11月25日，市委书记马明龙主持召开地市级老领导座谈会，深入学习贯彻党的二十届四中全会精 神，征求"十五五"时期镇江发展规划意见建议。 会议首先介绍了《中共镇江市委关于制定镇江市国民经济和社会发展第十五个五年规划的建议（征 求意见稿）》起草情况。老领导钱永波、李国忠、吴树南、张庆生、沙荣盛、孙晓南、胡宗元在发言时 充分肯定镇江"十四五"取得成绩，对"十五五"规划《建议》提出建议。马明龙对老领导们的建议作了回 应，感谢大家提出的真知灼见，要求规划《建议》起草部门认真梳理、充分吸收，把规划编制得更科 学、更精准、更贴合镇江实际，更能回应群众期盼。 马明龙指出，回顾"十四五"，镇江发展取得来之不易的成绩，根本在于习近平总书记的掌舵领航， 在于习近平新时代中国特色社会主义思想的科学指引，是全市上下共同努力、团结奋斗的结果，也离不 开各位老领导的关心支持。"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期， 也是镇江加快高质量发展的关键突破期。谋篇"十五五"，镇江将始终坚定信心、迎难而上，坚持一张蓝 图绘到底，坚持把优势做优、特色做特，坚定不移实施产业强市战略，扎实推动科技创新和产业创新深 度融合，抓好 ...

3800点附近获得支撑，市场情绪开始修复。周二A股结束了连续调整，在3800点一线展开超跌反弹，并收出小阳线。3800点一线曾是9月的密集成交 区，支撑力度较大，指数在该区域获得支撑展开修复在情理之中。全天超4200家个股上涨，成交量结束了连续萎缩的趋势，市场情绪开始修复。 后市展望 ：临近年底市场观望氛围浓厚，但4000点整数关的反复震荡或为市场上一台阶做准备。临近年底，市场主要参与方的交易积极性有所下 降，导致A股成交量明显萎缩，市场开始进入一种观望氛围。但市场经历了10月以来的持续横盘震荡后，已经具备了进一步向上拓展空间的条件。2026年 中下游制造业迎来供需形势的好转是大概率事件，A股上市公司的盈利增速有望迎来明显回升，因此当前市场在4000点反复震荡或为市场上一台阶做准 备。11月关注重点包括十五五发展规划定调对产业带来的刺激作用，科技行业的事件驱动，反内卷带动的物价回升等，预计多板块有望迎来催化剂，从而 推动市场维持震荡上行格局。 热点板块 ：11 月科技方向依然值得关注，反内卷出现成果的板块有补涨机会。科技板块在经历了8-10 月的持续上涨后，板块内部出现有序轮动和高 低切换。预计11月科技板块 ...

11月25日，市人大常委会召开党组理论中心组学习（扩大）会，学习贯彻党的二十届四中全会精 神，党组书记、主任李健出席会议。 会议要求，提高政治站位，深刻领会二十届四中全会的重大意义。全会从发展维度精准把握了现代 化建设的阶段性特征，从法治维度赋予了人大工作新的时代使命，从实践维度为地方各级人大工作提供 了根本遵循，要依法高效履职，推动全会精神见行见效。 会议强调，要全面深入学习领会全会精神，坚决把思想和行动统一到党中央关于"十五五"发展的重 大决策部署上来，以实干实绩实效坚定拥护"两个确立"、坚决做到"两个维护"。 市人大常委会副主任岳卫平主持会议，副主任卢道富，秘书长曾文兵参加会议。（记者 周迎 通讯 员 赵敬敬） 会议学习了《中国共产党第二十届中央委员会第四次全体会议公报》《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》《关于 <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> 的说明》等，市人大常委会副主任戴非平等3名同志作交流发言。 ...

吴桂英强调，要深刻把握发展的时代方位和阶段性特征，高质量编制"十五五"发展规划。深挖独特优势，进 一步明晰城市功能和地位作用、发展目标和产业定位，培塑未来发展强劲动能；突出协同联动，深度融入国家重 大战略，全面深化与湖南湘江新区、马栏山视频文创产业园等平台衔接，坚持有为政府和有效市场双向发力，推 进重要领域和关键环节改革取得新突破；加快城市化步伐，盘活存量、做优增量、提高质量，持续优化城市空间 布局，强化城市发展支撑，提升城市生活品质；提升城市治理水平，加强韧性安全城市建设，坚决守牢安全发展 底线。 11月18日，省委常委、市委书记吴桂英在望城区宣讲党的二十届四中全会精神，调研经济社会发展情况。她 强调，要深入学习贯彻党的二十届四中全会精神及习近平总书记关于湖南工作的重要讲话和指示批示精神，铆足 干劲、加压奋进，收好官、谋好篇、开好局，以实绩实效推动全会精神落地生根。 11月18日，省委常委、市委书记吴桂英在望城区宣讲党的二十届四中全会精神，调研经济社会发展情况。 座谈会上，吴桂英对一年来望城区各项事业发展取得的成效表示肯定。她指出，当前，要学习好宣传好贯彻 好党的二十届四中全会精神，精心组织好学习培训和宣传 ...

Market Overview - The A-share market has regained upward momentum, with the Shanghai Composite Index reaching new recent highs, indicating a strong performance with more stocks rising than falling [1] - The market is currently experiencing a phase of consolidation around the 4000-point level, which may prepare for further upward movement [1] - The recent breakthrough of the 3900-point resistance since late October suggests that the market has the potential for further upward expansion [1] Future Outlook - The market is expected to maintain a fluctuating upward trend, with key focus areas in November including the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution [1] - The anticipated return of bullish sentiment is likely as the index breaks previous highs [1] Sector Highlights - The technology sector remains a focal point for November, with orderly rotation and high-low switching expected within the sector [2] - Underperforming segments such as robotics, military industry, and smart vehicles are anticipated to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon adjustment [2] - The anti-involution trend is showing results in sectors like photovoltaics, cement, coal, and express delivery, which are experiencing price increases and potential for further gains [2] Specific Sector Opportunities - Robotics is projected to expand from humanoid to quadruped and functional robots, creating opportunities in sensors, controllers, and dexterous hands [2] - The trend towards semiconductor localization continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is expected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue [2] - The banking sector is witnessing a rebound in mid-year performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [2]

Market Overview - The A-share market is experiencing repeated fluctuations around the 4000-point mark, with trading volume declining to approximately 2 trillion yuan, indicating a cautious market sentiment [1] - The market's resistance at the 4025-point level reflects a psychological barrier, as the A-share index has not surpassed 4000 points in the past decade [1] - The recent fluctuations may be preparing the market for a new upward phase, with conditions for further upward movement improving after a period of profit-taking and consolidation [1] Future Outlook - The focus for November includes the impact of the 14th Five-Year Plan on industries, technological sector events, and price recovery driven by anti-involution trends, which are expected to catalyze multiple sectors [1] - The short-term impact of tariff events is not anticipated to affect the medium-term trend of the market [1] Sector Highlights - The technology sector remains a key area of interest in November, with orderly rotation and high-low switching expected within the sector [2] - Underperforming segments such as robotics, military, and smart vehicles are likely to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon adjustment [2] - The anti-involution trend is showing results in sectors like photovoltaics, cement, coal, and express delivery, which are expected to experience price increases and subsequent rebounds [2] Specific Sector Opportunities - The trend towards domestic robotics is projected to continue, with advancements in various types of robots expected to create opportunities in related components like sensors and controllers [2] - The domestic semiconductor industry is on the rise, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector anticipates a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after several years of adjustment, with positive profit growth expected to continue into 2025 [2] - The banking sector is seeing a rebound in mid-year performance growth, attracting interest from long-term institutional investors due to its appealing dividend yield [2]

Market Overview - The A-share market continues to experience a low-volume consolidation, with indices showing a slight recovery after a midday drop, indicating a challenge around the 4000-point mark [1] - Despite weak market performance, selling pressure is not significant, suggesting a strong support level below, making it difficult for the market to undergo a sustained deep correction [1] - The focus has shifted back to domestic industry trends as the impact of tariff events diminishes, with expectations for further upward movement in November following a period of profit-taking and consolidation [1] Sector Performance - The technology sector remains a focal point for November, with orderly rotation and high-low switching within the sector [2] - Underperforming segments such as robotics, military industry, and smart vehicles are expected to see a rebound, while leading sectors like computing hardware and domestic semiconductors may present buying opportunities upon adjustment [2] - Sectors that have shown results from anti-involution efforts, including photovoltaics, cement, coal, and express delivery, may also experience a rebound if validated by third-quarter reports [2] Key Trends and Opportunities - The trend towards robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market anticipates updates to Tesla's humanoid robot [2] - The push for semiconductor localization remains strong, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, attracting long-term institutional investors due to its appealing dividend yield [2]

Core Viewpoint - The A-share market is currently experiencing a consolidation phase below the 4000-point mark, with a focus shifting back to domestic industry trends as tariff concerns ease [1] Group 1: Market Overview - The A-share index failed to maintain the 4000-point level, closing below it, but the overall selling pressure is not significant, indicating a consolidation phase before potentially stabilizing above this level [1] - Since late October, the A-share market has broken through the 3900-point resistance, with a continued upward test towards 4000 points, attributed to a stronger market immunity to tariff shocks compared to April [1] - The market is expected to maintain a trend of oscillating upward, with strong support preventing significant declines, as the impact of tariff events is seen as short-term [1] Group 2: Future Outlook - In November, the focus will be on the stimulus effects of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven factors in the technology sector, which are expected to catalyze multiple sectors and sustain the upward oscillation of the market [1] - The technology sector is anticipated to continue its orderly rotation, with potential rebound opportunities in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry remains a key focus, with domestic production trends expected to continue, particularly in semiconductor equipment, wafer manufacturing, materials, and IC design [2] Group 3: Sector-Specific Insights - The robotics sector is projected to expand from humanoid robots to quadrupedal and functional robots, with related components like sensors and controllers likely to see repeated opportunities [2] - The military sector is expected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is showing signs of recovery in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Core Viewpoint - Qixiang Tengda (002408) reported disappointing financial results for Q3 2025, with total revenue of 18.212 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of -146 million yuan, a decline of 174.19% compared to the previous year [1] Financial Performance - Total revenue for Q3 2025 was 6.004 billion yuan, an increase of 6.75% year-on-year [1] - The gross profit margin decreased to 4.13%, down 36.14% year-on-year [1] - The net profit margin was -0.75%, a decrease of 167.3% year-on-year [1] - Accounts receivable increased by 36.48% year-on-year, reaching 1.39 billion yuan [1] - Earnings per share dropped to -0.05 yuan, a decline of 171.43% year-on-year [1] Business Model and Strategy - The company relies on R&D, marketing, and capital expenditure for its performance, necessitating careful evaluation of capital projects and spending [3] - The company is focusing on expanding its product lines into new materials and high-value fine chemicals, leveraging partnerships for R&D [4] - The company is also developing its "15th Five-Year Plan," emphasizing optimization and expansion of existing product lines [4] Market Outlook - The price of acetone is expected to rise again after September due to seasonal demand, following a previous spike in prices [5] - The government’s policies aimed at eliminating outdated production capacities are expected to benefit leading companies in the industry by accelerating market consolidation [5] Export Performance - In the first half of 2025, the company exported 315,600 tons of products, generating 212 million USD in revenue, indicating a growing export business [6] - Major export markets include East Asia, Southeast Asia, West Asia, Europe, and South America [6]

Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "Oscillation" [5] Core Viewpoints - After the Fourth Plenary Session and the progress in Sino - US negotiations, market sentiment has improved. Steel and iron ore prices have risen, and the sector is expected to be driven by macro and policy factors. In the short term, prices of various products in the black building materials industry are expected to oscillate [1]. - Although there are signs of recovery in the steel market, the inventory is still at a relatively high level, and the fundamentals have limited highlights. The iron ore fundamentals have slightly weakened, and the scrap steel price is expected to follow the finished products. The supply - demand structure of coke is still tight, and the coking coal fundamentals are healthy. The alloy prices are supported by cost and output but face supply - demand pressure. The glass and soda ash prices are in an oscillating and weakening state [1][2] Summary by Category Iron Element - Iron ore: Affected by previous concentrated arrivals, the current arrival level has dropped rapidly. Considering the normal growth of shipments, the arrival level is expected to stabilize. The fundamentals of iron ore have slightly weakened, and the price is expected to oscillate in the short term. Scrap steel has no prominent fundamental contradictions. With poor electric furnace profits and steel mill production reduction expectations, its price is expected to follow the finished products in the short term [1] Carbon Element - Coke: Environmental protection restrictions affect both supply and demand, but the overall impact is limited. The short - term supply - demand structure is still tight, and the price is expected to oscillate [2] - Coking coal: Supply is difficult to improve, and the middle and lower reaches are actively purchasing. The upstream coal mine inventory is low, but considering the possible seasonal weakening of demand, the price is expected to oscillate in the short term [2] Alloys - Manganese silicon: Cost reduction is limited, and steel production is still high, which supports the price. However, the market supply - demand expectation is pessimistic, and there is obvious upward pressure on the price [2] - Ferrosilicon: High steel production and firm cost support the price, but the supply - demand relationship is loose, and the upward price space is expected to be limited [2] Glass and Soda Ash - Glass: Upstream inventory is continuously accumulating. After the negative feedback between futures and spot, the short - term price shows an oscillating and weakening trend. In the long - term, market - oriented capacity reduction is needed, and the price may continue to oscillate downward [2] - Soda ash: The supply surplus pattern remains unchanged. It is expected to oscillate widely following macro fluctuations, and the long - term price center will decline to promote capacity reduction [2] Steel - The spot market trading volume has improved, but the profits of blast furnaces and electric furnaces are not good. Steel production has increased, demand has recovered, and inventory has continued to decline but at a slow pace. In the short term, the futures market is expected to oscillate widely, and attention should be paid to domestic policies and Sino - US trade negotiations [7] Iron Ore - The spot market price is strong. Overseas mine shipments have slightly increased, and port inventory has decreased slightly. The fundamentals have slightly weakened, and the price is expected to oscillate in the short term, with attention to macro and policy factors [8][9] Scrap Steel - The fundamentals have no prominent contradictions. With poor electric furnace profits and steel mill production reduction expectations, the price is expected to follow the finished products in the short term [10] Coke - The second - round price increase has been implemented. Supply has tightened, and demand may decline slightly. The short - term supply - demand structure is still tight, and the price is expected to oscillate [11] Coking Coal - Supply recovery is slow, and the middle and lower reaches are actively purchasing. The upstream inventory is low, but considering the possible seasonal weakening of demand, the price is expected to oscillate in the short term [11][12] Glass - Manufacturers in Shahe and Hubei have continued to accumulate inventory, and the spot price has continued to decline. The supply - demand fundamentals are weak, and the short - term price shows an oscillating and weakening trend. In the long - term, market - oriented capacity reduction is needed [12] Soda Ash - Production has slightly fluctuated, and downstream procurement is stable. The supply surplus pattern remains unchanged. It is expected to oscillate widely following macro fluctuations, and the long - term price center will decline [14] Manganese Silicon - The futures price is strong, but the spot market is cold. Cost reduction is limited, and steel production is high, which supports the price. However, the market supply - demand expectation is pessimistic, and there is obvious upward pressure on the price [14][15] Ferrosilicon - The cost support is strengthened, and the futures price has slightly increased. High steel production and firm cost support the price, but the supply - demand relationship is loose, and the upward price space is expected to be limited [16]