Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The marginal improvement in prices and the expectation of a loose macro - policy environment may jointly drive the A - share market into a stage of "shock upward, structure - dominated". The moderate rise in CPI and the bottom - rebound of PPI mean that the economic downward pressure has eased, but the demand recovery has not formed a strong trend. In the short term, the market is more likely to present a market feature dominated by liquidity and structured opportunities [9]. - The cyclical sector is expected to remain strong, but its sustainability depends on the resonance of external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and the service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The current market does not need to be pessimistic. It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Summary by Relevant Catalogs Market Review - Most of the major market indices fell last week, while the Shanghai 50 remained stable. Among the major industries, the healthcare and daily - consumption indices performed relatively well, with weekly changes of 3.27% and 2.72% respectively; the information - technology and industrial indices performed weakly, with weekly changes of - 4.27% and - 1.28% respectively [10][11][16]. - Among the 30 Shenwan primary industries, 19 industries rose. The industries with larger increases were textile and apparel, commercial retail, and beauty care, with increases of 4.41%, 4.06%, and 3.75% respectively; the industries with larger declines were communication, electronics, and computer, with declines of 4.77%, 4.77%, and 3.03% respectively [10][19]. - The average daily trading volume of Wind All - A last week was 20438.27 billion yuan (the previous value was 20123.50 billion yuan), at a relatively high historical level (89.50% of the three - year historical quantile) [22]. - As of November 14, 2025, the valuation (PE_TTM) of Wind All - A was 22.20, unchanged from last week, at the 90.70% quantile of the past five - year history. Among the 30 Shenwan primary industries, 19 industries' valuations (PE_TTM) recovered [27]. Market Observation - The inflation data in October showed an overall upward trend, confirming the continuation of the weak inflation pattern macroscopically. The CPI rose moderately, and the PPI bottomed out and rebounded. The improvement in industrial product prices may boost the overall market risk appetite [6]. - After the release of inflation data, most of the A - share consumer and cyclical industries rose last week, while the technology sector corrected significantly. The industry adjustment logic was consistent with the inflation data [6]. Investment Suggestions - The cyclical sector may maintain a certain strength, but its sustainability depends on external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The risk preferences of different capital channels and sectors are differentiated, reflecting the increasing market uncertainty. The market may maintain a shrinking and volatile market, with sector rotation [9]. - It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Economic Calendar - This week, domestic economic data to be concerned about include the October bank settlement and sales of foreign exchange data and the China Loan Prime Rate (LPR) for 1 - year and 5 - year terms. Overseas economic data include the November New York Fed Manufacturing Index, initial and continued jobless claims, GDP, price data, September and October unemployment rates, and the change in non - farm payrolls in October [30].

- 全 球 数 商 大 会 - 四大板块乘"数"而上 11月17日，2025全球数商大会新闻通气会在上海举行。上海市数据局党组成员、副局长翁轶丛，浦东新区数据局党组成员、副局长岑焕彩， 上海数据集团副总裁吕锋出席新闻通气会，分别介绍了本届大会的筹备情况和特色亮点。 上海已连续成功举办四届全球数商大会，本届大会将于11月25日至26日在上海国际会议中心盛大举行。2025全球数商大会以 "数联全球 商通未 来——乘数无界∞" 为主题，由上海市数据局、浦东新区人民政府指导，上海数据集团主办。 大会聚焦数据要素市场化配置、数字技术创新应用等关键领域，汇聚全球顶尖数字经济人才、数商企业、科研机构等资源，搭建产学研用协同 创新平台，推动构建数商生态体系，打造数商沟通交流平台，为全国数据要素体系建设贡献上海智慧与方案。 延续往届大会多元化办会的基础，本届大会设置 "会、商、展、用" 四大板块，从会议论坛、商业转化、展示多元、应用体验四大方面体系策 划系列活动。 会 会议论坛 采用"1+8+6+X"议程架构，设置1场开幕式及主论坛、8大主题论坛、6场闭门会议、17场特色分论坛和8个分会场。主论坛聚焦全国 一体化数据市场建设， ...

Group 1 - The core conclusion of the report explores investment opportunities in the "14th Five-Year Plan" from two dimensions: strategic directions indicated by planning suggestions and historical focus industries from previous five-year plans [1] - The three main policy lines of the "14th Five-Year Plan" are summarized as "Development," "Livelihood," and "Security," with "Development" focusing on advanced manufacturing and new productivity, "Livelihood" emphasizing domestic demand expansion, and "Security" reinforcing national defense and key technology areas [1][2] - The report indicates that while certain industry themes may create long-term excess returns if performance continues to validate, the likelihood of sustained excess returns throughout the entire five-year planning cycle is low [3] Group 2 - The "14th Five-Year Plan" emphasizes high-quality development, breaking down economic and social development goals into three main lines: "Development," "Livelihood," and "Security," with 12 key tasks identified [2][8] - The "Development" line focuses on enhancing traditional industries, scaling new pillar industries, and ensuring supportive industries for high-quality growth, with a strong emphasis on technological self-reliance [9][10] - The "Livelihood" line aims to address issues related to population structure changes and economic development, focusing on expanding domestic demand and improving residents' income levels to boost consumption in health, education, and elderly care sectors [11][12] - The "Security" line highlights the importance of national defense and ecological safety, with a focus on military modernization, key resource security, and the development of critical technologies [14][17] Group 3 - The investment guidance indicates that key themes and newly emphasized industries may not achieve significant excess returns over the entire five-year cycle, citing examples from previous plans where certain sectors underperformed [15][16] - The report notes that while industries like new energy vehicles have shown potential for long-term excess returns, the possibility of sustained excess returns throughout the five-year planning cycle remains limited due to over-optimistic pricing and cyclical nature of industries [15]

股指期货日报 2025年11月17日 廖臣悦(投资咨询证号：Z0022951) 投资咨询业务资格:证监许可【2011】1290号 股指缩量调整，中日关系恶化军工领涨 市场回顾 今日股指震荡为主，以沪深300指数为例，收盘下跌0.65%。从资金面来看，两市成交额回落472.88亿元。期 指方面，IM缩量下跌，其余品种均放量下跌。 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.89 | -1.12 | -0.50 | -0.26 | | 成交量（万手） | 11.4292 | 5.7196 | 11.6917 | 19.7327 | | 成交量环比（万手） | 0.4303 | 0.8963 | 0.0305 | 0.4748 | | 持仓量（万手） | 27.2721 | 10.1114 | 24.5834 | 35.5153 | | 持仓量环比（万手） | 0.7845 | 0.3993 | 0.0816 | -0.2069 | 重要资讯 1. 文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客 ...

在经济保持平稳运行的同时，经济结构升级也在持续深化。数据显示，我国投资结构呈现积极变化，1- 10月份高技术产业投资保持较快增长，信息服务业投资增长32.7%，航空、航天器及设备制造业投资增 长19.7%。这些数据表明，中国经济正扎实迈向高质量发展，创新驱动发展的特征更加明显。 从10月份的宏观经济数据中，我们可以看到中国经济的韧性和潜力。尽管国际环境复杂严峻，但在存量 政策和增量政策的协同发力下，中国经济发展向好具有坚实支撑。近期相关部门推出5000亿元新型政策 性金融工具，盘活使用地方债结存限额，用于补充地方政府综合财力和扩大有效投资。同时，出台措施 进一步激发民间投资活力。市场主体积极奋进，企业效益逐步改善，支撑经济向好的有利因素正不断累 积。 展望未来，党的二十届四中全会擘画了未来五年的发展蓝图，中国经济高质量发展面临诸多机遇。随着 消费潜能不断释放、产业升级步伐加快、新质生产力快速壮大，经济发展将被注入源源动能。（央广财 经评论员 万玉航） 国家统计局14日发布了10月份宏观经济数据。数据显示，国民经济延续稳中有进态势，主要指标保持在 合理区间运行。在当前全球经济复苏乏力的背景下，中国经济持续展现独 ...

转自：新华财经 护航产业可持续发展 近年来，中国东方通过组建产业基金等方式，加大对新能源产业链相关企业并购重组的支持力度，助力 提高行业资源配置效率，提升优质企业中长期发展能力与核心竞争力，助推新质生产力发展。 为积极配合国家能源集团开展新能源产业整合，中国东方聚焦"两非剥离及行业纾困"，联合国家能源集 团、中国国新组建国能新能源产业投资基金，基金整体规模100.2亿元，重点投向光伏、风电产业，以 及氢能、储能、综合智慧能源等新能源产业。目前，该基金累计投放已达53亿元，重点支持中央企 业"两非两资"剥离处置和新能源行业问题资产纾困盘活。 绿能基金Ⅰ期是浙能基金发起设立的聚焦于绿色能源产业的基金，主要投向光伏、风电、水电以及环保 等行业。中国东方于2022年收购并持有该基金份额，持续挖掘新能源产业投资机会，基金业绩一直表现 良好。在此基础上，中国东方继续联合产投人及财投人设立绿能基金Ⅱ期，综合运用市场化债转股、国 有资产盘活和实质性重组等方式，为储能领域、动力电池领域以及其他新能源细分领域发展提供更多金 融支持。目前，两期基金已累计投放101.5亿元，重点投资新能源、环保、基础能源等领域的优质项 目。 编辑： ...

为推动习近平经济思想进教材进课堂进头脑，由中央宣传部、国家发展改革委组织编写的马克思主义理论研究和建设工程重点教材《习近平经济思 想概论》（以下简称《概论》）一书，已由高等教育出版社、人民出版社出版。 党的十八大以来，以习近平同志为核心的党中央立足中华民族伟大复兴战略全局和世界百年未有之大变局，深刻把握形势新变化和实践新要求，系 统总结我国经济发展的实践经验，观大势、谋全局、干实事，不断深化对经济工作的规律性认识，提出一系列新理念新思想新战略，引领我国经济 发展取得历史性成就、发生历史性变革，形成了习近平经济思想。 《概论》由导论和正文15章组成，共约21万字，系统阐述习近平经济思想的重大意义、历史地位、鲜明特征、科学体系、基本内涵、实践要求等， 充分阐明习近平经济思想是习近平新时代中国特色社会主义思想的重要组成部分，是中国共产党不懈探索社会主义经济发展道路形成的宝贵思想结 晶，是运用马克思主义政治经济学基本原理指导新时代经济发展实践形成的重大理论成果，是新时代我国经济工作的科学行动指南。《概论》坚持 忠于原著原文，突出体系化学理化，注重易学易用，是高校经济学类专业学生系统学习掌握习近平经济思想的重点教材，也 ...

Core Viewpoint - The article emphasizes the importance of understanding and implementing Xi Jinping's discourse on developing new quality productivity in accordance with local conditions, which is crucial for establishing a solid material and technological foundation for Chinese-style modernization [3][4]. Summary by Sections Understanding New Quality Productivity - New quality productivity is characterized by innovation, moving away from traditional economic growth models, and is defined by high technology, high efficiency, and high quality, aligning with advanced production quality [5][6]. - Innovation is the core element of new quality productivity, encompassing technological, business model, management, and institutional innovations [6][7]. Key Characteristics - The focus is on quality improvement rather than just quantitative growth, with an emphasis on optimizing the combination of production factors to enhance overall productivity [7][8]. - New quality productivity signifies advanced productivity, which includes higher-skilled labor, advanced technological tools, and a broader range of labor objects, reflecting the evolution of production factors [8]. Basic Requirements for Development - The development of new quality productivity must respect and understand development laws, including the integration of market and government roles, and the importance of both basic and applied research [10][11]. - Regions should leverage their unique resources and industrial foundations to promote new industries and models, ensuring that traditional industries are not neglected but rather enhanced through new technologies [12][13]. Core Drivers and Systemic Support - Strengthening independent innovation is crucial, focusing on original and disruptive technological advancements, and fostering a robust innovation ecosystem [14][15]. - Building a modern industrial system is essential, balancing the upgrade of traditional industries with the development of strategic emerging industries [15][16]. Market and Reform Initiatives - Establishing a strong domestic market is vital for the growth of new quality productivity, emphasizing the role of consumption and investment in driving economic activity [16][17]. - Deepening reforms to create a supportive environment for innovation and productivity development is necessary, including optimizing the allocation of production factors and enhancing the financial system [17][18]. International Cooperation - Expanding high-level openness is important for integrating into the global economy, facilitating the flow of advanced production factors, and enhancing international collaboration [18].

Core Viewpoint - The article discusses the recent initiatives and policies introduced by the Chinese government to enhance economic resilience, promote private investment, and support high-quality development in various sectors, particularly through the "Two Major" construction strategy and other related measures [5][9][11]. Group 1: Major Meetings and Policies - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of the "Two Major" construction strategy, focusing on enhancing the adaptability of supply and demand in consumer goods and promoting consumption policies [5]. - The State Council issued measures to further promote private investment, encouraging private capital participation in key sectors such as railways and nuclear power, with specific guidelines on shareholding ratios [9][10]. - The Shanghai Stock Exchange outlined its development direction for the next five years, emphasizing risk prevention, strong regulation, and high-quality development [11]. Group 2: Significant Events and Data - The eighth China International Import Expo achieved a record transaction volume of $83.49 billion, marking a 4.4% increase year-on-year, showcasing China's commitment to opening up its market [12]. - As of the end of October, the total social financing scale reached 437.72 trillion yuan, reflecting an 8.5% year-on-year growth, indicating robust financial support for the real economy [14].

11月的深圳，风起南海，潮涌珠江。这座将举办2026年APEC会议的创新之都，即将迎来一场金融界的思想盛宴——第十九届深圳国际金融博览会暨2025中国金融 机构年会将于11月19日至21日在深圳会展中心(福田)隆重举行，这也是两大品牌活动首次强强联合。 这场由证券时报社主办的年度金融盛会，将汇聚来自银行、证券、保险、信托、期货等领域的数百位行业领袖，通过六大专业论坛，共同探寻金融业高质量发展新 路径。 金融精英汇聚鹏城，行业领袖共议金融强国建设！ 11月19-20日 中国·深圳 会议议程 11月19日 周三 9号馆 活动A区 第十九届深圳国际金融博览会 09:00-10:20 ● 2025金融科技大会开幕式 10:30-11:30 ● 2025中国金融机构年会 9号馆 活动B区 13:30-17:30 ● 2025中国金融机构年会 暨2025中国银行业年会 9号馆 活动C区 13:30-17:30 ● 2025中国金融机构年会 暨2025中国证券业资产管理高峰论坛 "2025中国金融机构年会"以"聚势赋能 重塑价值"为主题，因为今年恰逢"十四五"收官与"十五五"谋划的关键时点。在金融强国建设蹄疾步稳、中国特色 ...