Macro Dynamics - The State Council issued measures to guide private capital's orderly participation in low-altitude economy infrastructure construction, optimizing satellite communication business access policies and supporting capable private enterprises in major national technology tasks [2] Pharmaceutical Innovations - Shanghai Hepu Pharmaceutical's innovative hepatitis B drug Hepulapta achieved breakthrough results in a Phase II clinical trial, showing the ability to reverse drug resistance in chronic hepatitis B patients and achieve sterilizing cure [3] Automotive Market - In October, the retail sales of new energy passenger vehicles reached 1.282 million units, a year-on-year increase of 7.3%, while the cumulative sales from January to October reached 10.151 million units, growing by 21.9% [4][5] Oil Price Adjustments - Domestic gasoline and diesel prices will increase by 125 and 120 yuan per ton respectively starting from November 10, with an average increase of 0.10 yuan per liter for 92, 95 gasoline, and 0 diesel [6] Monetary Policy - The Bank of Japan's October meeting minutes suggest a possible interest rate hike in December, aligning with market expectations for an increase in borrowing costs by early next year [7] Financial Institutions - Zhejiang Securities announced the retirement of Chairman Wu Chenggen and the appointment of Qian Wenhai as the new chairman and president [9] Market Data - The Shanghai Composite Index rose by 0.53% on November 10, with significant gains in the consumer goods sector, particularly in food and beverage stocks [11] - The total margin financing balance decreased by 50.19 billion yuan as of November 7, with the Shanghai Stock Exchange reporting a balance of 12,567.49 billion yuan [12] Company Developments - Purun Co. announced a share transfer at 106.66 yuan per share, which is a 38% discount compared to the closing price [14] - Zhongji Xuchuang plans to issue H-shares and list on the Hong Kong Stock Exchange [15] - Mindray Medical submitted an application for H-share listing on the Hong Kong Stock Exchange [16] - Shandong Gold's subsidiary needs to pay 738 million yuan in taxes, which is expected to impact the company's net profit for 2025 by 230 million yuan [17] - Lingzhi Software plans to acquire 100% of Kaimiride's equity, with stock resuming trading on November 11 [18] - *ST Yuancheng's stock will be suspended from trading due to falling below the mandatory delisting threshold [19]

Core Viewpoint - The company, Zhongji Xuchuang (300308.SZ), announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and global presence, improve overseas financing capabilities, and strengthen corporate governance and core competitiveness for high-quality development [1] Group 1 - The company aims to promote its internationalization strategy and global layout [1] - The issuance of H-shares is part of the company's overall development strategy and operational needs [1] - The board of directors has authorized the management to initiate the preparatory work for the H-share listing, with a timeframe of 12 months from the board's approval [1]

Group 1 - The company Zhongji Xuchuang (300308.SZ) announced that it will hold a board meeting on November 10, 2025, to discuss the issuance of shares overseas (H-shares) and listing on the Hong Kong Stock Exchange [1] - The board has authorized the management to initiate the preparatory work for the H-share listing, with an authorization period of 12 months from the date of board approval [1]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 11 月 10 日召开第五届董事会第二十五次会议，审议通过了《关于授权公司管理层启动公司境 外发行股份（H 股）并在香港联合交易所有限公司上市相关筹备工作的议案》。 为持续推进公司国际化战略和全球化布局，增强公司的境外融资能力，进一步提 升公司治理水平和核心竞争力，助力公司高质量发展，根据公司总体发展战略及运营 需要，公司拟在境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香 港联交所"）上市（以下简称"本次 H 股上市"），公司董事会授权公司管理层启动 本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过之日起 12 个月内。 公司计划与相关中介机构就本次 H 股上市的具体推进工作进行商讨，关于本次 H 股上市的细节尚未确定。 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创 业板股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交易 所有限公司证券上市规则》等相关法律法规的要求，待具 ...

中际旭创股份有限公司(以下简称"公司"或"中际旭创")第五届董事会第二十 五次会议（以下简称"本次会议"）通知于 2025 年 11 月 5 日以传真、电子邮件等方 式发出，并于 2025 年 11 月 10 日上午 9:30 以通讯方式召开，会议由董事长刘圣先生 主持，会议应参加董事 8 人，实际参加董事 8 人，公司部分高级管理人员及相关人员 列席了会议。会议的召开及表决程序符合《公司法》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定，会议合法有效。会议审议并通过了以下议案： 一、审议通过了《关于授权公司管理层启动公司境外发行股份（H 股）并在香港 联合交易所有限公司上市相关筹备工作的议案》 为持续推进公司国际化战略和全球化布局，增强公司的境外融资能力，进一步提 升公司治理水平和核心竞争力，助力公司高质量发展，根据公司总体发展战略及运营 需要，公司拟在境外发行股份（H 股）并在香港联合交易所有限公司上市，公司董事 会授权公司管理层启动本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过 之日起 12 个月内。 具体内容详见公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网 上 ...

Core Viewpoint - The company plans to initiate the process for issuing H shares and listing on the Hong Kong Stock Exchange to enhance its international strategy and global presence [1] Group 1 - The fifth session of the company's board of directors will convene on November 10, 2025, to review the proposal for the H share issuance [1] - The board has authorized the management to start the preparatory work for the overseas issuance of shares within a 12-month period from the approval date [1] - The move aims to improve the company's overseas financing capabilities, governance standards, and core competitiveness [1]

Investment Rating - The communication industry is rated as "Overweight" [10] - The communication equipment manufacturing sector is also rated as "Overweight" [10] Core Insights - The communication sector saw a significant increase in holdings, with the top ten funds holding 7.26% of the communication sector, up 3.58 percentage points from the previous quarter, marking the highest quarterly holding ratio since 2019 [2][3] - The sector's overweight ratio increased to 3.36%, up 2.90 percentage points from the previous quarter [3][14] - Key areas of investment include optical modules, liquid cooling, optical chips, and optical fiber cables, while operators, data centers, and Beidou systems saw reduced holdings [3][14] - The TTM price-to-earnings ratio for the communication sector as of November 7, 2025, is 43.62x, which is at the 69.3% historical percentile since early 2011 [3][14] Summary by Sections Market Performance - The communication index rose by 0.92% last week, while the Shanghai Composite Index increased by 1.08% and the Shenzhen Component Index by 0.19% [2][13] Fund Holdings - In Q3 2025, public funds increased their holdings in the communication sector, with significant increases in companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yingweike, and Yuanjie Technology, with total market value increases of 82.43 billion, 78.93 billion, 9.29 billion, 4.06 billion, and 3.79 billion respectively [3][25] - The top five companies by increase in holdings during Q3 2025 saw stock price increases of 176.8%, 188.0%, 110.8%, 169.2%, and 120.3% respectively [25][26] Key Companies and Recommendations - Recommended companies include Xinyi Sheng, Zhongxing Communication, Ruijie Network, China Mobile, China Telecom, China Unicom, and Hengtong Optoelectronics, all rated as "Buy" [10][58] - The report highlights the potential for AI computing chain investments, particularly in optical modules and related technologies [2][3] Valuation and Future Outlook - The report anticipates continued growth in the AI computing sector, with companies like Xinyi Sheng expected to benefit significantly from the demand for high-speed products [59][62] - Adjustments to profit forecasts for companies like Zhongxing Communication and Ruijie Network reflect a cautious outlook due to market conditions, but long-term growth potential remains [59][62]

Core Insights - The main point of the articles is the analysis of capital flow in various industries, highlighting the sectors that experienced significant inflows and outflows of funds on November 10, 2023. Group 1: Industry Performance - A total of 23 industries saw an increase, with the beauty care and food & beverage sectors leading with gains exceeding 3% [1] - Among the 8 declining industries, the power equipment sector had the largest drop at 1.09% [1] - The food & beverage and retail sectors received the highest net inflows, each exceeding 1.1 billion [1] Group 2: Capital Inflows - Ten industries experienced net inflows, with food & beverage and retail sectors leading with inflows over 1.1 billion each [1] - The real estate sector saw a net inflow of 700 million, while light industry manufacturing and pharmaceutical sectors each had inflows exceeding 400 million [1] Group 3: Capital Outflows - The power equipment sector had the highest net outflow, amounting to 6.88 billion [2] - Other sectors with significant outflows included electronics, mechanical equipment, automotive, and computer industries, each exceeding 2 billion [2] Group 4: Individual Stock Performance - Notable stocks with significant net inflows included Cambridge Technology with 758 million, marking the highest inflow since June 12, 2023 [4] - Wuliangye, a leading liquor company, saw a net inflow of 652 million, emphasizing its commitment to shareholder returns with a projected cash dividend rate of 70% for 2024 [4] - Other companies with notable inflows included BYD, Fushikong, and China Duty Free, among others [5] Group 5: End-of-Day Capital Flow - At the end of the trading day, there was a net inflow of 1.165 billion across the markets, with the ChiNext board contributing 928 million [10] - Individual stocks with significant end-of-day inflows included Tianfu Communication with 316 million [11]

Core Viewpoint - The ChiNext 50 ETF (159682) has experienced a decline of over 2% as of the morning close on November 10, with a trading volume exceeding 200 million yuan, indicating significant market activity [1] Group 1: ETF Performance - The ChiNext 50 ETF tracks the ChiNext 50 Index, with industry allocations including manufacturing, information transmission, software, and technology services [1] - Key weighted stocks in the index include CATL, Dongfang Wealth, Xinyisheng, Zhongji Xuchuang, Shenghong Technology, Huichuan Technology, Sunshine Power, and Tianfu Communication [1] - The ETF also includes off-market connecting funds: Connect A (017949) and Connect C (017950) [1] Group 2: Earnings Reports - As of October 31, 2023, 1,388 companies listed on the ChiNext have reported a total revenue of 3.25 trillion yuan for the first three quarters, reflecting a year-on-year growth of 10.69% [1] - The net profit for these companies reached 244.66 billion yuan, with a year-on-year increase of 18.69%, indicating an acceleration in growth compared to the first half of the year [1] Group 3: Market Outlook - According to Industrial Securities, positive factors from the quarterly reports are expected to catalyze a favorable outlook for the technology growth sector [1] - The market's risk appetite is anticipated to rise as the most significant overseas disturbances may be subsiding, coinciding with a phase of positive catalysts from domestic quarterly report validations [1] - Expectations of a potential interest rate cut by the Federal Reserve may further strengthen this trend [1]

Core Viewpoint - The A-share market is experiencing volatility, but overall corporate earnings are in a recovery phase, with a positive medium-term outlook supported by stable economic and policy expectations [2][3]. Market Performance - As of November 10, 2025, the CSI 300 Index decreased by 0.24%, with notable stock movements including China Duty Free leading with a 10.00% increase and Sanhua Intelligent Control dropping by 7.02% [2]. - The CSI 300 ETF by Bosera fell by 0.33%, with a recent price of 1.52 yuan, while it saw a cumulative increase of 0.73% over the past week as of November 7 [2]. Investment Strategy - Analysts suggest focusing on sectors with independent growth logic and improving return on equity (ROE), rather than avoiding AI narratives entirely [3]. - The current market style is expected to be more balanced compared to the third quarter, with recommendations to invest in technology growth and high-end manufacturing sectors, as well as cyclical sectors benefiting from domestic demand recovery [3]. Sector Analysis - The TMT sector, along with materials and chemicals, is significantly influenced by AI narratives, with these sectors comprising over 60% of institutional holdings [3]. - The top ten weighted stocks in the CSI 300 Index as of October 31, 2025, include Ningde Times and Kweichow Moutai, accounting for 21.76% of the index [4].