Alphabet(US:GOOG) Yintai Securities·2025-11-27 02:25Policy and Economic Outlook - The implementation plan aims for a significant optimization of consumer goods supply structure by 2027, targeting three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots[2] - By 2030, a high-quality development pattern with positive interaction between supply and consumption is expected to be established, with consumption's contribution to economic growth steadily increasing[2] Market Performance - The Shanghai Composite Index closed at 3864.18 points, down 0.15%, while the Shenzhen Component Index rose 1.02% to 12907.83 points, with total trading volume of 17833.46 billion yuan, a decrease of 288 billion yuan from the previous trading day[4] - The ChiNext Index increased by 2.14%, and the Sci-Tech 50 Index rose by 0.99%[4] Sector Analysis - Leading sectors included telecommunications, comprehensive services, electronics, and retail, while defense, social services, media, and oil and petrochemicals lagged behind[4] - The top three sectors for net capital inflow were telecommunications, electronics, and retail, indicating strong investor interest in these areas[25] Interest Rates and Exchange Rates - The latest yield on the 10-year government bond is 1.8588%, with a change of +3 basis points[5] - The US dollar index closed at 99.5885, down 0.22%, while the offshore RMB appreciated by 238 basis points against the dollar, with an exchange rate of 7.0691[5]