Core Viewpoint - The Hong Kong stock market is experiencing a significant surge in new stock listings, with notable gains observed in the initial trading days of these stocks, indicating a strong investor interest and profitability potential in the market [1][9]. Group 1: New Stock Performance - Wangshan Wangshui-B (02630.HK) is set to list on November 6, with its stock price soaring to 97 HKD per share during the dark trading phase, reflecting an increase of over 190% at one point [1][2]. - The stock closed at 85 HKD per share in the dark trading, marking a 154.72% rise from its offering price of 33.37 HKD per share, potentially yielding a profit of 10,300 HKD per lot (200 shares) for investors [1][3]. - Among the 14 new stocks listed in October, only one experienced a decline on its first trading day, while others saw substantial gains, with Jin Ye International Group achieving a remarkable 330% increase [9]. Group 2: Company Overview - Wangshan Wangshui, established in 2013, is a biopharmaceutical company with nine innovative drug pipelines, including two in commercialization, four in clinical stages, and three in preclinical stages [5]. - The company's core products include LV232, aimed at treating severe depression, and TPN171, a PDE5 inhibitor for erectile dysfunction (ED), with market projections indicating a stable growth in the PDE5 inhibitor market [5][6]. Group 3: Financial Performance - For the fiscal years 2023 and 2024, Wangshan Wangshui reported revenues of 200 million CNY and 11.83 million CNY, with net profits of 64.27 million CNY and a loss of 21.8 million CNY, respectively [7]. - The company attributed its 2024 net loss to a significant decrease in external licensing income, while the first four months of 2025 showed a further loss due to increased administrative expenses related to a new restricted stock plan [7]. Group 4: Market Trends - The Hong Kong stock market has seen a doubling of average daily trading volume to over 32 billion USD compared to the previous year, with 80 IPOs raising over 26 billion USD in the first ten months of the year, leading to a global ranking in IPO fundraising [9][10]. - Continuous inflow of southbound funds, which reached 1.17 trillion HKD by the end of Q3, is significantly enhancing the pricing power of the Hong Kong stock market, with long-term institutional investments expected to support a sustained upward trend [10][11].

Core Viewpoint - The recent recovery of the Shanghai Composite Index to 4000 points is primarily driven by the restoration of confidence in the capital market, supported by favorable policies and events that have encouraged increased investment from residents [1][2]. Market Performance - As of November 3, the Shanghai Composite Index has seen an annual increase of nearly 19%, marking six consecutive months of gains. The metals sector, particularly non-ferrous metals, has emerged as the biggest winner with a 73.77% increase [2]. - The sub-sector index, the CSI Industrial Non-Ferrous Metals Theme Index, has outperformed the broader index with a year-to-date increase of 74.57%. The corresponding ETF, the Wan Jia CSI Industrial Non-Ferrous Metals Theme ETF, has surged by 78.08%, with its scale exceeding 5.5 billion, a nearly 15-fold increase from the previous year [2][3]. ETF Development - The Industrial Non-Ferrous ETF, launched in February 2023, focuses solely on industrial metals, avoiding the distractions of energy and precious metals. This focus aligns with macroeconomic trends and manufacturing demand, making it a valuable tool for both retail and institutional investors [3][4]. - The ETF's revised index has achieved an impressive year-to-date increase of 81.73% and a rolling P/E ratio of 20.02, lower than the broader non-ferrous metals index [4]. Market Trends - The ETF has shown resilience during market fluctuations, with a smaller adjustment compared to other indices during high volatility periods. It has attracted significant capital inflow, indicating strong recognition from both retail and institutional investors [5]. - The long-term outlook for the industrial non-ferrous metals sector is positive, supported by anticipated interest rate cuts by the Federal Reserve and a recovery in domestic demand for metals in construction and infrastructure [5]. Market Differentiation - The ETF market is experiencing structural differentiation, with a notable contrast between the stagnation of broad-based ETFs and the growth of niche ETFs like the Industrial Non-Ferrous ETF. This indicates a mismatch in supply and demand, as many institutions focus on broad strategies while neglecting specific investor needs [6][7]. - Wan Jia Fund has identified three market gaps: the lack of precise coverage for small-cap stocks, the absence of stable cash flow products, and the opportunity in Hong Kong stocks. The company has successfully launched products addressing these gaps, such as the first National 2000 ETF and a monthly dividend ETF [7][8]. Product Innovation - Wan Jia Fund's approach emphasizes "boutique" strategies, focusing on value rather than competing in crowded markets. This strategy has led to the development of a diverse ETF matrix covering various investment styles and themes [9]. - The success of these products is attributed to a systematic support structure, including a skilled team, effective technology, and a culture of diligence and responsibility [10][11]. Conclusion - The emergence of boutique ETFs reflects a shift from supply-driven to demand-driven strategies, highlighting the importance of precise matching of investment tools to investor needs. This trend suggests that in a competitive market, focusing on niche opportunities can yield better results than broad approaches [12].

Core Viewpoint - The article discusses the recent surge in margin trading balances in the A-share market, highlighting that major securities firms are increasing their margin trading limits to accommodate growing investor demand and enhance their market competitiveness [1][5]. Group 1: Margin Trading Balance and Securities Firms' Actions - The margin trading balance in the A-share market reached a historical high of 25,066.48 billion yuan as of October 29, 2023, reflecting a significant increase in market activity [5]. - Major securities firms, including Huatai Securities and China Merchants Securities, have announced plans to raise their margin trading business limits, with China Merchants Securities increasing its limit from 150 billion yuan to 250 billion yuan [2][4]. - Huatai Securities plans to adjust its margin trading limit to not exceed three times its net capital, which is estimated to be around 2,865 billion yuan based on its latest financial report [4]. Group 2: Investor Confidence and Market Trends - Data from the China Securities Regulatory Commission indicates that 205,400 new margin trading accounts were opened in September 2023, marking a 12.24% month-on-month increase and a substantial 288% year-on-year growth [7]. - The increase in new margin accounts suggests a recovery in investor confidence and a willingness to take on higher risks, driven by macroeconomic stability and favorable policies [8]. - The overall market activity has improved significantly, with the average daily trading volume in the first three quarters of 2023 showing a notable year-on-year increase, contributing to the performance certainty of the securities sector [8]. Group 3: Financial Performance of Securities Firms - The financial performance of 39 listed securities firms showed a year-on-year revenue growth of 39% and a net profit increase of 64% in the first three quarters of 2023, with a remarkable 70.5% increase in net profit excluding non-recurring items [8]. - The strong performance is attributed to robust investment income and the resilience of fixed income, currencies, and commodities (FICC) business amid market pressures [8].

商务部新闻发言人就调整不可靠实体清单措施答记者问 问：有消息称，根据中美吉隆坡经贸磋商共识，中方将调整一批针对美国的非关税措施。请问在不可靠实 体清单方面有什么考虑？ 答：根据《中华人民共和国反外国制裁法》《不可靠实体清单规定》及有关规定，不可靠实体清单工作机 制于2025年3月4日和4月4日发布公告，将一批美国实体列入不可靠实体清单，采取相应措施。 为落实中美吉隆坡经贸磋商共识，中方决定自2025年11月10日起，继续暂停4月4日公告（不可靠实体清 单工作机制公告〔2025〕7号）相关措施1年，停止3月4日公告（不可靠实体清单工作机制公告 〔2025〕5号和6号）相关措施。 根据《不可靠实体清单规定》相关规定，国内企业可申请与上述实体进行交易，不可靠实体清单工作机制 将依法进行审核，对符合条件的申请予以批准。 出口经营者如需向上述实体出口两用物项，应当根据《中华人民共和国两用物项出口管制条例》相关规定 向商务部提出申请，商务部将依法依规进行审查，符合规定的将准予许可 。 来源：商务部网站 责编： 杨喻程 校 对： 刘榕枝 百万用户都在看 刚刚！两大利好，来袭！ 盘中，集体爆发！两大利好，彻底引爆！ 官宣！春 ...

据中国足球协会，经过公开选聘，中国足球协会研究决定聘任邵佳一为中国国家男子足球队主教练。 中国足协于2025年9月5日发布中国国家男子足球队主教练公开选聘公告，有多名符合报名条件和要求的 中方、外籍教练候选人进入初选环节。随后，由中外资深足球专家组成的选聘专家组严格按照选聘标准和 程序对候选人进行了初选、线上面试，就候选人执教履历、比赛理念、训练比赛指导和管理方法、沟通交 流能力、岗位适配性等方面展开充分评议，并提出推荐人选。中国足球协会综合考虑以往国家队主教练选 聘经验和教训、中国男子足球现状与水平、国家队长远建设与发展、教练员素质与执教能力、专家组意见 等因素，经慎重研究，决定聘任邵佳一为中国国家男子足球队主教练。 中国足协衷心感谢社会各界对中国足球和男足国家队主教练选聘工作的支持！ 据此前报道，1980年出生的邵佳一是北京青训培养出来的队员，18岁成为北京国安一员，与徐云龙、杨 璞并称"国安三少"，是很多球迷的偶像。除在德国踢球外，邵佳一职业生涯大部分时间都是在北京国安度 过的。2015赛季结束后，邵佳一从北京国安正式退役，并担任俱乐部体育总监。之后，邵佳一曾担任国 足U18、U19教练、领队，也入选过 ...

Core Viewpoint - The announcement of the longest Spring Festival holiday in history in 2026 is driving a surge in the consumer sector, particularly in hospitality, tourism, and retail [1][3][5]. Consumer Sector Performance - Major consumer sectors such as hotel and restaurant, tourism, and retail chains saw significant gains, with stocks like Dongbai Group and Caesar Travel hitting the daily limit [1][3]. - The upcoming nine-day Spring Festival holiday from February 15 to February 23, 2026, is expected to boost travel and spending, leading to increased search volumes for travel bookings [3][5]. Policy Support for Service Consumption - Analysts believe that strong policy support will position service consumption as a key investment theme, with a focus on enhancing consumer spending [2][10]. - The government is expected to implement measures to stimulate consumption, including optimizing public service spending and enhancing consumer rights protection [10][11]. Duty-Free Market Developments - Recent policy upgrades for duty-free shops have led to a notable increase in duty-free stock prices, with significant gains observed in companies like Pingtan Development and China Duty Free Group [6][8]. - The new duty-free policies aim to enhance consumer experience and expand the range of products available, which is anticipated to attract more customers and boost sales [8][9]. Future Investment Opportunities - The service sector, particularly in tourism and duty-free retail, is projected to benefit from ongoing policy support and consumer demand recovery, making it a promising area for investment [10][11]. - Companies involved in traditional consumer goods manufacturing and those in education, healthcare, and tourism are expected to gain from favorable policies and market expansion [11].

Core Viewpoint - Pingjiang County in Hunan has become the first county in the province to fully implement the sale of completed residential properties, marking a significant shift towards a "completed house sales era" in the real estate market [1][2]. Group 1: Implementation of Current Housing Sales - The new policy mandates that new residential projects on newly transferred land can only start sales after passing completion inspections [2]. - The local government aims to boost market confidence through this policy, which was developed after extensive consultations with real estate companies and citizen representatives [2]. - From January to October this year, Pingjiang County recorded 1,845 new residential units sold, totaling 246,400 square meters, with a year-on-year sales area increase of 6.83% [2]. Group 2: Support Measures for Real Estate Companies - To alleviate the financial pressure on real estate companies due to the long capital occupation cycle of completed housing sales, Pingjiang County offers several incentives, including phased planning approvals, reduced administrative fees, and land price discounts [2][3]. - The proportion of completed housing sales in Pingjiang has risen to 62% [2]. Group 3: Broader Policy Context - The article references a signed article by the Minister of Housing and Urban-Rural Development, Ni Hong, emphasizing the need for high-quality development in the real estate sector, including the promotion of completed housing sales to mitigate delivery risks [4]. - The implementation of completed housing sales is not a one-size-fits-all approach, as it will be gradually rolled out in areas with significant inventory [5]. Group 4: Implications for Stakeholders - For homebuyers, completed housing sales reduce purchasing risks, while for real estate companies, this model encourages a focus on quality, enhancing product competitiveness [5]. - The shift towards completed housing sales is expected to improve market supply-demand dynamics, particularly in areas with high inventory, and will necessitate higher quality standards for construction projects [5].

Core Viewpoint - The electric equipment sector experienced a significant surge, driven by a UBS report predicting a 10-year super cycle in China's electricity demand, with annual growth rates expected to double from previous estimates [1][6]. Group 1: Market Reaction - The electric equipment sector saw a rise of nearly 4% in the afternoon, with around 30 stocks hitting the daily limit or increasing over 10% [1][2]. - Notable performers included Can Energy, which reached a 30% limit up, and other companies like Yinen Power and Zhongzhi Technology showing substantial gains [1][2]. Group 2: UBS Report Insights - UBS's report forecasts that from 2028 to 2030, China's electricity demand will grow at an annual rate of 8%, marking the beginning of a sustained super cycle in the domestic electricity industry [1][6]. - The report emphasizes that this growth is not merely a short-term reaction but is supported by structural changes in demand, supply reshaping, and policy backing [6]. Group 3: Demand Drivers - The core drivers of the electricity super cycle include structural changes in demand from new productive forces, traditional industry upgrades, and rising consumer spending [6][7]. - The report highlights that the electricity consumption from new energy vehicles and data centers is expected to grow at an average annual rate exceeding 15% over the next five years [6][7]. Group 4: Supply Side Dynamics - The supply side is undergoing significant restructuring under the dual carbon goals, with predictions that the share of renewable energy in domestic power generation will rise from 31% to over 50% in the next five years [8]. - Traditional coal power is transitioning to become a stabilizer in the power system, with integrated projects combining coal power and energy storage becoming mainstream [8]. Group 5: Policy Support - The strong policy attributes of the electricity sector provide a solid foundation for the super cycle, with national plans and funding mechanisms supporting renewable energy and grid construction [9]. - The State Grid plans to invest over 1.2 trillion yuan in the next three years to build ultra-high voltage and smart grid infrastructure to address supply-demand mismatches [9].

据央视新闻消息，当地时间11月4日， 总台记者 获悉，美国"杰拉尔德·R·福特"号航空母舰通过直布罗 陀海峡，驶往加勒比海。这是美国国防部宣布的军事部署的一部分。 总台记者获得的画面显示， "福特"号航母在驱逐舰的护航下通过地中海，这一行动标志着"福特"号正式 离开地中海，纳入美军南方司令部的责任区。 看券商中国 知天下财经 用 券中社 12 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.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 来源：央视新闻 责编： 王璐璐 校 对： 冉燕青 | 百万用户都在看 | | --- | | 刚刚！两大利好，来袭！ | | 官宣！春节连休9天，史上最长！2026年放假安排公布！ | | 深夜，暴涨！美联储，重磅发声！ | | 利好来了！猛增84% ...

编者按： 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保 险资管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。证券时报社联合中国保 险资产管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。 本篇为专栏第七篇。 "在国家创新驱动发展战略指引下，保险资管机构正通过创新金融服务模式，架起长期资金与科技创新的桥 梁。"近日，华泰资产管理有限公司（下称"华泰资产"）总经理杨平接受证券时报记者专访时表示。 保险资金作为典型的耐心资本，日益成为科技金融高质量发展的一支重要力量，为科技创新发展带来精准、优 质、高效的金融"活水"。 杨平介绍，保险资产管理机构已成为保险资金等长期资金的核心管理人和资本市场的主要投资者之一。作为国 内首批成立的保险资产管理公司之一，华泰资产依托保险资金的长期属性与专业能力，构建起支持科技创新的 特色服务体系，通过"投资+投行"双轮驱动，积极探索服务科技创新的有效路径。 三是专业能力面临短板。复合型人才存在缺口，针对科技创新领域的估值体系缺失，缺乏标准化估值模 型，导致交易双方定价存在较大分歧。 杨平表示，保险资金规模稳步增长 ...