1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US economy may face challenges as inflation re - heats in September, retail sales growth slows, and the Fed may need to cut interest rates. The peace plan for the Russia - Ukraine conflict is making progress, which could potentially impact global markets. In the domestic market, the A - share market rebounds, and the bond market shows mixed performance. The commodity market has different trends in various sectors such as metals, energy, and agriculture [3][22][31] - The report also provides macro - economic data, which shows the current economic situation such as GDP growth, PMI, and inflation rates in the domestic market, and also includes information on international economic data and events that may affect the global and domestic investment environment [1] 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP growth in Q3 2025 was 4.8% year - on - year, lower than the previous quarter's 5.2%. The manufacturing PMI in October 2025 was 49%, down from 49.8% in the previous month. The non - manufacturing PMI was 50.1%, slightly up from 50% [1] - Social financing scale in October 2025 was 816.1 billion yuan, a significant drop from 3529.9 billion yuan in the previous month. M0, M1, and M2 growth rates all declined compared to the previous month [1] - CPI in October 2025 was 0.2% year - on - year, up from - 0.3% in the previous month. PPI was - 2.1% year - on - year, an improvement from - 2.3% [1] 3.2 Commodity Investment 3.2.1 Comprehensive - The China - US leaders' phone call was initiated by the US, with a positive atmosphere. The US is making progress in the Russia - Ukraine peace plan, and the Fed may cut interest rates [2][3] - On November 25, 47 domestic commodity varieties had positive basis, and 22 had negative basis.沪镍, 郑棉, and铸造铝合金 had the largest basis [2] 3.2.2 Metals - International precious metal futures generally rose due to factors such as the Fed's potential rate cut, the uncertain situation in the Russia - Ukraine conflict, and concerns about the US fiscal deficit [5] - Zinc, copper, aluminum, lead, tin, and nickel inventories in the London Metal Exchange changed on November 24. Hong Kong's gold exports to the Chinese mainland decreased in October [5] 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - November, the prices of coke, coking coal, and rebar all increased. However, the increase in coke prices has squeezed steel mills' profits, and coke prices may face downward pressure at the end of the month or early December [7] 3.2.4 Energy and Chemicals - Norway aims to maintain its oil and gas production at 2020 levels by 2035 and will invest about 60 billion Norwegian kroner. European natural gas prices are expected to decline [9] - Iraq's oil exports in October were 110.9 million barrels, and measures are taken to maintain the production of the West Qurna - 2 oilfield [9] 3.2.5 Agricultural Products - As of mid - November, the prices of corn, wheat, and rice increased, while the price of cotton decreased. The price of natural rubber rose [11] - The inventory of breeding sows in China decreased, and the pig price is expected to rise moderately before the Spring Festival. The breeding of poultry and eggs is expected to face losses [12] 3.3 Financial News 3.3.1 Open Market - On November 25, the central bank conducted 302.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 105.4 billion yuan [14] 3.3.2 Key News - The US is making progress in the Russia - Ukraine peace plan, and the China - US leaders' phone call is positive. The Chinese government will hold a press conference on promoting consumption [15][16] - China's foreign direct investment and overseas project contracting increased from January to October. Local government special bonds are being issued for government investment funds [16] 3.3.3 Bond Market - The A - share market is strong, while the bond market is weak. The yields of medium - and long - term interest - rate bonds generally increased, and the prices of some bonds of Vanke decreased significantly [22] - The exchange - traded bond market had mixed performance, and the convertible bond index rose. The money market interest rates had different trends [23] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies generally rose [27] 3.3.5 Research Report Highlights - Whether the Fed will cut interest rates in December is uncertain. Active management bond funds can break the situation through strategies such as "fixed income +" and medium - long - term credit amortization [28][29] - For 2026, it is recommended to set the GDP target at around 5% and implement more active fiscal and monetary policies [29] 3.4 Stock Market - The A - share market rebounded, with lithium mines and the Fujian sector performing strongly. The Hong Kong stock market also rose, and the repurchase amount of A - shares and Hong Kong stocks reached a high level this year [31][32] - Multiple funds have reported new ETF products [32]

A股三大指数集体上涨，截至午盘，沪指涨1.13%，深成指涨2.04%，创业板指涨2.60%，北证50指 数涨1.65%，沪深京三市半日成交额11831亿元，较上日放量1506亿元。全市场超4800只个股上涨。AI 硬件方向全线反弹，CPO概念爆发，玻纤、液冷、覆铜板概念同步大涨，AI应用、商业航天概念持续活 跃；水产股大跌，民航、白酒表现低迷。 ETF方面，AI硬件板块暴力反弹，创业板人工智能ETF大成、银华基金5GETF、创业板人工智能 ETF华夏分别涨5.19%、5%和4.97%。科创板小盘股涨幅居前，易方达基金成长ETF、科创200ETF易方 达分别涨4.5%和4.37%。 跨境ETF跌幅居前，沙特ETF、日本东证指数ETF和法国CAC40ETF分别跌1.17%、0.68%和0.5%。 中船系调整，交运ETF跌0.19%。 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1 - A-shares experienced significant market activity on October 28, with 71 stocks hitting the daily limit up and 10 stocks hitting the limit down [1] - The fiberglass sector showed strong performance, with Honghe Technology reaching the limit up [1] - Fujian state-owned assets concept stocks strengthened, with Zhangzhou Development and Haixia Innovation achieving consecutive limit up days [1] Group 2 - *ST Wancan achieved 10 limit up days in 12 trading sessions, while ST Zhongdi recorded 8 consecutive limit up days [1] - Other notable stocks include Yingxin Development with 7 limit up days, Pingtan Development with 6 limit up days over 8 sessions, and Antai Group with 5 limit up days over 9 sessions [1] - Several stocks experienced multiple consecutive limit up days, including Shikong Technology and *ST Zhengping with 5 limit up days, and Dawi Shares with 4 limit up days [1] Group 3 - *ST Yuancheng faced a continuous decline with 12 consecutive limit down days, while *ST Suwu and Zhujiang Piano experienced 2 consecutive limit down days [2] - Other companies such as *ST Heke and Nongxin Technology also hit the limit down [2]

Group 1 - A-shares experienced significant activity with 64 stocks hitting the daily limit up and 6 stocks hitting the limit down on October 28 [1] - The non-ferrous and tungsten sectors were particularly active, with AnTai Technology achieving a consecutive limit up and Zhongtung High-tech also hitting the limit up [1] - The fiberglass sector showed strength, with Honghe Technology reaching the limit up [1] - Fujian state-owned assets concept stocks rose, with Haixia Innovation and Fujian Cement achieving consecutive limit ups, along with HeLiTai and Xiamen Port reaching the limit up [1] Group 2 - *ST Yuan Cheng faced a continuous decline with 12 consecutive limit downs, while *ST Su Wu and ST Huatong experienced 2 consecutive limit downs [2] - Other companies such as *ST HeKe and Shi Long Industrial also hit the limit down [2]

Group 1 - A-shares experienced significant activity with 42 stocks hitting the daily limit up and 4 stocks hitting the limit down on August 28 [1] - The fiberglass sector showed strong performance, with International Composites reaching the daily limit up [1] - The computing power chip concept gained momentum, highlighted by Tianpu Co. achieving five consecutive limit ups, and Wantong Development recording four limit ups in six days [1] Group 2 - Several stocks recorded multiple consecutive limit ups, including Changfei Optical Fiber and TeFa Information with three limit ups over four days [1] - Other notable stocks with consecutive limit ups include Qiming Information and Guoguang Chain with three consecutive limit ups, and Jiangnan New Materials with two limit ups over four days [1] - On the downside, *ST Gaohong faced a continuous decline with 14 consecutive limit downs, while ST Huayang and ST Dongshi also experienced limit downs [1]

Market Overview - On August 15, the A-share market saw a total of 105 stocks hit the daily limit, with 87 stocks hitting the limit after excluding 18 ST stocks, resulting in an overall limit-up rate of 76.64% [1] Top Performers - Tianfeng Securities had the highest limit-up order volume at 1.1641 million hands, followed by Quzhou Development, Aili Home, and Founder Technology with 1.0547 million hands, 478,300 hands, and 321,600 hands respectively [2] - The brokerage sector index rose over 4% on the same day, with Tianfeng Securities and Great Wall Securities both hitting the limit [2] Company Announcements - Tianfeng Securities announced a profit forecast for the first half of the year, expecting a net profit attributable to shareholders of 2.8 million to 3.3 million yuan, marking a turnaround from a loss in the previous year due to increased investment income [2] - Aili Home issued a risk warning regarding stock trading, stating that its main business of developing, producing, and selling PVC plastic flooring remains unchanged, and that there are no significant matters affecting stock price fluctuations [2] Financial Performance - Aili Home also released a profit warning for the first half of 2025, expecting a net profit of 24.6 million to 29.2 million yuan, a decrease of 59.61% to 65.98% year-on-year, attributed to changes in international trade environments and rising costs [3] Sector Highlights - The fiberglass sector saw multiple stocks hit the limit, including Honghe Technology, China National Materials, Ping An Electric, and Zaiseng Technology, with promising growth potential in their respective fields [4] - The liquid cooling server sector also had strong performances, with stocks like Dayuan Pump Industry and Feilong Co., Ltd. seeing significant gains, as they expand their product offerings and market reach [5][6] Financial Sector Developments - The financial sector had notable limit-up stocks including Great Wall Securities, Dazhihui, and Guiding Compass, with companies focusing on enhancing service capabilities and integrating financial technology [7] Investment Trends - The net buying activity on the Dragon and Tiger list showed significant interest in stocks like Guiding Compass, with net purchases exceeding 4 billion yuan, indicating strong investor confidence [8][9]

Group 1 - On August 15, the A-share market saw a total of 104 stocks hitting the daily limit up and 4 stocks hitting the limit down [1] - The fiberglass sector was active, with Zhongcai Technology and International Composite Materials reaching the limit up [1] - The securities IT sector strengthened, with Zhinan Compass and Dazhihui also hitting the limit up [1] Group 2 - The copper foil and copper-clad laminate sectors experienced gains, with Honghe Technology achieving three consecutive limit ups, and Dongcai Technology hitting the limit up twice in three days [1] - Notable continuous limit up stocks included Hongtong Gas with 7 limit ups in 9 days, and *ST Aowei with 7 limit ups in 8 days [1] - Other stocks with consecutive limit ups included Dayuan Pump Industry and *ST Huarong with 5 consecutive limit ups, and Zhejiang Dongri and Tongzhou Electronics with 4 limit ups in 5 days [1] Group 3 - *ST Gaohong faced a continuous decline with 5 consecutive limit downs, while *ST Suwu had 2 consecutive limit downs [1] - Hongtian Shares and Aerospace Science and Technology also hit the limit down [1]

Group 1 - A-shares experienced significant activity with 67 stocks hitting the daily limit up and 2 stocks hitting the limit down on August 15 [1] - The copper foil and copper-clad laminate sector showed strong performance, with companies like Honghe Technology achieving three consecutive limit ups, and Dongcai Technology achieving two limit ups in three days [1] - The fiberglass sector also saw gains, with Zhongcai Technology and International Composite both hitting the limit up [1] Group 2 - The securities IT sector rose, highlighted by Dazhihui hitting the limit up [1] - Notable continuous limit up stocks included *ST Aowei with 7 limit ups in 8 days, and Dayuan Pump Industry and *ST Huarong with 5 consecutive limit ups [1] - Other stocks with notable performance included Zhejiang Dongri and Tongzhou Electronics with 4 limit ups in 5 days, and Keli Ke with 3 limit ups in 5 days [1] Group 3 - *ST Gaohong faced a decline with 5 consecutive limit downs, while *ST Suwu experienced 2 consecutive limit downs [1]