Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2289.78 points, down 0.1% with a trading volume of 24.519 billion yuan and a turnover rate of 0.91% [1] - Among the index constituents, 20 stocks rose while 28 stocks fell, with Jiangsu Guotai leading the gainers at a 10.01% increase and Fuan Energy leading the decliners at a 4.13% decrease [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.31%, latest price at 4.01 yuan, and a 0.25% increase [1] - Hikvision (sz002415) with a weight of 7.97%, latest price at 31.37 yuan, and a 1.35% decrease [1] - Wuliangye Yibin (sz000858) with a weight of 7.71%, latest price at 116.75 yuan, and a 0.50% increase [1] - Luzhou Laojiao (sz000568) with a weight of 6.59%, latest price at 131.65 yuan, and a 0.19% decrease [1] - XCMG Machinery (sz000425) with a weight of 5.75%, latest price at 10.73 yuan, and a 1.01% decrease [1] - Changan Automobile (sz000625) with a weight of 3.88%, latest price at 12.26 yuan, and a 0.41% decrease [1] - Shenwan Hongyuan (sz000166) with a weight of 3.84%, latest price at 5.47 yuan, and a 0.73% decrease [1] - Yunnan Aluminum (sz000807) with a weight of 3.81%, latest price at 25.32 yuan, and a 1.28% increase [1] - Yanghe Brewery (sz002304) with a weight of 3.37%, latest price at 69.46 yuan, and a 0.90% decrease [1] - Tongling Nonferrous Metals (sz000630) with a weight of 3.18%, latest price at 5.21 yuan, and a 1.33% decrease [1] Capital Flow Summary - The index constituents experienced a net outflow of 527 million yuan from institutional investors, while retail investors saw a net inflow of 399 million yuan [3] - Notable capital flows include: - Jiangsu Guotai (002091) with a net inflow of 180 million yuan from institutional investors [3] - BOE Technology Group (000725) with a net inflow of 86.93 million yuan from institutional investors [3] - Wuliangye Yibin (000858) with a net inflow of 32.59 million yuan from institutional investors [3]

Core Insights - In the past month (from October 8 to November 7), 50 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 115 participating institutions [1][2] - The average stock price of the companies that received institutional research increased by 4.41% over the month, with 28 stocks showing price increases [2][3] - The total average market capitalization of all BSE companies is 3.254 billion yuan, while the average market capitalization of the companies that were investigated is 4.148 billion yuan [2] Institutional Research Overview - 50 companies received institutional research, with 48 being investigated by brokerages, 44 by funds, 32 by private equity, 30 by insurance companies, and 7 by overseas institutions [1] - Minshida led the research interest with 115 institutions, followed by Guangxin Technology (84), Fujida (83), and Wanyuantong (63) [1] Market Performance - The companies that received institutional research saw an average increase of 4.41% in stock prices, with notable gainers including Litong Technology (up 86.16%), Jinhua New Materials (up 43.36%), and Lingge Technology (up 32.26%) [2] - The average daily turnover rate for the investigated companies was 5.10%, with Jinhua New Materials (28.11%), Lingge Technology (12.11%), and Tonghui Electronics (11.42%) leading in turnover rates [2] Company-Specific Data - Minshida: 115 institutions, 2 research sessions, latest closing price 41.80 yuan, price change 4.45% [2] - Guangxin Technology: 84 institutions, 1 research session, latest closing price 104.13 yuan, price change 12.12% [2] - Fujida: 83 institutions, 2 research sessions, latest closing price 34.90 yuan, price change 21.39% [2] - Wanyuantong: 63 institutions, 1 research session, latest closing price 34.29 yuan, price change -2.03% [2]

Market Performance - The Sci-Tech 50 Index fell by 1.47%, closing at 1415.69 points, with a total trading volume of 4.188 billion shares and a turnover of 188.988 billion yuan, resulting in an average turnover rate of 2.20% [1] - Among the tradable stocks on the Sci-Tech Board, 185 stocks closed higher, with 5 stocks rising over 10% and 17 stocks rising between 5% and 10%. Conversely, 401 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 20 stocks had a turnover rate between 10% and 20%, and 37 stocks had a turnover rate between 5% and 10% [1] - The stock with the highest turnover rate was He Yuan Biological, which closed down by 7.09% with a turnover rate of 30.81% and a transaction amount of 1.249 billion yuan. Wanrun New Energy rose by 15.28% with a turnover rate of 22.99% and a transaction amount of 1.727 billion yuan [1] Sector Performance - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 18 stocks, followed by the power equipment and computer sectors with 15 and 7 stocks, respectively [2] Capital Flow - Among the high turnover stocks, 34 stocks experienced net inflows of main funds, with the highest net inflows recorded for Purun Co., Wanrun New Energy, and Huahong Company, amounting to 190 million yuan, 157 million yuan, and 101 million yuan, respectively [2] - Conversely, stocks with significant net outflows included He Yuan Biological, Baiwei Storage, and Xi'an Yicai, with net outflows of 200 million yuan, 95.678 million yuan, and 91.679 million yuan, respectively [2] Leverage Fund Movements - A total of 30 stocks received net purchases from leveraged funds, with notable increases in financing balances for Artis, Jinpan Technology, and He Yuan Biological, which increased by 735 million yuan, 239 million yuan, and 189 million yuan, respectively [2] - Stocks with the largest decreases in financing balances included Huahong Company, Yuanjie Technology, and Jingyi Equipment, which decreased by 293 million yuan, 156 million yuan, and 130 million yuan, respectively [2]

重要全球投资论坛在港举办！11月6日至7日，"智见中国·扬帆未来"广发证券2025年全球投 资论坛在香港举办，论坛汇聚了国内顶尖上市公司领袖与全球知名投资机构，现场参会过千 人。 出海成为新时代的重要方向，也是券商国际化和卖方研究转型需要。作为知名头部券商，实 力卓著的广发证券研究业务，持续加大了海外业务推进力度，与全球顶尖投行同台竞技。 众多海内外知名机构投资者参会 对中国优质企业兴趣浓厚 11月6日至7日，"智见中国·扬帆未来"广发证券2025年全球投资论坛在香港举办，论坛汇聚 了国内顶尖上市公司领袖与全球知名投资机构，现场参会过千人。 据了解，论坛聚焦AI、机器人、新能源、创新药、新消费等赛道，共有约80家知名上市公司 应邀参会。约30位产业链龙头公司掌门人出席会议，与投资者进行深度交流，包括工业富 联、中际旭创、胜宏科技、蓝思科技、东山精密、领益智造、协创数据、万国数据、长春高 新、晶泰控股、晶晨股份、北京君正、大族数控、源杰科技、剑桥科技、峰岹科技、杰华 特、广和通、博瑞医药、聚辰股份、芯碁微装、劲方医药-B、秦淮数据、天辰生物医药、先 通国际医药、捷利交易宝等公司董事长、总经理。 11月6日上午的 ...

Core Insights - The main point of the article is the analysis of capital flow across various industries, highlighting significant net inflows and outflows of funds, with basic chemicals showing the highest net inflow and electronics experiencing the largest net outflow [1][2] Industry Summary - **Basic Chemicals**: - Net inflow of 5.943 billion yuan - Price change of +2.39% - Trading volume increased by 45.79% compared to the previous day [1] - **Power Equipment**: - Net inflow of 4.253 billion yuan - Price change of +1.01% - Trading volume increased by 5.48% [1] - **Electronics**: - Net outflow of 10.212 billion yuan - Price change of -1.34% - Trading volume decreased by 5.62% [2] - **Healthcare**: - Net outflow of 2.034 billion yuan - Price change of -0.35% - Trading volume increased by 9.52% [2] - **Automotive**: - Net outflow of 5.536 billion yuan - Price change of -1.16% - Trading volume decreased by 1.63% [2] - **Media**: - Net outflow of 2.362 billion yuan - Price change of -0.87% - Trading volume decreased by 20.42% [2] - **Machinery Equipment**: - Net outflow of 3.243 billion yuan - Price change of -0.70% - Trading volume decreased by 11.19% [2]

Group 1 - Active funds significantly increased their positions in AI hardware, with the total market value of active equity funds and stock ETFs rising by 21.7% to 7.23 trillion yuan, a historical high [2] - The stock position of active equity funds rose to 85.6%, with a concentration ratio (CR20) increasing by 6.3% [2] - Active funds have notably increased their allocations to the ChiNext and STAR Market while reducing their exposure to the main board, with a slight decline in the proportion of Hong Kong stocks [2][3] Group 2 - The TMT (Technology, Media, and Telecommunications) sector saw a significant increase in allocation, particularly in electronics and communications, driven by strong AI capital expenditures [3] - The cyclical sector showed internal differentiation, with non-ferrous metals receiving notable increases due to global liquidity easing and rising metal prices [3] - Financial and consumer sectors were generally reduced, with non-bank financials seeing an increase due to stock market performance, while banks and real estate were notably decreased [3] Group 3 - The allocation to Hong Kong stocks slightly decreased, with active funds increasing their positions in AI leaders and innovative pharmaceuticals [4] - The total market value of public funds in the pharmaceutical sector rose from 300.9 billion to 409 billion yuan, a 35.9% increase [24] - The proportion of pharmaceutical stocks in all public fund holdings increased to 10.53%, up by 0.76 percentage points [24] Group 4 - The food and beverage sector experienced a further decline, with revenues down 6% year-on-year in Q3 2025, and net profits down 13% [27] - The liquor segment saw a significant drop in revenue and profits, with some companies experiencing double-digit declines [27] - The overall performance of consumer staples showed structural growth, with segments like soft drinks and snacks performing better than traditional liquor [28] Group 5 - The real estate sector showed signs of stabilizing gross margins, with key developers' gross margins improving slightly to 13.9% [31] - The net profit margin for major developers continued to decline, indicating ongoing financial challenges despite some improvements in gross margins [33] - Developers are focusing on inventory turnover and cautious land acquisition strategies to alleviate financial pressures [33] Group 6 - The non-bank financial sector saw a slight decrease in holdings, with public funds increasing their allocation to brokerage firms as market conditions improved [35] - The insurance sector's allocation decreased, while multi-financial and fintech sectors saw increased interest from public funds [36] - Overall, the non-bank sector remains under-allocated, presenting potential investment opportunities as more capital enters the market [37] Group 7 - The construction industry faced a widening decline in net profits, with overall revenues down 5.5% year-on-year [39] - Major state-owned enterprises in the construction sector reported mixed results, with some showing significant improvements in cash flow [41] - The industry is experiencing a shift in performance, with regional firms performing better than their national counterparts [42] Group 8 - The computer industry maintained growth momentum, with total revenue reaching 948.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.94% [44] - The AI and fintech sectors within the computer industry showed particularly strong performance, contributing to overall profit growth [46] - The industry is expected to continue benefiting from advancements in AI applications and technology self-sufficiency [44]

Summary of Key Points Core Viewpoint - A total of 758 stocks reported their latest shareholder numbers as of October 31, with 314 stocks showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain companies [1][3]. Group 1: Shareholder Changes - Among the 758 companies, 314 reported a decrease in shareholder numbers, with 28 companies experiencing a decline of over 10% [3]. - The largest decline was seen in Igor, with a decrease of 28.74% to 28,724 shareholders, while the stock has increased by 47.64% since the concentration of shares began [3]. - Shouhua Gas followed with a 22.18% drop in shareholders to 21,736, and its stock has decreased by 9.53% during the same period [3]. Group 2: Market Performance - The average increase for concentrated stocks since October 21 was 4.58%, with notable performers including Moen Electric and Haima Automobile, which rose by 53.40% and 48.20%, respectively [3]. - Among the stocks with a decline in shareholder numbers, Xingwang Yuda had the highest increase of 11.62% since October 11 [2][3]. Group 3: Industry Concentration - The concentrated stocks are primarily found in the machinery, basic chemicals, and electronics sectors, with 36, 30, and 25 stocks respectively [3]. - The data indicates a significant concentration of shareholder changes within these industries, reflecting potential investment opportunities and market dynamics [3].

Market Overview - The Shanghai Composite Index fell by 0.25% on November 7, with 14 industries rising, led by basic chemicals and comprehensive sectors, which increased by 2.39% and 1.45% respectively [1] - The computer and electronics sectors experienced the largest declines, with drops of 1.83% and 1.34% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 40.396 billion yuan, with six industries seeing net inflows [1] - The basic chemicals industry had the highest net inflow of 5.943 billion yuan, followed by the power equipment sector with a net inflow of 4.253 billion yuan [1] Electronics Industry Performance - The electronics sector saw a decline of 1.34%, with a net capital outflow of 10.212 billion yuan [2] - Out of 470 stocks in the electronics sector, 116 rose while 344 fell, with two stocks hitting the daily limit up [2] - Notable inflows included Qianzhao Optoelectronics with a net inflow of 429 million yuan, followed by Xingsen Technology and Jingquanhua with inflows of 346 million yuan and 295 million yuan respectively [2] Top Gainers in Electronics - Qianzhao Optoelectronics: +20.03%, 13.46% turnover, 429.28 million yuan inflow [2] - Xingsen Technology: +2.73%, 9.07% turnover, 345.71 million yuan inflow [2] - Jingquanhua: +5.89%, 36.69% turnover, 295.15 million yuan inflow [2] Top Losers in Electronics - Industrial Fulian: -4.62%, 0.80% turnover, -2.03372 billion yuan outflow [4] - Shenghong Technology: -1.32%, 3.35% turnover, -786.57 million yuan outflow [4] - Zhaoyi Innovation: -2.75%, 4.18% turnover, -585.36 million yuan outflow [4]

沪指11月7日下跌0.25%，申万所属行业中，今日上涨的有14个，涨幅居前的行业为基础化工、综合， 涨幅分别为2.39%、1.45%。基础化工行业位居今日涨幅榜首位。跌幅居前的行业为计算机、电子，跌 幅分别为1.83%、1.34%。 资金面上看，两市主力资金全天净流出403.96亿元，今日有6个行业主力资金净流入，基础化工行业主 力资金净流入规模居首，该行业今日上涨2.39%，全天净流入资金59.43亿元，其次是电力设备行业，日 涨幅为1.01%，净流入资金为42.53亿元。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金102.12亿元，其次 是计算机行业，净流出资金为100.05亿元，净流出资金较多的还有汽车、非银金融、机械设备等行业。 基础化工行业今日上涨2.39%，全天主力资金净流入59.43亿元，该行业所属的个股共404只，今日上涨 的有289只，涨停的有18只；下跌的有102只，跌停的有1只。以资金流向数据进行统计，该行业资金净 流入的个股有195只，其中，净流入资金超亿元的有18只，净流入资金居首的是多氟多，今日净流入资 金8.39亿元，紧随其后的是中毅达、永太科技 ...

Group 1 - The average stock price of A-shares is 13.95 yuan, with 152 stocks priced over 100 yuan, a decrease of 3 from the previous trading day [1] - The Shanghai Composite Index closed at 3997.56 points, down 0.25%, while stocks priced over 100 yuan saw an average decline of 1.30%, underperforming the index by 1.04 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1433.33 yuan, down 0.13% [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a decline of 0.73%, while the Shanghai Composite Index increased by 2.96% [2] - Notable gainers in the past month include Shannon Chip Creation, Yunhan Chip City, and Ding Tai High-Tech, with increases of 86.32%, 74.32%, and 59.85% respectively [2] - The stock that recently broke the 100 yuan mark is Shangtai Technology, closing at 101.41 yuan, up 8.08% with a turnover rate of 6.42% [2] Group 3 - The electronics sector has the highest concentration among stocks over 100 yuan, with 56 stocks, accounting for 36.84% of the total [2] - The main board has 32 stocks, the ChiNext has 49, and the Sci-Tech Innovation Board has 67, making up 44.08% of the stocks priced over 100 yuan [2] - Three stocks, including Keda Li, Jingwei Hengrun-W, and Desai Xiwai, received buy ratings from institutions today [2]