Venture(US:VEMLY) Zhong Guo Jin Rong Xin Xi Wang·2025-11-03 04:03Market Overview - The Shanghai and Shenzhen stock indices opened slightly lower on November 3, with the ChiNext index dropping over 2% at one point. By the close, the Shanghai Composite Index turned positive, while the ChiNext index fell over 1% [1] - The market showed rapid rotation of hot sectors, with notable gains in thorium-based molten salt concept stocks, AI application stocks, and coal sector stocks. The Hainan Free Trade Zone sector continued its strong performance [1] Sector Performance - Thorium-based molten salt concept stocks surged, with Baose Co. and Hailu Heavy Industry hitting the daily limit [1] - AI application stocks, including Jishi Media and 37 Interactive Entertainment, also reached the daily limit [1] - The coal sector strengthened, with Antai Group achieving 7 daily limits in 13 days [1] - Quantum technology concept stocks experienced fluctuations, with Shenzhou Information hitting the daily limit [1] - Conversely, the battery sector faced collective adjustments, with Shanghai Washba hitting the daily limit down and Haike New Source dropping over 15% [1] Institutional Insights - Shenwan Hongyuan predicts that the spring of 2026 may be a phase peak for the market, with the current technology growth trend losing significant attractiveness. However, growth stocks remain relatively high in value compared to cyclical stocks [2] - CITIC Securities suggests that the market will face horizontal adjustments in November, advising investors to pause on increasing positions due to emotional pressure and a lack of new positive catalysts [3] - Huachuang Securities maintains a long-term optimistic outlook, expecting a new profit upcycle to begin, with a focus on low-base sectors for greater elasticity in the coming year [3]