中证报中证网讯（记者 刘英杰）日前，世纪证券研究所首席宏观分析师冯乐宁在接受中国证券报记者 采访时表示，海南自由贸易港正式实施全岛封关运作，标志着我国对外开放进入全新阶段。 首先，依托跨境资管试点拓展私募业务。符合条件的券商可发起设立投资境外标准化资产的私募资管计 划，与侧重另类投资的QDLP形成互补，构建覆盖多风险层级的跨境产品体系。 其次，借力"双Q"制度深化跨境投资。具备资质的券商子公司可通过申请QFLP资格引入境外长期资本 投资境内新兴产业，或通过QDLP募集境内资金布局全球多元资产，发挥集团研究、直投、资管协同优 势，提供全流程服务。 再次，构建多元化融资平台。券商可为企业提供涵盖A股IPO、境外发债、资产证券化及公募REITs在内 的综合融资解决方案，满足封关后持续释放的多层次融资需求。 最后，打造跨境并购综合服务中枢。围绕海南企业"走出去"与境外企业"走进来"的双向并购需求，提供 全流程财务顾问服务，并利用EF账户与专项基金优化跨境资金路径。 为推动海南跨境金融高质量发展，冯乐宁表示，后续应依托EF账户探索对中小微高新技术企业的跨境 投融资便利化安排，深化具有离岸特征的业务功能；打造离岸人民币债 ...

Market Review - Global stock indices showed divergence this week, with European, Brazilian, and Indian indices rising, while Chinese and American tech stocks declined. The Shanghai Composite Index continued its narrow fluctuation, with major broad indices generally adjusting. The average daily trading volume in the A-share market remained around 2 trillion yuan, indicating a focus on existing stock games. Growth leaders fell while small-cap stocks rose, with the micro-cap index increasing by 4.11% [1][2] - In terms of sector performance, the TMT, machinery, and military sectors saw the largest declines, while precious metals and copper prices rose, and domestic double焦 prices weakened [1][2] Market Outlook - The core theme for November remains "small-cap stocks + thematic investment." The recent pullback in Chinese and American tech stocks is attributed to tight overseas liquidity and concerns over AI bubbles. Future attention will be on U.S. economic data and changes in December rate cut expectations. The current A-share market is primarily focused on existing stock games, with financing and southbound trading showing a "high-low cut" trend. The performance benchmark for public funds is expected to curb issues like style drift and short-term ranking chasing, potentially weakening extreme institutional clustering [2][3] Fundamental Analysis - The domestic economy is expected to achieve a growth rate of around 5% for the year, despite a weakening trend in both supply and demand in October. Industrial added value growth was 6.1%, continuing to decline. Investment in narrow infrastructure turned negative, and real estate development investment and sales areas also saw significant declines. Retail sales growth was only 2.9%, marking five consecutive months of decline, particularly in major consumer goods. However, corporate earnings are stabilizing, and with PPI growth expected to turn positive next year, the potential for profit improvement in certain sectors is anticipated [3][4] Macro Policy - Future policy observations will focus on the December Political Bureau meeting and the Central Economic Work Conference. The central bank has reiterated "cross-cycle adjustment," signaling a balance between long-term goals and supportive monetary policy. The third-quarter monetary policy report indicates that the national economy is progressing steadily, with a solid foundation for achieving annual targets. The central bank's focus is shifting towards supporting policies that consider long-term objectives [4] Funding Dynamics - Since November, market style has shifted, with tech leaders retreating and small-cap stocks outperforming. This is due to concerns over the AI bubble affecting tech sentiment in A-shares. Financing transactions in sectors like semiconductors and communication equipment have seen net selling since November. Southbound funds have favored banks and oil sectors, leading to a phase where value stocks outperform tech stocks. Recent guidelines from the fund industry association aim to curb style drift and extreme clustering among funds, prompting some capital to migrate towards underweight sectors [5][6] Industry Configuration - Focus on "14th Five-Year Plan" related thematic investments, such as energy storage, batteries, domestic substitution, and new materials. Attention should also be given to sectors benefiting from "anti-involution" trends, such as chemicals, and the guidance signals from Hong Kong's innovative pharmaceuticals to A-shares [5]