【人工智能】 政策支持：八部门印发《"人工智能+制造"专项行动实施意见》，提出到2027年AI核心关键技术安全可 靠供给等目标。 产业动态：智谱AI与国产GPU公司天数智芯将于明日（1月8日）在港股上市；金融时报称Meta收购 Manus正面临监管审查；网传DKL在谷歌TPU OCS采购中获超70%份额；卖方指出单机柜电源（PSU） 价值量预计提升至少30%。 其他传闻：市场传闻春节期间将有大模型重大动作；另有传闻称科技公司被要求暂停英伟达H200芯片 订单。 相关ETF： 半导体设备ETF(场内：561980，场外：020464)、云计算ETF(场内：159890，场外： 021716)、软件龙头ETF(场内：159899，场外：018385) 【卫星互联网】 日本政府计划打造本土版"星链"系统，拟列支1500亿日元补助相关企业。 相关ETF： 卫星产业ETF(场内：159218) 【有色金属】 中国央行连续第14个月增持黄金。 相关ETF： 有色矿业ETF招商(场内：159690) 【煤炭】 多重因素催化：蒙煤短期通关下降预期；榆林部分核增产能退回；市场对反内卷政策加码存预期；行业 处于冬储补库阶段。 相 ...

可控核聚变概念震荡走强，中国一重、中国核建、雪人集团、中国西电涨停，英杰电气、理工光科、华 菱线缆、哈焊华通等涨幅居前。消息面上，商业聚变能源公司能量奇点宣布，1月6日下午，正在运行的 全球首台全高温超导托卡马克核聚变实验装置洪荒70取得重要进展，在第5319次实验中成功实现了120 秒稳态长脉冲等离子体运行。 站在市场角度而言，该方向类似于此前几日的脑机接口，属于典型的事件催化下题材炒作，虽然在后市 热点轮动过程中仍存在反复活跃的机会，但预计更多的赚钱效应或更多向前排核心标的集中。 智通财经1月7日讯，沪指微涨录得14连阳，创业板指冲高回落。沪深两市成交额2.85万亿，较上一个交 易日放量476亿，成交额连续2个交易日超2.8万亿。盘面上，市场热点快速轮动，全市场超3100只个股 下跌。从板块来看，商业航天概念反复活跃，十余只成分股涨停，雷科防务6连板，金风科技2连板。煤 炭板块持续拉升，大有能源、陕西黑猫涨停。半导体设备股延续强势，中微公司、北方华创大涨续创历 史新高。光刻胶概念表现活跃，国风新材3天2板，南大光电、彤程新材涨停。可控核聚变概念震荡走 强，中国一重、中国核建涨停。下跌方面，脑机接口概念震荡 ...

沪指涨0.24%，深成指涨0.31%，创业板指涨0.08%。商业航天概念股反复活跃，算力硬件、AI手机、智 能交通、芯片、核聚变题材走强；煤炭、保险、黄金板块调整。 沪指涨0.24%，深成指涨0.31%，创业板指涨0.08%。商业航天概念股反复活跃，算力硬件、AI手机、智 能交通、芯片、核聚变题材走强；煤炭、保险、黄金板块调整。 ...

盘面上，近日一致走强的大型科技股多数显示疲惫，其中，快手跌近3%，百度跌2%，阿里巴巴跌 1.9%，小米、腾讯飘绿，闪购与华为鸿蒙合作升级，美团大涨5.6%表现最为强势，京东涨超2%；油汇 成本改善利好航企业绩，近期调整的航空股再度迎来大涨行情，东航大涨近7%相对抢眼；巨头密集发 布产品调价通知，白卡纸价开始触底反弹，纸业股午后涨幅加大；流感药品销量暴涨！药品类股走势活 跃，创新药概念股涨幅相对明显，半导体芯片股、汽车股、重型基建股、保险股多数上涨。 另一方面，地缘政治有缓和迹象，军工股持续回调，影视娱乐股、黄金股、稳定币概念股、内房股、煤 炭股多数走低。(格隆汇) 港股高开震荡尾盘涨幅持续收窄，恒生指数涨0.13%26000点得而复失，国企指数、恒生科技指数分别 上涨0.04%及0.11%，大市总体呈现3连涨行情。 ...

Market Overview - On November 20, A-shares experienced significant fluctuations, with the Shanghai Composite Index closing down by 0.4%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.12% [1][2] - The total market turnover exceeded 1.7 trillion yuan, with over 3,800 stocks declining [2] Stock Performance - The banking sector showed resilience, with China Bank and Industrial and Commercial Bank reaching new highs [2] - The Hainan Free Trade Zone sector surged, with Hainan Haiyao hitting the daily limit [2] - The lithium extraction sector also saw gains, with companies like Beijiete and Zhengguang shares hitting the daily limit of 20% [2] - Conversely, sectors such as coal, prepared dishes, dairy, and organic silicon experienced declines [2] Company Specifics - Heff China resumed trading and hit the daily limit, closing at 26.18 yuan per share after a significant rise of 291.92% over 15 trading days prior to November 17 [3][5] - Heff China's main business includes AI-assisted clinical diagnosis systems, remote medical services, and management of medical resources [5] - The stock of Heff China was suspended for trading due to abnormal fluctuations, but no additional favorable information was disclosed upon resumption [5] Notable Stock Movements - The stock of Renmin Tongtai faced a consecutive drop, hitting the limit down after a previous six-day surge of 88.71% [6][8] - ST Lvkang also experienced a "heaven and earth board" phenomenon, with significant volatility following a nine-day rise [8] - Jiumuwang exhibited extreme volatility, opening at the limit up, then hitting the limit down, before recovering to the limit up again, with a cumulative increase of 99.46% in November [10][12]

Core Viewpoint - A-shares experienced a collective decline in the morning session, with the Shanghai Composite Index down by 0.56%, Shenzhen Component Index down by 0.43%, and ChiNext Index also down by 0.43% [1] Market Performance - The semiconductor sector showed resilience, with Jingyi Equipment rising over 12% [1] - The power battery sector faced significant losses, with Shida Shenghua hitting the daily limit down [1] - Sectors such as internet celebrity economy, software development, CPO, and engineering machinery saw notable gains [1] - Conversely, solid-state batteries, energy storage, phosphorus chemical, fluorochemical, real estate, coal, and steel sectors experienced the largest declines [1] Trading Volume - The total market turnover reached nearly 1.3 trillion yuan, an increase of over 10 billion yuan compared to the previous trading day [1] - More than 4,000 stocks declined during the session [1]

Computer Industry - Alibaba launched the "Qianwen" app, entering the C-end AI assistant market, aiming to build an intelligent platform and expand globally, creating a technology and commercialization loop [2] - The AI ETF on the STAR Market (588760) has seen a net inflow of 530 million yuan over the last 10 trading days, indicating strong interest in the AI sector [2] - The cloud computing ETF (159527) has increased over 108% year-to-date, reflecting growth in China's cloud computing and big data industries [2] Defense and Military Industry - The defense and military sector reported a total net profit of 24.453 billion yuan for the first three quarters, a year-on-year increase of 17.29% [3] - The third quarter alone saw a net profit of 8.927 billion yuan, a significant year-on-year growth of 73.2%, driven by improved downstream demand and increased product deliveries [3] - The military industry is expected to enter a new growth cycle, supported by new equipment construction and accelerated military trade [3] Coal Industry - The coal sector is experiencing investment opportunities due to tightening supply and increasing demand, with thermal coal prices rising from 621 yuan/ton to 699 yuan/ton in the third quarter [4] - The upcoming winter heating season is expected to boost coal demand, particularly as electricity consumption rises [4] - The energy ETF (159945) that tracks the CSI All-Share Energy Index is highlighted as a potential investment opportunity [4] Hong Kong Innovative Drug Sector - The innovative drug sector in Hong Kong is in a rapid sales growth phase, with significant product approvals and inclusion in medical insurance driving revenue [5] - The largest innovative drug ETF in Hong Kong (513120) has a current scale of 25.988 billion yuan, indicating strong market interest [5] Hang Seng Technology Index - The Hang Seng Technology Index is viewed positively, with recommendations to focus on platform-based internet companies and AI ecosystem enterprises [6] - The Hang Seng Technology ETF (513380) has seen a net inflow of 1.357 billion yuan over the last 20 trading days, reflecting strong investor interest [6] Real Estate Market - The secondary real estate market is expected to continue improving, with a 4.7% year-on-year increase in transaction area for second-hand homes from January to October [9] - Major cities like Shanghai and Shenzhen have seen over 10% growth in second-hand home transactions, indicating a recovery in the real estate sector [9]

Market Overview - A-shares experienced a slight pullback on November 7, with the Shanghai Composite Index falling below the 4000-point mark, closing at 3997.56 points, down 0.25% [1] - The Shenzhen Component Index decreased by 0.36%, closing at 13404.06 points, while the ChiNext Index dropped 0.51% to 3208.21 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 199.91 billion yuan, a decrease of 56.2 billion yuan from the previous day [1] - The market saw mixed performance across sectors, with energy metals, chemical raw materials, fertilizers, batteries, and photovoltaic equipment leading the gains, while internet services, motors, auto parts, and software development faced declines [1] Industry Performance - The organic silicon sector showed strong performance, with the index rising over 5% in a single day, reaching a three-year high [2] - From 2019 to 2024, China's organic silicon consumption is projected to grow from 1.062 million tons to 1.816 million tons, with a compound annual growth rate of 11.3% [2] - The demand for organic silicon materials is increasing in emerging industries such as electronics, new energy vehicles, and photovoltaic cells, indicating a robust growth outlook for the sector [2] - The chemical sector also performed well, with the yellow phosphorus index rising over 7% in the past two weeks and the market average price of thionyl chloride increasing by 8.61% recently, with a cumulative increase of 19.38% since August [2] Company Spotlight - Huazhu High-Tech, a leading company in industrial-grade additive manufacturing, saw its stock rise by 9.66% on November 7 [4] - The company reported earnings per share of 0.04 yuan and a net profit of 14.5581 million yuan for the third quarter of 2025, with a year-on-year net profit growth rate of -66.76% [4] - The recent stock surge was influenced by news of a shareholding change in Shenzhen Fast Manufacturing, which added new institutional investors, including Meituan and Hillhouse Capital [4] - The 3D printing industry has seen a compound annual growth rate exceeding 30% over the past three years, with many brands achieving annual revenues surpassing 1 billion yuan [4] - Huazhu High-Tech possesses unique capabilities in polymer additive manufacturing, leveraging advanced technologies and proprietary software platforms to enhance product applications [4]

Report Summary 1. Market Performance Overnight - US stocks: The three major US stock indexes closed mixed. The Dow fell 0.48%, the S&P 500 rose 0.17%, and the Nasdaq rose 0.46%. The Wande US Tech Seven Giants Index rose 1.04%. Amazon hit a record high, up 4%, and Tesla rose more than 2%. Chinese concept stocks were mixed [5]. - European stocks: The three major European stock indexes closed mixed. The German DAX index rose 0.68%, the French CAC40 index fell 0.14%, and the UK FTSE 100 index fell 0.16%. European stocks were affected by the strength of US tech stocks and weak eurozone manufacturing data [5]. - Precious metals: International precious metals closed mixed. COMEX gold futures rose 0.43% to $4013.7 per ounce, and COMEX silver futures fell 0.52% to $47.91 per ounce. Gold was supported by central bank purchases, geopolitical uncertainty, and Fed rate - cut expectations [5]. - Crude oil: US crude oil futures rose 0.04% to $61.02 per barrel, and Brent crude oil futures rose 0.14% to $64.86 per barrel [6]. - Base metals: London base metals were mixed. LME zinc, aluminum, and lead rose, while tin, copper, and nickel fell [8]. 2. Important Macroeconomic News - China - South Korea currency swap: The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement worth 400 billion yuan/70 trillion won for five years, which helps deepen currency and financial cooperation and promote trade [10]. - China's manufacturing PMI: In October, RatingDog's China manufacturing PMI fell to 50.6, with most sub - indicators declining month - on - month, and new export orders falling into contraction [10]. - Fed officials' views: Fed Governor Smilan said current monetary policy is too tight, and Governor Cook said a December rate cut is possible, depending on future data [10][12]. - US Treasury borrowing: The US Treasury estimated borrowing of $569 billion in Q4, $21 billion less than the July estimate [10]. 3. Energy and Chemical Futures - Oil demand outlook: ADNOC CEO said oil demand will remain above 100 million barrels per day after 2040, but warned of near - term challenges [14]. - Oil price forecast: Morgan Stanley raised its Brent crude price forecast to $60 per barrel in H1 2026, and expects supply - demand balance in H2 2027 with prices rising to $65 [14]. - Styrene inventory: As of November 3, 2025, Jiangsu styrene port inventory decreased by 7.10% week - on - week [15]. - Log出库量: Last week, the average daily出库量 of coniferous logs at 13 ports in 7 Chinese provinces decreased by 2.48% [15]. - OPEC's view: OPEC Secretary - General said the organization sees positive oil demand signs, expects 1.3 million barrels per day growth this year, and OPEC+ will pause production increases in Q1 2026 [16]. 4. Metal Futures - Alumina production: In October 2025, China's metallurgical - grade alumina production increased year - on - year and month - on - month, but the operating capacity decreased slightly [19]. - Copper production: Chile's copper production in September was 456,663 tons, up 7.79% month - on - month but down 4.5% year - on - year [19]. - PV component price: JinkoSolar expects component prices to face short - term pressure and recover in Q2 2026 [19]. 5. Black - Series Futures - Iron ore arrivals: From October 27 to November 2, 2025, the arrivals at 47 Chinese ports increased by 1.2298 million tons week - on - week [21]. - Iron ore shipments: Global iron ore shipments decreased by 174,500 tons week - on - week [21]. - Steel inventory: In late October, the social inventory of 5 major steel products in 21 cities decreased by 3.3% month - on - month [21]. 6. Agricultural Futures - Palm oil production: In October 2025, Malaysia's palm oil production increased by 5.55% month - on - month [24]. - Pig farming cost: Muyuan's pig - farming cost in September 2025 was about 11.6 yuan/kg [25]. - Pig and grain prices: As of October 29, the national pig price rose 4.59% week - on - week, and the pig - grain ratio rose 5.52% [25]. - Soybean crushing: In October, the soybean crushing volume of major Chinese oil mills decreased, but is expected to reach 9 million tons in November [25]. - Palm oil exports: Malaysia's palm oil exports from October 1 - 31, 2025, increased by 26.54% year - on - year [26]. - Indian edible oil imports: India's 2024/2025 edible oil imports increased slightly, with palm oil imports down and soybean oil imports up [26]. - Brazilian crop sowing: As of last Thursday, Brazil's 2025/26 soybean sowing rate reached 47%, and the first - crop corn sowing area reached 60% of the planned area [27]. - US soybean exports: As of October 30, 2025, the US soybean export inspection volume decreased week - on - week [27]. 7. Financial Markets Financial - Regulatory official's case: Former CSRC vice - chairman Wang Jianjun was investigated for serious violations [30]. - A - share market: A - shares rebounded. The Shanghai Composite Index rose 0.55%, and the trading volume was 2.13 trillion yuan [30]. - Hong Kong stock market: The Hang Seng Index rose 0.97%, and southbound funds had a net purchase of HK$5.472 billion [30]. - Brokerage "golden stocks": As of November 3, 186 stocks were short - listed for November "golden stocks", and industry insiders are optimistic about tech - growth sectors [32]. - ETF approval: The China Securities Regulatory Commission approved the issuance of the ChinaAMC CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, expected to start in December [32]. Industry - AI development: The Minister of Industry and Information Technology called for promoting the "two - way empowerment" of AI innovation and manufacturing applications [33]. - Display equipment: Three high - end equipment for 8.6 - generation large - size OLED screens were launched at the 2025 World Display Industry Innovation and Development Conference [33]. - Robot industry: In the first three quarters of this year, China's robot industry revenue increased by 29.5% year - on - year [33]. - Marine economy: In the first three quarters, China's marine GDP reached 7.9 trillion yuan, up 5.6% year - on - year [33]. - Water - saving equipment: The MIIT and the MWR issued a plan to promote the high - quality development of water - saving equipment by 2027 [35]. - Auto market: The auto consumption index in October was 90.5, and the November retail sales are expected to increase slightly [36]. - Memory market: Three major memory manufacturers suspended DDR5 quotes, and the resumption is expected in mid - November [36]. Overseas - New Zealand visa policy: Chinese passport holders entering from Australia can enter New Zealand visa - free for up to 3 months from November 3, 2025, on a 12 - month trial basis [37]. - Fed officials' views: Fed Governor Milan called for more aggressive rate cuts, and Governor Cook said a December rate cut is possible [37]. - US aviation safety: US Transportation Secretary Sean Duffy said the government may close the aviation system if the "shutdown" affects safety [37]. - US corporate layoffs: As of September, US corporate layoffs reached nearly 950,000, the highest since 2020 [39]. - US manufacturing PMI: The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month [39]. - Eurozone economic situation: The eurozone manufacturing PMI in October was 50, with new orders flat and exports falling [39]. International Stock Markets - US stocks: The three major US stock indexes closed mixed, and over 100 S&P 500 companies will release earnings this week [40]. - European stocks: The three major European stock indexes closed mixed, affected by US tech stocks and eurozone manufacturing data [40]. - South Korean stocks: The South Korean Composite Index broke through 4200 points for the first time, driven by the semiconductor sector [42]. - Company news: Beyond Meat postponed its Q3 earnings, and Palliser pressured Rio Tinto to bid for Teck Resources [42][43]. Commodities - Precious metals: International precious metals closed mixed, with gold rising and silver falling [44]. - Crude oil: Crude oil prices rose, supported by OPEC+ production decisions and institutional price forecasts [44]. - Base metals: London base metals were mixed [44]. Bonds - Domestic bonds: The domestic bond market fluctuated narrowly, and most Treasury bond futures contracts declined [46]. - US bonds: US bond yields rose across the board [46]. - Corporate bond issuance: Alphabet plans to raise $17.5 billion in US dollar bonds and at least €3 billion in euro bonds [47]. Foreign Exchange - Currency swap: The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement [48]. - RMB exchange rate: The on - shore RMB against the US dollar closed lower, and the RMB exchange rate index reached a new high since April [48]. - Dollar index: The US dollar index rose 0.15%, and most non - US currencies fell [49]. 8. Upcoming Events - Central bank events: The RBA will announce its interest - rate decision, and ECB President Lagarde will speak at multiple events [53]. - Conferences: The 2025 Petrochemical and Chemical Industry Digital Transformation Conference and the 2025 Auto Core Components Advanced Manufacturing Technology Forum will be held [53]. - Budget and reports: Canada will announce its annual budget, and the RBNZ will release its financial stability report [53]. - Earnings reports: AMD, Yum China, and Uber will release earnings [53].

Market Overview - The A-share market experienced a pullback after initially rising, with the Shanghai Composite Index briefly surpassing 4000 points before closing down 0.22% at 3988.22 [3][4] - The Shenzhen Component Index fell 0.44% to 13430.10, while the ChiNext Index decreased by 0.15% to 3229.58 [4] Sector Performance - The Fujian sector continued its strong performance, with multiple stocks such as Haixia Innovation and Fujian Cement hitting the daily limit [4] - The military industry saw a collective surge, with stocks like Jianglong Shipbuilding and Great Wall Military Technology closing at their upper limits [5] - Conversely, the non-ferrous metals sector faced widespread declines, particularly in gold, rare earths, and cobalt mining [4] Trading Volume and Capital Flow - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day, with over 2900 stocks declining [6] - Main capital inflows were observed in sectors such as bioproducts, cultural media, and software development, while outflows were noted in semiconductors, non-ferrous metals, and communication equipment [8] Stock-Specific Movements - Notable net inflows were recorded for stocks like N He Yuan-U (17.75 billion yuan), N Yi Cai-U (12.91 billion yuan), and Great Wall Military Technology (11.07 billion yuan) [9] - In contrast, Northern Rare Earth, Huayou Cobalt, and ZTE faced significant net outflows of 20.89 billion yuan, 13.77 billion yuan, and 11.97 billion yuan respectively [10] Institutional Insights - According to Qianhai Bourbon Fund, the market's recent breakthrough of 4000 points requires further observation due to external factors like tariff negotiations and the Federal Reserve's decisions [12] - Guodu Securities noted a "slow bull" market pattern, highlighting the frequent rotation between blue-chip dividends and technology sectors, with an emphasis on the potential for increased volatility in the coming months [13]