金融期货早评 宏观：关注美国经济数据发布 【市场资讯】1）《求是》杂志发表中共中央总书记重要文章《因地制宜发展新质生产力》。 韩文秀《求是》署名文章：深刻领会因地制宜发展新质生产力的重要论述和决策部署。2） 李强主持召开国务院常务会议，部署增强消费品供需适配性进一步促进消费政策措施。3） 财政部：有力有效实施积极的财政政策，坚持扩大内需，支持建设强大国内市场。4）吴清： 抓紧研究谋划"十五五"时期资本市场战略任务和重大举措，着力推动市场更具韧性、更加 稳健，制度更加包容、更具吸引力。5）中国公布 10 月经济数据，规模以上工业增加值同 比增 4.9%、社会消费品零售同比增 2.9%、1-10 月固定资产投资同比降 1.7%、房地产开发投 资同比降 14.7%，均不同程度不及 9 月；各线城市房价格环比同比下降，一线二手房价格 环比降幅收窄至 0.9%、同比跌幅扩大。6）中国市场监管总局公布《互联网平台反垄断合规 指引（征求意见稿）》，提出八类新型垄断风险场景。7）针对高市早苗发表台湾问题挑衅言 论，央视玉渊谭天称中方已做好对日实质反制准备，首次在中日外交场合提出"迎头痛击"； 文旅部提醒中国游客近期避免前往日 ...

融合聚变，绿动未来： 以新能源集成融合发展 书写 高质量发展新篇章 ——《关于促进新能源集成融合发展的指导意见》 解读 在我国加快建设新型能源体系和推动经济社会发展全面绿色转型的关键时期，新能源的发展已从规模的快速扩张，迈入量 与质并重、与产业深度融合的新阶段。近期，国家能源局发布的《关于促进新能源集成融合发展的指导意见》，以新发展 理念引领新能源发展理念和模式创新升级，坚持技术创新、产业协同，拓宽新能源与产业耦合发展新空间，将有力推动因 地制宜发展新质生产力，不断增强绿色发展动能。 一、时代必然：以集成融合筑牢高质量发展的绿色根基 当前，我国新能源发展成绩斐然，但也面临着消纳瓶颈、系统协同性不足等挑战。单纯依靠资源投入的粗放式发展模式难 以为继。推动新能源与产业集成融合发展，是破解当前难题、面向未来竞争的必然选择，是因地制宜发展新质生产力的重 大举措。 一是强化 "绿色化"基础，打造零碳制造新标杆。 核心是推动全产业链 "以绿造绿"。新能源资源富集区不再是简单的发电 外送，而是以新能源资源引导重大生产力，建设零碳工厂和园区。在新能源电力应用方面，通过应用分布式能源、智能微 电网（源网荷储一体化）等模式，构建 ...

科创板50ETF（588080）、半导体设备ETF易方达（159558）、芯片ETF易方达（516350）分别跟踪以 上指数，为投资者提供了布局芯片半导体产业链的便捷工具。 （文章来源：每日经济新闻） 有市场观点认为，重要会议强调需加快高水平科技自立自强，以及中美双方商务磋商达成基本共识，有 望提升市场风险偏好，半导体作为典型的"成长+自主可控"标的，有望充分受益。此外，尽管短期波动 难免，但宏观经济的恢复信号正逐渐明晰，前期情绪释放后，成长类标的走势已趋稳。在长期配置视角 下，代表新质生产力周期与国产化浪潮的科创板具备较高的配置价值。 资料显示，科创板50指数由科创板中市值大、流动性好的50只股票组成，"硬科技"龙头特征显著，半导 体行业占比超65%；中证半导体材料设备主题指数则由40只业务涉及半导体材料和半导体设备的股票组 成，半导体设备与半导体材料行业分别占比60%和20%；中证芯片产业指数聚焦芯片产业链各细分环节 龙头，数字芯片设计占比超50%。 A股早盘震荡调整，半导体、存储芯片概念股盘中一度大幅走强，受此影响，科创板50指数一度涨近 1%，半导体设备ETF易方达（159558）、芯片ETF易方达（ ...

1至10月份，全国固定资产投资同比下降1.7%。国家统计局新闻发言人付凌晖说，扣除价格因素，固定 资产投资保持小幅增长，投资的实物工作量仍是增加的。尽管增速放缓，但投资结构在优化，前10个月 制造业投资同比增长2.7%。 权威解读｜从10月数据看中国经济增长点 国家统计局11月14日发布数据显示，10月份，生产供给基本平稳，就业总体稳定，物价有所改善，新动 能培育壮大，国民经济保持总体平稳、稳中有进发展态势。 生产供给继续增长。从农业看，秋粮面积稳中有增，单产持续提高，全年粮食丰收在望。从工业看，规 模以上工业增加值同比增长4.9%，保持总体稳定。其中，装备制造业增加值增长8%，明显快于规模以 上工业增长，对规模以上工业增长支撑作用明显。 中国首席经济学家论坛理事陈雳说，前10个月首先消费复苏跑出了加速度。此外，新质生产力开始挑大 梁，尤其是高技术产业投资呈现爆发性增长。新质生产力从概念角度加速转化为现实的产能，尤其是机 器人产业、高新技术产业、AI等一系列大发展带动了中国经济的高质量运行。 廖博说，本次新型政策性金融工具加大了对经济大省的支持力度，同时还支持了一批符合条件的重要行 业、重点领域民间投资项目。 ...

近日，浦发银行南宁分行携手广西北部湾股权交易所，在广西资本服务基地成功举办"新质生产力与创新驱动高质量发展"暨"智汇南A・共融未 来"科技会客厅活动。人民银行广西区分行、广西壮族自治区党委金融办、南宁市委金融办、南宁市投资促进局等相关部门代表出席，广西辖内 40余家重点科技企业代表齐聚一堂，共话科技与金融深度融合新路径。 活动现场，浦发银行聚焦科技企业发展需求，重点宣讲了科技金融2.0综合金融服务方案，从多元融资支持、产业链金融协同、资本市场对接等 多个维度，为企业提供全生命周期金融服务指引。浦发银行南宁分行与广西北部湾股权交易所签署战略合作协议，同时与4家优质科技企业完成 银企签约，以实际行动搭建金融赋能科技发展的坚实桥梁。 科技会客厅活动宣讲"5+7+X"浦科产品和服务方案 转自：新华财经 在圆桌交流环节，参会企业代表围绕研发融资难点、产业链升级资金需求、资本市场对接路径等核心议题展开深入探讨，浦发银行专业团队逐一 回应企业关切，精准对接金融服务需求，现场互动氛围热烈。此次活动为政府、金融机构与科技企业搭建了高效沟通的平台，进一步扩大了 "科 技朋友圈"，为银政企深化合作奠定了坚实基础。 未来，浦发银行南 ...

Domestic Market Overview - The domestic market experienced a pullback after reaching a high, with the Shanghai Composite Index closing at 3990.49 points, down 0.97% [10][11] - The Shenzhen Component Index closed at 13216.03 points, down 1.93%, while the ChiNext Index fell by 2.82% [10][11] - Among 30 sectors, 26 saw declines, with electronics, communications, and computers leading the losses; only banking, real estate, textiles, and pharmaceuticals showed slight gains [10][11] Economic Indicators - In October, China's industrial added value increased by 4.9% year-on-year, below the expected 5.2% and down from 6.5% in the previous month [11][20] - The total retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.9% year-on-year, surpassing the expected 2.7% [11][20] - Fixed asset investment from January to October was 408,914 billion yuan, down 1.7% year-on-year, with private investment declining by 4.5% [11][20] International Market Overview - The U.S. stock market showed mixed results, with the Dow Jones down 0.65% and the Nasdaq up 0.13% [2] - Chinese concept stocks mostly declined, with notable drops in Futu Holdings and Gaotu Techedu [2] Policy and Economic Development - The article by Xi Jinping emphasizes the importance of developing new productive forces tailored to local conditions, focusing on innovation and high-quality growth [12][13] - The State Council meeting led by Li Qiang discussed enhancing the adaptability of supply and demand to further stimulate consumption [15][16] Industry Trends - The textile industry is projected to reach a global market size of 1.84 trillion USD by 2025, accounting for 1.6% of global GDP [26] - China's new energy storage capacity has exceeded 100 million kilowatts, growing 30 times compared to the end of the 13th Five-Year Plan [27]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and building materials sector, including China Chemical, Fuyao Glass, Jinggong Steel Structure, Dongfang Yuhong, China Jushi, Yaxiang Integration, Tubaobao, and Huaxin Cement, while maintaining an "Overweight" rating for Zhongfu Shenying [10][39]. Core Insights - The short-term fundamentals of the industry remain subdued, with a focus on price increases, new technologies, and long-term potential. Investment in infrastructure, real estate, and manufacturing has shown mixed results, with infrastructure investment declining by 0.1% year-on-year, real estate down by 14.7%, and manufacturing up by 2.7% [1][16]. - The report suggests three main investment themes for 2026: companies benefiting from overseas expansion that are not fully priced in, companies in the real estate chain that have cleared risks and are seeing income or profitability turning points, and domestic replacement new material companies benefiting from high-end manufacturing [1][14]. - The report highlights the importance of policy support for consumption and investment, with recent government meetings emphasizing the need for project construction and funding allocation [16][18]. Summary by Sections Industry Overview - The construction and building materials sector is experiencing a mixed performance, with infrastructure investment showing a decline and real estate facing significant challenges. However, there are positive signals from government policies aimed at boosting consumption and investment [1][16]. Company Dynamics - Dongfang Yuhong announced plans to sell part of its real estate assets to improve its financial structure, expecting a loss of approximately 25.81 million yuan from the asset disposal [3]. Price Trends - As of November 14, national cement prices increased by 0.3% week-on-week, while the average price of float glass decreased by 2.6% [2][31]. The report notes that the cement market is expected to continue its upward trend due to seasonal demand [30]. Recommended Companies - The report recommends several companies for investment, including: - China Chemical (Target Price: 12.05) - Fuyao Glass (Target Price: 98.21) - Jinggong Steel Structure (Target Price: 5.75) - Dongfang Yuhong (Target Price: 17.19) - China Jushi (Target Price: 19.80) - Yaxiang Integration (Target Price: 64.65) - Tubaobao (Target Price: 16.01) - Huaxin Cement (Target Price: 26.70) - Zhongfu Shenying (Target Price: 31.80) [10][39].

11月17日临近午盘，A股三大指数集体下跌，上证指数盘中下跌0.43%，林木、航天军工、互联网等板 块涨幅靠前，发电设备、贵金属跌幅居前。机床板块震荡走强，截至10:38，机床ETF（159663）上涨 0.42%，其成分股伟创电气上涨6.50%，海目星上涨5.80%，江特电机上涨5.54%，日发精机上涨3.13%， 乔锋智能上涨2.29%。 消息面上，近期区域局势趋于紧张。国金证券表示，由于日本机床产业发展成熟且实现了全产业链本土 配套，从核心零部件例如数控系统、丝杠导轨到加工中心整机均在中国有较高份额，后续实现自主可控 必要性较强。一方面建议关注数控系统、丝杠导轨等核心环节龙头企业，一方面建议关注低估值的通用 机床龙头。 机床ETF（159663），紧密跟踪的中证机床指数，涵盖了我国制造业产业链中的关键一环——高端装备 制造领域，涉及激光设备、机床工具、机器人、工控设备等行业，是新质生产力理念强调创新驱动与产 业升级落地实践的核心阵地。其场外联接基金为，A类：017573；C类：017574。 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The steel industry is experiencing fluctuations in production and demand, with a notable increase in capacity utilization rates, while prices and profits remain under pressure. The overall outlook suggests potential for recovery driven by government policies and market stabilization efforts. Supply Situation - As of November 14, the capacity utilization rate for blast furnaces in sample steel companies is 88.8%, an increase of 0.99 percentage points week-on-week [2][3] - The capacity utilization rate for electric furnaces is 53.2%, up by 2.31 percentage points week-on-week [2][3] - The production of five major steel products is 7.261 million tons, a decrease of 229,800 tons or 3.07% week-on-week [2][3] - Daily average pig iron production is 2.3688 million tons, an increase of 26,600 tons week-on-week and 28,200 tons year-on-year [2][5] Demand Situation - The consumption of five major steel products is 8.606 million tons, down by 63,300 tons or 0.73% week-on-week [2][3] - The transaction volume of construction steel by mainstream traders is 100,000 tons, an increase of 3,700 tons or 3.87% week-on-week [2][3] Inventory Situation - Social inventory of five major steel products is 10.614 million tons, a decrease of 136,100 tons or 1.27% week-on-week, but an increase of 306,100 tons year-on-year [3] - Factory inventory of five major steel products is 4.16 million tons, down by 126,100 tons or 2.94% week-on-week, with a year-on-year increase of 6.35% [3] Steel Prices & Profits - The comprehensive index for ordinary steel is 3,422.3 yuan/ton, an increase of 2.47 yuan/ton or 0.07% week-on-week, but down by 6.85% year-on-year [3] - The comprehensive index for special steel is 6,581.9 yuan/ton, a decrease of 10.59 yuan/ton or 0.16% week-on-week, and down by 3.37% year-on-year [3] - The profit for rebar from blast furnaces is -29 yuan/ton, an increase of 10.0 yuan/ton or 25.64% week-on-week [3] - The profit for construction steel from electric furnaces is -155 yuan/ton, an increase of 7.0 yuan/ton or 4.32% week-on-week [3] Raw Material Situation - The spot price index for Australian powder ore (62% Fe) at Rizhao Port is 786 yuan/ton, up by 10.0 yuan/ton or 1.29% week-on-week [4] - The price for main coking coal at Jingtang Port is 1,830 yuan/ton, an increase of 30.0 yuan/ton week-on-week [4] Market Outlook - The initiation of the 2025 Central Safety Production Assessment is expected to stabilize market confidence and positively impact steel prices [5] - The steel industry is anticipated to maintain a stable supply-demand balance, supported by government "stability growth" policies, with potential improvements in demand from real estate and infrastructure sectors [6] - The industry is expected to see structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [6]

Economic Overview - In October 2025, China's economic performance showed that supply outpaced demand, with industrial output and service production indices growing by 4.9% and 4.6% year-on-year, respectively, but slowing down by 1.6 and 1.0 percentage points compared to the previous month[2] - The retail sales of consumer goods increased by 2.9% year-on-year, while fixed asset investment saw a cumulative decline of 1.7%, reflecting a slowdown of 0.1 and 1.2 percentage points from the previous month[2] Economic Transition and Growth Sectors - The ongoing economic transition is supported by high-tech manufacturing and productive services, with high-tech manufacturing output increasing by 7.2% year-on-year, outpacing overall industrial growth[2] - Key sectors such as automotive manufacturing, transportation equipment, and electricity production saw industrial value-added growth rates of 11.8%, 14.9%, and 2.2%, respectively[2] Consumer and Service Sector Growth - Basic and some upgraded consumer goods experienced rapid growth, with retail sales of food and oil products rising by 9.1% and 23.2% year-on-year, respectively[2] - Service consumption emerged as a significant growth point, with tourism and transportation services maintaining over 10% growth in retail sales from January to October[2] Investment Trends - From January to October, fixed asset investments in information services, transportation equipment, and automotive manufacturing grew by 32.7%, 20.1%, and 17.5%, respectively, while real estate investment declined by 14.7%[7] - The overall investment environment remains cautious due to complex external conditions and fierce domestic competition, with a notable decline in real estate development investments impacting total investment figures[7] Employment Stability - The urban unemployment rate in October was 5.1%, a slight decrease of 0.1 percentage points from the previous month, indicating overall employment stability[7]