Group 1 - The core viewpoint indicates that southbound capital has accumulated a net inflow of 1.2 trillion HKD this year, marking a new high since the launch of the Stock Connect program [1] - The HIBOR has stabilized after being at a high level, and the Federal Reserve's initiation of a rate-cutting cycle has improved global liquidity, marginally boosting risk appetite for Hong Kong stocks [1] - Despite short-term fluctuations due to differing expectations regarding the December rate cuts, the trend of improving capital flow remains unchanged, suggesting a potential continuation of a slow bull market for Hong Kong stocks [1] Group 2 - From an allocation perspective, the current stage favors a combination of technology growth and low-volatility dividend stocks as a relatively optimal choice [1] - In the technology sector, AI applications and internet software are more concentrated in Hong Kong stocks, with narratives driven by performance and capital expenditure expected to strengthen, particularly in the fourth quarter [1] - The dividend-focused Hong Kong stock ETF (159331) tracks the high dividend index (930914), which selects 30 securities with consistent dividends, good liquidity, and outstanding dividend yields from the Stock Connect universe, primarily covering traditional high-dividend sectors such as finance, energy, and industrials [1]

Market Overview - On November 3, the Hong Kong stock market experienced fluctuations, ultimately closing up 0.97% at 26,158.36 points. The Hang Seng Index's PE ratio is approximately 12.1 times, positioned at the historical percentile of about 63% [1] - The Hang Seng Tech Index has a PE ratio of about 24.6 times, significantly lower than the comparable indices in A-shares, with a percentile of around 37% since data collection began [1] Valuation Insights - If the undervalued technology leaders' valuations recover to the average percentile of constituent stocks, the Hang Seng Tech Index could potentially rise by about 15%. If it returns to historical averages, the upside could exceed 30% [1] Capital Flow - Southbound capital has seen a cumulative net inflow of 1.2 trillion HKD this year, marking a new high since the launch of the Stock Connect program. The HIBOR has stabilized after being at a high level, and the Federal Reserve's initiation of a rate-cutting cycle is expected to enhance global liquidity, marginally boosting risk appetite for Hong Kong stocks [1] Market Outlook - Although short-term market trends may experience pullbacks due to differing views on the rate-cutting schedule in December, the overall trend of improving capital flow remains unchanged, suggesting a potential continuation of a slow bull market for Hong Kong stocks [1] Investment Strategy - Currently, a combination of technology growth and low-volatility dividend stocks may represent an optimal investment choice. The concentration of AI applications and internet software in Hong Kong stocks is higher, with narratives driven by performance and capital expenditure expected to strengthen in Q4. If the market focus shifts to performance verification by 2026, dividend sectors may attract capital flows to take over [1] - A balanced investment strategy is recommended, including allocations to dividend-focused Hong Kong stock ETFs (159331) and Hong Kong tech ETFs (513020) [1]

Market Overview - On November 3, the Shanghai Composite Index rose by 0.55%, the CSI 300 increased by 0.27%, the STAR Market 50 fell by 1.04%, the CSI 1000 rose by 0.42%, the ChiNext Index increased by 0.29%, and the Hang Seng Index rose by 0.97% [3][4] - The best-performing sectors on November 3 were Media (+3.13%), Coal (+2.52%), Oil & Petrochemicals (+2.28%), Steel (+1.9%), and Banking (+1.33%). The worst-performing sectors were Non-ferrous Metals (-1.21%), Home Appliances (-0.66%), Conglomerates (-0.39%), Automotive (-0.36%), and Beauty & Personal Care (-0.35%) [3][4] - The total trading volume for the A-share market on November 3 was 21,329 billion yuan, with a net inflow of 5.472 billion HKD from southbound funds [3][4] Key Insights - The annual macroeconomic report predicts that in 2026, the equity market will continue to exhibit a structural trend of low volatility dividends intertwined with technological growth. China's industrial policy is expected to strengthen, and the A-share market aims for technological growth [5] - The market outlook indicates a fundamental bull market, with no change in viewpoint. The driving factor is the meeting between China and the U.S. at APEC [5]

Group 1 - The report emphasizes the importance of short-term style switching in November, as it is a critical window for portfolio adjustments ahead of the spring market rally, which typically starts in December [2][3] - The report notes that the market's upward momentum is limited due to various uncertainties, with the effective breakthrough of the psychological barrier at 4000 points being challenging [1][2] - Institutional behavior in the fourth quarter often leads to profit-taking in previously strong sectors, creating a potential for style rotation [2][3] Group 2 - The report suggests a balanced allocation strategy in the short term to navigate market volatility during the style switching period, while maintaining a long-term positive outlook on technology growth stocks [3][4] - The report identifies key investment opportunities in sectors such as AI, energy storage, and environmental protection, highlighting specific companies like Dongtu Technology and Hunan Youneng [6][21][26] - The report provides a list of recommended stocks, including Dongtu Technology, Hunan Youneng, and Longjing Environmental Protection, along with their financial metrics and growth potential [7][74] Group 3 - Dongtu Technology is recognized for its advanced industrial operating system, which has achieved multiple safety certifications and is positioned to benefit from the growing demand for AI-driven solutions [13][14] - Hunan Youneng is projected to see significant profit growth, with expected net profits of 10.6 billion, 30.1 billion, and 40.3 billion for 2025, 2026, and 2027 respectively, driven by strong demand in the energy storage sector [21][22] - Longjing Environmental Protection is expected to benefit from its green electricity and energy storage projects, with a forecasted net profit of 12.3 billion, 15.3 billion, and 17.5 billion for the same period [26][28] Group 4 - The report highlights the potential for macroeconomic factors to influence market dynamics, with a focus on the impact of U.S. interest rate cuts and global liquidity conditions on growth stocks [3][4] - The report indicates that the technology sector remains a key area for investment, with a continued emphasis on growth despite short-term market fluctuations [3][4] - The report outlines the financial forecasts for various companies, indicating a positive outlook for sectors such as chemicals, automotive, and internet media, with specific earnings projections provided [60][63][68]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report In 25Q3, the scale of public offering FOF increased, with 7 fund companies having over 10 billion yuan in assets under management, and China - Europe took the lead in scale, with CR10 rising to 64%. The proportion of FOF funds with positive returns was close to 100%, and Cathay Preferred Pilot recorded the best performance in Q3. In terms of allocation, the proportions of partial - stock funds, secondary bond funds, and commodity - type funds increased. The equity funds that were significantly increased in holdings included E Fund Growth Momentum, Boda Growth Zhihang, and Caitong Asset Management Digital Economy. Overall, the focus was on the technology theme to capture market structural opportunities in a refined manner [1]. Summary According to Relevant Catalogs I. Development of Public Offering FOF Funds 1.1 Public Offering FOF Scale Increased, and 2 FOF Funds Exceeded 1 Billion Yuan - **1.1.1 Increase in Quantity and Scale of Public Offering FOF** - In 25Q3, the number of public offering FOF funds increased by 1 to 518, and the scale increased by 278.16 billion yuan to 193.489 billion yuan compared to 25Q2. Since Q3 2025 (as of October 28, 2025), 19 FOF funds were liquidated. The proportion of public offering FOF funds in non - monetary funds was 0.91%, up 0.06 pct from the previous quarter [14]. - **1.1.2 Decline in New - Issue Scale in the Quarter, Positive Continued - Operation Scale** - In 25Q3, 17 FOF funds were newly issued, with a total scale of 6.532 billion yuan, and the average issuance scale per fund was 384 million yuan. Since Q3 2025 (as of October 28, 2025), 25 FOF funds were newly issued, with a total scale of 21.805 billion yuan, and the average issuance scale per fund was 872 million yuan. The continued - operation scale of public offering FOF funds in Q3 was positive, increasing by 2.1285 billion yuan [19]. - **1.1.3 Scale of Partial - Debt FOF Increased by Over 2.2 Billion Yuan** - In 25Q3, the number of partial - debt hybrid FOF funds increased by 2, and the scale increased by 2.2084 billion yuan, accounting for 51.32% of the total scale, up 4.71 pct from 25Q2. The scale of bond - type FOF increased by 162.9 million yuan, the scale of stock - type FOF increased by 18.5 million yuan, and the scale of hybrid FOF increased by 2.6003 billion yuan [25]. 1.2 Over Half of the Funds' Scale Increased, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading - **1.2.1 2 FOF Funds Exceeded 1 Billion Yuan in Scale, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading** - The total scale of the top - ten FOF funds was 6.4135 billion yuan, accounting for 33.15%. As of 25Q3, Fullgoal Yinghe Zhenxuan 3 - Month Holding ranked first with a scale of 1.1759 billion yuan, followed by China - Europe Yingxuan Steady 6 - Month Holding with a scale of 1.0815 billion yuan [26]. - **1.2.2 Over Half of the Funds' Scale Increased, and 11 Funds' Scale Increased by Over 1 Billion Yuan** - In 25Q3, 297 funds' scale increased, accounting for 57.34%. After excluding newly - issued funds, 278 funds' scale increased, accounting for 55.82%. 11 funds' scale increased by over 1 billion yuan [29]. 1.3 7 FOF Managers with Over 10 Billion Yuan in Assets, and China - Europe Took the Lead - **1.3.1 China - Europe Took the Lead, and Fullgoal, GF, and Huaxia Exceeded 1 Billion Yuan for the First Time** - As of 25Q3, there were 82 managers deploying public offering FOF products, 7 of which had over 10 billion yuan in assets: China - Europe, Xingzheng Global, E Fund, Fullgoal, GF, Huaxia, and Huaan. China - Europe rose to the first place [31][32]. - **1.3.2 Scale of Fullgoal, China - Europe, and GF Increased by Over 5 Billion Yuan** - In 25Q3, the FOF scale of 52 fund companies increased. 9 fund companies' scale increased by over 1 billion yuan, and Fullgoal, China - Europe, and GF increased by over 5 billion yuan [34]. - **1.3.3 Obvious Head - Effect, CR10 Increased to 64%** - In 25Q3, the CR10 of public offering FOF fund companies increased to 63.73%, up 2.75 pct from 25Q2. The concentration of the top - ten managers of pension FOF was 45.80%, down 1.96 pct from 25Q2 [37]. 1.4 3 Fund Managers with Over 10 Billion Yuan in Assets, and the Top - Ten's Scale Accounted for Over 40% - The top - ten fund managers' total management scale was 8.5878 billion yuan, accounting for 44.38%. In 25Q3, there were 3 fund managers with over 10 billion yuan in assets: Lin Guohuai of Xingzheng Global, Wang Dengyuan of Fullgoal, and Deng Da of China - Europe [42]. 1.5 31 Custodian Banks, with China Merchants Bank Ranking First in Scale - There were 31 custodian banks for public offering FOF, including 24 banks and 7 securities firms. China Merchants Bank ranked first in terms of scale and number of products. In Q3, its scale increased by 2.0592 billion yuan, ranking first in scale growth [43]. II. Performance of Public Offering FOF Funds 2.1 Over 90% of FOF Funds Had Positive Returns in Q3 - **2.1.1 The Equity Market Performed Strongly, and Partial - Stock FOF Had the Best Performance** - In Q3, the average returns of partial - stock hybrid FOF, balanced hybrid FOF, partial - debt hybrid FOF, and target - date FOF were 22.75%, 11.45%, 3.94%, and 13.63% respectively. Compared with the Wind Fund Index, partial - stock FOF had negative excess returns, while balanced FOF had positive excess returns [47]. - **2.1.2 The Proportion of Funds with Positive Returns in Q3 Was Close to 100%** - The dispersion of partial - stock FOF was higher, and the gap between the best and worst - performing balanced FOF was the smallest. The proportion of FOF funds with positive returns in Q3 was 99.35% [50]. 2.2 Balanced FOF Had Positive Excess Returns, while Partial - Stock FOF Had Negative Excess Returns - Partial - stock FOF had negative excess returns compared with the partial - stock hybrid fund index in 25Q3 and since 2025, and the negative excess return in Q3 further widened. Balanced FOF had positive excess returns compared with the balanced hybrid fund index [54]. 2.3 Analysis of FOF Fund Performance Based on Position Penetration - According to the equity position after penetration, FOF funds were classified into three types: conservative (equity position no more than 30%), aggressive (equity position over 60%), and balanced (equity position between 30% - 60%). Aggressive FOF had smaller dispersion, conservative FOF was mainly in the middle - performance and low - drawdown area of fixed - income + funds, and balanced FOF was concentrated in the high - return and low - drawdown area [63][64]. 2.4 Cathay Preferred Pilot One - Year Holding Was the Performance Champion in Q3 - Cathay Preferred Pilot One - Year Holding and Cathay Industry Rotation A were the champion and runner - up in Q3 performance. E Fund had the most funds in the top - ten performance list of each type of FOF [69]. III. Allocation of Public Offering FOF Funds 3.1 Public Offering FOF Asset Allocation: About 30% Directly Invested in Stocks, and the Position Increased - FOF funds mainly invested in funds, with a proportion of 88% - 91%. In 25Q3, the proportion of fund assets was 90.27%, up 0.01 pct from 25Q2, and the proportion of stock assets was 1.63%, up 0.11 pct from 25Q2. About 30% of FOF funds directly invested in stocks in 25Q3, down 1.66 pct from 25Q2 [76]. 3.2 Asset Allocation of Public Offering FOF after Position Penetration - **3.2.1 After Penetration, the Stock Position Decreased** - After penetration in 25H1, the proportions of stock assets, bond assets, QDII funds, and commodity - type funds were 41.39% (- 0.97 pct), 50.09% (+ 0.36 pct), 5.97% (- 0.02 pct), and 2.42% (+ 0.60 pct) respectively compared with 24H2. Only the position of target - date FOF increased [81][85]. - **3.2.2 Industry Allocation after Penetration: More Holdings in Electronics and Pharmaceutical Biology** - In 25H1, the top - five industries in terms of allocation proportion were electronics, pharmaceutical biology, power equipment, banks, and non - bank finance, with changes of + 0.83 pct, + 1.67 pct, - 2.14 pct, + 1.25 pct, and + 0.99 pct respectively compared with 24H2. Public offering FOF over - allocated pharmaceutical biology, media, etc., and under - allocated banks, non - bank finance, etc., compared with the CSI 300 [92]. 3.3 Public Offering FOF Fund Allocation: The Proportions of Partial - Stock Funds, Secondary Bond Funds, and Commodity - Type Funds Increased - The number and scale of bond - type funds held by FOF funds still ranked first. The scale proportion of passive index - type bond funds increased significantly, and the number proportion of secondary bond funds increased significantly. The scale and number proportions of secondary bond funds and short - term bond funds increased, while those of medium - long - term pure - bond funds, first - level bond funds, and convertible bond funds decreased [94].

Market Overview - The Shanghai Composite Index rose by 0.55% to 3976.52 points, while the Shenzhen Component Index initially fell over 200 points but ended up 0.19% at 13404.06 points, with total trading volume exceeding 2.1 trillion [1] - The STAR Market experienced a decline of 1.04%, indicating a mixed performance across different market segments [1] Coal Industry Insights - The coal sector saw an increase of 2.52%, reaching a new high for this round, driven by rising prices of thermal coal and coking coal since June [3] - A seasonal decline in inventory at northern ports has led to increased demand for replenishment, pushing coal prices higher [3] - Supply constraints due to strict safety and environmental regulations, along with accidents and maintenance in key production areas, suggest limited growth in national coal output in Q4 [3] - The upcoming winter heating season is expected to boost demand as large power plants and downstream users increase stockpiling, resulting in a significant decrease in port and on-site inventories [3] - The coal market is anticipated to shift from a supply surplus to a more balanced state, potentially leading to a recovery in the coal sector [3] Investment Strategy - The coal sector is characterized by strong valuation certainty and significant dividend advantages, making it an attractive investment option with low positions and high dividends [5] - The fourth quarter is expected to see coal prices stabilize, with a potential dual recovery in performance and valuation for the sector [5] - Long-term support for the coal sector may come from themes of reducing competition and loose fiscal policies, alongside state-owned enterprises' market value management initiatives [5] Hong Kong Market Dynamics - The Hong Kong stock market rose by 0.97%, with the Hang Seng Index trading at a PE ratio of approximately 12.1, indicating a historical percentile of about 63% [5] - The Hang Seng Tech Index has a PE ratio of about 24.6, significantly lower than comparable indices in A-shares, suggesting potential for valuation recovery [5][6] - Southbound capital has seen a net inflow of 1.2 trillion HKD this year, marking a record high since the launch of the Stock Connect program [6] - The market is expected to maintain a slow upward trend, supported by improved liquidity and a favorable external environment [6] Solar Industry Developments - The photovoltaic sector, represented by the Solar 50 ETF, rose by 3.73%, continuing its upward trend [7] - Recent reports indicate a narrowing of losses for major companies in the solar supply chain, with significant profit growth for leading firms like Sungrow Power [7] - The government's focus on breaking local protectionism and promoting a unified market is expected to create a conducive environment for the solar industry [8] Dividend Stocks and Long-term Outlook - The Dividend State-Owned Enterprises ETF increased by 1.60%, reflecting a shift in investor sentiment towards defensive strategies amid market volatility [9] - The new policies encouraging cash dividends and market value management for state-owned enterprises are expected to enhance long-term valuation recovery [9] - The current environment presents a high configuration value for dividend assets, with recommendations to monitor dividend-focused ETFs [9]

Group 1 - The China Listed Companies Association released the operating performance report for Q3 2025, showing that companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange achieved revenues of 32,486.28 billion, 10,142.07 billion, and 1,450.68 billion respectively, with net profits of 2,446.61 billion, 441.25 billion, and 92.03 billion, indicating that both revenue and net profit growth rates for the ChiNext exceeded 10% [1] - The total market capitalization of all listed companies reached 107.32 trillion, with the electronics industry ranking first, surpassing the banking sector, accounting for 12.42% of the total market cap, an increase of nearly 3 percentage points since the beginning of the year [1] - The Entrepreneur 50 ETF (159682) tracks the ChiNext 50 Index, with industry allocations including manufacturing, information transmission, software, and technology services [1] Group 2 - Eastern Securities noted a significant pullback in high-tech sectors last week, with funds flowing from high to low sectors, suggesting that the technology growth style will not switch, and the market will continue to seek opportunities within technology growth [2]

Group 1: Company Performance and Trends - The overall performance of listed companies in China continues to improve, with a notable increase in cash dividend announcements, totaling 734.9 billion yuan, and 89 companies distributing over 1 billion yuan in dividends this year [1] - Multiple new energy vehicle manufacturers have reported monthly deliveries exceeding 40,000 units, driven by strong market demand during the peak sales season [2] - The contribution of margin financing business to the performance of listed brokerages has become a focal point, with a 70% increase in the scale of funds lent out and a 50% year-on-year growth in net interest income [5] Group 2: Investment Strategies and Market Outlook - Foreign public funds have shown a positive outlook on Chinese assets, with a high allocation to technology growth sectors, indicating confidence in the market [6][10] - The A-share market is expected to see increased activity in technology-themed investments, particularly as the market enters a performance vacuum period from November to March [4] - Securities firms have newly entered the top ten circulating shareholder lists of 206 stocks, primarily focusing on sectors such as non-ferrous metals and biomedicine [9] Group 3: Regulatory Developments - The regulatory environment is tightening, with actions taken against seven delisted companies to ensure accountability and prevent "one delisting and done" practices [11] - New guidelines for public fund performance benchmarks have been introduced, aiming to enhance the transparency and professionalism of the public fund industry [12] - The quality of information disclosure among A-share listed companies has reached an 85.24% excellence rate, indicating a strong commitment to transparency [13]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Views of the Report The report presents a comprehensive overview of overnight market trends, important macro - economic and industry - specific news, and future economic data release schedules. It provides information on various sectors including commodities, finance, and industries, offering insights for potential investment decisions. 3. Summary by Related Catalogs Overnight Night - Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 0.06% at $4013.40 per ounce, down 3.01% for the week and up 3.62% in October; COMEX silver futures down 0.75% at $48.25 per ounce, down 0.69% for the week and up 3.45% in October [5] - U.S. oil and Brent crude oil futures had mixed results, with U.S. oil up 0.51% at $60.88 per barrel, down 1.01% for the week and down 1.64% in October; Brent crude up 0.33% at $64.58 per barrel, down 0.95% for the week and down 1.15% in October [6] - London base metals mostly rose, with LME tin up 1.08% at $36180.00 per ton, up 1.06% for the week; LME aluminum up 0.86% at $2888.00 per ton, up 1.01% for the week; etc. [6] - As of the close on October 31 at 23:00, domestic futures contracts showed mixed results, with low - sulfur fuel oil (LU) and rapeseed meal up over 1%, and soda ash, BR rubber, methanol down over 2% [8] Important Information Macro - Information - China's manufacturing PMI in October was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity [10] - The U.S. Treasury Secretary said that the China - U.S. trade agreement could be signed as early as next week, and the Chinese Foreign Ministry spokesperson mentioned cooperation discussions during the leaders' meeting [10] - Shanghai export container freight indices showed an increase as of October 31 [10] - China's National Development and Reform Commission emphasized boosting consumer spending during the "15th Five - Year Plan" period [10] - The State Council executive meeting chaired by Li Qiang focused on deepening key - area reforms and opening up [11] - Some Fed officials opposed further interest - rate cuts in December [13] - China Futures Association issued the "Rules for the Management of Futures Market - Making Transactions" [13] - U.S. may provide long - range Tomahawk missiles to Ukraine [13] - Chinese President Xi Jinping attended the APEC meeting and announced the hosting of the 33rd APEC leaders' meeting in Shenzhen next year [14] - Chinese Commerce Minister Wang Wentao met with Canadian officials to discuss economic and trade relations [14] Energy and Chemical Futures - Thailand's natural rubber exports in the first three quarters of 2025 decreased by 8% year - on - year, with different trends for different types of rubber; exports to China increased by 6% [17] - Zhengzhou Commodity Exchange cancelled the designated p - xylene delivery warehouse qualification of Jiangsu Sanfangxiang International Storage Co., Ltd. [18] - U.S. President Trump denied plans to strike military targets in Venezuela [19] - Some OPEC + members may agree to increase production by 137,000 barrels per day in December, but a suspension of production increase is also possible [19] Metal Futures - China Non - Ferrous Metals Industry Association proposed setting a production ceiling for copper, lead, zinc, etc. [21] - Last week, copper inventory increased by 11,348 tons, aluminum inventory decreased by 4,594 tons, etc. in Shanghai Futures Exchange [22] - As of October 31, the market average price of polysilicon was 50 yuan per kilogram, with a profit of 10.4 yuan per kilogram [23] - Morgan Stanley expects gold prices to reach $4500 per ounce by mid - 2026 [25] - New tax policies for gold were announced by the Ministry of Finance and the State Taxation Administration [25] Black - Series Futures - As of October 27, national power plants had 220 million tons of coal in storage, and underground gas storage completed injection tasks [27] - Tangshan lifted the heavy - pollution weather emergency response [27] - The steel industry PMI in October was 49.2%, up 1.5 percentage points month - on - month [27] - China's steel production in the first three quarters decreased by 2.9% year - on - year, and is expected to continue to decline for the whole year [29] - Iron ore inventories at ports increased, and blast furnace operating rates decreased [29] Agricultural Product Futures - Indonesia set the reference price for crude palm oil in November at $963.75 per ton, with export taxes unchanged [31] - A hearing on the anti - dumping case of pork and pork by - products was held [31] - Dalian Commodity Exchange will list soybean meal and corn options contracts starting from February 2, 2026 [32] - Canada's rapeseed exports increased by 25.4% in the week ending October 26 [33] - Malaysia's palm oil exports increased in October [35][36] - Pig - raising profits improved but still showed losses [35] Financial Market Finance - After the Shanghai Composite Index reached 4000 points, A - share markets adjusted last week. Institutions suggest investors focus on low - valued and undervalued sectors [38] - As of October 31, domestic listed companies' performance in the first three quarters was positive, with revenue and profit growth [38] - Many funds adjusted their benchmarks, and a draft guideline for public - fund benchmarks was issued [40] - Some foreign - funded public funds performed well this year, and fund managers are optimistic about the fourth - quarter A - share market [40] - Foreign institutions actively surveyed A - share companies in October [41] - Insurance institutions increased their A - share holdings, with a large proportion in the financial and manufacturing sectors [41] - More listed companies announced cash - dividend plans, and the total cash - dividend amount was large [41] - Shanghai Suyuan Technology Co., Ltd. started the listing - guidance process [42] - CITIC Securities believes there are still structural opportunities in the A - share market and suggests investment in specific directions [44] - Brokerages' November gold - stock lists are concentrated in certain sectors, and the market is expected to rise [44] Industry - New - energy vehicle retail sales in October are expected to reach 1.32 million, with a penetration rate of about 60%. Some car - makers had high delivery volumes [45] - Hainan adjusted its car - scrap and replacement subsidy policy [45] - Shenzhen's property market cooled in October, with lower new - and second - hand housing sales [45] - A villa in Shenzhen was auctioned at a high price [46] - Liquor prices continued to decline, and e - commerce promotions were more subdued [47] Overseas - The U.S. federal government's "shutdown" has lasted 32 days, and it may last until late November [48] - U.S. Treasury Secretary suggested Fed rate cuts and mentioned no tariff on Canada [48] - Fed officials have different views on December interest - rate cuts, and the probability of a 25 - basis - point cut has decreased [48] International Stock Markets - U.S. stock trading hours will be postponed by 1 hour starting from November 3 due to winter time, and economic data release times will also be postponed [50] Commodities - New tax policies for gold were announced, which are expected to improve the market environment [51] - OPEC + agreed to increase production in December and suspend production increase in the first quarter of next year [52] Bonds - Shanxi Province issued 2.373 billion yuan of government bonds through Beijing Stock Exchange, with an average interest rate of 2.02% [53] Economic Data Release Schedule - Various economic data such as China's October S&P manufacturing PMI, Switzerland's October CPI, etc. will be released at different times [56] Events Schedule - There are events such as the expiration of China's central - bank reverse - repurchase operations, speeches by central - bank officials, and international meetings [58] Market Closure Information - Tokyo Stock Exchange was closed due to Culture Day [60]

Group 1 - The A-share market is expected to continue a slow rising trend due to multiple favorable factors, including the "14th Five-Year Plan" and the commencement of the Federal Reserve's interest rate cut cycle [11][12][13] - Current index levels are considered to have better quality compared to 2015, with significantly lower valuation levels, suggesting that excessive focus on index points is unnecessary [3][11] - The market is entering a period of performance and policy vacuum after the third quarter reports, which may lead to a phase of consolidation [8][14] Group 2 - Short-term market movements are characterized by narrow fluctuations, with the technology growth sector losing some attractiveness, necessitating a wait for upward breakout factors [4][15] - Fund holdings have shifted, with a notable increase in electronic sector allocations, indicating a potential for structural adjustments in the market [6][7] - The market is expected to maintain a balanced configuration, with a focus on sectors like brokerage, steel, and consumer goods, transitioning from a "technology-first" approach to a more "balanced" allocation style [14][15] Group 3 - The upcoming months are anticipated to be a period of consolidation, with a focus on new industry trends such as commercial aerospace, AI applications, and innovative pharmaceuticals [8][10] - The market's performance is likely to be influenced by the economic recovery and the gradual improvement of demand-side conditions, particularly in sectors like energy storage [4][10] - The overall market sentiment is expected to remain stable, with a potential for structural opportunities in high-growth sectors [9][16]