Market Performance Review - The major stock indices showed mixed performance in October, with the Shanghai Composite Index rising by 1.85% while the Shenzhen Component Index and ChiNext Index fell by 1.10% and 1.56% respectively [3][12] - By style, stable style increased by 3.40%, financial style by 2.44%, while consumer style decreased by 0.83% and growth style fell by 1.56% [3][12] - The market experienced increased volatility due to internal and external political factors, with a technical correction in early October followed by a rebound due to favorable political developments [4][12] Industry Insights - Resource sectors led the gains, with coal rising by 10.02%, steel by 5.16%, and non-ferrous metals by 5.00%. Conversely, the media and automotive sectors saw declines of -6.04% and -3.58% respectively [16][17] - The market rotation was evident, with funds shifting from the previously leading TMT sectors to resource sectors, driven by supply disruptions in coal and steel production [16][17] Future Outlook and Investment Views - The report anticipates a "windless zone" for the A-share market in November, with limited political support and a focus on macroeconomic fundamentals and corporate earnings [4][30] - Investment strategies should focus on policy themes and high-performing stocks, particularly in sectors like commercial aviation and low-altitude economy, as previous leaders face pressure [5][31] High-Frequency Data Tracking - The dynamic HMM timing model indicates a current market correction risk, suggesting a re-entry signal for investors [18][20] - Personal investor sentiment showed slight recovery, with the sentiment index at -3.51% as of October 31, indicating significant volatility without a clear trend [22][26] Dividend Yield Analysis - The analysis of dividend yield suggests that bank stocks, which have seen significant price increases, may now offer less attractive value due to high previous gains [27][29] - The current bank dividend yield is under scrutiny, with a necessary increase in cash dividend payout to maintain adequate compensation for risk [27][29]

深秋的光雾山旅游区层林尽染 图片来源：主办方供图 每经记者｜唐元 每经编辑｜官远星 时值深秋，四川巴中光雾山的红叶正当时。盘山公路上，来自外地的车辆络绎不绝。这个曾被贴上"革命老区""秦巴山区"标签的城市，正在书写新的发展故 事。 10月30日，2025（第十届）党媒网站发展论坛在巴中举行，"看万山红遍·赞大好河山"中国红叶黄金走廊联合推介（光雾山站）活动于次日启动。深秋的气 温并未锁住老区的"澎湃"：红叶如霞、地下宝藏、天空梦想……大巴山脉下，记者感受到这座城市的产业"生命力"，亦看到了革命老区，不"老"的底色。 青春不灭的红色 创新红叶经济，发挥"票根"杠杆 2025（第十届）党媒网站发展论坛现场 图片来源：主办方供图 在川陕交界的大巴山深处，每年秋天，光雾山都会被漫山红叶浸染。这抹红色，让人不禁想起九十多年前，同样在这片土地上绽放的青春。 1932年，31岁的徐向前元帅在此运筹帷幄；17岁的少年将军以铁血坚守阵地；12万巴山儿女平均年龄不足20岁，牢记"智勇坚定、排难创新、团结奋斗、不 胜不休"红军训词奔赴战场。 时光流转，曾经的硝烟散去，但红色早已融入这片土地的基因。在"诗意山水，红色巴中"的城市形象 ...

Core Viewpoint - Xinjiang Jiaojian (002941.SZ) primarily engages in the surveying, design, construction, and operation of transportation infrastructure, including roads, bridges, water conservancy, railways, tunnels, and municipal projects, and has not yet ventured into low-altitude economy-related businesses [1] Group 1 - The company focuses on transportation infrastructure projects [1] - Key areas of operation include surveying, design, construction, and operation [1] - The company is involved in the processing and manufacturing of construction materials for transportation infrastructure [1]

Group 1 - The eighth China International Import Expo (CIIE) will take place from November 5 to 10 in Shanghai, with participation from 155 countries, regions, and international organizations, showcasing over 4,100 foreign enterprises, including 290 Fortune 500 and industry-leading companies, marking a historical high in both the number of exhibitors and exhibition area [2][3] - This year's expo will feature 461 new products, technologies, and services, including innovations in low-altitude economy, humanoid robots, next-generation information technology, artificial intelligence, and green low-carbon solutions [5] - The expo will also introduce a special section for least developed countries (LDCs), providing support for 37 LDC exhibitors, with the number of participating LDC enterprises expected to increase by 23.5% to 163 [10] Group 2 - The CIIE serves as a significant economic diplomatic event following the successful convening of the 20th Central Committee's Fourth Plenary Session, emphasizing China's commitment to expanding openness and promoting innovative trade development [10] - The event reflects the determination of foreign enterprises to invest in and deepen their engagement with the Chinese market, showcasing confidence in China's vast consumer potential [2]

今年，国内低空经济进入平稳期，融资和关注度均有所降温。 头部eVTOL（电动垂直起降飞行器）主机厂们，并未放缓脚步，密集官宣百架甚至千架大单。1-6月， 业内已公开订单金额，合计突破百亿。 御风未来携2吨级eVTOL M1真机，年中亮相北京，并宣布与中航租赁签署100架意向订单协议，合作规 模超10亿元。 7月，御风未来分别与上海、广东两地的低空经济国资平台达成战略合作，打造可复制、可推广的"低空 经济示范样板"。 "我们让许多不同领域的客户,看到了eVTOL在实际应用场景中的价值。"御风未来创始人兼CEO谢陵在 接受《21CBR》记者专访时表示。 谢陵出生于1983年，曾任中国商飞的工程师，从事C919飞控系统核心研发工作。9年前，他与同事刘十 一在上海创业，想造全世界性能最好的垂直起降固定翼飞机。 受限于早期的技术和资金，他们率先发力工业级无人机，很快获得订单并量产。2021年开启"二次创 业"，正式进军载人eVTOL赛道。 他告诉《21CBR》记者，目前公司有三条增长曲线，分别是中小型eVTOL（即"工业级无人机"）、大型 载货eVTOL以及大型载人eVTOL业务。 尤其在广东中山的中小型eVTOL品牌 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the acceleration of building a modern industrial system, particularly focusing on nurturing strategic emerging industries like the low-altitude economy, which is now being integrated into practical applications in Guangdong [1] Group 1: Low-altitude Economy Development - The low-altitude economy is being actively promoted in Guangdong, transitioning from conceptual plans to practical implementation [1] - The first torch relay using a low-altitude flying vehicle took place during the 15th National Games in Shenzhen, showcasing the practical application of low-altitude technology [1] - Guangdong has opened over 700 drone logistics routes, covering various sectors such as agriculture, marine inspection, security monitoring, and medical emergencies [8] Group 2: Innovation and Application - Recent events, such as a drone-controlled "technology fireworks show" in Hunan, highlight the rapid expansion of low-altitude industry applications [2] - Drones are being utilized for urban management, including traffic monitoring and emergency response, indicating a broadening of application scenarios [4] - A successful test flight of an 80-kilometer intercity low-altitude logistics route demonstrates the commercial potential of long-distance low-altitude transport [4][6] Group 3: Manufacturing and Cross-industry Integration - The low-altitude application landscape is expanding, leading to increased demand for various types of flying vehicles [9] - Automotive companies are entering the aviation sector, leveraging existing technologies and supply chains to reduce costs in aircraft manufacturing [11][15] - The integration of electric vertical take-off and landing (eVTOL) aircraft production is being supported by the existing infrastructure of the drone and electric vehicle industries in Guangdong [15][17] Group 4: Safety and Governance - The development of a safety and governance framework is crucial for the sustainable growth of the low-altitude economy, focusing on weather monitoring, communication coverage, and airspace management [19][21] - A comprehensive low-altitude flight management service platform is being established to monitor flight status, weather, and airspace dynamics in real-time [23] - The approval process for airspace management has been significantly streamlined, reducing the time required from weeks to just a few days [23][25] Group 5: Economic Scale and Market Potential - Guangdong's low-altitude economy has reached a scale of over 100 billion, with more than 2,000 manufacturing companies and over 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [19] - The production of civil drones in Guangdong saw a year-on-year increase of 58.2% in the first half of 2025, indicating rapid growth in the manufacturing sector [19]

Core Points - The stock price of Sujiao Technology increased by 2.36% on November 4, reaching 8.66 CNY per share, with a total market capitalization of 10.936 billion CNY [1] - The company has experienced a year-to-date stock price decline of 13.92%, but has seen a slight increase of 2.36% over the last five trading days [1] - Sujiao Technology's main business involves traffic engineering consulting and contracting, with 99.70% of its revenue coming from engineering consulting [1] Financial Performance - As of September 30, Sujiao Technology reported a revenue of 2.769 billion CNY for the first nine months of 2025, a decrease of 5.00% year-on-year [2] - The net profit attributable to shareholders for the same period was 79.0378 million CNY, down 48.39% year-on-year [2] Shareholder Information - The number of shareholders decreased by 8.43% to 55,700 as of September 30, with an average of 21,499 circulating shares per shareholder, an increase of 9.21% [2] - Since its A-share listing, Sujiao Technology has distributed a total of 1.421 billion CNY in dividends, with 466.7 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include the Southern CSI 1000 ETF, which is a new entrant holding 6.9262 million shares [3]

西南证券表示，国家十五五规划建议加快航空航天、低空经济产业发展。国家战略聚焦低空经济新赛 道，各地相继出台低空经济发展纲领性政策，国资央企密集成立低空经济公司。从应用场景来看，低空 物流、低空文旅等应用场景先行。头部 eVTOL 主机厂订单陆续落地，海外拓展迅速，产业链规模化发 展态势清晰。 航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，成分股精选领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业航天 概念权重占比高达51.83%。 每日经济新闻 11月4日，A股三大指数集体回调，截至10点57分，航空航天ETF（159227）跌幅1.30%，成交额达6551 万元，稳居同类第一，持仓股迈信林、航宇科技、航天发展、威海广泰等逆市上涨。 航空航天ETF已连续12个交易日获资金净流入，合计"吸金"4.76亿元，最新规模达17.81亿元，创成立以 来新高。 四中全会首次将"航天强国"纳入"十五五"建设目标，10月29日，《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》发布，提出培育壮大新兴产业和未来产业。加快新能源、新材料 ...

Core Insights - Sega Technology's stock price increased by 2.03% on November 4, reaching 22.15 CNY per share, with a total market capitalization of 5.591 billion CNY [1] - The company has seen a significant stock price increase of 97.42% year-to-date, with notable gains of 13.88% in the last five trading days and 15.97% over the past 20 days [1] Financial Performance - For the period from January to September 2025, Sega Technology reported a revenue of 674 million CNY, a year-on-year decrease of 4.49%, and a net profit attributable to shareholders of -51.015 million CNY, reflecting a substantial decline of 281.65% [2] - The company has not distributed any dividends in the last three years, with a total payout of 123 million CNY since its A-share listing [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 17.23% to 25,100, while the average number of circulating shares per person increased by 20.35% to 9,005 shares [2] - The top ten circulating shareholders saw a change, with the Dazheng Zhongzheng 360 Internet + Index A exiting the list [3] Business Overview - Sega Technology, established on April 20, 1990, specializes in the research, design, production, sales, and service of customized precision box systems [2] - The company's revenue composition includes RF devices (33.78%), elevator cabin systems (22.74%), specialized equipment box systems (22.32%), antennas (16.14%), and other products (2.82%) [2] - Sega Technology operates within the communication equipment sector, focusing on 5.5G concepts, small-cap stocks, low-altitude economy, and medical devices [2]

Company Overview - Shanghai Daming City Enterprise Co., Ltd. is located at 1116 Hongsong East Road, Shanghai, and was established on July 18, 1996. The company was listed on July 3, 1997. Its main business involves real estate development and operation, with 99.38% of revenue coming from property development and sales, and 0.62% from computing power services [1]. Stock Performance - As of November 4, Daming City shares increased by 2.10%, trading at 5.34 CNY per share, with a total market capitalization of 12.415 billion CNY. The stock has risen 46.70% year-to-date, with a 2.30% increase over the last five trading days, 20.81% over the last 20 days, and 72.26% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on October 20, where it recorded a net buy of -10.1959 million CNY [1]. Financial Performance - For the period from January to September 2025, Daming City reported a revenue of 1.938 billion CNY, a year-on-year decrease of 49.15%. However, the net profit attributable to shareholders increased by 10.66% to 258 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 763 million CNY, with 69.7485 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 8.87% to 48,100, with an average of 0 shares per shareholder [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 235 million shares, an increase of 3.6475 million shares compared to the previous period [3]. Industry Classification - Daming City belongs to the Shenwan industry classification of Real Estate - Real Estate Development - Residential Development, and is associated with concepts such as low price, margin trading, mid-cap, equity transfer, and low-altitude economy [2].