新华社东京11月18日电（记者刘春燕）日本东京股市两大股指18日连续第3个交易日下跌。日经225种股 票平均价格指数收盘下跌3.22%，东京证券交易所股票价格指数下跌2.88%。 受隔夜纽约股市三大股指全面下跌及投资者对中日关系恶化的担忧上升等因素影响，东京股市两大股指 18日早盘跳空低开。日经225种股票平均价格指数盘中一度下跌3.3%。当天，软银集团、爱德万测试、 东京电子等三大科技股明显下跌。 由于投资者担心中日关系恶化长期化，三越伊势丹百货、高岛屋、大丸松坂屋百货母公司、日本航空、 全日空、帝国饭店等与旅游相关股票大多继续下跌。对中国游客消费依赖度较高的资生堂继昨天收盘下 跌9%后今天收盘再跌2.89%。 至收盘时，日经指数下跌1620.93点，收于48702.98点；东证指数下跌96.43点，收于3251.10点。 从板块来看，东京证券交易所33个行业板块全部下跌，有色金属、电气产品、机械等板块领跌。 （文章来源：新华社） ...

Core Insights - Singapore's non-oil domestic exports (NODX) surged by 22.2% year-on-year in October 2025, marking the fastest growth since November 2021, significantly exceeding market expectations of 7.5% [1] Group 1: AI and Electronics Sector - The electronics sector saw a remarkable year-on-year export increase of 33.2% in October, driven by structural demand from the AI boom, with integrated circuits (ICs) and personal computers (PCs) rising by 40.9% and 77.7% respectively [2] - Analysts attribute this strong performance to sustained global capital expenditure related to AI, with Singapore's semiconductor production accounting for over 11% of the global market share [2] Group 2: Gold Exports and Global Sentiment - Non-electronic products experienced an 18.8% growth, primarily due to a staggering 176.8% increase in "non-monetary gold" exports, reflecting heightened global risk aversion [4] - The surge in gold exports was particularly notable to Thailand and Hong Kong, with increases of 844.6% and 68.9% respectively, amid rising concerns over trade tensions and economic downturns [4] Group 3: Government Policies and Economic Outlook - The robust export performance is supported by government macroeconomic policies, with the manufacturing Purchasing Managers' Index (PMI) indicating stability and expansion in the sector [5] - Singapore's Deputy Prime Minister has outlined a focus on developing high-value industries like AI, while the Monetary Authority of Singapore has maintained a policy of moderate appreciation of the Singapore dollar to stabilize costs for the electronics manufacturing sector [6] - Following the strong data, several institutions have revised their economic forecasts upward, with OCBC raising its NODX growth prediction for 2025 from 2.5% to 4% [6]

Market Overview - The other electronic sector experienced a decline of 1.44% on November 18, with Shannon Semiconductor leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the other electronic sector included: - Baibang Technology (300736) with a closing price of 20.59, up 8.37% [1] - Yingtang Intelligent Control (300131) with a closing price of 11.27, up 4.64% [1] - Haoshanghao (001298) with a closing price of 36.66, up 3.94% [1] - Conversely, Shannon Semiconductor (300475) saw a significant decline of 5.85%, closing at 160.90 [2] - Other notable decliners included: - Ruikeda (688800) down 3.90% [2] - Chuangyitong (300991) down 3.59% [2] Capital Flow - The other electronic sector experienced a net outflow of 1 billion CNY from institutional investors, while retail investors saw a net inflow of 857 million CNY [2] - The capital flow for specific stocks showed: - Yingtang Intelligent Control had a net inflow of 141.1 million CNY from institutional investors [3] - Liyuan Information (300184) had a net inflow of 95.39 million CNY from institutional investors [3] - Baibang Technology experienced a net inflow of 20.65 million CNY from institutional investors [3]

Core Viewpoint - The electronic industry is experiencing a volatile and differentiated performance, with mixed results across various sectors [1][2] Overall Industry Summary - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index decreased by 1.40%, and the CSI 300 Index dropped by 1.08%. The Shenwan electronic sector declined by 4.77%, ranking 30th out of 31 in terms of performance among all industries [1] - The top five gainers in the electronic sector were: Shenkong Co., Baibang Technology, Victory Precision, Liandong Technology, and Oni Technology. The top five losers were: Jingquanhua, Tiancheng Technology, Kangqiang Electronics, Tonglian Precision, and Sanhuan Group [1] Electronic Industry Summary - The electronic industry shows a clear trend of volatility and differentiation, with various sectors experiencing mixed performance. The other electronic II sector fell by 2.29%, while the other electronic III sector also saw a decline of 2.29%, indicating a consistent downward trend [2] - The components sector was the weakest performer, dropping by 9.25%. Within this sector, printed circuit boards fell by 1.97%, and passive components saw a significant decline of 7.92, highlighting a clear differentiation [2] - The semiconductor sector overall decreased by 3.97%, with notable internal structural differences. The semiconductor equipment sub-sector only fell by 0.43%, while discrete devices dropped by 4.17%. Analog chip design and integrated circuit testing fell by 2.26% and 4.97%, respectively, with semiconductor materials down by 1.56% [2] - The optical and optoelectronic sector experienced a slight decline of 1.25%, with LEDs down by 1.94% and optical components down by 4.46%. However, panels saw a counter-trend increase of 0.69%, indicating internal performance differentiation [2] - The consumer electronics sector continued its downward trend, falling by 6.18%. Brand consumer electronics dropped by 3.26%, and consumer electronic components and assembly fell by 4.64%, contributing significantly to the sector's overall decline [2] - The electronic chemicals II sector decreased by 2.44%, with the electronic chemicals III sub-sector also down by 2.44%, reflecting a lackluster performance in the materials segment [2] - Overall, the electronic industry is undergoing significant structural adjustments, with certain areas like panels showing positive performance, while components, consumer electronics, and some semiconductor sub-sectors remain under pressure [2]

336只创业板股公布截至11月10日最新股东户数，环比上期，股东户数下降的有166只，降幅超过一成的 有9只。 证券时报·数据宝统计显示，336只创业板股公布了11月10日股东户数，与上期（10月31日）比，股东户 数下降的有166只，其中股东户数降幅超一成的有9只。股东户数环比增长的有116只。 股东户数降幅最多的是显盈科技，截至11月10日最新股东户数为8360户，较10月31日下降16.27%，筹 码集中以来该股累计上涨11.56%，累计换手率为96.79%，其间主力资金净流入8706.49万元。 其次是智动力（维权），截至11月10日最新股东户数为18385户，较10月31日下降14.86%，筹码集中以 来该股累计下跌8.31%，累计换手率为81.38%。 涛涛车业最新股东户数9203户，环比下降13.61%，筹码集中以来股价下跌13.43%，累计换手率为 51.17%。 资金面上，部分筹码集中股获杠杆资金青睐，截至11月17日，杠杆资金加仓的有48只，筹码集中以来融 资余额增幅居前的有中一科技、实朴检测、万祥科技等，分别增长79.86%、78.86%、70.31%。（数据 宝） 创业板股东户数降幅榜 ...

Quantitative Models and Construction Methods - **Model Name**: Diffusion Index Model **Model Construction Idea**: Based on price momentum principles, the model identifies upward trends in industries to optimize allocation decisions[23][24][27] **Model Construction Process**: 1. Calculate the diffusion index for each industry based on price momentum 2. Rank industries by their diffusion index values 3. Allocate to industries with the highest diffusion index values **Evaluation**: The model performs well in capturing upward trends but struggles during market reversals or when trends shift to oversold rebounds[23][27] - **Model Name**: GRU Factor Model **Model Construction Idea**: Utilizes GRU (Gated Recurrent Unit) deep learning networks to analyze minute-level volume and price data for industry rotation[31][32][36] **Model Construction Process**: 1. Input minute-level volume and price data into the GRU network 2. Train the model on historical data to identify industry rotation signals 3. Rank industries based on GRU factor scores and allocate accordingly **Evaluation**: The model adapts well to short-term market dynamics but faces challenges in long-term performance and extreme market conditions[31][38] Model Backtesting Results - **Diffusion Index Model**: - Weekly average return: -1.26% - Excess return over equal-weighted industry index: -1.99% - November excess return: -0.74% - Year-to-date excess return: 1.84%[22][27] - **GRU Factor Model**: - Weekly average return: 1.72% - Excess return over equal-weighted industry index: 1.00% - November excess return: 2.69% - Year-to-date excess return: -3.34%[31][36] Quantitative Factors and Construction Methods - **Factor Name**: Diffusion Index **Factor Construction Idea**: Measures industry momentum by tracking price trends and ranking industries accordingly[24][25][26] **Factor Construction Process**: 1. Calculate the diffusion index for each industry using price trend data 2. Rank industries based on diffusion index values 3. Identify industries with the highest and lowest diffusion index values for allocation decisions **Evaluation**: Effective in identifying upward trends but sensitive to market reversals[23][24] - **Factor Name**: GRU Factor **Factor Construction Idea**: Derived from GRU deep learning networks, the factor captures industry rotation signals based on volume and price dynamics[31][32][36] **Factor Construction Process**: 1. Train GRU networks on historical minute-level data 2. Generate GRU factor scores for industries 3. Rank industries by GRU factor scores for allocation decisions **Evaluation**: Strong adaptability to short-term market changes but limited robustness in long-term scenarios[31][38] Factor Backtesting Results - **Diffusion Index Factor**: - Top industries by diffusion index: Nonferrous metals (0.991), Banking (0.968), Steel (0.949), Communication (0.918), Electric equipment & new energy (0.914), Comprehensive (0.885)[24][25][26] - Weekly average return: -1.26% - Excess return over equal-weighted industry index: -1.99% - November excess return: -0.74% - Year-to-date excess return: 1.84%[22][27] - **GRU Factor**: - Top industries by GRU factor: Comprehensive (3.41), Real estate (2.63), Petroleum & petrochemical (2.13), Light manufacturing (1.67), Steel (0.53), Comprehensive finance (0.52)[32][35][36] - Weekly average return: 1.72% - Excess return over equal-weighted industry index: 1.00% - November excess return: 2.69% - Year-to-date excess return: -3.34%[31][36]

科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计74.47%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 相关ETF：科创50ETF（588000） 据浙商证券统计，科创板2025年三季报披露完毕，盈利相较于中报进一步提升，TMT和医药贡献显 著。整体法下，科创板2025Q3营业收入增长7%，归母净利润同比为8%，较2025H1分别提升3个和24个 百分点。具体到不同指数，科创50归母净利同比的降幅收窄，由H1的-42%收窄至Q3的-19%；科创100 则由H1的152%回落至Q3的135%；科创200的归母净利同比有所提高，从H1的1%提升至Q3的3%。 截至2025年11月18日13:24 ，A股三大指数全线调整，上证指数跌0.75%，深证成指跌0.91%，创业板指 跌1.15%。科创50ETF（588000）上涨0.56%，最新报价1.43元，盘中成交额达22.5亿元，换手率3.1%。 成分股方面涨跌互现，晶晨股份领 ...

Group 1 - The ChiNext Index consists of 100 stocks with large market capitalization and good liquidity, primarily from strategic emerging industries, with the power equipment, communication, and electronics sectors accounting for over 60% of the index [2] - The ChiNext 200 ETF by E Fund tracks the ChiNext Mid-Cap 200 Index, which includes 200 stocks with medium market capitalization and good liquidity, reflecting the mid-cap representation of the ChiNext market [2]

Market Overview - The Shanghai Composite Index fell by 0.56% today, with a trading volume of 924.51 million shares and a transaction value of 1,296.16 billion yuan, an increase of 1.65% compared to the previous trading day [1] Industry Performance - The media, computer, and electronics sectors showed the highest gains, with increases of 1.62%, 1.19%, and 0.75% respectively [1] - The power equipment, steel, and basic chemicals sectors experienced the largest declines, with decreases of 2.49%, 2.43%, and 2.36% respectively [2] Leading Stocks - In the media sector, Fushi Holdings led with a gain of 20.07% [1] - In the computer sector, N Nanjing South Network surged by 229.00% [1] - In the electronics sector, N Hengkun rose by 286.99% [1] Sector Breakdown - Media: +1.62%, transaction value 518.02 billion yuan, up 41.76% from the previous day [1] - Computer: +1.19%, transaction value 1,018.63 billion yuan, up 18.71% from the previous day [1] - Electronics: +0.75%, transaction value 1,854.26 billion yuan, up 12.08% from the previous day [1] - Power Equipment: -2.49%, transaction value 1,825.50 billion yuan, down 3.46% from the previous day [2] - Steel: -2.43%, transaction value 130.27 billion yuan, up 23.29% from the previous day [2] - Basic Chemicals: -2.36%, transaction value 912.43 billion yuan, up 3.46% from the previous day [2]

Market Performance - The Japanese stock market continued its downward trend, with the Nikkei 225 index dropping over 1000 points, a decline of more than 2% [1] - As of the report, the Nikkei 225 index was down 1.77% [1] - The Tokyo Stock Exchange index also fell nearly 1.5%, currently reported at 3297.96 points [4] Individual Stocks - Major companies such as SoftBank Group saw a decline of over 5%, influenced by the drop in U.S. tech stocks [5] - Other companies like Tokyo Electron, Advantest, and Nintendo also experienced declines, alongside consumer stocks such as Shiseido and Ajinomoto [5] Economic Indicators - The Japanese yen weakened, with the euro surpassing the 180 yen mark, marking the first time since 1999 that the yen fell into this range [6] - Concerns over Japan's fiscal situation have led to increased selling pressure on the yen, compounded by the government's plans for economic measures exceeding the previously estimated 17 trillion yen [6] Monetary Policy - The Bank of Japan maintained its policy rate at approximately 0.5% for the sixth consecutive time, with discussions of potential rate hikes emerging [7] - Macroeconomic data revealed a 0.4% decrease in Japan's real GDP for Q3 2025, marking the first contraction in six quarters [8] Geopolitical Concerns - Rising tensions due to comments from Prime Minister Fumio Kishida regarding Japan's security policy have led to cancellations of bookings in Osaka, raising concerns about the economic impact [10] - Analysts predict that reduced tourism from China could lead to a decrease in Japan's GDP by approximately 0.36% [10] Nuclear Policy - There is significant domestic opposition to potential changes in Japan's "Three Non-Nuclear Principles," which could impact public sentiment and government policy [11]