Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed a volatile pattern last week (2025.11.03 - 2025.11.07), with the value style outperforming the growth style. The market is "desensitized" to positive news due to the lack of earnings report data and the intensified high - level volatility of the US AI sector. The style switch is becoming clearer, and the power grid and energy storage industries are attracting funds [3][13][14]. - The new fund issuance is continuously warming up, and "same - day sold - out funds" have reappeared [6]. - The electricity new (E - new) sector is expected to become one of the main market trends, as the energy logic, especially power supply, is hard to be falsified in the short term, and the expectation of green power policies in China is rising [5][15]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: The A - share market was volatile last week. The Shanghai Composite Index rose 1.08%, the ChiNext Index rose 0.65%, the CSI Dividend Index rose 2.25%, and the North Exchange 50 Index fell 3.79%. The pro - cyclical sectors such as power equipment, coal, and petrochemicals led the gains, while the computer and pharmaceutical sectors declined. The average daily trading volume was 2.01 trillion yuan, down from the previous period [13]. - **Market Features**: The market is "desensitized" to positive news in the fourth quarter. The style switch is clear, and the power grid and energy storage industries are favored. The Shanghai Composite Index may fluctuate around 4000 points, and a fundamental driving force is needed to break through [14]. - **Technology Direction**: In the US, the government's interest - binding with cloud service providers in the AI industry is expected to strengthen. In China, the domestic computing power industry chain is sluggish, and the capital expenditure growth of cloud service providers has slowed down [14]. - **Policy**: On November 7, the State Council issued an implementation opinion focusing on digital - real economy integration, providing long - term policy support for AI, intelligent manufacturing, and new energy industries [15]. - **Power Direction**: The global AI competition is a Sino - US duopoly. China faces challenges in advanced - process chips, while the US has energy infrastructure bottlenecks. The E - new sector is expected to be a market mainstay, with more certain profit realization next year [5][15][16]. 3.2 Public Fund Market Dynamics New fund issuance is warming up, with two funds raising over 3 billion yuan in one day on November 4 [6][18]. 3.3 Active Equity Fund Index Performance Tracking | Index Category | Last Week | Last Month | YTD | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Selection | 0.72% | - 1.06% | 39.20% | 40.33% | | Value Stock Fund Selection | 1.29% | 1.18% | 19.44% | 19.53% | | Balanced Stock Fund Selection | 0.66% | - 1.73% | 32.40% | 29.50% | | Growth Stock Fund Selection | 0.16% | - 3.55% | 52.89% | 39.14% | | Pharmaceutical Stock Fund Selection | - 4.77% | - 8.16% | 36.20% | 17.99% | | Consumption Stock Fund Selection | - 2.11% | - 5.83% | 12.55% | 5.30% | | Technology Stock Fund Selection | 0.75% | - 3.17% | 48.52% | 50.85% | | High - end Manufacturing Stock Fund Selection | 1.23% | - 0.45% | 38.37% | 31.69% | | Cyclical Stock Fund Selection | - 0.25% | - 4.50% | 25.79% | 16.91% | Each index has its own positioning and performance comparison benchmark. For example, the Active Stock Fund Selection Index selects 15 funds equally weighted, and its benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

Group 1: Active Equity Funds - The issuance of active equity fund products has increased significantly, with some products raising over 5 billion yuan in a single day [1] - The招商均衡优选混合基金 reached its fundraising cap of 5 billion yuan on its first day of sale, indicating strong investor interest [1] - The overall trend shows a steady rise in both the number and scale of new active equity fund products due to the recovery of the A-share market [1] Group 2: Life Insurance Industry - A total of 73 life insurance companies reported a combined net profit of 185.8 billion yuan in the first half of the year, reflecting a year-on-year growth of approximately 25% [1] - Among these companies, 52 reported profits totaling 190.1 billion yuan, while 21 companies incurred losses amounting to 4.3 billion yuan [1] - The recovery in net profit is attributed to optimized business structures, cost reduction measures, and improved investment returns [1] Group 3: R&D Investment in A-shares - A-shares listed companies invested over 810 billion yuan in R&D in the first half of the year, marking a year-on-year increase of 3.27% [2] - The overall R&D intensity across the market was 2.33%, showing a slight increase compared to the previous year [2] - Notably, companies in strategic emerging industries and high-tech manufacturing exhibited higher R&D intensities, surpassing the overall average by 3.29 and 4.44 percentage points, respectively [2] Group 4: Solid-State Battery Equipment Orders - Orders for solid-state battery production equipment surged, with major companies reporting new and existing orders exceeding 30 billion yuan, reflecting a year-on-year increase of 70% to 80% [3] - The growth in orders is driven by advancements in solid-state battery technology and plans from several automakers to adopt this technology by 2027 [3] - The industry is expected to continue improving as pilot production lines are established and lithium battery production cycles are restarted [3] Group 5: Paper Industry Price Increases - Major paper manufacturers have announced price increases for certain products due to rising raw material costs, indicating a new wave of price adjustments in the domestic paper industry [4][5] - The price hikes are part of a broader trend, with multiple rounds of increases occurring since August [4][5] - The industry is entering a traditional peak season, and the combination of price increases and production halts is expected to sustain upward price momentum [4][5] Group 6: E-commerce and Discount Supermarkets - Several e-commerce giants are expanding their presence in the offline discount supermarket sector, viewing it as a new growth opportunity [4][5] - Companies like JD Group and Meituan are actively opening discount stores, while Alibaba's Hema is rebranding its discount line to focus on cost-effectiveness [4][5] Group 7: Global Smartwatch Market - Global smartwatch shipments grew by 8% year-on-year in Q2 2025, marking the first recovery after five consecutive quarters of decline [5] - Huawei surpassed Apple in smartwatch shipments for the first time, becoming the global leader in this segment [5] - The growth is largely attributed to rising consumer demand, particularly in the Chinese market, driven by brands like Huawei, Xiaomi, and Little Genius [5] Group 8: Steel Market Outlook - Current steel prices remain at mid-low levels for the year, but there are expectations for a trend of price increases in the spot market as the construction season begins [5] - Factors such as macroeconomic support, recovering demand, and tightening supply are contributing to a positive outlook for steel prices [5] Group 9: Data Element Market Development - The establishment of data groups is accelerating in China, with nearly 500 digital technology companies formed by central enterprises [6] - The market is transitioning from scale expansion to high-quality development, focusing on leveraging data for industrial transformation and new productivity [6] Group 10: Corporate Actions - ConocoPhillips plans to lay off 20% to 25% of its workforce as part of a resource optimization strategy [6] - XGIMI is considering an H-share listing primarily for overseas branding purposes, with discussions still in the early stages [6] - Dongyangguang announced the pledge of 10 million shares, representing 1.62% of its holdings, with a total of 542 million shares pledged [6][9] - Zhongcheng Co. intends to issue shares to acquire 100% of Jiangsu Clean Energy for 151 million yuan, which will enhance its financial metrics post-transaction [10] - Fangda Carbon plans to pay 51.93 million yuan in back taxes, which is expected to reduce its net profit for 2025 by the same amount [11] - Changqing Technology is planning to issue convertible bonds worth up to 800 million yuan for a new materials production project [12]