证券时报·数据宝统计，截至下午13:58，今日沪指跌0.16%，A股成交量969.02亿股，成交金额13725.63 亿元，比上一个交易日减少2.37%。个股方面，1428只个股上涨，其中涨停46只，3851只个股下跌，其 中跌停19只。从申万行业来看，建筑材料、银行、通信等涨幅最大，涨幅分别为1.42%、1.06%、 0.79%；美容护理、电力设备、煤炭等跌幅最大，跌幅分别为2.17%、1.47%、1.46%。 | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 建筑材料 | 1.42 | 111.24 | 17.21 | 国统股份 | 10.03 | | 银行 | 1.06 | 350.86 | 66.56 | 中国银行 | 4.17 | | 通信 | 0.79 | 772.93 | 4.40 | 瑞斯康达 | 9.97 | | 房地产 | 0.60 | 287.18 | 1.22 | 世联行 | 10.16 | | 综合 | 0.54 | 52.83 | 19.80 ...

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index up by 0.23% closing at 3969.25 points, the Shenzhen Component Index up by 0.37% closing at 13223.56 points, the ChiNext Index up by 1.03% closing at 3166.23 points, and the Sci-Tech 50 Index up by 0.23% closing at 1390.39 points [1] - Overall, there were more gainers than losers in the market, with 3375 stocks rising and 1902 stocks falling, while 161 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 18723 billion, a decrease of 434 billion from the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included power equipment, coal, commercial retail, environmental protection, and light industry manufacturing, with gains of 3.40%, 1.39%, 1.22%, 1.06%, and 0.93% respectively. Conversely, the sectors that experienced declines included computer, non-bank financials, telecommunications, media, and beauty care, with losses of 0.97%, 0.49%, 0.43%, 0.41%, and 0.33% respectively [1] Concept Sector Performance - The top-performing concept sectors today included ultra-high voltage, continuous boards, lithium iron phosphate batteries, charging piles, and power equipment, among others. These sectors showed significant gains, while semiconductor silicon wafers, rare earths, and cybersecurity experienced pullbacks [2][12]

Market Overview - The Shanghai Composite Index decreased by 0.02% as of 10:28 AM, with a trading volume of 603.64 million shares and a turnover of 892.17 billion yuan, representing a 19.08% decrease compared to the previous trading day [1] Industry Performance - The banking sector showed the highest increase with a rise of 1.98%, followed by public utilities at 0.57% and oil and petrochemicals at 0.37% [1] - The largest declines were seen in the non-ferrous metals sector at -1.71%, beauty and personal care at -1.54%, and computers at -1.50% [2] Leading Stocks - Xiamen Bank led the banking sector with a gain of 5.21% [1] - Delong Huineng topped the public utilities sector with a 10.00% increase [1] - Unified Holdings led the oil and petrochemicals sector, also with a 10.00% rise [1] - In the non-ferrous metals sector, Shengxin Lithium Energy experienced a decline of 6.49% [2]

Market Overview - The A-share market saw most major indices rise today, with the Shanghai Composite Index up by 0.55% closing at 3976.52 points, the Shenzhen Component Index up by 0.19% at 13404.06 points, and the ChiNext Index up by 0.29% at 3196.87 points. However, the Sci-Tech 50 Index fell by 1.04% to 1400.86 points. Overall, 3532 stocks rose while 1797 fell, with a total trading volume of 21071 billion yuan, a decrease of 2107 billion yuan from the previous trading day [1][11]. Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the media, coal, oil and petrochemicals, steel, and banking sectors leading the way with increases of 3.13%, 2.52%, 2.28%, 1.90%, and 1.33% respectively. Conversely, the non-ferrous metals, home appliances, comprehensive, automotive, and beauty care sectors saw declines, with decreases of 1.21%, 0.66%, 0.39%, 0.36%, and 0.35% respectively [1][11]. Sector Highlights - The top-performing concept sectors today included Hainan Free Trade Port, first board, board hitting, marketing communication, online gaming, film and television, storage devices, power equipment, photovoltaic rooftops, internet celebrity economy, Toutiao, ultra-high voltage, ultra-high-definition video, satellite internet, and big data [2][12].

Core Insights - The A-share market is currently in a "slow bull" phase, influenced by the new "National Nine Articles" policy and a similar investment trend to the "Four Trillion" stimulus, suggesting a continued upward trajectory [7][28] - The recent easing of US-China trade tensions is expected to support the market, with a forecast of wide fluctuations and gradual increases in November [2][14] Market Performance - During the week of October 27 to October 31, 2025, the A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.11% and the Shenzhen Component Index increasing by 0.67%, while the CSI 300 Index fell by 0.43% [10][11] - The highest weekly volatility was observed in the ChiNext Index, which had a fluctuation of 4.80% [10] Sector Performance - Among the 31 first-level industries, the top performers were Electric Equipment and Nonferrous Metals, with weekly gains of 4.29% and 2.56% respectively [20] - In the second-level industries, Steel Raw Materials and Photovoltaic Equipment led with weekly increases of 10.84% and 8.65% [22] - The cumulative gains for 2025 show Components and Communication Equipment leading with increases of 100.18% and 93.90% respectively [22] Macro Data - The October PMI decreased to 49% from 49.80% in September, attributed to pre-holiday demand release and fluctuations in US-China trade affecting manufacturing activities [6][26] Investment Recommendations - Focus areas include artificial intelligence in the technology sector, traditional manufacturing related to anti-involution, and aerospace sectors benefiting from the "14th Five-Year Plan" [28]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Fourth Plenary Session of the 20th CPC Central Committee's communique is overall positive for A - shares, especially in the technology, manufacturing, and consumption sectors. There may be more than expected policies in the future, which will significantly boost market confidence [6]. - From the overseas environment, factors that are favorable to A - share expectations are increasing, including Sino - US high - level interactions, expected Fed rate cuts, and the new Japanese prime minister's policy that may drive global equity market sentiment [6]. - Different channels of funds show non - consistent expectations. ETF and northbound funds are weak, while margin trading funds provide strong support [7]. - In the context of easing Sino - US trade frictions, the index is expected to remain strong. It is recommended to focus on the rotation within technology stocks, with core themes including AI + and "anti - involution" related tracks. If the Sino - US negotiation results are not as expected, the main line should shift to "big finance + new consumption" [8]. 3. Summary by Relevant Catalogs Market Observation Expectations after the Fourth Plenary Session of the 20th CPC Central Committee - Policy impact: The plenary session is beneficial to A - shares, with technology, manufacturing, and consumption as key areas. Technology enters the "shaping advantage" stage, manufacturing may see "anti - involution" policies, and consumption may have more structural and sustainable stimulus policies [6]. - Market performance: On the first trading day after the plenary session, the market sentiment improved, the index rose, and trading volume increased. The technology sector reacted positively, while traditional manufacturing and consumption sectors need policy implementation for potential rebounds [6]. - Overseas environment: Sino - US interactions, expected Fed rate cuts, and Japan's new prime minister's policy are all positive factors for A - shares [6]. - Fund flow: ETF funds mostly had net outflows, northbound funds were cautious, but margin trading funds provided strong support [7]. Investment Recommendations - In the context of easing Sino - US trade frictions, focus on technology stock rotation, including AI + and "anti - involution" related tracks [8]. - If Sino - US negotiations are not as expected, shift to "big finance + new consumption", combined with self - controllable themes and rare resource sectors [8]. Market Review Market Performance - Most major market indices rose last week, with the ChiNext 50 having the largest increase of 9.48%. Among major industry indices, the information technology and industrial indices performed relatively well, while the daily consumption and healthcare indices were weaker [9][10][15]. - Among 30 Shenwan primary industries, 27 industries rose. The communication, electronics, and power equipment industries had larger increases, while the agriculture, forestry, animal husbandry, and fishery, food and beverage, and beauty care industries declined [16][19]. Trading Heat - The average daily trading volume of the Wind All - A Index last week was 1.797314 trillion yuan (previous value: 2.192852 trillion yuan), at a relatively high historical level (86.20% in the three - year historical quantile) [22]. Valuation Tracking - As of October 24, 2025, the Wind All - A valuation (PE_TTM) was 22.59, up 0.64 from last week, at the 94.00% quantile in the past 5 years. 27 out of 30 Shenwan primary industries saw valuation (PE_TTM) repairs [27].

Market Overview - The Shanghai Composite Index increased by 0.69% today, with a trading volume of 749.78 million shares and a total transaction value of 1,170.86 billion yuan, a decrease of 1.48% compared to the previous trading day [1] - A total of 4,237 stocks rose, with 75 hitting the daily limit, while 1,061 stocks fell, including 5 that hit the lower limit [1] Industry Performance - The top-performing sectors included: - Communication: up 2.73%, with a transaction value of 807.22 billion yuan, led by Hengxin Dongfang, which rose by 12.39% [1] - Electronics: up 2.28%, with a transaction value of 2,304.91 billion yuan, led by Jingwei Huikai, which increased by 19.96% [1] - Electric Equipment: up 1.83%, with a transaction value of 1,330.57 billion yuan, led by Huarui Co., which rose by 20.00% [1] - The sectors with the largest declines included: - Agriculture, Forestry, Animal Husbandry, and Fishery: down 0.54%, with a transaction value of 117.52 billion yuan, led by Juxing Agriculture, which fell by 4.93% [2] - Non-ferrous Metals: down 0.51%, with a transaction value of 799.82 billion yuan, led by Baiyin Nonferrous Metals, which decreased by 9.95% [2] - Beauty Care: down 0.45%, with a transaction value of 23.62 billion yuan, led by Jinbo Biological, which fell by 3.48% [2] Detailed Industry Data - The following industries showed notable performance: - Machinery Equipment: up 1.55%, with a transaction value of 734.37 billion yuan, led by Boying Special Welding, which increased by 19.73% [1] - Coal: up 1.51%, with a transaction value of 159.86 billion yuan, led by Antai Group, which rose by 10.10% [1] - Social Services: up 1.29%, with a transaction value of 77.18 billion yuan, led by Dalian Shengya, which increased by 10.01% [1] - Other industries with significant movements included: - Automotive: up 1.22%, with a transaction value of 554.47 billion yuan, led by Wangcheng Technology, which rose by 15.79% [1] - Media: up 1.07%, with a transaction value of 202.60 billion yuan, led by Dianguang Media, which increased by 10.06% [1]

Market Overview - The Shanghai Composite Index increased by 0.08% as of 10:29 AM, with a trading volume of 633.80 million shares and a turnover of 1003.09 billion yuan, representing a decrease of 14.11% compared to the previous trading day [1] Industry Performance - The electronics sector led the gains with a rise of 3.16%, followed by the computer sector at 1.23% and the automotive sector at 0.52% [1] - The largest declines were seen in the social services sector (-1.65%), beauty care sector (-1.30%), and construction materials sector (-1.29%) [2] Key Stocks - Notable gainers included Hongfu Huan with a rise of 20.01% in the electronics sector, and Chuling Information with a gain of 19.99% in the computer sector [1] - Significant decliners included Suining Global in the real estate sector, which fell by 9.93%, and ST New Power in the environmental protection sector, which dropped by 14.93% [1][2] Trading Volume by Industry - The electronics industry had a trading volume of 228.43 billion yuan, while the computer industry saw 78.07 billion yuan, and the automotive industry recorded 64.99 billion yuan [1] - The social services sector had a trading volume of 12.18 billion yuan, and the beauty care sector recorded 1.63 billion yuan [2]

Market Overview - The A-share market experienced a significant adjustment with major indices declining over 1%, indicating a weak market sentiment with over 4,300 stocks falling [2][6] - The Shanghai Composite Index closed at 3,831.66, down 1.15%, while the Shenzhen Component Index fell by 1.06% to 13,075.66 [2] Sector Performance - The top-performing sectors included Electronics with a gain of 0.93% and Communications at 0.19%, while the worst performers were Non-ferrous Metals down 3.56% and Media down 2.25% [3] - Concept indices such as F5G and AI PC showed positive performance, while sectors like Metal Lead and Gold Concept faced significant declines [3] Economic Indicators - The Federal Reserve lowered interest rates by 25 basis points to a range of 4.00% to 4.25%, marking the first rate cut of the year, which is expected to ease pressure on the RMB exchange rate and domestic liquidity constraints [4][5] - The Ministry of Science and Technology reported that R&D investment in 2024 is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, indicating a strong focus on innovation and technology [5] Future Outlook - The report suggests that the recent rate cut by the Federal Reserve may provide upward momentum for the A-share market, despite the current indices being at high levels and facing short-term adjustment pressures [6] - Investors are advised to flexibly manage their positions and optimize their portfolio structure, with a focus on sectors such as Non-ferrous Metals, Transportation, Public Utilities, Banking, and TMT [6]

Market Overview - The A-share market experienced a significant decline, with the Shenzhen Component Index dropping over 2% and the ChiNext Index falling by 3% [2] - A total of 4,757 stocks in the market saw a decrease, indicating a broad market downturn [2] Index Performance - The Shanghai Composite Index closed at 3,805.03, down by 71.31 points or 1.84% [3] - The Shenzhen Component Index ended at 12,927.10, down by 288.36 points or 2.18% [3] - The ChiNext Index recorded a decline of 3.00%, closing at 3,053.06 [3] Trading Volume and Market Capitalization - The trading volume reached 294 million hands, with a turnover rate of 5.51% [4] - The total trading value was 774.655 billion, with a volume ratio of 1.28 [4] - The overall market capitalization stood at 17.11 trillion [4] Sector Performance - Various sectors experienced declines, with non-ferrous metals, non-bank financials, media, and beauty care sectors collectively falling [6] - Notable declines were observed in stocks related to stock trading software, PEEK materials, industrial metals, and gold jewelry [6] Hong Kong Market - The Hong Kong stock market also saw a sharp decline, with all three major indices dropping over 2% [7] - The Hang Seng Technology Index had previously increased by 2% before the downturn [7]