[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 11 月 03 日 星期一 [Table_Summary] 概览 核心观点 市 场 研 究 【市场回顾】 上周五，A 股震荡走低，截至收盘，上证指数跌 0.81%，报 3954.79 点，深证成指跌 1.14%，创业板指跌 2.31%。沪深两市 A 股成交额约 2.32 万亿元人民币，超 3500 股上涨。申万行业方面，生物医药、传 媒、商贸零售行业领涨，通信行业领跌；概念板块方面，重组蛋白、 细胞免疫治疗、Sora 概念（文生视频）涨幅居前。港股方面，香港恒 生指数收盘跌 1.43%，恒生科技指数跌 2.37%。美国三大股指小幅收 涨，道指涨 0.09%，标普 500 指数涨 0.26%，纳指涨 0.61%。欧洲股 市全线下跌，亚太股市涨跌不一。 【重要新闻】 【提高资本市场制度包容性、适应性——吴清主席在《<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>辅导读本》上 的署名文章】吴清表示，要深刻认识提高资本市场制度包容性、适应 性的重大意义，准确把握提高资本市场制度包容性、适应性的内涵和 主要原 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend among young people in China to start their own businesses, with 65.5% of surveyed youth expressing interest in opening small shops, and 22.0% already taking action [1] - Various cities are implementing supportive policies for young entrepreneurs, such as Beijing's "Youth Small Shop Model Plan," which provides promotional, training, and financial support [1][3] - The "Youth Small Shop" initiatives aim to cultivate 100 small shops and provide financial services to 300 young innovators in Changsha by the end of 2027, creating over 2000 job opportunities [1] Group 2 - Young entrepreneurs face challenges such as market saturation and the need to differentiate their offerings in competitive areas like tourist districts [3][4] - Successful young businesses are focusing on capturing consumer needs, particularly among the younger demographic, who seek emotional value and unique cultural expressions in their purchases [5][6] - Examples of innovative approaches include "Qingsong Zhaowu," which combines traditional craftsmanship with interactive experiences, and "Choco Player," which emphasizes social attributes and health in its chocolate products [6][7] Group 3 - The performance of these young shops has been promising, with "Qingsong Zhaowu" achieving over 15,000 transactions in its first two and a half months of operation [10] - These small businesses contribute positively to employment by providing low-barrier platforms for young entrepreneurs, enhancing urban commercial ecosystems, and promoting experiential consumption [10] - Despite facing societal skepticism regarding youth entrepreneurship, proponents argue that it represents a proactive engagement with market challenges rather than an escape from competition [11]