东海证券晨会纪要-20251110

Group 1 - Positive price signals observed in October 2025 inflation data, with CPI showing a year-on-year increase of 0.2% and PPI showing a year-on-year decrease of -2.1%, indicating a potential recovery in prices [5][6][8] - The CPI's month-on-month increase of 0.2% is higher than the five-year average of 0.02%, suggesting stronger seasonal performance [6] - The PPI's month-on-month increase of 0.1% marks the first positive growth since November of the previous year, reflecting improvements in upstream energy prices and midstream capacity management [7][8] Group 2 - October 2025 export data shows a year-on-year decrease of -1.1%, influenced by high base effects, while imports increased by 1.0% [11][12] - Despite the negative year-on-year export growth, the two-year compound growth rate remains at 5.55%, indicating resilience in exports [12][13] - The trade surplus for October was reported at $90.07 billion, a decrease of $5.64 billion compared to the same month last year [11] Group 3 - Global asset performance shows mixed results, with Hong Kong and A-shares performing well while European and American markets faced adjustments [18][19] - The domestic equity market saw a daily average trading volume of 1.9923 trillion yuan, with 19 sectors rising and 12 falling [19][30] - The report highlights the importance of domestic AI technology advancements and application promotion, as well as the impact of recent government policies on market dynamics [20][22]