Core Insights - The event "Digital Intelligence Integration: Breaking the Supply Chain Bottleneck for Trade and Commerce Enterprises" highlights the importance of digital and intelligent transformation in the supply chain as a key driver for high-quality economic development in the context of the global digital economy [1][4] - The event gathered around 180 guests, including experts from national ministries, renowned scholars, industry leaders, and corporate representatives, facilitating deep exchanges on policies, technologies, models, and practical cases [1][2] Policy and Macro Trends - The event featured authoritative interpretations of national policies and macro trends in the industry, providing clear development directions for participating enterprises [2] - Experts from the Ministry of Commerce analyzed the latest national policies, including the "Special Action Plan for Accelerating the Development of Intelligent Supply Chains," clarifying the strategic intentions and specific deployments at the national level to enhance supply chain intelligence and efficiency [2] - The Wuhan Municipal Bureau of Commerce promoted policies for modern commercial circulation system pilot cities, guiding local enterprises to accelerate their digital and intelligent transformation [2] Case Studies and Practical Applications - The event included high-level dialogues and the release of typical case studies, achieving deep integration and experience sharing among government, enterprises, research, and application [3] - Two high-level dialogues focused on current industry pain points: one on building a digital ecosystem for trade and commerce, and the other on cross-industry digital collaboration [3] - Ten national supply chain innovation and application demonstration enterprises, including Zhongbai Group and Jiuzhoutong Pharmaceutical Group, presented their digital supply chain transformation cases, providing referenceable "Hubei experience" and "Wuhan solutions" for peers [3] Strategic Importance - The successful hosting of this event is a significant measure for Wuhan to actively respond to the national digital economy development strategy and accelerate the construction of a modern circulation system [4] - By establishing a high-end exchange platform that connects government, enterprises, research, and application, the event strengthens Wuhan's position and influence as a national trade and logistics hub [4] - Wuhan aims to continue leveraging digital intelligence integration as an engine to lead and advance the rise of the central region in the future [4]

全球资本市场的目光，正密切注视着香港恒生指数的脉搏。作为亚洲重要的市场风向标，其走势不仅反 映本地经济活力，更深度镶嵌于错综复杂的全球宏观图景之中。当前，驱动恒生指数的外部基本面因 素，正经历一场深刻而多层次的演变。 一、全球货币政策周期的历史性转向 过去两年间，为应对数十年来未遇的高通胀压力，以美联储为首的主要央行开启了激进的加息缩表进 程。高企的利率环境极大地压制了成长型股票的估值，并促使国际资本从新兴市场向美元资产回流，这 对以科技股和金融股为权重股的恒生指数构成了持续的压力。 然而，这一紧缩周期已步入尾声。市场普遍预期，美联储的货币政策正从"限制性"向"中性"乃至"宽 松"缓慢过渡。一旦降息周期确认开启，全球流动性环境将迎来拐点。对于港元与美元挂钩的香港市场 而言，美债收益率的回落将直接减轻本地资产的估值压力，并为恒生指数提供最关键的流动性支撑。国 际资本有望重新配置估值处于历史相对低位的港股市场，这将是未来指数上行的重要引擎。 二、地缘政治格局的再平衡与风险溢价调整 地缘政治已成为影响市场不可或缺的变量。中美关系的动态，以及全球供应链的重构趋势，持续为市场 注入不确定性。一方面，某些领域的摩擦会阶段 ...

"十四五"时期，多层次资本市场不断为山东经济注入活水，为全省新旧动能转换与产业强省建设筑牢资 本根基。 作为区域经济"晴雨表"，山东辖区上市公司在"十四五"期间实现量质双升。当前，山东辖区上市公司数 量达到246家，其中既有突破技术壁垒的科创先锋，也有实现转型升级的传统龙头，覆盖高端制造、生 物医药、新材料等多个战略新兴领域，形成梯队分明的上市企业矩阵。与此同时，越来越多的上市公司 将募集资金投向核心技术攻关和产业链延伸，研发投入占比稳步提升，成为区域产业集群的"领头雁"。 这种"数量稳增、质量向好"的良性态势，让上市公司真正成为山东经济的"压舱石"与"增长极"。 近五年来，多元资本的协同发力，让赋能的触角延伸得更远。债券市场的特色品种为绿色转型、乡村全 面振兴注入资金活水；期货市场"保险+期货"模式，为种粮大户、养殖企业撑起"风险保护伞"；私募基 金不再扎堆成熟项目，用"耐心"陪伴科技企业攻克技术难关；证券经营机构则当起"桥梁"，让资金流向 最需要的地方。 与此同时，健康的生态为资本市场行稳致远提供保障。"十四五"以来，监管部门以"零容忍"态度打击违 法违规行为，筑牢市场诚信的"防火墙"。央地协同的工作机制 ...

Group 1 - MSCI completed its largest index adjustment of the year on November 24, 2023, adding 26 Chinese stocks (17 A-shares and 9 Hong Kong stocks) and removing 20 stocks, reflecting a significant optimization of its index composition [1] - The newly added stocks span key sectors such as semiconductors and high-end manufacturing, as well as strategic resources like gold, lithium, and copper, indicating a dual focus on technological innovation and resource value [1] - The adjustment trend aligns with MSCI's earlier index optimizations in 2023, which favored stocks with high growth potential, strong technological capabilities, and scarce industrial value [1] Group 2 - The adjustments signal three core preferences in global capital allocation: the importance of independent innovation and supply chain security, the strategic reassessment of resource assets, and a pragmatic focus on sustainable profitability and cash flow [2] - Companies with core technologies in critical areas like semiconductors and high-end manufacturing are being assigned higher "certainty premiums" amid increasing global tech competition [2] - The valuation logic for resource companies is shifting from traditional price cycles to "strategic scarcity," particularly for those with sustainable mining capabilities in high-demand metals like lithium and copper [2] Group 3 - Chinese assets are emerging as a core focus for foreign capital due to significant valuation gaps, ongoing policy liberalization, and strong industrial upgrade momentum, highlighting their long-term investment value [3] - The index adjustments are expected to guide social resources towards technology innovation and core resource sectors, while the "survival of the fittest" mechanism will compel companies to enhance their core business and profitability [3] - As China continues to make breakthroughs in technology and resource security, and as capital market openness deepens, the interaction between global capital and high-quality Chinese assets is expected to strengthen [3]

0:00/1:37 此外，数实融合不断突破。10月份，数字经济核心产业销售收入同比增长8.5%，全国企业采购数 字技术金额同比增长9.6%，反映数字产业化和产业数字化持续推进。其中，数字产品服务业、数字技 术应用业销售收入同比分别增长10.2%和13.1%，数字消费拉动作用明显，为经济发展持续注入新活 力。 国家税务总局发布的最新增值税发票数据显示，10月份，我国新质生产力持续培育壮大，创新产业 加快发展，高技术产业销售收入同比增长13.6%，延续较快增长。其中，高技术服务业、高技术制造业 销售收入同比均保持两位数以上增长，特别是随着"人工智能+"行动加快落地，集成电路、工业机器 人、无人机制造销售收入同比分别增长32.5%、41.7%和38.4%。 同时，高端制造持续发力。10月份，装备制造业销售收入同比增长7.3%，今年以来持续高于制造 业平均水平，占制造业比重已近一半。其中，计算机通信设备制造业、船舶及相关装置制造业、电池制 造业销售收入同比分别增长10.1%、24.4%和27.2%，展现强劲发展势头。 ...

近期，多家国内外机构发布2026年度策略报告。各家金融机构报告显示，明年中国经济将延续稳健增长 态势。 多家机构对2026年中国经济走势形成积极共识，认为在政策支持、结构升级与潜力释放的多种利好叠加 之下，经济将持续稳健上升。 光大证券首席宏观分析师 赵格格：在超大规模市场和强大产业体系的协同作用下，我国还有较大的经 济增长潜力与提质升级空间，宏观政策工具箱储备充足。 外资机构普遍预测，明年中国经济将在政策支持下保持稳健增长。摩根士丹利认为，在适度的宽松政 策、渐进的再平衡以及有节制的"反内卷"措施下，2026年中国经济将温和增长。瑞银预计2026年国内将 施行更加精准的政策支持，经济活动整体将保持韧性。 瑞银财富管理投资总监办公室亚太经济学家 菲利普·怀亚特：比如为企业提供能源成本方面的优惠或补 贴，面向消费者的补贴；对首套房购房者的支持等，这些都属于"定向支持"。 此外，"十五五"规划建议也令外资机构充满信心。高盛认为，规划建议体现了中国将进一步提升先进制 造业竞争力，提振出口的决心和能力。基于此，高盛上调了对中国出口增速和实际GDP增速的预测。 与此同时，内需市场的潜力正加速释放。随着一系列促消费、惠民 ...

Core Insights - The event "Digital Integration and Global Trade: Breaking Through Digital Supply Chains in Commerce" aims to explore the transformation paths and innovative practices of supply chains in the digital era, gathering around 180 experts and industry leaders to discuss key topics [1][3] Group 1: Event Overview - The event is organized by the Wuhan Municipal Bureau of Commerce and aims to activate innovation engines for building an efficient, agile, and intelligent modern commerce and trade system [1] - It is part of the 2025 Hubei Trade Fair, focusing on policy trends, opportunities, challenges, technological innovations, and business model transformations [1] Group 2: Key Discussions - The first high-level dialogue focuses on "From Chain to Network - Building a Digital Ecosystem in Commerce," discussing how to break down barriers and create an open, collaborative digital ecosystem [2] - The second dialogue, "Cross-Industry Integration - Digital Collaboration in Manufacturing, Consumption, and Logistics," addresses deep collaboration paths across industries to solve key challenges in digital transformation [2] Group 3: Case Studies and Best Practices - The event features a session for sharing exemplary practices, where ten national supply chain innovation and application demonstration enterprises will present their digital supply chain transformation cases [2] - Companies like Zhongbai Group and Jiuzhoutong Pharmaceutical Group will showcase their successful explorations in supply chain digitization, providing referenceable "Hubei Experience" and "Wuhan Solutions" for peers [2] Group 4: Strategic Importance - The event represents an important initiative by Wuhan to implement national digital economy development strategies and accelerate the construction of a modern circulation system [3] - It aims to enhance Wuhan's position and influence in the national commerce and trade landscape, contributing to the city's role as a strategic hub in the rise of the central region [3]

Market Performance - The US stock market experienced significant volatility, with the Nasdaq index initially rising by 2.58% before closing down 2.15%, indicating a dramatic reversal within the trading day [1][3] - The S&P 500 opened up 1.92% but ended the day down 1.56%, while the Dow Jones also shifted from a 1.63% gain to a 0.84% loss [3][10] - Technology stocks were heavily impacted, with solid-state drive stocks dropping over 7%, and semiconductor stocks declining by 3.39%, including notable drops from Micron Technology (down 10.88%) and Western Digital (down 8.92%) [3][10] Chinese Concept Stocks - Chinese concept stocks faced a sharp decline, with the index initially rising by 1.68% but ultimately falling by 2.87%. Key stocks like NIO and Xpeng Motors dropped by 6.09% and 5.10%, respectively [7][10] European Market Contrast - In contrast to the US market, European stock markets closed higher, with the UK FTSE rising by 0.21%, Germany's DAX increasing by 0.50%, and France's CAC up by 0.34% [7][10] A-Share Market Dynamics - The A-share market has shown signs of stabilization after four consecutive days of decline, with a potential for a more independent market trend compared to the US [9][11] - The A-share market's current dynamic price-to-earnings ratio is approximately 11 times, significantly lower than the US market's 18 times, providing a valuation advantage [11][13] Investment Strategy - Investors are advised to monitor the flow of northbound capital, as significant outflows could exacerbate market volatility, while limited outflows or inflows could stabilize market sentiment [15][17] - The market is expected to show clear differentiation in sector performance, with the new energy sector, particularly lithium battery stocks, being active due to rising lithium carbonate prices [15][17]

Group 1 - The stock private equity position index has reached a new high of 81.13% as of November 14, 2023, marking a 1.05 percentage point increase from the previous week and a 0.97 percentage point increase from the year-to-date peak of 80.16% at the end of October [1] - Over 84% of stock private equity firms have a position of no less than 50%, with 65.90% of firms having positions above 80%, indicating a strong bullish sentiment among private equity firms [1] - The continuous rise in the stock private equity position index is attributed to multiple factors, including positive market performance, ongoing policy support, and proactive actions from private equity institutions [1] Group 2 - The A-share market has shown a clear upward trend since August, with significant improvements in the performance of stock private equity products, which has bolstered the confidence of private equity institutions to increase their positions [2] - Policy signals promoting the long-term healthy development of the capital market and the trend of residents shifting assets to the equity market have reinforced the consensus on the long-term investment value of A-shares [2] - Different scales of stock private equity firms have varying position indices, with those managing over 100 billion yuan having a position index of 87.07%, while those managing between 20 billion and 50 billion yuan have a position index of 78.67% [2] Group 3 - The most significant increase in positions has been observed in the hundred billion yuan level stock private equity firms, with their position index rising from 79.09% to 87.07%, indicating a strong bullish trend [3] - Over 70% of hundred billion yuan level stock private equity firms have positions above 80%, while only 0.80% have positions below 20%, reflecting a clear trend of increasing allocations [3] - Despite recent market fluctuations, industry experts maintain a positive outlook on the medium to long-term investment value of the A-share market [3] Group 4 - Investment opportunities are seen in the AI industry chain, with improvements expected in certain consumer sectors due to the "anti-involution" environment [4] - The competitive edge of China's manufacturing sector is strengthening, with breakthroughs in "bottleneck" technologies, making high-end manufacturing and hard technology fields worthy of attention [4] - The growth potential of the biopharmaceutical industry is gaining market interest, and the profitability outlook for sectors like chemicals is improving, indicating potential shifts in investment focus from high-dividend sectors to cyclical and growth assets [4]

中泰证券指出，科技成长板块在利率中枢下移、政策支持"科技创新"和"新质生产力"的背景下仍将 是中期主线，具备继续走强的基础。尽管科技方向在通胀数据公布后出现明显获利回吐，电子、计算 机、通信等经历短线调整，但在政策预期、技术周期和需求复苏三重共振下，科技成长板块仍具备结构 性机会。 （责任编辑：刘畅 ） 【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 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数涵盖科创 板几乎所有符合条件上市公司的证券，旨在反映整个科创板市场的整体表现。其成分股主要聚焦于"硬 科技"领域，包括半导体、生物医药和高端制造等具有高研发强度与创新能力的行业。在行业配置上， 该指数以信息技术、工业和医药卫生为核心，同时覆盖新能源、新材料等战略性新兴产业，充分体现了 科创板创新驱动与高成长性的市场特征。 注：如提及个股仅供参考，不代表投资建议。指数 ...