习近平强调,双方要稳步扩大相互投资,开展好能源、互联互通、农业、航空航天等传统领域合作；挖掘 人工智能、数字经济、绿色发展等新业态合作潜力,打造新的合作增长点；密切人文交流,让两国社会各 界更多人士参与到中俄友好合作的事业中来。前不久,中共二十届四中全会审议通过"十五五"规划建议, 对中国未来5年经济社会发展作出顶层设计和战略擘画。中国将全面推进中国式现代化,坚定不移推动经 济社会高质量发展,扩大高水平对外开放。中方愿同俄方一道,推动中国"十五五"规划同俄罗斯经济社会 发展战略更好对接,不断造福两国人民。 习近平指出,今年以来,中俄关系锚定更高水平、更高质量发展目标,在风高浪急的外部环境中笃定前行。 维护好、巩固好、发展好中俄关系,是双方的战略抉择。我同普京总统在莫斯科和北京两次会晤,就中俄 关系中的战略性、全局性问题深入交流,作出新的谋划和部署。双方要保持密切协调,落实好我同普京总 统达成的重要共识,着眼两国和两国人民的根本利益,把中俄合作的蛋糕做好,也为世界和平与发展作出新 的更大贡献。 王毅参加会见。 新华社北京11月4日电 11月4日上午,国家主席习近平在北京人民大会堂会见俄罗斯总理米舒斯京。 米舒斯 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The steel market is characterized by weak supply and demand, with the supply contraction less than the demand decline. Long - process steel mills have a decent profit rate and stable supply, while short - process electric furnace steel mills are suffering increasing losses and reduced supply. Affected by the autumn - winter environmental protection production restrictions, steel supply is expected to continue to shrink [4]. - In October, the peak season for steel demand did not live up to expectations. Real estate development investment continued to decline, and infrastructure investment growth also slowed down, leading to limited steel demand. The core contradiction on the demand side lies in the continuous contraction of the real estate industry chain. In November, steel demand enters the traditional off - season, and the demand for construction steel will significantly shrink [4]. - In the next month, the steel supply pressure remains high, and demand will gradually weaken. With recent policy benefits being implemented, the macro - sentiment is stabilizing. Fundamentally, the weak reality pattern is hard to change. Overall, steel supply and demand are both weak, inventory pressure remains, and steel prices are expected to fluctuate weakly. The reference range for rebar is 2900 - 3150 yuan/ton [4]. Summary According to the Table of Contents 1. Market Review - In October, steel futures fluctuated, first falling and then rising, showing an overall weak trend. At the beginning of the month, steel prices were pressured by weak fundamentals. In the middle of the month, they rebounded due to improved macro - expectations. After the macro - benefits were realized, the focus returned to fundamentals. The overall steel market was in a low - level oscillation pattern due to the game between reality and expectations [9]. 2. Steel Fundamental Analysis Supply is Expected to Shrink - The newly revised "Implementation Measures for Capacity Replacement in the Iron and Steel Industry" aims to optimize the industrial structure and promote green and low - carbon transformation. It strengthens capacity replacement ratio requirements, encourages low - carbon processes, and standardizes replacement procedures [16]. - In October, steel supply and demand were both weak, but the supply contraction was less than the demand decline. Long - process steel mills had stable supply, while short - process steel mills' supply continued to shrink. Affected by environmental protection production restrictions and losses, steel supply is expected to continue to contract [17]. High Steel Inventory Pressure - In October, steel inventories increased slightly, with a rapid increase after the National Day holiday and then a slow decline. The inventory pressure on hot - rolled coils is significantly higher than that on rebar. If demand does not improve substantially, inventory contradictions may intensify [19]. Weak Demand in the Peak Season - In October, the steel demand in the peak season was weak. The real estate industry continued to decline, infrastructure investment growth slowed down, and overseas steel exports decreased month - on - month. In November, steel demand will enter the off - season, and construction steel demand will shrink significantly [26]. Reduced Macro - impact - Overseas, the Fed cut interest rates in October and will end the balance - sheet reduction. Sino - US tariff relations eased. Domestically, the Fourth Plenary Session of the 20th CPC Central Committee put forward the main goals for economic and social development during the 15th Five - Year Plan period [30]. - The real estate industry remained sluggish, and infrastructure investment growth continued to slow down. Manufacturing steel demand was structurally differentiated, with the automobile and home appliance industries showing resilience. Steel exports remained resilient but declined month - on - month [31][37]. 3. Market Outlook - The steel market will continue to face weak supply and demand in the future. Supply pressure remains high, and demand will gradually weaken. Policy benefits are being implemented, but the weak fundamental pattern is hard to change. Steel prices are expected to fluctuate weakly, with the rebar reference range at 2900 - 3150 yuan/ton [40].

Core Viewpoint - The article discusses investment opportunities in ETFs that align with China's economic and military development plans, particularly focusing on the military, new economy sectors, and Saudi Arabia's economic diversification efforts [3][4][6][8]. Group 1: Military Sector ETF - The Military Leaders ETF (512710.SH) is expected to benefit from China's 2025 defense budget of 1.81 trillion yuan, which represents a 7.2% increase year-on-year, marking a historical high. However, this budget still accounts for less than 1.3% of China's GDP, significantly lower than the U.S. and Russia [3][4]. - The ETF tracks the CSI Military Leaders Index, investing in leading companies in aerospace, missiles, and drones, which are poised to gain from a new round of military procurement cycles [4][5]. Group 2: New Economy ETF - The Hang Seng New Economy ETF (513320.SH) aligns with the "14th Five-Year Plan" that emphasizes high-level technological self-reliance and the capture of opportunities from the new technological revolution [6][7]. - This ETF tracks the Hang Seng Hong Kong Stock Connect New Economy Index, covering sectors such as the internet, semiconductors, innovative pharmaceuticals, and new energy, which are expected to benefit from China's industrial upgrade and technological development [6][7]. Group 3: Saudi Arabia ETF - The Saudi ETF (159329.SZ) is linked to Saudi Arabia's Vision 2030 plan, which aims to reduce oil dependency and diversify the economy [8][9]. - The ETF's holdings reflect this diversification, with over 40% in the financial sector and more than 20% in consumer and technology sectors, while traditional fossil fuels account for only about 10% [8][9].

王文涛表示，当前单边主义、保护主义对多边经贸秩序造成严重冲击。中国商务部将认真落实习近平主 席提出的全球治理倡议等四大全球倡议，愿与包括工发组织在内的各方一道，坚定维护以规则为基础的 多边贸易体制和自由贸易，维护广大发展中国家利益，避免世界重回"丛林法则"，推动构建人类命运共 同体。 穆勒感谢中方与工发组织长期以来的紧密合作，赞赏中方坚持多边主义和市场开放。工发组织愿与中方 深化在全球发展倡议和共建"一带一路"框架下的合作，将中国数字化、可再生能源、人工智能等方面的 技术和经验通过工发组织平台分享给其他发展中国家。希望双方加强并拓展非洲卓越中心相关合作，以 惠及更多非洲和全球南方国家。 11月4日，商务部部长王文涛在上海会见联合国工发组织总干事穆勒。 责任编辑：刘万里 SF014 王文涛指出，今年10月，中共二十届四中全会通过了关于制定"十五五"规划的建议，擘画了中国未来发 展的宏伟蓝图，对扩大高水平对外开放作出了重要部署，展现了中国坚持开放合作，与各国共享机遇、 共同发展的坚定决心。中方愿与工发组织加强沟通协调，并结合落实"十五五"规划共同制定好新周期合 作规划，拓展绿色矿产、数字、标准等领域合作，持续提升 ...

Group 1 - The report outlines a grid trading strategy, which is essentially a high buy low sell trading approach that capitalizes on price fluctuations without predicting market trends, making it suitable for volatile markets [4][12] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being identified as appropriate for this strategy [4][12] Group 2 - The report highlights key ETFs for grid trading strategies, including the Military Industry Leader ETF (512710.SH), which is expected to benefit from a new round of military procurement driven by the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," with a projected defense budget of CNY 1.81 trillion for 2025, a 7.2% increase year-on-year [4][13] - The Hang Seng New Economy ETF (513320.SH) is noted for its potential to capture the benefits of China's industrial upgrade and technological development, tracking the Hang Seng New Economy Index, which includes leading companies in internet, semiconductors, innovative pharmaceuticals, and new energy sectors [5][16] - The Saudi ETF (159329.SZ) is recognized as a tool to capture long-term economic transformation opportunities under Saudi Arabia's "Vision 2030," which aims to diversify the economy away from oil dependency, with over 40% of its holdings in the financial sector and significant allocations in consumption and technology [6][18]

Investment Rating - The report suggests increasing attention to the military industry, particularly focusing on elastic and thematic varieties [4][5]. Core Viewpoints - The military industry is experiencing significant changes at the margin, with overall revenue and performance needing recovery. The industry saw a year-on-year revenue decline of 1.68% and a net profit decline of 10.95% for Q1-Q3 2025 [4][5]. - The report highlights a divergence in performance across different equipment sectors, with ground equipment showing a revenue growth of 18.2%, while naval equipment and aerospace equipment experienced declines of 8.4% and 1.7%, respectively [4][5]. - The report emphasizes that the military industry's operational indicators are showing stable growth, indicating a sustained industry outlook [4][5]. Summary by Sections 1. Industry Performance - The military industry’s revenue for Q1-Q3 2025 was 483.6 billion, reflecting a year-on-year decrease of 1.68%. The net profit for the same period was 24.5 billion, down 10.95% [23][26]. - The performance across different sectors is mixed, with ground equipment and naval equipment showing contrasting trends in revenue and profit growth [4][5]. 2. Profitability Indicators - The overall gross margin and net margin for the military industry were 18.04% and 5.07%, respectively, indicating a slight decline in profitability [28]. - The military electronics sector maintained a higher profitability level compared to other sectors, which experienced minor fluctuations [4][5]. 3. Operational Indicators - Key operational metrics such as inventory, accounts payable, and contract liabilities showed year-on-year increases of 13.19%, 30.96%, and 30.96%, respectively, indicating stable growth in operational indicators [31]. - The report notes that the military industry is well-positioned to meet future demand, with significant pre-receivables and contract liabilities suggesting a robust outlook for the next 3-5 years [31]. 4. Revenue and Profit Analysis - The aviation sector contributed the most to the industry’s revenue and net profit, accounting for 46% and 58%, respectively, in Q1-Q3 2025 [44]. - The report identifies a notable performance in the naval equipment sector, with 62.5% of companies in this area reporting profit increases [51]. 5. Key Investment Targets - The report recommends focusing on high-end combat capabilities and new quality combat capabilities, highlighting specific companies such as AVIC Shenyang Aircraft Corporation and Ziguang Guowei as key targets for investment [4][5].

Macro Economic Background - The domestic economy is showing stable performance with a GDP growth of 5.2% year-on-year for the first three quarters, which is an acceleration compared to the previous year [12] - In September, the industrial added value increased by 6.5% year-on-year, significantly up by 1.3 percentage points from August, with high-tech industries growing by 10.3% [12] - Fixed asset investment saw a cumulative year-on-year decline of 0.5% from January to September, with manufacturing, infrastructure, and real estate investments all experiencing a slowdown [12] - Retail sales in September grew by 3.0% year-on-year, a decrease of 0.4 percentage points from the previous month, but certain categories like furniture and sports equipment maintained double-digit growth [12] - Exports showed resilience with a year-on-year growth of 8.3% in September, supported by high-tech and electromechanical products [12][15] A-Share Market - The A-share market experienced a "first decline then rise" trend in October, with a shift from small-cap growth stocks to large-cap dividend stocks [9] - The outlook for November indicates a clearer mainline consensus in the A-share market, with potential improvements in the capital game structure [9] - The performance of the third-quarter reports is expected to validate the upward trend in the A-share market, particularly led by technology growth [9] Fixed Income Market - In October, the bond market saw a downward trend in interest rates influenced by multiple factors, including the resumption of government bond trading [9] - The outlook for November suggests a bullish trading strategy with a focus on basic data and stock market changes [9] Currency Exchange Rate - The US dollar index is expected to maintain a fluctuating pattern, influenced by the potential for a decline in interest rate expectations [9] - The Chinese yuan is anticipated to appreciate moderately in the short term due to several favorable factors, including a weak dollar index and positive developments in US-China trade negotiations [9] Offshore Markets - US Treasury yields are expected to rise slightly in the short term, while the US stock market is supported by strong earnings and seasonal factors [9] - The Hong Kong stock market is likely to see an increase in risk appetite due to improved external conditions and internal policy adjustments, with a focus on quarterly performance [9] Commodities - Gold prices are expected to remain volatile in the short term, with a long-term upward trend still favored [9] - Oil prices are projected to fluctuate weakly, supported by demand for heating oil during the winter season and a reduction in US commercial crude oil inventories [9]

Investment Rating - The report suggests increasing attention to the military industry, focusing on elastic and thematic varieties, with a positive outlook for the sector as it enters a growth cycle driven by the 14th Five-Year Plan [4][5][6]. Core Viewpoints - The military industry is experiencing important marginal changes, with overall revenue and performance yet to recover. The industry saw a year-on-year revenue decline of 1.68% and a net profit decline of 10.95% for Q1-Q3 2025 [4][5][21]. - Profitability across various equipment sectors and industry chain segments has slightly decreased, but there is potential for improvement as scale effects become evident [4][5][23]. - Operational indicators show stable growth, indicating sustained industry prosperity, with significant increases in inventory and contract liabilities [4][5][26]. Summary by Sections 1. Revenue and Profit - The military industry reported a revenue of 483.6 billion yuan for Q1-Q3 2025, reflecting a year-on-year decrease of 1.68%. The decline is attributed to the need for recovery in industry demand [18][21]. - The aviation sector contributed the most to the industry's revenue and net profit, accounting for 46% and 58% respectively in Q1-Q3 2025 [38][42]. 2. Profitability Indicators - The overall gross margin and net margin for the military industry were 18.04% and 5.07% respectively, both showing a decline compared to previous years due to product price fluctuations and rising fixed costs [23][25]. - The military electronics sector maintained the highest profitability levels, while other sectors experienced slight fluctuations in margins [4][5][23]. 3. Operational Indicators - Key operational metrics such as inventory, accounts payable, and contract liabilities have shown significant year-on-year increases, indicating robust demand and production readiness [4][5][26]. - As of Q3 2025, the military industry had an inventory of 366.9 billion yuan, with a year-on-year increase of 13.19%, and contract liabilities of 220.4 billion yuan, reflecting a 30.96% increase [26][27]. 4. Key Companies to Watch - High-end combat capabilities: Companies such as AVIC Shenyang Aircraft Corporation, AVIC Chengdu Aircraft Industry Group, and others are highlighted as key players [6]. - New quality combat capabilities: Companies like Unisoc, Raycus Laser, and others are noted for their potential in the evolving military landscape [6].

Core Viewpoint - The Chinese economy is transitioning to a new phase that relies more on technological innovation and capital markets, with the "15th Five-Year Plan" being crucial for solidifying foundations and driving comprehensive efforts towards achieving modernization by 2035 [1][3]. Group 1: Capital Market Goals - The total market value of China's capital market is expected to exceed 200 trillion yuan by the end of the "15th Five-Year Plan," relying on endogenous market growth rather than new stock issuance [1][3][4]. - To align with the economic goals, the capital market's market value should increase to match GDP growth, aiming for a market-to-GDP ratio of 120% to 140% by 2030 [3][4]. Group 2: Strategic Functions of Capital Market - The capital market must enhance five strategic functions: supporting technological advancements, deepening financial reforms, promoting market-oriented reforms, boosting domestic demand, and improving social welfare [5][6][7]. - The capital market is essential for supporting the construction of a modern industrial system and narrowing the technology gap with the U.S. in areas like AI [5][6]. Group 3: Enhancing Consumer Spending - A rising stock market can amplify consumer spending through wealth effects, with projections indicating that an increase in market value could lead to additional consumer spending of several trillion yuan annually [8][9]. - Improving social security levels, particularly for rural elderly residents, is crucial for unlocking consumption potential, with proposals to transfer a higher percentage of state-owned equity to social security funds [9]. Group 4: Liquidity and Long-term Market Health - The capital market's health is supported by improved liquidity, with expectations for M1 growth to exceed 8%, which typically indicates a rising stock market [10][11]. - A significant reduction in interest rates is necessary to alleviate financial burdens on households and businesses, encouraging more funds to flow into consumption and investment [11][12]. Group 5: Market Ecosystem for Long-term Investment - A diverse investment ecosystem is needed to attract long-term capital, encouraging participation from various institutional investors while also accommodating speculative and quantitative investment strategies [12].

11月5日，两市股指午后发力拉升，创业板指涨逾1%，场内近3400股飘红，全A成交额连续两日维持在 2万亿元下方。 盘面上看，煤炭、电力、石油、钢铁、化工等板块拉升，储能、风电、光伏概念集体走高，海南自贸、 智能电网概念等活跃。 东莞证券表示，近日沪指一度站上4000点关口后，A股市场博弈开始加剧，资金分歧逐步显现，部分获 利盘了结导致短期市场出现技术性震荡调整，需警惕资金转向稳健审慎，操作上建议投资者灵活控制仓 位，避免盲目追高，并结合景气度与估值积极优化持仓结构。配置方面，金融、煤炭等防御性板块与食 品饮料等低位板块值得关注，此外重视"十五五"规划受益行业等。 （文章来源：证券时报网） 截至收盘，沪指涨0.23%报3969.25点，深证成指涨0.37%报13223.56点，创业板指涨1.03%报3166.23点， 沪深北三市合计成交18945亿元。 ...