Group 1 - The core viewpoint of the article emphasizes the importance of fair competition and the negative impact of administrative restrictions on Chinese telecom companies in Europe [1] - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [1] - The article highlights that the forced removal of Chinese telecom equipment not only hinders technological progress but also leads to significant economic losses for the countries involved [1] Group 2 - The article mentions that Chinese companies have been operating in Europe in compliance with local laws, contributing positively to the local economy and employment [1] - It points out that the lack of legal basis and factual evidence for the EU's actions against Chinese companies violates market principles and fair competition rules [1] - The article discusses the broader implications of politicizing economic issues, which could obstruct technological advancement and economic development [1]

特朗普发出重大警告！ 美国总统特朗普当地时间周一警告，如果美国最高法院裁定他在全球范围内实施的全面关税政策无效，美国将 面临经济和国家安全灾难。 特朗普称，如果法院裁定征税违法并须退回已征关税，涉及金额将超过2万亿美元的关税收入与投资。 同日，特朗普还警告称，所有空中交通管制员须立即返岗，任何不返回的人都将受到严厉的"处罚"。 来看详细报道！ 涉及关税！特朗普警告 据路透社消息，当地时间周一，美国总统特朗普说，如果美国最高法院裁定其动用紧急权力法对几乎所有贸易 伙伴加征全面关税的行为违宪，美国将面临经济与国家安全危机。 特朗普称，他的政府计划利用关税红利向中低收入的美国人每人发放2000美元，并将剩余收入用于降低美国债 务。 特朗普还在社交媒体发文称，如果法院裁定征税违法并须退回已征关税，涉及金额将超过2万亿美元的关税收 入与投资。"他们给出的数字不对……如果我们在最高法院败诉，将会造成经济灾难，也会造成国家安全灾 难。"特朗普说道。 特朗普的首席经济顾问哈塞特周一也在白宫告诉记者，政府最初认为关税收入只能用于削减赤字，但现在由于 他所说的"税收收入大幅增长"，看到了提前发放股息的机会。 美国接近与印度达成贸 ...

Core Viewpoint - Fund managers are increasingly optimistic about consumer stocks as cash flow metrics gain importance in the year-end market, leading to a cautious strategy shift towards consumption [1][2]. Group 1: Market Dynamics - In the context of recent adjustments in the technology sector, funds that have underweighted consumer stocks are attracting attention, with consumer sectors outperforming previously strong sectors during weak market conditions [2][3]. - On November 10, consumer stocks rebounded significantly, contributing to a surge in the Hang Seng Index, with notable gains in stocks that had been heavily reduced in fund holdings [3][4]. Group 2: Fund Positioning - Low allocation has become a primary consideration for funds switching positions, with leading consumer stocks like China Duty Free and others showing resilience against market corrections [4][5]. - Despite the recent strength in consumer stocks, no consumer-themed funds have appeared in the performance rankings of the top 50 funds, indicating a disconnect between performance and fund allocation [4][5]. Group 3: Investment Strategies - Some fund managers believe the recent performance of consumer stocks is driven by tactical shifts and year-end risk aversion strategies seeking cash flow protection [5][6]. - The current market sentiment suggests that consumer stocks may not become a primary focus for fund managers, but a return to balanced allocations is seen as sufficient [6][7]. Group 4: Long-term Outlook - The long-term potential of China's domestic consumption market remains strong, with current low valuation levels providing a safety margin for investments [8]. - Fund managers emphasize the importance of cash flow and business models in selecting consumer stocks, with a focus on companies that can sustain growth and provide shareholder value through dividends or buybacks [7][8].

近期，多地全面放宽落户限制。 证券时报记者梳理，除了广东惠州，福建厦门、宁夏银川等地近期均放宽落户限制，符合条件的人员，租房也 可落户。 根据中指研究院不完全统计，2024年以来约30城出台购房落户或优化购房落户政策，预计后续购房落户政策有 望在更多城市中推广。 惠州全面放宽落户限制 11月11日，据"惠州发布"微信公众号消息，惠州发布新规全面放宽落户限制，新规自发布之日起施行有效期5 年。 根据《惠州市户口迁入登记管理规定》，持有惠州市自有合法产权住宅房屋，或无自有合法产权住宅房屋但申 请时在惠州市参保且连续居住半年以上的非惠州市户籍人员，可申请落户惠州，其共同居住生活的配偶、未成 年子女、父母，可随迁落户。 同时，在惠州市参保，且具有大专及以上学历的人员，或具备初级及以上职称的人员，抑或具备中级工及以上 职业资格或职业技能等级的人员，经迁入地人力资源和社会保障部门核实人才入户资格，可申请将户口迁入惠 州市，其共同居住生活的配偶、未成年子女、父母可随迁落户。 另外，惠州市普通全日制大中专院校、职业技术学院及技工学校招收的非惠州市户籍的学生，入学时可自愿申 请将户口迁入就读学校集体户；在惠州市申报居住登记的非 ...

利哈乔夫还说，俄罗斯国家原子能公司看到了大幅提高俄罗斯技术在印度本地化水平的潜力，尤其是在小型设 施方面。 据今日俄罗斯电视台网站11月10日报道，俄罗斯国家核巨头俄罗斯国家原子能公司首席执行官阿列克谢·利哈 乔夫说，俄罗斯和印度在核能领域的合作正在迈向一个新的台阶，这可能涉及更高水平的本地化和技术转让。 报道称，利哈乔夫是在孟买与印度原子能局负责人阿吉特·库马尔·莫汉蒂举行工作会议期间发表上述讲话的， 双方在俄罗斯总统普京和印度总理莫迪计划于下月举行的峰会之前对双边项目进行评估。 莫斯科和新德里正在就新项目谈判。利哈乔夫说："除了传统领域，我们正在讨论小型核电站，包括陆基和漂 浮核电站。这是俄罗斯国家原子能公司的一项独特能力。"他指出，过去5年来，俄罗斯一直在北极港口城市佩 韦克运营一座漂浮核电站——"罗蒙诺索夫院士"号。 用 券中社 12 来源：参考消息 券商中国 × 券 中 社 责编： 汪云鹏 校 对：刘榕枝 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 ...

Core Insights - SoftBank Group sold its entire stake in NVIDIA for $5.83 billion, marking a significant divestment in a key tech asset [1][3] - The company also sold $9.17 billion worth of T-Mobile shares between June and September [1][3] - There are growing concerns about the AI investment bubble, with indicators suggesting that market risks are accumulating rapidly [1][8] Financial Performance - For the first quarter of the fiscal year 2025-2026, SoftBank reported revenues of 1.82 trillion yen, a year-on-year increase of 7% [4] - The pre-tax profit surged by 205.7% to 689.94 billion yen, with the Vision Fund contributing 451.39 billion yen to this profit [4] - The second quarter net profit reached an astonishing 2.5 trillion yen, exceeding market expectations [4] Market Trends - There is a notable influx of capital into large growth and tech stocks, with household stock positions hitting historical highs [8] - The sentiment in the options market is extremely optimistic, with the skew of call options for major tech stocks at the 91st percentile [8] - The concentration of AI investments raises systemic risks, as NVIDIA supports nearly all major AI players, indicating a high level of supply chain concentration [8] Investment Sentiment - Observers note that when all investors believe in the same narrative, a turning point may be approaching, suggesting a shift from opportunity to risk in AI investments [9]

Core Viewpoint - The meeting hosted by the National Development and Reform Commission (NDRC) focused on accelerating the development of the service industry in line with the "14th Five-Year Plan" and solicited opinions from various enterprises on this matter [1][2]. Group 1: Service Industry Development - The service industry is a crucial part of the national economy, and its development level is a key indicator of a country's economic progress [2]. - There is significant potential for expansion and quality improvement in China's service industry, as highlighted by the recent decisions made during the 20th Central Committee's Fourth Plenary Session [2]. - Enterprises expressed confidence in the growing market demand for services and are working towards professionalization and refinement in their respective fields [1]. Group 2: Government Support and Policy Recommendations - Enterprises suggested that the government should deepen institutional reforms, improve social security and tax support systems, and innovate regulatory methods to better support service industry development [1]. - The NDRC plans to incorporate valuable suggestions from enterprises into the "14th Five-Year Plan" to create a better development environment for businesses [2]. - The NDRC aims to enhance communication with enterprises to address practical difficulties and promote healthy and high-quality development of the private economy [2].

避险情绪升温，金价正重回强势区间。 11月11日，现货黄金价格再次走高，伦敦金现价盘中一度突破4145美元/盎司。券商中国记者注意到，尽管10 月下旬金价一度跌破3900美元/盎司，但资金并未退场，黄金ETF持续获得增量资金。 具体来看，公募市场代表性黄金ETF产品近期逆势扩容，央行与海外机构亦同步增持黄金，全球配置热度持续 升温。业内人士认为，降息预期与长期配置需求共振，将继续支撑黄金市场活跃度。 美政府停摆与AI担忧叠加，黄金重回强势区间 11月11日，现货黄金价格走高， 再次突破4100美元关口，截至发稿，报 4132 美元/盎司 。 回顾此前一周，伦敦现货黄金收于4000美元/盎司，周环比微跌0.1%；国内AU9999黄金收于918元/ 克，亦小幅回落0.1%，金价在震荡中逐步 企稳。 支撑金价稳中趋强的背后，是美国政治与市场双重不确定性交织。华安基金分析称，截至当地时间11月10日， 美国政府关门持续41天，打破历史最长纪录。停摆原因表面是美国两党对政府预算中削减医疗补助的分歧，而 更深层次则反映了美国政治的极化加剧。 华安基金认为，政府停摆对美国经济的负面影响不断上升，阻碍了社会秩序的正常运作，亦 ...

Core Viewpoint - The "Little Dolphin Plan" charity initiative, organized by Fude Life Insurance in collaboration with the China Children and Teenagers' Fund, aims to support underprivileged children through donations of educational materials and insurance coverage, fostering their growth and development [1][2][3]. Group 1: Event Overview - The charity event took place on November 6, 2025, at the Dagang Town Central Primary School in Huaiqi County, Guangdong Province, featuring the distribution of "Little Dolphin Warmth Bags" filled with essential supplies for children [1]. - The event also included the unveiling of the "Little Dolphin Library," providing a space for children to access a wide variety of books [2]. Group 2: Donations and Support - A total of 250 children received a specialized accident insurance policy with a coverage amount of 141.25 million yuan, along with a donation of toys [2]. - Since its inception in 2013, the "Little Dolphin Plan" has conducted over 1,800 events, donating more than 39 million yuan in materials and providing over 3.9 billion yuan in accident insurance coverage [3]. Group 3: Future Commitment - Fude Life Insurance plans to continue its partnership with the China Children and Teenagers' Fund to enhance children's growth and protect their rights, emphasizing the importance of education and support for underprivileged children [3][4].

违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 中共中央政治局委员、外交部长王毅11日应约同加拿大外长阿南德通电话。 王毅指出，落实好两国领导人共识是中加关系当前最重要的议程。中方愿同加方加强沟通，采取有效行动，加 快恢复各领域交流合作，以务实和建设性方式巩固中加关系进一步改善发展势头。两国外交、商务等部门可加 强对接，本着互谅互让、友好协商的精神，妥善解决各自的合理关切，推动中加关系实现健康、稳定、可持续 发展。 阿南德表示，加方愿同中方把握契机，加强各层级各领域对话沟通，增进理解与互信，重振加中战略伙伴关 系，在贸易、领事、禁毒、能源等领域达成更多互利成果，共同落实好两国领导人重要共识。 来源：新华社 责编： 汪云鹏 校 对：刘榕枝 百万用户都在看 利好来了！国办重磅发文！商务部最新调整，涉对美出口管制 周末突发！美国，传出大消息！ 俄乌，突发！特朗普，最新发声！ 涨停潮！A股盘中，集体拉升！ 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs ...