Group 1: Market Overview - Global risk appetite has significantly declined, leading to a synchronized drop in equity and commodity markets, with major stock indices experiencing widespread pullbacks, particularly in the technology sector [2][39] - The MSCI Global Index fell by 2.5%, with developed markets showing a pattern where frontier markets declined less than developed and emerging markets [4][40] - The VIX index and MOVE 5-day moving average have risen sharply, indicating increased market volatility [2][39] Group 2: Fixed Income - The credit bond market has seen a cooling in trading sentiment, with institutions adopting a more conservative approach, favoring short-term bonds over long-duration ones [2][10] - The yield curve for Chinese bonds has shifted upward, indicating a "bear steepening" trend, while U.S. bonds have shown a "bull steepening" trend with a downward shift in yields [5][41] Group 3: Commodity and Currency - Commodity indices such as South China and CRB have declined by 1.8% and 2.2% respectively, with only three out of thirteen major commodity futures recording price increases [6][42] - The U.S. dollar index has risen by 0.9%, surpassing 100, while the Japanese yen has depreciated by 1.2%, approaching the 160 mark against the dollar [6][42] Group 4: Steel Industry - The apparent demand for steel from the five major steel mills increased by 3.9% week-on-week, while production decreased by 1.9% [18][21] - The profitability of steel companies has declined, with the average gross profit per ton of rebar dropping by 20 yuan to 61 yuan [19][20] - The steel industry is expected to stabilize in demand, with supply contraction anticipated due to ongoing policies aimed at reducing production [21][22] Group 5: Construction Industry - The activation of the Tanzania-Zambia Railway project has been announced, which is expected to significantly enhance freight capacity and reduce transportation time [23][24] - The Chinese government is focusing on urban renewal initiatives to stimulate investment and consumption, which may positively impact the construction sector [24] Group 6: Pharmaceutical Industry - The company under review, Fangsheng Pharmaceutical, has a focus on innovative traditional Chinese medicine, with a projected EPS growth from 0.69 to 0.97 yuan from 2025 to 2027 [30][31] - The company has faced revenue declines due to policy impacts, with a 6.75% year-on-year decrease in industrial revenue for the first three quarters of 2025 [31][33] - Despite short-term challenges, the company has seen growth in cardiovascular products, indicating potential for recovery [31][33]

《民生周刊》供图 民生为大 持续增强获得感 第二十届中国经济论坛平行论坛"对话科学家——科技创 新引领新质生产力发展"场外，参会人员现场体验"人民文 创AI拍照机"。 陈 锋摄 第二十届中国经济论坛平行论坛——2025大湾区科技与金 融创新发展大会场外的机器人展示。 宋春雨摄 第二十届中国经济论坛"民生为大"平行论坛上，嘉宾围绕 发展特色产业、在发展中保障和改善民生等话题交流探 讨。 《民生周刊》记者 严碧华 罗 燕 习近平总书记指出："中国式现代化，民生为大。党和政府的一切工作，都是为了老百姓过上更加幸福 的生活。"党的二十届四中全会擘画了未来5年发展蓝图，明确了"十五五"时期经济社会发展的主要目 标，"人民生活品质不断提高"被列为主要目标之一。全会通过的《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》（以下简称《建议》），对保障和改善民生作出一系列新的重大部署。 11月18日，由《民生周刊》杂志社主办的第二十届中国经济论坛"民生为大"平行论坛在广东广州南沙国 际会展中心举行。论坛以"'民生为大'：不断提高人民生活品质"为主题，围绕在发展中保障和改善民生 相关议题，介绍实践成果，分享经验体会。 ...

21日国际金价小幅上涨 全周累计下跌 贵金属市场方面，美联储降息预期升温推动国际金价反弹。截至周五收盘，纽商所12月黄金期价上涨 0.48%。全周来看，美元指数维持在近半年来高位，推高了黄金的持有成本，国际金价累计下跌0.36%。 当地时间周五，美联储货币政策前景依然牵动着市场神经。在多位美联储官员一系列鹰派表态引发市场恐 慌之后，被称为美联储"三号人物"的纽约联储银行行长威廉姆斯当天表示，当前劳动力市场疲软对经济构 成的威胁已经超过了通胀压力，他认为，美联储仍有进一步降息的空间。威廉姆斯的鸽派言论令市场对于 美联储的降息预期出现反转，交易员预计12月议息会议宣布降息25个基点的概率超过70%，投资者担忧情 绪得到安抚。 此外标普全球当天公布的数据显示，11月美国商业活动扩张速度创四个月最快，服务业增长加快，同时对 经济前景的乐观情绪显著改善。以上因素推动美国三大股指集体收涨。其中，道指上涨1.08%，标普500指 数上涨0.98%，纳指上涨0.88%。 公司方面，美国制药公司礼来股价周五上涨1.57%，成为全球首家市值突破万亿美元的药企。据外媒报 道，受产能扩大以及减肥药表现突出等因素提振，礼来公司逐步获得 ...

纽约联储主席威廉姆斯暗示年内仍有降息空间。 *三大股指全面走高 *纽约联储主席释放降息信号 *CPI、非农数据双双缺席 美国三大股指周五集体反弹，纽约联储主席释放年内进一步降息信号，推动市场情绪改善。不过，在科 技板块承压的背景下，三大指数本周仍录得明显跌幅。 根据CME FedWatch工具，市场预期美联储12月降息25个基点的概率已升至70%以上，较前一天不到 40%大幅上升。 美国劳工统计局宣布取消原定11月13日发布的10月消费者物价指数（CPI）报告，原因是拨款中断导致 无法采集数据，且无法补采。同时，原定12月10日公布的11月CPI将推迟至12月18日发布，即晚于美联 储12月决议。这意味着美联储将在缺少关键通胀数据的情况下作出下一步政策决定。 InfrastructureCapitalAdvisors创始人兼CEO杰伊·哈特菲尔德称，是否降息最终仍取决于"下一份就业报告 是否足够疲弱"。 个股方面，美国制药巨头礼来公司上涨1.57%，市值突破1万亿美元，成为全球首家达到这一里程碑的 制药企业，今年以来累计涨幅达37%。 甲骨文大跌5.66%，为当日表现最弱的大型科技股之一。潜在的网络安全漏洞、 ...

美东时间周五，纽约联储主席威廉姆斯出面"安抚市场"的鸽派言论发表之后，美联储12月降息预期有所回温，市场信 心受到提振，美股三大指数最终集体收涨。截至收盘，道指涨1.08%，标普500指数涨0.98%，纳指涨0.88%。 美国劳工统计局取消了其10月份的消费者价格指数（CPI）报告，而11月份的报告将于12月18日发布。这意味着美联 储官员在12月议息会议前无法获得关键的11月CPI报告及非农就业报告。 美国密歇根大学周五公布的数据显示，11月消费者信心终值降至历史新低。 美股三大指数集体收涨 美东时间周五，美股三大指数集体收涨，其中道指涨幅最大。截至收盘，道指涨1.08%，报46245.41点；标普500指数 涨0.98%，报6602.99点；纳指涨0.88%，报22273.08点。 但周五的反弹仍不足以弥补本周之前的大跌。周线来看，纳指累计跌2.74%，标普500指数跌1.95%，道指跌1.91%。 大型科技股涨跌不一，英伟达跌0.96%，微软跌1.32%，苹果涨1.97%，谷歌涨3.53%，亚马逊涨1.63%，Meta涨 0.87%，特斯拉跌1.05%，博通跌1.91%，甲骨文跌5.66%。 热门中概股 ...

2025.11. 22 本文字数：1163，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 *三大股指全面走高 *威廉姆斯释放降息信号 纽约联储主席威廉姆斯在智利圣地亚哥的讲话中称，当前货币政策仍处于"温和限制性水平"，但紧缩 力度已较此前有所缓和，未来仍有空间将政策立场向中性靠拢，以平衡美联储"双重使命"。作为美联 储决策核心成员，他的言论被市场视为12月继续降息的明确信号。 根据CME FedWatch工具，市场预期美联储12月降息25个基点的概率已升至70%以上，较前一天不 到40%大幅上升。 美国劳工统计局宣布取消原定11月13日发布的10月消费者物价指数（CPI）报告，原因是拨款中断导 致无法采集数据，且无法补采。同时，原定12月10日公布的11月CPI将推迟至12月18日发布，即晚于 美联储12月决议。这意味着美联储将在缺少关键通胀数据的情况下作出下一步政策决定。 InfrastructureCapitalAdvisors创始人兼CEO杰伊·哈特菲尔德称，是否降息最终仍取决于"下一份就 业报告是否足够疲弱"。 个股方面，美国制药巨头礼来公司上涨1.57%，市值突破1万亿美元，成为全球首家达到这一里 ...

Market Overview - The three major indices collectively rose, with the Dow Jones showing the largest increase of approximately 1.1% [1] - As of the close, the Dow Jones index rose by 1.08% to 46,245.41 points, the S&P 500 index increased by 0.98% to 6,602.99 points, and the Nasdaq index climbed by 0.88% to 22,273.08 points [3] - Despite the Friday rebound, it was insufficient to offset the significant declines earlier in the week, with the Nasdaq down 2.74%, the S&P 500 down 1.95%, and the Dow down 1.91% for the week [5] Federal Reserve Insights - New York Fed President Williams indicated that monetary policy remains slightly tight, suggesting potential adjustments to the federal funds rate target range to align closer to neutral [5] - His dovish remarks signaled to investors that the Fed may consider a rate cut in the December meeting, with futures indicating over a 70% probability of a 25 basis point cut [7] Company News - Google aims to double its computing power every six months, targeting a 1000-fold increase in capacity over the next 4 to 5 years, emphasizing the importance of AI infrastructure in the competitive landscape [10] - Eli Lilly's market capitalization surpassed $1 trillion, making it the first pharmaceutical company to achieve this milestone, with its stock price rising by 1.57% [11][12] - Amazon CEO Jassy plans to sell nearly 20,000 shares of company stock, valued at approximately $4.2992 million, with the sale expected around November 21, 2025 [13] - Nokia announced a $4 billion investment to expand its R&D and manufacturing capabilities in the U.S., with approximately $3.5 billion allocated for R&D and $500 million for capital expenditures in states like Texas, New Jersey, and Pennsylvania [14]

格隆汇11月21日丨宏源药业(301246.SZ)在投资者互动平台表示，目前公司现有六氟磷酸锂产品设计产 能8000吨/年；公司的甲硝唑原料药的市场占有率处于行业领先地位，产品销往全球几十个国家和地 区，与国内外知名制药企业建立了良好的合作关系。 ...

宏源药业在互动平台表示，目前公司现有六氟磷酸锂产品设计产能8000吨/年。公司的甲硝唑原料药的 市场占有率处于行业领先地位，产品销往全球几十个国家和地区，与国内外知名制药企业建立了良好的 合作关系。 ...

Group 1 - Company Lifesun Pharmaceutical (SZ 002393) announced that senior management personnel Guo Xiaoyan plans to reduce her holdings by no more than approximately 11,200 shares within three months after 15 trading days from the announcement date, representing a maximum reduction of 0.0044% of the total share capital excluding shares in the repurchase account [1] - As of the report date, Lifesun Pharmaceutical's market capitalization is 5.4 billion yuan [1] - For the first half of 2025, the revenue composition of Lifesun Pharmaceutical is 100% from the pharmaceutical industry [1]