Core Viewpoint - The news highlights significant movements in various sectors, particularly focusing on the performance of ETFs and the implications of rising gold prices on the market [5][6][8]. Sector Performance - The construction materials, power equipment, and electronics sectors showed positive daily gains, with increases of +1.12%, +0.88%, and +0.58% respectively, while sectors like retail and beauty care experienced declines of -1.65% and -2.07% [3]. - The top three sectors for capital inflow were power equipment (¥3.656 billion), basic chemicals (¥1.278 billion), and construction materials (¥358 million), while the sectors with the highest outflows included defense and military (-¥5.769 billion), electronics (-¥5.504 billion), and communications (-¥4.054 billion) [3]. ETF Performance - The new materials ETF recorded a 1.19% increase, while the green energy ETF rose by 1.04%, and the smart electric vehicle ETF increased by 0.91%. The electronic ETF saw a 0.77% rise, and the non-ferrous ETF gained 0.74% [4]. - The financial technology ETF attracted significant capital, with net inflows exceeding ¥340 million over two days, indicating strong investor interest [8]. Gold Market Insights - International gold prices have surpassed $4,500, marking a historical high, which is expected to positively impact the performance of gold companies starting in 2026 [6][7]. - The outlook for the non-ferrous metals sector is optimistic, with potential for a prolonged bull market driven by various strategic metals, including lithium and copper [7]. Market Activity - A-share annual trading volume has exceeded ¥40.5 trillion for the first time, setting a new record, with expectations of continued market activity into 2025 and 2026 [8]. - The leverage funds have recently increased their positions, with the latest financing balance approaching ¥400 million, indicating a bullish sentiment among investors [8].

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 电力设 | 90.19 | 14.57 | 3.59 | 1.12 | 37.93 | | 备 | | | | | | | 基础化 工 | 60.46 | 8.07 | 2.21 | 0.22 | 10.02 | | 建筑材 料 | 19.17 | 19.91 | 2.56 | 0.88 | 4.22 | | 建筑装 饰 | 29.81 | 4.59 | 1.06 | 0.06 | 0.19 | | 机械设 备 | 74.77 | 2.15 | 2.75 | 0.00 | -1.30 | | 综合 | 6.69 | 12.10 | 4.09 | -0.06 | -1.55 | | 银行 | 28.38 | 6.51 | 0.21 | 0.37 | -1.68 | | 美容护 理 | 1.93 | 3.82 | 1.88 | -1.65 | -2.09 | | ...

天眼查App显示，近日，灌云县耀腾塑料管材经营部（个体工商户）成立，法定代表人为胡晋畅，注册 资本10万人民币，经营范围为一般项目：塑料制品销售；日用杂品制造；日用杂品销售；建筑防水卷材 产品销售；合成材料销售；电线、电缆经营；五金产品批发；建筑装饰材料销售；五金产品研发；五金 产品零售；橡胶制品销售；建筑材料销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

（文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 3.80 | 870.50 | 40.75 | 天孚通信 | 16.64 | | 综合 | 2.01 | 30.29 | 50.92 | 东阳光 | 4.03 | | 国防军工 | 1.97 | 603.60 | 41.96 | 恒宇信通 | 16.60 | | 非银金融 | 1.86 | 548.82 | 423.59 | 兴业证券 | 10.00 | | 电子 | 1.60 | 1705.96 | 22.67 | 东田微 | 20.00 | | 计算机 | 1.44 | 686.69 | 60.51 | 荣科科技 | 19.85 | | 建筑材料 | 0.90 | 90.51 | 23.39 | 再升科技 | 9.94 | | 电力设备 | 0.88 | 835.04 | 30.40 | 迈为股份 | 20.00 | | 机械设备 | 0.87 | 771.72 | 20.06 | ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 有色金属 | 2.97 | 758.34 | 98.98 | 亚太科技 | 10.06 | | 石油石化 | 1.58 | 57.59 | 39.26 | 准油股份 | 3.24 | | 通信 | 1.46 | 696.65 | 31.93 | 广和通 | 15.64 | | 建筑材料 | 1.23 | 95.27 | 49.64 | 塔牌集团 | 8.40 | | 纺织服饰 | 1.20 | 75.89 | 8.62 | 恒辉安防 | 13.64 | | 轻工制造 | 1.09 | 101.80 | 12.14 | 金运激光 | 11.48 | | 国防军工 | 0.97 | 380.28 | 24.22 | 航天环宇 | 11.88 | | 社会服务 | 0.96 | 79.33 | 15.17 | 峨眉山A | 10.02 | | 汽车 | 0.81 | 380.30 | 41.64 | 智慧农业 | 10.06 ...

天眼查App显示，近日，蚌埠皖韵机电设备有限公司成立，法定代表人为徐玉艳，注册资本50万人民 币，经营范围为一般经营项目：普通机械设备安装服务；家用电器销售；非电力家用器具销售；照明器 具生产专用设备制造；针纺织品及原料销售；针纺织品销售；日用陶瓷制品销售；日用百货销售；建筑 装饰材料销售；制冷、空调设备销售；办公设备耗材销售；电器辅件销售；电工器材销售；电子产品销 售；通信设备销售；建筑材料销售；建筑防水卷材产品销售；五金产品零售；金属材料销售；会议及展 览服务；平面设计；工业工程设计服务；照明器具销售；家居用品销售；轻质建筑材料销售（除许可业 务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Core Viewpoint - The article analyzes the performance of the A-share market in the last two months of each year over the past decade, highlighting that large-cap value and dividend styles tend to outperform, while small-cap and growth styles lag behind. Consumer and cyclical sectors show relatively better performance [1][7]. Market Performance Summary - In the last two months of each year, large-cap value and dividend styles have consistently outperformed small-cap and growth styles, indicating a trend in investor preference [7]. - The historical performance of major indices from 2015 to 2024 shows fluctuations, with significant gains in 2015 (e.g., Shanghai Composite Index up 4.6%) and notable declines in 2023 (e.g., Shanghai Composite Index down 1.5%) [2]. Leading Industries Summary - Over the past decade, the leading industries in the last two months have included: - 2015: Comprehensive, Social Services, Real Estate, Electronics, Beauty Care [4] - 2016: Oil & Petrochemicals, Construction Decoration, Steel, Retail, Building Materials [4] - 2017: Food & Beverage, Oil & Petrochemicals, Home Appliances, Steel, Coal [4] - 2018: Electronics, Comprehensive, Food & Beverage, Agriculture, Beauty Care [4] - 2019: Building Materials, Non-ferrous Metals, Electronics, Media, Automotive [4] - 2020: Non-ferrous Metals, Social Services, Power Equipment, Food & Beverage, Defense [4] - 2021: Media, Light Industry Manufacturing, Communication, Environmental Protection, Building Materials [4] - 2022: Food & Beverage, Social Services, Beauty Care, Retail, Media [4] - 2023: Coal, Machinery, Media, Communication, Comprehensive [4] - 2024: Retail, Banking, Comprehensive, Textile & Apparel, Oil & Petrochemicals [4] Investment Strategy Insights - Various institutions suggest strategies for the year-end market, emphasizing the importance of focusing on low-value sectors and potential rebounds in banking and non-bank financials. They recommend monitoring sectors like battery, photovoltaic equipment, energy metals, and chemical products for investment opportunities [8][9]. - The article suggests a balanced investment approach, combining dividend and technology strategies to optimize asset allocation while avoiding frequent trading to minimize costs and risks [9].

天眼查App显示，近日，河南万朝莱贸机械设备有限公司成立，法定代表人为吕星柯，注册资本300万 人民币，经营范围为一般项目：电子元器件批发；机械设备销售；机械设备租赁；机械电气设备销售； 教育咨询服务（不含涉许可审批的教育培训活动）；货物进出口；技术进出口；信息技术咨询服务；信 息咨询服务（不含许可类信息咨询服务）；国内贸易代理；住房租赁；电子元器件零售；技术服务、技 术开发、技术咨询、技术交流、技术转让、技术推广；计算机软硬件及辅助设备零售；网络技术服务； 电子元器件与机电组件设备销售；安防设备销售；网络设备销售；电子产品销售；建筑材料销售；建筑 工程用机械销售；建筑装饰材料销售；新材料技术研发；城市绿化管理；门窗销售；工程管理服务；农 林牧副渔业专业机械的安装、维修；汽车零配件零售；金属材料销售；有色金属合金销售；五金产品批 发；电线、电缆经营；橡胶制品销售；生态环境材料销售；非金属矿及制品销售；五金产品零售；农副 产品销售；食用农产品批发；食用农产品零售；移动通信设备销售；通信设备销售（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - A new individual business named Zizhong County Zhongchuang Operating Department has been established, with a registered capital of 150,000 RMB [1] - The legal representative of the business is Song Xiujun [1] - The business scope includes various activities such as window and door manufacturing, retail and wholesale of hardware products, sales of building materials, metal structure manufacturing, machinery equipment leasing, sales of insulation materials, and manufacturing and sales of waterproof building materials [1]

Core Insights - The Growth of the ChiNext Board: In the first three quarters of 2025, the ChiNext board outperformed other domestic market sectors in terms of revenue and profit growth, with over 70% of companies achieving profitability and more than 50% experiencing net profit growth [1][2] Financial Performance - Overall Revenue and Profit: As of October 31, 2025, 1,388 ChiNext companies reported a total revenue of 3.25 trillion yuan, a year-on-year increase of 10.69%, and a net profit of 244.66 billion yuan, up 18.69% year-on-year [3] - Quarterly Performance: In Q3 2025, ChiNext companies achieved a total revenue of 1.18 trillion yuan, a quarter-on-quarter increase of 7.13%, and a net profit of 932.61 billion yuan, up 18.32% quarter-on-quarter [3] - Profitability Metrics: Among the 1,388 companies, 1,034 were profitable (74.5%), and 737 saw net profit growth (53.1%), an increase of 8.31 percentage points compared to the previous year [3] Sector Performance - Industry-Wide Profitability: 26 out of 28 primary industries reported overall profitability, with significant contributions from sectors such as power equipment, pharmaceuticals, electronics, communications, and machinery [4] - Power Equipment Sector: This sector benefited from explosive growth in energy storage, recovery in photovoltaic inverter profitability, increased demand for grid equipment, and expansion in overseas exports, with revenue up 12.90% year-on-year and net profit up 28.61% [4] - Machinery Sector: The machinery sector experienced a recovery in engineering machinery demand and support from emerging fields, with revenue and net profit growing by 10.15% and 8.26% year-on-year, respectively [4] Electronics and Communications - Electronics Sector: In the first three quarters, the electronics sector saw revenue growth of 21.65% year-on-year and net profit growth of 36.29% [5] - Communications Sector: The communications sector reported a revenue increase of 24.82% year-on-year and a remarkable net profit growth of 94.10% [5] - Leading Growth in Optical Modules: The optical module industry led in profit growth, with net profit increasing by 130.13% year-on-year, driven by the production of advanced products by leading companies [5] Semiconductor and Traditional Industries - Semiconductor and Components: The semiconductor and components sectors benefited from high demand, with net profits increasing by 54.09% and 91.07% year-on-year, respectively [6] - Recovery in Traditional Industries: Traditional industries are showing signs of recovery due to capacity clearing, price recovery, and reform initiatives, with notable improvements in profitability [6] - Basic Chemical and Nonferrous Metals: The basic chemical sector saw a net profit increase of 28.86%, while the nonferrous metals sector benefited from a resurgence in global commodity prices, with net profits up 15.94% [6]