Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The stock index futures are in a volatile trend and still have support after a correction [2]. 3. Summary by Relevant Catalogs [期指期现数据跟踪] - On November 11, all the current-month contracts of the four major stock index futures declined. IF dropped 0.88%, IH dropped 0.62%, IC dropped 0.72%, and IM dropped 0.3% [3]. - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 3,615 lots, IH increased by 4,232 lots, IC decreased by 10,252 lots, and IM decreased by 8,391 lots. In terms of positions, the total positions of IF decreased by 5,129 lots, IH decreased by 1,967 lots, IC decreased by 8,077 lots, and IM decreased by 582 lots [3][4]. [趋势强度] - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [8]. [重要驱动] - NDRC Director Zheng Shanjie chaired a symposium for private enterprises to solicit opinions on accelerating the development of the service industry for the 14th Five-Year Plan. The participating enterprises included those in industrial automation control, software and information services, industrial internet, comprehensive production services, and catering [8]. - Weak ADP employment data suggested a cooling US labor market, boosting expectations of a Fed rate cut. Coupled with the expected end of the US government shutdown, the Dow Jones Industrial Average rose more than 1%, while the Nasdaq closed down due to the drag of technology stocks [8]. - The People's Bank of China's Q3 monetary policy report stated that it is natural for the growth rate of financial aggregates to decline in the future. It aims to maintain a reasonable interest rate ratio, develop the "technology board" of the bond market, use risk - sharing tools for science and technology innovation bonds, and formulate a development plan for financial technology during the 14th Five - Year Plan and promote the application of AI large models in the financial sector in an orderly manner [8]. - The market was in a weak consolidation, with slower sector rotation. The Shanghai Composite Index fell 0.39% to 4,002.76 points, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. The total A - share trading volume was 2.01 trillion yuan, down from 2.19 trillion yuan the previous day. The computing power hardware industry chain corrected again, with servers and CPO leading the decline. Military, AI applications, and consumer electronics also had significant declines. Photovoltaic and energy storage concepts were active, and the NDRC and NEA issued guidelines on promoting new energy consumption and regulation. The super - hard materials concept continued to be strong, and the Ministry of Commerce and the General Administration of Customs issued an announcement related to super - hard materials. Influenza concept stocks continued to strengthen as China's influenza monitoring system showed that the overall influenza activity is in an upward stage [8].

- The report does not contain any quantitative models or factors for analysis

Economic News - The article by He Lifeng emphasizes the importance of developing new productive forces as a long-term task, advocating for practical and localized approaches to enhance capabilities in this area [2] - The EU plans to gradually eliminate Huawei and ZTE equipment, which has raised concerns about market principles and fair competition from the Chinese government [2] - The US Department of Commerce announced a suspension of export control rules from November 10, 2025, to November 9, 2026, as part of the consensus reached during the China-US trade talks [2] - The National Development and Reform Commission (NDRC) is focusing on accelerating the development of the service industry and engaging with various sectors [2] - The People's Bank of China released a monetary policy report indicating a commitment to maintaining a moderately loose monetary policy and stabilizing the RMB exchange rate [2] - The NDRC has recommended 105 infrastructure REITs projects to the China Securities Regulatory Commission, with 83 already issued, expected to drive over 1 trillion yuan in new investments [2][3] Industry Insights - The price of phosphate rock remains high due to a surge in chemical prices, with market averages reported at 1017 yuan/ton for 30% grade and 945 yuan/ton for 28% grade [3] - The logistics sector is set to benefit from a new implementation plan aimed at reducing logistics costs through data openness and integration [3][7] - The aviation industry has shown improvement in Q3 2025, with the three major airlines reporting a combined profit of 10.27 billion yuan, a significant increase from the previous year [9] - Domestic airlines are maintaining low growth in capacity, with major airlines showing a year-on-year growth of only 2.7% to 1.6% in capacity during peak months [10] - International flight capacity is stabilizing, with significant recovery in routes to Japan and South Korea, while routes to the US remain under 30% recovery [11] - The three major airlines are expected to increase their fleet size by around 4% this year, aligning with their planned aircraft introductions [12] - The aviation sector is anticipated to see a marginal improvement in Q4 2025, with stable ticket prices and reduced losses compared to the previous year [13] Non-Banking Financial Sector - The China Securities Regulatory Commission is focusing on deepening reforms in the multi-tiered capital market system to enhance its core competitiveness [15][16] - Key reform directions include improving market inclusivity, enhancing the quality of listed companies, expanding high-level institutional openness, and strengthening investor protection [16][19] - The non-banking financial sector is expected to benefit from an optimized market environment, which will enhance investment returns and diversify business lines [19][20]

Group 1 - The dairy sector remains active, with San Yuan Co. achieving three consecutive trading limits, and other companies like Keta Bio, Zhuangyuan Pasture, Western Pasture, Li Ziyuan, and Sunshine Dairy also seeing gains [2] - The gas sector opened high, with Shengli Co. achieving two consecutive trading limits, and other companies such as Baichuan Energy, Delong Huineng, Nanjing Public Utilities, Kaiteng Gas, and Xinjiang Torch also rising [2] Group 2 - The A-share market opened lower, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index down 0.36%, and the ChiNext Index down 0.37% [3][4] - The performance of the computing hardware industry chain continues to show weakness, with the CPO direction experiencing significant declines; cultivated diamonds and superhard materials concepts are also undergoing corrections [4] Group 3 - The Hong Kong stock market opened with the Hang Seng Index up 0.22% and the Hang Seng Tech Index up 0.26%, with active performances from pharmaceutical and technology stocks [5][6] - Notable stock movements include Xiaopeng Motors rising over 2%, while NIO and Alibaba saw declines of over 4% and 2%, respectively [5]

Market Overview - A-shares opened lower with the Shanghai Composite Index down 0.15% and the ChiNext Index down 0.43% [1][5] - The Hong Kong stock market opened higher, with the Hang Seng Index up 0.22% and the Hang Seng Tech Index up 0.26% [6][8] - The bond market saw most contracts rise, with the 30-year main contract up 0.05% and the 10-year main contract up 0.02% [1][2] Sector Performance - In the A-share market, sectors such as photovoltaic, lithium batteries, and computing hardware experienced significant declines [1][5] - Conversely, pharmaceutical stocks saw a collective surge, with notable gains in companies like Hezhong China and Renmin Tongtai [1][2] - In the Hong Kong market, new consumption concept stocks continued to rise, while sectors like photovoltaic and paper industries faced declines [1][6] Commodity Market - Commodity prices showed mixed results, with crude oil futures rising over 2% [1][7] - Specific commodities such as low-sulfur fuel oil and tin also saw increases, while polysilicon and coking coal experienced declines [7][8] Currency Exchange - The RMB/USD central parity rate was reported at 7.0833, an increase of 33 points from the previous trading day [6]

Market Performance - The A-share market opened lower with the Shanghai Composite Index down 0.15%, the Shenzhen Component down 0.36%, and the ChiNext Index down 0.37% [2][3] - The banking sector showed resilience, with Agricultural Bank of China rising over 1% to reach a new historical high, alongside gains in Chongqing Bank, Everbright Bank, and CITIC Bank [1] - The power hardware industry chain continued to show weakness, particularly in the CPO direction, which saw significant declines [3] Sector Highlights - The dairy sector remained active, with San Yuan shares achieving three consecutive trading limits, and other companies like Keta Bio, Zhuangyuan Pasture, Western Pasture, Liziyuan, and Sunshine Dairy also experiencing gains [1] - The gas sector opened high, with Shengli shares achieving two consecutive trading limits, and other companies such as Baichuan Energy, Delong Huineng, Nanjing Public Utilities, Kaitan Gas, and Xinjiang Torch also rising [1] - In the Hong Kong market, the Hang Seng Index rose by 0.22%, with the Hang Seng Tech Index up 0.26%, driven by active performances in pharmaceutical and technology stocks [4]

Core Viewpoint - Sifangda (300179.SZ) announced that there have been no significant changes in its operational situation or external business environment, despite recent market interest in cultivated diamonds and superhard materials [1] Group 1 - The company has noted a high level of market attention towards the cultivated diamond and superhard materials sectors [1] - In its periodic reports, the company disclosed its business conditions and risks associated with these relevant fields [1] - Investors are advised to make rational decisions and invest cautiously [1]

Core Viewpoint - The company, Xingqiu Graphite (688633.SH), confirmed that its main business focuses on graphite materials, products, and related equipment, and does not currently involve superhard materials [2]. Group 1: Company Overview - The company specializes in the research, production, sales, and maintenance services of graphite materials and products [2]. - Main products include specialty and chemical-grade graphite materials, graphite synthesis furnaces, graphite heat exchangers, and graphite reaction towers [2]. - The company does not have products or technologies related to the superhard materials sector at this time [2].

Core Viewpoint - The company Sifangda (300179) has noted increased market attention on cultivated diamonds and superhard materials, and it has disclosed its business situation and associated risks in these areas in its periodic report [1] Company Situation - The company has stated that its current operating conditions and the internal and external business environment have not experienced or are not expected to experience significant changes [1] - There are no undisclosed significant matters related to the company by the company, its controlling shareholder, or actual controller, nor are there any significant matters in the planning stage [1]

Core Viewpoint - The company has experienced a significant stock price fluctuation, with a cumulative increase of 30% over three trading days, which is classified as abnormal trading activity [1] Company Information - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No undisclosed significant information that could impact the stock price has been identified recently [1] - The company's operational situation and external environment have not undergone any major changes, nor are any expected [1] - The company, its controlling shareholders, and actual controllers have not engaged in any stock trading during the period of abnormal price fluctuation [1] Market Context - The company has noted increased market interest in cultivated diamonds and superhard materials, and has disclosed relevant business information and risks in its periodic reports [1] - The company advises investors to make rational decisions and invest cautiously [1]