港股三大指数集体收涨，恒生指数、国企指数盘中一度冲高至1.2%，恒指更是一度站上27000点大关， 最终分别收涨0.85%及0.82%，恒生科技指数表现相对较弱，小幅上涨0.16%。盘面上，大型科技股呈现 涨跌不一行情，其中，小米涨1.68%，京东涨1.3%，腾讯涨1%，阿里巴巴跌超2%，百度跌1.86%，美团 微幅走低；内银股、石油股、保险股等权重表现活跃，尤其是工商银行、农业银行、中国海洋石油均创 历史新高，中国人寿、新华保险皆表现强势；家用电器双11销量亮眼，海信家电涨超8%领衔上涨，生 物医药股、濠赌股、脑机接口概念股、煤炭股、餐饮股纷纷上涨。另一方面，中国光伏行业协会声明， 网络流传的小道消息均为不实信息，光伏股全天疲弱，协鑫科技、新特能源跌幅居前，稀土概念股、黄 金股、汽车股、军工股普遍走低。(格隆汇) ...

Market Overview - The stock indices experienced fluctuations, with the Shanghai Composite Index narrowly holding above 4000 points, while the ChiNext and Sci-Tech 50 indices fell nearly 1% [1] - As of the midday close, the Shanghai Composite Index decreased by 0.38% to 4003.17 points, the Shenzhen Component Index fell by 0.52%, and the ChiNext Index dropped by 0.74%, with a total trading volume of 12,681 billion yuan across the three markets [1] Sector Performance - Coal, insurance, and brokerage sectors declined, while gas, chemicals, oil, and real estate sectors saw gains [1] - Active sectors included cultivated diamonds, perovskite batteries, rare earths, and lithium battery concepts [1] Investment Insights - Galaxy Securities noted that the current technology sector is undergoing adjustments, with some thematic trends showing signs of recovery, although sustainability remains insufficient [1] - The market is expected to maintain rapid rotation of hotspots, with electric grid equipment, lithium batteries, and chemicals showing upward trends during this rotation [1] - The underlying theme reflects a gradual confirmation of the anti-involution narrative, with rising price levels boosting mid-term economic improvement expectations [1] Corporate Earnings and Policy Outlook - The third-quarter reports from listed companies demonstrate resilience in fundamentals, highlighting structural strengths [1] - The "14th Five-Year Plan" draft emphasizes high-quality development and technological self-reliance, aiming to enhance macroeconomic governance effectiveness [1] - As subsequent policy implementations become clearer, expectations for price recovery will solidify the anti-involution sector logic, with the technology sector's trends and performance entering a verification phase [1] - The long-term positive trend in the A-share market remains unchanged [1]

华尔街日报：中国计划通过建立“经核实的最终用户”系统（VEU）来缓解稀土和其他受限材料流向美国的问题，该系统将排除与美国军方有联系的公司，同时加快其他公司的出口审批。知情人士称中方VEU以美国的法律和程序为蓝本。 https://t.co/9zSMiulF7x ...

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 47368.63 | 381.53 | 0.81% | | | 纳斯达克 | 23527.17 | 522.63 | 2.27% | | | 标普500 | 6832.43 | 103.63 | 1.54% | | | 欧洲斯托克50 | 5664.46 | 97.93 | 1.76% | | | 英国富时100 | 9787.15 | 104.58 | 1.08% | | | 法国CAC40 | 8055.51 | 105.33 www.goglidata.com | 1.32% | | | 徳国DAX | 23959.99 | 390.03 | 1.65% | | | 俄罗斯RTS | 994.92 | -0.43 | -0.04% | | | 上证指数 深证成指 | 4018.6 13427.61 | 21.04 23.55 | 0.53% 0.18% | | | 创业板指 | 3178.83 | -29.38 ...

Group 1 - Ukraine's energy crisis is worsening, with a natural gas shortfall of 30% and electricity supply capacity down over 60% compared to pre-war levels [2] - The EU has promised emergency energy aid, but specific plans remain unclear, and significant portions of financial assistance are contingent on Ukraine meeting reform conditions [3] - The European Bank for Reconstruction and Development has approved a €500 million loan for Ukraine to purchase gas, but 60% of the funds must be spent on products from European energy companies, which are priced over 10% higher than international market rates [3] Group 2 - The Trump administration's withdrawal of support has exacerbated Ukraine's situation, with a significant reduction in U.S. personnel and a freeze on economic aid [5] - Ukraine's President Zelensky is seeking new diplomatic avenues, including appealing to Trump to influence Hungary regarding EU membership, while also softening his stance towards China [7] - There is a stark contrast between the EU's promised aid and actual support, with only €140 billion of the €500 billion pledged for military assistance, and the EU's purchases of Russian energy significantly outpacing aid to Ukraine [7][9] Group 3 - The humanitarian situation in Ukraine is dire, with gas prices tripling and shortages of heating equipment, leading to increased reliance on wood for heating [9] - EU conditions for aid require Ukraine to accelerate energy market reforms, which could result in a loss of energy pricing autonomy [9] - The geopolitical landscape complicates Ukraine's position, as U.S. and EU support comes with political strings attached, leaving Ukraine in a vulnerable state amid global power dynamics [9]

Group 1 - A-shares opened lower but rebounded, with the Shanghai Composite Index and ChiNext Index closing up by 0.05% and 0.17% respectively, while the Shenzhen Component Index fell by 0.15% [1] - The market turnover was 1.15 trillion yuan, a decrease of over 80 billion yuan compared to the previous trading day [1] - Sectors such as Hainan Free Trade Port, ultra-high voltage, and charging piles saw strong performance, with over 16 billion yuan of net inflow into the power equipment industry [1] Group 2 - Seres made its debut on the Hong Kong Stock Exchange on November 5, becoming the first "A+H share" luxury new energy vehicle company [2] - On its first trading day, Seres experienced a decline, with a minimum price of 118 HKD, nearly 10% lower than the issue price of 131.5 HKD, and a closing drop of nearly 3% [2] - The IPO raised a net amount of 14.016 billion HKD, marking it as the largest IPO for a Chinese car company to date and the largest global car company IPO in Hong Kong since 2025 [2] - The global offering consisted of 108.6 million H shares, with public offerings accounting for 10%, and the offering was oversubscribed by 133 times, raising over 170 billion HKD [2] - In 2023, 83 new stocks were listed on the Hong Kong Stock Exchange, with a first-day decline rate of 20% based on closing prices, and 36.59% based on intraday lows [2]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index up by 0.23% closing at 3969.25 points, the Shenzhen Component Index up by 0.37% closing at 13223.56 points, the ChiNext Index up by 1.03% closing at 3166.23 points, and the Sci-Tech 50 Index up by 0.23% closing at 1390.39 points [1] - Overall, there were more gainers than losers in the market, with 3375 stocks rising and 1902 stocks falling, while 161 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 18723 billion, a decrease of 434 billion from the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included power equipment, coal, commercial retail, environmental protection, and light industry manufacturing, with gains of 3.40%, 1.39%, 1.22%, 1.06%, and 0.93% respectively. Conversely, the sectors that experienced declines included computer, non-bank financials, telecommunications, media, and beauty care, with losses of 0.97%, 0.49%, 0.43%, 0.41%, and 0.33% respectively [1] Concept Sector Performance - The top-performing concept sectors today included ultra-high voltage, continuous boards, lithium iron phosphate batteries, charging piles, and power equipment, among others. These sectors showed significant gains, while semiconductor silicon wafers, rare earths, and cybersecurity experienced pullbacks [2][12]

Market Overview - On November 5, A-shares opened lower but rebounded, with the Shanghai Composite Index and ChiNext Index closing up by 0.05% and 0.17% respectively, while the Shenzhen Component Index fell by 0.15% [1] - The market turnover was 1.15 trillion yuan, a decrease of over 80 billion yuan compared to the previous trading day [1] - Sectors such as Hainan Free Trade Port, ultra-high voltage, and charging piles saw strong performance, with over 16 billion yuan of net inflow into the power equipment industry [1] - Concepts like rare earths, optical modules, and semiconductors experienced significant declines [1] Company Performance - On November 5, Seres (赛力斯) listed on the Hong Kong Stock Exchange, becoming the first "A+H" luxury new energy vehicle company [2] - The stock price fell below the issue price on its first day, reaching a low of 118 HKD, nearly 10% lower than the issue price of 131.5 HKD, and closing down nearly 3% [2] - Seres' A-shares also declined, closing down over 4% [2] - The company raised a net amount of 14.016 billion HKD, marking the largest IPO for a Chinese car company to date and the largest global car company IPO in Hong Kong since 2025 [3] IPO Market Context - Seres' global offering consisted of 108.6 million H-shares, with 10% allocated for public offering, and the offering was oversubscribed by 133 times, raising over 170 billion HKD in financing [4] - In 2023, 83 new stocks were listed on the Hong Kong Stock Exchange, with 17 experiencing a drop on their first day, resulting in a 20% first-day drop rate [4] - Despite the challenges, the overall performance of new stocks in Hong Kong has been strong, with 13 stocks seeing first-day gains exceeding 100% [4]

Group 1 - The rare earth index experienced a decline of 2.95% during intraday trading, with major constituent stocks also showing a downward trend [1] - Institutional and large-cap funds exhibited a net outflow during this period [1] - Key constituent stocks such as Baotou Steel, Northern Rare Earth, Huahong Technology, China Rare Earth, and Shenghe Resources saw significant declines, with respective drops of 4.64%, 4.20%, 3.79%, 2.83%, and 2.71% [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - A shares are likely to maintain high - level fluctuations, and the bond market and gold will experience short - term volatility. The report suggests paying attention to investment opportunities in directions such as computing power, chips, artificial intelligence, batteries, rare earths, and innovative drugs [13]. - The high risk preference is unfavorable to the bond market, but the high absolute yield makes it have long - term allocation value. The gold price may fluctuate in the short term, but the long - term upward trend remains unchanged [14]. 3. Summary According to Related Content Stock Market - **US Stocks and Hong Kong Stocks**: In the past week (20251027 - 20251102), the Nasdaq, S&P 500, and Dow Jones Industrial Average rose by 2.24%, 0.71%, and 0.75% respectively, while the Nasdaq China Technology Index fell by 1.00%. The Hang Seng Index fell by 0.97% [3]. - **A Shares**: The wind all - A index rose by 0.41%. Among them, the CSI A100 and CSI 300 fell by 0.51% and 0.43% respectively, while the CSI 500, CSI 1000, CSI 2000, and wind micro - cap stocks rose by 1.00%, 1.18%, 0.95%, and 0.34% respectively. In terms of sectors, the Shanghai blue - chip and growth sectors fell, the Shenzhen blue - chip sector fell while the growth sector rose, and the North Securities 50 index rose by 7.52%. Among the 30 CITIC industries, 21 industries rose, with the leading industries being basic chemicals, electric power and new energy, and comprehensive finance, with a weekly increase of more than 3.0%. Semiconductor, battery, photovoltaic, and other ETFs led the gains, with a weekly increase of more than 5% [4]. Bond Market - **Domestic Bonds**: In the past week, the price of treasury bond futures rose, and the yields of treasury bonds of all maturities decreased. The 10 - year treasury bond futures contract rose by 0.62%, and the yield of the 10 - year active treasury bond decreased by 5.32 BP to 1.7954%. The central bank's open - market operations had a net investment of 12008 billion yuan. The bond market leverage level decreased, and the 5 - day average of inter - bank pledged repurchase volume decreased from 7.83 trillion yuan on October 24, 2025, to 6.71 trillion yuan on October 31, 2025 [5][7]. - **US Bonds**: In the past week, US bond yields increased, and the yield curve shifted upward as a whole. As of October 31, 2025, the 10 - year US bond yield increased by 9 BP to 4.11% [8]. Foreign Exchange Market - The US dollar appreciated, and the US dollar index rose by 0.80%. The US dollar appreciated against the euro, pound, and yen. The US dollar exchange rate against the offshore and onshore RMB slightly decreased [9]. Gold Market - Gold prices continued to fall. The London spot gold price fell by 2.26% to $4011.50 per ounce, and the COMEX gold futures price fell by 3.08% to $3995.70 per ounce. The domestic gold price also continued to fall, with the Shanghai spot gold falling by 1.51% to 921.50 yuan per gram and the futures falling by 1.65% to 920.48 yuan per gram [10]. Policy and Event Impact - The central bank's resumption of treasury bond trading does not necessarily mean an increase in liquidity injection. It is only a liquidity management tool, and only an increase in net treasury bond purchases represents an increase in liquidity injection [11]. - The meeting between Chinese and US leaders in South Korea eased the economic and trade relations between the two countries, which is conducive to improving investors' risk preference [12].