Core Viewpoint - The U.S. Senate failed to pass a temporary funding bill for the federal government, leading to a potential government shutdown that could become the longest in U.S. history, surpassing the 35-day shutdown from late 2018 to early 2019 [1] Group 1: Government Shutdown - The Senate's 14th attempt to advance a temporary funding bill, already passed by the House, did not receive the necessary 60 votes, resulting in an ongoing fiscal deadlock [1] - The record for the duration of the shutdown will be reset at midnight on November 5, 2023 [1] Group 2: Political Disputes - The primary contention between the Democratic and Republican parties regarding the temporary funding bill centers on healthcare spending, particularly related to the Affordable Care Act [1] - Senate Democratic Leader Chuck Schumer stated that Republicans are responsible for the anticipated rise in healthcare costs, which could leave 4 million Americans without health insurance [1] Group 3: Emergency Funding and Public Assistance - President Trump attributed the shutdown to the Democrats, emphasizing that emergency funds for food assistance would only be released once the government reopens [2] - The U.S. Department of Agriculture announced the use of $4.65 billion in emergency funds for food relief in November, highlighting the urgency of the situation for low-income individuals [2] Group 4: Legislative Challenges - The inability of Congress to pass a new annual budget before the start of the fiscal year on October 1 has led to reliance on temporary funding measures [2] - Senate Republican Leader Mitch McConnell expressed hope for breaking the fiscal deadlock soon, acknowledging the prolonged suffering it has caused for the American people [2]

25 先 福 有年 东吴证券2026年度策略峰会 中国·上海 2025年11月4-6日 当下全球正处在一个格局演变的关键节点，科技浪潮席卷世界，产业链条深度重构，主要经济体的政策路径牵动着市场脉搏。我们又该如何于全球视野下识别中 国资产的独特价值，又如何于内外部变局中把握确定性的成长主线？ 11月4日，东吴证券在上海举办的"冬藏春华盛世新章"2026年度策略峰会，共设置了1个主会场，6个分论坛，近2000人报名参会，超过800家上市公司受邀参加。东 吴证券党委书记、董事长范力在致辞中表示，中国经济长期向好基本面没有改变，产业升级的时代洪流奔涌向前，金融强国战略指引下中国资产正迎来历史性的配 置机遇，召唤着每一位有远见的投资者积极参与，共同见证。 资本市场正经历深度变革 "今年以来在科技创新与产业升级的双轮驱动下，人工智能全面赋能实体经济，低空经济、商业航天、绿色能源等新兴赛道蓬勃兴起，文化消费潜力持续释放，新质 生产力正成为推动经济增长的核心引擎。"范力指出，与此同时，加快建设金融强国，资本市场肩负着重要的使命，中国资本市场正迎来深度变革和价格重塑。 在此背景下，东吴证券这几年来深刻把握时代机遇，坚持稳健经营 ...

全球风险资产遭遇"黑色星期二"。 今晚，美股开盘后，三大指数集体下挫，纳指、标普500指数一度大跌超1%，美股大型科技股普跌。欧洲股市 亦全线走弱，加密货币市场也遭遇猛烈抛售，比特币大跌超3%。今日亚洲交易时段，亚太股市亦全线下跌。 值得一提的是，反映市场情绪的"恐慌指数"VIX大幅飙涨，日内最高涨超19%。 有分析指出，在业绩披露后，美股AI概念股Palantir股价大跌，加剧了市场对美股AI板块估值过高的担忧，部 分投资者选择获利了结。美联储官员们就进一步降息前景发出分歧信号，进一步打压市场情绪。另外，多位华 尔街大佬对当前估值表示谨慎，并警告美股市场可能面临重大回调的风险。 全球风险资产大跌 北京时间11月4日晚间，美股三大指数集体低开，道指跌0.72%，标普500指数跌1.13%，纳指大跌1.59%。 美股大型科技股全线大跌，甲骨文、特斯拉、英特尔跌超3%，谷歌、英伟达跌超2%，微软、谷歌、亚马逊跌 超1%。美股"AI大牛股"——Palantir股价盘初一度暴跌超10%。 有分析指出，市场抛售的导火索是AI概念股Palantir股价大跌，尽管该公司公布了创纪录营收并上调全年业绩 预期，但投资者选择获利 ...

Core Viewpoint - The establishment of a performance comparison benchmark element library for public funds aims to standardize the selection and use of indices, enhancing the comparability of fund performance across products [1][2]. Group 1: Benchmark Library Structure - The benchmark library is divided into two categories: Category One and Category Two, encompassing a total of 141 indices, including 69 core indices in Category One and 72 indices in Category Two, covering mainstream investment targets in A-shares and Hong Kong stocks [1][2]. - Category One includes indices that are highly representative and widely recognized, encouraging fund managers to select and use them in developing actively managed funds [2][3]. - Category Two focuses on innovation and differentiation, including indices with certain usage frequency and larger market capitalization, effectively supplementing Category One [1][2]. Group 2: Inclusion Criteria for Indices - Category Two indices must meet several standards, such as having a single constituent's weight not exceeding 20% for broad-based indices and at least 30 constituents for non-broad-based indices [3][4]. - Category One indices must meet Category Two standards and have an average free float market capitalization of at least 10,000 billion yuan over the past year, along with other relevant standards [3][4]. Group 3: Selection Principles for Different Index Types - For broad-based indices, selection is based on representativeness, investability, and coverage, requiring at least 10 actively managed funds to use the index as a benchmark [4][5]. - Industry theme indices must cover key strategic emerging industries or areas strongly supported by national policies, with a focus on market recognition and expert committee approval [4][5]. - Strategy indices should clearly reflect specific strategy factors or styles, with sufficient differentiation in risk and return profiles [5][6]. Group 4: Dynamic Adjustment of the Benchmark Library - The benchmark library is not static; it will undergo quarterly evaluations for the entry and exit of indices and semi-annual assessments for adjustments between the two categories [7]. - Indices in Category Two that meet Category One standards may be promoted to Category One, while those in Category One that no longer meet standards may be demoted [7]. - The expert group responsible for these evaluations consists of representatives from various industry institutions, ensuring a fair and transparent process [7].

百万用户都在看 刚刚！两大利好，来袭！ 深夜，暴涨！美联储，重磅发声！ 午后突发！亚太市场，全线跳水！ 利好来了！猛增84%！ 证监会、中基协，重磅发布！公募重要文件出炉！ 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 近日，武汉街头道路上出现飞机的视频在网上传播，引发关注。 视频显示，夜晚街头道路上出现一架大型飞机，有市民驻足观看。大皖新闻记者注意到，上述视频在网上传播 量很高，同时有网民发布消息称"天河机场飞机冲出来了"。但是另外一段视频显示，该飞机被架在货车上，机 翼已被拆解。 11月4日，记者联系了武汉市交通运输局，工作人员回应称，3日晚上一架老旧飞机被拆解转运，近距离拍摄的 视频能看到，飞机机翼已经被拆下来了。 来源：大皖新闻 责编： 汪云鹏 校 对： 刘星莹 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 ...

来源：CCTV国际时讯 责编： 杨喻程 校 对： 王朝全 百万用户都在看 刚刚！两大利好，来袭！ 深夜，暴涨！美联储，重磅发声！ 突然大跌！两大变数，闪现！ 利好来了！猛增84%！ 证监会、中基协，重磅发布！公募重要文件出炉！ 随着美国东部时间进入11月4日，美国联邦政府"停摆"进入第35天，追平美国史上最长"停摆"纪录。在 过去的30多天里，美国民主、共和两党僵持不下，在国会参议院的13次投票中均未能通过共和党提出的 一项临时拨款法案。 据悉，国会参议院还将于当地时间今天（11月4日）举行第14轮投票。美国总统特朗普11月3日再次呼吁 国会共和党领袖修改参议院规则、取消"冗长辩论"机制（即阻挠议事）以结束政府"停摆"，但这一要求在 共和党内部遭到强烈反对。 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 ...

Core Viewpoint - Digital transformation is no longer an option but a necessity for the survival and development of enterprises, requiring comprehensive and deep strategic changes across all levels of the organization [1][3]. Group 1: Importance of Digital Transformation - Digital transformation is essential for the company, serving as a support for business innovation and service efficiency enhancement [3][4]. - The transformation is driven by three profound changes: shifts in customer demand, market competition, and regulatory guidance [4]. - It is not merely about developing applications or systems but involves reconstructing business models, operational modes, and organizational structures [4][5]. Group 2: Systematic Approach to Transformation - The digital transformation is a systematic project that requires a dual focus on hardware and software, which together determine business capacity and innovation speed [5]. - The organization must evolve from merely supporting business with technology to being driven by technology, leading to a comprehensive capability upgrade [5][6]. Group 3: Investment in Technology - Continuous and steadfast investment in technology is crucial for the successful implementation of strategies, shifting the perception of technology from a cost center to a value engine [6]. - The company has been investing in funds, talent, mechanisms, and culture to foster a data-driven decision-making environment and a customer-centric digital culture [6]. Group 4: Technology Architecture - The company emphasizes a balance between "self-controllable" technology architecture and "open cooperation" to ensure a successful digital transformation [7][8]. - A unified and standardized data asset platform has been established to facilitate real-time data flow and operational efficiency [8]. Group 5: Role of Artificial Intelligence - Artificial intelligence is becoming a core driving force for industry transformation, with applications in intelligent analysis, smart investment advisory, automation of operations, and real-time risk monitoring [9]. - The company is actively exploring and accumulating capabilities in AI applications, having established a smart platform for integrated fund allocation and optimized operational processes [9].

Macro Dynamics - The National Standard for "Guidelines for the Transformation of Scientific and Technological Achievements into Standards" has been approved, emphasizing feasibility analysis, pathways for international standardization, and an evaluation index system for technology transfer [2] - In November, domestic polysilicon production is expected to be 120,100 tons, a decrease of approximately 10.4% month-on-month, while global production is around 125,800 tons [3] Financial Institutions - Invesco's Chief Global Market Strategist Brian Levitt suggests diversifying investments to avoid over-concentration in large tech stocks, favoring cyclical stocks, small-cap stocks, and value stocks [8] - UBS's analyst Meng Lei maintains a positive mid-term outlook for the A-share market, indicating that growth style may remain the main investment theme, with the ChiNext board offering a favorable risk-reward ratio [9] - Dongfang Caifu's Chief Strategist Chen Guo states that the market is in the second phase of a bull market, driven by risk appetite, and suggests focusing on artificial intelligence, biotechnology, and commodities [10] Market Data - On November 4, the market experienced a volume contraction, with the ChiNext index dropping nearly 2%, and over 3,600 stocks declining [12] - As of November 3, the total margin balance in the two markets increased by 8.035 billion yuan, with the Shanghai Stock Exchange reporting a balance of 1,255.285 billion yuan and the Shenzhen Stock Exchange 1,213.738 billion yuan [13] - The Hong Kong Hang Seng Index fell by 0.79%, with the Hang Seng Tech Index down 1.76%, as gold and metal stocks faced declines [14] Company Dynamics - Fuyao Glass announced a change in its legal representative from Cao Dewang to his son Cao Hui [15] - Apple has tightened its channel policies in China, prohibiting offline distributors from selling products online to maintain price stability [16] - Industrial Fulian has repurchased 0.04% of its shares, totaling 14.7 million yuan, with a maximum price of 19.84 yuan per share [18] - Nokia plans to apply for delisting from the Paris Stock Exchange, continuing to trade on the Helsinki Nasdaq and the New York Stock Exchange [19]

Core Viewpoint - The proposed $1 trillion compensation plan for Elon Musk is facing significant opposition from major investors, including Norway's sovereign wealth fund and Calpers, which could impact Tesla's governance and future direction [1][2][3]. Group 1: Opposition to Compensation Plan - Norway's sovereign wealth fund announced plans to vote against Musk's compensation proposal at Tesla's upcoming annual shareholder meeting, citing concerns over the plan's scale and potential dilution of shares [2]. - Calpers, the largest public pension fund in the U.S., also plans to oppose the compensation plan, arguing that it far exceeds compensation levels of similar companies and raises governance concerns [3][4]. - Both funds have expressed worries about the concentration of power among shareholders and the overall governance structure of Tesla [3][4]. Group 2: Potential Impact of Vote - If the compensation plan is not approved, Tesla's board chair warned that Musk might leave the company, which could lead to significant value loss for Tesla [5]. - The compensation plan is designed to incentivize Musk to lead Tesla for at least another 7.5 years, with ambitious performance targets set for the company [5][6]. - The outcome of the vote on November 6 will not only determine Musk's compensation but also influence Tesla's governance structure and strategic direction [7]. Group 3: Performance Targets and Governance Concerns - The compensation plan includes performance benchmarks that Musk must meet to receive full payment, including increasing Tesla's market value from approximately $1 trillion to $8.5 trillion and achieving various operational goals [5][6]. - The board views this plan as crucial for aligning Musk's interests with long-term shareholder value, but it faces criticism regarding the governance implications of such a high compensation package [6][7]. - Previous compensation proposals for Musk have faced similar opposition, indicating ongoing concerns from institutional investors about executive pay and governance practices at Tesla [4][6].

在科技巨头讲出新的叙事逻辑下，公募QDII正逐步回补美股仓位。 近期，在英伟达、微软、谷歌、三星在美股密集发布对AI医疗的投资后，包括张坤等明星基金经理所管公募 QDII大举增加美股仓位，也使不少基金在近期港股调整中降低了回撤风险，借助AI医疗新叙事在近期的强 势，不少前期表现落后的QDII基金业绩加速提升。 QDII基金强力回补美股 广发全球精选基金披露的第三季度报告显示，明星基金经理李耀柱在三季度末增持了美股仓位，美股市场的持 仓比例提升至75%，同期，他降低了港股的持仓比例，截至今年9月末，该基金持仓的港股比例仅剩约3.72%。 易方达基金旗下的多位明星基金经理，也在三季度增持美股，包括张坤、郑希等所管的产品。郑希在易方达全 球成长精选基金也同样减持了港股公司，该部分仓位剩下约10%，而美股仓位同期跃升到52%，在该基金的前 五大重仓股的选择上，郑希将前五席位清一色安排为美股科技公司。 传统上偏好白酒股的明星基金经理张坤也开始青睐美股。根据基金第三季度报告，张坤管理的易方达亚洲精选 基金强化了对弹性的需求，他在三季度末大幅度增加美股仓位比例至32%，在美股市场的股票选择上，张坤主 要重仓与人工智能密切相 ...