在当前"十五五"规划建议推进金融高水平对外开放的背景下，广大投资者正迎来更便利的全球配置窗口 期。建设银行深圳市分行（以下简称"深圳建行"）紧扣时代脉搏，前瞻性布局"龙通湾区 建圳财富"个 人跨境金融业务，以专业化、国际化、综合化的金融服务，助力投资者构建面向全球的资产配置格局。 乘势而起 共赢四海 全球配置 智驭未来 "龙通湾区 建圳财富"个人跨境金融业务是深圳建行基于大湾区特色推出的属地化服务，旨在通过强化 机构联动和服务融合为大湾区客户提供一站式的跨境金融便利。 在机构联动上，深圳建行充分发挥建行集团化经营优势，携手澳门分行、建行亚洲、建银国际打 造"1+1"个人跨境金融联合服务团队和一批"大湾区跨境金融服务示范中心"，为大湾区客户提供全面、 高效、优质的双向跨境金融服务。 在服务融合上，深圳建行创新推出"6S"个人跨境便利服务体系，涵盖"跨境服务便利、账户结算便利、 财富管理便利、养老置业便利、生活消费便利、工作留学便利"等六大类、16项金融服务便利服务，全 面满足大湾区客户跨境金融需求。同时，该行还通过举办各类专业论坛、跨境沙龙等活动，持续帮助客 户提升跨境投资认知，增强资产配置能力。 后续，深圳建 ...

Core Insights - 2025 marks the 10th anniversary of both China's cross-border e-commerce comprehensive pilot zone and Amazon's operations in China, highlighting a decade of growth in the cross-border e-commerce sector [1] - The "2025 Amazon Global Store Cross-Border Summit" will take place in Hangzhou from December 4 to 7, focusing on themes of AI technology transformation, supply chain innovation, and global expansion opportunities [1][2] - Global retail e-commerce transactions, excluding China, are projected to reach $3.15 trillion in 2025 and exceed $4 trillion by 2029, indicating robust growth in online consumer demand [1] Group 1 - The summit will feature over 10,000 cross-border practitioners discussing industry trends and opportunities [1] - AI technology will be showcased for its integration in product selection, advertising, and supply chain management, aimed at enabling sellers to leverage data-driven insights [2] - Amazon will introduce multiple supply chain innovation solutions to help sellers build resilient and efficient global supply chains [2] Group 2 - The summit will also unveil regional market insights and new site incentive policies to assist sellers in entering new markets effectively [2] - The event will include strategic release sessions, six parallel forums, and an exhibition area of over 20,000 square meters, bringing together Amazon officials, top service providers, AI experts, and successful sellers [2] - Hangzhou has evolved from a "comprehensive pilot" to a "benchmark city" for cross-border e-commerce, with Amazon transitioning from a market tester to an industry leader [2]

Core Viewpoint - Fund managers are focusing on defensive strategies while preparing for next year's investments, emphasizing the importance of maintaining gains achieved in the current year [1][2]. Group 1: Current Market Performance - As of November 19, the average net value growth rate for ordinary stock funds and mixed equity funds over the past year reached 29.35% and 29.49%, respectively [1]. - 15 funds have seen their net value grow by over 100% in the past year, with the top performer being Yongying Technology Smart Selection Mixed Fund A, which achieved a 210% increase [1]. Group 2: Defensive Strategies - Fund managers are adjusting their positions and styles, with a focus on sectors like insurance and non-ferrous metals, which are expected to have lower volatility compared to technology stocks [2]. - The current market logic suggests a long-term downtrend in risk-free interest rates, making dividend-paying assets a focal point for investment, with a need for careful selection based on industry cycles and future dividend stability [2]. Group 3: Investment Focus for Next Year - Key areas of interest for next year include the aviation sector, which is recovering from supply chain issues, and the Hong Kong stock market, particularly in insurance and internet sectors [3]. - The technology and innovative pharmaceutical sectors are also highlighted for their long-term potential, with a focus on AI technology and the ability of companies to deliver valuable new drugs [3].

Domestic Economic Outlook - The annual economic growth target is largely achieved, but Q4 growth may further slow down, with high-frequency data indicating a significant decline in asphalt and cement production rates compared to the same period last year[6][17]. - October fiscal data suggests adjustments in year-end fiscal rhythm, allowing for a lower completion rate of the annual budget, with a notable decrease in expenditure despite a good revenue month[6][20]. Overseas Economic Factors - The Federal Reserve may skip interest rate cuts in December, which could lead to continued pressure on U.S. stocks and have a spillover effect on the domestic market[6][18]. - The October FOMC minutes reveal serious divisions regarding potential rate cuts, with concerns that further cuts could exacerbate inflation risks[6][18]. - The Epstein case is gaining attention, with potential implications for U.S. political stability, as it could lead to significant repercussions across various sectors[6][18]. Asset Allocation Insights - Domestic investment institutions are expected to start positioning for 2026 in December, driven by anticipated monetary easing following the appointment of a new Fed chair[6][19]. - The Q2 2026 PCE index is likely to turn positive, potentially signaling the start of an inflationary trend[6][19]. Market Performance Overview - A-shares experienced collective declines, with the Shanghai Composite Index down 3.90% this week, while the Shenzhen Component fell 5.13%[40]. - The U.S. stock market also faced downward adjustments, with the Dow Jones Industrial Average decreasing by 1.91%[40].

Core Insights - The "2025 Sci-Fi Nebula Carnival and the 16th Chinese Sci-Fi Nebula Awards" opened in Chengdu, featuring prominent figures in the sci-fi industry discussing the historical legacy of sci-fi films and the impact of AI technology [1][3] Industry Development - The "2025 Chinese Sci-Fi Nebula Forum" reflected on the development of the industry, with discussions led by sci-fi authors, academic authorities, and industry leaders on the evolution of Chinese sci-fi cinema over the past century [2] - A keynote speech by Professor Huang Mingfen from Xiamen University reviewed the historical trajectory of Chinese sci-fi films from early explorations to contemporary prosperity [2] AI and Technology Integration - Experts in the AIGC field, including Feng Shuyun and Chengdu Wukong Cultural Media's General Manager Zheng Hang, shared case studies on "AI Empowering Sci-Fi Film Creation" and "Cross-Field Adaptation of Film and Game IPs," exploring new paths for the integration of technology and art [2] Industry Collaboration and Publications - Multiple signing ceremonies for sci-fi industry collaborations took place, including partnerships with Chengdu Wukong Media and the publication of the "Great Power Heavy Equipment Sci-Fi Novel Series," aimed at promoting the transformation of quality sci-fi resources [5] - Five new book launches were held, featuring award-winning works from previous Nebula Awards and new titles like "Supernova Universe" and "Chinese Sci-Fi Classic Library Volume One for Youth," providing readers with the latest options [5] Awards Ceremony - The 16th Chinese Sci-Fi Nebula Awards ceremony will present over 20 awards, including the prestigious "2024 Long Novel Gold Award," with Liu Cixin and other past winners participating in the presentations [6] - The event will also feature a discussion among major sci-fi literary figures, including Liu Cixin and other award-winning authors, sharing insights on creative inspiration and the boundaries of sci-fi literature [5][6] Future Developments - Guests will visit the Chengdu Film and Television Reception Hall to review the planning and development of 12 high-tech filming studios, laying a solid foundation for the adaptation of sci-fi literary works into film [6]

Core Viewpoint - The travel chain is showing structural highlights, particularly among strong channel and brand companies, with expectations for improvement driven by the National Day holiday and policy support [1][8]. Industry Review and Outlook - The experience economy and value-for-money consumption coexist, with service consumption policies being strengthened, AI iteration, and expansion into overseas and lower-tier markets creating growth opportunities [2]. - Four key characteristics of the travel chain: 1) Overall stable consumer market with a rising share of service consumption and a trend towards rational spending [2]. 2) Strong brands and channels are gaining market share, with online penetration in the hotel sector outpacing the industry [2]. 3) Clear differentiation among platforms, with leading companies focusing on building a closed-loop traffic ecosystem and improving monetization [2]. 4) Leading OTA and hotel companies are emphasizing increased cash dividends [2]. Segment Summary - The travel chain's overall revenue in Q2 2025 increased by 9% year-on-year, while net profit attributable to shareholders decreased by 65% [3]. - OTA and ride-hailing sectors are performing well, with stable market conditions leading to strong revenue realization [3]. - The hotel sector is showing improved performance, particularly for strong brand companies like Atour, with expectations for gradual stabilization in supply and demand [6]. Company Performance - Ctrip's Q2 revenue exceeded expectations, driven by growth in domestic hotel nights, while international business also saw over 16% growth for two consecutive quarters [4]. - Tongcheng's domestic hotel and flight business is expanding steadily, benefiting from outbound travel [4]. - The ride-hailing industry is experiencing improved profitability, with companies like Cao Cao Travel leveraging their own vehicle fleets for efficiency [5]. Investment Recommendations - The travel chain presents structural highlights, with strong channel and brand companies expected to benefit from upcoming holidays and policy support [8]. - Recommended companies for investment include Ctrip Group-S, Atour, and Tongcheng Travel among others [8].

Group 1 - The 21st Summer Annual Meeting of the Yabuli Entrepreneurs Forum will be held in Guangzhou on September 12-13, 2025, focusing on the theme "Forging Ahead Steadily - Corporate Development in the New Global Context" [1] - The current market activity is attributed to multiple factors including abundant liquidity, the onset of the Federal Reserve's interest rate cuts, geopolitical factors creating investment opportunities, and the catalytic effect of AI technology [3] - There is a recognition of a technology innovation explosion, with rapid development across various stages from foundational computing algorithms to industry applications [3] Group 2 - Concerns about market bubbles exist, but the transition of technological advancements into corporate profitability is expected to be more solid than in previous market cycles [3] - To stimulate domestic demand, two approaches are suggested: providing financial support to low- and middle-income groups and implementing structural reforms to adjust the distribution system [3] - The growth potential for new consumption sectors, such as Pop Mart, remains significant, with high valuations driven by the ability to create new intellectual properties [4]

Core Viewpoint - The article emphasizes the importance of the banking sector in supporting the "Five Major Articles" outlined in China's financial strategy, particularly in the context of the 2025 goals for high-quality economic development [2][3]. Group 1: Event Background - The year 2025 marks the end of the "14th Five-Year Plan" and is crucial for laying the foundation for the "15th Five-Year Plan" [2]. - The central financial work meeting has set the goal of building a financial powerhouse, leading to multiple regulatory documents aimed at enhancing the banking sector's support for national strategies [2]. - The "China Banking Industry Top 200" ranking and research reports have been published since 2021 to analyze industry trends and showcase best practices [2]. Group 2: Event Highlights - The event will serve as a platform for multi-dimensional communication within the banking industry [4]. - The "China Banking Industry Top 200" and "Outstanding Cases of Innovation in the Banking Industry" will be released, providing insights into the latest industry trends and best practices [5]. Group 3: Key Discussions - The event will gather top experts from policy regulation, senior bankers, and scholars to discuss pressing domestic and international topics in the banking sector [6]. - In-depth discussions will focus on banking operational logic, exploring areas such as fintech, green finance, inclusive finance, pension finance, and digital finance [7]. - Experts will share insights on the application of artificial intelligence in core banking functions, including risk control, marketing, operations, and product innovation [8]. Group 4: Networking Opportunities - The event aims to facilitate efficient communication and resource matching among banks and industry representatives, promoting cross-industry collaboration and innovation [9].

Group 1 - Huawei is building a full-stack AI competitiveness through soft and hard collaboration, transitioning from industry SOTA models to self-developed Ascend hardware tailored model architectures [1] - The Pangu Pro MoE adopts a mixture of experts (MoGE) architecture to address load imbalance issues, while Pangu Ultra MoE optimizes system-level adaptation for Ascend hardware [1] - The new AI infrastructure CloudMatrix constructs a distributed high-speed memory pool via a unified bus (UB) network, reducing cross-node communication discrepancies and supporting software innovations like PDC separation architecture [1] Group 2 - The software ETF (515230) tracks the software index (H30202), which selects listed company securities involved in software development, system integration, and internet services to reflect the overall performance of the software industry [1] - The index components cover application software, system software, and other segments within the information technology field, showcasing the technological innovation capability and market growth potential of software service companies [1] - Investors without stock accounts can consider the Guotai Zhongzheng All-Index Software ETF Connect A (012636) and Guotai Zhongzheng All-Index Software ETF Connect C (012637) [1]

Group 1 - A-share market has seen over 200 billion yuan in market value management, with 266 companies proposing annual cash dividend plans totaling over 200 billion yuan as of March 25 [1] - The increase in cash dividends reflects a heightened willingness among listed companies to return value to investors, which is beneficial for stabilizing market expectations and attracting value investors [1] - A500 ETF (159339) experienced a significant rebound, with real-time trading volume exceeding 500 million yuan, indicating strong market interest [1] Group 2 - The government continues to support domestic demand and consumption, allocating 300 billion yuan in special bonds for the replacement of home appliances and consumer electronics, providing additional growth momentum for related industries [2] - The home appliance industry shows marginal improvement in profit expectations, while the consumer electronics sector is expected to benefit from AI technology advancements, presenting new growth opportunities [2] - A500 ETF (159339) offers a low-cost investment option with an annual management fee of 0.15% and a custody fee of 0.05%, making it an attractive tool for investors looking to access core A-share assets [2]