其中，全国贸促系统非优惠原产地证书签证份数为34.20万份，全国贸促系统优惠原产地证书签证份数为26.05万份，RCEP原产地证 书签证份数为30099份。 央视网消息：11月27日上午，中国贸促会举办新闻发布会。记者在贸促会新闻发布会上了解到，2025年10月份，全国贸促系统累计 签发原产地证书、ATA单证册等各类证书，较上年同比增长7.48%。充分表明，我国外贸在外部压力下保持较强韧性，延续增长态 势。 2025年10月，全国贸促系统累计签发原产地证书、ATA单证册、商事证明书等各类证书65.69万份，较上年同比增长7.48%。 中国贸促会新闻发言人杨帆介绍，预计共为我国产品在RCEP进口成员国减免关税0.13亿美元。这意味着，RCEP等自贸协定带来的 政策红利持续释放，外贸企业获得了"真金白银"的实惠。 ...

Core Viewpoint - Huaxi Nonferrous reached the daily limit with a price of 40.67 yuan, reflecting a 9.55% increase and a total market capitalization of 25.619 billion yuan, driven by policy benefits, resource integration, and business expansion [1][2]. Group 1: Policy and Resource Integration - The recent intensive introduction of key metal industry policies in Guangxi benefits Huaxi Nonferrous, as its main mines are located in the Nandan experimental zone, allowing the company to fully enjoy policy dividends [2]. - The integration of mining rights in the region enhances the company's resource control, with clear expansion potential for its copper pit and Gaofeng mines, providing resource security for future development [2]. Group 2: Business Transformation and Financial Performance - The company has made significant progress in business transformation, with successful asset injections from Wujin Company and Laiye Company [2]. - Revenue from non-ferrous metal deep processing has surged by 208%, rapidly expanding the business scale and becoming a new growth point [2]. - The production of antimony ingots and indium ingots has been achieved, with antimony ingot gross margin reaching 60.9% [2]. - The company capitalized on market opportunities, resulting in a 16.32% year-on-year increase in operating income due to rising sales and prices of non-ferrous metal products [2]. Group 3: Financial and Governance Initiatives - The company demonstrated strong shareholder support by passing a loss compensation proposal with a 99.96% approval rate [2]. - Successful completion of 599 million yuan in financing provides ample financial support for the company [2]. Group 4: Market and Technical Analysis - Data from Dongfang Caifu indicates a capital inflow into the non-ferrous metal sector on November 25, 2025, with many related stocks performing actively, contributing to Huaxi Nonferrous's limit-up effect [2]. - Technical indicators suggest that if there is a significant net buying from large orders and a notable presence of institutional investors, it reflects positive sentiment towards the company's transformation [2].

我国政府密集出台以旧换新等政策，推动家居消费更新周期缩短和消费场景创新。围绕家装消费品"以旧换新"，我国出台《推动大规模设备更新和消费品以 旧换新行动方案》（国发〔2024〕7号），通过中央与地方联动补贴机制，积极支持家装消费品换新，推动家居消费观念从"长期耐用品"向"周期性更新"转 变，着力激活市场消费潜力。 消息面上，11月21日，住房和城乡建设部全国城市更新工作推进会召开。渤海证券分析指出，会议提到，深刻认识城市更新是加快城市动能转换的必然选 择，推进各项重点任务加快落实，打造新产业、新业态、新场景，有力带动投资和消费市场。本次会议召开，在一定程度上，带动市场对于房地产以及相关 消费政策预期抬升，建议继续关注家居用品板块相关个股低位配置机会。 同时，家电行业的海外业务更值得期待。银河证券表示，2025年受美国关税影响，针对美国出口的供应链持续转出到海外，2026年将继续。我们预计2025、 2026年家电出口分别下滑4%、下滑3%。但家电行业的海外业务主要看全球供应链，出口数据借鉴意义降低。预计2026年，海外产能释放和效率爬坡将推动 海外业务有较好的增长预期。传统的冰箱洗衣机空调，以及中央空调、热泵向 ...

现在的楼市有点反常。 一边是开发商降价促销没人看房，一边是二手房挂牌不断攀升，另一边却悄悄冒出一股奇怪的风潮：越来越多的内行人，正在拼命扫货老旧小区 的"顶楼房"。 那种大家嫌弃、看不上、不愿多看一眼的"老破小"顶楼，现在成了投资圈的新贵。 某些内行人，已经把整个小区的顶楼一口气扫了五套，还能开价压到15万一套。 那些正在被疯狂扫货的顶楼，背后到底藏着什么局？ 又热又晒，漏水频发，没有电梯还得天天爬七八层，住得比蜗居还难受。老旧小区里的顶楼更惨，屋顶防水年久失修，冬天冷得像冰窖，夏天热 得能烤鸡蛋。就这种房子，放在十年前，你贴钱都没人接手。 但2025年，这些顶楼却成了市场上的"抢手货"。原因不复杂，三个字：政策变了。 从2023年底开始，全国范围的老旧小区改造拉开大幕。到2025年，住建部公布的数据里，全国有超过20万个老旧小区被纳入城市更新计划。 加装电梯、旧房翻新、立面整治这些工程全都上马。你要是觉得这只是为了"改善民生"，那你真的低估了政策的底层逻辑。 对政府来说，老旧小区就是城市里的"沉没资产"，不动它，市政管理麻烦；一旦激活，就是一块块待开发的黄金地皮。而对投资者来说，这就是 一场看得见的政策红利 ...

智通财经APP获悉，中信建投发布研报称，中国医药产业迈入"创新兑现+全球布局"的关键阶段，人口 与内需基数、全产业链制造能力构成核心支撑，企业积极探索多元化的出海路径。面对全球竞争与政策 深化，行业需"立足于内、创新引领、开拓于外"，对内强化供应链安全与合规能力，对外深化多元化出 海布局。展望2026年，重点把握创新商业化、全球化突破、政策优化带来的新增量及行业并购整合的机 遇。 中信建投主要观点如下： 出海的价值重塑：多维突破，构建全球化新格局 ①创新药：BD常态化，迈入国际化2.0时代;②产业链：国内和海外需求回暖;③原料药：化解短期扰 动，向特色原料药/ CDMO转型;④器械：开拓海外市场，创新器械自主销售与BD并行;⑤血制品/疫苗： 静丙海外注册、疫苗出海模式多元。 2026年投资展望：价值重塑，静待花开 ①创新主线：创新药(ADC、二代IO、小核酸、减重)、创新器械(AI医疗、脑机接口等)。②出海主线： 具备全球临床数据与国际化能力的创新药企、积极开拓海外市场的器械公司。③边际变化主线：1)政策 红利：医疗设备更新等;2)供求改善：CXO行业订单复苏、上游物料国产替代及海外销售。④整合主 线：器械细 ...

Core Insights - The article emphasizes the importance of precise policy implementation for businesses, highlighting that companies are most concerned with the specific details of policies to effectively benefit from them [1] - It notes that the ease of policy execution can significantly influence a company's motivation to apply for and utilize these policies [1] Group 1: Policy Implementation - Customs has set an example by proactively engaging with businesses regarding aircraft purchase plans, providing tailored policy guidance [1] - The customs officials offer detailed explanations on how to apply for benefits, including "zero tariff" aircraft clearance and tax reduction processes [1] Group 2: Future Directions - Looking ahead, the relevant departments in Hainan will enhance policy promotion and precise delivery through various channels, including online and offline methods [1] - There will be ongoing efforts to conduct extensive policy education and support initiatives to help businesses fully understand and benefit from the policies [1]

Core Viewpoint - The C-REITs market experienced a peak followed by a correction in 2025, but has now stabilized after hitting a bottom. The demand for quality assets remains strong in the short to medium term, with policy benefits expected to emerge by the end of the year [1][2]. Group 1: Market Dynamics - In the first half of 2025, three factors drove the REITs market to a record high, but a correction occurred in the second half due to capital diversion to equities, a weakening bond market, and pressure on the underlying fundamentals [2]. - The A-share indices have rebounded significantly, increasing market risk appetite and leading funds to favor high-elasticity assets, which has put pressure on REITs market liquidity [2]. - The bond market's decline has compressed spreads, while REITs' cash distribution rates have not adjusted accordingly, reducing the comparative advantage of REITs over interest rate bonds [2]. - The underlying asset fundamentals are under pressure, with sectors like industrial parks, highways, and logistics facing declining demand and intensified competition, leading to weakened profitability [2]. Group 2: Sector Performance - There is a continued divergence in the fundamentals across various sectors, with a focus on stable performance in counter-cyclical assets [3]. - The operational capabilities of the consumer infrastructure sector are highlighted, with fundamentals expected to remain stable [3]. - Policy-supported sectors such as affordable rental housing and municipal environmental protection show significant counter-cyclical advantages, with the rental rate for affordable housing reaching 97.3% in Q3, up 0.3% from the previous quarter [3]. - However, market-driven real estate sectors, such as research and office buildings, face dual challenges of declining demand and increased competition [3]. Group 3: Policy Outlook - There is ample room for policy benefits to be released, particularly regarding index products [4]. - In the short term, policies for index products and other incremental funding are poised to be launched, accelerating the expansion of the multi-tiered REITs market [4]. - In the medium to long term, regulatory measures are expected to promote the healthy development of the REITs market through special legislation, the introduction of incremental funds, and enhanced active management [4]. - The current conditions indicate that the REITs index products are ready for launch, with attention on their potential positive impact on the market [4]. Group 4: Investment Recommendations - There are opportunities for allocation following the market correction, with a focus on selective projects in the primary market and three main lines in the secondary market: counter-cyclical assets, improving economic conditions, and strong fundraising demands from original equity holders [5]. - In the primary market, it is recommended to select projects with larger spreads and superior assets, while exercising caution with long lock-up period allocations [5]. - The secondary market should concentrate on three main lines: 1) counter-cyclical sectors with stable fundamentals; 2) related assets with marginal recovery in economic conditions; 3) assets with strong fundraising demands and quality reserves [5].

Core Viewpoint - The A-share market shows resilience amidst global market fluctuations, supported by long-term capital inflows and policy-driven industrial upgrades [1] Market Performance - On November 7, A-shares experienced a collective adjustment, with the chemical sector and photovoltaic equipment performing well, while AI applications and humanoid robots saw significant declines [1] - The A500 ETF fund (512050) opened lower but rose by 0.42% by 13:33, with a trading volume exceeding 4.2 billion yuan, leading its category [1] - Notable stocks included Tianfu Tongxin, which increased by over 13%, along with strong performances from Xinjubang, Defang Nano, Tianhua New Energy, and Tianci Materials [1] Capital Inflows - Insurance funds and pension funds have been consistently entering the market, combined with company buybacks, creating a solid foundation for market stability [1] - These counter-cyclical funds have effectively mitigated external impacts on the market [1] Policy and Industrial Support - The dual drivers of industrial upgrades and policy benefits are providing support and uplift to the market [1] - Year-end important meetings are generating expectations for stable growth [1] - Micro-level changes in industries, such as the continuous increase in new energy vehicle penetration and substantial progress in semiconductor localization, are reshaping profit expectations for listed companies [1] Fundamental Changes - Positive changes in fundamentals, along with improvements in capital structure, are resonating together to form a solid foundation for an independent A-share market trend [1]

Group 1 - A-shares demonstrate resilience amidst global market fluctuations, supported by long-term funds like insurance and pension investments, alongside company buybacks [2][9][10] - The dual drivers of industrial upgrades and policy benefits are providing support to the market, with expectations for stable growth emerging from important year-end meetings [2][9] - Micro-level changes in industries, such as the continuous penetration of new energy vehicles and substantial progress in semiconductor localization, are reshaping profit expectations for listed companies [2][10] Group 2 - Recent market activity shows a mixed sentiment, with shrinking trading volumes indicating that investor enthusiasm has not fully recovered, and the technology sector's divergence may limit index recovery [3][10] - The investment strategy suggests a balanced allocation approach, focusing on technology growth sectors like AI, semiconductors, and robotics, as well as high-dividend defensive sectors such as banking and utilities [3][10] - The cyclical style, including sectors like photovoltaic, battery, energy storage, and rare earths, is expected to benefit from policy changes aimed at optimizing industry structures and improving profitability [3][10] Group 3 - The recent surge in Hainan Free Trade Zone stocks is attributed to the imminent launch of the free trade port operations, expected to officially start on December 18 this year [8] - The new energy sector is anticipated to experience a technical rebound, driven by ongoing global efforts to achieve carbon neutrality and the demand for lithium batteries, photovoltaics, and wind energy [7][10]

Group 1 - The core viewpoint of the news highlights the ongoing bullish trend in the non-ferrous metals sector, particularly driven by the performance of the Non-Ferrous Metal Leaders ETF (159876), which has seen a price increase of 1.73% and a total inflow of 25.79 million yuan over the past four days [1][3] - The aluminum sector is leading the gains, with notable performances from companies such as Nanshan Aluminum, which hit the daily limit, and China Aluminum, which rose over 4% [1] - The supply of aluminum is expected to remain tight due to China's production capacity reaching its limit and limited growth in Indonesia's capacity, which is anticipated to elevate long-term profit margins in the industry [3] Group 2 - Analysts suggest that instead of focusing on a single metal, investors should consider a broader allocation across the entire non-ferrous metals sector, as it presents a rare investment opportunity [5] - Key factors driving this opportunity include global monetary easing, supply-demand imbalances, and favorable policy incentives that could lead to a comprehensive recovery in the sector [5][6] - The Non-Ferrous Metal Leaders ETF (159876) and its associated funds provide a diversified investment approach, with significant weightings in copper (27.7%), aluminum (14.4%), gold (13.2%), rare earths (10.2%), and lithium (9.1%), which helps mitigate risks compared to investing in a single metal [8]