南京市工信局负责人介绍，本次活动是"宁创新品"系列活动2025年收官之作。2026年，南京将加快高质 量场景培育和开放，通过持续开展"宁创"系列活动，促进跨领域供需交流，推动新场景大规模应用落 地。 本次活动以"钟山首飞.万有启航"为主题，由南京市工信局主办，市交通运输局、玄武区政府、中山陵 园管理局和南京文旅集团协办。作为活动亮点，紫金山eVTOL现场载人首飞，无人驾驶载人航空器平 稳升空并顺利完成航线。该项目是钟山景区与江苏万有低空飞行有限公司携手打造的南京首个低空文旅 场景。 活动期间，南京紫金山低空应用场景创新基地同步揭牌。该基地是南京首个集"低空飞行+文旅体验+技 术研发"于一体的示范平台，将依托钟山生态与人文资源，开发空中观景、航空研学等特色项目。 本报讯(记者付奇)12月4日傍晚，1000架无人机在南京钟山体育运动公园腾空而起，以天幕为画卷，带 来一场视觉盛宴。当天，"宁创新品"南京市应用场景观摩会暨紫金山eVTOL首次载人飞行仪式在这里举 行。 ...

Group 1 - The Ministry of Commerce of China responded to the EU's statement regarding ASML, emphasizing that the source of the global semiconductor supply chain chaos lies with the Netherlands and urging the EU to work towards resolving the issue [2] - The Ministry of Commerce announced adjustments to export controls on dual-use items to the US, including a ban on exports to military users and stricter reviews for certain materials [3] - The Consumer Price Index (CPI) in October showed a year-on-year increase of 0.2%, marking a shift from decline to growth, while the core CPI rose by 1.2%, the highest since March 2024 [5] Group 2 - The State Council issued an opinion to promote the large-scale application of new scenarios, focusing on five areas and proposing 22 key scenarios for development [6] - The Ministry of Finance outlined six key areas for fiscal policy, including boosting consumption and supporting employment and foreign trade [7] - New financing and margin trading accounts decreased in October, but the total number of accounts reached approximately 15.4 million, with a margin balance of 2.49 trillion yuan [8] Group 3 - China Eastern Airlines resumed flights on the China-India route after five years, with a high passenger load factor of over 95% [10] - The Chinese government plans to adjust the purchase tax for new energy vehicles from full exemption to a 50% reduction starting January 1, 2024, leading to a surge in orders [11] - The restructuring of state-owned energy enterprises is underway, with significant announcements expected [12] Group 4 - JD.com announced the launch of a new electric vehicle priced at 49,900 yuan for battery rental and 89,900 yuan for full purchase, aiming to attract consumers [13] - NVIDIA's market value dropped by $45.51 billion in four days due to short selling, while CEO Jensen Huang visited TSMC to secure more chips [16] - The sales revenue of Pang Donglai Group exceeded 20 billion yuan, marking a significant increase compared to the previous year [17] Group 5 - The semiconductor industry is entering a critical two-year window, with lithium hexafluorophosphate prices reaching 120,000 yuan per ton, indicating a favorable cycle [18] - The market for lithium iron phosphate is thriving, with leading manufacturers experiencing full order books and competition for high-end capacity [18] - The sports events are driving the cultural tourism market, contributing to its continuous growth [18]

Group 1 - The State Council issued an opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on five areas including new fields and new tracks, industry transformation, and social governance [1][4][6] - The Ministry of Commerce announced the suspension of the second clause of the export control announcement on dual-use items to the U.S. until November 27, 2026 [2] - In October, the national consumer price index (CPI) rose by 0.2% year-on-year, with urban prices increasing by 0.3% and rural prices decreasing by 0.2% [3] Group 2 - CITIC Securities noted that about 60% of institutional holdings are related to AI, indicating a significant influence of AI narratives across various sectors including TMT, non-ferrous metals, and chemicals [11] - Shenwan Hongyuan highlighted the ongoing evolution of the market ahead of the 2026 economic outlook, with a focus on price increases and the potential for sector rotation [12] - CITIC Jiantou suggested that the A-share market may continue to experience a bull market into 2026, with a focus on resource sectors and military industry [14] Group 3 - Guojin Securities emphasized the shift from computing power to electricity in the tech sector, indicating a revaluation of Chinese assets and opportunities in power and manufacturing [15] - CMB noted that recent price increases in commodities are driven by cyclical trends, with a focus on sectors like coal, non-ferrous metals, and renewable energy [16] - Xinda Securities observed a shift in market style, with value stocks outperforming growth stocks, particularly in cyclical industries [17] Group 4 - China Galaxy pointed out that the current market is in a phase of adjustment, with hidden themes emerging for year-end performance, particularly in sectors like electric grid equipment and lithium batteries [18] - Zhongtai Securities indicated that the overall risk appetite has decreased, but there are still opportunities in sectors with strong earnings quality and safety margins [19] - Xingzheng Securities suggested a focus on cyclical sectors and AI-related industries, emphasizing the importance of economic recovery indicators [21] Group 5 - Huaxi Securities predicted that November will favor small-cap and thematic investments, with a focus on AI applications and sectors benefiting from the "anti-involution" trend [22]

Group 1 - The State Council issued an implementation opinion focusing on the large-scale application of new scenarios, highlighting five key areas including new fields, industry transformation, and social governance [2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.2% year-on-year and month-on-month in October, while the core CPI increased by 1.2%, marking the sixth consecutive month of growth [3] - The Producer Price Index (PPI) decreased by 2.1% year-on-year in October, but the decline narrowed by 0.2 percentage points from the previous month, with a month-on-month increase of 0.1% [3] Group 2 - As of the end of October, China's foreign exchange reserves reached $3.343 trillion, an increase of $4.7 billion from September, marking the highest level since December 2015 [4] - The People's Bank of China has increased its gold reserves for 12 consecutive months, with the official gold reserves reaching 74.09 million ounces, up by 30,000 ounces from the previous month [4] Group 3 - The China Securities Regulatory Commission and the Ministry of Finance jointly released a revised management method for the securities settlement risk fund, effective from December 8, 2025, with differentiated adjustments to the contribution ratio [5] - The Ministry of Finance reported that since 2025, fiscal policy has become more proactive, focusing on stabilizing employment, enterprises, and market expectations [6] Group 4 - The Ministry of Commerce announced the suspension of certain export controls on dual-use items to the United States, effective immediately until November 27, 2026 [7] - Upcoming macroeconomic data for October, including industrial added value and fixed asset investment, is set to be released on November 14 [8] Group 5 - U.S. stock markets ended mixed, with the Nasdaq down 0.21% and the S&P 500 up 0.13%, marking the end of a three-week rally [9] - The China Securities Regulatory Commission approved IPO registrations for two companies, with new stock issuances scheduled for the week of November 10-14 [10] Group 6 - A total of 33 companies will have their restricted shares released this week, amounting to 1.407 billion shares with a total market value of approximately 24.715 billion yuan [12] - The companies with the highest market value of released shares include Youyan Silicon (9.991 billion yuan) and Xinnoway (4.948 billion yuan) [12]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The price of live hog futures rebounded on November 5, 2025, with the 2601 contract closing at 11,945 yuan/ton, up 1.57% from the previous day's settlement price. This rebound is due to policy guidance, supply - demand relationship, and market sentiment. However, the "strong supply and weak demand" pattern in the hog market remains unchanged, and supply pressure still needs attention [1]. - In the short term, there may be marginal improvement in hog prices, but considering the high level of breeding sows inventory, the supply pressure persists [2]. 3. Summary by Directory Demand - Real estate: This week, the transaction area of commercial housing in 20 cities decreased both month - on - month and year - on - year, with first - tier cities also showing a year - on - year decline. The transaction area of second - hand housing in key cities decreased month - on - month. For example, the second - hand housing transaction areas in Shanghai and Hangzhou decreased week - on - week [2][12]. - Consumption: Automobile consumption recovered, while movie - going consumption decreased year - on - year. The national migration scale index continued to decline, and subway ridership decreased [2]. As of the week ending October 31, the average daily retail sales of passenger cars increased by 77.4% week - on - week and 3.9% year - on - year. As of the week ending November 7, the national box office decreased by 22.2% week - on - week and 59.4% year - on - year. The national migration scale index decreased by 8.7% week - on - week, and the subway ridership in first - tier cities decreased by 2.6% week - on - week [36]. Production - Mid - upstream: The operating rate of Tangshan blast furnaces increased rapidly week - on - week by 16.3 percentage points. The operating rate of rebar decreased by 2.0 percentage points to 41.3%. The PTA operating rate decreased by 0.4 percentage points, and the operating rate of polyester filament in Jiangsu and Zhejiang increased by 0.1 percentage points. The operating rate of petroleum asphalt plants decreased by 1.8 percentage points to 29.7% [45]. - Downstream: The operating rates of automobile tires increased slightly. The operating rate of all - steel tires increased by 0.1 percentage points, stronger than the same period last year, and the operating rate of semi - steel tires increased by 0.3 percentage points, weaker than the same period last year [45]. Investment - Rebar: The apparent consumption of rebar decreased, and its price continued to decline. The apparent consumption of rebar decreased by 5.9% week - on - week to 218.5 tons, and the price decreased by 0.8% week - on - week to 3,227.8 yuan/ton. The price of asphalt decreased by 3.2% week - on - week to 3,168.6 yuan/ton [63]. - Cement: The cement shipping rate decreased by 0.3 percentage points to 37.2% week - on - week, the cement inventory ratio increased by 3.2 percentage points to 67.7%, and the cement price index increased by 0.3% week - on - week to 102.7 points [63]. Trade - Export: As of the week ending November 7, the container throughput of ports increased by 13.8% week - on - week, higher than the same period last year. The CCFI composite index continued to rise, increasing by 3.6% week - on - week. The freight rates of European, West - American, and East - American routes increased week - on - week by 3.25%, 5.37%, and 6.23% respectively. The BDI index increased by 2.4% week - on - week [76]. - Import: The CICFI composite index was 639.5 points, decreasing by 1.7% week - on - week [76]. Price - CPI: As of the week ending November 7, the 200 - index of agricultural product wholesale prices increased by 1.0% week - on - week. The price of pork increased by 0.8% week - on - week, the price of vegetables increased by 2.2% week - on - week, while the price of eggs decreased by 1.2% week - on - week and the price of fruits decreased by 0.4% week - on - week [88]. - PPI: The Nanhua industrial product price index decreased by 1.1% week - on - week. The spot price of Brent crude oil decreased by 1.2% week - on - week, the WTI crude oil futures price decreased by 1.0% week - on - week, the settlement price of IPE UK natural gas futures increased by 3.3% week - on - week, the COMEX gold futures price decreased by 0.1% week - on - week, and the LME copper spot price decreased by 2.4% week - on - week [94]. - Commodity Futures: As of the week ending November 7, the settlement price of live hog futures increased by 3.1% week - on - week, the settlement price of urea futures increased by 2.7% week - on - week, and the settlement price of glass futures increased by 2.2% week - on - week. The settlement price of asphalt futures decreased by 6.8% week - on - week, the settlement price of polysilicon futures decreased by 4.3% week - on - week, and the settlement price of rebar futures decreased by 3.4% week - on - week [107]. Interest - Bearing Bond Tracking - Next week (November 10 - 14), the disclosed issuance of interest - bearing bonds is 53.11 billion yuan, with a net financing of 22.95 billion yuan. Among them, the issuance of national bonds is 20.6 billion yuan, with a net financing of 17.6 billion yuan; the issuance of local bonds is 28.51 billion yuan, with a net financing of 24.28 billion yuan; the issuance of policy - financial bonds is 4 billion yuan, with a net financing of - 18.93 billion yuan [111]. - As of November 7, the total issuance and disclosed issuance scale of this year's replacement bonds is 2.0024 trillion yuan, and the 2 - trillion - yuan debt - resolution quota has been basically issued. The cumulative issuance progress of new general bonds is 86.3%, and the cumulative issuance progress of new special bonds is 91.1% [113][115]. Policy Weekly Observation - On November 4, the central bank resumed open - market national bond trading, with a net investment of 20 billion yuan in October, which helped stabilize the bond market, expectations, and confidence. In addition, the central bank had a net withdrawal of 595.3 billion yuan through short - term reverse repurchase and a net investment of 400 billion yuan through outright reverse repurchase, and a net investment of 200 billion yuan through medium - term lending facilities in October [122]. - Other policies include the State Council's deployment of new scenarios for large - scale application, adjustment of tariffs on US - imported goods, and real - estate policies in Hubei and Sichuan [122].

Group 1 - The core viewpoint of the meeting is to deepen key area reforms and expand institutional openness, enhancing the level of market openness and optimizing service market access rules [1][2] - The meeting emphasizes the importance of application scenarios as a bridge connecting technology and industry, promoting the large-scale commercialization of new technologies and products [2] - The meeting highlights the need to leverage China's vast market and rich application scenarios, focusing on supply-demand matching and prioritizing new fields and high-value scenarios [2] Group 2 - The meeting discusses the necessity of improving comprehensive prevention and control capabilities for forest and grassland fires, emphasizing early detection and response [2] - It is noted that responsibilities must be clearly defined, and measures must be detailed to ensure the implementation of fire prevention and control strategies [2] - The meeting also addresses the importance of public education on fire safety to strengthen community defenses against fire hazards [2]

Core Points - The State Council, led by Premier Li Qiang, is focusing on deepening reforms in key areas and expanding institutional openness to enhance high-level foreign trade [1] - The meeting emphasized the importance of application scenarios as a bridge between technology and industry, aiming to promote the large-scale commercialization of new technologies and products [2] Group 1: Reform and Openness - The meeting aims to deepen reforms in key areas to drive high-level foreign openness, enhance the openness of the goods market, and optimize service market access rules [1] - There is a focus on aligning with international high-standard economic and trade rules, actively expanding autonomous openness, and steadily increasing institutional openness in rules, regulations, management, and standards [1] - The meeting highlighted the role of free trade zones and ports as high-level open platforms to explore replicable and promotable reform outcomes [1] Group 2: Application Scenarios - Application scenarios are identified as crucial for connecting technology and industry, facilitating the commercialization of new technologies and products [2] - The meeting calls for leveraging China's large-scale market and diverse application scenarios, prioritizing new fields and high-value scenarios to create a complete closed loop from technological breakthroughs to industrial applications [2] - Emphasis is placed on fostering new scenarios through reform and innovation, improving infrastructure and platform construction, and enhancing regulatory mechanisms to create a favorable innovation ecosystem [2] Group 3: Fire Prevention Measures - The meeting addressed the urgent and destructive nature of forest and grassland fires, stressing the need for responsibility and detailed measures to ensure effective fire prevention [2] - It was noted that improving comprehensive fire prevention capabilities is essential, with a focus on early detection and response, especially in key periods and areas [2] - Public awareness campaigns are to be conducted regularly to enhance fire safety awareness among the public [2]