秉持原则底线，确保市场平稳有序运行。华源期货将合规风控视为立足发展的根基，通过开展金融知识 下乡、反诈宣传等活动，筑牢投资者保护屏障。严格遵循监管要求，完善全流程风险管理制度，以科技 赋能与制度建设为双轮驱动，切实防范系统性风险的发生。 在新的发展征程中，华源期货将持续深入推进党建与业务的融合，凭借数字化转型推动服务升级，在服 务实体经济、助力乡村振兴的道路上坚定前行，为期货行业的高质量发展注入源源不断的动力。 深耕实体经济，践行金融使命。华源期货紧密贴合国家战略需求，在绿色金融领域积极进行布局，对接 再生金属期货等创新品类，助力产业链企业实现"双碳"目标。在乡村振兴工作方面，其一，通过消费帮 扶举措，采购沙县黄溪坑村椴木香菇等农产品，推动农户增收；其二，在汾西、隰县等地实施庭院经济 培育、灌溉设施修缮等产业帮扶项目，以"期货 + 产业"模式激发乡村发展的活力。 依托科技赋能，升级服务生态。华源期货与专业技术团队开展合作，搭建微信生态协同服务体系，整合 十六项智能业务通知功能，经由公众号、小程序矩阵达成交易、资讯、投资者教育全场景覆盖。与此同 时，探索人工智能大模型在投研分析与风险预警领域的应用，推动"期现一 ...

Group 1 - The core message emphasizes the need for the digital and intelligent transformation of the manufacturing industry to strengthen the foundation of the real economy [2] - The government aims to integrate artificial intelligence with enterprise research and production processes, fostering industry-specific models and promoting organizational changes for high-quality development [2] - There is a focus on enhancing the independent innovation capabilities of state-owned enterprises, with an emphasis on increasing investment in basic research and achieving breakthroughs in key technologies [3] Group 2 - The initiative encourages leading enterprises to establish internationally advanced "lighthouse factories" and smart production lines, while guiding small and medium-sized enterprises to accelerate their digital transformation [2] - State-owned enterprises are urged to collaborate with universities and research institutions to address industry needs, enhance the innovation ecosystem, and improve collaborative innovation efficiency [3] - The government is committed to promoting the development and application of domestic industrial software, ensuring compatibility with production equipment to solidify the foundation for digital transformation [2][3]

Group 1 - The core viewpoint emphasizes the need for the digital and intelligent transformation of the manufacturing industry and the innovation development of state-owned enterprises, aligning with the spirit of the 20th Central Committee of the Communist Party of China [1][2] - The focus is on integrating artificial intelligence with enterprise research and development, production, and manufacturing processes to enhance high-quality development in the manufacturing sector [1] - There is a call for state-owned enterprises to improve their independent innovation capabilities and to increase investment in basic research, particularly in key and frontier technologies [2] Group 2 - The initiative includes the establishment of verification platforms for concept and pilot testing, promoting a cycle of technological breakthroughs, scenario validation, and industrial application [2] - Encouragement for leading enterprises to build internationally advanced "lighthouse factories" and smart production lines, while guiding small and medium-sized enterprises to accelerate their digital transformation [1] - Collaboration between state-owned enterprises, universities, research institutions, and private enterprises is essential to optimize the innovation ecosystem and enhance overall collaborative innovation efficiency [2]

Market Overview and Sector Characteristics - The Shanghai Composite Index fell by 0.81%, with the median decline of A-shares at 1.14%. The index has broken below the 20-day moving average for two consecutive days, showing signs of divergence in trading volume and MACD indicators [1][3] - A total of 45 stocks hit the daily limit up, a decrease of 34 from the previous day, while 26 stocks hit the limit down, an increase of 22 [3] Sector Performance - The textile and apparel sector had 6 limit-up stocks, driven by export recovery and expectations of a cold winter [4] - The internet sector saw 5 limit-up stocks, supported by policy backing and rapid development in the digital economy [4] - The cultural media sector had 4 limit-up stocks, boosted by policy support and recovering consumer demand [4] Conceptual Characteristics - The artificial intelligence large model concept had the highest number of limit-up stocks at 10, driven by technological breakthroughs and policy support [6] - The big consumption concept had 9 limit-up stocks, with enhanced expectations for domestic demand recovery due to consumption promotion policies [6] - The Fujian Free Trade Zone/Haixi concept had 4 limit-up stocks, supported by favorable policies and regional economic collaboration [6] Notable Limit-Up Stocks - Stocks that reached historical highs included Zhenai Meijia and Tianpu Co., indicating strong market interest and a clear upward trend [7] - 17 stocks reached near one-year highs, including Huaci Co., Langchao Software, and Jiayi Silk, suggesting significant breakout trends [7][8] Main Capital Inflows - The top 5 stocks by net capital inflow included Huasheng Tiancai, Dawi Co., and Vision China, indicating strong interest from major investors [9] - The top 5 stocks by net capital inflow as a percentage of market value included Dawi Co. and Yuanlong Yatu, highlighting significant investor focus [10] Limit-Up Stock Characteristics - The top 5 stocks by sealing funds included Huaci Co. and Huasheng Tiancai, indicating strong demand and potential for continued upward movement [11] - There were 28 new limit-up stocks today, with 8 stocks achieving 2 consecutive limit-ups and 9 stocks achieving 3 or more consecutive limit-ups, suggesting strong market momentum [12]

南京信息职业技术学院党委书记孔捷表示，将与各成员单位共筑连通桥，打破院校与企业间的壁垒，在 专业建设、课程开发等核心环节制定行业指南，培养既精通专业技能又掌握AI应用的复合型人才，打 造全国职业院校大模型应用示范高地。 本报讯(记者程晓琳)11月16日，全国职业院校人工智能大模型应用研究联盟成立大会暨职业教育专业领 域垂类模型建设论坛在南京举行。这一联盟由南京信息职业技术学院、中兴通讯、阿里云、科大讯飞 （002230）等20家单位联合发起，汇聚全国30余家行业龙头企业、120余所职业院校，将聚焦人工智能 大模型与职业教育的深度融合，为职业教育专业升级、人才培养革新注入强劲动力。 联盟的成立，旨在落实教育部职业教育发展中心专业领域垂类模型建设任务，破解职业教育与产业需求 脱节、技术应用滞后等痛点。联盟首任理事长、中国电科研究生院副院长滕伟介绍，联盟将重点推进专 业领域垂类模型建设，研制"专业+AI大模型"应用解决方案，推动大模型技术在职业教育中的广泛应 用。 ...

Core Viewpoint - The current A-share market is in a relatively healthy upward channel, with a focus on quality assets supported by fundamentals, particularly in the technology sector and undervalued stocks [1][8]. Group 1: Market Trends - The investment focus has shifted from thematic stocks to those with solid performance backing, particularly in the artificial intelligence hardware sector [2]. - Despite concerns about valuation bubbles and style switches, many companies in both domestic and overseas computing chains have solid fundamentals that can support their valuations [2][3]. - The market is currently experiencing high volatility, but there is still potential for upward movement in valuations as performance expectations in the AI sector continue to rise [2][3]. Group 2: Investment Strategy - The strategy involves maintaining a balanced portfolio with a mix of high-growth technology stocks and lower-valued assets to control overall valuation levels [4]. - There is a strong emphasis on risk management and the need to monitor macroeconomic indicators to adjust valuation judgments accordingly [4]. - The focus is on quality growth assets with strong fundamentals, while also considering sectors like machinery, lithium batteries, and non-ferrous metals that offer good fundamentals and lower valuations [4][8]. Group 3: Future Outlook - The market is expected to continue its upward trend, supported by favorable policies and a global easing cycle, despite potential short-term volatility [7]. - The outlook for export-oriented companies remains positive, particularly in sectors like machinery and new energy, as demand is expected to grow with the easing of the dollar [8]. - There is skepticism regarding domestic demand assets, as their performance is still in a phase of slight growth, and significant recovery may take longer [8].

中新社北京11月16日电题：专访毕马威中国主席：中国民营企业面临三大"关键课题" 中新社记者庞无忌 邹俊指出，民企的"出海"模式正在发生变化：从传统的产品出口向系统性、高质量的全球布局转型。 在民企的出海投资区域布局上，共建"一带一路"国家成为核心增长极；在投资形态上，企业从单一产品 输出转向全产业链协同出海，如汽车企业在海外设立KD(全散件组装)工厂，实现制造、供应链与本地 化服务的深度整合；投资领域则高度聚焦高技术产业，TMT(科技、媒体和通信)、先进制造与运输、医 疗与生命科学成为民企海外并购的前三大方向，民营企业在全球价值链中向上游技术环节攀升的战略布 局愈发明显。 邹俊强调，需要看到，中国在关键科技领域的突破为民营企业提供了坚实底气，如动力电池、智能驾驶 等核心技术全球领先，使企业赢得国际市场认可。可以说，中国民营企业正以技术为引擎、以产业链为 骨架、以新兴市场为支点，开启全球化发展的新阶段。 传承，乃是绝大多数民企面临的"时代大考"。 近年来，中国民营经济持续壮大，特别是在科技含量高、成长性强的战略性新兴产业领域，民营企业正 在成为技术创新和产业转型的核心力量。毕马威中国主席邹俊近日接受中新社记者 ...

Core Insights - The Beijing Municipal Government is implementing a "2+10+N" business environment reform system in the Mentougou District, focusing on both public and vertical business environments to enhance the overall ecosystem for enterprises [1] Group 1: Business Environment Reforms - The reform system includes ten dimensions such as market, legal framework, government services, talent, living services, planning, scenarios, incubation, finance, and park support, along with various specialized policies and innovative measures [1] - A three-tiered government service system has been established, achieving a "double hundred" goal for service item entry and one-stop processing [2] - The establishment of a service station in the Zhongguancun Mentougou Park provides over 1,800 consulting and assistance services, allowing businesses to complete tasks without leaving the park [1][2] Group 2: Legal and Regulatory Support - The district has formed the first cross-regional and cross-sector "Jingxi Legal Intelligence Valley" think tank, offering comprehensive legal services to specialized and small enterprises [2] - The "no disturbance" list for enterprises has been expanded to over 20,800, implementing risk and credit regulation models to minimize interference in business operations [2] - A one-stop litigation service center has been established to significantly reduce case resolution times, along with the introduction of online and offline integrated response systems for enterprise demands [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The stock index oscillated today, with the trading volume of the two markets shrinking again. The dividend index led the rise, and market sentiment was cautious. However, the basis of stock index futures rebounded, and the open interest increased, indicating that the willingness of long - positions to enter the market strengthened, showing significant long - short game characteristics. The sharp drop in US ADP private sector employment hinted at a continued cooling of the US labor market, raising expectations of a Fed rate cut. The potential end of the US government shutdown also boosted market sentiment. In China, on one hand, the continuous high - level oscillation of the index increased the willingness of funds to take profits, creating callback pressure. On the other hand, the central bank's Q3 monetary policy report emphasized strengthening expectation guidance, and policy expectations provided solid support for the index. Therefore, the index is expected to maintain an oscillating pattern in the short term. Attention should be paid to the economic data to be released this week, which may provide new trading clues if it shows improvement [4]. 3. Summary by Relevant Catalogs Market Review - The stock index oscillated today, with the broader - market index relatively stronger. The CSI 300 index closed down 0.13%. The trading volume of the two markets decreased by 485.52 billion yuan. Among stock index futures, IH rose with increasing volume, while other varieties fell with increasing volume [2]. Important Information - The central bank's Q3 monetary policy report stated that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest - rate ratio should be maintained. It also plans to develop the "science and technology board" of the bond market, use risk - sharing tools for science and technology innovation bonds, and formulate a development plan for financial technology during the "15th Five - Year Plan" period, and promote the application of large AI models in the financial field in a steady and orderly manner. - The "small non - farm" ADP private sector employment in October decreased by 45,000, the largest decline in two and a half years [3]. Strategy Recommendation Hold positions and wait and see. The table shows the intraday percentage changes, trading volumes, trading volume changes compared to the previous period, open interests, and open interest changes compared to the previous period of IF, IH, IC, and IM [5]. Spot Market Observation The table shows the percentage changes of the Shanghai and Shenzhen stock markets, the ratio of rising to falling stocks, the trading volume of the two markets, and the change in trading volume compared to the previous period [6]. Other Data Presentations There are also data presentations on the ratio of margin trading volume to A - share trading volume, cross - variety strength comparisons, premium and discount rates of different stock index futures, and price - earnings ratios of different stock indexes, but specific numerical analyses are not provided in the text [7][8][9]