- The report introduces a "Total Heat Index" for monitoring market sentiment, which aggregates the browsing, self-selection, and click counts of individual stocks, normalized by their market share on the same day and multiplied by 10,000, with a value range of [0,10000][8] - The "Total Heat Index" is used as a proxy variable for "emotional heat" to track the sentiment of broad-based indices, industries, and concepts[8] - The report constructs a simple rotation strategy based on the weekly heat change rate (MA2) of broad-based indices, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the highest change rate is in the "other" group[14] - The rotation strategy based on the heat change rate (MA2) of broad-based indices has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 40.9% in 2025[17] - The report constructs two simple portfolios: a "Heat TOP" portfolio, which selects the top 10 stocks with the highest total heat from the top 5 concepts with the largest heat change rate each week, and a "BOTTOM" portfolio, which selects the bottom 10 stocks with the lowest total heat from the same concepts[32] - The "BOTTOM" portfolio historically achieves a certain excess return, with an annualized return of 15.71% and a maximum drawdown of 28.89%, and a return of 43.9% in 2025[34] - The "Total Heat Index" for broad-based indices includes the heat of the constituent stocks of the CSI 300, CSI 500, CSI 1000, and CSI 2000 indices, as well as the heat of stocks not included in these indices (the "other" group)[9] - The weekly heat change rate (MA2) of the "other" group is calculated and smoothed, and its relationship with the equal-weighted returns of the four broad-based indices is analyzed[12] - The weekly heat change rate (MA2) of the CSI 2000 index increased by 11.95% compared to the previous week, while the CSI 500 index decreased by 12.1%[17] - The weekly heat change rate (MA2) of the top 5 first-level industries with positive changes are comprehensive, textile and apparel, retail, food and beverage, and environmental protection, while the top 5 industries with negative changes are communication, electronics, defense and military, computer, and non-bank finance[28] - The weekly heat change rate (MA2) of the top 5 second-level industries with positive changes are pharmaceutical commerce, TV broadcasting II, beverage and dairy, power grid equipment, and hotel and catering[28] - The top 5 concepts with the largest heat change rate are dairy, artificial meat, organic silicon, fluorine chemical, and perovskite battery[29] - The historical valuation percentiles (rolling 5 years) of the CSI 300, CSI 500, and CSI 1000 indices are 85%, 97%, and 96%, respectively, as of November 14, 2025[42] - The first-level industries with current valuations in the top 80% historical percentiles since 2015 include comprehensive, power equipment, banking, light industry manufacturing, retail, electronics, steel, computer, pharmaceutical and biological, building materials, coal, defense and military, environmental protection, and basic chemicals[43] - The second-level industries with current valuations in the top 80% historical percentiles since 2015 include comprehensive, aerospace equipment, large state-owned banks, software development, biological products, steel raw materials, wind power equipment, chemical pharmaceuticals, environmental protection equipment, general steel, clothing and home textiles, tourism and scenic spots, rubber, airports, professional chains, decoration and building materials, semiconductors, lighting equipment, digital media, chemical fibers, other electronics, internet e-commerce, commercial vehicles, automotive services, diversified finance, and coal mining[45]

周二，Beyond Meat(BYND.US)股价一度跌超9%，截至发稿，该股跌幅收窄至2.15%，报1.32美元。 Beyond Meat第三季度净收入同比下降13.3%至7020万美元，但略高于分析师平均预期6900万美元。亏损 扩大至1.107亿美元，受累于资产减值损失以及今年稍早暂停在中国的业务；每股亏损47美分，低于分 析师预期的每股亏损31美分。该公司预计第四季收入将介乎6000万至6500万美元之间，低于市场预期的 7003万美元。 ...

Group 1 - The internet insurance sector experienced a decline of 1.43%, ranking among the top losers in concept sectors, with notable declines from Tianli Technology, Xinhua Insurance, and Jiayun Technology [1] - The main funds in the internet insurance sector saw a net outflow of 1.301 billion yuan, with 10 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Dongfang Caifu, which had a net outflow of 1.230 billion yuan, followed by Weining Health, Jinzhen Shares, and China Ping An [2] Group 2 - Among the stocks in the internet insurance sector, the top gainers included Aishida, Tongfang Shares, and Qitian Technology, with increases of 1.04%, 0.80%, and 0.27% respectively [1][3] - The stocks with the highest net outflows included Dongfang Caifu (-1.85%), Weining Health (-1.81%), and Jinzhen Shares (-1.97%) [2][3] - The net inflow leaders in the sector were Tongfang Shares, Xinhua Insurance, and Xinzhisoft, with net inflows of 69.77 million yuan, 10.51 million yuan, and 5.81 million yuan respectively [2][3]

Core Insights - The plant-based meat concept has seen a rise of 2.26%, ranking fourth among concept sectors, with 18 stocks increasing in value, notably Guoen Co., Sobo Protein, and Lingge Technology, which rose by 9.68%, 7.19%, and 6.25% respectively [1] Market Performance - The leading concept sectors for the day included cultivated diamonds at 6.08% and plant-based meat at 2.26%, while sectors like Chinese AI 50 and internet insurance saw declines of -1.76% and -1.43% respectively [2] - The plant-based meat sector experienced a net outflow of 7.7462 million yuan, with nine stocks seeing net inflows, led by Jinzi Ham with a net inflow of 32.2749 million yuan [2] Fund Flow Analysis - The stocks with the highest net inflow ratios in the plant-based meat sector included Jia Hua Co., Jinzi Ham, and Sobo Protein, with net inflow rates of 13.19%, 12.45%, and 7.97% respectively [3] - The top stocks in terms of net inflow and performance included: - Jinzi Ham: 1.28% increase, 3.38% turnover rate, 32.2749 million yuan net inflow, 12.45% net inflow ratio - Sobo Protein: 7.19% increase, 10.36% turnover rate, 18.9609 million yuan net inflow, 7.97% net inflow ratio - Jia Hua Co.: 2.06% increase, 3.44% turnover rate, 12.1588 million yuan net inflow, 13.19% net inflow ratio [3][4]

Core Viewpoint - Beyond Meat has announced a delay in the release of its Q3 earnings report to quantify an impairment loss, leading to a significant drop in its stock price [1] Group 1: Financial Impact - The company originally planned to release its Q3 earnings on November 4, but it is now expected to be postponed until after market close on November 11 [1] - The impairment loss is related to certain long-term assets and is anticipated to have a "significant" impact on the company's Q3 performance [1] - The company currently cannot reasonably quantify the specific amount of the impairment loss, requiring additional time, resources, and effort for assessment [1] Group 2: Market Reaction - Following the announcement, the company's stock fell by 11% in pre-market trading, and as of the report, it was down 8% [1]

Core Viewpoint - Kevin Kelly predicts significant technological advancements in the next 25 years, including brain-computer interfaces, space exploration, personalized medicine, and the rise of artificial intelligence as a foundational infrastructure [5][6][28]. Group 1: Technological Innovations - Brain-computer interfaces will be achievable within 25 years without surgery, using non-invasive methods like a special hat [6][7]. - China is likely to return to the moon before the US and Elon Musk, indicating a lead in manned lunar capabilities [8][9]. - Personalized medicine will emerge, allowing for drugs tailored to specific genetic profiles, enhancing treatment effectiveness [10][11]. Group 2: Future of Communication and Interaction - The next generation of technology will replace smartphones with a "mirror world" accessed through special glasses, integrating virtual and real-world experiences [12][13]. - AI will become a basic infrastructure, with most value derived from how users interact with AI rather than from the AI itself [19][20]. Group 3: Food and Sustainability - Lab-grown meat will become affordable and widely available, eliminating the need for traditional animal farming and addressing ethical concerns [14][15][16]. Group 4: Global Positioning and Soft Power - China has the potential to become a leading global power by producing high-quality products and fostering a desirable culture, enhancing its soft power [17][18]. Group 5: The Role of Trust in AI - Trust will become a core competitive advantage in the workplace, as AI takes over tasks but humans remain responsible for the work [21][22][23]. Group 6: Education and Learning - The ability to learn how to learn will be crucial in the future, with a focus on teaching critical thinking and effective questioning skills [24][25][26].

Core Viewpoint - Beyond Meat's stock experienced significant volatility, with a sharp decline of over 17% after a brief surge of 112% due to distribution expansion news from Walmart [1] Group 1: Stock Performance - Beyond Meat's stock price fell to $2.955 after a previous day's high of $3.58, which represented a 1.1% decrease [1] - The stock traded over 2 billion shares on Wednesday, making it the second most traded stock in the U.S. market [1] - The options trading volume reached a historical high during this period [1] Group 2: Company Developments - The surge in stock price was driven by Walmart's announcement to expand Beyond Meat's product distribution to over 2,000 stores, including a new six-pack "value pack" [1] - Prior to this announcement, Beyond Meat had disclosed a debt swap agreement that significantly diluted shareholder equity, causing the stock price to drop below $1, reaching a historical low of $0.52 on October 17 [1]

Core Viewpoint - Xianle Health (300791.SZ) has confirmed that its business does not currently involve the field of artificial meat [1] Group 1 - The company has clarified its position regarding involvement in the artificial meat sector [1]

Core Viewpoint - The company, Xianle Health, confirmed that it is not currently involved in the artificial meat sector [1] Company Summary - Xianle Health responded to an investor inquiry on October 23, stating that its business does not include activities related to artificial meat [1]

Market Overview - On October 22, the trading volume of the Shanghai and Shenzhen stock markets reached 1.67 trillion, a decrease of 224.8 billion compared to the previous trading day [1] - Sectors that saw significant gains included deep earth economy concepts, plant-based meat, wind power equipment, and real estate, while precious metals and battery sectors experienced declines [1] Stock Performance - High-performing stocks included Dayou Energy with 9 consecutive trading limits, *ST Nan Zhi with 9 days of gains, and *ST Wan Fang with 8 days of gains [3] - The top three net purchases on the daily leaderboard were Keri Technology, Asia-Pacific Pharmaceutical, and Marco Polo, with net purchases of 140 million, 127 million, and 90.2 million respectively [3] Institutional Activity - The top three net sales on the daily leaderboard were Hezhu Intelligent, Haima Automobile, and Deshi Co., with net sales of 118 million, 99.5 million, and 96.2 million respectively [4] - Among stocks involving institutional special seats, the top three net purchases were Rongxin Culture, Kebo Da, and Te Yi Pharmaceutical, with net purchases of 111 million, 41.7 million, and 39.1 million respectively [4] Company Highlights Keri Technology - Positioned as a provider of mid-to-late stage solutions for lithium battery manufacturing equipment, the company has seen significant growth in its XR/VR testing equipment, which has been shipped in bulk to leading clients [5] - For the first half of the year, the company reported revenue of 1.106 billion and a net profit of 123 million, with revenue growth of 6.31% and net profit growth of 37.28% year-on-year, indicating notable performance improvement [6] Asia-Pacific Pharmaceutical - Announced a change in control with the major shareholder, Fubon Group, planning to transfer 14.62% of shares to Xinghao Holdings at 8.26 yuan per share, totaling 900 million [7] - The company plans to raise up to 700 million through a private placement to fund the development of oncolytic virus drugs and long-acting complex formulations, transitioning from traditional generics to improved new drugs and innovative drugs [7] Hezhu Intelligent - Recently won a bid for the fusion energy BEST vacuum chamber project worth 209 million and is forming a specialized team to tackle core components of fusion reactors [9] - The company's color sorting machines account for 57% of its revenue, with 20-25% of this business coming from exports, maintaining a strong position in the domestic market [9] Key Trading Stocks - Rongxin Culture saw a 3.56% increase with a turnover rate of 45.97% and a total transaction volume of 809 million, with institutional net purchases of 111 million [10] - Sanwei Communication increased by 5.00% with a turnover rate of 33.08% and a total transaction volume of 3.005 billion, with institutional net purchases of 23 million [10] - Te Yi Pharmaceutical hit the daily limit with a turnover rate of 30.11% and a total transaction volume of 1.201 billion, with institutional net purchases of 39.1 million [10]