| 新股发行及今日交易提示 | 2025/11/7 | 星期五 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/7 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 787727 | 恒坤新材 | 14.99 | 301638 | 南网数字 | 5.69 | | | 2025/11/7 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | 603092 | 德力佳 | 46.68 | 920003 | 中诚咨询 | 14.27 | | | 2025/11/7 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=603122&announcementId=122479 | 603122 | 合富中国 | 1145&orgId=nssc1000089&announcementTime=2025 | -11-07 | | | | http ...

| 新股发行及今日交易提示 | 2025/11/6 | 星期四 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/6 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | 603376 | 大明电子 | 12.55 | 2025/11/6 | 内地市场权益提示 | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300300&announcementId=122478 | 300300 | 海峡创新 | | 7111&orgId=9900021956&announcementTime=2025 | -11-04 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=301308&announcementId=122477 | 严重异常波动 | 301308 | 江波龙 | | | | ...

分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 2025 年 11 月 05 日 证券研究报告|银行理财周报 养老理财试点扩至全国，个人养老金产品准入简化 银行理财周度跟踪（2025.10.27-2025.11.02） 销售服务电话： 021-20515355 融 合 新 实 践 — 银 行 理 财 周 度 跟 踪 （2025.10.20-2025.10.26）》2025-10-29 2、《理财公司共话行业趋势：多资产配置 破局低利率，科技赋能行业转型—银行理 财周度跟踪（2025.10.13-2025.10.19）》 2025-10-22 3、《理财公司"增资补血"：驱动因素几 何 ？ — 银 行 理 财 周 度 跟 踪 （2025.10.6-2025.10.12）》2025-10-15 4、《理财公司加码科创债 ETF，上市公 司调研力度再升级—银行理财周度跟踪 （202 ...

Macro Strategy Overview - The report indicates that the current bull market is experiencing a pause and is undergoing a phase of consolidation, with expectations of continued volatility in the near term [1][6]. - The U.S. Federal Reserve is likely to continue its interest rate cuts in December, with a high probability of a 25 basis point reduction, as inflation remains manageable and the job market shows signs of weakness [6][29]. - The economic performance in the first three quarters of 2025 has exceeded expectations, with GDP growth at 5.2%, but there are increasing pressures on domestic demand [6][43]. Overseas Economic Environment - Following the U.S.-China trade negotiations, tariffs on Chinese goods have been reduced by 10%, although ongoing tensions between the two countries are expected to persist [6][30]. - The overall impact of tariffs on U.S. inflation has been limited, with inflation expected to remain stable due to insufficient demand [6][20]. Domestic Economic Environment - Domestic consumption and investment are showing signs of decline, while external demand remains relatively strong, indicating a divergence in economic performance [6][43]. - The report highlights that the policy environment is expected to remain stable, with a focus on infrastructure investment to support economic growth [6][55]. A-Share Market Strategy - The A-share market is currently in a phase of consolidation, with a shift towards a more balanced investment style as external disturbances ease [7][12]. - The report suggests a cautious approach to investment in the A-share market, with a focus on sectors that are expected to benefit from technological innovation in the medium to long term [7][8]. Asset Allocation Insights - The report presents a neutral outlook for major asset classes, including A-shares, Hong Kong stocks, and U.S. stocks, indicating a shift from a relatively optimistic stance in previous reports [8]. - The recommendation is to adopt a balanced asset allocation strategy while remaining vigilant for opportunities in technology and other growth sectors [8][7].

2025 年 11 月 05 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/11/5 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2025/10/28》2025-10-28 2、《ETF 及指数产品网格策略周报— 2025/10/21》2025-10-21 3、《ETF 及指数产品网格策略周报— 2025/10/14》2025-10-14 4、《ETF 及指数产品网格策略周报— 2025/9/23》2025-09-23 5、《ETF 及指数产品网格策略周报— 2025/9/17》2025-09-17 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质 ...

2025 年 11 月 05 日 证券研究报告 | 市场点评报告 强化基准"锚尺"作用 《公开募集证券投资基金业绩比较基准指引（征求意见稿）》点评 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师：宋逸菲 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 相关研究报告 1、《销售新规发布，行业生态重塑—《公 开募集证券投资基金销售费用管理规定》 （征求意见稿）点评》2025-09-08 2、《以投资者为本的转型之路—证监会 发布《推动公募基金高质量发展行动方 案》点评》2025-05-08 投资要点 2025 年 10 月 31 日，中国证监会发布《公开募集证券投资基金业绩比较基准 指引（征求意见稿）》（以下简称《指引》），中国证券投资基金业协会同步发布 《公开募集证券投资基金业绩比较基准操作细则（征求意见稿）》（以下简称《操 作细则》），向社会公开征求意见。 结合《指引》和《操作细则》，业绩比较基准相关 ...

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=003033&announcementId=122475 | 003033 | 征和工业 | 0196&orgId=9900033053&announcementTime=2025 | -10-29 | | | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002545&announcementId=122474 | 002545 | 东方铁塔 | 9691&orgId=9900017607&announcementTime=2025 | -10-29 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300455&announcementId=122475 | 300455 | 航天智装 | 4779&orgId=9900023941&announcementTime=202 ...

2025 年 11 月 05 日 证券研究报告 | 金融工程周报 市场情绪仍偏高，警惕高位股调整风 险 市场环境因子跟踪周报（2025.11.05） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 分析师登记编码：S0890524080001 电话：021-20321077 研究助理：张君睿 021-20515355 1、《海外风险缓和，风格切换概率提升— 市场环境因子跟踪周报（2025.10.29）》 2025-10-29 2、《止盈意愿上升，风格切换或将持续— 市场环境因子跟踪周报（2025.10.23）》 2025-10-23 3、《假期临近，市场延续震荡—市场环境 因 子 跟 踪 周 报 （ 2025.09.24 ）》 2025-09-24 4、《市场波动加剧，但上行趋势不变—市 场环境因子跟踪周报（2025.09.17）》 2025-09-17 5、《市场陷入震荡，短期难免 ...

New Stock Issuance - Multiple new stock issuances are scheduled for November 4, 2025, across various companies, including ST Zhongdi (000609) and Pingtan Development (000592) which reported significant abnormal fluctuations[1] - Jiangbolong (301308) and Xiangnong Xinchuan (300475) are among the companies with recent announcements prior to November 4, 2025[1] Abnormal Fluctuations - Pingtan Development (000592) reported severe abnormal fluctuations on November 4, 2025, indicating potential volatility in its stock performance[1] - Other companies such as ST Panda (600599) and ST Huapeng (603021) also reported abnormal fluctuations on the same date, suggesting a trend of instability in the market[1] Market Trends - The report highlights a growing trend of companies experiencing abnormal stock price movements, which may indicate increased market volatility and investor caution[1] - The presence of multiple companies with abnormal fluctuations could signal a broader market trend that investors should monitor closely[1]

New Stock Issuance - New stock for Beikang Testing (920160) issued at a price of 6.70 on November 3, 2025[1] - New stock for Danna Biology (920009) issued at a price of 17.10 on November 3, 2025[1] Market Alerts - ST Zhongdi (000609) announced significant abnormal fluctuations on October 30, 2025[1] - Jiangbolong (301308) reported severe abnormal fluctuations on October 30, 2025[1] - Xiangnan Chip (300475) disclosed abnormal fluctuations on October 24, 2025[1] - Shangtai Technology (001301) announced abnormal fluctuations on November 3, 2025[1] - Hainan Development (002163) reported abnormal fluctuations on November 3, 2025[1] - Zhongrui Co., Ltd. (002374) disclosed abnormal fluctuations on November 3, 2025[1] - Fujian Jinsen (002679) announced abnormal fluctuations on November 3, 2025[1] - Yongxing Materials (002756) reported abnormal fluctuations on November 3, 2025[1] - Xinhongze (002836) disclosed abnormal fluctuations on November 3, 2025[1] - Guocheng Mining (000688) announced abnormal fluctuations on November 3, 2025[1]