周末，利好！

Group 1 - The State Council issued an opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on five areas including new fields and new tracks, industry transformation, and social governance [1][4][6] - The Ministry of Commerce announced the suspension of the second clause of the export control announcement on dual-use items to the U.S. until November 27, 2026 [2] - In October, the national consumer price index (CPI) rose by 0.2% year-on-year, with urban prices increasing by 0.3% and rural prices decreasing by 0.2% [3] Group 2 - CITIC Securities noted that about 60% of institutional holdings are related to AI, indicating a significant influence of AI narratives across various sectors including TMT, non-ferrous metals, and chemicals [11] - Shenwan Hongyuan highlighted the ongoing evolution of the market ahead of the 2026 economic outlook, with a focus on price increases and the potential for sector rotation [12] - CITIC Jiantou suggested that the A-share market may continue to experience a bull market into 2026, with a focus on resource sectors and military industry [14] Group 3 - Guojin Securities emphasized the shift from computing power to electricity in the tech sector, indicating a revaluation of Chinese assets and opportunities in power and manufacturing [15] - CMB noted that recent price increases in commodities are driven by cyclical trends, with a focus on sectors like coal, non-ferrous metals, and renewable energy [16] - Xinda Securities observed a shift in market style, with value stocks outperforming growth stocks, particularly in cyclical industries [17] Group 4 - China Galaxy pointed out that the current market is in a phase of adjustment, with hidden themes emerging for year-end performance, particularly in sectors like electric grid equipment and lithium batteries [18] - Zhongtai Securities indicated that the overall risk appetite has decreased, but there are still opportunities in sectors with strong earnings quality and safety margins [19] - Xingzheng Securities suggested a focus on cyclical sectors and AI-related industries, emphasizing the importance of economic recovery indicators [21] Group 5 - Huaxi Securities predicted that November will favor small-cap and thematic investments, with a focus on AI applications and sectors benefiting from the "anti-involution" trend [22]