西部证券晨会纪要-20251125

Core Conclusions - The non-farm employment in the U.S. unexpectedly increased by 119,000 in September, significantly exceeding the market expectation of 50,000, while the unemployment rate rose to 4.4%, the highest since 2021 [5][6] - The price of antimony has rebounded significantly, presenting potential investment opportunities in antimony-related sectors [2][4] Domestic Market Overview - The Shanghai Composite Index closed at 3,836.77, with a slight increase of 0.05%, while the Shenzhen Component Index rose by 0.37% to 12,585.08 [3] - The CSI 300 Index decreased by 0.12% to 4,448.05, indicating a mixed performance across major indices [3] International Market Overview - The Dow Jones Industrial Average closed at 46,448.27, up by 0.44%, while the S&P 500 and Nasdaq saw increases of 1.55% and 2.69%, closing at 6,705.12 and 22,872.01 respectively [3] Industry Insights - The Federal Reserve's October meeting minutes revealed significant disagreement among policymakers regarding the potential for a rate cut in December, with a 10 to 2 vote to lower the federal funds rate by 25 basis points [4] - The Congo has extended the ban on artisanal mining trade in conflict-affected provinces, impacting global supply chains for tin, tantalum, and tungsten, which are critical for electronics and aerospace industries [7] Market Trends - The North Exchange saw an average daily trading volume of 17.91 billion yuan, a decrease of 16.2% week-on-week, with the North Exchange 50 index dropping by 9.04% [8] - The top five gainers included Dapeng Industrial (up 1211.1%) and Beikang Testing (up 289.6%), while the largest losers were Luqiao Information (down 23.2%) and Taipeng Intelligent (down 19.8%) [8] Investment Recommendations - The North Exchange's policy support is expected to benefit specialized and innovative enterprises, with a focus on the net subscription status of thematic funds and the liquidity recovery opportunities from the launch of the "specialized and innovative" index funds [10] - The current market adjustment may provide a window for medium to long-term investment opportunities, particularly in high-growth sectors that have been undervalued [10]