Investment Rating - The report maintains a positive outlook on the long-term trend of the industry despite short-term fluctuations in the market [3]. Core Insights - The North Exchange A-share trading volume reached 22.95 billion yuan on November 4, a decrease of 3.08 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1528.79, down 2.45% [9][14]. - A total of 281 companies were listed on the North Exchange, with 34 stocks rising, 5 remaining flat, and 242 declining on the same day [16]. - The report highlights a significant adjustment in the pharmaceutical and robotics sectors due to decreased market risk appetite and profit-taking pressures [3]. - Positive signals include the steady advancement of the North Exchange's "14th Five-Year Plan" and the regulatory body's commitment to expedite the launch of the North Exchange 50 ETF, which is expected to enhance market liquidity and stability [3]. Summary by Sections Market Review - On November 4, the North Exchange A-share trading volume was 22.95 billion yuan, down 3.08 billion yuan from the previous day, with the North Exchange 50 Index closing at 1528.79, a decrease of 2.45% [9][14]. - The North Exchange specialized index closed at 2570.99, down 2.62% [9]. Stock Performance - Among the 281 companies, 34 saw an increase, 5 remained unchanged, and 242 experienced a decline [16]. - The top five gainers included: - Luqiao Information (10.8%) - Rongyi Precision (10.5%) - Tianma New Materials (8.4%) - Kerun Intelligent Control (8.3%) - Digital Human (8.2%) [16]. - The top five decliners included: - Danna Biology (-16.7%) - Kait Special (-6.8%) - Deer Chemical (-5.9%) - Haidar (-5.6%) - Yuanhang Precision (-5.6%) [16]. Important News - The National Health Commission issued a document supporting AI in healthcare, emphasizing grassroots applications, which may accelerate the entry of intelligent therapy products into clinical settings [3]. Investment Recommendations - The report suggests that despite short-term market pressures, investors should focus on structural opportunities, particularly in technology growth sectors aligned with national strategic directions, such as semiconductors, AI applications, biomedicine, and new materials [3].

Core Viewpoint - TSMC (Taiwan Semiconductor Manufacturing Company) has announced a price increase plan for advanced processes below 5nm, set to take effect from January 2026, with an average increase of approximately 3%-5% over four years [1] Group 1 - TSMC's stock dropped over 1.7% to $299.59 in pre-market trading [1] - The company has been notifying customers since September about the upcoming price increases [1] - TSMC stated that it does not comment on market rumors or pricing issues [1] Group 2 - The company reiterated that its pricing strategy is always strategy-driven rather than opportunistic [1] - TSMC emphasized its commitment to working closely with customers to provide value [1]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on technology growth sectors such as semiconductors, AI applications, biomedicine, and new materials [3][4]. Core Insights - The market is experiencing a significant rotation of funds, indicating a "high-low switch" trend, with capital moving from previously high-performing sectors to those with relatively lower valuations or favorable policy expectations [3]. - The North Exchange's "14th Five-Year Plan" is highlighted as a key focus, with plans to enhance services for innovative SMEs and introduce the North Exchange 50 ETF, which is expected to bring in passive incremental funds and improve market liquidity [3]. - Short-term market fluctuations are anticipated due to capital rotation and overall sentiment in the A-share market, but medium to long-term stability and vitality are expected to improve as policy benefits are released and more long-term funds are attracted [3]. Summary by Sections Market Review - On November 3, the North Exchange A-share trading volume reached 26.03 billion yuan, a decrease of 6.3 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1567.23, down 0.98% [7][16]. - Among 281 companies listed, 99 saw an increase, 10 remained flat, and 172 experienced declines, with notable gainers including Danah Biotechnology (497.1%) and Deere Chemical (20.8%) [17][18]. Important News - TSMC announced a price increase of approximately 3%-5% for advanced processes below 5nm starting January 2026, indicating strong demand in AI and high-performance computing sectors [20]. - Tesla's Optimus project is facing challenges in data collection methods, with a shift towards a hybrid approach in the robotics industry [21]. Key Company Announcements - Kun Gong Technology announced the release of 837,700 shares from pledge, representing 2.3858% of its holdings and 0.7524% of the total share capital [23]. - Haosheng Electronics was recognized as a national-level "specialized and innovative" small giant enterprise [26].

Industry News - TSMC plans to implement a price increase of approximately 3%-5% for advanced processes below 5nm starting January 2026, indicating a four-year pricing strategy [7] - The Ministry of Finance and the State Administration of Taxation clarified tax collection matters related to gold, leading to adjustments in pricing for physical gold bars by China Merchants Bank [5] - The National Medical Insurance Administration announced the conclusion of negotiations for the 2025 National Medical Insurance Directory, focusing on price agreements for innovative drugs [7] - The Chinese government has decided to extend visa-free policies for 45 countries, including France and Germany, until December 31, 2026, to facilitate international travel [2] Company News - China Shenhua announced a cash dividend distribution totaling 19.471 billion yuan for the first half of 2025 [8] - Huayuan Technology is involved in a strategic cooperation agreement with Tailan New Energy to collaborate on solid-state batteries and key materials [9] - Industrial and Commercial Bank of China has resumed accepting applications for gold accumulation business after a temporary suspension [7] - Artis expects to have a storage system capacity of 15 GWh and cell capacity of 3 GWh by the end of 2025 [10]