Core Insights - The article highlights the top short-selling stocks in the market, with Tencent Holdings, China Resources Beer, and BYD leading in short-selling ratios [1][2] - Alibaba, Xiaomi, and AIA Group have the highest short-selling amounts, indicating significant market interest in these stocks [1][2] Short-Selling Ratios - Tencent Holdings-R (80700) has a short-selling ratio of 100.00%, followed by China Resources Beer-R (80291) at 93.08% and BYD Company-R (81211) at 90.31% [2] - Other notable companies include JD Group-SWR (89618) with a ratio of 79.37% and Li Ning-R (82331) at 77.16% [2] Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 1.747 billion, followed by Xiaomi Group-W (01810) at 1.549 billion and AIA Group (01299) at 1.283 billion [2] - Tencent Holdings (00700) has a short-selling amount of 903 million, indicating a significant level of market activity [2] Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 48.36%, indicating a significant difference from its average short-selling ratio over the past 30 days [2] - BYD Company-R (81211) follows with a deviation value of 36.44%, and Beijing Holdings (00392) at 32.35% [2]

Group 1: Gold and Jewelry Market - On November 3, multiple gold and jewelry merchants raised prices, with Shenzhen's Shui Bei gold market seeing a price increase of over 50 yuan per gram in a single day. Chow Tai Fook Jewelry announced a price hike for some products starting November 3 due to increased costs from gold-related tax policies, with 24K gold jewelry priced at 1259 yuan per gram, up 61 yuan from the previous day [2] Group 2: Cryptocurrency Market - The cryptocurrency market experienced significant volatility, with Bitcoin dropping below $105,400, a decline of over $5,000 or nearly 5% from its daily high. Ethereum also fell by 9%, breaking the critical support level of $3,600, down approximately 25% from its high of $4,885 on August 22. Data from Coinglass indicated that over $1.2 billion worth of positions were liquidated in 24 hours, with more than $1.1 billion from long positions [2] Group 3: Economic Policies and Initiatives - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement with a scale of 400 billion yuan/70 trillion won, valid for five years and extendable by mutual consent [2] - The Ministry of Finance established a new Debt Management Department responsible for formulating and implementing domestic debt management policies, monitoring government debt, and mitigating hidden debt risks [2] Group 4: Consumer Spending and Economic Growth - Guangdong Province announced an additional 3.5 billion yuan to promote consumption, including subsidies for products like drones and fitness equipment. New car purchase subsidies can reach up to 5,000 yuan per vehicle, while home appliance subsidies can be as high as 1,000 yuan per item [3] - The Ministry of Natural Resources reported that China's marine economy showed steady growth in the first three quarters, with a marine GDP of 7.9 trillion yuan, reflecting a year-on-year increase of 5.6% [3] Group 5: Financial Sector Developments - The Asian Infrastructure Investment Bank (AIIB) announced plans to establish an office in Hong Kong to meet its growing business needs [4] - Goldman Sachs' China research team upgraded its forecasts for China's export growth and real GDP growth, predicting an annual export increase of 5-6% and raising the 2025 real GDP growth forecast from 4.9% to 5% [4] Group 6: ETF Market Expansion - The China Securities Regulatory Commission approved the issuance of the China Universal Technology 50 ETF, marking the re-entry of the company into the ETF market after 14 years [5] - The ETF market has seen a significant increase in scale, with an additional 2 trillion yuan in the first ten months, driven by structural market trends and strong performance in thematic ETFs [8]

每经记者｜裴健如 每经编辑｜余婷婷 丨 2025年11月4日 星期二 丨 NO.1 吉利与雷诺集团达成巴西战略合作 11月3日，吉利控股集团和吉利汽车控股有限公司（统称吉利）与雷诺集团正式签署巴西战略合作最终 协议。双方将深化战略合作，通过雷诺巴西公司生产及销售吉利和雷诺的新能源车型。根据协议，吉利 收购雷诺巴西公司26.4%的股份，可共享雷诺巴西公司的工厂产能和市场网络。雷诺巴西公司将成为吉 利旗下新能源汽车产品在巴西的经销商，吉利电动SUV车型EX5通过雷诺的品牌经销商渠道全网销售。 点评：吉利与雷诺在巴西达成战略合作，标志着中国车企出海模式从产品输出升级为技术共享与渠道整 合。此举将强化吉利在南美新能源市场的本土化布局，借助雷诺成熟的经销网络提升车型渗透效率。对 汽车板块而言，跨国技术合作模式或催生更多产业链协同机会，尤其在电动化领域。 点评：长安福特核心管理层变更，体现股东方对合资业务战略调整的深化。此举或推动长安福特在电动 化转型与本土化运营方面加速决策效率，为长安汽车优化合资业务管理结构释放积极信号。对汽车板块 而言，头部合资企业的人事重构可能引发市场对产业合作模式创新的关注，尤其在传统车企转型关 ...

11月3日，据吉利控股集团消息，吉利控股集团和吉利汽车控股有限公司（统称"吉利"）与雷诺集团正 式签署巴西战略合作最终协议。双方将深化战略合作，通过雷诺巴西公司(Renault doBrasil)生产及销售 吉利和雷诺的新能源车型。 根据协议，吉利收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。作 为少数股东，吉利可共享雷诺巴西公司的工厂产能和市场网络，加速拉美地区汽车市场的拓展。雷诺巴 西公司将成为吉利旗下新能源汽车产品在巴西的经销商。吉利电动SUV车型EX5通过雷诺的品牌经销商 渠道全网销售。（智通财经） 作者丨彭鑫 编辑丨安安 ...

"通过'秦增信'申请资金，从申请到放款不到2小时。"10月27日，在西乡县做服装生意的胡先生 说，50万元的授信额度，解了他的燃眉之急。 10月上旬，陈明龙来到西安市市场监督管理局高新区分局，为自家开办的酒店办理"个转企"手续。 从小宾馆到酒店，他和妻子打拼了近20年。酒店客房多、服务好，生意不错。 "真没想到，提交了相关资料后，'个转企'手续很快就办好了。真应该早点来办。"10月25日，陈明 龙一边向记者展示崭新的公司营业执照，一边感慨地说，转为企业后，酒店的信誉度及可靠性更高了， 甚至还能接到旅游团及短剧剧组的订单。 "信用评价结果直接转化为信贷支持、商户良好的信誉变成授信额度，这样更能促进商户公平交 易、守法经营。"胡先生说。 当前，"小个专"（小微企业、个体工商户、专业市场）经营主体存在抵押物不足、信用信息透明度 不高等困境。为此，陕西省市场监管局联合省农信社、秦农银行共同发布"秦增信"融资增信模型，以帮 助"小个专"经营主体开辟融资新渠道。 除了针对"小个专"的政策利好，还有质量基础设施建设的新动作。近期，"秦质享"陕西质量基础信 息服务平台上线。该平台以数字化改革为牵引，整合计量、标准、检验检测、 ...

Group 1 - U.S. Treasury Secretary stated that if China continues to block rare earth exports, the U.S. may impose additional tariffs on China, while China's Foreign Ministry emphasized that dialogue and cooperation are the correct paths to resolve issues [2] - Industrial and Commercial Bank of China (ICBC) suspended and then resumed its gold accumulation business, with significant fluctuations in gold prices observed in the Shenzhen market, indicating a transitional period for the industry due to international gold price volatility and tax policy adjustments [2] - The Ministry of Industry and Information Technology highlighted the need for dual empowerment of artificial intelligence innovation and manufacturing applications, aiming to enhance the industrial ecosystem and promote high-quality development of the AI industry [9] Group 2 - The Chinese government established a new Debt Management Department to oversee domestic debt management and prevent hidden debt risks, emphasizing strict accountability for violations [3] - High-frequency trading in the A-share market saw a rebound, with significant gains in sectors like Hainan Free Trade Zone and AI applications, while coal and storage concepts also strengthened [5] - The China Securities Regulatory Commission approved a new ETF from China Merchants Shekou, marking a significant move in the ETF product line after 14 years [6] Group 3 - Goldman Sachs raised its forecast for China's export growth and GDP growth, predicting an annual export increase of 5-6% and an adjustment of GDP growth from 4.9% to 5% for 2025 [4] - The automotive market is expected to see slight growth in November compared to October, with the automotive consumption index rising to 90.5 [10] - The Hong Kong government anticipates that the fintech sector's total revenue will exceed $600 billion by 2032, with plans to relax restrictions to attract more investors [11] Group 4 - TSMC plans to implement a price increase of 3-5% for advanced processes below 5nm starting January 2026, indicating a strategic pricing approach [12] - Geopolitical tensions and central bank gold purchases supported gold prices, while silver faced downward pressure due to weak industrial demand [20] - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement, enhancing financial cooperation between the two countries [21]

Market Overview - US stock indices closed mixed, with the Nasdaq up 0.46% and the S&P 500 up 0.17%, while the Dow Jones fell 0.48% [4] - Amazon reached a historical high, rising approximately 4%, while Tesla and Nvidia increased over 2% [4] - The Nasdaq China Golden Dragon Index rose 0.26%, with mixed performance among Chinese concept stocks [5] Federal Reserve Insights - Federal Reserve officials expressed openness to interest rate cuts, with Daly supporting a 50 basis point reduction this year [5] - Milan emphasized that the current policy is overly restrictive and suggested a series of 50 basis point cuts [5] - Cook noted that monetary policy is not on a fixed path and will depend on upcoming data [5] Cryptocurrency Market - Bitcoin dropped below $105,400, down over $5,000 from its daily high, while Ethereum fell nearly 9% [6] - Over $1.2 billion in positions were liquidated in the crypto market within 24 hours, primarily affecting long positions [6] Commodity Prices - International gold prices rose slightly, with spot gold at $4,005.31 per ounce [7] - WTI crude oil futures increased by 0.11% to $61.05 per barrel [7] Corporate Developments - Geely acquired a 26.4% stake in Renault's Brazilian operations, allowing it to share resources while Renault remains the controlling shareholder [18] - TSMC plans to implement a price increase of 3% to 5% for advanced processes below 5nm starting January 2026, reflecting strong demand in AI and HPC sectors [20] - Weima Automotive announced potential recovery plans after filing for bankruptcy, with new investments aimed at resuming production [30] Financial Sector Updates - Industrial and Commercial Bank of China (ICBC) and China Construction Bank resumed gold-related services after a brief suspension [16] - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement worth 400 billion RMB [9] Regulatory and Policy Changes - The Chinese government extended visa-free policies for France and other countries until the end of 2026 [10] - New immigration policies were announced to facilitate travel between mainland China and Hong Kong, Macau, and Taiwan [10]

每经编辑｜张喜威 王晓波 V 今日有4753亿元Z天期逆回购到期 2 金蝶2025全球创见者大会将于11月4 3 欧洲央行行长拉加德将发表讲话 4 美国9月耐用品订单环比数据将公布 1 隔夜市场 美股三大指数收盘涨跌不一，纳指涨0.46%，标普500指数涨0.17%，道指跌0.48%；亚马逊涨约4%，创历史新高；特斯拉、英伟达涨超2%，谷歌涨近1%； 英特尔、奈飞、Meta跌超1%，微软、苹果小幅下跌；人造肉公司Beyond Meat跌超16%，公司延迟发布Q3财报以评估重大减值损失。纳斯达克中国金龙指数 涨0.26%，中概股涨跌不一，腾讯音乐涨超3%，蔚来、华住涨超2%，中通快递、携程网涨逾1%，小鹏汽车、百度等小幅上涨；好未来跌超4%，霸王茶 姬、极氪等跌超2%，阿里巴巴、理想汽车等跌逾1%，京东、哔哩哔哩等小幅下跌。 当地时间周一，美联储戴利表示，之前支持降息，降息是恰当的；今年降息50个基点使美联储处于更有利的位置，决策者应对12月利率决定持开放态度；通 胀仍高于目标水平，需要将其降下来；劳动力市场已明显放缓。 美联储理事米兰表示："美联储的政策过于紧缩。鉴于我对通胀前景的看法比委员会其他一些成员更为 ...

再度联手雷诺，吉利控股集团和吉利汽车控股有限公司（以下统称"吉利"）加速海外布局。11月3日， 吉利与雷诺集团正式签署巴西战略合作最终协议（以下简称"协议"），双方将深化战略合作，通过雷诺 巴西公司生产及销售吉利和雷诺的新能源车型。 协议显示，吉利收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。作 为少数股东，吉利可共享雷诺巴西公司的工厂产能和市场网络，加速拉美地区汽车市场的拓展。此外， 雷诺巴西公司将成为吉利旗下新能源汽车产品在巴西的经销商，在销售、金融和售后服务方面开拓新增 长机会。而吉利电动SUV车型EX5通过雷诺的品牌经销商渠道全网销售。 "此次合作是继吉利雷诺韩国整车合资项目和吉利雷诺全球动力总成全面合并项目浩思动力总成公司成 立之后，吉利与雷诺战略合作又一重要里程碑。"吉利控股集团董事长李书福表示，双方将继续探索新 市场、新机遇，共同发展，通过协同战略与跨洲际合作形成规模效应。 "抱团"雷诺，让吉利海外布局进一步提速，而选择对巴西市场布局则是中国车企的缩影。据统计，去年 巴西纯电动汽车、插电式混合动力车、油电混合动力车销量合计超过17万辆，同比增长85%。随着电动 汽 ...

Core Insights - In October, new energy vehicle manufacturers NIO, Xpeng, Leapmotor, and Xiaomi all achieved monthly deliveries exceeding 40,000 units, with Leapmotor leading at 70,000 units, setting a new record for monthly deliveries among new forces [1][2]. Group 1: Leapmotor Performance - Leapmotor achieved a record monthly delivery of 71,000 units in October, marking an over 84% increase year-on-year [2]. - The company has shown consistent growth, with monthly deliveries increasing from over 30,000 in March to 67,000 in September [2]. - Leapmotor's product strategy includes the launch of high-end models and a diverse product matrix to cover multiple market segments [2][4]. Group 2: Other New Energy Vehicle Manufacturers - Xpeng delivered 42,000 units in October, a historical high, with a cumulative delivery of 355,000 units from January to October, reflecting a 190% year-on-year increase [5]. - NIO's October deliveries reached 40,400 units, a 92.59% increase year-on-year, supported by the new ES8 model [5]. - Xiaomi reported over 40,000 units delivered in October, although safety incidents have raised concerns about future sales [5]. Group 3: Traditional Automakers - BYD sold 442,000 new energy vehicles in October, with a month-on-month growth of 11.5%, although the growth rate is slowing [6]. - Geely achieved sales of 307,100 units in October, with a year-on-year increase of 35%, marking its first month surpassing 300,000 units [7]. - Chery's overall sales reached 281,000 units in October, with new energy vehicle sales exceeding 110,000 units, a historical high [10]. Group 4: Market Competition - The competition among automakers is intensifying as the year approaches its end, with companies ramping up efforts to boost sales [12].