Core Viewpoint - Quartz Co., Ltd. has shown a significant stock price increase of 38.68% year-to-date, despite a recent slight decline in the last five and twenty trading days [1][2] Company Overview - Jiangsu Pacific Quartz Co., Ltd. is located in Lianyungang City, Jiangsu Province, and was established on April 23, 1999, with its listing date on October 31, 2014 [1] - The company specializes in the research, production, and sales of high-purity quartz sand, quartz tubes (rods, plates, ingots, and cylinders), quartz crucibles, and other quartz materials, primarily used in light sources, photovoltaics, semiconductors, and optical fibers [1] - The revenue composition of the main business includes quartz tubes (rods) at 82.56%, quartz sand at 13.38%, other products at 3.61%, and quartz crucibles at 0.45% [1] Financial Performance - For the period from January to September 2025, Quartz Co. reported a revenue of 753 million yuan, a year-on-year decrease of 24.46%, and a net profit attributable to shareholders of 135 million yuan, down 56.81% year-on-year [2] - The company has distributed a total of 3.374 billion yuan in dividends since its A-share listing, with 2.945 billion yuan distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Quartz Co. was 55,200, a decrease of 13.28% from the previous period, with an average of 9,813 circulating shares per person, an increase of 15.32% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 11.6441 million shares, and new entrants such as Guotai Value Advantage Mixed Fund and E Fund Environmental Theme Mixed Fund [3]

Core Viewpoint - Xi'an Yicai's stock price has shown a positive trend, with a year-to-date increase of 6.64% and a recent 5-day increase of 2.27%, indicating investor interest in the semiconductor materials sector [1][2]. Group 1: Stock Performance - As of November 13, Xi'an Yicai's stock price rose by 2.12% to 27.46 CNY per share, with a trading volume of 208 million CNY and a turnover rate of 4.70% [1]. - The company's total market capitalization is approximately 110.88 billion CNY [1]. - Year-to-date, the stock has increased by 6.64%, and it has risen by 2.27% over the last five trading days [1]. Group 2: Capital Flow - There was a net outflow of 17.34 million CNY from main funds, with large orders buying 46.93 million CNY (22.56%) and selling 56.67 million CNY (27.25%) [1]. - Special large orders accounted for 862.62 million CNY in buying (4.15%) and 1.62 million CNY in selling (7.80%) [1]. Group 3: Company Overview - Xi'an Yicai, established on March 16, 2016, focuses on the research, production, and sales of 12-inch silicon wafers [1]. - The company's revenue composition includes 40.77% from semiconductor silicon test wafers, 34.39% from semiconductor silicon polished wafers, and 24.48% from semiconductor silicon epitaxial wafers, with other sources contributing 0.36% [1]. - As of October 28, the number of shareholders reached 165,500, a significant increase of 266,891.94% from the previous period [2]. Group 4: Financial Performance - For the period from January to September 2025, Xi'an Yicai reported a revenue of 1.933 billion CNY, reflecting a year-on-year growth of 34.80% [2]. - The company recorded a net profit attributable to shareholders of -558 million CNY, which is a year-on-year increase of 5.30% [2].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes various financial and commodity futures markets, including stock index futures, treasury bond futures, precious metals, container shipping indices, and multiple metal and energy - chemical commodities. It presents the current market conditions, influencing factors, and provides corresponding operation suggestions for each market. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: On Wednesday, A - share major indices fluctuated narrowly, with the high - dividend value sector remaining strong. The insurance, energy equipment, and trade sectors rose, while the export chain and power - related industries declined. Among the four major stock index futures contracts, most followed the index decline, and the basis discounts of the main contracts expanded [2][3]. - News: The Shanghai Stock Exchange International Investors Conference was launched on November 12. The China Securities Regulatory Commission will deepen comprehensive investment and financing reforms. Japan's Prime Minister's economic stimulus plan is expected to be finalized later this month [3][4]. - Fund flow: On November 12, A - share trading volume decreased by about 50 billion yuan, with a total turnover of 1.95 trillion yuan. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 130 billion yuan [4]. - Operation suggestion: The US dollar index has strengthened recently, suppressing risk assets, but domestic stock indices are resilient. It is recommended to wait for stabilization and mainly adopt a wait - and - see approach. In case of a deep decline, a bull spread of put options can be arranged [4]. Treasury Bond Futures - Market performance: Treasury bond futures closed up across the board, and the yields of major inter - bank interest - rate bonds mostly declined [5][6]. - Fund flow: The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations on November 12, with a net investment of 130 billion yuan. The inter - bank market funds improved, and the overnight repurchase rate of deposit - taking institutions decreased [6]. - Operation suggestion: As the capital pressure eases marginally, the bond market is in a tug - of war between multiple and short factors. It is recommended to go long on dips [7]. Financial Derivatives - Precious Metals - Market review: Fed officials released dovish signals, and the low inventory continued to drive up the prices of gold and silver. International gold and silver prices rose, with international silver showing a stronger increase [8][10][11]. - Future outlook: The probability of the Fed cutting interest rates in December increases after the end of the government "shutdown". Geopolitical and other risks drive more central banks to increase gold holdings, and precious metals are expected to continue to strengthen [11]. Financial Derivatives - Container Shipping Index (European Line) - Spot quotation: As of November 4, the freight quotes for Shanghai - Europe basic ports varied among different shipping companies. As of November 10, the SCFIS European line index rose by 24.5% month - on - month [12]. - Fundamental situation: As of November 10, the global container total capacity increased by 7.34% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [12]. - Logic and operation suggestion: The futures market is expected to fluctuate between 1700 - 1800 points, and it is recommended to conduct band operations. The short - term operation range is 1650 - 1850 [13]. Commodity Futures - Non - ferrous Metals Copper - Spot: As of November 12, the average price of SMM electrolytic copper was 86,795 yuan/ton, with the price in Guangdong slightly lower. The downstream orders improved after the price correction [13]. - Macro: The previous high balance of the US Treasury TGA account tightened market liquidity, but it is expected to improve after the end of the government shutdown [14]. - Supply: The spot TC of copper concentrate is at a low level. In October, the production of electrolytic copper decreased, and it is expected to decline slightly in November. Attention should be paid to the price trend of sulfuric acid [14]. - Demand: The operating rates of copper rod processing increased. The downstream has a certain tolerance for price increases, and the demand has strong resilience [15]. - Inventory: LME and domestic social inventories decreased, while COMEX inventory increased [15]. - Logic and operation suggestion: The copper price is expected to fluctuate. The main contract should focus on the support at 86,500 [16]. Alumina - Spot: On November 12, the spot prices of alumina in different regions showed different trends, with the overall supply pattern becoming looser and the price showing a downward trend [16]. - Supply: In October, the production of metallurgical - grade alumina increased year - on - year. It is expected that the supply will remain in surplus in November, and high - cost enterprises may reduce production [17]. - Inventory: The port inventory decreased, the factory inventory of electrolytic aluminum increased, and the total registered volume of warehouse receipts increased [17]. - Logic and operation suggestion: The alumina price is expected to be weak and fluctuate, with the main contract operating in the range of 2750 - 2900 yuan/ton [19]. Aluminum - Spot: On November 12, the average price of SMM A00 aluminum increased, but the actual transaction volume was small at high prices [19]. - Supply: In October, the production of electrolytic aluminum increased, and the proportion of molten aluminum rose. It is expected that the daily output of aluminum ingots may decline slightly in November [20]. - Demand: The downstream is in the traditional peak season, but the operating rates of processing products declined [20]. - Inventory: The domestic mainstream consumption area inventory remained unchanged, and the LME inventory decreased [20]. - Logic and operation suggestion: The aluminum price will fluctuate in the short term, testing the pressure level of 22,000. It is recommended to short on rallies [21]. Aluminum Alloy - Spot: On November 12, the spot price of SMM aluminum alloy ADC12 remained unchanged [21]. - Supply: In October, the production of recycled aluminum alloy ingots decreased, and it is expected that the operating rate will decline slightly in November due to the shortage of scrap aluminum [22]. - Demand: In October, the demand showed a mild recovery, but the demand transmission in the terminal field was not smooth, and high prices suppressed the purchasing willingness [22]. - Inventory: The social inventory increased, and the total registered volume of warehouse receipts increased [22]. - Logic and operation suggestion: The ADC12 price is expected to be strong and fluctuate, with the main contract operating in the range of 20,800 - 21,400 yuan/ton. An arbitrage strategy of going long on AD01 and short on AL01 can be considered when the spread is above 550 [24]. Zinc - Spot: On November 12, the average price of SMM 0 zinc ingots decreased, and the downstream demand was weak [24]. - Supply: The zinc ore processing fee is expected to continue to decline, and the production of refined zinc may decline in November. The export space is open, and the supply pressure is limited [25]. - Demand: The operating rates of primary processing industries declined, and the overall demand did not exceed expectations. The export of refined zinc may boost the domestic price [26]. - Inventory: The domestic social inventory decreased, and the LME inventory increased [26]. - Logic and operation suggestion: The zinc price is expected to fluctuate, with the main contract operating in the range of 22,300 - 23,000 [27]. Tin - Spot: On November 12, the price of SMM 1 tin increased, but the actual transaction volume was limited, and the downstream was mainly in a wait - and - see state [27]. - Supply: In September, the import of tin ore and tin ingots showed different trends. The supply from Myanmar improved, but the overall supply remained tight [28]. - Demand and inventory: In October, the operating rate of solder decreased. The LME inventory increased, the warehouse receipts of the Shanghai Futures Exchange decreased, and the social inventory increased [29]. - Logic and operation suggestion: The tin price is expected to be strong and fluctuate. It is recommended to hold long positions [30]. Nickel - Spot: As of November 12, the average price of SMM1 electrolytic nickel decreased [30]. - Supply: In October, the production of refined nickel decreased, but it was still at a high level [31]. - Demand: The demand for electroplating and alloys is relatively stable, the demand for stainless steel is general, and the demand for nickel sulfate has short - term support but limited long - term sustainability [31]. - Inventory: Both domestic and overseas inventories increased, with the LME inventory remaining at a high level [31]. - Logic and operation suggestion: The nickel price is expected to be weak and fluctuate, with the main contract operating in the range of 118,000 - 124,000 [33]. Stainless Steel - Spot: As of November 12, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan showed different trends, and the basis decreased [33]. - Raw materials: The price of nickel ore is stable, the price of nickel iron is under pressure, and the price of ferrochrome is weak [34]. - Supply: In October, the production of stainless steel increased, and it is expected to decrease in November. The production of 300 - series stainless steel remains at a high level [34]. - Inventory: The social inventory decreased slightly, and the warehouse receipt quantity decreased [35]. - Logic and operation suggestion: The stainless steel price is expected to be weak and fluctuate, with the main contract operating in the range of 12,400 - 12,800 [36]. Lithium Carbonate - Spot: As of November 12, the prices of battery - grade and industrial - grade lithium carbonate increased, but the trading volume was light [37]. - Supply: In October, the production of lithium carbonate increased, and last week's production data also increased slightly, mainly driven by lithium - spodumene and mica production [38]. - Demand: The demand is generally optimistic, with the production schedules of iron - lithium and ternary materials expected to increase. Attention should be paid to the marginal change in demand after November [38]. - Inventory: The overall inventory decreased, with the upstream and downstream inventories both decreasing [39]. - Logic and operation suggestion: The lithium carbonate price is expected to fluctuate widely. It is recommended to wait and see [40]. Polysilicon - Spot price: The spot price of polysilicon stabilized, and the price of silicon wafers continued to decline [41]. - Supply: In November, the production of polysilicon is expected to decline [41]. - Demand: The downstream demand is expected to decline, and each link still has an inventory build - up expectation [42]. - Inventory: The inventory decreased, and the warehouse receipts increased [42]. - Logic and operation suggestion: The polysilicon price is expected to fluctuate at a high level. Attention should be paid to the support of the spot price [43]. Industrial Silicon - Spot price: On November 12, the prices of industrial silicon in different regions remained unchanged [44]. - Supply: In October, the production of industrial silicon increased, and it is expected to decline in November [45]. - Demand: The demand is expected to decline slightly, mainly due to the decrease in polysilicon production [45]. - Inventory: The futures warehouse receipts and social inventory decreased, while the factory inventory increased [45]. - Logic and operation suggestion: The industrial silicon price is expected to fluctuate at a low level, with the main price range between 8,500 - 9,500 yuan/ton [46]. Commodity Futures - Ferrous Metals Steel - Spot: The spot price remained stable, and the basis weakened [46]. - Cost and profit: The cost of iron elements has weak support, while the cost of carbon elements has support. The profit of steel products has declined recently [46]. - Supply: From January to September, the production of iron elements increased. In October - November, the production of molten iron decreased, and the production of five major steel products also decreased [47]. - Demand: The domestic demand is still weak, and the export is at a high level. The apparent demand has declined [48]. - Inventory: The inventory of five major steel products decreased, with the inventory of hot - rolled coils increasing [48]. - Viewpoint: It is recommended to continue to hold the long - coking coal and short - hot - rolled coil arbitrage. For single - side operations, it is recommended to wait and see [48]. Iron Ore - Spot and futures: As of November 12, the spot price of mainstream iron ore powder increased, and the futures price also rose [49][50]. - Demand: The daily output of molten iron decreased, the blast furnace operating rate increased slightly, and the steel mill profit rate decreased [50]. - Supply: The global shipment volume and the arrival volume at 45 ports decreased [50]. - Inventory: The port inventory increased, the daily unloading volume increased slightly, and the steel mill's imported ore inventory increased [51]. - Viewpoint: The iron ore price is expected to be weak. It is recommended to partially take profit on the long - coking coal and short - iron ore arbitrage [51]. Coking Coal - Futures and spot: As of November 12, the coking coal futures fluctuated at a low level, the price of Shanxi coking coal was strong, and the price of Mongolian coal declined [52]. - Supply: The production capacity utilization rate of some sample coal mines increased, and the production of raw coal and clean coal increased [53]. - Demand: The production of coke and molten iron decreased, and the steel mill profit rate decreased [54]. - Inventory: The overall inventory increased moderately, with coal mines and steel mills reducing inventory and other links increasing inventory [55]. - Viewpoint: The coking coal price is expected to fluctuate. It is recommended to conduct a 1 - 5 positive spread arbitrage [56]. Coke - Futures and spot: As of November 12, the coke futures fluctuated at a low level. The third - round price increase of coke was implemented, and the fourth - round increase was initiated [57][60]. - Profit: The average profit of independent coking plants was negative [59]. - Supply: The production of coke decreased [59]. - Demand: The production of molten iron decreased, and the steel mill profit was low, suppressing the price increase of coke [59]. - Inventory: The inventory of coking plants, ports, and steel mills decreased slightly [59]. - Viewpoint: The coke price is expected to fluctuate. It is recommended to conduct a 1 - 5 positive spread arbitrage [60].

关于欧盟落后于美国和中国的分析已被广泛接受，这几乎成为流行文化的一部分。最令人担忧的是，欧 盟在一些将定义21世纪的关键技术领域也落后于其他国家：人工智能、半导体和量子计算。这场竞赛实 际上是在北京和华盛顿之间展开的。欧盟扮演着一个非常特殊的角色：努力抗拒。 最近，美国关键技术领域的领军企业之一英伟达的首席执行官黄仁勋发表一份措辞明确的声明："中国 在人工智能领域只比美国落后几纳秒。"与此同时，一个社交媒体账号借用一个经典"梗"，将欧盟比作 一名巴黎咖啡馆的顾客，悠闲地啜饮着咖啡。 来源：参考消息 【今日导读】最近，美国关键技术领域的领军企业之一英伟达的首席执行官黄仁勋发表一份措辞明确的 声明："中国在人工智能领域只比美国落后几纳秒。"与此同时，一个社交媒体账号借用一个经典"梗"， 将欧盟比作一名巴黎咖啡馆的顾客，悠闲地啜饮着咖啡。 这是一种讽刺，但它正渗透到欧洲公众的意识中：欧洲是一个远离争夺科技领导地位的残酷竞争的地 方，而这在美国等一些国家看来则是完全缺乏雄心壮志。奇怪的是，大西洋两岸的人们似乎都认同这种 讽刺：对美国人来说，它反映了欧洲的傲慢和脱离现实，最终会付出高昂代价；而对欧洲人来说，它反 映了一 ...

Core Insights - The ETF market has experienced significant growth, with total shares reaching 31.7 trillion and total assets amounting to 5.74 trillion yuan, alongside over 1,300 products available [1] - The market is diversifying, expanding from traditional equity ETFs to include bonds, commodities, currencies, and REITs, while also covering emerging sectors like semiconductors, AI, and carbon neutrality [1][2] - The development of innovative trading strategies and product differentiation is evident, with customized index products for institutional investors and regional theme ETFs aligning with national development strategies [1][2] Market Trends - The ETF market is characterized by a shift towards personalized investment solutions, driven by increasing competition and the need for differentiation among market participants [2] - Institutional investors are demanding customized ETFs that align with their long-term liabilities, leading to the creation of low-volatility and high-dividend index products [2] - Technological advancements, particularly in big data and AI, are facilitating product innovation within the ETF space, making it essential for firms to adapt to these changes [2] Future Outlook - The trend towards specialized and differentiated ETF products reflects a broader shift in the asset management industry from supply-driven to demand-driven strategies [2] - Successful products in the future will be those that can accurately capture industry changes and continuously lower the cost of investor participation [2]

Group 1 - The core viewpoint of the article emphasizes the launch of the new floating fee rate product, Zhongyin Quality Emerging Mixed Fund, which aims to align with industry trends through a diversified performance benchmark [2][3] - The performance benchmark consists of 60% CSI 300 Index, 15% Hang Seng Index, 20% China Bond Composite Index, and 5% bank demand deposits, reflecting a comprehensive market trend across stocks and bonds [2][3] - The fund manager, Li Sijia, is noted for her balanced investment approach, focusing on multiple sources of returns to mitigate single beta exposure while aiming for stable risk-adjusted returns [2][3] Group 2 - Li Sijia has managed the Zhongyin Strategic Emerging Industries Stock Fund since October 2023, achieving a 43.92% return over the past year, significantly outperforming the benchmark return of 15.37% [3][5] - The article highlights Li Sijia's long-term optimism towards technology growth assets and cyclical industries, driven by strong industry trends and improving fundamentals [3] - The emergence of AI applications and related sectors, such as humanoid robots and semiconductors, is identified as a key investment opportunity, spurred by structural demand and technological advancements [3]

Core Viewpoint - The new rise of A-shares and Hong Kong stocks is driven by the "New Four Bulls" logic, which includes capital inflow, technological innovation, institutional reform, and consumption upgrade [1][2]. Group 1: New Four Bulls Logic - Capital inflow is a significant factor driving the market [2]. - Technological innovation is expected to play a crucial role in market dynamics [2]. - Institutional reform is anticipated to enhance market efficiency and attractiveness [2]. - Consumption upgrade reflects the changing consumer behavior and spending patterns [2]. Group 2: Market Outlook - The "New Four Bulls" market trend is expected to gradually unfold along an upward trajectory, with the market center gradually rising, maintaining a "slow bull" pattern through 2026 [2]. - Key investment themes will revolve around technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, computers, primary products, precious metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [2]. Group 3: Monetary Policy and Economic Environment - The U.S. is projected to be in a rate-cutting cycle over the next two to three years, while China is expected to implement a dual easing of fiscal and monetary policies, creating a favorable external environment [3]. - By 2026, China's monetary policy is anticipated to remain accommodative, with a potential 50 basis point reduction in the reserve requirement ratio and continued interest rate cuts [3]. - The easing monetary policy is expected to positively impact macroeconomic stability and capital markets, supporting growth, employment, and expectations [3]. Group 4: Saudi-China Investment Cooperation - The Saudi stock exchange is focused on deepening capital cooperation opportunities between Saudi Arabia and China, enhancing connectivity [3]. - China's direct investment in Saudi Arabia is rapidly increasing, indicating a growing partnership in both scale and strategic depth [3]. - The Saudi stock exchange has signed memorandums of understanding with Shanghai and Shenzhen exchanges to promote bilateral capital flow [5].

Core Insights - The interest of foreign investors in the Chinese market is continuously increasing, with Chinese assets being attractive in terms of global valuation and investment value [1][3]. Group 1: Investor Sentiment - Foreign institutional investors, such as pension funds, are focusing more on the fundamentals and long-term growth potential of companies [3]. - After market fluctuations, investor sentiment has become more stable, emphasizing company quality, growth, and sustainability [3]. Group 2: Market Stability - The key to the Chinese market lies in "stability and sustainability," with an expectation that foreign capital inflow will accelerate if the market maintains a stable trend [3]. - Many overseas institutions are closely monitoring the performance and volatility of the Chinese stock market [3]. Group 3: Structural Opportunities - China is transitioning from a "global manufacturing center" to a "global innovation center," with significant potential in innovation sectors such as AI and semiconductors [3]. - There is a need for improved understanding of China's technological innovations in foreign markets [3]. Group 4: Risk Management - It is suggested to enhance risk hedging mechanisms at the product level, such as introducing index futures, ETF futures, and options to help investors reduce systemic risks [3].

Core Viewpoint - The 17th Nomura China Investment Conference has officially opened in Shenzhen, highlighting China's remarkable achievements and ongoing reforms in the financial market [2][6]. Group 1: Event Overview - The conference is co-hosted by Nomura and its joint venture, Nomura Orient International Securities, attracting over 40 companies and more than 400 investors [6][8]. - The event features a strong lineup of speakers, including renowned experts and leaders from various industries and technology sectors, as well as Nomura's economists, analysts, and strategists [9]. Group 2: Key Themes and Discussions - The conference will delve into major topics such as global economic outlook, advancements in humanoid robots, and large language models [9]. - Discussions will also focus on the development of the Chinese economy and key industries, including consumer trends and technological progress in artificial intelligence and semiconductors [9]. Group 3: Nomura's Commitment - Nomura has been in the Chinese market for over 40 years and is committed to supporting the development of China's financial market through its global network and joint ventures [6][8]. - The company has been operating its joint venture, Nomura Orient International Securities, for nearly six years since its establishment in 2019 [8].

Core Viewpoint - The Japanese government is committed to significantly increasing spending to support an economy on the brink of stagnation, as outlined in Prime Minister Kishi's economic stimulus plan draft [1][2] Group 1: Economic Context - The draft describes the Japanese economy as transitioning from a state prone to deflation and cost-cutting measures [1] - The government vows to invest boldly and decisively in necessary policies to stimulate growth [1] Group 2: Planned Investments - The plan includes subsidies to lower utility and gasoline costs, assistance for businesses affected by U.S. tariffs, and anticipated increases in defense spending [1] - The government aims to promote investments in key growth areas such as artificial intelligence, semiconductors, and shipbuilding [2] Group 3: Financial Implications - Analysts from Daiwa Securities suggest that the scale of the stimulus plan could be substantial, with potential supplementary budget expenditures reaching 20 trillion yen (approximately 133 billion USD) [2]