Core Viewpoint - The article discusses the recent suspension announcement by Gao Le Co., Ltd. due to potential changes in control stemming from its major shareholder, Huatong Group, planning to transfer its shares or delegate voting rights, which may lead to a shift in the company's governance structure [2][6]. Group 1: Company Background - Huatong Group, established in 2003, is the largest shareholder of Gao Le Co., Ltd. and primarily operates in pig farming and slaughtering [5]. - Gao Le Co., Ltd., founded in October 1989, has two main business segments: toys and internet education [6]. Group 2: Shareholding Changes - In November 2022, Huatong Group acquired a 14% stake in Gao Le Co., Ltd. by purchasing 133 million shares for 290 million yuan, along with additional voting rights, resulting in a total control of 21.74% of voting rights [6]. - Following Huatong Group's acquisition, the company aimed to diversify into the new energy battery sector, announcing a 2 billion yuan investment in a 2GWh solid-state battery project in January 2023 [6]. Group 3: Project Adjustments and Financial Performance - By June 2024, the initial project was revised to a 1.2GWh sodium-ion battery project with a reduced investment of 1.05 billion yuan, indicating challenges in the transition to the new energy sector [6]. - As of the first three quarters of 2025, Gao Le Co., Ltd. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still faced a net loss of 11.67 million yuan [7].

1. Report Industry Investment Ratings - Gold: Gold prices are expected to continue oscillating, with increased volatility. It is recommended to pay attention to the fluctuations [13]. - Stock Index Futures: It is recommended to evenly allocate long positions in each stock index [16]. - Foreign Exchange Futures (US Dollar Index): The US dollar is expected to weaken in the short term [20]. - US Stock Index Futures: Adopt a generally bullish approach, but note that the technology sector has not fully reversed its decline. Observe whether the 50 - day moving average can form strong support [25]. - Treasury Bond Futures: The bond market may shift from oscillation to a bearish trend. It is recommended to focus on short - term rebound short - selling strategies [30]. - Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil): The market is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound; otherwise, it will likely remain weak [31]. - Agricultural Products (Soybean Meal): The futures price is expected to remain oscillating. Continue to monitor China's actual purchase of US soybeans and the weather in South American production areas [32]. - Agricultural Products (Corn Starch): Starch is expected to remain relatively strong in the short term, following the trend of corn. For price spreads, it is recommended to operate within a range [34]. - Agricultural Products (Corn): The short - term price is expected to remain high and oscillating. It is recommended to wait and see for the near - term contracts and not to short [38]. - Black Metals (Rebar/Hot - Rolled Coil): Adopt an oscillating perspective and be cautious about the upward space [43]. - Agricultural Products (Pigs): Investors with existing short positions can continue to hold them and adjust stop - loss and take - profit points. For those not yet in the market, wait for a rebound to enter short positions. Long - term investors can focus on far - month contracts after significant corrections [46]. - Non - Ferrous Metals (Lead): For single - side trading, look for opportunities to stop losses at low prices; for arbitrage and cross - market trading, it is recommended to wait and see [48]. - Non - Ferrous Metals (Zinc): For single - side trading, wait and see; for calendar spread arbitrage, hold long positions; for cross - market arbitrage, continue to wait and see [50]. - Non - Ferrous Metals (Polysilicon): The futures main contract is expected to oscillate between 50,000 - 56,000 yuan/ton. Pay attention to range - trading opportunities [53]. - Non - Ferrous Metals (Industrial Silicon): The short - term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to range - trading opportunities [55]. - Non - Ferrous Metals (Copper): For single - side trading, it is recommended to buy on dips; for arbitrage, continue to pay attention [59]. - Non - Ferrous Metals (Nickel): Existing short - position holders can gradually stop losses and take profits, or lightly consider going long on dips. Mid - term evaluation of resource contraction in Indonesia is required [61]. - Non - Ferrous Metals (Lithium Carbonate): Do not chase long positions. If production resumes and demand declines in the off - season, consider lightly shorting on the right side. For the long - term, adopt a strategy of buying on dips [63]. - Energy Chemicals (Crude Oil): Oil prices are expected to oscillate with a bearish bias in the short term [66]. - Energy Chemicals (Carbon Emissions): It is recommended to wait and see [68]. - Energy Chemicals (LLDPE): The futures price of PE is expected to oscillate and decline under the influence of supply increase and demand decrease [70]. 2. Core Views - The US economic data in September, including retail sales and employment, showed weakness, increasing the likelihood of a Fed rate cut in December. The market risk appetite has recovered, and the US dollar index is expected to decline [19]. - The A - share market opened higher and rebounded, but due to uncertainties in Sino - Japanese relations, trading volume remained low, and it is expected to maintain a high - level oscillation in the short term [2][15]. - The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. - In the agricultural products market, the supply pressure of oils and fats is large, and the market is expected to be weak; the supply - demand situation of soybean meal is stable, and the price is expected to oscillate; the price of corn and corn starch is expected to be relatively strong [31][32][38]. - In the non - ferrous metals market, the demand for lithium carbonate needs verification, and different trading strategies are recommended for the short - term and long - term; the price of copper is expected to oscillate at a high level, and it is recommended to buy on dips [5][59]. - In the energy chemicals market, the decline in oil prices is due to the progress of the Russia - Ukraine peace plan, and the short - term trend is bearish; the short - term trend of LLDPE is expected to decline under the influence of supply and demand [66][70]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Ukraine agreed to the terms of the peace agreement, and Fed Governor Milan called for significant rate cuts. The US budget deficit in October reached $284 billion [11][12][13]. - Comment: Gold prices oscillated and closed higher. The progress of the Russia - Ukraine cease - fire negotiation and the dovish speech of the Fed governor affected the market. In the short term, gold prices are expected to continue oscillating [13]. 3.1.2 Macro Strategy (Stock Index Futures) - News: China's foreign investment in the first 10 months increased by 6.2%, and the Sino - US leaders' call was initiated by the US [14][15]. - Comment: The A - share market opened higher and rebounded, but trading volume remained low due to uncertainties in Sino - Japanese relations. It is expected to maintain a high - level oscillation in the short term [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: Kevin Hassett is considered the leading candidate for the next Fed chair. The US labor market weakened, and retail sales in September increased slightly [17][18][19]. - Comment: The latest US retail data was lower than expected, and the labor market was weak. A rate cut in December is almost certain, and the US dollar is expected to weaken in the short term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Kevin Hassett is the leading candidate for the Fed chair. US retail sales in September increased by 0.2% month - on - month, lower than expected, and PPI increased by 0.3% month - on - month [21][22][23]. - Comment: PPI was basically in line with expectations, and core PPI growth was slightly lower than expected. Consumption momentum continued to slow down, and the expectation of a rate cut increased. Overall, a bullish approach is recommended, but pay attention to the technology sector [25]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The State Council will hold a policy briefing, the central bank conducted 1 trillion yuan of MLF operations and 302.1 billion yuan of 7 - day reverse repurchase operations [26][27][28]. - Comment: The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The export volume of Malaysian palm oil from November 1 - 25 decreased by 16.43% month - on - month [31]. - Comment: The oil market sentiment was weak, and the supply pressure was large. It is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound [31]. 3.2.2 Agricultural Products (Soybean Meal) - News: The net export sales of US soybeans in the week ending October 9 were 785,000 tons [32]. - Comment: The supply - demand situation of soybean meal changed little. The market will focus on the weather in South American production areas, and the price is expected to remain oscillating [32]. 3.2.3 Agricultural Products (Corn Starch) - News: The theoretical profits of corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong on November 25 were 68 yuan/ton, 37 yuan/ton, 110 yuan/ton, and 11 yuan/ton respectively [33]. - Comment: The supply - demand pattern of starch improved, and enterprises remained profitable. Starch futures followed corn higher, and price spreads are expected to operate within a range [33]. 3.2.4 Agricultural Products (Corn) - News: The domestic corn price showed mixed trends, with some regions rising and some falling [35][37]. - Comment: The spot price of corn remained strong, and the futures price continued to rise. The short - term price is expected to remain high and oscillating, and it is recommended to wait and see for the near - term contracts [38]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - News: The transaction volume of first - and second - hand houses in 30 key cities showed signs of stabilizing, and the inventory of the passenger vehicle industry at the end of October was 3.41 million [39][40]. - Comment: Steel prices oscillated and strengthened. The increase in steel prices was related to policy expectations and cost support, but the demand did not strongly support the price increase [41]. 3.2.6 Agricultural Products (Pigs) - News: Huatong Co., Ltd. plans to control costs in the next three years [44]. - Comment: The current spot price of pigs is oscillating and falling, which weakens market confidence in peak - season demand. It is recommended to adopt different trading strategies according to the situation [45]. 3.2.7 Non - Ferrous Metals (Lead) - News: On November 24, the LME 0 - 3 lead was at a discount of $28.49/ton [47]. - Comment: The LME lead price was in a downward trend, and the domestic lead price also declined. It is recommended to look for opportunities to stop losses on short positions [47]. 3.2.8 Non - Ferrous Metals (Zinc) - News: On November 24, the LME 0 - 3 zinc was at a premium of $140.2/ton, and Kazakhstan's refined zinc production in October increased [49]. - Comment: The LME zinc price oscillated, and the domestic zinc inventory decreased. Different trading strategies are recommended for single - side trading and arbitrage [50]. 3.2.9 Non - Ferrous Metals (Polysilicon) - News: The cumulative photovoltaic installed capacity from January to October increased by 43.76% year - on - year, and the single - month installed capacity in October was 12.6 GW [51]. - Comment: The spot price of polysilicon is affected by policy and fundamentals. The price of leading manufacturers is expected to remain stable, and it is recommended to focus on range - trading opportunities [52]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - News: In October, the export volume of industrial silicon decreased by 36% month - on - month [54]. - Comment: The export of industrial silicon was lower than expected, and the balance sheet deteriorated. The price is expected to oscillate between 8,800 - 9,500 yuan/ton [55]. 3.2.11 Non - Ferrous Metals (Copper) - News: India's Adani copper smelter is facing a shortage of ore, and the 2026 long - term processing fee for Chinese copper smelters may be at a historical low [56][58]. - Comment: The copper price is supported by market risk appetite but is also affected by economic data and geopolitical situations. It is expected to oscillate at a high level, and it is recommended to buy on dips [59]. 3.2.12 Non - Ferrous Metals (Nickel) - News: The SHFE nickel warehouse receipts decreased, and the LME nickel inventory remained unchanged. The production of Indonesia's QMB MHP project is expected to decline [60]. - Comment: The market risk appetite was supported, and the decline in MHP production may improve the balance sheet. It is recommended to adjust short - positions and consider going long on dips [60]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Ganfeng Lithium's 800,000 - ton lithium iron phosphate project is expected to be put into production in 2026 [62]. - Comment: The demand for lithium carbonate needs verification. Do not chase long positions in the short term, and consider different strategies according to the situation [63]. 3.2.14 Energy Chemicals (Crude Oil) - News: The production of Kazakhstan's largest oil field increased, and the US API crude oil inventory decreased [64][65]. - Comment: Oil prices declined due to the progress of the Russia - Ukraine peace plan. The short - term trend is bearish, and attention should be paid to the OPEC+ meeting [65]. 3.2.15 Energy Chemicals (Carbon Emissions) - News: The closing price of CEA on November 25 was 60.16 yuan/ton [67]. - Comment: The impact of the carry - over policy on CEA price may be more emotional than substantial. It is recommended to wait and see [67]. 3.2.16 Energy Chemicals (LLDPE) - News: China's apparent consumption of PE in October increased by 3.9% month - on - month [69]. - Comment: Under the influence of supply increase and demand decrease, the futures price of LLDPE is expected to oscillate and decline [70].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on November 24, with a total transaction volume of 1.228 billion yuan, indicating active trading dynamics among various stocks [1]. Group 1: Block Trading Overview - A total of 76 stocks underwent block trading, with the highest transaction amounts recorded for Zhuoyi Information (91.95 million yuan), Ao Jie Technology-U (82.50 million yuan), and Jianghua Micro (75.32 million yuan) [1]. - Among the stocks traded, 11 were sold at par value, none at a premium, and 65 at a discount, highlighting a trend of discounted sales in the market [1]. - The stocks with the highest discount rates included Haitai New Energy (30.18%), Zhongchuang Co. (22.91%), and Juguang Technology (22.54%) [1]. Group 2: Institutional Buying Activity - The top stocks purchased by institutional special seats included Ao Jie Technology-U (60.09 million yuan), Shen Sanda A (47.85 million yuan), and Zhuoyi Information (46.65 million yuan) [2]. - Other notable purchases were made in Chenxin Pharmaceutical (29.98 million yuan), Zhongtian Rocket (26.52 million yuan), and Keli Er (23.66 million yuan) [2]. Group 3: Institutional Selling Activity - The leading stocks sold by institutional special seats were Zijin Mining (11.36 million yuan), Industrial Fulian (10.54 million yuan), and Sunshine Power (9.44 million yuan) [3]. - Additional significant sales included Xin Yisheng (8.94 million yuan) and Wanda Information (7.13 million yuan) [3].

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Summary of Key Points Core Viewpoint - On November 24, a total of 15 companies had their restricted shares unlocked, with a total unlock volume of 1.097 billion shares, amounting to a market value of 10.916 billion yuan based on the latest closing prices [1] Company-Specific Summaries - **Unlock Volume Leaders**: The companies with the highest unlock volumes were China Southern Airlines, Huadong Medicine, and Matrix Holdings, with unlock shares of 804 million, 167 million, and 55.0324 million respectively [1] - **Unlock Market Value Leaders**: In terms of market value, China Southern Airlines, Huadong Medicine, and Matrix Holdings also led, with unlock market values of 5.689 billion yuan, 1.742 billion yuan, and 1.222 billion yuan respectively [1] - **Unlock Ratio Leaders**: The companies with the highest unlock ratios relative to their total share capital were Matrix Holdings, Huadong Medicine, and Yilian Technology, with unlock ratios of 30.57%, 20.78%, and 12.55% respectively [1]

Market News - China's official PMI for November and industrial profits for October will be released, with October's manufacturing PMI dropping to 49, while high-tech manufacturing, equipment manufacturing, and consumer goods sectors continue to expand [3] - Key economic data from the US includes September retail sales and durable goods orders, delayed due to recent government shutdowns, along with initial jobless claims [4] - The Federal Reserve's Beige Book and the European Central Bank's meeting minutes will be published, with expectations for New Zealand's central bank to cut rates by 25 basis points to 2.25% and Korea's central bank to maintain rates at 2.5% [5] - The US government is considering allowing Nvidia to sell H200 chips to China, with the Commerce Department reviewing export restrictions [6] - The People's Bank of China will have 16,760 billion yuan in reverse repos maturing this week, with various amounts maturing each day [7] - MSCI announced adjustments to its indices, including the addition of 17 stocks and the removal of 16 from the MSCI China A-share index, effective November 24, 2025 [8] Sector Developments - The Ministry of Industry and Information Technology announced the official launch of satellite IoT commercial trials in China [10] - A price adjustment window for oil products is set for November 24, with a projected decrease of 50 yuan per ton based on current oil prices [10] - The world's largest "Hualong One" nuclear power base successfully connected its second unit to the grid [10] - The 2025 Asian General Aviation Exhibition will take place from November 27 to 30 in Zhuhai, focusing on low-altitude possibilities [10] - The 2025 Software Technology Conference will be held in Beijing on November 28, themed "AI Reshaping Software, Empowering the Future of Industry" [10] - The China Automotive Supply Chain Conference is scheduled for November 24-26, 2025, in Wuhu, focusing on industry ecosystem dynamics [10] Individual Stock Events - Jiahua Technology plans to acquire controlling interest in Shudun Technology, leading to a stock suspension [15] - China Merchants Bank's financial asset investment company has been approved to commence operations [15] - CITIC Bank's wholly-owned subsidiary has also received approval to start operations [15] - Several companies are facing risks related to stock price fluctuations and bankruptcy restructuring [15] - Companies like Jinkang Technology and Qingmu Technology are planning significant acquisitions and strategic partnerships [15] Lock-up Expiration - A total of 39 companies will have lock-up shares released this week, amounting to 1.927 billion shares with a total market value of 20.295 billion yuan based on the closing price on November 21 [14] - The peak lock-up expiration day is November 24, with 18 companies releasing shares worth a total of 12.496 billion yuan, accounting for 61.57% of the week's total [14] - Notable companies with significant lock-up expirations include Southern Airlines, Huazhong Holdings, and Jiyang Precision [14] Upcoming IPOs - Two new stocks are set to be issued this week: Moer Thread on November 24 and Bai Ao Sai Tu on November 28 [19] Economic Outlook - The current volatility in global risk assets is attributed to liquidity issues and over-reliance on AI narratives, suggesting a potential for valuation corrections [21] - There is an opportunity for reallocating investments in A-shares and Hong Kong stocks, focusing on traditional manufacturing and resource sectors [22] - The market is expected to see a recovery in Chinese assets as overseas risks are absorbed, with a focus on high-growth sectors like AI and manufacturing [24] - The upcoming spring market is anticipated to benefit from policy validation and cyclical price increases, with a focus on sectors like basic chemicals and industrial technology [23]

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector, particularly focusing on the livestock industry and its cyclical recovery [1][4]. Core Insights - The livestock industry is experiencing a reversal of internal competition, which is expected to support long-term pig prices. As of November 21, the price of live pigs was 11.67 CNY/kg, with a week-on-week decrease of 0.4% [1]. - The beef market is entering a new price increase phase, with the average price of beef at 66.38 CNY/kg, showing a year-on-year increase of 8% [2]. - The report emphasizes the importance of leading companies in the livestock sector, suggesting that their cash flow will improve due to official capacity control measures [3]. Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product data, highlighting trends in livestock prices and supply dynamics [12]. 2. Fundamental Tracking 2.1 Swine - The swine industry is seeing orderly progress in reversing internal competition, which is expected to stabilize profitability [13]. 2.2 White Chicken - A slight increase in supply is noted, with attention on seasonal consumption recovery [13]. 2.3 Yellow Chicken - Supply remains at a low level, with potential benefits from improved domestic demand [13]. 2.4 Eggs - The egg market faces significant mid-term supply pressure, with wholesale prices at 3.63 CNY/jin, down 28% year-on-year [13]. 2.5 Beef - A new round of beef price increases is anticipated, with a focus on the upward trend in the beef cycle for 2025 [13]. 2.6 Raw Milk - The report suggests that the de-stocking of dairy cows may accelerate in Q4, potentially leading to a price turning point for raw milk [13]. 2.7 Soybean Meal - Short-term supply is expected to be ample, while medium-term demand and supply dynamics are projected to strengthen [13]. 2.8 Corn - Domestic supply and demand balance is tightening, with prices expected to maintain a moderate upward trend [13]. 2.9 Sugar - Short-term increases in imports are noted, with attention on the rhythm of arrivals and fluctuations in crude oil prices [13]. 2.10 Rubber - Prices are expected to stabilize in the short term, with a positive outlook for the medium term [13]. 2.11 Palm Oil - Short-term performance is weak, with medium-term policy support being a focus [13]. 2.12 Cotton - Inventory pressure is neutral, with demand still needing recovery [13]. 2.13 Red Dates - Limited demand recovery is noted, with attention on weather conditions in new production areas [13]. 3. Market Trends - The report discusses market trends and price movements across various agricultural products, indicating a complex interplay of supply and demand factors [12].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

Group 1 - The domestic gasoline and diesel prices are expected to decrease by 50 yuan per ton due to a change in the average price of crude oil, which is currently at 61.83 USD per barrel with a change rate of -0.97% [1] Group 2 - MSCI announced the inclusion of 17 new stocks and the removal of 16 stocks from the MSCI China A-share Index, effective after the market closes on November 24, 2025 [2] Group 3 - Huawei is set to hold a product launch event on November 25, 2023, featuring the Mate 80 series, which includes four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS [3] Group 4 - The 2025 China Automotive Supply Chain Conference will take place from November 24 to 26, 2025, in Wuhu, focusing on the theme "Chain Driving New Quality of Industrial Ecology" [4] Group 5 - Over 200 billion yuan worth of restricted shares will be unlocked next week, with Southern Airlines leading the way at 56.89 billion yuan [5] - The peak unlocking date is November 24, with significant unlocks from Southern Airlines (56.89 billion yuan), Huadong Holdings (17.42 billion yuan), and Sains (14.49 billion yuan) [5] Group 6 - Two new stocks will be issued next week: Moer Thread on November 24 at an issue price of 114.28 yuan per share, and Bai Ao Sai Tu on November 28 [7][8]

Group 1 - The domestic gasoline and diesel prices are expected to decrease by 50 yuan per ton due to a change in the average price of crude oil, which is currently at 61.83 USD per barrel with a change rate of -0.97% [1] - MSCI announced the inclusion of 17 new stocks and the removal of 16 stocks from the MSCI China A-share index, effective after the market closes on November 24, 2025 [2] - Huawei is set to hold a product launch event for the Mate 80 series and other products on November 25, 2023, featuring four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS [3] Group 2 - Over 200 billion yuan worth of restricted shares will be unlocked next week, with Southern Airlines leading the list at 56.89 billion yuan, followed by Huadong Holdings at 17.42 billion yuan and Sains at 14.49 billion yuan [5] - The peak of share unlocks will occur on November 24, 2023, with 40 companies having their restricted shares released [5][6][7] Group 3 - Two new stocks are set to be issued next week: Moer Thread on November 24 at an issue price of 114.28 yuan per share, and Bai Ao Sai Tu on November 28 [8][9]