2025年股票市场延续强势，交投活跃度大幅回升。1）2025年前三季度市场日均股基交易额为18723亿元，同比增长109%。2025年前三季度沪市投资者平均每月账户新开户数为247万户，同比增长46%。2）截至2025年三季度末，融券余额为158亿元，同比增长66%。2025年前三季度平均维持担保比为270%，较2024年提升22pct，保持在较高水平。3）监管指引下 IPO 持续收紧，再融资边际好转。2025年前三季度共发行119家IPO，募资规模773亿元，同比分别增长61%及16%，平均每家募资规模6.5亿元，同比增长40%。IPO项目撤否率大幅下降。2025 年前三季度再融资募集资金7981亿元，同比增长 573%。4）债券发行规模稳中有增。2025Q1—3券商参与的债券发行规模为12.1万亿元，同比增长22%。5）权益市场波动上行，同比大幅改善；债券市场表现较弱。25Q1—3万得全A指数+26.43%，去年同期+8.25%；中债总全价指数 25Q1—3下跌2.19%，去年同期+2.70%。6）权益类公募基金发行回暖，债券类基金规模大幅减少。25Q1—3股票+混合类公募基金发行规模4326亿份，同比+184%；债券型基金发行规模为3850亿份，同比下滑43%。

2024 年 9 月 27 日中央政治局会议提出“超常规”逆周期调节，对应也带来了 2025 年积极的财政和货币环境。展望 2026 年，我们认为彼时倒逼政策转向的内外制约因素已不复 存在。进入 2026 年后，“超常规逆周期政策”可能逐步退坡，以财政为代表的政策力度回归审慎的同时，结构投入可能重新回归以科技为主线。

Marine cables are specialized cables utilized for navigation, communication, power distribution, and safety systems on ships, boats, and other marine vessels.

A lottery is a legal form of gambling, which involves randomly drawing numbers to award a prize. Lotteries have different levels of acceptance across the globe, with some governments banning lotteries while some endorse lotteries at the state as well as national levels. Hence, it is a common phenomenon to find regulations around managing a lottery and the means of drawing a lottery. However, the popularity of lotteries has increased due to the growing prize amounts as well as rising awareness due to marketing techniques used by companies. The introduction of new games as well as lotteries at different price points, is making them affordable.

A geographic information system (GIS) is a set of tools used to interpret geospatial data using analytical tools. It integrates software, data, and services for processing data. A GIS digitizes the geospatial data received from data-capturing devices and processes it using analytics to provide the desired output. Sectors such as transportation, government, natural resources, military, utilities, and telecommunications are the major end-users of GIS solutions. Its trending applications include disaster management, viewing digital maps, finding location details, and designing facilities (including the 3D mapping of structures and locations). End-users across various industries rely on GIS solutions to enhance their decision-making ability, productivity, and security standards.

FMCG stands for fast-moving consumer goods. These are products that are sold quickly and at relatively low cost. FMCGs typically have a short shelf life due to high consumer demand or because they are perishable. Examples include packaged foods, beverages, toiletries, over-the-counter drugs, and other consumables such as cleaning and laundry products. FMCGs are characterized by high turnover and are often sold in large quantities.

Programmable logic controller (PLC) software is a type of industrial control systems software used to monitor and control industrial machinery, equipment, and processes. It is designed to receive input from sensors and other devices, perform specific logic and mathematical operations, and send output signals to actuators and other devices.

Pet care products include a wide range of products that are a necessity for pets. Pet keepers purchase pet care products online and through offline distribution channels.

Parenteral nutrition (PN) is a medical method of delivering essential nutrients including proteins, carbohydrates, fats, vitamins, minerals, and trace elements directly into the bloodstream through an intravenous (IV) catheter. It is used for patients of all ages, from infants to adults, who cannot eat or absorb adequate nutrients through regular or tube feeding. This sterile liquid formula helps maintain proper nutritional status by bypassing the digestive system entirely, ensuring patients receive the vital nutrients they need to support health and recovery.

3Q25 全球黄金需求创历史新高，投资需求占主导地位。2025 年三季度全球黄金总需求量（含场外交易投资）同比增长约 3%至 1,313 吨，创世界黄金协会统计以来最高纪录；季度黄金需求总金额同比上升 44%，创下 1,460 亿美元的历 史新高。截至 2025 年三季度末，黄金需求总量增长 1%至 3,717 吨，对应金额同比增长 41%至 3,840 亿美元。三季度，投资需求仍占黄金需求的主导地位，金条与金币需求连续第四个季度突破 300 吨（本季度为 316 吨），叠加全球黄金 ETF 总持仓大幅增加（+222 吨），共同推动了黄金总需求的增长。此外，三季度全球央行购金维持高位，达 220 吨， 环比+28%，尽管今年前三季度的累计购金量为 634 吨，较去年同期的 724 吨而言购金步伐有所放缓。对全球黄金需 求拆分来看，投资需求/金饰制造/各经济体央行和其他机构/科技用金/场外交易和其他机构占比分别为 40.9%/31.9%/16.7%/6.2%/4.2%。