国新证券每日晨报-20251110

Domestic Market Overview - The domestic market experienced narrow fluctuations with slight declines on November 7, 2025. The Shanghai Composite Index closed at 3997.56 points, down 0.25%, while the Shenzhen Component Index closed at 13404.06 points, down 0.36%. The ChiNext Index fell by 0.51% and the STAR Market 50 Index decreased by 1.47%. The total trading volume of the A-share market was 202.02 billion yuan, showing a slight decrease from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 14 sectors saw gains, with basic chemicals, petroleum and petrochemicals, and consumer services leading the increases. In contrast, the computer, electronics, and automotive sectors experienced the largest declines. Notably, indices related to lithium battery electrolytes, cultivated diamonds, and fluorine chemicals showed active performance [1][4][9] Overseas Market Overview - The U.S. stock market closed mixed on November 7, 2025. The Dow Jones Industrial Average rose by 0.16% and the S&P 500 increased by 0.13%, while the Nasdaq Composite fell by 0.21%. Coca-Cola and Sherwin-Williams led the Dow with gains exceeding 2%. The index tracking the seven major U.S. tech companies fell by 0.56%, with Tesla dropping nearly 4% and Google declining over 2%. Most Chinese concept stocks also fell, with Xpeng Motors down over 6% and Zai Lab down more than 5% [2][4] Economic Data Insights - In October 2025, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.2% month-on-month and 0.2% year-on-year. The core CPI, excluding food and energy, rose by 1.2%, marking the sixth consecutive month of expansion. The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [3][12][13] - The increase in CPI was influenced by rising service prices, which turned from a decline of 0.3% to an increase of 0.2%. Notable price increases included hotel accommodations, airline tickets, and travel costs, which rose by 8.6%, 4.5%, and 2.5%, respectively. Food prices also increased by 0.3%, driven by fresh vegetables and lamb, while gold jewelry prices rose by 10.2% due to international gold price increases [12][13] Policy Developments - The Beijing municipal government announced plans to establish a national data element comprehensive pilot zone, aiming to enhance the market-oriented allocation of data elements. This initiative includes the construction of a national data management center and a national data resource center, with a focus on promoting data technology innovation and developing a robust data service and industry system [16][17] - The Sichuan provincial government introduced 25 measures to deepen employment reforms, focusing on expanding employment capacity in key industries such as artificial intelligence, healthcare, and high-end energy equipment. The measures aim to simplify employment procedures for recent graduates and encourage companies to relax age restrictions for hiring [18]