1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US economy may face challenges as inflation re - heats in September, retail sales growth slows, and the Fed may need to cut interest rates. The peace plan for the Russia - Ukraine conflict is making progress, which could potentially impact global markets. In the domestic market, the A - share market rebounds, and the bond market shows mixed performance. The commodity market has different trends in various sectors such as metals, energy, and agriculture [3][22][31] - The report also provides macro - economic data, which shows the current economic situation such as GDP growth, PMI, and inflation rates in the domestic market, and also includes information on international economic data and events that may affect the global and domestic investment environment [1] 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP growth in Q3 2025 was 4.8% year - on - year, lower than the previous quarter's 5.2%. The manufacturing PMI in October 2025 was 49%, down from 49.8% in the previous month. The non - manufacturing PMI was 50.1%, slightly up from 50% [1] - Social financing scale in October 2025 was 816.1 billion yuan, a significant drop from 3529.9 billion yuan in the previous month. M0, M1, and M2 growth rates all declined compared to the previous month [1] - CPI in October 2025 was 0.2% year - on - year, up from - 0.3% in the previous month. PPI was - 2.1% year - on - year, an improvement from - 2.3% [1] 3.2 Commodity Investment 3.2.1 Comprehensive - The China - US leaders' phone call was initiated by the US, with a positive atmosphere. The US is making progress in the Russia - Ukraine peace plan, and the Fed may cut interest rates [2][3] - On November 25, 47 domestic commodity varieties had positive basis, and 22 had negative basis.沪镍, 郑棉, and铸造铝合金 had the largest basis [2] 3.2.2 Metals - International precious metal futures generally rose due to factors such as the Fed's potential rate cut, the uncertain situation in the Russia - Ukraine conflict, and concerns about the US fiscal deficit [5] - Zinc, copper, aluminum, lead, tin, and nickel inventories in the London Metal Exchange changed on November 24. Hong Kong's gold exports to the Chinese mainland decreased in October [5] 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - November, the prices of coke, coking coal, and rebar all increased. However, the increase in coke prices has squeezed steel mills' profits, and coke prices may face downward pressure at the end of the month or early December [7] 3.2.4 Energy and Chemicals - Norway aims to maintain its oil and gas production at 2020 levels by 2035 and will invest about 60 billion Norwegian kroner. European natural gas prices are expected to decline [9] - Iraq's oil exports in October were 110.9 million barrels, and measures are taken to maintain the production of the West Qurna - 2 oilfield [9] 3.2.5 Agricultural Products - As of mid - November, the prices of corn, wheat, and rice increased, while the price of cotton decreased. The price of natural rubber rose [11] - The inventory of breeding sows in China decreased, and the pig price is expected to rise moderately before the Spring Festival. The breeding of poultry and eggs is expected to face losses [12] 3.3 Financial News 3.3.1 Open Market - On November 25, the central bank conducted 302.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 105.4 billion yuan [14] 3.3.2 Key News - The US is making progress in the Russia - Ukraine peace plan, and the China - US leaders' phone call is positive. The Chinese government will hold a press conference on promoting consumption [15][16] - China's foreign direct investment and overseas project contracting increased from January to October. Local government special bonds are being issued for government investment funds [16] 3.3.3 Bond Market - The A - share market is strong, while the bond market is weak. The yields of medium - and long - term interest - rate bonds generally increased, and the prices of some bonds of Vanke decreased significantly [22] - The exchange - traded bond market had mixed performance, and the convertible bond index rose. The money market interest rates had different trends [23] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies generally rose [27] 3.3.5 Research Report Highlights - Whether the Fed will cut interest rates in December is uncertain. Active management bond funds can break the situation through strategies such as "fixed income +" and medium - long - term credit amortization [28][29] - For 2026, it is recommended to set the GDP target at around 5% and implement more active fiscal and monetary policies [29] 3.4 Stock Market - The A - share market rebounded, with lithium mines and the Fujian sector performing strongly. The Hong Kong stock market also rose, and the repurchase amount of A - shares and Hong Kong stocks reached a high level this year [31][32] - Multiple funds have reported new ETF products [32]

A股开盘，三大指数小幅低开，沪指低开0.07%报3867.43点，深证成指低开0.06%，创业板指低开 0.14%。盘面上，能源金属、工程机械板块高开，CPO概念股普遍回调。 ...

★ 宏观动态 ★ 1—10月中国全行业对外直接投资以美元计为1443.4亿美元，增长6.2% 据商务部、外汇局统计，2025年1—10月，我国全行业对外直接投资10332.3亿元人民币，同比增长7%（以美 元计为1443.4亿美元，增长6.2%）。其中，我国境内投资者共对全球152个国家和地区的9553家境外企业进行 了非金融类直接投资，累计投资8726亿元人民币，增长6%（以美元计为1219亿美元，增长5.2%）。 全国农村中小银行总资产超57万亿元 中国银行业协会日前发布的报告显示，截至2024年末，全国农村中小银行总资产和总负债分别达57.91万亿 元、53.69万亿元，同比增速6.06%、6.02%，规模扩张更趋稳健。 截至10月末深圳个人养老金开户近600万户 深圳金融监管局11月25日组织召开2025年"凝聚改革共识 提振发展信心"第四场新闻发布会，该局相关负责人 透露，截至10月末，深圳个人养老金开户599.3万户，累计缴存资金77.2亿元，位居全国前列；四家商业养老金 试点公司在深均有业务，前三个季度累计开立商业养老金12.75万户，销售规模208.85亿元。 欧盟对俄实施第19轮制裁，美财长 ...

至于今天大涨的原因：昨晚中美元首通话；美联储官员戴利支持12月降息，市场对美联储12月降息25个基点的定价概率从不到70%升到82.9%；最后美国启 动人工智能"创世纪计划"。多重利好推动下，美股科技股大涨，谷歌涨超6%，芯片股博通涨超11%，美光科技涨近8%，纳指大涨2.69%。 不过，我认为当前全球股市的问题没有解决。首先，机构排名、大资金获利了结还没有结束，可能要持续到12月中旬，只不过抛压会逐步缓和，特别是A股 早在10月就开始高低切换；其次，虽然谷歌链很强势，但英伟达却很脆弱，昨晚美股开盘大涨，英伟达还是绿的，虽然收盘涨了2%，盘后却因为一条报道 又跌回去了。 具体来看今天的重磅消息： 外交部：中美元首通话是美方发起的，通话氛围是积极的、友好的、建设性的 来源：看财经直播 这还真是一天icu一天ktv，上周五AI算力暴跌、双创破位，周末我看了一下雪球的舆论氛围，基本都认为AI泡沫要破了、A股要进入四浪调整。实际上，本 周A股表现要比市场的悲观预期要好，昨天缩量普涨，今天算力爆拉，超过4300家上涨，这算是对上周连续冰点的修复。或许对于牛市来说，散户割肉就是 最大的利好。 美联储戴利表示，她支持在下个 ...

Market Overview - On November 25, A-shares saw all major indices rise, with the Shanghai Composite Index increasing by 0.87% to 3870.02 points and the ChiNext Index rising by 1.77% to 2980.93 points, while the total trading volume in the Shanghai and Shenzhen markets reached 182.64 billion yuan, an increase of 85.9 billion yuan from the previous day [2] AI Industry - The AI industry chain stocks experienced a significant surge, with companies like Dekoli, Guangku Technology, and Changguang Huaxin hitting the 20% limit up [3][5] - The CPO concept stocks also saw strong performance, with notable gains from companies such as Changxin Bochuang and Juguang Technology, which rose nearly 14% [3] PCB Sector - The PCB concept stocks strengthened, with companies like Huhua Technology and Bojie Shares reaching the limit up, while Jingwang Electronics and Shengyi Technology increased by over 6% [5] Consumer Electronics - The consumer electronics sector saw substantial gains, particularly in Apple-related stocks, with Lingyun Technology rising over 10% and Dongshan Precision increasing by 7.68% [7][8] - Reports indicate that Apple has made breakthroughs in developing a foldable iPhone, addressing previous concerns about creases, which could enhance the market appeal of the upcoming model [7] Vaccine Sector - The vaccine concept stocks surged, with Jindike hitting the 20% limit up and Hualan Vaccine increasing by over 10% [12] - The demand for flu medications has risen sharply, with sales of Oseltamivir increasing by 237% in the past week, indicating a growing need for respiratory system medications due to the flu outbreak [11]

星石投资认为，短期市场或表现震荡休整，后续大幅下行的概率较小。由于年底缺少新的催化，场外资 金或以观望为主，存量资金博弈可能继续，市场主线阶段性缺失，板块轮动或保持较快，市场结构处于 再平衡状态。从中长期视角看，历史上牛市中大多会出现回调，估值回落是当前市场回调的主要原因， 考虑到明年将进入业绩兑现期，估值因素将逐渐让位于基本面驱动，A股市场仍处于"慢牛"阶段中。 盘面上看，有色、医药、半导体、化工、银行、保险等板块走强，CPO概念、PCB概念、消费电子概念 等活跃。 25日，两市股指盘中强势上扬，沪指一度涨超1%，创业板指盘中涨超3%，场内约4300股飘红。 截至收盘，沪指涨0.87%报3870.02点，深证成指涨1.53%报12777.31点，创业板指涨1.77%报2980.93点， 沪深北三市合计成交18264亿元。 （文章来源：证券时报网） ...

Market Overview - On November 25, A-shares saw a broad increase, with the Shanghai Composite Index rising over 1% at one point, and the ChiNext Index gaining over 3% during the session [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 18,264 billion yuan, an increase of 859 billion yuan compared to the previous day [2] AI Industry Chain - Stocks in the AI industry chain experienced a collective surge, with significant gains in CPO and PCB concepts [3][4] - Notable stocks included Dekoli, Guangku Technology, and Changguang Huaxin, all hitting the 20% limit up [4][5] - The demand for computing power driven by AI remains robust, with institutions optimistic about the long-term outlook for the AI sector [7] Consumer Electronics - The consumer electronics sector saw a substantial rise, particularly driven by Apple-related stocks [8][9] - Stocks such as Lingyun Technology and Dongshan Precision rose over 10%, while others like Shenzhen South Circuit and Luxshare Precision increased by more than 7% [9][10] - Apple is reportedly making breakthroughs in developing a foldable iPhone, which could enhance its market appeal [11] - iPhone sales in China are projected to grow by 37% year-on-year, driven by strong performance from the iPhone 17 series [12] Vaccine Sector - The biopharmaceutical sector, particularly vaccine stocks, showed significant upward movement, with stocks like Jindike and Hualan Vaccine hitting the 20% limit up [13][14] - The demand for flu medications has surged, with sales of antiviral drugs increasing significantly due to rising flu activity [16][17]

Market Overview - The market experienced a significant rebound, with the Shanghai Composite Index rising by 0.87%, the Shenzhen Component Index increasing by 1.53%, and the ChiNext Index gaining 1.77% [1] - Technology stocks saw a strong recovery, particularly in sectors such as optical modules, PCB, AI applications, gaming, storage chips, and commercial aerospace [1] Technology Sector Insights - The surge in technology stocks is attributed to three main factors: 1. AI narrative restructuring, with Google emerging as a new leader in the AI market, recently achieving a 6.31% increase and reaching a historical high [2] 2. A new market layout window, where November typically shifts focus to thematic plays, with AI stocks showing high visibility in terms of market conditions [3] 3. Catalysts from various events, including the upcoming China International Semiconductor Expo showcasing new products from Changxin Storage and the anticipated listing of Moore Threads on the A-share market [3] Institutional Perspectives - Citic Securities suggests that the A-share and Hong Kong markets may experience a "sharp drop and slow rise" pattern similar to the US market, indicating a potential opportunity for investors to reallocate towards equities as risks have been released [4] - Guotai Junan expresses optimism about the Chinese market's future, suggesting that the current market weakness is temporary and presents a good opportunity for accumulation [11] - Huatai Securities notes that the market is approaching a "reasonable" valuation level, recommending a cautious increase in positions if the market overcorrects [13] Sector Performance Highlights - The CPO concept saw significant gains, with companies like Guangku Technology and Dekeli reaching their daily limit [5] - The consumer electronics sector also performed well, driven by Huawei's upcoming product launch [7] - AI application stocks showed strong performance, with companies like Bojie and Haitai Ruisheng experiencing substantial increases [8] - The computing power sector remained robust, with Meta Platforms reportedly considering a significant investment in Google's TPU technology [9] - The storage chip sector was active, with a report indicating a growing shortage in the memory market [10]

新基金经理上任方面，东方基金吴萍萍现任基金资产总规模为562.33亿元，管理过的基金多为债券型和指数型基金，任职 期间回报最高的产品是东方中债1-5年政策性金融债C（012404），为指数型基金，在任职的2年又242天时间内获得 156.66%的回报。新上任东方强化收益债券A、东方强化收益债券C这两只基金产品的基金经理。 | | | 基金代码 | 公告日期 | 3 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 022638 | 2025/11/25 | 20: | | | | | 东方招益债券A | 022637 | 2025/11/25 | 2025/11/25 | 在职 | 开始任职 | | 杨贵宾 | 东方欣冉九个月持有期混合A | 014354 | 2025/11/25 | 2025/11/25 | 在眼 | 开始任职 | | | 东方欣冉九个月持有期混合C | 014355 | 2025/11/25 | 2025/11/25 | 在职 | 开始任职 | | 徐奥千 | 东方民丰回报赢安混合A | 004005 | 2025/11/25 ...

Market Performance - On November 25, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.87% to close at 3870 points, the Shenzhen Component Index rising by 1.53%, and the ChiNext Index up by 1.77% [1] - The total market turnover reached 1.83 trillion yuan, an increase of 85.8 billion yuan compared to the previous day, with 4300 stocks rising [1] Sector Highlights - The CPO concept and optical communication module sectors experienced significant gains, with stocks like Dekeli and Yongding shares hitting the daily limit [1] - The F5G concept also surged, with Tefa Information reaching the daily limit [1] - The flu season arrived early, leading to active trading in flu-related stocks, with companies like Te Yi Pharmaceutical hitting the daily limit [1] - The gaming sector saw an uptick, with Giant Network reaching the daily limit, while education stocks generally rose, with Kede Education hitting a 20% limit up [1] - Precious metals, laser radar, Hainan, and communication equipment sectors were among the top gainers [1] Underperforming Sectors - The shipbuilding sector declined, with Jianglong Shipbuilding dropping nearly 10% [1] - The aquaculture sector fell, with Zhongzhong Fishery hitting the daily limit down [1] - The aviation, prepared dishes, and genetically modified sectors were among those with the largest declines [1]