Group 1: Core Views - The State Council meeting emphasized the importance of "two重" construction in the context of the 14th Five-Year Plan, focusing on strategic, forward-looking, and holistic requirements to enhance national strategic implementation and safety capabilities in key areas [1][3] - The meeting highlighted the need to enhance the adaptability of supply and demand to unleash consumption potential and facilitate economic circulation, advocating for consumption upgrades to lead industrial upgrades [1][6] Group 2: Project Construction and Funding - The meeting called for optimizing project review processes, focusing on innovation and intangible asset investment to promote new productive forces, while ensuring strict quality and safety management [3][4] - It was noted that reasonable arrangements for project construction and funding disbursement are essential, with an emphasis on leveraging long-term loans and policy finance to attract more private capital [3][4] Group 3: Enhancing Consumer Demand - The meeting discussed measures to enhance the adaptability of consumer goods supply and demand, aiming for a dynamic balance at a higher level, and promoting the application of new technologies and models [6][7] - There is a focus on supporting enterprises to expand the supply of high-quality consumer goods, updating safety and performance standards, and developing flexible manufacturing to meet personalized consumer needs [7][4]

日前，一些国内较为知名的AI产业链公司进入IPO前的"临门一脚"阶段，"中国版英伟达"、国产AI替代、国产 GPU等光环，让不少投资者的学习劲头和想象力瞬间提升了不少，查看招股书、研读分析报告，向身边"懂 行"的亲朋好友请教等。此外，还有不少投资者涌入股吧、互动平台等网络平台求教，以弄清楚哪些已上市公 司股票是受益股或"影子股"，以期在二级股票市场上也分一杯羹。 笔者认为，往细处来说，其中的一些风险不容忽视。 平心而论，在寻找股票市场投资机会的过程中，投资者积极虚心求教的劲头值得肯定，了解更多有助于投资的 信息或专业知识，本身就是投资成功路上的重要一环。不过，上述急于寻找概念股的现象，也折射出部分投资 者急于短期获利的心态，甚至显得有些"急就章"，而这往往容易得不偿失。 END 另一方面，在AI东风之下，不少概念股或"影子股"此前已累积了较大涨幅，前期股价的相对强势是否已提前反 映利好"溢价"，后续买入的投资者能否继续享受股价上涨的红利、甚至沦为高位"接盘侠"，均存在很大不确定 性，A股市场类似的例子并不鲜见。 事实上，投资本身更像一场马拉松，一时的投资成败并不能决定最终的投资结果，投资者还是需要在平时做好 ...

Market Overview - The A-share market experienced an overall decline on November 14, with the Shanghai Composite Index closing at 3990.49 points, down 0.97%, the Shenzhen Component Index at 13216.03 points, down 1.93%, and the ChiNext Index at 3111.51 points, down 2.82% [1] - The total trading volume in the A-share market was 19805.41 billion yuan, a decrease of 852.87 billion yuan compared to the previous trading day [1] Capital Flow - The main capital in the A-share market saw a net outflow of 620.11 billion yuan, with an opening net outflow of 288.55 billion yuan and a closing net outflow of 136.66 billion yuan [2] - The CSI 300 index recorded a net outflow of 204.39 billion yuan, while the ChiNext saw a net outflow of 257.8 billion yuan and the STAR Market a net outflow of 17.13 billion yuan [4] Sector Performance - Among the major sectors, the banking industry led with a net inflow of 34.61 billion yuan, while the electronic sector faced the largest outflow of 242.05 billion yuan [6][7] - Other sectors with significant outflows included electric power equipment (-175.51 billion yuan), computer (-131.43 billion yuan), and basic chemicals (-97.49 billion yuan) [7] Stock Highlights - The stock "Xian Dao Intelligent" saw the highest net inflow of 9.4 billion yuan [8] - Institutional buying was noted in several stocks, including "Time Space Technology" with a net purchase of 20.79 million yuan, while "Hua Sheng Lithium" experienced a net sell-off [10][11] Institutional Ratings - Various stocks received updated ratings from institutions, with "Guotou Power" rated as "Increase" with a target price of 16.92 yuan, representing a potential upside of 21.64% from its latest closing price [12]

原标题：中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会 责编：万健祎 校对： 许欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 吴清围绕习近平总书记在党的二十届四中全会上的重要讲话精神和《中共中央关于制定国民经济和社会发展第 十五个五年规划的建议》，从准确把握党的二十届四中全会的重大意义，深刻认识"十四五"时期我国经济社会 发展取得的新的重大成就，深刻领会"十五五"时期经济社会发展的指导思想、重要原则、主要目标、战略任务 和重大举措，以及坚持和加强党的全面领导，凝聚起推进中国式现代化的磅礴力量等方面，结合资本市场工作 实际，作了深入宣讲和系统阐释。 吴清强调，习近平总书记在全会上的重要讲话高屋建瓴、定向领航，明确了推动未来5年乃至更长一段时期经 济社会发展的一系列方向性、根本性重大问题，进一步深化了我们党对经济社会发展的规律性认识，为推动高 质量发展、推进中国式现代化提供了科学指南和重要遵循。"十五五"时期具有承前启后的重要地位，是夯实基 础、全面 ...

房地产市场最新数据出炉。 "随着控增量、优存量等房地产政策措施持续发挥作用，今年以来房地产去库存稳步推进，全国商品房待售面 积已经连续八个月减少。"付凌晖说。 上海易居房地产研究院副院长严跃进也认为，10月单月全国商品房待售面积同比增速为3.3%，该指标持续改 善说明各地去库存工作有积极的进展。近年来供应层面持续调整，新盘供应有所减少，而且今年的很多项目都 以"好房子"的标准推进，所以库存结构在持续优化。库存指标的增速变缓，也说明供求关系在持续改善，对于 后续止跌回稳具有积极的作用。 从房企到位资金来看，数据显示，1—10月份，房地产开发企业到位资金78853亿元，同比下降9.7%。其中， 国内贷款12160亿元，同比下降1.8%；利用外资19亿元，同比下降37.5%；自筹资金28419亿元，同比下降 10.0%；定金及预收款23257亿元，同比下降12.0%；个人按揭贷款10834亿元，同比下降12.8%。 付凌晖表示，在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降幅收窄，1—10月房企 到位资金同比降幅比去年同期和去年全年分别收窄9.5和7.3个百分点。 付凌晖指出，1—10月份，全国 ...

央行将开展8000亿元买断式逆回购！ 11月14日，中国人民银行（下称"央行"）发布预告称，将在17日以固定数量、利率招标、多重价位中标方式开 展8000亿元买断式逆回购操作，期限为6个月（182天）。综合11月操作量与到期量看，本次操作意味着当月央 行买断式逆回购将实现加量续作，累计净投放5000亿元。 自去年10月启用以来，央行持续开展买断式逆回购操作补充中长期资金缺口。为进一步提高买断式操作信息披 露的时效性，央行自今年6月起调整为操作前发布招标公告，明确操作日期和操作量等信息，稳定市场预期。 对于国债买卖操作，市场机构更看重央行重启操作的信号意义，预计央行通过买入国债大幅投放流动性的必要 性不强。光大证券固定收益首席分析师张旭此前接受记者采访时表示，无论是否重启国债买卖，央行皆有能力 维护银行体系流动性的充裕。 责编：万健祎 校对： 许欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资 ...

Core Viewpoint - The Chinese government expresses serious concern over Japan's recent military and security developments, indicating a potential shift away from its pacifist stance and raising alarms about regional stability [3][4]. Group 1: Japan's Military Policy Changes - Japan's Prime Minister, Fumio Kishida, has been vague about the "Three Non-Nuclear Principles," suggesting a possible abandonment of these principles, which has raised concerns about Japan's intentions regarding nuclear capabilities [3]. - High-ranking Japanese officials have stated that they do not rule out the option of introducing nuclear-powered submarines, signaling a significant policy shift towards military expansion [3]. - Japan has been increasing its defense budget annually and relaxing restrictions on arms exports, indicating a move towards developing offensive military capabilities [3]. Group 2: Regional Security Concerns - The remarks made by Japanese officials regarding potential military intervention in the Taiwan Strait have provoked strong reactions from China, which views these statements as a serious violation of its sovereignty and a challenge to the post-war international order [6][7]. - The Chinese government emphasizes that Taiwan is a core interest and any foreign interference in Taiwan's affairs is unacceptable, reiterating its stance against Japan's military provocations [7]. Group 3: Historical Context and Calls for Reflection - The year marks the 80th anniversary of the victory in the Chinese People's War of Resistance against Japanese Aggression, prompting calls for Japan to reflect on its historical actions and adhere to a path of peaceful development [3][7]. - The Chinese government urges Japan to stop using historical grievances as a pretext for military expansion and to take concrete actions to rebuild trust with its Asian neighbors [3].

Core Viewpoint - Nexperia China asserts its capability and commitment to ensure full salary and benefits for all employees despite external interferences and internal management challenges from Nexperia Netherlands [1][4]. Group 1: Company Response to External Interference - Nexperia China highlights that the root cause of its current challenges stems from inappropriate interventions by the Dutch government, which has not taken any substantial actions to restore stability in the global semiconductor supply chain [3][6]. - The company emphasizes that it is actively engaging in "self-rescue" measures in compliance with Chinese laws to maintain orderly production and operations, while facing disruptions from Nexperia Netherlands management [3][4]. Group 2: Internal Management Challenges - Nexperia China accuses certain management members from Nexperia Netherlands of obstructing operations by halting wafer supplies and questioning the quality of products from China, which contradicts their stated commitment to support the Chinese team [3][4]. - The company expresses gratitude towards its employees for their contributions and reassures them that all salary and benefits are being paid in full, reinforcing the importance of employee welfare [4][5].

"中国在许多行业，尤其是高科技领域，居于领先地位。我们期待在互补性产业方面深化合作。"在近日举办的中信建投证券2026年资本市场峰会暨中国—沙特投 资合作论坛上，沙特交易所首席执行官（CEO）穆罕默德·艾·鲁迈赫（Mohammed AL Rumaih）接受证券时报·券商中国记者视频专访时，兴致盎然地邀请中国投 资机构共同参与沙特资本市场。 近年来，中国和沙特资本市场的双向互动越来越频繁。2023年，沙特证券交易所分别与沪深交易所签署谅解备忘录，后与港交所签署合作备忘录，共同探索联合上 市、金融科技等领域合作。目前，合作已步入落地阶段，除跨境ETF产品相继推出外，更受市场瞩目的两地企业交叉上市与双重上市事宜，亦在持续推进。 这是穆罕默德·艾·鲁迈赫在三年内第五次到访中国，与他同行的还有部分沙特上市公司和资管机构的工作人员。谈及中沙资本市场的未来合作，穆罕默德·艾·鲁迈赫 明确指出，双方合作三年来虽刚起步，但进展已令人鼓舞。专访中，他还透露了多项有关两地交易型开放式指数基金（ETF）合作与企业交叉上市的关键进展，并 表示可以着力推动人工智能（AI）产业方面的合作。 ▲中信建投供图 证券时报·券商中国记者：我们注意 ...

Core Viewpoint - The article highlights the successful establishment of the "Tianyan-287" superconducting quantum computer, which demonstrates "quantum computing superiority" by processing specific problems 450 million times faster than the fastest supercomputers, marking a significant milestone in China's quantum computing capabilities [1][3]. Group 1: Quantum Computing Development - The "Tianyan-287" quantum computing system is equipped with the same series of chips as the renowned "Zuchongzhi 3," featuring 105 data qubits and 182 coupling qubits, showcasing its quantum computing superiority [3][4]. - The construction of the quantum computer reflects breakthroughs in three areas: "fully domestic production," "AI empowerment," and "super fusion" [4]. Group 2: Technological Innovations - The project utilized domestically produced superconducting quantum computing hardware and components, establishing a fully domestic supply chain for superconducting quantum computing [4]. - An AI-enabled automatic calibration system for superconducting chip parameters was developed, enhancing the efficiency and precision of the quantum computing system [5]. Group 3: Cloud Platform and Applications - The "Tianyan" quantum computing cloud platform integrates supercomputing capabilities and is designed to lower the technical application threshold, facilitating the transition of quantum computing from research to practical applications [7]. - As of November 2023, the "Tianyan" quantum computing cloud platform has achieved over 37 million visits, serving users in more than 60 countries and completing over 2.7 million experimental tasks [7]. Group 4: Industry Outlook - The current landscape of quantum computing in China is characterized by breakthroughs in hardware, completion of software tools, and collaborative industry advancement, indicating a shift from research breakthroughs to commercial applications [7][8].