Group 1 - The report emphasizes the establishment of a thematic investment database aimed at identifying high-quality price-volume patterns and monitoring the peak rhythm of popular themes and the adjustment levels of leading stocks [2][9]. - The report identifies a total of 2 bottoming, 25 breakout, 25 main rising, and 5 accelerating thematic indices, with key industries including transportation, electric equipment, computer, media, pharmaceutical biology, and defense [12]. - The report highlights the decline in trading heat for humanoid robots to 50% and an increase for Deepseek to 45%, with leading stocks showing significant adjustments below their 60-day moving average [3][17]. Group 2 - The report outlines the two main purposes of the thematic database: to find investment opportunities and to provide warnings for potential peaks [9]. - The report details the monitoring of trading heat for popular themes, specifically humanoid robots and Deepseek, and the corresponding adjustments of leading stocks [17][22]. - The report indicates that the leading stocks for humanoid robots and Deepseek have closing prices significantly below their 60-day moving averages, suggesting potential risks in these themes [3][17].

Report Industry Investment Rating No relevant content provided. Core View of the Report - In October 2025, the national consumer price index (CPI) increased by 0.2% year-on-year, with food prices down 2.9% and non-food prices up 0.9%. The average CPI from January to October decreased by 0.1% compared to the same period last year [4]. - The national producer price index (PPI) for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing by 0.2 percentage points from the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The average PPI from January to October decreased by 2.7% compared to the same period last year, and the purchase price of industrial producers decreased by 3.2% [4]. - China's gold reserves at the end of October 2025 were 74.09 million ounces, an increase of 300,000 ounces from the end of August, showing a continuous increase for 12 months. The scale of foreign exchange reserves at the end of October was US$3.3433 trillion, an increase of US$470 million from the end of September, with a growth rate of 0.14% [4]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. The operating income was 102.08 trillion yuan, a year-on-year increase of 2.4% [5]. - In October 2025, the manufacturing PMI was 49%, a significant decrease of 0.8 percentage points from the previous month, indicating a seasonal decline in the manufacturing prosperity level. The non-manufacturing business activity index was 50.1%, an increase of 0.1 percentage points from the previous month, rising to the expansion range [5]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year-on-year growth rates from Q2 2023 to Q3 2025 were 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4%, 5.2%, and 4.8% respectively. Different industries showed varying growth trends during this period [7]. - The contributions of different industries to the GDP growth rate also changed over time. For example, the contribution of the primary industry, secondary industry, and tertiary industry to the constant-price GDP year-on-year growth rate and the pull effect on GDP showed different trends from 2013 to 2025 [13]. Industry - The year-on-year growth rates of added value in different industries showed fluctuations. For example, the coal mining and washing industry, oil and gas extraction industry, and other industries had different growth rates from August 2024 to September 2025 [22]. - The output of major industrial products also showed different trends. For example, the output of crude oil, coal, steel, and other products changed from September 2024 to September 2025 [24]. - In September 2025, China's total social electricity consumption was 888.6 billion kilowatt-hours, a year-on-year increase of 4.5%. The electricity consumption of different industries also showed different growth trends [31]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. Different industries had different profit growth rates, with some industries showing growth and others showing decline [5][35]. - As of the end of September 2025, the finished product inventory of industrial enterprises above designated size was 6.71 trillion yuan, a year-on-year increase of 2.8%. The inventory turnover days were 20.2 days, an increase of 0.2 days compared to the same period last year [5]. Price Index - In October 2025, the CPI increased by 0.2% year-on-year, with food prices having a significant impact on the CPI decline. Different CPI sub-items showed different year-on-year and month-on-month changes [4][49]. - The PPI for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing. Different industries' PPI also showed different trends, with production materials prices generally declining more than living materials prices [56]. - The purchase price of industrial producers also showed different trends, with some categories such as fuel and power showing a decline, while others such as non-ferrous metal materials and wires showing an increase [60].

Core Viewpoint - The article highlights the vibrant economic activity and consumer enthusiasm in Guangdong, driven by the upcoming 15th National Games, showcasing the region's integration and development within the Greater Bay Area [3][10]. Traffic and Travel Data - In the first ten months of this year, Guangdong's highway traffic reached 2.35 billion vehicle trips, a year-on-year increase of 4.57% [2][7]. - Daily average traffic is approximately 7.74 million vehicle trips, with passenger vehicle traffic at 1.89 billion trips (up 5.25%) and freight vehicle traffic at 460 million trips (up 1.91%) [7]. - The traffic flow across five major cross-river and cross-sea channels reached 137 million trips, with a daily average of 449,200 trips, marking a 10.52% increase [7]. Economic Impact of the National Games - The National Games have significantly boosted hotel, flight, and train ticket searches, with a nearly 400% increase in related searches over the past week [4][6]. - During the National Games, flight bookings to Guangzhou, Shenzhen, and Zhuhai increased by 26%, with Guangzhou seeing a notable growth of 28.8% [8]. Consumer Behavior and Tourism - The overall tourism consumption in Guangzhou increased by 20%, with ticket bookings rising by 61.6% and hotel orders up by 15.4% [8]. - Guangdong has launched the "Enjoy Warm Winter, Travel Guangdong" campaign to attract tourists and enhance their experience during the National Games [8][11]. Economic Resilience and Growth - Guangdong has maintained its position as China's top economy for 36 consecutive years, with a total economic output surpassing 14 trillion yuan during the 14th Five-Year Plan [10]. - The province has seen a continuous influx of talent, with over 1 million college graduates choosing to work or start businesses in Guangdong this year [10]. Innovation and Technology - Guangdong is recognized for its advancements in key industries, including a 43% increase in new energy vehicle production, which accounts for one in four new energy vehicles in China [10]. - The province has also made significant strides in industrial robotics and smartphone production, leading the nation in both sectors [10].

Core Viewpoint - The article highlights the significance of the Greater Bay Area (GBA) as a dynamic and integrated region, showcasing its infrastructure development, economic growth, and collaborative innovation among the cities and regions involved [1][3][11]. Infrastructure Development - The GBA features a 231.8 km cross-border cycling event, marking a historic moment for sports and regional integration [1] - Major infrastructure projects, such as the Hong Kong-Zhuhai-Macao Bridge and the upcoming Lion Rock Tunnel, are creating a "one-hour living circle" across nine cities and two special administrative regions [5][9] - Six cross-river and cross-sea channels have been completed, significantly reducing travel times and enhancing connectivity within the GBA [7] Economic Growth - The GBA's GDP growth over the past six years is equivalent to "recreating Shenzhen," with projections indicating a total economic output exceeding 14 trillion yuan in 2024 [11] - The region is becoming one of the highest-density airport areas globally, with a comprehensive flight network connecting over 200 cities worldwide [9] Mechanism Innovation - The GBA has established 262 "Bay Area Standards" to facilitate regulatory alignment and cooperation among the three regions, enhancing cross-border efficiency [13] - Initiatives such as "zero waiting" customs clearance and mutual recognition of professional qualifications are being implemented to streamline processes [13][15] Collaborative Innovation - The GBA is fostering new business models that leverage the strengths of each region, exemplified by the "Hong Kong R&D, Qianhai validation, Bay Area promotion" approach [17] - The innovation cluster spanning Shenzhen, Hong Kong, and Guangzhou ranks first globally, contributing to the emergence of an international technology innovation center [17] Demographics and Community - The GBA covers 55,000 square kilometers and has a resident population exceeding 86 million, reflecting a strong sense of belonging among its inhabitants [19] - The region's vibrancy is characterized by continuous movement of people and resources, indicating a thriving economic environment [19][21]

Core Viewpoint - The A-share market experienced a rebound during the week of November 3 to 7, maintaining a high-level fluctuation pattern, with micro-cap and dividend stocks performing notably well while other indices showed mixed results [1][3]. Market Performance - The performance of major indices for the week and year-to-date is as follows: - Wind Micro-Cap Index: Weekly increase of 3.16%, Year-to-date increase of 83.54% - Dividend Index: Weekly increase of 2.85%, Year-to-date decrease of 0.53% - Shanghai Composite Index: Weekly increase of 1.08%, Year-to-date increase of 19.27% - CSI 2000: Weekly increase of 0.88%, Year-to-date increase of 33.35% - CSI 300: Weekly increase of 0.82%, Year-to-date increase of 18.90% - ChiNext Index: Weekly increase of 0.65%, Year-to-date increase of 49.80% - CSI 1000: Weekly increase of 0.47%, Year-to-date increase of 26.59% - Shenzhen Component Index: Weekly increase of 0.19%, Year-to-date increase of 28.70% - Sci-Tech 50: Weekly increase of 0.01%, Year-to-date increase of 43.15% - CSI 50: Weekly decrease of 0.04%, Year-to-date increase of 14.25% - CSI 500: Weekly decrease of 0.04%, Year-to-date increase of 27.98% - North Exchange 50: Weekly decrease of 3.79%, Year-to-date increase of 46.73% [2]. Stock Movement - The number of stocks that rose during the week increased slightly compared to the end of October, but overall, the market remained mixed with both gains and losses [5]. - On November 7, the number of stocks that rose was 2,977, while 2,423 stocks fell, compared to 2,861 rising and 2,523 falling on October 31 [6]. Sector Rotation - The market saw sector rotation due to the narrow fluctuation of indices without significant volume breakthroughs, with recent hot sectors experiencing ups and downs, while long-term low-performing sectors showed signs of recovery [7]. - The leading sectors for the week included power generation, chemicals, and certain regional stocks, while the sectors that declined were primarily those that had performed well in the previous week, such as pharmaceuticals and AI applications [7]. Investment Recommendations - Short-term investment advice suggests a balanced allocation towards sectors with upward policy and industry trends, such as new energy (wind power, energy storage, solid-state batteries), machinery (robots), non-ferrous metals, media (gaming), computing (AI applications), and pharmaceuticals [10]. - Sectors that may benefit from the "14th Five-Year Plan" and potential marginal improvements in fundamentals include consumption (food, retail), military (commercial aerospace), electronics (AI hardware), and communications (computing power) [10]. External Demand Concerns - There is a growing discussion regarding the weakening of external demand, which may lead to increased focus on domestic demand themes in the upcoming week [12]. - In October, China's total import and export value was 3.7 trillion yuan, a slight increase of 0.1%, with exports at 2.17 trillion yuan, down 0.8%, marking the first negative growth in monthly export growth since the second half of this year [12][13]. Upcoming Events - Important upcoming events include the China Robot Industry Development Conference on November 10, the International Summit on Battery New Energy Industry in Suzhou on November 11, and the World Power Battery Conference on November 12, among others [17].

（原标题：见证"骑"迹！这条赛道，串起大湾区的未来） 你见过这样的赛道吗？ 231.8公里 首次串联粤港澳三地 全运会历史上首个跨境自行车赛事 在这里举行 当车轮驶过港珠澳大桥 你看到的不只是一场体育竞赛 也在见证着大湾区融合发展的历史性时刻 普通人可能很好奇 9座城市，2个特别行政区，怎么融合？ 在大湾区生活的人会告诉你 这里的融合，有距离的贴近 从港珠澳大桥到深中通道 再到建设中的狮子洋通道 多项超级工程共同构建出大湾区"1小时生活圈" 在过去 从珠海开车到香港需要向北绕行 陆路车程长达4个小时 而深中通道开通前 从中山到深圳同样需要绕行约2小时 珠江口东西两岸的往来过去耗时费力 现如今 大湾区已有6条跨江跨海通道建成通车 超128万人在大湾区内地九市间跨城通勤 说得更形象点，就是 早上在中山吃乳鸽 中午开半小时车去深圳见客户 下午10分钟过关到香港看演出 晚上还能去趟广州泡温泉 在大湾区生活的一天就是这么"朴实无华" 与此同时 大湾区正成为全球机场跑道密度最高的区域之一 航线网络遍及全球200多个城市 世界级综合交通枢纽正在形成 基础建设的"硬联通"不仅打破了地理壁垒 更是打通了一条条经济动脉 大湾区6 ...

Core Viewpoint - The report from Tianfeng Securities indicates that industries with prolonged weak performance tend to exhibit a "prolonged decline" characteristic, with defensive sectors like environmental protection, public utilities, and transportation more likely to underperform in the long term [1][2] Industry Analysis - Industries that have underperformed for three consecutive years and are nearing their historical longest underperformance periods include beauty care, basic chemicals, and social services [4] - The construction materials, electrical equipment, and food and beverage sectors have been underperforming for a duration close to their historical longest periods, with a difference of about one year [4] - Industries that have underperformed for three consecutive years but have a higher probability of outperforming in the fourth year include food and beverage, agriculture, forestry, animal husbandry, social services, and biomedicine [2][4] Defensive Sector Characteristics - The public utility sector exhibits a typical public utility attribute, characterized by weak cycles and low beta, showing low elasticity during bull markets, as evidenced in the bull markets of 2006-2007, Q1-Q3 of 2009, and H2 of 2014 to H1 of 2015 [3] - The trend of negative excess returns in public utility sectors is attributed to small-cap stocks lacking both offensive characteristics in bull markets and stable dividend attributes, leading to a divergence between industry leaders and small-cap stocks [3] - The independent market performance of leading stocks in the public utility and environmental sectors since 2017 is driven by the revaluation of dividend assets in a low-interest-rate environment, with stable earnings and high dividends contributing to a stronger "moat" and scale effect for these leaders [3] Statistical Insights - An analysis of the Shenwan first-level industries from 2007 to 2025 reveals that the probability of an industry underperforming for three consecutive years is inversely related to the conditional probability of it outperforming in the fourth year [2]

Group 1: Importance of Improving Consumption Statistics - Improving consumption statistics is crucial for accurately observing the resident consumption rate and guiding policy direction[1] - Recent efforts have been made to enhance consumption statistics, including the release of service retail data in August 2023[1] - The government has initiated actions to improve comprehensive consumption statistics, aiming for a more targeted approach in stimulating consumption[1] Group 2: Comparison with Other Economies - Comparing consumption statistics between China and the U.S. reveals significant differences, with U.S. residents' per capita consumption approximately ten times that of China[1] - The U.S. enjoys a price advantage in consumer price index (CPI) compared to China's overall price levels, affecting consumption rates[2] - Service consumption in China is a major bottleneck, with only 46.1% of consumption expenditure allocated to services compared to 68.5% in the U.S.[20] Group 3: Statistical Methodology Challenges - China's statistical methods for financial services and insurance are inadequate, leading to underreported service consumption[22] - The narrow scope of service consumption statistics in China fails to capture the full value of public service subsidies, affecting data comparability[25] - The transition from depreciation cost method to market-based virtual rent method for housing services in 2023 aims to better reflect actual consumption value[26] Group 4: Risks and Considerations - There are risks associated with discrepancies between service consumption data and actual figures, potentially affecting policy effectiveness[31] - The progress of improving consumption statistics may not align with expectations, complicating efforts to enhance consumption rates[31] - Achieving higher consumption rates requires not only improved statistics but also policies that enhance consumer willingness and capacity[31]

Core Insights - The white paper titled "China's Actions on Carbon Peak and Carbon Neutrality" emphasizes the deepening low-carbon development in key sectors, integrating carbon peak and carbon neutrality into the overall economic and social development strategy [1][2] Group 1: Low-Carbon Development in Key Sectors - Major sectors contributing to carbon emissions include industry, transportation, construction, and residential life, which are crucial for achieving carbon peak and carbon neutrality [1] - China is promoting collaborative innovation between traditional and emerging industries, optimizing and upgrading industrial structures, and advancing the development of green low-carbon industries [1] - The proportion of green low-carbon industries in the overall economy is continuously increasing, with a focus on eliminating high energy-consuming and high-emission projects [1] Group 2: Transportation and Infrastructure - China is developing low-carbon transportation tools and optimizing the transportation structure, forming a modern comprehensive transportation system that is safe, convenient, efficient, green, and economical [2] - The country is accelerating the promotion of new energy vehicles, achieving the fastest and largest scale of new energy vehicle deployment globally, with leading levels of railway electrification [2] - There is a continuous upgrade of green transportation infrastructure, with a focus on using clean energy in shipping and aviation [2] Group 3: Urban and Rural Development - Urban and rural construction methods are being transformed, with improvements in green low-carbon development levels and living quality [2] - The energy efficiency of buildings is significantly increasing, and energy use is becoming cleaner and more low-carbon [2] Group 4: Public Engagement and Lifestyle Changes - China is implementing green low-carbon actions for the public, promoting a lifestyle that is simple, moderate, green, low-carbon, and health-conscious [2]

（原标题：多米尼克第25届世界克里奥尔音乐节超出预期） 据多米尼克新闻在线11月6日报道：多米尼克旅游局宣布，据数据统计，第 25届多米尼克世界克里奥尔音乐节（WCMF）的各项指标均创下历史新高。本 届音乐节连续三晚共吸引逾42,000名观众参与，较2024年的30,217人次显著增 长。活动前九日游客抵达量达10,540人次，较去年同期增长48%，创下历届节 庆前最高纪录。数据显示，游客涌入显著提振旅游业，并为当地经济带来连锁 效应，惠及中小企业、交通运输、酒店餐饮、娱乐产业及创意艺术等多个领 域。 据报道，全岛住宿设施近乎满员，餐厅、夜店及旅行社纷纷扩充服务以应 对来自马提尼克、瓜德罗普、圣卢西亚、安提瓜和巴布达等邻岛，以及北美、 欧洲游客的空前涌入。 ...