1、国办发文！事关人工智能等多个应用场景建设 重要程度：★★★★★ 11月7日，国务院办公厅印发《关于加快场景培育和开放 推动新场景大规模应用的实施意见》。《意见》 聚焦打造一批新领域新赛道应用场景、建设一批产业转型升级的新业态应用场景等五个方面，提出22类场 景培育和开放重点领域。以下为部分重点内容： 在办公、社交、消费、娱乐等领域探索应用元宇宙、虚拟现实、智能算力、机器人等技术创新应用场景， 推动实体经济和数字经济深度融合。 推动深海探测、深海开采、深远海养殖、海洋工程装备、海洋电子信息、海洋生物医药等场景培育和开 放，打造一批深海科技创新策源地。 推动大数据、物联网、脑机接口等新一代信息技术及医疗机器人等智能设备集成应用，创新健康咨询、问 诊指引、辅助诊断、远程医疗、用药审核等医疗应用场景。 人工智能领域。加强关键核心技术攻关和推广应用，加快高价值应用场景培育和开放，更好满足科技、产 业、消费、民生、治理、全球合作等各领域发展需要。 点评：国办放大招了，要加速AI应用落地。这几天，外围市场在都担心AI泡沫，科技股跌的稀里哗啦。但 自选哥以为，只有无法落地的才叫泡沫，AI显然不是。因此也能看到，我们在加快 ...

Report Information - Report Title: Financial Futures Weekly Report [1] - Date: November 7, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - For the stock index, in the long - term, the upward trend remains unchanged due to the easing external environment and new policy expectations from the 15th Five - Year Plan. In the short - term, the index may oscillate around the key pressure level of 4000 points on the Shanghai Composite Index. A dumbbell strategy with balanced allocation of CSI 300 and CSI 500 is recommended [13]. - For treasury bonds, the negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. It is recommended to seize allocation opportunities when there is market over - adjustment [87]. - For shipping indexes, although the actual demand may not support large price increases, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108]. Summary by Section Stock Index Market Review - The A - share market has shown a pattern of "short - term correction followed by strong performance, and rebound after a sharp decline due to external shocks" since the beginning of the year. From November 3 - 7, the A - share market rose with reduced volume. The Wind All - A index rose 0.62%, and large - cap blue - chip stocks performed better. Futures were weaker than the spot index [7][8]. - Looking ahead, concerns about liquidity in the US market and high expectations for Sino - US tariff negotiations have led to a weakening market after the positive news was released. Domestically, the economic fundamentals in September faced more pressure, and the export data in October showed a downward trend. Although the margin trading balance provided support, the participation of retail investors was not high. The overall A - share trading volume returned to 2 trillion yuan, and its sustainable growth needs attention [12][13]. 成交持仓分析 - Stock index trading volume decreased. The average daily trading volumes of IF, IH, IC, and IM decreased by 1.13, 0.71, 0.79, and 0.46 million lots respectively compared with last week. The positions showed a differentiated trend. IF and IM positions increased, while IH and IC positions decreased [14]. 基差、跨期价差及跨品种价差分析 - The basis showed a differentiated trend. The basis of CSI 300 and CSI 500 widened, while that of SSE 50 changed from premium to discount, and the basis of CSI 1000 narrowed. The annualized basis rate of each index decreased. The spread between the next - month and current - month contracts of IF, IC, and IM widened, while that of IH narrowed. The spread between the current - quarter and current - month contracts of all varieties widened. Large - cap blue - chip stocks performed relatively better [16][26][32]. Industry Sector Overview - In the CSI 300, the energy, industrial, and financial sectors led the gains, while the pharmaceutical, optional consumer, and information sectors led the losses. In the CSI 500, the energy, public utilities, and industrial sectors led the gains, while the real estate, pharmaceutical, and information sectors led the losses. Among the first - level industries, the power equipment, coal, and petroleum and petrochemical sectors led the gains, while the beauty care, computer, and pharmaceutical biology sectors led the losses [33][35]. Valuation Comparison - As of November 7, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.3295, 11.9766, 33.464, and 47.8124 times respectively, and they were at the 88.07%, 91.32%, 79.72%, and 77.08% percentile levels in the past decade [38]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: The central bank's bond - buying was slightly lower than expected, and the warming of the A - share market suppressed the bond market. The performance of long - term futures was slightly stronger than that of spot bonds, while the opposite was true for short - term bonds. There is a certain positive arbitrage space for each variety's main contract, and there is a large reverse arbitrage space for non - CTD bonds of 30 - year, 10 - year, and 2 - year main contracts. The basis of the 10 - year main contract is slightly high and has the motivation to converge. The spread between the current - quarter and next - quarter contracts is expected to continue to narrow during the position - shifting process. A flattening strategy is recommended [42][44][51]. - **Bond Spot Market**: Most of the spot yields of treasury bonds increased this week, with a larger increase at the short end. The yield of US Treasury bonds first decreased and then increased [65]. - **Funding Situation**: At the beginning of the month, there was a net withdrawal of funds. The central bank conducted an equal - amount renewal of the 3 - month outright reverse repurchase due this month. The overall funding situation was stable, and there was no liquidity stratification between banks and non - banks [70]. - **Interest Rate Derivatives**: The yields of interest rate swap varieties increased slightly this week, and the liquidity expectation was stable [85]. Market Analysis - The bond market stabilized and strengthened in October. Currently, the economic fundamentals still face pressure, and the market's expectation of monetary easing may rise again. The restart of treasury bond trading has brought direct buying demand to the bond market, and the impact of wide - credit expectations on the bond market should be limited. Although there are some uncertain disturbances, the bond market environment has improved [87]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a total of 783 billion yuan of reverse repurchases due next week, and important economic data such as China's October social financing data and national economic activity data will be released [95]. Shipping Index Market Review - The reduction of quotes hit the sentiment of long - positions. This week, the SCFIS index turned down again. On the spot side, shipping companies reduced the price increase, which hit the sentiment of long - positions and led to a sharp decline in EC futures [96]. Container Shipping Market Situation - **Spot Market**: The freight rates of ocean routes continued to rebound, with the rates of European and American routes rising. Shipping companies continued to raise the quotes for November and December, but the increase was lower than before. Considering the general demand and the decline of the SCFIS index, it is uncertain whether the price increase can be fully implemented [102][103]. - **Supply - Demand Fundamentals**: On the supply side, the container shipping capacity in Europe in November remained at a relatively high level in the off - season, and the potential and actual shipping capacities are expected to continue to grow. The geopolitical conflict in the Middle East continues to deteriorate, and the probability of the Red Sea resuming navigation within the year is low. On the demand side, the macro - demand in the eurozone continues to recover weakly, and the demand at the end - of - year peak season may be lower than expected, so the support for container shipping prices is limited [106][107]. Market Outlook - Although the actual demand may not support a large price increase, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108].

【导读】来自瑞银的数据显示，三季度外国投资者进一步增持中国股票 11月7日，港股三大指数集体下跌。其中，恒生指数收跌0.92%，报26241.83点；恒生科技指数下跌 1.80%，报5837.36点；恒生中国企业指数下跌0.94%，报9267.56点。 全日大市成交额为2096.44亿港元，较前一交易日的2346.53亿港元有所萎缩，南向资金净买入75.23亿港 元。 行业方面，传媒、医药生物、半导体、汽车行业等跌幅靠前。 部分黄金股逆市上涨 11月7日，部分黄金股逆市上涨。例如，珠峰黄金大涨5.76%、周六福涨5.44%，万国黄金集团涨 2.86%。不过，也有黄金股下挫。例如，大唐黄金大跌7.02%，周生生跌3.51%，周大福跌2.33%，老铺 黄金跌2.94%。 消息面上，美国就业形势严峻引发降息预期升温。芝商所FedWatch工具显示，美联储12月再度降息的 可能性超过70%。 消息面上，近日，泡泡玛特某平台官方直播间在推广产品时，两名现场工作人员的私下对话被直播间收 录，引发讨论。相关词条登上了热搜第一。网传消息称，涉事的两位工作人员已经被开除，连带相关部 门也被追责。 不过，据智通财经报道，11月7 ...

Core Insights - The CSI Medical Index (399989) closed at 7188.73 points, down 0.49%, with a trading volume of 15.495 billion yuan and a turnover rate of 1.31% [1] - Among the index constituents, 20 stocks rose while 29 stocks fell, with Furuide (福瑞股份) leading the gainers at 4.41% and Sanbo Brain Science (三博脑科) leading the decliners at 5.29% [1] Index Performance - The CSI Medical Index's top ten constituents include: - WuXi AppTec (药明康德) with a weight of 13.85% and a latest price of 94.84 yuan, down 0.89% [1] - Mindray Medical (迈瑞医疗) with a weight of 8.24% and a latest price of 205.79 yuan, down 0.27% [1] - United Imaging Healthcare (联影医疗) with a weight of 7.95% and a latest price of 137.66 yuan, down 0.10% [1] - Aier Eye Hospital (爱尔眼科) with a weight of 6.56% and a latest price of 12.06 yuan, unchanged [1] - Tigermed (泰格医药) with a weight of 3.55% and a latest price of 58.32 yuan, down 0.63% [1] - Kanglong Chemical (康龙化成) with a weight of 3.41% and a latest price of 31.67 yuan, down 1.80% [1] - Aimeike (爱美客) with a weight of 2.78% and a latest price of 149.16 yuan, down 1.87% [1] - New Industry (新产业) with a weight of 2.75% and a latest price of 62.34 yuan, up 0.58% [1] - Lepu Medical (乐普医疗) with a weight of 2.74% and a latest price of 16.74 yuan, down 3.07% [1] - Huatai Medical (惠泰医疗) with a weight of 2.68% and a latest price of 283.50 yuan, down 0.65% [1] Capital Flow - The net outflow of main funds from the CSI Medical Index constituents totaled 724 million yuan, while retail investors saw a net inflow of 604 million yuan [1] - Notable capital flows include: - Furuide (福瑞股份) with a net inflow of 96.5164 million yuan from main funds [2] - Mindray Medical (迈瑞医疗) with a net outflow of 90.3162 million yuan from speculative funds [2] - Yuyue Medical (鱼跃医疗) with a net inflow of 81.3628 million yuan from main funds [2]

Core Viewpoint - The Medical Health R Index (480016) closed at 7535.01 points, down 0.39%, with a trading volume of 21.869 billion yuan and a turnover rate of 0.89% on November 7 [1] Group 1: Index Performance - The index had 26 stocks rising, with Xinhecheng leading at a 4.9% increase, while 23 stocks fell, with Zaiqing Pharmaceutical leading the decline at 4.35% [1] - The top ten constituent stocks of the Medical Health R Index are primarily in the pharmaceutical and medical sectors, with notable weights and market capitalizations [1] Group 2: Key Constituents - WuXi AppTec (sh603259) holds a weight of 13.66% with a market cap of 282.98 billion yuan, closing at 94.84 yuan, down 0.89% [1] - Hengrui Medicine (sh600276) has an 11.00% weight, a market cap of 408.72 billion yuan, and closed at 61.58 yuan, down 1.35% [1] - Mindray Medical (sz300760) has a weight of 7.57%, a market cap of 249.51 billion yuan, and closed at 205.79 yuan, down 0.27% [1] - Other notable constituents include United Imaging Healthcare (sh688271), Pianzai Shou (sh600436), and Xinhecheng (sz002001), which saw a 4.9% increase [1] Group 3: Capital Flow - The Medical Health R Index constituents experienced a net outflow of 240 million yuan from institutional investors and 119 million yuan from retail investors, while retail investors saw a net inflow of 359 million yuan [1] - Specific stocks like Huazhong Pharmaceutical (000999) and Yuyue Medical (002223) showed significant net inflows and outflows among different investor types [2]

Group 1 - The pharmaceutical sector is experiencing a rebound with strong capital allocation intentions, as evidenced by the medical ETF (512010) receiving a net inflow of 400 million yuan over four consecutive trading days, and the Hang Seng Innovation Drug ETF (159316) attracting over 1.6 billion yuan in the past month [1] - The pharmaceutical and biotechnology sector reported a year-on-year net profit growth of 7.7% in Q3 2025, with a gross margin maintained at 31.4%, showing a clear trend of improvement [1] - Innovative drugs are leading the industry, with several companies achieving high growth in performance due to the commercialization of innovative drugs and the confirmation of upfront payments for business development overseas [1] Group 2 - Analysts believe that the pharmaceutical sector is poised for a valuation recovery in Q4, driven by multiple catalysts including performance recovery and policy support, alongside a loose overseas liquidity environment [1] - The medical ETF (512010) tracks the CSI 300 Healthcare Index, reflecting the overall performance of leading pharmaceutical stocks in the A-share market, while the Hang Seng Innovation Drug ETF (159316) focuses exclusively on innovative drug companies in the Hong Kong stock market [1] - Other related ETFs managed by E Fund include the E Fund Innovation Drug ETF (516080) and the Hong Kong Stock Connect Medical ETF (513200), providing investors with diverse options to invest in leading pharmaceutical companies in both A and H shares [1]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [3][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.61% from October 24 to November 6, 2025, which is approximately 2.50 percentage points lower than the index [10][23]. - Most sub-sectors within the industry recorded negative returns during the same period, with the vaccine and pharmaceutical distribution sectors showing the highest gains of 2.87% and 2.33%, respectively, while offline pharmacies and medical research outsourcing experienced declines of 3.95% and 3.11% [11][12]. - Approximately 57% of stocks in the industry recorded positive returns, with notable performers including Hezhong China, which saw a weekly increase of 115.96% [15][12]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry lagged behind the CSI 300 index, with a decline of 0.61% from October 24 to November 6, 2025 [10]. - Most sub-sectors recorded negative returns, with vaccines and pharmaceutical distribution leading in gains [11]. - About 57% of stocks in the industry had positive returns, with significant fluctuations among individual stocks [15]. 2. Industry News - The 11th batch of national drug centralized procurement results was announced, involving 55 varieties and 445 companies, with a selection rate of 57% [21]. - The new procurement rules emphasize clinical stability, quality assurance, and higher standards for bidding companies [21]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received approval for clinical trials of YKYY013 injection for chronic hepatitis B treatment [22]. 4. Industry Outlook - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and traditional Chinese medicine [25]. - Key companies to watch include Mindray Medical, Yifeng Pharmacy, and Aier Eye Hospital, among others [26].

Core Insights - The average stock price in the A-share market is 13.95 yuan, with 25 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 10 are ST stocks, accounting for 40% of the total [1] Market Performance - As of November 7, the Shanghai Composite Index closed at 3997.56 points [1] - In the low-priced stock category, 8 stocks increased in price, with *ST Hui Feng leading at a rise of 3.53%, followed by ST Jing Lan at 1.71% and HNA Holding at 1.67% [1] - Conversely, 10 stocks experienced declines, with *ST Yuan Cheng dropping 4.69%, *ST Su Wu down 2.00%, and ST Zhong Zhu falling 1.51% [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2] - Notable low-priced stocks include *ST Gao Hong (0.38 yuan), *ST Yuan Cheng (0.61 yuan), and *ST Su Wu (0.98 yuan) [1]

Group 1 - The core viewpoint of the article highlights the performance and characteristics of various STAR Market ETFs, focusing on their underlying indices and sector allocations [2][3][5] - The STAR 50 ETF tracks the STAR 50 Index, consisting of 50 large-cap stocks with significant liquidity, predominantly in the "hard technology" sector, with semiconductors accounting for over 65% and combined with medical devices, software development, and photovoltaic equipment making up nearly 80% [2] - As of the midday close, the STAR 50 Index had a rolling P/E ratio of 110 and experienced a price change of +0.8% [2] Group 2 - The E Fund STAR 100 ETF tracks the STAR 100 Index, which includes 100 medium-cap stocks with good liquidity, focusing on small and medium-sized innovative enterprises, with over 80% of its composition in electronics, pharmaceuticals, and power equipment [3] - The STAR 100 Index had a rolling P/E ratio of 243 and saw a price change of -0.6% as of the midday close [3] - The E Fund STAR Comprehensive Index ETF tracks the STAR Comprehensive Index, which encompasses all market securities in the STAR Market, providing a broad coverage of various stock styles [3]

Group 1 - The core conclusion of the report is to explore which industries that have underperformed for three consecutive years have a higher probability of reversal in the coming year. It highlights that industries like beauty care, basic chemicals, and social services are currently close to their historical longest periods of underperformance [2][3][10] - The report identifies that defensive industries such as environmental protection, public utilities, and transportation are more likely to exhibit prolonged underperformance due to their weak cyclical nature and low beta characteristics. These industries tend to show a "prolonged decline" feature [2][3][10] - The report indicates that the trend of negative excess returns in public utility sectors is attributed to the small-cap stocks within these sectors, which lack both offensive characteristics during bull markets and stable dividend attributes. The divergence between industry leaders and small-cap stocks has become more pronounced since 2017 [3][24] Group 2 - The report provides statistical analysis from 2007 to 2025, showing that the probability of an industry that has underperformed for three consecutive years winning in the fourth year is inversely related to its historical performance. This suggests that industries with a long history of weak performance are likely to continue this trend [3][10] - The report notes that the current industries that have underperformed for three years and are close to their historical longest underperformance periods include beauty care, basic chemicals, and social services. It also mentions that the food and beverage, agriculture, forestry, animal husbandry, fishery, social services, and pharmaceutical biotechnology sectors have a higher probability of winning in the fourth year [4][38] - The report emphasizes that the monthly trading volume of public utilities, environmental protection, and transportation has been decreasing as a proportion of total A-share trading volume, indicating a long-term downward trend in liquidity for these sectors [4][24][37]