Market Overview - On November 4, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3960 points, down 0.41%. The Shenzhen Component Index fell 1.71% to 13175 points, and the ChiNext Index dropped 1.96% to 3134 points. Over 3600 stocks declined, with total trading volume in the Shanghai and Shenzhen markets at 1.92 trillion yuan, a decrease of 190 billion yuan from the previous trading day [1] - The Hong Kong market also experienced a downturn, with the Hang Seng Index closing at 25952.4 points, down 0.79% or 205.96 points. The Hang Seng China Enterprises Index fell 0.92% to 9173.21 points, and the Hang Seng Tech Index decreased by 1.76% to 5818.29 points, with total trading volume at 239.986 billion HKD [1] - In the U.S. market, all three major indices fell, with the S&P 500 Index down 1.17% to 6771.55 points, the Nasdaq Composite Index down 2.04% to 23348.64 points, and the Dow Jones Industrial Average down 0.53% to 47085.24 points [1] New Stock Listing - On November 4, 2025, a new stock, Fengbei Biological (stock code 603334), was listed with an issue price of 24.49 yuan per share and a price-to-earnings ratio of 30.47. The company specializes in the comprehensive utilization of natural oil resources, focusing on bio-based materials and biofuels, with applications in various fields such as pesticides, fertilizers, and biomedicine [1] Important Regulatory News - On November 4, 2025, the People's Bank of China announced a 700 billion yuan reverse repurchase operation scheduled for November 5, 2025, to maintain ample liquidity in the banking system. The operation will have a term of three months (91 days) [2] - The National Medical Products Administration released a new version of the "Quality Management Standards for Medical Device Production," which will take effect on November 1, 2026. This revision aims to enhance the quality management system of medical device companies and improve the overall quality management level in the medical device industry [2]