Report Industry Investment Rating - No relevant information provided Core Viewpoints - Overseas, the US government is about to end its shutdown, the US dollar has risen and then fallen, and funds have started to shift between high - and low - risk assets, leading to a divergence in the trends of the Dow and the Nasdaq. Domestically, the rotation rhythm in the market has accelerated, the dividend sector has become active again, driving the Shanghai Composite Index to recover after hitting a low, and it still fluctuates around 4000 points. The recent phased adjustment of the technology sector is closely related to the new fund regulations. The requirement that the investment style of funds should not deviate has prompted funds to be re - allocated from the popular technology field [1][2] Summary by Directory Market Analysis - China and Spain strengthen cooperation. After the meeting between the Chinese President and the King of Spain, the two sides witnessed the signing of 10 cooperation documents in economic, trade, scientific, and educational fields. The US House of Representatives will vote on a temporary appropriation bill, and the longest - ever federal government shutdown in US history may end [1] - In the spot market, A - share indices recovered after hitting a low. The Shanghai Composite Index fell 0.07% to close at 4000.14 points, and the ChiNext Index fell 0.39%. Most sector indices declined, with home appliances, textile and apparel, and petroleum and petrochemical industries leading the gains, while power equipment, machinery, and computer industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was about 1.9 trillion yuan. Overseas, the three major US stock indices closed mixed, with the Dow rising 0.68% to a new high [1] - In the futures market, the basis of stock index futures rebounded, and both the trading volume and open interest of stock index futures increased [1] Strategy - Overseas, the US government's impending end of the shutdown and the shift of funds between high - and low - risk assets have led to a divergence in the trends of the Dow and the Nasdaq. Domestically, the rotation rhythm in the market has accelerated, the dividend sector has driven the Shanghai Composite Index to recover after hitting a low, and the technology sector's adjustment is related to new fund regulations [2] Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [6][7] Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 12, 2025: the Shanghai Composite Index was at 4000.14, down 0.07% from the previous day; the Shenzhen Component Index was at 13691.38, up 1.95%; the ChiNext Index was at 3122.03, down 0.39%; the CSI 300 Index was at 4645.91, down 0.13%; the SSE 50 Index was at 3044.30, up 0.32%; the CSI 500 Index was at 7243.25, down 0.66%; the CSI 1000 Index was at 7486.38, down 0.72% [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures increased. For example, the trading volume of IF was 120690 (an increase of 10290), and the open interest was 273421 (an increase of 10237) [14] - The basis of stock index futures showed different changes. For example, the current - month contract basis of IF was - 0.91 (an increase of 11.06) [39] - The inter - period spreads of stock index futures also had various changes, such as the next - month minus current - month spread of IF with a current value of - 17.00 and a change of - 3.60 [47]

Group 1 - The second quarter saw an influx of funds into the new consumption sector, driving an upward trend and raising market expectations for performance in this area [1] - As preliminary reports for the second quarter are released, some high-growth stocks have underperformed relative to previous expectations, leading to a market adjustment that is gradually stabilizing [1] - Despite the adjustments, leading companies continue to maintain stable high growth rates, suggesting that new consumption may experience a new round of market activity as overall consumer sentiment is expected to recover [1] Group 2 - Traditional consumption sectors are showing a high cost-performance ratio, with significant increases in various industries since August, including automotive (12.05%), home appliances (9.37%), and light manufacturing (8.4%) [1] - The valuation levels of these sectors are below their historical averages, with food and beverage, agriculture, home appliances, and social services all positioned below their valuation midpoints [1] - The expected profit growth rates for 2025E in these sectors are 8.64% for food and beverage, 22.26% for agriculture, 13.92% for home appliances, and 45.35% for social services, indicating good investment value in the current industry rotation context [1]