Group 1: Economic Indicators - The U.S. non-farm payrolls increased by 119,000 in September, significantly exceeding expectations, but previous months' figures were revised down by 33,000 [6][11] - The unemployment rate unexpectedly rose to 4.4%, the highest level in four years [6][11] - China's Loan Prime Rate (LPR) remained unchanged for six consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [8][11] Group 2: Market Trends - The stock market saw a decline, with the construction materials sector leading gains while the beauty and personal care sector lagged [11] - Financing balance decreased by 4.576 billion to 24,803.25 billion [11] - The market style is expected to balance out if overseas tech earnings materialize and small-cap stocks complete their corrections [11] Group 3: Commodity Insights - Copper prices rose during the day, supported by tight concentrate supply and high smelting output, despite weak demand in the real estate sector [19] - Oil prices fell by 0.73%, influenced by U.S. sanctions on Russian oil companies and ongoing geopolitical tensions [14] - Methanol prices increased by 0.3%, with domestic production levels showing slight fluctuations [15]

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

Report Investment Rating - No investment rating information provided in the report Core View - The market expects the stock index to continue its long - term and steady upward trend. The 14th Five - Year Plan focuses on technology, and the technology sector is a long - term direction. The domestic liquidity environment is expected to remain loose, with residents likely to increase their allocation of equity assets, and external funds may flow in as the Fed cuts interest rates and the RMB appreciates. Near the end of the year, funds are relatively cautious, and the market style is more balanced compared to the third quarter [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and the quarter after next) were 4583.40, 4565.20, 4532.20, and 4489.00 respectively, with increases of 23.40, 22.20, 20.00, and 21.20, and increases of 0.51%, 0.49%, 0.44%, and 0.47% respectively. The trading volumes were 25910.00, 76820.00, 14405.00, and 5478.00, and the open interests were 29702.00, 156324.00, 67558.00, and 18583.00, with changes of - 3947.00, - 2502.00, - 388.00, and 316.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3018.00, 3011.00, 3006.40, and 2996.20 respectively, with increases of 17.40, 16.60, 15.60, and 13.60, and increases of 0.58%, 0.55%, 0.52%, and 0.46% respectively. The trading volumes were 8705.00, 36365.00, 6657.00, and 1812.00, and the open interests were 9339.00, 61909.00, 18559.00, and 5430.00, with changes of - 1795.00, - 1076.00, 283.00, and 134.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7116.60, 7054.80, 6875.40, and 6664.00 respectively, with changes of - 15.60, - 1.60, 0.40, and - 9.60, and changes of - 0.22%, - 0.02%, 0.01%, and - 0.14% respectively. The trading volumes were 24997.00, 83682.00, 17690.00, and 6223.00, and the open interests were 21873.00, 141911.00, 61676.00, and 23052.00, with changes of - 9350.00, 2214.00, 1590.00, and 39.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7390.40, 7298.20, 7068.80, and 6838.60 respectively, with changes of - 38.60, - 31.00, - 26.60, and - 28.20, and changes of - 0.52%, - 0.42%, - 0.37%, and - 0.41% respectively. The trading volumes were 37059.00, 149890.00, 27892.00, and 12626.00, and the open interests were 34672.00, 201080.00, 85839.00, and 42548.00, with changes of - 10135.00, 11495.00, - 716.00, and 1475.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 18.20, - 7.00, - 61.80, and - 92.20 respectively, compared to previous values of - 14.60, - 6.00, - 73.00, and - 93.80 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4588.29, 3020.35, 7122.75, and 7387.21 respectively, with changes of 0.44%, 0.58%, - 0.40%, and - 0.82% respectively. The trading volumes (in billions of shares) were 172.92, 48.20, 162.79, and 238.39, and the total trading amounts (in billions of yuan) were 3852.30, 995.51, 2567.55, and 3671.73 [1] - **CSI 300 Industry Indexes**: The previous day's values of different CSI 300 industry indexes showed various changes. For example, the energy, raw materials, and telecommunications sectors had increases of 2.48%, 2.54%, and 1.08% respectively, while the main consumption, pharmaceutical, and IT sectors had decreases of - 0.33%, - 0.65%, and - 0.60% respectively [1] 3. Futures - Spot Basis - **CSI 300 Basis**: The previous day's basis values of IF contracts (current month, next month, next quarter, and the quarter after next) relative to the CSI 300 were - 4.89, - 23.09, - 56.09, and - 99.29 respectively [1] - **SSE 50 Basis**: The previous day's basis values of IH contracts relative to the SSE 50 were - 2.35, - 9.35, - 13.95, and - 24.15 respectively [1] - **CSI 500 Basis**: The previous day's basis values of IC contracts relative to the CSI 500 were - 6.15, - 67.95, - 247.35, and - 458.75 respectively [1] - **CSI 1000 Basis**: The previous day's basis values of IM contracts relative to the CSI 1000 were 3.19, - 89.01, - 318.41, and - 548.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the SSE Composite Index, Shenzhen Component Index, SME Board Index, and ChiNext Index were 3946.74, 13080.09, 7943.55, and 3076.85 respectively, with changes of 0.18%, 0.00%, - 0.18%, and 0.25% respectively [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 25830.65, 48702.98, 6642.16, and 23204.14 respectively, with changes of - 0.38%, - 3.22%, 0.38%, and 0.13% respectively [1] 5. Macroeconomic Information - **China - Japan Relations**: China has notified Japan of the suspension of Japanese aquatic product imports. Japan's wrong remarks on Taiwan have damaged the political foundation of China - Japan relations, and China will take counter - measures if necessary [2] - **Domestic Policies**: Deputy Premier Zhang Guoqing emphasized the digital and intelligent transformation of the manufacturing industry and the innovation and development of state - owned enterprises. The National Immigration Administration has expanded the number of ports issuing one - time Taiwan Resident Permits to 100. Russia will implement a visa - free policy for Chinese citizens soon. The Beijing - Tianjin - Hebei region has signed a cooperation plan for the entire industrial chain of free trade zones [2] 6. Industry Information - **Real Estate**: The cumulative sales volume of second - hand homes in key cities increased slightly in the first 10 months of this year, with market activity declining in October. The sales volume in November is expected to recover month - on - month but face pressure year - on - year, and prices may continue to adjust [2] - **Organic Silicon**: The organic silicon industry is discussing production cuts, which are expected to be implemented gradually in early December [2] - **Vaccine Industry**: The China Vaccine Industry Association has issued an initiative against "involution - style" competition to maintain market price stability [2] - **Photovoltaic and Energy Storage**: The 8th China International Photovoltaic and Energy Storage Industry Conference issued the "Chengdu Declaration" to promote capacity structure optimization and industry self - regulation [2] - **Memory Market**: Due to a shortage of key chips, memory prices are expected to rise by about 50% by the second quarter of 2026, with traditional LPDDR4 at the highest risk of price increases [2] 7. Stock Index Views - **Market Performance**: The three major US indexes rose. The previous trading day saw a divergence in the stock index, with the non - ferrous metals and petrochemical sectors leading the gains and the comprehensive and real estate sectors leading the losses. The market trading volume was 1.74 trillion yuan. On November 18, the margin trading balance increased by 2.581 billion yuan to 2.484901 trillion yuan [2]

报告日期：2025 年 11 月 20 日 申银万国期货研究所 首席点评：俄罗斯不计划主动减少石油产量 阿联酋富查伊拉石油工业区最新数据显示，截至 11 月 17 日当周，阿联酋富查伊 拉港的成品油总库存为 2065.2 万桶，较一周前减少 115.9 万桶。其中轻质馏分 油库存减少 56.2 万桶至 722.5 万桶，中质馏分油库存增加 17.6 万桶至 318.8 万 桶，重质残渣燃料油库存减少 77.3 万桶至 1023.9 万桶。俄罗斯副总理诺瓦克表 示:俄罗斯 2025 年石油产量预测维持不变，为 5.1 亿吨。俄罗斯不计划主动减少 石油产量，将坚持欧佩克+协议。中金公司拟吸收合并东兴证券、信达证券，作 为代表国家意志的金融平台，汇金公司推动券商股整合是落实国家金融战略重要 举措。 重点品种：股指、原油、甲醇 股指：美国三大指数上涨，上一交易日股指分化，有色金属和石油石化板块 领涨，综合和房地产板块领跌，市场成交额 1.74 万亿元。资金方面，11 月 18 日融资余额增加 25.81 亿元至 24849.01 亿元。十五五规划仍然聚焦科技 自立，预计科技板块是长期方向。资金面来看，国内流动性环境有 ...

Group 1: Oil Market Insights - As of November 17, the total refined oil inventory at Fujairah Port in the UAE was 20.652 million barrels, a decrease of 1.159 million barrels from the previous week [1] - Russian Deputy Prime Minister Novak stated that Russia's oil production forecast for 2025 remains unchanged at 510 million tons, and Russia does not plan to proactively reduce oil production while adhering to the OPEC+ agreement [1] - The U.S. Energy Information Administration reported that as of November 14, U.S. crude oil inventories, including strategic reserves, totaled 835.081 million barrels, a decrease of 2.893 million barrels from the previous week [4] Group 2: Financial Market Overview - The U.S. stock indices rose, with the market capitalization reaching 1.74 trillion yuan, while the financing balance increased by 2.581 billion yuan to 24.849 trillion yuan [2][11] - The domestic liquidity environment is expected to remain loose, with residents likely to increase their allocation to equity assets, supported by potential inflows of external capital due to the Federal Reserve's interest rate cuts and the appreciation of the RMB [2][12] Group 3: Methanol and Chemical Products - Methanol futures fell by 0.99%, with coastal methanol inventories reaching 1.674 million tons as of November 13, an increase of 75,000 tons or 4.69% from November 6 [3][15] - The average operating load of domestic coal-to-methanol facilities was 86.8%, a decrease of 1.02 percentage points [15] Group 4: Market Trends in Commodities - The SC crude oil futures fell by 1.6%, with analysts suggesting that a potential end to the Russia-Ukraine conflict could increase Russian oil exports, exacerbating supply surplus issues [4][14] - The copper market saw a rise in prices due to tight supply conditions, while zinc prices fell amid stable supply and demand dynamics [19][20] Group 5: Real Estate and Housing Market - According to the China Index Academy, the transaction volume of second-hand residential properties in key cities showed slight growth in the first ten months of the year, although market activity decreased in October [8]

Market Overview - The A-share market exhibited a typical differentiation pattern with the Shanghai Composite Index slightly up by 0.18% to 3946.74 points, while the Shenzhen Component remained flat at 13080.09 points, and the ChiNext Index rose by 0.25% to 3076.85 points, indicating overall stability in index performance [1] - The STAR 50 Index fell by 0.97%, highlighting ongoing adjustment pressures in the growth sector [1] - Total trading volume across both markets reached 1.73 trillion yuan, a decrease of 200.2 billion yuan from the previous period, suggesting a cooling market sentiment as investors remain cautious amid uncertainties [1] Sector Performance - The non-ferrous metals sector led the gains with a 2.39% increase, followed by oil and petrochemicals and banks, which rose by 1.67% and 0.92% respectively, driven by stabilizing international commodity prices and increasing expectations for domestic growth policies [1] - The oil and petrochemical sector particularly benefited from global energy supply-demand restructuring and domestic refining profit recovery, making it a preferred choice for both risk aversion and returns [1] - Conversely, the real estate, media, and comprehensive sectors saw significant declines, with the comprehensive sector dropping by 3.08% and 14 stocks hitting the daily limit down, reflecting a rational correction in the market away from previously overheated themes [1] Thematic Indices - The aquatic products index surged by 9.52%, the gold selection index rose by 5.72%, and the nuclear wastewater index increased by 5.69%, indicating a strong performance of niche concepts driven by policy and real-world resonance [2] - The rise in aquatic and nuclear wastewater indices is attributed to heightened concerns over marine ecological safety due to tensions in Sino-Japanese relations, leading to a revaluation of related sectors [2] - The strength in gold reflects global risk aversion sentiments, influenced by fluctuating expectations of Federal Reserve interest rate cuts and ongoing geopolitical risks, positioning gold as a "safe haven" for funds [2] Future Outlook - The market is transitioning from being driven by emotions to being driven by logic, with resource, consumer, and military sectors showing resilience in the short term due to their risk-averse characteristics [3] - In the medium term, attention should be paid to the implementation pace of the 14th Five-Year Plan, particularly focusing on three main lines: technological self-reliance, domestic demand expansion, and green transformation [3] - The AI sector is expected to evolve from speculative hype to practical applications, with real opportunities lying in companies that can translate technology into tangible commercial value [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The US stock market continues to decline despite an improvement in the "small non - farm" data. The international economic and trade order is impacted by high tariffs and other barriers. [1] - The stock index market is expected to maintain a long - term slow - bull trend. The technology sector is a long - term focus. The domestic glass and纯碱 markets are in a process of inventory digestion, and the crude oil market has a downward trend. [2][3] 3. Summary by Category A. Main News - **International News**: Trump claims to have selected the next Fed Chair candidate, and the short - listed candidates include current Fed governors Waller and Bowman, former Fed governor Warsh, White House National Economic Council Director Hassett, and BlackRock executive Reid. [6] - **Domestic News**: In October, the unemployment rates of the non - student urban labor force aged 16 - 24, 25 - 29, and 30 - 59 are 17.3%, 7.2%, and 3.8% respectively. [1][7] - **Industry News**: After Beijing, Shanghai, Xiamen, Guangzhou, and Tianjin, Nanjing and Suzhou in Jiangsu Province will carry out real - estate trust property registration pilot projects. [8] B. Performance of Key Varieties - **Stock Index**: US indices decline. The domestic stock index market had a correction, with the media and computer sectors leading the rise, and coal and power equipment sectors leading the fall. The trading volume was 1.95 trillion yuan. The technology sector is a long - term direction, and the market is expected to maintain a long - term slow - bull trend. [2][11] - **Glass and Soda Ash**: Glass futures remain weak, with last week's inventory at 5962 million heavy cases, a week - on - week decrease of 54 million heavy cases. Soda ash futures slightly decline, with last week's inventory at 154.1 tons, a week - on - week decrease of 0.8 tons. Both are in the process of inventory digestion. [2][17] - **Crude Oil**: SC night trading rises 0.74%. An attack on a port in Russia causes it to suspend oil exports, equivalent to 2% of global supply. US refined oil demand is lower than last year, and the number of online drilling rigs shows a long - term downward trend. [3][13] C. Morning Comments on Main Varieties - **Financial Products** - **Stock Index**: The long - term trend is positive, with a focus on the technology sector. The domestic liquidity environment is expected to be loose, and external funds may flow in. [2][11] - **Treasury Bonds**: Treasury bonds rise slightly. The central bank's open - market operations and the economic situation at home and abroad affect the bond market. The market liquidity is expected to be reasonably abundant. [12] - **Energy and Chemical Products** - **Crude Oil**: The downward trend is difficult to reverse, affected by supply and demand factors. [3][13] - **Methanol**: It rises slightly at night. The inventory is accumulating, and the short - term trend is weak. [14] - **Rubber**: It is expected to continue to rebound in the short term, affected by supply and demand and weather conditions. [15] - **Polyolefins**: Futures decline. The downstream demand is stable, but the market sentiment is affected by the overall market. It may continue to fluctuate at a low level. [16] - **Metals** - **Copper**: The price rises at night. The supply of concentrates is tight, and the long - term price may be supported by the supply - demand gap. [19] - **Zinc**: The price rises at night. The supply of concentrates is temporarily tight, and the price may fluctuate within a range. [20] - **Black Products** - **Coking Coal and Coke**: The short - term trend may correct, depending on factors such as supply, steel de - stocking speed, and iron - water production. [21] - **Agricultural Products** - **Protein Meal**: It adjusts weakly at night. The US soybean production and inventory data are mixed, and the domestic market is in a loose pattern. [22] - **Oils and Fats**: They run strongly at night. The palm oil market has different supply - demand situations, and the soybean oil is supported. The rapeseed oil may fluctuate. [23] - **Sugar**: The international sugar price is expected to decline, while the domestic market may fluctuate within a range. [24][25] - **Cotton**: The price is weak. The supply is increasing, and the downstream demand is weak. [26] - **Shipping Index** - **Container Shipping to Europe**: The price fluctuates and declines. The price support in November is uncertain, and the 02 contract has limited upward space. [27]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The 15th Five - Year Plan still focuses on technological self - reliance, and the technology sector is expected to be a long - term direction. The domestic liquidity environment is expected to remain loose, residents may increase their allocation of equity assets, and with the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. Although funds are relatively cautious near the end of the year and the market style is more balanced compared to the third quarter, the current market trend is still expected to maintain a long - term and slow - rising bull market [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices for IF contracts (current month, next month, next quarter, and far - quarter) were 4595.80, 4581.40, 4552.40, and 4513.20 respectively, and the previous day's closing prices were 4569.60, 4555.00, 4523.00, and 4476.80. There were declines of - 20.00, - 18.80, - 23.00, and - 27.20, with corresponding percentage declines of - 0.44, - 0.41, - 0.51, and - 0.60. The trading volumes were 23964.00, 76476.00, 15119.00, and 6304.00, and the open interests were 33649.00, 158826.00, 67946.00, and 18267.00, with changes in open interest of - 3588.00, 4718.00, 3154.00, and 1683.00 [1] - **IH Contracts**: The previous two - day closing prices for IH contracts were 3072.60, 3068.80, 3064.00, and 3059.60, and the previous day's closing prices were 3034.00, 3030.40, 3025.80, and 3017.00. The declines were - 36.60, - 37.40, - 37.40, and - 39.40, with percentage declines of - 1.19, - 1.22, - 1.22, and - 1.29. The trading volumes were 9482.00, 32072.00, 5074.00, and 1605.00, and the open interests were 11938.00, 62716.00, 17381.00, and 5086.00, with changes in open interest of - 824.00, 1112.00, 452.00, and 66.00 [1] - **IC Contracts**: The previous two - day closing prices for IC contracts were 7215.80, 7143.40, 6960.40, and 6757.80, and the previous day's closing prices were 7152.80, 7079.80, 6897.00, and 6690.00. The declines were - 62.40, - 61.00, - 66.00, and - 69.60, with percentage declines of - 0.86, - 0.85, - 0.95, and - 1.03. The trading volumes were 26417.00, 83267.00, 17679.00, and 7077.00, and the open interests were 31223.00, 139697.00, 60086.00, and 23013.00, with changes in open interest of - 1529.00, 6266.00, 1185.00, and 2263.00 [1] - **IM Contracts**: The previous two - day closing prices for IM contracts were 7566.00, 7478.40, 7246.00, and 7012.00, and the previous day's closing prices were 7468.40, 7372.00, 7140.00, and 6913.40. The declines were - 81.80, - 90.80, - 91.80, and - 88.80, with percentage declines of - 1.08, - 1.22, - 1.27, and - 1.27. The trading volumes were 34335.00, 125074.00, 23113.00, and 10057.00, and the open interests were 53957.00, 182376.00, 82892.00, and 37997.00, with changes in open interest of - 1680.00, - 1368.00, 2359.00, and 1746.00 [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM (next month - current month) were - 14.60, - 3.60, - 73.00, and - 96.40 respectively, and the previous values were - 14.40, - 3.80, - 72.40, and - 87.60 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index points was 4568.19, with a trading volume of 177.71 billion lots and a total trading amount of 4201.50 billion yuan. The previous two - day value was 4598.05, with a decline of - 0.65% [1] - **SSE 50 Index**: The previous value of the index points was 3003.02, with a trading volume of 43.59 billion lots and a total trading amount of 1062.01 billion yuan. The previous two - day value was 3012.07, with a decline of - 0.30% [1] - **CSI 500 Index**: The previous value of the index points was 7151.02, with a trading volume of 202.21 billion lots and a total trading amount of 3065.40 billion yuan. The previous two - day value was 7235.35, with a decline of - 1.17% [1] - **CSI 1000 Index**: The previous value of the index points was 7502.76, with a trading volume of 271.97 billion lots and a total trading amount of 4062.93 billion yuan. The previous two - day value was 7590.58, with a decline of - 1.16% [1] - **Industry Indexes**: Different industries such as information technology, energy, raw materials, etc. showed various percentage declines. For example, the information technology industry had a decline of - 3.39% [1] 3.3 Futures - Spot Basis - **CSI 300**: The previous value of the basis was - 96.54 [1] - **SSE 50**: No relevant basis value details provided - **CSI 500**: The previous values of the basis for different contracts were 1.78, - 71.22, - 254.02, - 461.02, and the previous two - day values were - 19.55, - 91.95, - 274.95, - 477.55 [1] - **IM Contracts and CSI 1000**: The previous values of the basis for IM contracts (current month, next month, next quarter, and far - quarter) against CSI 1000 were - 34.36, - 130.76, - 362.76, - 589.36, and the previous two - day values were - 24.58, - 112.18, - 344.58, - 578.58 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3939.81, 13080.49, 7957.60, and 3069.22 respectively, and the previous two - day value of the Shanghai Composite Index was 3105.20, with a decline of - 1.16% [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 25930.03, 50323.91, 6617.32, and 23153.92 respectively, and the previous two - day values were 26384.28, 50376.53, 6672.41, and 23590.52. The percentage declines were - 1.72%, - 0.10%, - 0.83%, and - 1.85% respectively [1] 3.5 Macro Information - The Chinese Foreign Ministry's Asia Department Director was dissatisfied with the results of the consultation with Japan. China maintains its stance on safeguarding core interests and international justice, and demands that Japan correct its wrong remarks [2] - The US has modified the transparency rules for patent invalidation applications, targeting some Chinese enterprises. China's Ministry of Commerce will take measures to safeguard the legitimate rights of Chinese enterprises [2] - Premier Li Qiang called for free trade and less trade barriers at the SCO meeting, and proposed strengthening cooperation in areas such as new energy [2] - Hainan Free Trade Port is ready for the full - island customs - closure operation, and more financial reform and opening - up measures will be piloted in Hainan [2] 3.6 Industry Information - Shanghai will accelerate the construction of "good houses", promote the renovation of urban villages, and expand the supply of affordable housing [2] - Jiangsu will conduct a pilot program for real - estate trust property registration in Nanjing and Suzhou [2] - Chongqing plans to reach an AI terminal industry scale of over 300 billion yuan by 2030 [2] - China will standardize the management of satellite navigation and positioning reference stations from January 1st next year [2]

首席点评： "小非农"有所改善，美股持续回落 美国 10 月 18 日当周首次申请失业救济人数 23.2 万，政府关门致官方报告持续缺席以来首次公布。"小非农" ADP 周度就 业数据：截至 11 月 1 日的四周，美国私营部门就业人数平均每周减少 2500 人。国务院总理李强在上合组织会议上表示， 高额关税等经贸壁垒增多使国际经贸秩序受到严重冲击，呼吁各方拥抱自由贸易、减少壁垒。他强调上合组织应强化安全 合作机制，推动科技交流，反对人为阻碍科技发展，并倡议建立新能源等合作机制，扩大中国－上合组织在金融、科技等 领域的协作平台。国家统计局公布数据， 10 月份，不包含在校生，全国城镇 16-24 岁劳动力失业率为 17.3% ， 25-29 岁劳 动力失业率为 7.2% ， 30-59 岁劳动力失业率为 3.8% 。 重点品种：股指、原油、玻璃纯碱 股指：美国三大指数下跌，上一交易日股指回调为主，传媒和计算机板块领涨，煤炭和电力设备板块领跌，市场成交 额 1.95 万亿元。资金方面， 11 月 17 日融资余额增加 76.21 亿元至 24823.20 亿元。十五五规划仍然聚焦科技自立，预 计科技板块是长期方 ...

有专家在接受记者采访时指出，在本轮A股市场的上涨行情中，科技板块是主要驱动因素之一，背后的 科技自立以及AI浪潮是两条重要的逻辑主线。 人民财讯11月19日电，近期，年内持续强势的科技股涨势出现一定减缓迹象，而红利股表现则开始相对 强势。与此同时，作为年内科技股行情驱动因素之一的人工智能(AI)浪潮，市场对其是否存在较大泡沫 的分歧也在逐渐加大。A股市场的风格转换是否又到了新的"十字路口"？ ...