01 市场回顾 | | | 全球大类资产本周表现(2025/11/10-2025/11/14) | | | | | --- | --- | --- | --- | --- | --- | | 全球指数 | 涨跌幅 | A股领涨行业 | 涨跌幅 | 外汇 | 涨跌幅 | | 法国CAC40 | 2.77% | 综合 | 6.99% | 美元兑日元 | 0.72% | | 巴西IBOVESPA指数 | 2.39% | 纺织服饰 | 4.41% | 澳元兑美元 | 0.63% | | 印度SENSEX30 | 1.62% | 商贸零售 | 4.06% | 欧元兑美元 | 0.48% | | 韩国综合指数 | 1.46% | 美容护理 | 3.75% | 欧元兑人民币 | 0.00% | | 多伦多300 | 1.41% | 医药生物 | 3.29% | 美元兄港元 | -0.06% | | 德国DAX | 1.30% | A股领跌行业 | 涨跌幅 | 美元兑英镑 | -0.11% | | 恒生指数 | 1.26% | 通信 | -4.77% | 美元兑加元 | -0.14% | | 富时新加坡海峡指数 | 1.20 ...

2025世界服装大会在中国东莞虎门举行 中新网东莞11月17日电 (记者 阮煜琳)11月16日，2025世界服装大会在中国东莞虎门正式拉开帷幕。 本届大会以"时尚变革多元共生"为主题，由中国纺织工业联合会主办，广东虎门富民集团有限公司联合 主办，中国服装协会、中国纺织信息中心承办，吸引了来自25个国家和地区的行业协会负责人、海外组 织代表、专家学者、设计师及企业家，共同探索全球时尚产业融合发展新路径。 中国纺织工业联合会会长孙瑞哲指出，全球服装产业作为世界繁荣与文明共生的基石，是关联民生、驱 动经济、促进文明互鉴的重要力量。当前行业面临环境深刻变化：格局之变中地缘冲突与贸易壁垒加 剧，区域化与多元化趋势显著；范式之变下人工智能等新技术正重塑产业逻辑，但也带来数字鸿沟与治 理挑战；价值之变体现为可持续发展成为核心，绿色转型进入深水区；市场之变表现为消费动能受抑， 而新兴市场与个性化需求带来新机遇。 来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索" ...

Core Viewpoint - The traditional consumer sectors, referred to as "old industries," are losing their appeal for investment, as evidenced by declining valuations and performance metrics in sectors like liquor, dining, and retail [1][4][8]. Summary by Sections Old Industries Overview - "Old industries" include traditional sectors such as clothing, dining, home appliances, regional supermarkets, and low-value manufacturing, which were once considered stable investments due to demographic dividends and consumption upgrades [1][4]. - These sectors accounted for a significant portion of RMB fund allocations between 2016 and 2021, often viewed as "cash cows" for investment [4][8]. Market Performance - The liquor sector, a representative of high-end consumption, has seen a significant decline, with the total market capitalization of 20 major liquor companies dropping by over 500 billion RMB from previous highs [4][5]. - The white liquor index has experienced a 51% retracement since its peak in February 2021, indicating a severe market correction [5][6]. Financial Metrics - In 2025, the first three quarters showed a 5.83% decline in total revenue and a 6.76% drop in net profit for the liquor sector, with the third quarter witnessing an alarming 18.42% revenue drop [7][8]. - The overall price-to-earnings (PE) ratio for the liquor sector has fallen to approximately 18.7, significantly below the long-term average of 27.6 [5][6]. Shift in Investment Focus - Investment capital is shifting away from "old industries" towards "new productive forces," such as artificial intelligence, semiconductors, and advanced manufacturing, reflecting a broader trend in venture capital [9][10]. - Despite a 32% decline in overall VC financing in 2024, significant funding is still directed towards high-potential sectors, indicating a concentration of capital in fewer, more promising areas [9][10]. Government and Institutional Support - The Chinese government has emphasized the importance of "new productive forces" in its economic policies, encouraging investment in strategic emerging industries [10][11]. - Various funds, including national AI and technology innovation funds, are being established to support these new sectors, further driving the shift in investment focus [11][12]. Evolution of Traditional Industries - Traditional industries are not disappearing; rather, they are evolving. Companies that embrace digital transformation and new technologies are beginning to attract investment again [14][15]. - Examples include traditional clothing brands that have successfully integrated digital supply chains and advanced manufacturing techniques to enhance efficiency and profitability [15][16]. Conclusion - The phrase "no longer investing in old industries" reflects a strategic pivot rather than a complete abandonment of traditional sectors, as new players and innovative approaches emerge within these markets [18][19].

2025年11月17日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：降息预期回升 | 2 | | --- | --- | | 白银：再创新高 | 2 | | 铜：LME库存减少，支撑价格 | 4 | | 锌：区间震荡 | 6 | | 铅：国内库存增加，施压价格 | 8 | | 锡：高位回落 | 9 | | 铝：短期有压力 | 11 | | 氧化铝：基本面压力仍在 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 镍：镍价破位下行，承压震荡运行 | 13 | | 不锈钢：弱现实压制钢价，但下方难言广阔 | 13 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 商 品 研 究 2025 年 11 月 17 日 黄金：降息预期回升 白银：再创新高 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 期货研究 商 品 研 究 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | ...

中新网哈尔滨11月17日电 题：黑龙江延寿：金红小番茄酿就村民甜蜜"柿"业 作者 钱玺勇 田聪 初冬时节，位于中国东北的哈尔滨市延寿县寒意渐深。寿山乡三星村4栋果蔬智能温室大棚里却是暖意 袭人、绿意盎然，另有一番天地。阳光滤过棚膜，绿叶掩映间，一串串金红小番茄晶莹剔透、饱满诱 人，勾起采摘者"一亲芳泽"的念想。短短两年间，这4栋大棚就点亮了村民们的增收梦想，酿就了这方 水土的甜蜜"柿"业。 初冬时节，哈尔滨市延寿县寿山乡三星村4栋果蔬智能温室大棚里暖意袭人，一串串金红小番茄晶 莹剔透、饱满诱人。 田聪 摄 链上产业小番茄结出"致富果" "党组织一定要建在产业链上，党员聚在产业中，群众富在产业里。"站在果蔬智能温室大棚前，三星村 党支部书记刘义坚定地说。 两年前，寿山乡党委通过走访外地市场，反复分析研判，立足本地光照充足、土壤肥沃、村民具备种植 基础等优势，决定建设果蔬智能温室大棚，突破发展瓶颈。在政策支持下，总投资300万元、使用面积 3000平方米的4栋大棚拔地而起，成为延寿县唯一的果蔬智能温室大棚项目。 三星村推出"承包经营"模式，构建起"支部引领、承包带动、农户参与"的发展格局。"这样既保障村集 体有稳 ...

Market Overview - The Hang Seng Index faces resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for cuts in 2026 being lower than anticipated [2] - Recent U.S.-China relations have seen a temporary easing, with the U.S. canceling a 10% tariff on fentanyl and pausing a 24% reciprocal tariff for a year, although core issues remain unresolved [2] - The Chinese economy showed further signs of cooling in Q3, prompting a focus on expanding domestic demand and promoting technological self-reliance as outlined in the 14th Five-Year Plan [2] Company News - Hillhouse Capital has significantly increased its holdings in Pinduoduo and Alibaba while reducing its stake in NetEase and completely exiting positions in JD.com and Li Auto [4] - Pop Mart is reportedly collaborating with Sony Pictures to produce a film based on its Labubu character [4] - Mindray Medical has seen a notable increase in its stock price, reflecting strong market performance [4] Economic Indicators - The U.S. Federal Reserve announced a 0.25% interest rate cut, bringing the target range to 3.75% to 4.00%, and plans to end balance sheet reduction in December [4] - The Hong Kong economy grew by 3.8% in Q3, leading to an upward revision of the full-year growth forecast to 3.2% [9] - China's industrial output and fixed asset investment data for October fell short of expectations, while retail sales slightly exceeded forecasts [8][9] Sector Focus - The insurance sector in China has benefited from strong A-share performance, leading to improved investment returns in Q3 [7] - Coal stocks are expected to see upward price momentum for thermal coal [7] - The semiconductor industry faces challenges, with SMIC warning of memory shortages impacting the automotive and mobile sectors next year [7] Regulatory Developments - The Chinese government has released draft guidelines for antitrust compliance in internet platforms, addressing issues such as unfair pricing and "choose one from two" practices [8] - The Ministry of Finance emphasized the need for proactive fiscal policies during the 14th Five-Year Plan period to support domestic market development [8]

2025 年 11 月 17 日 股指期货将震荡整理 黄金、白银期货将震荡偏弱 铜、玻 璃、纯碱、甲醇、PVC 期货将偏弱震荡 铁矿石、焦煤、 原油、豆粕期货将偏强震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货大概率将震荡整理：IF2512 阻力位 4639 和 4663 点，支撑位 4575 和 4536 点；IH2512 阻力位 3061 和 3080 点，支撑位 3017 和 2998 点；IC2512 阻力位 7200 和 7246 点，支撑位 7080 和 7 ...

三 因地制宜发展新质生产力※ 习近平 什么是新质生产力、如何发展新质生产力？我一直在思考，也注意到学术界的一些研究成果。概括地说，新质生产力是创新起主导作用，摆 脱传统经济增长方式、生产力发展路径，具有高科技、高效能、高质量特征，符合新发展理念的先进生产力质态。它由技术革命性突破、生 产要素创新性配置、产业深度转型升级而催生，以劳动者、劳动资料、劳动对象及其优化组合的跃升为基本内涵，以全要素生产率大幅提升 为核心标志，特点是创新，关键在质优，本质是先进生产力。 要以科技创新引领产业全面振兴。要立足现有产业基础，扎实推进先进制造业高质量发展，加快推动传统制造业升级，发挥科技创新的增量 器作用，全面提升三次产业，不断优化经济结构、调整产业结构。整合科技创新资源，引领发展战略性新兴产业和未来产业，加快形成新质 生产力。 去年7月以来，我在四川、黑龙江、浙江、广西等地考察调研时，提出要整合科技创新资源，引领发展战略性新兴产业和未来产业，加快形成 新质生产力。12月中旬，在中央经济工作会议上，我又提出要以科技创新推动产业创新，特别是以颠覆性技术和前沿技术催生新产业、新模 式、新动能，发展新质生产力。我提出新质生产力这个 ...

新华社北京11月17日电 新华社编者按：党的二十届四中全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》。《建议》准确把握"十五五"时期党和国家事业发展所处历史方位，深入分析我国发展环 境面临的深刻复杂变化，对未来5年发展作出顶层设计和战略擘画，是乘势而上、接续推进中国式现代 化建设的又一次总动员、总部署。为帮助广大党员、干部、群众深入学习贯彻党的二十届四中全会精 神，本社从17日起开设"学习规划建议每日问答"专栏，对《建议》的主要内容、精神实质和重大意义进 行解读。 "十四五"时期是开启全面建设社会主义现代化国家新征程、向第二个百年奋斗目标进军的第一个五年， 发展历程极不寻常、极不平凡。《建议》提出，"面对错综复杂的国际形势和艰巨繁重的国内改革发展 稳定任务，以习近平同志为核心的党中央团结带领全党全国各族人民，迎难而上、砥砺前行，经受住世 纪疫情严重冲击，有效应对一系列重大风险挑战，推动党和国家事业取得新的重大成就"，并从12个方 面对取得的成就作了总结和盘点。 第二，科技创新成果丰硕，新质生产力稳步发展。健全新型举国体制，加快布局国家战略科技力量，全 社会研发经费投入总量和基础研 ...

Group 1 - The core viewpoint of the article emphasizes the strategic planning and top-level design for China's development during the "15th Five-Year Plan" period, highlighting the achievements and challenges faced during the "14th Five-Year Plan" [1] - The article outlines that China's economy is expected to reach approximately 140 trillion yuan by 2025, with a continuous increase in economic quality and productivity, indicating China's role as a major driver of global economic growth [2] - It mentions significant advancements in technology and innovation, with record-high investments in R&D and breakthroughs in key technologies such as integrated circuits and artificial intelligence, which are crucial for industrial upgrades [2] Group 2 - The article discusses the deepening of reforms and expansion of high-level opening-up, focusing on institutional development and the Belt and Road Initiative, which provide new opportunities for economic and social development [2] - It highlights the progress in cultural development and the enhancement of public cultural services, which contribute to the improvement of social civilization and national cultural influence [3] - The article notes the solidification of poverty alleviation achievements and the implementation of various policies aimed at improving employment, income distribution, and social welfare, marking a significant step towards common prosperity [3][4] Group 3 - The article emphasizes the acceleration of green and low-carbon transformation, with the establishment of the world's largest carbon trading market and improvements in ecological quality [4] - It outlines advancements in national defense and military construction, reinforcing the absolute leadership of the Party over the military and enhancing modern capabilities [5] - The article discusses the expansion of China's diplomatic efforts, promoting a community with a shared future for mankind and enhancing China's international influence [6] Group 4 - The article concludes by stating that the achievements during the "14th Five-Year Plan" period are attributed to the leadership of the Party and the guiding principles of Xi Jinping's thought, setting the stage for further advancements in the "15th Five-Year Plan" period [7]