Core Viewpoint - The financial markets are experiencing volatility due to mixed signals from the Federal Reserve regarding interest rate policies, geopolitical tensions, and sector-specific performance in both U.S. and international markets [3][4][11]. Market Performance - U.S. stock indices showed mixed results with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13% [4][8]. - European indices faced declines, with Germany's DAX30 down 0.69%, UK's FTSE 100 down 1.11%, and the Euro Stoxx 50 down 0.85% [4][8]. - Hong Kong's Hang Seng Index fell 1.85%, closing at 26,572.46 points, with significant declines in technology stocks [5][8]. - A-shares also declined, with the Shanghai Composite Index down 0.97%, closing below 4,000 points [6][9]. Commodity Prices - WTI crude oil prices rose by 2.13%, closing at $59.82 per barrel, while Brent crude increased by 0.22% to $63.95 per barrel [4][8]. - Gold prices fell by 2.2%, ending at $4,079.58 per ounce, and silver dropped by 3.4% to $50.56 per ounce [8][9]. Federal Reserve Signals - Federal Reserve officials, including Logan and Schmidt, issued strong hawkish signals, indicating that further rate cuts may not be appropriate at this time [11]. - The market is reacting to these signals, with expectations of interest rate stability impacting various asset classes [11]. Corporate Developments - Berkshire Hathaway disclosed a rare technology stock position, having built a stake in Alphabet, Google's parent company, during Q3 [11]. - Huawei is expected to announce breakthrough technologies in the AI sector, which could enhance computational resource efficiency [17].

智通财经APP获悉，香港投资公司成立3年后首次披露投资表现，港投公司行政总裁陈家齐表示，受惠 于对首次公开发行（IPO）及生物科技企业的投资，港投公司2024年创造超过20亿港元投资收益。港投 公司于2022年成立，初始投资基金涉及620亿港元，截至去年底，已投放的资金不足20%。港投公司除 获得香港政府初始注资的620亿港元资金外，还从新资本投资者计划中获得约28亿港元新资金。 她续指，港投公司计划在未来一年以更有系统的方式，加大投资力度。现时投资基金透过四大组合进行 投资，投资范围涵盖科技及生物科技等行业共150家公司。 陈家齐指，港投公司的投资速度与回报，与设定的目标完全一致，当局需要在投资风险与投资速度之间 取得平衡。现时投资基金已进入第二阶段，正在寻找主权财富基金、退休基及企业等区域合作伙伴，进 行更大规模的投资，与此同时，东南亚及中东的投资者对投资中港企业深感兴趣。 陈家齐认为，未来投资基金的增长主要动力将来由生科企业，而基金内不少企业正探讨在港上市，或併 购的可能性，而两家在港上市的企业，为基金带来两至三倍的回报。 ...

Market Overview - A-shares indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, and trading volume exceeding 2 trillion yuan, an increase of 969 billion yuan from the previous period [1] - The technology sector, particularly the domestic AI industry chain, saw significant gains, with the AI-focused ETF (589520) rising nearly 2% and attracting 31.59 million yuan in five days [1] Sector Performance Technology Sector - Alibaba's secret "Qianwen" project aims to compete with ChatGPT, enhancing the global AI application landscape [1] Chemical Sector - The chemical ETF (516020) surged by 3.95%, reaching its highest closing price since March 2023, driven by rising prices of lithium hexafluorophosphate and favorable government policies [1][10] - The National Energy Administration's guidance on promoting the integration of new energy is expected to drive direct project investments of approximately 250 billion yuan [1] New Energy and Electric Vehicles - The smart electric vehicle ETF (516380) and green energy ETF (562010) also saw significant gains, rising by 3.83% and 3.41% respectively [1] Hong Kong Market - The Hong Kong innovation drug ETF (520880) experienced a substantial increase of 4.6%, indicating a potential second wave of the innovation drug market [2][4] - The newly launched Hong Kong information technology ETF (159131) focusing on the chip industry rose by 1.11%, with a trading volume exceeding 80 million yuan [2] Future Outlook - CITIC Securities anticipates 2026 to be a pivotal year for China's development, with a focus on new industries and consumption growth [4] - The chemical sector is expected to benefit from increased demand in the lithium battery supply chain, with significant price fluctuations noted [14] - The outlook for the non-ferrous metals sector remains strong, with a year-to-date increase of 75.9%, driven by robust earnings and strategic resource policies [18][20]

Group 1 - The core viewpoint of the news is that innovative drug stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for several companies [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.7%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.7% [1] - In the A-share market, the CSI Innovative Drug Industry Index rose by 2.2%, and both the CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index increased by 1.7% [1] Group 2 - The Biotech ETF (No. 159837) tracks the CSI Biotechnology Theme Index, which focuses on leading biotech companies in the A-share market, with a rolling P/E ratio of 58.0 times and a valuation percentile of 70.7% [4] - The Medical ETF (ONLY 512010) tracks the CSI 300 Pharmaceutical and Health Index, covering major companies in the pharmaceutical and health industry, with a rolling P/E ratio of 31.3 times and a valuation percentile of 49.3% [4]

Group 1 - The "Million Talents Gather in South Guangdong" recruitment event in Nanjing aims to attract high-quality talent from top universities, with over 1,900 companies participating and offering more than 46,000 job positions [1][2] - Notable companies such as Midea Group and Hongwang Holdings are involved, with a significant number of high-paying positions (annual salaries between 80,000 to 200,000 yuan) available [1][2] - The event also emphasizes cultural engagement, providing an immersive experience of Lingnan culture alongside job opportunities, which enhances the appeal for students [2] Group 2 - Nanjing University is a key location for the recruitment event, with nearly 300 companies offering over 7,900 job positions across various educational levels and industries, including AI, robotics, and biotechnology [2] - The initiative is part of Guangdong's broader plan to attract 1 million college graduates to the region, highlighting the importance of Jiangsu as a province with a dense concentration of higher education resources [3]

Core Viewpoint - The Hong Kong pharmaceutical sector showed strong performance in the morning session, with various indices reflecting significant gains, indicating a positive market sentiment towards innovative drug companies and the broader healthcare industry [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.3% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.3% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.9% [1]. - The CSI Biotechnology Theme Index grew by 1.4% [1]. - The CSI 300 Pharmaceutical and Health Index climbed by 1.3% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted a total of 1.4 billion yuan in inflows over the past month [1]. Group 3: Index Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the CSI Biotechnology Theme Index is currently at 58.0 times, with a valuation percentile of 70.7% since its inception in 2015 [5]. - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index stands at 31.3 times, with a valuation percentile of 49.3% since its inception in 2007 [7].

● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机 会。 肩负建设金融强国重要使命 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础、全面发力的高起步之年。 黄文涛认为，未来五年中国将经历五个方面的革故鼎新：一是经济增长动力从传统要素驱动向创新驱动 转变；二是产业升级过程中传统产业逐步转型，现代化产业体系建设加速；三是投资于人与投资于物之 间寻求新平衡，投资于人越来越重要；四是供给与需求关系优化，内需成为更大看点；五是全球化进程 中中国 ...

Core Viewpoint - The performance of various ETFs shows mixed results, with biotechnology and oil & gas sectors experiencing gains while 5G and solar energy sectors face declines [1] Group 1: ETF Performance - The S&P Biotechnology ETF (159502) increased by 3.44% [1] - The NASDAQ Biotechnology ETF (513290) rose by 2.79% [1] - The S&P Oil & Gas ETF (513350) saw a gain of 2.07% [1] - The 5G50 ETF (159811) decreased by 2.22% [1] - The Solar ETF Index Fund (159618) fell by 1.98% [1] - The Sci-Tech Innovation and Entrepreneurship ETF (588360) dropped by 1.95% [1]

Core Viewpoint - The Chinese economy is expected to continue its recovery amidst fluctuations, supported by proactive fiscal policies and moderately loose monetary policies [1][5]. Group 1: Capital Market Development - The Chinese capital market has entered a new development phase, driven by global changes, technological trends, and institutional reforms [2]. - The restructuring of industries and finance globally presents opportunities for China, with a notable 7.1% year-on-year increase in exports in the first three quarters of this year [2]. - The resilience of Chinese manufacturing is highlighted, with local leading companies expected to transition into multinational giants, enhancing their pricing power [2]. Group 2: Technological Trends - The transition from old to new economic drivers, fueled by technology, is creating new opportunities in the capital market [3]. - Key technologies in China, such as artificial intelligence and biotechnology, are changing perceptions of the tech gap with the U.S., improving market risk appetite [3]. - The market is witnessing a shift towards new economic development, with the electronic sector's market capitalization surpassing that of the banking sector this year [3]. Group 3: Institutional Reforms - The optimization of the institutional environment is expected to reshape the market ecosystem, enhancing the inclusiveness and adaptability of capital market systems [4]. - The focus will be on coordinating the development of investment and financing functions, with an emphasis on direct financing and supporting quality enterprises [4]. - There is a significant potential for increasing the proportion of residents' equity asset allocation, with efforts to create a favorable environment for long-term investments [4]. Group 4: Economic Outlook - The Chinese economy is projected to achieve a growth target of around 5.0% in 2025 and maintain approximately 4.9% in 2026, with a "front low, back high" growth pattern anticipated [5]. - Fiscal policies are expected to be more proactive, with a deficit rate around 4% and an increase in special bond quotas directed towards project construction [5]. - Monetary policy will remain moderately loose, with potential for interest rate cuts and structural monetary tools to continue [5]. Group 5: Asset Allocation - The global macro environment is generally loose, with government bond yields expected to fluctuate, and the RMB is anticipated to appreciate moderately [5]. - Gold remains an attractive long-term asset for allocation [5]. - The focus on three main investment lines includes the revaluation of manufacturing pricing power, deepening corporate internationalization, and the continuation of the technology market [8][9]. Group 6: Investment Lines - The first investment line focuses on the revaluation of manufacturing pricing power, with an emphasis on sectors like non-ferrous metals, chemicals, and new energy [9]. - The second line involves the deepening of corporate internationalization, with attention on industries such as machinery, innovative pharmaceuticals, and military equipment [9]. - The third line is centered on the continuation of the technology market, particularly in areas like semiconductors, computing power, and AI applications [9].

Core Viewpoint - The Chinese economy is expected to continue its recovery amidst fluctuations, supported by proactive fiscal policies and moderately loose monetary policies [1][5]. Group 1: Capital Market Development - The Chinese capital market has entered a new development phase, driven by global changes, technological trends, and institutional reforms, enhancing its vitality [2]. - The restructuring of industries and finance under global changes presents opportunities for external breakthroughs, with China's international influence and participation in global governance increasing [2]. - China's manufacturing sector has shown resilience, with a 7.1% year-on-year increase in exports in the first three quarters, indicating a strong position in the global supply chain [2]. Group 2: Technological Trends - The transition from old to new driving forces in technology is creating new opportunities in the capital market, with significant breakthroughs in key technologies [3]. - The development of new productive forces, such as artificial intelligence and biotechnology, is changing traditional perceptions of the technology gap between China and the U.S., improving market risk appetite [3]. - The market is increasingly aligning with new economic developments and the internationalization of industries, with the electronic sector's market capitalization surpassing that of the banking sector this year [3]. Group 3: Institutional Reforms - The optimization of the institutional environment is shaping a new market ecology, enhancing the inclusiveness and adaptability of capital market systems [4]. - Future reforms will focus on direct financing and supporting high-quality companies' listings, fostering a competitive market ecosystem [4]. - There is a notable trend of converting household savings into investments, with significant room for increasing the proportion of residents' equity asset allocation [4]. Group 4: Economic Outlook - The Chinese economy is projected to achieve a growth target of around 5.0% in 2025 and maintain approximately 4.9% in 2026, with a "front low, back high" growth rhythm anticipated [5]. - Fiscal policies are expected to be more proactive, with a deficit ratio likely to remain around 4% and an increase in special bond quotas directed towards project construction [5]. - The global macro environment is generally loose, with expectations for a moderate appreciation of the RMB and continued attractiveness of gold as a long-term investment asset [5]. Group 5: Investment Strategies - The investment landscape is becoming clearer, with three main lines of focus: the revaluation of manufacturing pricing power, deepening corporate internationalization, and the continuation of the technology market [7][8]. - The manufacturing sector is shifting from scale expansion to pricing power and profit conversion, with a focus on industries like non-ferrous metals, chemicals, and new energy [8]. - The corporate internationalization process is expanding from industrial products to technology services and creative industries, with key sectors including machinery, innovative pharmaceuticals, and military equipment [8].