1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - On November 12, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.03%, IH rose 0.38%, IC fell 0.37%, and IM fell 0.38% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating that investors' trading enthusiasm has increased. The total trading volume and total open interest of IF, IH, IC, and IM all increased [1][2]. - The trend strength of IF and IH is 1, and the trend strength of IC and IM is also 1 [6]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **Prices and Fluctuations**: The closing prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4645.91, 3044.3, 7243.25, and 7486.38 respectively, with fluctuations of - 0.13%, + 0.32%, - 0.66%, and - 0.72%. The prices of their corresponding futures contracts also showed different fluctuations [1]. - **Trading Volume and Open Interest**: The total trading volume of IF, IH, IC, and IM increased by 10290 lots, 3933 lots, 33145 lots, and 57813 lots respectively. The total open interest of IF, IH, IC, and IM increased by 10237 lots, 2738 lots, 21807 lots, and 22747 lots respectively [1][2]. - **Basis**: The basis of each futures contract is different. For example, the basis of IF2511 is - 0.91, and the basis of IH2511 is 2.5 [1]. 3.2 Top 20 Member Open Interest Changes - The open interest of long and short positions of each futures contract has different changes. For example, the long - position net change of IF2511 is 1564, and the short - position net change is 8653 [5]. 3.3 Market News - Technology stocks declined again, the Dow Jones Industrial Average rose for four consecutive days to a new high, AMD rose 9%, gold rose for four consecutive days, and crude oil tumbled. The U.S. dollar fell 0.3% from its daily high, Bitcoin had a reverse trend, gold rose 1.7% intraday, and U.S. oil tumbled more than 4.2% [7]. - Vice - Premier He Lifeng met with relevant American representatives, emphasizing the broad cooperation space in Sino - US economic and trade fields [7]. - The Shanghai Stock Exchange International Investors Conference was officially opened. Relevant leaders of the CSRC and the Shanghai Stock Exchange made statements on deepening reforms and optimizing systems [7][8]. - The A - share market fluctuated throughout the day. The Shanghai Composite Index fell 0.07% to 4000.14 points, the Shenzhen Component Index fell 0.36%, and the ChiNext Index fell 0.39%. The trading volume of A - shares was 1.96 trillion yuan, lower than the previous day's 2.01 trillion yuan [8].

Market Overview - The photovoltaic industry chain and nuclear fusion concepts experienced significant declines, while cultivated diamonds and superhard materials showed notable corrections [1] - The insurance, pharmaceutical, and banking sectors strengthened, with Agricultural Bank of China and Industrial and Commercial Bank of China both reaching new highs [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion, a decrease of 48.6 billion compared to the previous trading day, with over 3,500 stocks declining [1][4] Capital Flow - Main capital flows showed a net inflow into the pharmaceutical, banking, and non-ferrous metal sectors, while there was a net outflow from power grid equipment, communications, and computing sectors [3] - Specific stocks with net inflows included Luxshare Precision (964 million), CATL (838 million), and Shannon Chip (732 million) [3] - Stocks facing net outflows included LONGi Green Energy (1.927 billion), Sungrow Power Supply (1.426 billion), and TBEA (1.095 billion) [3] Institutional Insights - Dongwu Securities indicated that the A-share market is in the early stages of a new bull market driven by policy and industry trends [3] - Yingda Securities noted that the market is consolidating around the 4,000-point level, which is beneficial for solidifying the market foundation for future trends [5] - Galaxy Securities expressed continued optimism for the computing power sector, highlighting its performance realization phase and relatively moderate valuation levels, particularly in PCB, domestic computing power, IP licensing, and chip inductors [5]

Core Viewpoint - The company held a successful half-year performance briefing on October 29, 2025, with full interaction with investors, addressing 81 questions and achieving a 100% response rate. Group 1: Quantum Technology and Fusion Energy - The company's NbTi superconducting cables for quantum computers have met customer requirements and are being delivered [2][4] - The company has advanced research and production capabilities in superconducting materials, particularly for controlled nuclear fusion applications [3][4] - The company is actively involved in major fusion projects like CRAFT and BEST, ensuring product supply according to project progress [5][13] Group 2: Product Applications and Market Position - The company's superconducting products are utilized in high-energy accelerators, magnetic confinement fusion, medical MRI, and other advanced applications [4][43] - The company maintains a strong market position in the superconducting materials sector, with a significant share in the medical imaging market, approximately 40% globally and over 90% domestically [8][40] - The company is focused on enhancing its competitive edge through continuous innovation and quality management [4][50] Group 3: Future Development and Strategic Planning - The company plans to deepen its core business, enhance R&D innovation, and expand market applications to achieve sustainable growth [5][26] - The company is exploring new fields and products while aligning with national strategic needs in energy, healthcare, and aerospace [5][28] - The company is committed to maintaining a high level of interaction with investors and optimizing its response processes [2][19]

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.25%, Shenzhen Component down 0.58%, and ChiNext down 0.9% [3][4]. - The technology sector experienced a general pullback, particularly in storage chips and copper-clad laminate concepts, with Shenghong Technology's Q3 net profit slightly declining [4]. - The Hang Seng Index opened up 0.28%, and the Hang Seng Technology Index rose by 0.45%, with most tech stocks, including Xiaopeng Motors, seeing gains of over 4% [5]. Sector Performance - The technology stocks faced significant declines, with Shenghong Technology dropping nearly 6% post-earnings [4]. - The Fujian sector remained active, with positive performance in rare earths, photovoltaics, and nuclear fusion concepts [4]. - Precious metals saw a general decline, with Shandong Gold and Zhaojin Mining both falling nearly 2% [5]. Notable Events - Baima Tea Industry had a strong debut, opening up 60% on its first trading day [5].

Market Overview - The market opened high due to favorable news over the weekend and experienced fluctuations throughout the day [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed up by 1.18%, 1.51%, and 1.98% respectively, with over 3,300 stocks rising and trading volume increasing to 2.3 trillion [4] Sector Performance - The photolithography sector saw significant gains, with stocks like Wanrun Technology and Tongcheng New Materials hitting the daily limit [3] - The storage sector also performed well, with stocks such as Daming Co. and Zhaoyi Innovation reaching the daily limit [3] - The Haixi concept stocks surged, with Pingtan Development achieving three consecutive limit-ups [8] - The rare earth sector experienced a strong morning, with stocks like Antai Technology and Xiamen Tungsten hitting the daily limit, ultimately closing up 2.44% [12] Notable Stocks - New Ray Energy saw a nearly 18% increase due to speculation about its products entering the NV supply chain, highlighting the influence of market sentiment on stock performance [16] - Zhongchi Co. experienced extreme volatility, opening with a limit-up but quickly dropping to the limit-down, showcasing the unpredictable nature of stock trading [14]

Market Performance - The three major U.S. stock indices closed higher, reaching new historical highs, with the Nasdaq up 1.15%, the Dow Jones up 1.01%, and the S&P 500 up 0.79% [1] - The Nasdaq Composite Index saw a weekly increase of 2.31%, while the Dow Jones and S&P 500 rose by 2.2% and 1.92% respectively [1] Economic Indicators - The U.S. September CPI report indicated a moderate inflation situation, boosting investor optimism [1] - The market anticipates that the Federal Reserve may maintain its interest rate reduction path, which could support higher stock valuations [1] Stock Movements - Major tech stocks mostly rose, with Micron Technology increasing nearly 6% to reach a historical high, and Ford Motor Company rising over 12%, marking its best single-day performance since March 2020 [2] - Unusual Machines surged over 8% after winning its largest contract with the U.S. Department of Defense [2] Notable Company Performances - Tesla's stock fell over 3% despite reporting a revenue increase of 12% year-over-year to $28.1 billion for Q3 2025, while net profit dropped 37% to $1.37 billion [3] - Other notable stock movements included SanDisk up 11.44%, AMD up 7.63%, and Micron Technology up 5.96% [3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.27%, with companies like Baidu, TSMC, and Alibaba all seeing gains of over 1.4% [4] Commodity Market - Gold ended a nine-week streak of gains, while oil futures rose over 7% for the week [5][8] - Spot gold fell 3.35% for the week, and COMEX gold futures dropped 2.25% [8]

Market Overview - The stock market opened lower on October 22, with the Shanghai Composite Index down 0.44% to 3899.05 points, the Shenzhen Component down 0.81%, and the ChiNext Index down 0.89% [1] - A-shares saw a half-day trading volume of 1.11 trillion yuan [1] Monetary Policy - The People's Bank of China conducted a 138.2 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.4%, with a net injection of 94.7 billion yuan for the day [2] Gold Market - The World Gold Council reported that global physical gold ETFs saw the largest monthly inflow ever in September, totaling 26 billion dollars, bringing the total inflow for Q3 to a record 26 billion dollars [3] - As of the end of Q3, global gold ETF assets under management reached a historical high of 472 billion dollars, with total holdings increasing by 6% to 3838 tons [3] Sector Performance - The nuclear fusion concept stocks rebounded, with Changfu Co. and Hahai Huaton rising nearly 10% [3] - The robotics sector also saw significant gains, with companies like Dayang Electric and Ruineng Technology experiencing substantial increases [3] Health Sector Insights - Companies in the health sector, such as Zhongsheng Pharmaceutical, Minsheng Health, and Huaihua Pharmaceutical, are focusing on differentiated product lines and competitive advantages in their respective markets [7][8] - Zhongsheng Pharmaceutical is leveraging its new drug development technology platforms in respiratory and metabolic diseases [7] - Minsheng Health is expected to grow its probiotic business and capitalize on the scarcity of smoking cessation drug approvals [7] - Huaihua Pharmaceutical is focusing on specific market segments related to elderly, children, and women's health [7]

Market Overview - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component remained flat, and the ChiNext Index increased by 0.22% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion, a decrease of 398.5 billion compared to the previous trading day, with over 3,200 stocks rising [3] Sector Performance - The pharmaceutical sector saw a collective rebound, with notable gains in CRO and innovative drug concepts leading the market [2] - Specific sectors such as cell immunotherapy (+2.87%), chemical pharmaceuticals (+2.64%), and innovative drugs (+2.35%) showed significant increases [3] - The technology sector continued to adjust, with declines in photolithography and nuclear fusion concepts, while military and rare earth sectors experienced notable pullbacks [2] Stock Highlights - The stock of Guangda Special Materials opened down over 9% due to the implementation of detention measures against its chairman [11] - The Hong Kong stock market opened strong, with the Hang Seng Technology Index expanding its intraday gains to 2% [5][17] - The new Hong Kong stock Xuan Bamboo Biotechnology-B opened with a remarkable increase of 153.97%, attributed to its development of over ten drug assets [15][16] Economic Indicators - The People's Bank of China conducted a 435 billion yuan reverse repurchase operation with a rate of 1.40%, with no reverse repos maturing today [18] - The onshore RMB against the USD was set at 7.0995, an increase of 26 basis points from the previous trading day [19] - Spot gold prices surpassed $4,180 per ounce, reaching a new historical high [20]

Group 1 - Guangda Special Materials opened down over 9% due to the implementation of detention measures against its actual controller and chairman Xu Weiming [1] - The A-share market opened with slight gains, with the Shanghai Composite Index up 0.06%, Shenzhen Component Index up 0.19%, and ChiNext Index up 0.29% [2][3] - The market saw a resurgence in precious metals and rare earth sectors, while technology stocks continued to adjust, with significant declines in storage chips, photolithography machines, and consumer electronics concepts [3] Group 2 - The Hong Kong stock market opened with the Hang Seng Index up 1.08% and the Hang Seng Tech Index up 1.31%, indicating a stabilization in tech stocks [6][7] - ASMPT rose over 3%, while financial and real estate sectors generally opened higher, with New China Life Insurance up nearly 2% and Midea Real Estate up nearly 4% [6] - Shandong Gold opened down over 5% after disclosing its third-quarter earnings forecast [6]

Core Viewpoint - The stock of Hefei Intelligent (603011) has experienced a strong surge, hitting the daily limit for five consecutive trading days, with a current price of 28.78 yuan per share and over 200,000 shares on the limit order [1] Group 1: Stock Performance - The stock has seen a cumulative increase of 54.25% over the last ten trading days, with a significant rise in turnover rate [1] - The company has issued a warning regarding the potential risk of a rapid decline following the substantial short-term price increase [1] Group 2: Company Operations - The company has confirmed that its production and operational conditions are normal, with no significant changes in market environment or industry policies [1] - There have been no major fluctuations in production costs or sales, and the internal operational order remains stable [1] - The main business focuses on high-end forming machine tools and intelligent optical sorting equipment, with no revenue from the currently popular nuclear fusion concept [1] Group 3: Shareholder Actions - Hefei Construction Investment Holding Group plans to reduce its holdings by up to 494.41 million shares, representing a maximum of 1% of the total share capital [1] - The shareholder has already reduced its holdings by 84.84 million shares, accounting for 0.17% of the total share capital, and this reduction plan is still in progress [1]