Market Overview - The A-share market experienced a downward trend from November 10 to November 14, with the Shanghai Composite Index closing at 3990.49 points, a slight decline of 0.18% for the week [2] - Growth sectors faced significant pullbacks, with the ChiNext and STAR Market indices dropping over 5%, indicating pressure on high-valuation sectors [2] - Structural differentiation continued, with the CSI Dividend Index rising 0.25%, showcasing the resilience of value styles, while the Wind Micro-Cap Index surged 4.11%, becoming one of the few market highlights [2] Industry Performance - The average performance of Wind's primary industry indices increased by 0.48%, with over half of the sectors achieving positive returns [9] - The healthcare sector rose by 3.27%, consumer staples by 2.72%, and real estate by 2.62%, marking the strongest performances [9] - Conversely, the information technology sector fell by 4.27%, industrials by 1.28%, and telecommunications services by 1.09%, indicating significant pressure on technology and manufacturing sectors [9] Fund Issuance - A total of 24 funds were issued last week, including 14 equity funds, 4 mixed funds, 2 bond funds, and 4 fund of funds (FOFs), with a total issuance of 14.173 billion units [13] Fund Performance - The Wind All-Fund Index decreased by 0.37% last week, with the ordinary equity fund index down by 0.40% and the mixed equity fund index down by 0.71% [3] - The bond fund index saw a slight increase of 0.06%, indicating a mixed performance across different fund types [3] Global Market Context - Global equity markets showed a mixed performance, with the US market stable and the Dow Jones rising by 0.34%, while European markets performed strongly, with France's CAC40 up by 2.77% and Germany's DAX up by 1.30% [4] - In the commodity market, natural gas rose by 4.47%, silver by 4.69%, and gold by 1.86%, while coking coal plummeted by 6.77% [4] - The US dollar index weakened amid strong expectations for a Federal Reserve rate cut in December, which diminished the dollar's attractiveness [4]

Economic Overview - In October, the national economy maintained a stable and progressive development trend, with industrial added value increasing by 4.9% year-on-year, service production index rising by 4.6%, and retail sales of consumer goods growing by 2.9% [1][10]. Industrial Production - The industrial added value for October increased by 4.9% year-on-year and 0.17% month-on-month. The mining industry grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [3]. - Equipment manufacturing and high-tech manufacturing sectors showed strong growth, with increases of 8.0% and 7.2% respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3]. - The profit of industrial enterprises from January to September reached 53,732 billion yuan, a year-on-year increase of 3.2% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [4]. - The business activity index for the service sector was at 50.2%, indicating stable activity levels [4]. Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [5]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [5]. Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7%. However, manufacturing investment grew by 2.7% [6]. - Real estate development investment saw a significant decline of 14.7% [6]. Trade and Exports - In October, the total import and export value was 37,028 billion yuan, a slight increase of 0.1% year-on-year, with exports decreasing by 0.8% and imports increasing by 1.4% [7]. - From January to October, the total import and export value reached 373,090 billion yuan, a year-on-year increase of 3.6% [7]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. Conclusion - Overall, the national economy in October showed stability and progress, with ongoing structural adjustments and challenges ahead. The focus remains on expanding domestic demand and stabilizing employment and market expectations [10].

Core Viewpoint - The A-share market experienced a decline today, with the Shanghai Composite Index down by 0.49% and a total trading volume of 1,058.42 million shares, amounting to 16,186.46 billion yuan, a decrease of 9.70% compared to the previous trading day [1]. Industry Performance Summary - **Retail Trade**: Increased by 1.76%, with a trading volume of 304.03 billion yuan, up by 1.15%. Leading stock: CITIC Metal, up by 10.01% [1]. - **Real Estate**: Increased by 0.89%, with a trading volume of 240.23 billion yuan, up by 7.85%. Leading stock: Overseas Chinese Town A, up by 10.15% [1]. - **Steel**: Increased by 0.55%, with a trading volume of 142.95 billion yuan, down by 9.75%. Leading stock: Fangda Carbon, up by 9.98% [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Increased by 0.54%, with a trading volume of 213.24 billion yuan, down by 7.01%. Leading stock: Baolingbao, up by 9.99% [1]. - **Basic Chemicals**: Increased by 0.48%, with a trading volume of 1,128.68 billion yuan, down by 18.15%. Leading stock: Aokai Co., up by 20.04% [1]. - **Banking**: Increased by 0.32%, with a trading volume of 175.13 billion yuan, down by 15.50%. Leading stock: Xi'an Bank, up by 2.48% [1]. - **Construction Materials**: Increased by 0.30%, with a trading volume of 142.92 billion yuan, up by 9.94%. Leading stock: Conch New Materials, up by 10.00% [1]. - **Consumer Electronics**: Decreased by 0.34%, with a trading volume of 252.87 billion yuan, down by 9.60%. Leading stock: Sanhua Intelligent Control, down by 3.54% [2]. - **Non-banking Financials**: Decreased by 1.25%, with a trading volume of 371.04 billion yuan, down by 11.36%. Leading stock: Guosheng Securities, down by 3.08% [2]. - **Defense and Military**: Decreased by 1.18%, with a trading volume of 378.78 billion yuan, down by 15.00%. Leading stock: Hangyu Technology, down by 4.81% [2].

Market Performance - Global indices mostly rose last week, with MSCI Global up by 0.6%, MSCI Developed Markets up by 0.6%, and MSCI Emerging Markets up by 0.9% [7][31] - Among developed markets, Nikkei 225 had the strongest performance with a gain of 6.3%, while the Australian S&P 200 was the weakest, down by 1.5% [7][31] - In emerging markets, the Mexican MXX index performed best with a rise of 2.7%, while the Hang Seng Index was the worst performer, down by 1.0% [7][31] Trading Sentiment - Global trading volume generally improved, with North American holdings index reaching a historical high [21] - The trading volume for major indices such as the Shanghai Composite, S&P 500, and Nikkei 225 saw fluctuations, with the Shanghai Composite and Hang Seng Index experiencing declines [21][27] - Investor sentiment in Hong Kong improved but remained at a historical low, while sentiment in the US was at a historical high [21][28] Fundamental Analysis - Earnings expectations for US tech and consumer discretionary sectors were significantly revised upwards during the earnings season [63] - The S&P 500's 2025 EPS earnings expectation was adjusted from 269 to 270, with the technology sector seeing the largest upward revision of +2.4 [63][64] - In the Hong Kong market, the Hang Seng Index's 2025 EPS earnings expectation was revised from 2062 to 2066, with the materials sector seeing the largest increase [63][64] Economic Outlook - Major market sentiment indicators showed a rebound, with the Citigroup Economic Surprise Index for the US rising due to the Fed's rate cut and improved earnings from tech giants [7][63] - The European Economic Surprise Index also increased, supported by stable ECB rates and a temporary easing of political tensions in France [7][63] - The Chinese Economic Surprise Index rose, bolstered by positive Q3 data and favorable policies [7][63] Capital Flows - The Federal Reserve cut rates as expected, but there were hawkish signals regarding future cuts [52] - As of October 31, market expectations indicated the Fed would cut rates 0.68 times by year-end, a decrease from the previous week [52][53] - Global liquidity trends showed significant inflows into the US, China, India, Japan, and South Korea, with Hong Kong seeing substantial inflows through the Stock Connect program [58][62]

Core Viewpoint - The current PE valuation (TTM) for the food and beverage and agriculture, forestry, animal husbandry, and fishery sectors is below the 20th percentile level of the past decade, indicating potential investment opportunities [1][7]. Valuation Historical Percentile Levels - The PE valuation (TTM) for major broad market indices is above 20%, with the Shenzhen Component Index, CSI 300, SSE 50, SSE Composite Index, STAR Market 50, Northbound 50, and CSI A100 at the 82.06%, 83.66%, 87.82%, 94.57%, 96.95%, 97.64%, and 99.59% percentiles respectively, suggesting relatively high valuations and associated risks [6][7]. Industry Valuation Levels - The PE valuation (TTM) for the food and beverage sector is at the 8.37th percentile, while agriculture, forestry, animal husbandry, and fishery is at the 11.44th percentile, making them key areas for attention [7]. - Other industries such as construction materials, coal, media, automotive, steel, retail, electronics, computing, and real estate have PE valuations at the 80.41%, 81.12%, 81.71%, 82.06%, 84.86%, 87.90%, 95.43%, 97.35%, and 99.30% percentiles respectively, indicating higher investment risks [7]. Market Overall Situation - The total market capitalization for listed companies in Shanghai is approximately 638.48 billion, with an average PE ratio of 16.19 [21]. - In Shenzhen, the total market capitalization is around 425.78 billion, with an average PE ratio of 31.26 [22]. Buffett Indicator - The current Buffett indicator for A-shares stands at 89.18%, which is relatively high and above the safe zone [5][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the U.S. September CPI year - on - year growth rate was lower than expected, and China - U.S. economic and trade consultations reached a basic consensus on arrangements to address respective concerns. Globally, stocks and commodities rose, while the bond market declined. In terms of U.S. dollar - denominated assets, commodities > stocks > bonds. In China, stocks and commodities closed higher, and the bond market was weakly volatile. Overall, stocks > commodities > bonds. The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [3][6]. 3. Summary by Related Catalogs 3.1 Global Major Asset Performance 3.1.1 Global Stock Market Overview - From October 20 to October 24, 2025, the market sentiment was relatively stable, and major global stock markets generally closed higher. U.S. stocks had the highest gains, and emerging markets outperformed developed markets. The VIX index had a significant weekly decline [8]. - In the Asia - Pacific market, the MSCI Asia - Pacific region rose 1.87% in a week, the Shanghai Composite Index rose 2.88%, and the Hang Seng Index rose 3.62%. In the American market, the MSCI USA rose 1.93%, and the S&P 500 rose 1.92%. In other markets, the Istanbul ISE100 rose 7.18% [11][12]. 3.1.2 Global Bond Market Overview - From October 20 to October 24, 2025, the lower - than - expected September inflation data supported the Fed to further cut interest rates. The yield of the 2 - year U.S. Treasury bond increased by 2BP weekly, and the yield of the 10 - year U.S. Treasury bond remained flat at 4.02%. The bond market weakened weekly. Globally, high - yield bonds > credit bonds > government bonds [13]. - The global bond index fell 0.19% in a week, the global government bond index fell 0.37%, the global credit bond index rose 0.05%, and the global high - yield bond index rose 0.36% [13]. 3.1.3 Global Foreign Exchange Market Overview - From October 20 to October 24, 2025, recent U.S. data showed economic resilience, and the U.S. dollar index closed higher weekly. Major non - U.S. currencies had mixed performances against the U.S. dollar, and the RMB exchange rate fluctuated within a narrow range. The U.S. dollar index rose 0.39% weekly [14]. 3.1.4 Global Commodity Market Overview - The U.S. government announced sanctions on Russia's two largest oil companies, causing international oil prices to soar weekly. The market's risk - aversion sentiment cooled recently, and precious metal prices declined weekly. Major industrial and agricultural products prices generally rose [17]. - The RJ/CRB commodity price index rose 3.28%, and the S&P Goldman Sachs Commodity Total Return Index rose 3.65%. Brent crude oil rose 5.84%, and WTI crude oil rose 7.32%. The S&P Goldman Sachs Precious Metals Total Return Index fell 1.83% [17][19]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market Overview - Policy boosted market confidence, and major A - share broad - based indexes generally rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, the growth style had the highest gains. In terms of sectors, communications, electronics, etc. had high gains, while agriculture, forestry, animal husbandry, and fishery performed poorly. The Shanghai Composite Index rose 2.88% weekly [21]. 3.2.2 Domestic Bond Market Overview - From October 20 to October 24, 2025, the central bank's net injection in the open - market operations was 198.1 billion yuan. The capital market remained stable. The bond market was weakly volatile weekly. Overall, corporate bonds > credit bonds > government bonds [23]. - The ChinaBond Aggregate Total Return Index fell 0.07% in a week, the ChinaBond Corporate Bond Total Return Index rose 0.14%, the ChinaBond Treasury Bond Total Return Index fell 0.13%, and the ChinaBond Credit Bond Total Return Index rose 0.12% [24]. 3.2.3 Domestic Commodity Market Overview - The domestic commodity market closed higher weekly. Among major commodity sectors, energy had the highest gains, and precious metals performed poorly [25]. 3.3 Major Asset Price Outlook - The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [27].

Core Viewpoint - The A-share market experienced a collective rise, with the Shanghai Composite Index reaching a ten-year high, driven by strong performances in specific sectors such as components and semiconductors [1] Market Performance - The Shanghai Composite Index closed at 3950.31 points, up by 0.71%, with a trading volume of 858.49 billion yuan - The Shenzhen Component Index closed at 13289.19 points, up by 2.02%, with a trading volume of 1115.72 billion yuan - The ChiNext Index closed at 3171.57 points, up by 3.57%, with a trading volume of 526.38 billion yuan [1] Sector Performance - Leading sectors included: - Components: up by 4.76%, with a trading volume of 183.99 million hands and a net inflow of 7.08 billion yuan - Semiconductors: up by 4.41%, with a trading volume of 296.21 million hands and a net inflow of 22.54 billion yuan - Electronic chemicals: up by 3.63%, with a trading volume of 77.29 million hands and a net inflow of 2.09 billion yuan [2] - Underperforming sectors included: - Coal mining and processing: down by 3.29%, with a trading volume of 281.50 million hands and a net outflow of 2.22 billion yuan - Oil and gas extraction and services: down by 2.66%, with a trading volume of 171.29 million hands and a net outflow of 1.37 billion yuan - Gas: down by 2.01%, with a trading volume of 113.50 million hands and a net outflow of 1.14 billion yuan [2]

Core Points - Shenzhen's local stocks surged following the announcement of a new merger and acquisition action plan, with over ten local stocks hitting the daily limit up, including Jian Ke Yuan and Shen Sai Ge [1] - The Shenzhen Securities Regulatory Bureau reported that there have been 257 merger and acquisition cases in the Shenzhen area this year, totaling approximately 61.57 billion yuan [1] - The newly released action plan aims to enhance the quality and quantity of mergers and acquisitions, targeting over 200 projects and a total transaction amount exceeding 100 billion yuan by the end of 2027 [2] Summary by Sections Mergers and Acquisitions Activity - The action plan outlines ten key tasks to improve resource allocation through mergers and acquisitions, supporting the injection of quality assets into Shenzhen-listed companies [1][2] - Since the release of the "Six Merger Guidelines," there have been 215 merger and acquisition proposals from Shenzhen-listed companies, with 160 disclosing transaction amounts exceeding 45 billion yuan [2] Financing and Support Mechanisms - The plan encourages companies to utilize various financing methods, including cash, shares, and convertible bonds, to facilitate mergers and acquisitions [2] - Financial institutions are encouraged to provide credit support through merger loans and syndicate loans [2] Strategic Focus - The action plan emphasizes the development of strategic emerging industries, directing capital towards sectors like artificial intelligence and biopharmaceuticals [2] - There is potential for traditional local companies with low debt and low market value to become targets for mergers and acquisitions, particularly from high-tech firms [3]

Group 1 - The core viewpoint of the news is the significant rebound in the Shenzhen stock market, with local stocks leading the gains, particularly in the context of a new government initiative aimed at enhancing mergers and acquisitions in the region [1] - On October 23, all three major indices closed in the green, with Shenzhen local stocks experiencing a substantial surge, highlighted by Jian Kexuan's 20% limit-up and several other stocks like Shen Shui Gui Yuan and Xi Dian Gu Fen rising over 10% [1] - The Shenzhen municipal government has launched an action plan for high-quality development of mergers and acquisitions from 2025 to 2027, aiming for a comprehensive improvement in the quality of listed companies and a total market capitalization exceeding 20 trillion yuan by the end of 2027 [1] Group 2 - The action plan includes goals to cultivate 20 companies with a market value of over 100 billion yuan and to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [1] - The initiative is supported by multiple local government departments, indicating a coordinated effort to boost the local economy and enhance the competitiveness of Shenzhen's market [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2] Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - The fund's performance benchmark is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2: Fund Performance - As of October 21, 2024, the fund's latest share count is 74.08 million, with a total asset size of 106 million yuan, down 39.83% in share count and 27.26% in asset size since December 31, 2024 [1] - The fund has recorded a total trading volume of 1.152 billion yuan over the last 20 trading days, averaging 57.61 million yuan per day [1] Group 3: Fund Management - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 43.72% during her tenure [2] - The fund's top holdings include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with Shougang Resources having a holding percentage of 3.83% [2]