Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.05% while the Shenzhen Component and ChiNext Index fell by 1.06% and 1.37% respectively, indicating a decline in market momentum [1][2] - Trading volume decreased significantly, with a half-day turnover of 1.38 trillion yuan, down by 175.5 billion yuan compared to the previous trading day [1] Sector Performance - The coal sector remained active, with companies like Antai Group hitting the daily limit, driven by high demand from steel mills and thermal power enterprises as winter approaches [5] - The short drama concept stocks surged, with several companies such as 37 Interactive Entertainment and Oriental Pearl reaching their daily limit [3][4] - The AIGC index saw strong gains, with stocks like Fushi Holdings rising over 13% [5][6] Specific Stock Movements - In the new energy vehicle sector, there was a notable decline with an average drop of 1.87%, led by companies like Xian Dao Intelligent and Dangsheng Technology, which fell over 8% and 6% respectively [4] - The gold and jewelry index dropped nearly 3%, with most constituent stocks declining, including Chao Hong Ji nearing a limit down [7][8] Policy and Economic Impact - Industrial and Commercial Bank of China announced a suspension of certain gold accumulation services starting November 3, 2025, affecting new accounts and active accumulation plans [9] - The People's Bank of China conducted a 783 billion yuan reverse repurchase operation at a rate of 1.40%, with a net withdrawal of 259 billion yuan for the day [9]

Core Viewpoint - The data trading center sector is experiencing significant activity, with companies like Jishi Media and Oriental Pearl reaching their daily price limit increase [1] Group 1 - The data trading center sector is active as of November 3, with notable stock performance [1] - Jishi Media and Oriental Pearl have both hit the daily limit up, indicating strong investor interest [1]

Market Overview - The Shenzhen Component Index decreased by 1.07% to 13,235.11, while the Shanghai Composite Index fell by 0.34% to 3,941.43. The ChiNext Index also dropped by 1.03% to 3,154.64 [1]. Short Drama Concept Stocks - Short drama concept stocks surged at the market open, with several stocks hitting the daily limit, including Yingxin Development (+10.08%), Jishi Media (+10.00%), and Dongfang Mingzhu (+10.00%) [2][3]. - The short drama game sector consists of 62 stocks, with significant net inflows into leading stocks such as Yingxin Development (¥200 million) and Jishi Media (¥435 million) [3]. Coal Sector Activity - The coal sector remained active, with Antai Group hitting the daily limit (+9.97%), and other companies like Jinkong Coal Industry (+6.25%) and Lu'an Environmental Energy (+5.68%) also seeing gains [4]. - The demand for coal is expected to rise as the peak season approaches, driven by high demand from steel mills and thermal power companies. The long-term trend indicates a fundamental shift in the coal supply-demand balance since May, suggesting a sustained upward trend in coal prices [4]. AI Application Sector - The AI application sector continued its strong performance, with stocks like Fushi Holdings achieving a "20cm" limit-up. Other notable gainers included Jishi Media and Sanqi Interactive Entertainment [5]. Gold Stocks in Hong Kong - Gold stocks in Hong Kong experienced a downturn, with companies like Laopuyin and Chow Tai Fook dropping over 7%. The market is closely watching new tax policies on gold set to take effect in November 2025 [6][8]. New Energy Vehicle Market - New energy vehicle stocks generally rose, with NIO and Xpeng both increasing by nearly 3%. October saw record-high delivery numbers for several companies, with Leap Motor delivering 70,289 vehicles (up 84% year-on-year) and NIO achieving 40,397 vehicles (up 92.6%) [9]. AI Application User Growth - According to a report by QuestMobile, the number of active mobile users in China's AI application sector has surpassed 700 million, reaching 729 million as of September 2025 [10].

Core Insights - The AI application concept is experiencing renewed activity in the market, with significant stock price increases for companies like Fushi Holdings, Shenzhou Information, and others [1] - The market for animated dramas (漫剧) is projected to see over 3,000 new works launched by mid-2025, with a compound annual growth rate of 83% and a revenue increase of 12 times [1] - The overall market size for animated dramas is expected to exceed 20 billion yuan in 2025, with the number of related enterprises anticipated to surpass tens of thousands [1] Industry Summary - Most animated dramas utilize AI in their production, at least in an auxiliary capacity, which contributes to the industry's growth [1] - Animated dramas combine the low cost and fast production speed of short dramas, with a production cycle of 10-13 days and an average runtime of 100 minutes [1] - The production cost ranges from 1,500 to 2,500 yuan per minute, leading to a total production cost of 150,000 to 250,000 yuan per work [1] Investment Opportunities - Institutions suggest that the dual-driven supply and demand for AI animated dramas will lead to high industry growth, emphasizing the importance of continuous innovation in AI technology [1] - The ongoing investment in innovative content forms by platform providers is expected to increase the supply of quality content, creating transaction opportunities within the industry chain [1] - There is a focus on new business models, such as group broadcasting, which are expected to drive high growth opportunities in the upgrade of traditional industry models [1]

Core Insights - The AI application sector continues its strong performance from the previous week, with notable stock movements in several companies [1] Company Performance - Fushi Holdings experienced a significant increase, achieving a two-day limit up of 20% [1] - Other companies such as Jishi Media, 37 Interactive Entertainment, and Tianxia Show also reached their daily limit up [1] - Companies like 360, Wanshili, BlueFocus, and Fengzhushou saw a rise in their stock prices, indicating a broader positive trend in the AI application market [1]

Core Viewpoint - The AI application sector continues to show strong performance, with several companies experiencing significant stock price increases, indicating a robust market interest in AI technologies [1] Group 1: Company Performance - Fushi Holdings (福石控股) has achieved a 20% increase in stock price for two consecutive trading days [1] - Other companies such as Jishi Media (吉视传媒), 37 Interactive Entertainment (三七互娱), and Tianxiao Show (天下秀) have also reached their daily price limits [1] - Companies like 360 (三六零), Wanshili (万事利), BlueFocus (蓝色光标), and Fengzhushou (蜂助手) have seen their stock prices rise in response to the overall market trend [1] Group 2: Industry Insights - According to a report by QuestMobile, the number of monthly active users for AI applications on mobile platforms in China has surpassed 700 million [1] - As of September 2025, the mobile monthly active user count reached 729 million, while the PC user count stands at 200 million [1]

Core Viewpoint - The collaboration between Jishi Media and Changguang Satellite is based on a strategic cooperation agreement signed in July 2024, focusing on satellite data cloud services, rights confirmation, and technology development [2] Group 1 - Jishi Media responded to investor inquiries on October 31 regarding its partnership with Changguang Satellite [2] - The strategic cooperation agreement aims to facilitate the practical application of satellite data services [2]

证券日报网讯吉视传媒（601929）10月31日在互动平台回答投资者提问时表示，关于重组计划相关事 宜，公司目前没有任何具体计划或安排。公司始终严格遵守证券市场信息披露相关规则，所有涉及公司 经营发展的重大事项，均会通过交易所指定信息披露平台及时、准确、完整地进行公告，以保障所有投 资者能够公平、及时地获取信息。 ...

Core Viewpoint - The company emphasizes that current regulatory rules are continuously improving and refining, focusing on strong regulation, risk prevention, and promoting high-quality development [1] Group 1 - The regulatory enforcement behavior has been standardized, creating a fair, transparent, and predictable environment for enterprises [1] - Market participants are effectively deterred, encouraging companies to respect rules and operate in accordance with laws and regulations [1]

Core Viewpoint - The company, Jishi Media (601929), clarified on October 31 that it has not invested in the film "Nanjing Photo Studio" in response to investor inquiries [1] Group 1 - The company confirmed its non-involvement in the film "Nanjing Photo Studio" [1]