前十大沽空偏离值排行 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 友邦保险-R(81299) | 44.74 万元 | 100.00% | 36.63% | | 李宁-R(82331) | 10.32 万元 | 100.00% | 23.98% | | 京东集团-SWR(89618) | 104.21 万元 | 91.68% | 26.80% | | 快手-WR(81024) | 69.17 万元 | 90.75% | 31.08% | | 中国移动-R(80941) | 181.73 万元 | 90.20% | 43.82% | | 腾讯控股-R(80700) | 473.98 万元 | 87.29% | 24.97% | | 比亚迪股份-R(81211) | 259.64 万元 | 75.10% | 16.89% | | 美团-WR(83690) | 132.52 万元 | 64.49% | 17.98% | | 联想集团-R(80992) | 180.50 万元 | 64.22% | -1.02% | | 吉利汽 ...

| .HSIADR 恒生指数ADR | | | --- | --- | | 26026.07 ↑ +96.04 +0.37% 收盘价 11/18 16:00 美东 | | | 二月日日 ■ | | | 最高价 26146.61 开盘价 25816.22 | 成交量 5085.28万 | | 最低价 25813.19 昨收价 25930.03 | 平均价 25979.90 | | 52周最高 27275.90 上 涨 -- | 平 智 -- | | 52周最低 18856.77 下 跌 -- | 振 幅 1.29% | | 800000 恒生指数 25930.03 -454.25 -1.72% | | 大型蓝筹股多数上涨，汇丰控股收报108.351港元，较香港收市跌1.14%；腾讯控股收报624.042港元，较香港收市涨0.09%。 智通财经APP获悉，周二，美股三大指数集体下跌。恒生指数ADR上涨，按比例计算，收报26026.07点，较香港收市升96.04或0.37%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换复价(HKD) | 较港股升跌 较 | | ...

11月18日，受多重因素影响市场风险情绪恶化，全球金融市场集体下挫。港股三大指数今日全天弱势， 且午后跌幅进一步加大，恒生指数跌1.72%失守26000点大关，国企指数、恒生科技指数分别下跌1.65% 及1.93%。 | 代码 名称 | 最新价 涨跌额 涨跌幅 ^ | | --- | --- | | 800700 恒生科技指数 | 5645.73 -111.15 -1.93% | | 800000 恒生指数 | 25930.03 -454.25 -1.72% | | 800100 国企指数 | 9174.84 -153.56 -1.65% | 消息面上，美联储副主席杰斐逊周一表示，美联储在未来的降息步伐上需"循序渐进"，进一步削弱市场 对下个月降息的期待。FXStreet分析师Christian Borjon Valencia指出，由于美联储鹰派言论刺激美元指数 走强，黄金承受下行压力。这令金价维持在4000美元/盎司至4050美元/盎司区间内。 | 序号 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | --- | | 7 | 灵宝黄金 | 15.29 ...

Core Insights - The insurance sector is characterized by a "high elasticity" label, with a significant profit increase driven by investment performance, as evidenced by a 68% year-on-year profit growth in Q3 2025, with investment performance contributing 79% of the pre-tax profit increment for the first three quarters [3][11][12] - The "14th Five-Year Plan" emphasizes strong rule of law, strict regulation, risk mitigation, and development promotion, indicating a strategic focus on enhancing the legal framework and regulatory environment for the insurance industry [3][27][28] - The ongoing "anti-involution" policy is expected to boost dividend insurance, while property insurance is undergoing comprehensive governance to improve high-risk insurance types [3][19][27] - The strategic positioning of insurance assets is evolving, with a notable increase in stock and fund investments by listed insurance companies, projected to reach an additional 875.2 to 943.4 billion yuan in A-shares from 2025 to 2027 [3][11][19] - The insurance sector's valuation recovery is anticipated to continue, with recommendations to focus on undervalued, high-elasticity stocks such as China Life, Ping An, and others [3][19][21] Review of Performance - The insurance sector index has risen by 13.5% since the beginning of the year, underperforming the CSI 300 index by 4.1 percentage points [6][10] - In Q3 2025, the total net profit of listed insurance companies reached 426 billion yuan, a year-on-year increase of 33.5%, with significant contributions from investment performance [11][12][19] Policy Outlook - The "15th Five-Year Plan" outlines key directions for the insurance industry, focusing on high-quality development, technological independence, and comprehensive reform [24][28] - The regulatory environment is expected to remain stringent, with a focus on risk mitigation and the promotion of sustainable growth in the insurance sector [27][31] Liability and Asset Management - The "anti-involution" policy is driving a shift towards dividend insurance, while property insurance is seeing a rationalization of competition [3][19][27] - The strategic focus on asset allocation is expected to enhance the investment capabilities of insurance funds, with a projected increase in equity market allocations [3][11][19] Investment Recommendations - The report suggests maintaining a focus on undervalued, high-elasticity stocks within the insurance sector, highlighting companies such as China Life and Ping An as key investment opportunities [3][19][21]

大型蓝筹股多数下跌，汇丰控股收报110.738港元，较香港收市跌1.21%；腾讯控股收报629.180港元，较香港收市跌1.15%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICH | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 636.500 | -4.500 | -0.70% | TCEHY | 629.180 | -7.320 | | 2 | 阿里巴巴-W | 09988 | 154.900 | 0.000 | 0.00% | BABA | 153.262 | -1.638 | | 3 | 建设银行 | 00939 | 8.240 | -0.110 | -1.32% | CICHY | 8.190 | -0.050 | | 4 | 汇丰控股 | 00005 | 112.100 | -0.800 | -0.71% | HSBC | 110.738 | -1.362 | | 5 | 小米集团-W | 0181 ...

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Anta Sports (82020), and BYD Company (81211) having the highest short-selling ratios at 100.00%, 100.00%, and 95.88% respectively [1][2] - Alibaba (09988), Tencent Holdings (00700), and Baidu (09888) lead in short-selling amounts, with figures of 2.789 billion, 2.349 billion, and 1.317 billion respectively [1][2] - Geely Automobile (80175), BYD Company (81211), and Baidu (89888) show the highest deviation values, indicating significant short-selling activity compared to their historical averages, at 48.97%, 42.86%, and 38.49% respectively [1][2] Short-Selling Ratio Rankings - AIA Group (81299) and Anta Sports (82020) both have a short-selling ratio of 100.00%, with short-selling amounts of 437,700 and 225,700 respectively [2] - BYD Company (81211) has a short-selling ratio of 95.88% with a short-selling amount of 1,290,900 [2] - Lenovo Group (80992) and Tencent Holdings (00700) follow with short-selling ratios of 92.80% and 89.69% respectively [2] Short-Selling Amount Rankings - Alibaba (09988) leads with a short-selling amount of 2.789 billion, followed by Tencent Holdings (00700) at 2.349 billion and Baidu (09888) at 1.317 billion [2] - Other notable mentions include XPeng Motors (09868) with 1.069 billion and JD.com (09618) with 913 million [2] Deviation Value Rankings - Geely Automobile (80175) has the highest deviation value at 48.97%, indicating a significant difference from its historical short-selling average [2] - BYD Company (81211) and Baidu (89888) also show high deviation values of 42.86% and 38.49% respectively [2] - AIA Group (81299) has a deviation value of 37.15%, reflecting its current short-selling activity compared to past averages [2]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

记者注意到，在此轮"开门红"期间，分红险产品成为险企的主打产品，传统的增额终身寿险、年金险等 固定收益型产品已较为少见。多位保险销售人员向记者表示，"开门红"期间推出的分红险产品保底利率 为1.75%，还有一部分浮动收益，整体利率不低于3.2%。 比如，中国人寿推出国寿鑫鸿福养老年金险（分红型），新华保险推出盛世荣耀庆典版终身寿险（分红 型），平安人寿推出平安御享金越（2026）终身寿险（分红型）、平安御享金越年金保险（分红型）、 泰康人寿推出鑫享世家2026终身寿险（分红型）、友邦保险推出传世充裕年金险（分红型）等。 对于险企主打分红险的原因，北京排排网保险代理有限公司总经理杨帆认为，这是市场策略与产品特性 共同作用的结果。分红险"保证利益+浮动红利"的设计，既满足了客户在低利率环境下对资产增值的期 待，又通过"利益共享、风险共担"机制，为险企提供了更大的经营灵活性和资产负债匹配空间。这种潜 在的增值预期对客户具有较强吸引力，使其成为险企冲刺规模、快速抢占市场的较好工具。 险企花式揽客 在"开门红"期间，多家险企通过降低投保门槛、提供更高收益率、附赠增值服务等方式来吸引客户。 多位保险代理人提到，"开门红" ...

Core Viewpoint - Major insurance companies are shifting towards "guaranteed returns + floating dividends" products, indicating a transformation in product design towards dividend insurance, which relies on the actual operating surplus of the insurance companies, thus testing their investment and operational capabilities [1][2][4]. Product Structure Shift - The insurance predetermined interest rate has entered a single-digit era, with a continuous decline over three years, reaching the lowest level in 20 years. Ordinary products have dropped from 3.5% to 2%, while dividend products have decreased from 3.0% to 1.75% [3][4]. - The dynamic adjustment mechanism for predetermined interest rates was officially launched this year, with rates being adjusted quarterly based on various market indicators [3]. - To adapt to the low-interest-rate environment, insurance companies are focusing on dividend insurance products, which provide guaranteed returns and potential growth, thus enhancing their sales strategies [3][4]. Investment Capability Challenges - The shift towards dividend insurance is influenced by multiple factors, including declining interest rates and the need for better asset-liability matching to mitigate interest rate risk [4][5]. - Dividend insurance consists of guaranteed returns and non-guaranteed bonuses, with the latter being subject to fluctuations based on investment performance, claims, and expenses, placing higher demands on the investment and operational capabilities of insurance companies [6]. Ensuring Dividend Realization Rates - To prevent misleading clients with overly optimistic projected dividend rates, regulatory measures have been implemented, requiring insurance companies to disclose actual dividend realization rates and allocate at least 70% of distributable surplus to clients [7]. - Major insurance companies are increasingly investing in high-dividend assets to ensure stable cash flow and long-term matching, employing a combination management framework to balance short, medium, and long-term investment goals [7][8]. - Companies must possess advanced product design capabilities, professional dividend policy formulation skills, systematic risk management abilities, and innovative asset-liability linkage capabilities to ensure sustainable dividend levels and financial stability [8].

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，11月12日，共1只港股获公司回购，粉笔获公司回购62.0万港元。截至11 月12日，今年已有245只港股获公司回购，58只个股年内累计回购金额超亿港元。其中，腾讯控股、汇 丰控股、友邦保险年内累计回购金额最大，分别获公司回购609.65亿港元、302.57亿港元和176.93亿港 元。 ...