成交也持续 活跃。与此同时，伦敦金属交易所通过一系列举措不断提升市场流动性，在宏观市场环境的推动下，金 属交易市场稳健发展。 陈翊庭表示，香港交易所继续推进各项战略改革，进一步促进市场多元化、提升流动性及加强全球互联 互通。随着全球格局不断演变，港交所将把握当前机遇，致力于投资建设多元化资产生态圈，为香港资 本市场的长远发展奠定坚实基础。 （文章来源：新华财经） 新华财经香港11月5日电（记者林迎楠）香港交易及结算所有限公司5日公布的2025年第三季的业绩显 示，港交所2025年第三季收入及其他收益为77.75亿港元，同比上升45%，连续第三个季度创历季新 高。 数据显示，香港交易所2025年第三季度主要业务收入同比上升54%，源于现货市场成交量创新高，使交 易及结算费增加；公司资金的投资收益净额为2.54亿港元，源于外部管理投资基金的公平值收益减少， 以及内部管理的公司资金的投资回报减少；营运支出上升8%；EBITDA利润率为81%，同比 ...

Core Viewpoint - The recent urea market prices have shown a weak fluctuation, with futures prices maintaining a low range between 1580 to 1650 yuan per ton, and the average price of small particle urea in China at 1610.60 yuan per ton, reflecting a slight decrease of 0.12% compared to the previous period [1] Supply Analysis - Urea supply remains high, with significant inventory levels contributing to a market condition of oversupply, which continues to pressure urea prices [1] - In terms of supply, production facilities in Gansu, Xinjiang, and Shanxi have resumed operations, with daily production fluctuating around 200,000 tons. New production capacity in Xinjiang is expected to come online in mid-November, maintaining daily production above 200,000 tons [1] Demand Analysis - Downstream demand is primarily driven by essential needs, with stable production of compound fertilizers and agricultural reserves gradually replenishing stock. Purchases are made on a need basis, particularly when prices are low [1] - The demand for urea is relatively stable due to ongoing production of compound fertilizers and the replenishment of agricultural reserves across various regions [1] Market Outlook - The market is expected to maintain an oversupply condition due to the traditional off-season for agriculture, which may limit the downward adjustment of urea prices despite significant cost pressures on production facilities [1] - Overall, urea prices are anticipated to remain weak and stable, with close attention needed on the progress of new production capacity and changes in raw material costs [1]

Group 1 - The core theme of the conference is "Sailing Against the Wind, Moving Towards the New," focusing on the macroeconomic outlook, the 14th Five-Year Plan completion, and the 15th Five-Year Plan initiation [1] - The 15th Five-Year Plan emphasizes high-level technological self-reliance, modern industrial system construction, and the development of new productive forces, positioning the capital market as a key driver for technological innovation and domestic demand [1][2] - The conference features a main forum and thirteen thematic forums, with participation from over 500 executives from listed companies and experts [1] Group 2 - The macroeconomic chief analyst predicts a GDP growth target of around 5% for 2026, with a more proactive macro policy and a potential expansion of the broad deficit scale [3] - The focus on technology remains strong, with AI and domestic substitution being long-term certainties, while domestic consumption is expected to benefit from the emphasis on expanding demand [3] - The strategy chief analyst indicates a shift from "asset revaluation" to "profit recovery" in the capital market, with a balanced performance across industries in 2026 [4] Group 3 - The fixed income chief analyst recommends focusing on the short end of the bond market, suggesting that rising yields present opportunities while falling yields pose risks [4] - The conference includes discussions on various sectors such as AI computing power, chips, humanoid robots, and new consumption trends, providing a comprehensive analysis of domestic and international economic hotspots [4]

10月份在淘汰产能增加而新增产能减少的影响下，在产蛋鸡存栏量呈现跌势。11月份新开产蛋鸡与待淘 汰蛋鸡数量均呈下降趋势，预计11月在产蛋鸡存栏量或小幅增加，波动幅度较有限，供应压力仍存，将 压制蛋价继续处于低位。 据卓创资讯监测数据显示，10月全国在产蛋鸡存栏量约为13.59亿只，环比减幅0.66%，同比增幅 5.59%，在产蛋鸡存栏量虽有所下降，但仍处高位，加之气温下降后产蛋率提升，鸡蛋供应压力不减。 反映在价格上，当月主产区鸡蛋月均价2.95元／斤，环比跌幅15.47%，同比跌幅35.16%。究其原因，10 月份存栏虽降，但供应仍较充足，叠加需求进入季节性淡季，月内蛋价跌势较为明显。 从养殖利润来看，10月份受到蛋价明显下跌影响，蛋鸡养殖再次进入亏损状态。监测显示，10月份单斤 鸡蛋利润为-0.17元，环比下降0.43元，受此影响养殖单位出栏老母鸡意向逐步提升。根据卓创资讯监测 数据显示，10月底老母鸡平均出栏日龄494天，较9月底提前6天，10月份全国老母鸡总出栏量约在8900 万只左右，环比增幅超13%，老母鸡出栏量处于较高水平。 另外，10月份新开产的蛋鸡多为6月份前后补栏的鸡苗，此阶段养殖环节盈利 ...

新华财经北京11月5日电 黄金和原油作为最具代表性的大宗商品，近年来却呈现几乎截然相反的走势。 在黄金连续飙升并历史性触及每盎司4000美元上方的同时，原油价格重心则从每桶80美元上方下移至每 桶60美元左右。 攀升至历史级别的"金油比"，其背后的逻辑是什么、未来是否有回归的机会，成为商品市场参与者关注 的热点之一。 10月下旬开始，COMEX黄金自每盎司4400美元一线大幅回调至每盎司4000美元以下，幅度超过10%。 与此同时，WTI原油则从每桶55美元附近反弹至每桶60美元之上，"金油比"是否有望继续回归？市场分 析认为，黄金和原油的分化走势其背后驱动是两种商品走势驱动逻辑的分化。在当前这一逻辑差异未见 明显改变的背景下，金油比价的大分化态势或仍将持续。 根据美国能源信息署最新的数据，截至10月24日当周，美国原油库存减少685.8万桶，远超预期的减少 21.1万桶，且同期馏分油、汽油等油品库存也均环比明显下降。而在中国方面，国家统计局的数据显 示，9月中国规上工业原油加工量6269万吨，同比增长6.8%。 驱动逻辑差异金油比价飙升至历史次高 当前金油比价是历史次高，仅次于2020年疫情时原油胀库负价格 ...

Core Insights - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product "Xiao K" at the Kingdee 2025 Global Innovators Conference, showcasing its full-chain AI capabilities from technology foundation to business implementation [1][2] Group 1 - The upgrade focuses on three main highlights: the evolution from single intelligent agents to collaborative multi-agent systems, deep scene optimization from general to specific applications, and the introduction of "Xiao K" as China's first enterprise-level AI native super entrance [1][2] - The new AI product "Xiao K" integrates nearly 20 intelligent agents covering various fields such as marketing, supply chain, human resources, and finance, providing ready-to-use solutions for enterprises [2] Group 2 - Kingdee's AI transformation is not just a technological upgrade but involves a comprehensive restructuring of operations, products, business models, ecosystems, organizations, talent, and leadership [2] - Strategic cooperation agreements were signed with 10 companies, including Tongwei Co., Ltd. and Hisense Group, to promote the deep integration of AI technology in real business scenarios and to create a more open ecosystem [2]

据布谷网，截至11月5日当周，全国建材社库638.40万吨，较前一周增加2.18万吨，上升0.34%；厂库 347.75万吨，减少8.35万吨，下降2.34%；产量397.07万吨，增加1.47万吨，上升0.37%。中西部建材社 库245.67万吨，较前一周增加1.41万吨，上升0.58%；厂库190.69万吨，减少3.52万吨，下降1.81%；产 量128.91万吨，减少1.89万吨，下降1.44%。全国热卷社库365.58万吨，较前一周减少1.90万吨，下降 0.52%；厂库130.80万吨，减少2.10万吨，下降1.58%；产量237.50万吨，减少3.30万吨，下降1.37%。 （文章来源：新华财经） ...

Core Insights - The Anhui Provincial Department of Industry and Information Technology has released a draft for public consultation on the "Implementation Plan for High-Quality Development of the Gold Industry in Anhui Province (2025-2027)" aiming for significant growth in gold resources and production by 2027 [1] Group 1: Resource Development Goals - The plan aims for a growth of over 5% in gold resource volume by 2027, with new exploration resources exceeding production consumption [1] - Gold mining production capacity is expected to expand by over 10%, with large and medium-sized mines accounting for 70% of the total [1] - Gold production is targeted to increase by over 5%, with the establishment of one new 25-ton group and one 10-ton enterprise, aiming for over five ton-gold enterprise groups [1] Group 2: Technological Advancements - The plan emphasizes the accelerated application of key technologies and equipment for deep exploration, non-cyanide gold extraction, and improving mining recovery rates and comprehensive utilization of associated minerals [2] - The solid waste utilization rate is targeted to increase to over 35% [1] Group 3: Strategic Actions - The plan includes a new round of exploration strategies, enhancing geological surveys and exploration efforts in key areas such as Wuhe-Fengyang and Dabie Mountain [2] - It aims to extend the service life of existing mines by discovering new resources in key development mines [2] Group 4: Industry Consolidation and Upgrading - The plan supports resource integration in key gold mining areas and encourages the elimination of outdated and inefficient production capacities [2] - It promotes the establishment of new independent processing plants with minimum processing capacities of 500 tons per day for gold and 2000 tons for heap leaching [2] - The plan encourages capital-driven consolidation among gold enterprises to enhance competitiveness and foster leading enterprise groups with national competitiveness [2]

Core Insights - A-share listed companies reported a total operating revenue of 53.42 trillion yuan for Q3 2025, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 4.70 trillion yuan, up 5.62% year-on-year [1] - Over 60% of companies reported positive revenue growth, with more than 70% of listed companies profitable [2] - The steel and cement sectors are showing signs of recovery, while the non-ferrous metals sector, particularly rare earths and gold, has seen significant price increases driving performance [1][6] Industry Performance - The steel industry has seen over 70% of listed companies report improved performance, with notable profit increases from companies like Shougang and Fangda Steel [3] - The cement industry is facing supply-demand imbalances, but leading companies like Conch Cement and Huaxin Cement have reported strong profit growth due to cost control and operational efficiency [4] - The non-ferrous metals sector, particularly rare earths and gold, has experienced substantial profit growth, with companies like Shenghe Resources and Northern Rare Earth reporting increases of over 200% in net profit [6][7] Technology Sector Growth - AI-related business growth has significantly boosted the performance of communication equipment, consumer electronics, and semiconductor industries, with companies like Cambrian and Industrial Fulian reporting record revenues and profits [8][9] - Cambrian's revenue surged by 2386.38% year-on-year, while Industrial Fulian achieved a net profit of over 100 billion yuan for the first time in a single quarter [8][10] - The stock prices of leading tech companies have seen substantial increases, with New Yisheng and Zhongji Xuchuang experiencing year-to-date gains of over 300% [11] Dividend Distribution - Over 200 A-share companies have announced dividend plans for Q3, with companies like Gigabit continuing their tradition of high dividends, proposing a payout that represents 75.6% of their quarterly net profit [2]

新华财经北京11月5日电近日，中国金融学会绿色金融专业委员会专家组按中欧《可持续金融共同分类 目录》（以下简称《共同分类目录》）开展了对2025年9月银行间市场新发行绿债的贴标工作，持续提 升相关目录在支持绿色金融市场发展、尤其是绿色资本跨境流动中的作用。 统计数据显示，281只存续期债券只数占银行间市场全部存量绿债的25.1%；发行规模3498.14亿元，占 银行间市场全部存量绿债的17.7%。其中，主体评级为AAA、AA+、AA及无评级的发行规模占比分别 为93.5%、4.3%、0.1%和2.1%；募集资金投向前三的活动分别为：D1.3风力发电（25.6%）、H1.1城乡 公共交通系统建设与运营（24.9%）、D1.1太阳能光伏发电（18.5%）。 （文章来源：新华财经） 截至2025年9月30日，经中国金融学会绿色金融专业委员会专家组评估的银行间市场发行的符合中欧 《共同分类目录》的中国绿色债券共477只，其中281只在存续期。 据了解，本次共筛选出14只（支持减缓气候变化活动）绿色债券，总规模60.9亿元人民币，其中有11只 在发行时已认证符合《共同分类目录》。相应的技术标准符合《共同分类目录》中"实 ...