CSI 300 rose by 0.82%
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This week, the A-share market continued its upward trend, with market sentiment remaining strong and investors’ risk appetite continuously recovering. The SSE Index(000001) rose by 1.08% this week, continuing to operate above short-term moving averages, merely 0.7% away from a new one-year high, maintaining a strong technical pattern. Despite trading volumes dropping slightly by 2.4% compared to last week, overall market activity remains high. The CSI 300(000300) increased by 0.82%, with its core operating area steadily rising, approximately 14.6% away from the 200-day moving average, indicating that institutional funds retain solid medium to long-term confidence. Growth style performed slightly better, with the ChiNext(399006) rising by 0.65%, consistently staying above major moving averages, with the tech growth sector’s momentum continuing. The Hang Seng Index(HSI) also climbed by 1.29%, hitting a new phase high, with northbound capital flowing in persistently.
On the macro level, domestic policy signals have been released intensively, providing support for steady growth. The Central Financial Office proposed accelerating the construction of a financial powerhouse during the “14th Five-Year Plan” period, promoting efficiency improvements in financial resource allocation, deepening capital market reforms, and strengthening fintech and risk prevention system constructions. The Ministry of Finance established a new debt management department focusing on local government debt management and coordinated fund usage, showing a balanced approach between fiscal prudence and risk prevention. Local governments’ new debts exceeded 9 trillion yuan in the first ten months, with an additional 50 billion yuan expected to be allocated before year-end for infrastructure and emerging industry investments. Meanwhile, an article on the front page of Study Times advocated for “strengthening redistribution to narrow income gaps,” emphasizing increasing residents’ disposable income, which benefits the mid-to-long term consumption growth logic.
Regarding foreign investor sentiment, Goldman Sachs raised its forecast for China’s GDP growth rate, pointing out that the combination of macro policies and corporate profit recovery will drive capital backflows into the Chinese market. Recently, northbound funds have shown a continuous net inflow trend, concentrating on technology and consumer leading stocks, demonstrating external funds’ optimistic expectations about China’s economic prospects.
In the international market, US economic data showed divergence. The October ISM Manufacturing PMI dropped to 48.7, below the boom-bust line for two consecutive months, indicating a slowdown in manufacturing recovery momentum; however, ADP employment increased by 42,000, significantly higher than expected, reflecting resilience in the labor market. An EIA crude oil inventory surge of 5.2 million barrels put pressure on international oil prices, bringing inflation back into focus in the short term. Federal Reserve officials recently indicated uncertainty regarding further interest rate cuts, cooling down market expectations for a December cut, keeping the dollar strong. Consequently, US stocks saw significant corrections this week, with the Nasdaq Composite(0NDQC) falling by 2.83% and the S & P 500 Index(0S&P5) declining by 1.75%, with tech stocks notably retreating.
Moreover, positive signals emerged in the international trade environment as export control dialogues between China and Europe took place in Brussels, laying the foundation for stabilizing bilateral trade relations. Domestically, President Xi Jinping proposed constructing high-standard free trade ports during his inspection tour in Hainan, further reinforcing opening up and international cooperation.
In terms of industry performance, funds continue to focus on structurally high-growth potential tracks. Energy-Solar(G1320IG.CN) led industry gains this week with an 8.57% increase. Benefiting from ongoing policy-driven energy transition and storage expansion demands, sector heat continues. Recent “14th Five-Year Plan” clearly calls for accelerating the development of an energy powerhouse, raising expectations for power and new energy investments, while the topic of “AI computing power driving electricity demand” has once again gained traction, offering new growth logic for photovoltaic and energy storage industries. Bldg-Maintenance & Svc(G7340IG.CN) rose by 8.20%, performing prominently against the backdrop of the post-cycle real estate market. With the existing home market becoming mainstream, demand for home repairs, property renovations, and home services is expanding, coupled with policy encouragement for improved consumption, this sector stands to benefit from dual drivers of consumption upgrade and urban renewal. Oil&Gas-Machinery/Equip(G3533IG.CN) increased by 5.74%, driven by recoveries in oil and gas equipment investments and updates to traditional energy equipment. Global energy structure adjustments are improving demand for natural gas-related equipment, while geopolitical factors and fluctuations in crude oil inventories also provide short-term trading opportunities for the industry.
Looking at individual stock performances, the TOP33 portfolio declined by 0.34% overall this week, with 10 stocks rising and 23 falling. Jiangsu Shemar Electric(603530) had the highest gain at 25.16%. The company specializes in composite external insulation for substations and transmission and distribution lines, serving as a key supplier in ultra-high voltage transmission systems both domestically and internationally. Leveraging technological leadership and long-term project accumulation, the company benefits from expectations of “AI driving increased power demand” and “energy structure optimization.” Its O’Neil Score is 87, EPS Rating is 95, and RS Rating is 95, showcasing strong fundamentals and technicals, placing it at the core of the high-growth electric equipment industry chain.
Overall, the A-share market operates steadily, with an upward structural trend continuing. Currently, funds are more focused on growth directions with clear industrial trends and clear policy guidance. It is recommended to keep an eye on leading stocks in high-growth areas such as electric equipment, cybersecurity, and consumption recovery, while paying attention to overseas market volatility and the pace of Federal Reserve policy adjustments impacting short-term sentiments.
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published on November 7, 2025