1、 为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发《关于进一步促进民间投资发展的若干措施》，提出13 项针对性政策举措。包括：引导民间资本有序参与低空经济领域基础设施建设。加大中央预算内投资对符合条件民间投资项目的支持 力度，积极发挥引导带动作用。积极支持更多符合条件的民间投资项目发行基础设施领域不动产投资信托基金。 2、针对高市早苗暗示武力介入台海可能性，外交部发言人林剑昨日表示，中方对此强烈不满、坚决反对，已向日方提出严正交涉和 强烈抗议。中国终将统一，也必将统一！中国人民有充坚定的意志、充分的信心、足够的能力，坚决粉碎一切插手和阻挠中国统一大 业的图谋。中方敦促日方立即停止干涉中国内政、停止挑衅越线，不要在错误的道路上越走越远。 3、美方暂停实施对华造船等行业301调查措施。商务部新闻发言人对此表示，这是美方与中方相向而行、共同落实中美吉隆坡经贸 磋商共识的重要一步。同日，中方也相应暂停实施相关反制措施。 4、商务部等5部门调整《向特定国家（地区）出口易制毒化学品管理目录》《特定国家（地区）目录》，将美国、墨西哥、加拿大 增列入《特定国家（地区）目录》，并单独增列针对上述3个国家的1 ...

Core Viewpoint - The State Council has issued measures to stimulate private investment, proposing 13 targeted policies to enhance the development of private investment in various sectors, including infrastructure and technology [1][2]. Group 1: Private Investment Participation - The measures emphasize the need for feasibility studies on private capital participation in state-approved projects in sectors like railways and nuclear power, allowing private capital to hold more than 10% in eligible projects [1][2]. - The policies aim to clarify the roles of industry regulators and project approval departments, ensuring a smooth process for private capital involvement in major projects [2]. Group 2: Infrastructure and Service Sector - The measures encourage orderly participation of private capital in low-altitude economy infrastructure and optimize satellite communication business access for private investment [2]. - The policies aim to remove unreasonable restrictions on service industry access, promoting private investment in areas like industrial design and digital transformation [2]. Group 3: Digital Empowerment for SMEs - The measures support the establishment of major pilot platforms by private enterprises and encourage collaboration with state-owned enterprises and research institutions for market-oriented pilot services [3]. - There is a focus on building comprehensive digital empowerment platforms to facilitate data integration across supply chains, enhancing the digital transformation of small and medium-sized enterprises (SMEs) [3]. Group 4: Financial Support Mechanisms - The measures propose increasing central budget investments in eligible private investment projects and utilizing new policy financial tools to support these initiatives [4]. - The policies aim to improve financing accessibility for private enterprises, particularly small and micro enterprises, by enhancing coordination mechanisms for financing [4].

【重点关注】 ·商务部：暂停对韩华海洋株式会社5家美国相关子公司实施反制措施一年 ·国务院办公厅：引导民间资本有序参与低空经济、商业航天等领域建设 【国内要闻】 ·国务院办公厅日前印发《关于进一步促进民间投资发展的若干措施》，提出13项针对性政策举措。其 中提到，在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓 励支持民间资本参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新 建项目，鼓励民间资本参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支 持有能力的民营企业牵头承担国家重大技术攻关任务。 ·国家发展改革委等部门印发《关于推动物流数据开放互联有效降低全社会物流成本的实施方案》。方 案提出，深化物流行业数字化转型和智能化改造，推动物流基础业务线上化、可视化、数据化。拓展物 联网、云计算、大数据、人工智能、区块链等技术在物流领域的规模化应用，实现物流数据实时采集、 广泛连接和高效汇聚。支持物流骨干企业、平台企业强化物流数据治理，遵循"共享协同、多源校核、 动态更新"原则，推动跨主体、跨行业、跨领域数据互联互通。 ·据国家发展改革 ...

Core Viewpoint - The article reports on the failure of the launch of the Gushenxing-1 rocket, which was intended to place multiple satellites into orbit, highlighting the need for further investigation into the cause of the failure [3][4]. Group 1: Launch Details - On November 10, at 12:02 PM, the Gushenxing-1 commercial rocket was launched from the Jiuquan Satellite Launch Center, aiming to deploy the Jixing Gaofen 04C satellite along with others [3]. - The rocket's first, second, and third stages performed normally, but the fourth stage experienced an anomaly and shut down prematurely after 510 seconds of flight, resulting in the failure to place the satellites into their intended orbits [4]. Group 2: Company Response - Xinghe Power Aerospace stated that it will thoroughly investigate the cause of the failure and will organize the return to zero and re-launch of the Gushenxing-1 rocket to ensure the success of future missions [4].

三、 引导民间资本有序参与低空经济领域基础设施建设 。在商业航天频率许可、发射审批过程中，一视同仁对待民间投资项目，优化卫星通信业务准入 政策。加快公布向民营企业开放的国家重大科研基础设施清单并动态更新，积极支持有能力的民营企业牵头承担国家重大技术攻关任务。 四、清理不合理的服务业经营主体准入限制，严禁在环保、卫生、安保、质检、消防等方面的准入条件之外违规设置障碍。支持民间资本更多投向工业设 计、共性技术服务、检验检测、质量认证、数字化转型等生产性服务业领域。 五、规范实施政府和社会资本合作新机制，修订分类支持民营企业参与的特许经营项目清单，在特许经营方案、招标文件等材料中合理设置民间资本参与 的要求和条件，严格特许经营方案审核，加强监督管理。 六、严格落实招标投标领域相关制度规定，严禁对民营企业违规设置设立分公司或子公司、强制加入协会等附加条件，坚决取消对民营企业单独设置的历 史业绩、资质等不合理要求。 七、 进一步加大政府采购支持中小企业力度 。对超过 400 万元的工程采购项目中适宜由中小企业提供的，严格按规定预留该部分采购项目预算总额的 40% 以上专门面向中小企业采购，鼓励地方政府结合实际进一步提高 ...

Core Insights - The 27th China International High-tech Achievements Fair will be held in Shenzhen from November 14 to 16, 2025, serving as a significant platform for global technological innovation and collaboration [2] - China Aerospace Science and Technology Corporation will showcase multiple cutting-edge technologies, emphasizing the application of aerospace technology in various sectors such as commercial aerospace, low-altitude economy, robotics, electronic information, and renewable energy [3][6] Group 1: Aerospace Technology Innovations - The event will highlight innovations in commercial aerospace, including the Long March series rockets, flexible solar wings, and laser communication terminals, showcasing China's commercialization efforts in space [3] - In the low-altitude economy sector, products like the Rainbow series drones and YH-1000 drones will be presented, focusing on low-altitude security and intelligent perception technologies [3] - The robotics segment will feature humanoid robots and advanced medical equipment, demonstrating the cross-industry applications of aerospace technology in healthcare [3] Group 2: Forum and Collaboration - The first Aerospace Technology Achievements Transformation and Industrialization Forum will take place on November 14, facilitating discussions among government, industry, academia, and finance on aerospace technology transformation and the Greater Bay Area's industrial ecosystem [4] - The forum will include project roadshows for innovative technologies and industrialization projects, such as low-altitude air traffic management systems and hydrogen energy solutions [4] Group 3: Strategic Transformation - The participation of China Aerospace Science and Technology Corporation signifies its transition from a traditional aerospace system to a core engine of new productive forces [6] - Shenzhen's status as a technology innovation hub, combined with its industrial clusters in electronic information and renewable energy, positions it as an ideal location for the application of aerospace technology [6] - The event aims to foster a "Aerospace +" ecosystem in the Greater Bay Area, linking aerospace technology with market vitality and capital resources [6]

Core Viewpoint - Tongyu Communication (002792.SZ) plans to invest 30 million yuan in Hongqing Technology, a core component enterprise in the satellite industry, by the end of 2024, to strengthen its upstream component layout in satellite internet [1] Group 1 - The investment of 30 million yuan aims to enhance the company's strategic positioning in the satellite internet sector [1] - Tongyu Communication and Blue Arrow Aerospace are both shareholders of Hongqing Technology and have maintained close communication since their investment [1] Group 2 - Blue Arrow Aerospace has successfully completed the first phase of the maiden flight of its Zhuque-3 rocket, which includes propellant loading and static fire tests [1] - The company plans to conduct vertical operation drills and prepare for the official orbital launch and recovery of the first stage [1]

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index decreased by 1.87% as of November 10, 2025, with mixed performance among constituent stocks [3] - The top gainers included Baike Bio up 4.59%, Zhongke Xingtou up 3.92%, and Zhongxin Bo up 2.82%, while the largest decliners were Xiamen Tungsten down 8.26%, Guodun Quantum down 8.06%, and Huahong Semiconductor down 6.70% [3] - The Sci-Tech 100 Index ETF (588030) fell by 2.02%, with the latest price at 1.31 yuan, but has seen a cumulative increase of 20.11% over the past three months as of November 7, 2025 [3] Group 2: Liquidity and Trading Volume - The Sci-Tech 100 Index ETF had a turnover rate of 2.32% during the trading session, with a transaction volume of 133 million yuan [3] - Over the past year, the average daily trading volume of the ETF was 379 million yuan, ranking it first among comparable funds [3] Group 3: Space Computing Developments - Global tech giants are accelerating their investments in space computing, shifting AI competition from Earth to space, with Google launching Project Suncatcher and SpaceX building a space data center [4] - Chinese companies are also making rapid advancements, with Guoxing Aerospace's "Star Computing" plan and the upcoming launch of the "Tianlibo-10" satellite in 2026, which boasts a single satellite computing power exceeding 10 POPS [4] - Space computing is emerging as a solution to AI computing energy consumption and bandwidth bottlenecks, leveraging near-infinite solar energy supply and high energy efficiency [4] Group 4: Investment Recommendations - Minsheng Securities suggests that supernodes may become a mainstream technology under cluster expansion, enhancing the domestic computing ecosystem [5] - Key areas to focus on include domestic AI computing sectors such as chip design, advanced wafer manufacturing, and liquid cooling technologies [5] - The latest scale of the Sci-Tech 100 Index ETF reached 5.79 billion yuan, ranking it second among comparable funds, with a significant increase of 6 million shares over the past week [5] Group 5: Index Composition - As of October 31, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 25.77% of the index, including Huahong Semiconductor and Guodun Quantum [6]

Core Insights - Elon Musk announced that the advent of Starship paves the way for the large-scale deployment of solar-powered AI satellites, which he believes is the only path to achieve an annual deployment of 1 terawatt of AI computing power [1] Group 1: SpaceX and Launch Capabilities - SpaceX is projected to handle over 90% of global orbital payload launch tasks this year, with China accounting for approximately 5% and the remaining 5% shared among other U.S. companies and countries [3] - Musk predicts that once Starship achieves high-frequency launches, SpaceX could take on over 99% of global orbital transportation tasks, which is crucial for the Mars colonization plan [3] Group 2: AI and Computing Infrastructure - Musk's xAI company is constructing a supercomputing center in Tennessee equipped with a million GPUs but faces significant power shortages, necessitating additional power generation facilities [5] - Several space startups are planning to deploy data centers in orbit to utilize solar energy to address the substantial energy demands of AI computing. Companies like Starcloud aim to operate simplified AI models from space data centers, with future goals of establishing gigawatt-level orbital data centers [6] Group 3: Mars Mission Timeline - The Starship program is expected to land the Optimus robot on Mars by the end of 2026, with potential crewed Mars missions planned between 2029 and 2031 [6]

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].