Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]

Core Viewpoint - The article discusses the performance of various sectors in the A-share market, highlighting the strong performance of the banking sector and the fluctuations in the lithium mining sector, while noting the overall market trends and trading volumes. Market Performance - As of midday, the Shanghai Composite Index rose by 0.38%, while the Shenzhen Component Index fell by 0.05% and the ChiNext Index decreased by 0.52% [3] - The banking sector showed strength, with China Bank and Industrial and Commercial Bank of China reaching new historical highs [3][18] - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day, with over 3,000 stocks declining [3] Sector Highlights - The banking sector saw a rise of 1.93%, with notable gains from major banks [4] - The real estate sector also performed well, with stocks like Sunac China and Country Garden rising by over 9% and 5% respectively [5] - Lithium mining stocks were active, with significant price movements in lithium carbonate futures, which rose over 4% to exceed 102,000 yuan per ton [14] Notable Stocks - China Bank's stock price increased by over 4%, marking a new historical high [18] - The stock of HeFu China surged by over 10% in a single trading day, accumulating a 290% increase over 15 trading days [8][16] - The stock of Dazhong Mining also saw a strong performance, achieving multiple consecutive gains [14] Trading Trends - The market experienced a significant number of declines, with over 3,900 stocks falling [10] - The energy sector showed mixed results, with some stocks rising while others faced declines [4] - The overall market sentiment was cautious, with adjustments in various sectors including tourism, food consumption, and textiles [10]

Market Overview - On November 20, the A-share market opened high but closed lower, with the ChiNext Index down 0.52% after previously rising over 1.5% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day [1] - Over 3,000 stocks in the market experienced declines [1] Sector Performance - The banking sector showed strength, with China Bank reaching a historical high and its market capitalization surpassing 2 trillion yuan [3] - Industrial chains related to lithium batteries were active, with stocks like Baichuan Co. hitting the daily limit [3] - The tourism, food, retail, and textile sectors saw declines, with companies like Shuiyang Co. and Nanjing Shanglv experiencing significant drops [3] Banking Sector Insights - China Bank's stock price reached a historical high, with a market value exceeding 2 trillion yuan, while Industrial and Commercial Bank of China also hit a new high with a market cap nearing 2.99 trillion yuan [3][4] - According to Galaxy Securities, the banking sector's performance in Q3 was supported by stable growth despite concerns over non-interest income, with net interest income showing signs of improvement [4] - The ongoing policy guidance aims to optimize the credit structure and protect interest margins, which could enhance the growth potential of banks [4] Real Estate Sector Activity - The real estate sector saw a late surge, with stocks like Shijian Co., Fuxing Co., and Wo Ai Wo Jia hitting the daily limit [3][6] - The performance of the real estate sector in the Hong Kong market was also notable, with companies like Zhengrong Real Estate and Green Scene China Real Estate seeing significant gains [11] AI Industry Update - Nvidia reported a third-quarter revenue of $57 billion, a 22% increase quarter-over-quarter and a 62% year-over-year surge, exceeding market expectations [9] - The demand for cloud services continues to rise, with capital expenditures from overseas cloud providers being revised upward, indicating a robust growth outlook for the optical module industry [9] Xiaomi Market Performance - Xiaomi's stock price fell over 3%, leading to its market capitalization dropping below 1 trillion Hong Kong dollars [9]

格隆汇11月20日｜今日A股板块再度领涨，其中，A股涨超4%，连续第二日创历史新高，市值突破2万亿，涨1%创历史新高，市值超越，重夺第一宝座，银 行ETF基金涨1.85%。自由现金流ETF盘中再现净申购3570万，已连续9日"吸金"，合计净流入14.95亿元。 ①从今日科技板块的冲高回落、持续逆势上涨的走势可见：年末资金资金偏向于追求稳定性以及锁定年度收益。 ②12月美联储降息概率进一步低至3成+AI泡沫论盛行，使得市场风险偏好有所下降。综合国内10月信贷、社零数据趋弱，公共事业、银行和红利板块的关 注度提高。 相关产品，及截至发稿涨跌幅： 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The recent rally in the banking sector is primarily driven by a shift in market investment style, with mid-term dividends acting as a catalyst, and the trend is expected to continue until the end of December [1] Group 1: Market Performance - As of the latest report, major banks such as Bank of China saw a nearly 5% increase, while China Construction Bank and Postal Savings Bank rose nearly 4%, and other banks like Everbright Bank and Minsheng Bank increased by over 2% [1] - The banking sector is experiencing a strong upward trend, indicating positive investor sentiment and market dynamics [1] Group 2: Investment Opportunities - According to Guosen Securities, there are likely to be good investment opportunities in the banking sector before the main theme of spring volatility becomes clear, suggesting that investors should overlook short-term fluctuations [1] - The demand for insurance capital allocation is significant due to the low interest rate environment, making stable bank stocks attractive to insurance funds [1] - The banking sector is expected to be an important allocation direction as the basic bottom-line expectations have become clear, which can help reduce asset yield volatility [1] Group 3: Recommendations - The institution recommends focusing on high-dividend, fundamentally stable stocks in the short term, while also considering quality stocks for potential upside [1] - It is suggested to pay attention to major banks like Industrial and Commercial Bank of China and China Merchants Bank as they represent stable investment opportunities [1]

Market Overview - The Hong Kong stock market opened significantly higher on November 20, with the Hang Seng Index at 25,999.78 points, up 169.13 points, a rise of 0.65% [2] - The Hang Seng Tech Index reported 5,646.28 points, increasing by 39.38 points, a gain of 0.70% [4] Company News - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves CICC issuing A-shares to acquire Dongxing and Xinda Securities [6] - Following this news, brokerage stocks collectively surged, with Shenwan Hongyuan Hong Kong (00218.HK) rising over 9%, and other firms like Dongfang Securities (03958.HK) and CITIC Securities (06030.HK) increasing by over 3% [6] Sector Performance - The technology sector saw more gainers than losers, with Baidu up over 3%, Kuaishou and Lenovo rising over 2%, and Alibaba increasing by over 1% [8] - Semiconductor stocks opened higher, with Huahong Semiconductor gaining over 3% [8] - The innovative drug sector mostly rose, with Gilead Sciences up over 3% [8] - Apple-related stocks experienced broad gains, with Hongteng Precision rising over 5% [8] Future Outlook - CITIC Securities' latest report suggests that the Hong Kong market is expected to experience a second round of valuation recovery and performance revival by 2026, driven by a rebound in fundamentals and significant valuation discounts [8] - Investors are advised to focus on five long-term directions: 1) Technology sector, including AI and consumer electronics; 2) Healthcare, particularly biotechnology; 3) Resource commodities benefiting from rising inflation expectations and de-dollarization; 4) Consumer sectors with low valuations expected to recover; 5) Paper and aviation sectors benefiting from RMB appreciation [8]

新西兰证券交易所首席执行官马克·彼得森（Mark Peterson）表示，今年是中新全面战略伙伴关系第二个10年的开局之年，中国是新西兰最大的贸易伙伴 国，中新两国已建立起牢固的双边关系。新西兰证券交易所已运行近160年，期待Smart和招商基金的合作进一步深化和加强中国新西兰两国资本市场及资管 行业的联系，共同探索合作机遇，使两国投资者共同受益。 2025年11月19日，招商基金在新西兰证券交易所及中国银行总行的见证下，与新西兰证券交易所旗下的基金公司Smart及中国银行新西兰子行在北京签署合 作备忘录，将进一步合作推进中新资本市场联通融合。 公开资料显示，Smart于1996年成立，由新西兰证券交易所全资拥有和运营。Smart是新西兰第一家ETF发行商，管理着超过150亿新西兰元的基金。该公司 专注于跟踪市场的投资，目前有44只ETF产品，主要为投资新西兰、澳大利亚、美国和全球股票的股票ETF，债券和货币ETF，以及另类资产ETF。 招商基金总经理钟文岳表示，2025年9月25日，中国证监会与新西兰金融市场管理局更新签署了《证券期货监管合作谅解备忘录》，在中新资本市场监管合 作持续深化的背景下，金融机构的 ...

兴业证券指出，上市银行中期分红方案陆续落地。从分红节奏来看，今年中期分红时点整体提前。四大 行公告中期分红时点，其中A股派息时间均提前到2025年12月中旬，H股派息时间在2026年1月下旬。伴 随着上市银行中期分红工作的逐步展开，持等对股息较为重视的资金或加大对银行股的财置投资力度， 推动板块估值的修复。 内银股早盘回暖，截至发稿，民生银行（600016）(01988)涨3.56%，报4.36港元；邮储银行（601658） (01658)涨2.88%，报5.71港元；中国银行（601988）(03988)涨2.36%，报4.77港元；建设银行（601939） (00939)涨1.85%，报8.28港元。 消息面上，据数据统计，截至11月19日，42家上市银行中已有13家完成中期分红实施或进入实施阶段， 另有13家银行公布了分红方案，合计分红金额达到2637.90亿元。与此同时，还有6家上市银行的中期分 红事项已通过年度股东大会审议，等待董事会公布具体方案。 ...

Core Viewpoint - The banking sector is experiencing a rebound, with several banks showing significant stock price increases, driven by the implementation of interim dividend plans and an overall positive sentiment towards bank stocks [1] Group 1: Stock Performance - As of the latest report, Minsheng Bank's stock rose by 3.56% to HKD 4.36, Postal Savings Bank increased by 2.88% to HKD 5.71, Bank of China gained 2.36% to HKD 4.77, and China Construction Bank saw a rise of 1.85% to HKD 8.28 [1] Group 2: Dividend Distribution - According to Wind data, as of November 19, 13 out of 42 listed banks have completed or are in the process of implementing their interim dividend distributions, with a total dividend amount reaching CNY 263.79 billion [1] - Additionally, 13 banks have announced their dividend plans, while 6 banks have had their interim dividend matters approved by annual shareholder meetings, awaiting specific plans from their boards [1] Group 3: Market Sentiment and Future Outlook - Industrial analysis indicates that the timing of interim dividend announcements has been moved forward this year, with major banks announcing their dividend timelines, where A-shares are set for distribution in mid-December 2025 and H-shares in late January 2026 [1] - The gradual rollout of interim dividend plans is expected to attract more funds focused on dividends, potentially enhancing investment in bank stocks and aiding in the recovery of sector valuations [1]

Core Viewpoint - The article highlights the performance and investment appeal of the Dividend Low Volatility ETF (512890), which has shown significant capital inflows and strong market recognition. Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) rose by 1.15% to 1.233 CNY, with a trading volume of 4.18 billion CNY, leading its category in terms of transaction scale [1][3] - Over the past five trading days, the ETF has seen a net inflow of 180 million CNY, and over the last 20 trading days, the net inflow reached 1.15 billion CNY, indicating strong investor interest [2][3] - As of November 19, 2025, the ETF's total circulation scale was 21.431 billion CNY, ranking first among similar products, reflecting market confidence in the dividend low volatility strategy [2][3] Group 2: Investment Strategy and Holdings - The ETF's top holdings include major banks and transportation sectors, such as China Grain Reserves Corporation, Nanjing Bank, and Agricultural Bank of China, showcasing a focus on stable dividend-paying stocks [2][6] - The ETF has achieved a cumulative return of 143.68% since its inception in December 2018, outperforming its benchmark, making it a viable option for investors seeking stable returns amid market volatility [6] Group 3: Market Outlook - Analysts from Zheshang Securities express optimism about the value of dividend assets, predicting a balanced market style in 2026, with cyclical and technology growth sectors performing well [5] - The banking sector is highlighted as having significant investment potential due to its low historical valuations and strong dividend policies, making it an attractive choice for long-term investors [5]