Market Overview - On November 21, the A-share market experienced a significant adjustment, with all three major indices opening lower and closing down. The Shanghai Composite Index fell 2.45% to 3834.89 points, while the ChiNext Index dropped over 4% [2][3] - A total of 5071 stocks declined, with 107 stocks hitting the daily limit down, contrasting sharply with only 33 stocks reaching the limit up [4] Sector Performance - According to the Wind China Industry Index, only the cultural media sector managed a slight increase of 0.1%, while all other sectors showed declines. The fine chemicals, basic metals, and forestry sectors had the largest drops [5] Global Market Context - The global stock markets also faced declines, with the Nikkei 225 index down 2.40%, the KOSPI index down 3.79%, and the Hang Seng Index down over 2% [8] - The pressure on global markets is attributed to the cooling expectations for a Federal Reserve rate cut in December, following mixed signals from the Fed's recent meeting minutes [9] Long-term Market Outlook - Despite the recent market volatility, analysts believe the foundation of the current slow bull market remains intact. They anticipate that the A-share index has the potential to continue strengthening [12] - The chief economist of Qianhai Kaiyuan Fund, Yang Delong, suggests that the market is likely to transition from a structural bull market to a comprehensive bull market by 2026, which could enhance consumer confidence and drive economic growth [12][13] Investment Strategies - Analysts recommend focusing on three investment themes for the future: technological self-reliance, upgrading industrial foundations, and securing strategic resources [13] - The Chen Guo team from Dongfang Caifu expresses optimism for the Chinese stock market in 2026, highlighting potential areas of outperformance, including corporate earnings and advancements in AI [14]

Market Situation - The A-share market opened slightly higher on Wednesday, fluctuated, and ended with a rebound, with the Shanghai Composite Index rising by 1.22% to 3912.21 points [1] - The Shenzhen Component Index increased by 1.73%, and the ChiNext Index rose by 2.36%, while the CSI 300 and SSE 50 gained 1.48% and 1.36% respectively [1] - A total of 4333 stocks rose (82 hitting the daily limit), while 950 stocks fell (7 hitting the lower limit), with notable gainers including Wantong Hydraulic, Heshun Electric, and ST Diwei Xun, which rose by 21.67%, 20.04%, and 20.0% respectively [1] - In terms of sectors, the export chain showed collective recovery, with precious metals, electric power grid, and engineering machinery rising by 3.26%, 3.18%, and 2.93% respectively [1] Futures Market - All four major index futures contracts rose along with the indices: IF2512 and IH2512 increased by 1.72% and 1.50%, while IC2512 and IM2512 rose by 1.73% and 1.77% respectively [2] - The basis for the four major index futures contracts showed narrow fluctuations, with IF2512 at a discount of 29.89 points and IH2512 at a discount of 3.95 points [2] Economic Indicators - The National Bureau of Statistics reported that in September, the Consumer Price Index (CPI) rose by 0.1% month-on-month and fell by 0.3% year-on-year, while the core CPI (excluding food and energy) rose by 1.0% year-on-year, marking the fifth consecutive month of expansion [3] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [3] Capital Market - On October 15, the A-share market saw a trading volume decrease of 500 billion, with a total turnover of 2.07 trillion [4] - Northbound capital had a total transaction amount of 296.472 billion [4] - The central bank conducted a 7-day reverse repurchase operation of 43.5 billion at a fixed rate of 1.40%, with no reverse repos maturing on that day, resulting in a net injection of 43.5 billion [4]

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 之 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 告 全部 或 任 何 部 份內 容 而 產 生或 因 倚 賴 該 等內 容 而 引 致 之任 何 損 失 承擔 任何責任。 洪 橋 集 團 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：8137） 賦能傳統產業 — 珍貴林木產業深度轉型升級，以科技創新引領新質生產力 發 展 ，激 活 千 億 級 林權 交 易 市 場， 打 造 中 國 林權 制 度 改 革 標杆 案 例 ， 為中 國農林經濟新形態的形成奠定堅實基礎，促進鄉村振興、共同富裕。 建議合作的原因及裨益 本 集 團專 注 於 資 源 領域 的 業 務 模式 ， 致 力 於 尋找 具 備 抗 跌 性及 穩 定 性 的投 資 機 會。 海 南 黃 花 梨是 世 界 五 大名 木 之 首 ， 具備 的 稀 缺 性 、成 長 性 、 高價 值屬性。建議合作契合本集團探索潛在的業務發展模式及戰略佈署要求。 一般 ...

Group 1 - The overall industrial economy in the province is showing a rapid recovery, with a total industrial added value growth rate of 5.3% in the first quarter, an increase of 7.1 percentage points compared to the previous year [1] - The growth rate of industrial added value for large-scale industries reached 6.1%, exceeding the initial target by 2.6 percentage points [1] - In March, the output value of key emerging industries grew by 10.3% year-on-year, surpassing the overall industrial growth rate of 8.1% [1] Group 2 - Industrial fixed asset investment growth reached 14.4%, 2.4 percentage points higher than the national average, with manufacturing investment growth at 17.5%, exceeding the national level by 8.4 percentage points [1] - Industrial technological transformation investment growth was notably high at 57.9%, ranking fifth in the country, while manufacturing technological transformation investment growth reached 61.9% [1] - The mining industry added value growth rate was 6.3%, slightly above the national average, while the manufacturing industry growth was 6.2%, and the electricity, heat, gas, and water supply industry growth was 5.4%, exceeding the national average by 3.5 percentage points [1] Group 3 - Among the top ten industries, the equipment industry led with an 18.9% growth rate, 8 percentage points higher than the national average, while the energy industry grew by 5.9% [2] - The coal mining and washing industry saw a significant increase in added value growth of 10.1%, while the food industry grew by 5.2%, the petrochemical industry by 2.2%, the metallurgy industry by 5.4%, and the building materials industry by a remarkable 31.5% [2] - The provincial government aims to focus on stabilizing industrial growth, transforming methods, adjusting structures, improving quality, and increasing efficiency to achieve effective qualitative and reasonable quantitative growth in the industrial economy [2]