Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overseas, the White House stated that the October non - farm and inflation data may never be released. Before the lack of economic data, the market is mainly driven by sentiment. The US House of Representatives will vote on a bill to end the government shutdown at 8:00 on the 13th, Beijing time. Overnight, the risk - aversion sentiment in the financial market rebounded slightly, with the US dollar index basically flat, the 2 - year US Treasury yield rising slightly, gold rising, the Dow Jones Industrial Average closing up, the Nasdaq closing down, the S&P 500 closing flat, the Nasdaq Golden Dragon China Index rising, and the offshore RMB exchange rate appreciating slightly. Attention should be paid to the final result of the US government's temporary appropriation bill [1]. - Domestically, on Wednesday, the broader market opened lower, fluctuated, and slightly declined by 0.07%, the Shenzhen Component Index fell by 0.36%, and the ChiNext Index dropped by 0.39%. The market showed a volatile adjustment trend. In the morning, banks and oil stocks pulled up the index, but individual stocks declined. In the afternoon, although the index rebounded, most individual stocks did not follow, showing an obvious atmosphere of following the decline but not the rise. The sectors of household appliances, textile and apparel, petroleum and petrochemicals, and medicine and biology led the gains, while power equipment, machinery and equipment, computers, military industry, and automobiles led the losses. There were 1,756 rising stocks and 3,561 falling stocks in the whole market. The rumor about the photovoltaic industry was later refuted by the China Photovoltaic Industry Association. Overall, the overnight US stock market trend indicates that market funds tend to be defensive, which has a neutral impact on A - shares. The Shanghai Composite Index is stronger at the broad - based index level, while others are weaker. The market divergence is not significant yet. The view remains unchanged, expecting the broader market to maintain a volatile tone in the range of 3,900 - 4,050, with a long - term slow - bull trend unchanged, and it may stay at this level for a long time in the short term. The strategy remains a dumbbell strategy, being long on the Shanghai 50 and CSI 500 [2]. Summary by Directory 1. Important Information - The US House of Representatives will vote on a bill to end the government shutdown at 8:00 on the 13th, Beijing time [4]. - The US Supreme Court will hold an oral debate on Trump's request to dismiss Federal Reserve Governor Cook on January 21 next year [4]. - The White House said that the October non - farm and inflation data may never be released [5]. - Atlanta Fed President Bostic unexpectedly announced his retirement in February next year and re - emphasized his hawkish stance a few hours later. The market expects a dovish successor under Trump [5]. - Four voting regional Fed presidents are not enthusiastic about another rate cut in December. Boston Fed President Collins said the Fed is likely to keep interest rates at the current level for some time. The labor market has not deteriorated, and it is necessary to ensure that inflation can sustainably return to 2% before cutting rates [5]. - Anthropic will invest $50 billion in building a data center in the US [6]. - Chinese Vice - Premier He Lifeng met with the head of the National Committee on US - China Relations, stating that China and the US should jointly maintain and implement the important consensus and outcomes of the leaders' meetings and promote the stable development of Sino - US economic and trade relations [6]. - Chinese President Xi Jinping announced that China will continue to extend the visa - free policy for Spain to facilitate personnel exchanges [7]. - The National Energy Administration issued a guiding opinion on promoting the integrated and coordinated development of new energy [8]. - The China Photovoltaic Industry Association stated that the online rumors are all false information [9]. 2. Futures Market Tracking Futures Market Performance - For the Shanghai 50 Index, different contracts (IH2511, IH2512, IH2603, IH2606) showed different closing prices, settlement prices, price changes, and price change rates. For example, IH2511 had a closing price of 3,044, a settlement price of 3,046.8, a price increase of 13.2, and a price increase rate of 0.32% [11]. - Similar data are provided for the CSI 300 Index (IF2511, IF2512, IF2603, IF2606), CSI 500 Index (IC2511, IC2512, IC2603, IC2606), and CSI 1000 Index (IM2511, IM2512, IM2603, IM2606) [11]. Futures Trading Volume and Open Interest - The trading volume, trading volume change, trading value, trading value change, open interest, open interest change, weekly position increase, net position, and changes in long and short positions of different contracts of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are presented. For example, the trading volume of the Shanghai 50 was 54,075, with a change of 3,933, and the trading value was 493 billion yuan, with a change of 37 billion yuan [12]. 3. Spot Market Tracking Spot Market Performance - Various indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc., showed different current points, daily price change rates, trading values, price - to - earnings ratios, and their changes. For example, the Wind All - A Index was at 6,354, with a daily decline of 0.38%, and its trading value was 19,648 billion yuan, a decrease of 490.72 billion yuan [35]. - Different sectors also had different performance, such as the petroleum and petrochemical sector rising by 0.84%, and the power equipment sector falling by 2.10% [35]. Market Style Impact on Index Fluctuations - Different market styles (cyclical, consumption, growth, finance, stability) had different impacts on the daily, weekly, monthly, and annual fluctuations of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices. For example, in the Shanghai 50 Index, the cyclical style had a daily contribution of - 0.12% [36]. Index Valuation - The current valuations and historical percentile rankings of important indices such as the Shanghai Composite Index, Shenzhen Component Index, etc., are shown. For example, the price - to - earnings ratio of the Shanghai Composite Index was 16.68, with a historical percentile of 94.46% [39]. - The valuations and historical percentile rankings of Shenwan sectors are also presented [42]. Other Market Indicators - Market indicators such as the Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, and changes in index trading values are provided through graphs [44]. 4. Liquidity Tracking - The central bank's open - market operations (money injection, money withdrawal, and net money injection) and SHIBOR interest rates (overnight, 1 - week, 2 - week, 1 - month) are presented through graphs [50].

Core Viewpoint - The A-share market opened with slight declines across the three major indices, indicating a cautious market sentiment at the start of the trading day [1] Market Performance - The Shanghai Composite Index opened down by 0.09% - The Shenzhen Component Index also opened down by 0.09% - The ChiNext Index experienced a similar decline, opening down by 0.09% [1] Sector Performance - The gold sector opened higher, showing positive momentum - Industrial metals also opened with gains, reflecting strong demand or favorable market conditions - The organic silicon sector had a positive opening, indicating potential growth opportunities - Conversely, the oil and gas sector opened lower, suggesting potential challenges or market corrections - The Hainan Free Trade Zone sector also opened down, which may reflect broader economic concerns or specific regional issues [1]

Market Overview - On November 12, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 4019 points[2] - The Shanghai Composite Index closed at 4000.14 points, down 0.07%, while the Shenzhen Component Index fell 0.36% to 13420.62 points[7] - Total trading volume for the day was 19,649 billion yuan, slightly lower than the previous trading day[7] Sector Performance - Banking, insurance, pharmaceuticals, and mining sectors performed well, while photovoltaic, wind power, and power grid equipment sectors lagged[3] - Over 60% of stocks in the two markets declined, with mining, insurance, and medical sectors showing the highest gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.40 times and 49.44 times, respectively, above the median levels of the past three years[3] - The current market is at a significant transition point, with the Shanghai Composite Index likely to consolidate around the 4000-point mark[3] Investment Strategy - Investors are advised to adopt a balanced allocation strategy focusing on "cyclical + technology growth" to capture structural opportunities[3] - Short-term recommendations include monitoring banking, insurance, medical devices, and non-ferrous metals sectors for investment opportunities[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[4]

Market Overview - The Shanghai Composite Index fell by 0.07% to 4000.14 points, the Shenzhen Component Index decreased by 0.36% to 13240.62 points, and the ChiNext Index dropped by 0.39% to 3122.03 points, with a total market turnover of 1.96 trillion yuan, down by 491 billion yuan from the previous trading day [1][2]. Sector Performance Medical and Pharmaceutical Sector - The medical commercial sector saw significant gains, with stocks like Yao Yigou rising by 19.9%, Jianfa Zhixin increasing by over 14%, and others like Renmin Tongtai and Hefei China hitting the daily limit [4][5]. - The demand for cold and flu medications is expected to rise due to a predicted peak in flu cases in mid-December to early January [4]. Oil and Gas Sector - The oil and gas extraction and service sector experienced a rally, with stocks such as PetroChina Oilfield Services and Huai Oil hitting the daily limit, while Tongyuan Petroleum and Huibo Po rose by over 5% [6][7]. - A new round of fuel price adjustments was announced, with gasoline and diesel prices increasing by 125 yuan and 120 yuan per ton, respectively, leading to a rise of 0.10 yuan per liter for 92 and 95 octane gasoline and 0 diesel [6]. Insurance Sector - The insurance sector saw substantial gains, with China Life Insurance rising nearly 2%, China Pacific Insurance increasing by over 2%, and New China Life Insurance up by over 3% [8]. Cultivated Diamond Sector - The cultivated diamond sector faced a downturn, with stocks like World falling over 11% and Huifeng Diamond dropping over 9% [9][10]. Photovoltaic Equipment Sector - The photovoltaic equipment sector experienced a significant pullback, with stocks such as Aters falling over 14% and other companies like Longi Green Energy and JinkoSolar also seeing declines of over 7% [11][12]. - A rumor regarding a high-level executive from JA Solar stating that a "storage platform has failed" circulated, but was later denied by the China Photovoltaic Industry Association [10]. Wind Power Equipment Sector - The wind power equipment sector also saw declines, with stocks like Hewei Electric dropping over 5% and others like Taisun Wind Energy and Tianeng Heavy Industry falling over 4% [12]. Market Outlook - According to Galaxy Securities, the domestic economic fundamentals are showing signs of recovery, and if inflation can stabilize further, most industries are expected to emerge from their current contraction phase. The long-term outlook for the A-share market remains positive, with no excessive concern over fluctuations around the 4000-point mark in the short term [12].

昨日（11月11日）A股高开低走，沪指收于4002.76点。券商板块缩量回调，国盛证券、信达证券、东兴 证券等跌幅居前。 热门ETF中，券商ETF（159842）下跌0.92%，成交额2.5亿元，较周一明显缩量。值得注意的是，据 Wind数据，该产品昨日份额增长3000万份，份额达到68.66亿份的历史新高；截至11月11日，本月已累 计"吸金"3.27亿元。 近期已有多家券商举办了2026年度策略会。从已发布的策略观点看，机构普遍预期2026年宏观经济将平 稳运行，A股市场有望延续震荡上行态势，市场驱动力正从估值修复向盈利基本面转变。 资料显示，券商ETF（159842）跟踪中证全指证券公司指数，该指数选取中证全指样本股中至多50只证 券公司行业股票组成，以反映该行业股票的整体表现。 （文章来源：每日经济新闻） ...

Economic Outlook - Multiple institutions predict that China's economic growth will remain stable in 2026, with targets around 5% [2][3] - China International Capital Corporation (CICC) expects a GDP growth of approximately 4.9% in 2026, supported by fiscal expansion and improved local government finances [2][3] - UBS anticipates that domestic economic activities will maintain resilience, with a potential "low at the beginning, high at the end" growth pattern for 2026 [2][3] Policy and Fiscal Measures - CICC forecasts that supply-side policies will focus on enhancing quality consumption while reducing inefficient capacity [3] - Fiscal policies are expected to remain proactive, with local special bonds and ultra-long-term special government bonds increasing in scale [3] - Monetary policy may include two reserve requirement ratio cuts totaling about 100 basis points and one to two interest rate cuts of 10 basis points each [3] A-Share Market Dynamics - The A-share market is transitioning from domestic-focused companies to global multinational corporations, indicating a shift towards a mature market [4] - Earnings for A-shares are projected to recover, with non-financial A-share growth expected to reach around 10% [4] - The market is likely to experience a more balanced style in 2026, driven by cyclical industries approaching supply-demand equilibrium [5] Industry Trends - Key industry themes include the upgrading of traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [5] - The "new economy" sectors are expected to grow faster than other economic sectors from 2026 to 2030, with their GDP contribution increasing by 3 percentage points by 2030 [3] - The macroeconomic environment and innovation trends are favorable for growth styles, with a potential shift in market dynamics due to past capacity reduction cycles [5]

Group 1 - The theme of the 2026 Capital Market Annual Conference held by CITIC Securities is "Striving for a New Journey," focusing on the global macro landscape and market investment strategies [1] - CITIC Securities General Manager Zou Yingguang highlighted the increasing international discourse power of China and the rising position of Chinese enterprises in the global value chain, indicating a positive accumulation of momentum in the capital market [1] - The "14th Five-Year Plan" period will see new characteristics in the global context, technological trends, and institutional environment affecting China's capital market [1] Group 2 - CITIC Securities Chief A-share Strategy Analyst Qiu Xiang stated that A-share companies are transitioning from local enterprises to global multinational corporations, marking a shift from emerging to mature market status [2] - Qiu Xiang noted that the overall volatility of the A-share market is expected to enter a long-term downward trend due to various mechanisms, including increased participation of retail investors seeking stable returns [2] - The influence of social media and diverse public opinion is expected to mitigate the effects of collective investor behavior, reducing the likelihood of one-sided market movements [2] Group 3 - Three key themes for industry allocation in 2026 include: upgrading traditional manufacturing and resource industries to enhance profit margins, the globalization of Chinese enterprises opening new profit growth opportunities, and a new round of systematic trends in the technology sector driven by application changes [3] - CITIC Securities Chief Economist Ming Ming anticipates a "front low, back high" growth pattern for China's economy in 2026, with moderate fiscal expansion and improved local government finances [3] Group 4 - The economic structure in 2026 is expected to be primarily production-driven, with external and internal demand becoming more balanced [4] - Fiscal policy is projected to moderately expand, with an increase in special bond quotas for project construction, while monetary policy may see further easing with potential rate cuts [4] - The focus of industrial policy during the "14th Five-Year Plan" period will shift towards balancing supply and demand, enhancing service consumption and investment in emerging industries to boost domestic demand's contribution to GDP [4]

Group 1 - The A-share market is at a significant turning point, with the Shanghai Composite Index likely to consolidate around the 4000-point level, indicating a potential rebalancing of market styles between cyclical and technology sectors [2] - Current consensus suggests that the technology growth sector is the most logical direction for investment, but caution is advised regarding structural and phase-related pullback risks within this sector [2] - Short-term fluctuations in A-shares are seen as a preparation for a mid-term upward trend, supported by positive economic expectations and stable institutional advantages in China [2] Group 2 - The market saw a total trading volume of 1.99 trillion yuan, a decrease of 180.9 billion yuan from the previous day, indicating a decline in market activity [1] - The three major broad-based ETFs from Huabao Fund provide investors with diverse options to invest in China, tracking the CSI A50, A100, and A500 indices [2] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of 500 companies [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - A-share third-quarter reports showed good overall performance, providing bottom support for the market. However, the significant decline in external demand in October, which supported GDP in the first three quarters, is expected to drag down the economic fundamentals in the fourth quarter and have a negative impact on stock market sentiment. Currently, after the disclosure of A-share third-quarter reports and with no major domestic meetings scheduled this month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to show a random walk, and stock indices will remain volatile. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Disk - IF main contract (2512) closed at 4626.8, down 39.4; IF second main contract (2511) closed at 4640.2, down 41.0. IH main contract (2512) closed at 3033.0, down 17.8; IH second main contract (2511) closed at 3033.6, down 18.8. IC main contract (2512) closed at 7173.0, down 57.2; IC second main contract (2511) closed at 7242.2, down 52.2. IM main contract (2512) closed at 7390.4, down 22.0; IM second main contract (2511) closed at 7476.6, down 22.6 [2]. - IF-IH current-month contract spread was 1606.6, down 24.8; IC-IF current-month contract spread was 2602.0, down 14.6. IM-IC current-month contract spread was 234.4, up 28.4; IC-IH current-month contract spread was 4208.6, down 39.4. IM-IF current-month contract spread was 2836.4, up 13.8; IM-IH current-month contract spread was 4443.0, down 11.0 [2]. - IF current-quarter - current-month was -39.8, up 6.4; IF next-quarter - current-month was -81.2, up 9.6. IH current-quarter - current-month was -4.0, up 1.2; IH next-quarter - current-month was -11, up 0.2. IC current-quarter - current-month was -238.4, down 0.6; IC next-quarter - current-month was -428.4, down 0.4. IM current-quarter - current-month was -309.6, unchanged; IM next-quarter - current-month was -526.8, down 2.2 [2]. Futures Positions - IF top 20 net positions were -25,696.00, down 1324.0; IH top 20 net positions were -15,186.00, up 581.0. IC top 20 net positions were -19,632.00, down 304.0; IM top 20 net positions were -36,691.00, down 1352.0 [2]. Spot Prices - CSI 300 closed at 4652.17, down 42.9; IF main contract basis was -25.4, down 2.3. SSE 50 closed at 3,034.6, down 19.2; IH main contract basis was -1.6, down 1.8. CSI 500 closed at 7,291.6, down 52.2; IC main contract basis was -118.6, down 10.6. CSI 1000 closed at 7,540.8, down 22.5; IM main contract basis was -150.4, down 8.1 [2]. Market Sentiment - A-share trading volume (daily, billion yuan) was 20,138.85, down 1804.86; margin trading balance (previous trading day, billion yuan) was 25,014.17, up 77.23. Northbound trading volume (previous trading day, billion yuan) was 2436.37, up 77.81; reverse repurchase (maturity volume, operation volume, billion yuan) was -1175.0, up 4038.0 [2]. - Main funds (yesterday, today, billion yuan) were -371.00, down 643.87. The proportion of rising stocks (daily, %) was 51.15, down 10.85; Shibor (daily, %) was 1.508, up 0.029 [2]. - IO at-the-money call option closing price (2511) was 44.80, down 26.80; IO at-the-money call option implied volatility (%) was 13.97, down 0.01. IO at-the-money put option closing price (2511) was 49.20, up 16.20; IO at-the-money put option implied volatility (%) was 13.97, up 0.06 [2]. - CSI 300 index 20-day volatility (%) was 16.37, down 0.26; trading volume PCR (%) was 61.76, down 6.54. Position PCR (%) was 84.96, down 2.13 [2]. Wind Market Strength and Weakness Analysis - All A-shares were at 4.70, down 1.60; technical aspect was at 5.10, down 1.10. Capital aspect was at 4.30, down 2.20 [2]. Industry News - National Bureau of Statistics data showed that in October, CPI rose 0.2% month-on-month (previous value: 0.1%) and 0.2% year-on-year (previous value: -0.3%); core CPI excluding food and energy prices rose 1.2% year-on-year. PPI rose 0.1% month-on-month (previous value: flat) and fell 2.1% year-on-year (previous value: -2.3%) [2]. - A-share major indices closed lower. The three major indices opened higher and then oscillated lower, with the Shanghai Composite Index barely holding above 4000 points. By the close, the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. A-share trading volume declined. Nearly 3400 stocks rose across the market. Industry sectors showed mixed performance, with the commerce and retail sector leading the gainers and the communication sector leading the losers [2]. - Domestically, in terms of the economic fundamentals and prices, driven by the anti-involution policy and the Mid-Autumn Festival and National Day holidays, the year-on-year and month-on-month increases in CPI and PPI in October both rebounded compared with the previous month. The rebound in inflation has a boosting effect on household consumption and corporate investment. In terms of external demand, affected by the US tariff increase, China's import and export trade in October significantly declined compared with September. The new export orders index under the previously announced manufacturing PMI also dropped significantly by 1.9 percentage points compared with September, indicating a weakening of external demand [2]. - From the disclosure of listed companies' third-quarter reports, among the four stock index futures, the net profit growth rates of CSI 300, SSE 50, and CSI 500 all accelerated compared with the semi-annual reports, and the net profit decline of CSI 1000 also showed a narrowing trend [2]. Key Data to Watch - Pending: China's October financial data. On November 13 at 21:30, the US October CPI and core CPI will be released. On November 14 at 10:00, China's October industrial added value above designated size, fixed asset investment, social consumer goods retail sales, real estate data, and unemployment rate will be released [3].

Market Overview - The market has experienced an overall adjustment, with a rotation of hot sectors. Leading stocks in the banking and photovoltaic sectors are rising, while the previously strong consumer sector is undergoing a correction. The semiconductor and technology sectors opened high but closed lower. As of 14:30, the CSI A500 index fell by 0.7%, the ChiNext index dropped by 1.0%, and the STAR Market 50 index decreased by 1.1% [1]. Investment Insights - China Galaxy Securities indicates that the hidden main line in the sector rotation may be the theme of the year-end market performance, suggesting that the market is preparing for a new upward trend. The third-quarter reports of listed companies show resilience in fundamentals, with notable structural highlights. As the pace of subsequent policy implementation becomes clearer, the expectation of price recovery underlines the logic of reversing the "involution" sectors. The technology sector's industrial trends and performance are entering a verification phase, maintaining a long-term positive trend for the A-share market [1]. Investment Strategy - In the context of frequent market style switching, the difficulty of investor operations has increased. A suggested allocation strategy is to use the A500 index as the core, paired with the ChiNext index and the STAR Market 50 index in a "2:1:1" configuration. From April 1 to November 7, this strategy has yielded a cumulative increase of approximately 34% [1]. ETF Options - A500 ETF (E Fund, 159361), ChiNext ETF (159915), and STAR Market 50 ETF (588080) track the aforementioned indices and all implement a low management fee rate of 0.15% per year, which can help investors navigate market volatility and continuously capture core growth opportunities in the A-share market [1].