重要新闻提示 平潭发展、海峡创新：因股票交易异常波动，今起停牌核查 嘉戎技术：筹划购买杭州蓝然全部股份，预计构成重大资产重组 亚星化学：重大资产重组预案出炉，今日复牌 3. 财政部11月17日发布的2025年1—10月财政收支情况显示，1—10月主要税收收入项目中，印花税收入 3781亿元，同比增长29.5%。其中，证券交易印花税收入1629亿元，同比增长88.1%。 今日提示 央行今日有4038亿元7天期逆回购到期 北交所新股精创电气（920035）今日申购，发行价为12.1元/股 科创板新股恒坤新材（688727）、创业板新股南网数字（301638）、北交所新股北矿检测（920160）今 日上市 财经新闻 1. 11月17日，国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》。《意见》明确 了改革的指导思想和主要目标，提出到2030年，化妆品监管法律制度更加完善，标准体系更加健全，技 术支撑更加有力，产业创新活力更加充沛，风险防控能力全面加强，质量安全水平显著提升；到2035 年，化妆品质量安全监管体系达到国际先进水平，产业具有更强的创新创造力和全球竞争力，基本实现 监管现代化。 2. 国家 ...

随着新经济动能加速积聚，外资机构不断加仓中国资产。 据瑞银投资银行最新统计，2025年三季度，外国机构投资者进一步增持中国股票。投资范围不同的基金 （全球/新兴市场/亚洲）均小幅提高中国仓位。全球前40大投资机构的中国股票持仓也升至1.1%，为 2023年一季度以来的最高水平。 加仓方向上，国际投资者增持最多的行业包括医疗保健、保险、能源和材料以及互联网。 今年四季度以来，外资机构依旧对A股上市公司保持密切关注。据Wind统计，10月1日—11月14日，外 资机构调研A股上市公司的总次数接近1300次。其中，高盛（亚洲）证券有限公司、花旗环球金融亚洲 有限公司、摩根士丹利亚洲有限公司的调研次数排名靠前，分别为44次、30次、23次。 在外资机构看来，A股市场中长期表现的核心逻辑根植于中国制造优势，随着政策对部分产业"内卷 式"竞争的调控，中国制造优势最终能够在盈利能力上得以体现。 加仓中国资产 今年三季度，部分外资机构对包括A股、港股在内的中国资产展现出浓厚兴趣。 瑞银投资银行中国股票策略研究主管王宗豪近日发表中国股票策略称，2025年三季度，外国机构投资者 进一步增持中国股票，本季度低配比例从-1.6%升至 ...

5、 上海海关透露，今年前10个月，上海市实现进出口3.71万亿元，同比增长5.2%， 增速高于全国整体水平1.6个百分点。其中，出口增长10.5%，进口增 长1.3%，且已连续7个月进口、出口双双增长。 1、 A股弱势震荡，锂矿概念股逆势爆发，福建本地股掀涨停潮，军工股火力全开；医药概念集体下挫，光伏板块调整。 截至收盘，上证指数跌0.46%报 3972.03点，深证成指跌0.11%，创业板指跌0.2%。A股全天成交1.93万亿元。 2、 香港恒生指数收盘跌0.71%报26384.28点；恒生科技指数下跌0.96%，恒生中国企业指数下跌0.74%。 电气设备、医药生物、有色金属、化工、银行板 块跌幅居前。南向资金净买入84.48亿港元，阿里巴巴获净买入近21亿港元。 1、 外交部发言人毛宁在例行记者会上强调，针对日本首相高市早苗涉台错误言论，中方已经并将继续向日方提出严正交涉和强烈抗议，严肃要求日方立 即反思纠错，收回错误言论，停止在涉华问题上制造事端。 另外，在二十国集团领导人峰会期间，李强总理没有会见日方领导人的安排。 1、 国务院副总理何立峰与德国副总理兼财政部长克林拜尔共同主持第四次中德高级别财金对 ...

Core Points - ST Zhongdi has completed its suspension review and will resume trading on November 18, 2025 [1] - Ningde Times has preliminarily set the share transfer price at 376.12 yuan per share [8] - Shengyi Electronics plans to raise no more than 2.6 billion yuan for the construction of an AI computing HDI production base and other projects [1] - Dahua Technology intends to spin off its subsidiary Huairui Technology for an independent listing on the Hong Kong Stock Exchange [2] - Aystar Chemical plans to acquire 100% equity of Tianyi Chemical for a major asset restructuring [3] - Zhu Mian Group intends to transfer 100% equity of Gree Real Estate for 5.518 billion yuan [3] - Daimeis plans to establish a wholly-owned subsidiary for robotics business with an investment of 100 million yuan [10] - Lianang Microelectronics plans to invest 2.262 billion yuan in a project to produce 1.8 million pieces of 12-inch heavily doped substrate wafers [11] Focus One - Shengyi Electronics plans to issue A-shares to raise no more than 2.6 billion yuan, which will be used for the construction of an AI computing HDI production base, smart manufacturing high-layer circuit boards, and to supplement working capital and repay bank loans [1] Focus Two - Dahua Technology plans to spin off its subsidiary Huairui Technology for an independent listing, which will help enhance Huairui's capital strength and broaden financing channels [2] Major Transactions - Aystar Chemical intends to acquire 100% equity of Tianyi Chemical through a combination of share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [3] - Zhu Mian Group plans to transfer its 100% equity of Gree Real Estate for a confirmed price of 5.518 billion yuan, marking a significant asset restructuring [3] Other Significant Events - Huaxia Happiness has received a court decision appointing a temporary administrator for its pre-restructuring period [4] - Mengke Pharmaceuticals has decided to terminate its plan to issue shares due to disagreements among major shareholders [5] - Hubei Broadcasting has received a notification regarding the transfer of equity in Chutian Network, which will not change the controlling shareholder [6] - Da'an Gene is undergoing a significant share transfer that may result in a change of indirect control [7]

（文章来源：每日经济新闻） 博源化工（000683.SZ）11月17日在投资者互动平台表示，阿拉善天然碱项目二期建设工作正按照计划 有序推进，项目主要安装工程已完工，尾留工程不受气温影响。 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好， 请问阿拉善二期工程推进是否顺 利，冬季天气寒冷会不会影响投产进度？ ...

证券日报网讯 11月17日晚间，聚胶股份发布公告称，公司于2025年11月17日召开第二届董事会第二十 次会议，审议通过了《关于开展应收账款保理业务的议案》。 （文章来源：证券日报） ...

Report Overview - The report mainly analyzes the basic overview of China's PPI data, the composition of PPI weights, core driving industries, and forecasts the PPI trend in 2026 [1][4] Industry Investment Rating - Not mentioned in the report Core Viewpoints - China's PPI trend is determined by the combined effect of weights and price change amplitudes of various categories, with upstream resource and basic material industries as the core drivers [1] - Two methods are used to predict that the year - on - year decline of PPI in 2026 will narrow and turn positive, with the base effect contributing significantly to the year - on - year recovery [2] Summary by Directory 1. China PPI Data Basic Overview - China's PPI only includes the commodity production field, different from the US PPI which also covers services [7] - China's PPI uses two parallel classification systems: the dichotomy (production and living materials) and the industry - based method, with production materials dominating the PPI trend [11] - The weights of both classification systems are determined by the sales output value method, and they are adjusted every five years, with the current base period being 2020 [13] 2. PPI Weight's Composition and Core Driving Industries - PPI is calculated by weighted average of price indices of surveyed industries, and market generally uses "operating income" to estimate industry weights [16] - Industries like computer, electrical machinery have high weights but limited impact on PPI due to stable prices, while upstream resource industries such as coal, oil have significant influence [20] - In October 2025, the year - on - year decline of PPI production materials was 2.4%, with the mining industry having the largest decline, and among living materials, durable consumer goods had the largest decline [22][24] 3. PPI Trend Calculation - Based on the assumption of key commodity prices remaining stable in 2025 November, 2026 PPI year - on - year will turn positive in Q2, driven by non - ferrous metals, coal, and black/chemical industries successively [28] - Using the method of calculating year - on - year from month - on - month, it is predicted that the average monthly - on - month PPI in 2026 will be 0.02%, the annual PPI will be - 0.44%, and the year - on - year reading will turn positive in Q3 [30]

Report Information - Report Title: Commodity Weekly Report - Report Date: November 17, 2025 - Report Author: Hu Jingyi from Guotou Futures Investment Rating - No investment rating information provided in the report Core Viewpoints - The commodity market fluctuated upward last week, with an overall increase of 0.87%. Precious metals led the gains at 5.07%, while black and energy - chemical sectors declined by 0.4% and 0.65% respectively [2][6]. - With the marginal tightening of US dollar liquidity, the commodity market may face short - term pressure. The end of the US government shutdown is beneficial to market risk appetite, but Fed officials' hawkish statements have cooled the expectation of a 25 - basis - point rate cut in December [2]. Summary by Category Market Performance - **Overall Market**: The commodity market rose 0.87% last week. Precious metals led the gains at 5.07%, followed by non - ferrous metals and agricultural products at 0.77% and 0.67% respectively. Black and energy - chemical sectors fell by 0.4% and 0.65% [2][6]. - **Top Gainers and Losers**: Silver, apples, and rapeseed oil were the top gainers, with increases of 7.55%, 5.86%, and 4.09% respectively. Coking coal, eggs, and glass were the top losers, dropping 6.14%, 5.78%, and 5.41% [6]. - **Volatility**: The 20 - day average volatility of the commodity market continued to decline, with significant decreases in precious metals, chemicals, and soft commodities [2][6]. - **Funds**: The overall market scale increased, mainly driven by precious metals. Only the black sector had net capital outflows [2][6]. Outlook for Each Sector - **Precious Metals**: The market initially expected economic data during the US government shutdown to confirm economic weakness and increase the probability of a rate cut, but Fed officials' hawkish remarks suppressed rate - cut expectations. The sector may oscillate at high levels [2]. - **Non - Ferrous Metals**: Domestic fixed - asset investment and social financing were below expectations, and the expectation of a December rate cut by the Fed cooled. With a slight inventory build - up and a tight long - term supply - demand outlook, the sector may face short - term pressure [2]. - **Black Sector**: The apparent demand for rebar slightly declined, production decreased, and inventory continued to fall. Iron ore production rebounded last week but still has room to cut. Steel mills' profit margins are average, and they are eager to lower raw material prices. The sector may oscillate in the short term [3]. - **Energy Sector**: OPEC's November report raised non - OPEC+ supply growth and maintained demand growth, shifting the balance from a shortage to equilibrium. The IEA also increased its surplus forecast, and EIA crude inventories unexpectedly rose by 641.3 million barrels. Although geopolitical tensions between Russia and Ukraine may support oil prices, the market may face short - term pressure [3]. - **Chemical Sector**: For polyester products, the strong overseas gasoline crack spread and tight US aromatic supply boosted the Asian aromatic market, but chemical demand is expected to weaken. For construction products, the cancellation of India's BIS certification for PVC had limited impact. The sector may oscillate in the short term [3]. - **Agricultural Products**: The USDA's November report showed a decrease in the US new - crop soybean's yield, production, exports, and ending stocks. However, since the market had already priced in the positive news, soybean prices fell after the report. Soybean meal may follow the decline, and the edible oil and oilseed sector may oscillate weakly in the short term [4]. Commodity Fund Overview - **Gold ETFs**: Most gold ETFs had positive weekly returns, with an average increase of around 3.26% - 3.45%. The total scale of gold ETFs was 2,231.72 billion yuan, with a 2.67% increase [34]. - **Other Commodity ETFs**: The energy - chemical ETF had a - 0.58% return, the soybean meal ETF had a 0.99% return, the non - ferrous metal ETF had a 1.26% return, and the silver futures (LOF) had an 8.94% return [34]. - **Overall Commodity ETFs**: The total scale of commodity ETFs was 2,343.35 billion yuan, with a 2.52% increase. Trading volume also increased significantly by 93.95% [34].

| | 能源 日报 | | --- | --- | | | 2025年11月17日 | | 操作评级 | | | | 高明宇 首席分析师 | | र | F0302201 Z0012038 | | 次 | 王盈敏 中级分析师 | | T | F3066912 Z0016785 | | | 李海群 中级分析师 | | | F03107558 Z0021515 | | | 010-58747784 | 【原油】 上周国际油价震荡,布伦特01合约涨0.93%。围绕俄罗斯及委内瑞拉的地缘风险一度对油价构成支撑,但上周遇 袭的俄罗斯黑海港口已在周日恢复装船,亚洲时段油价应声回落。原油市场四季度及明年一季度供需压力仍趋 放大,中期油价下行风险仍存,短期关注11月21日俄罗斯两油制裁生效后出口的进一步影响及委内风险释放情 况。 【燃料油&低硫燃料油】 燃料油价格仍主要跟随原油走势。高硫燃料油短期受地缘因素支撑，俄罗斯因制裁及设施遇袭导致出口边际下 滑,不过新罗西斯克港在短暂停运后已恢复装船,后续实际出口情况仍需关注。但随着中东地区稳步增产且发 电旺季结束,当地出口预计持续增加,中期供应格局趋于宽松。低硫燃料油近期表现偏强主 ...

Group 1: Autonomous Driving and Smart Mobility - Didi Autonomous Driving has announced a strategic partnership with the Abu Dhabi Investment Office (ADIO) to support the development of smart mobility and sustainable transportation in Abu Dhabi, aiming to contribute 44 billion AED to the GDP and create 40,000 jobs by 2045 [1] - WeRide has received approval from the UAE federal government to launch commercial operations of fully autonomous Robotaxi services in Abu Dhabi, marking the first city-level L4 autonomous driving license outside the US [2] Group 2: Digital and AI Solutions - The United Nations Solutions Platform (UNSH) was launched at COP30, with Tencent and other Chinese companies participating as strategic partners, aiming to accelerate carbon reduction and promote sustainable development through digital infrastructure [3] - Baidu has launched a one-stop AI learning and office platform "Oreate" overseas, which has gained over one million users and topped the Product Hunt daily chart [4] Group 3: Consumer Market Expansion - Xiaomi is set to open its first direct store in Paris, marking its continued expansion in France since entering the market in 2018 [5] - The mother and baby brand Kyte Baby, founded by a Chinese entrepreneur, has gained popularity in North America with bamboo fiber products, achieving annual revenue exceeding 10 million USD [6] - Didi's food delivery brand 99Food has launched operations in Bahia, Brazil, investing 100 million BRL to expand its market presence [8] Group 4: Entertainment and Gaming - Tencent's international gaming revenue has surpassed 20 billion CNY, driven by a 43% year-on-year growth, reflecting the success of its global strategy [9] Group 5: Globalization and Investment - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [14] - Anker Innovations is planning to issue H-shares and list on the Hong Kong Stock Exchange to advance its global strategy [15] - Leshushi, known as the "diaper king of Africa," has listed on the Hong Kong Stock Exchange with a market value approaching 20 billion CNY on its first trading day [16] - Yushu Technology has completed its listing guidance, with its quadruped robots holding a nearly 70% market share globally [17] Group 6: Manufacturing and Infrastructure - Bowei Alloy plans to invest up to 150 million USD in Morocco to establish a production base for special alloy electronic materials, shifting from a previous project in Vietnam [11] - Ta'ziz and China Chemical Engineering Seventh Construction signed a 1.99 billion USD EPC contract to build the largest PVC plant in the UAE, expected to be operational by Q4 2028 with an annual capacity of 1.9 million tons [12]