证券研究报告 | 2025年11月21日 **Acknowledgement** **The authors thank the anonymous referee for the help and comments on the manuscript.** 乘势而起：市场新高趋势追踪：截至 2025 年 11 月 21 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 4.83%、8.65%、6.20%、9.69%、7.59%、 7.40%、12.16%、16.45%。中信一级行业指数中石油石化、纺织服装、 基础化工、家电、钢铁行业指数距离 250 日新高较近，食品饮料、综合 金融、商贸零售、非银行金融、建筑行业指数距离 250 日新高较远。概 念指数中，石油天然气、锂矿、林木、锂电池、HJT 电池、万得微盘股 日频等权、操作系统等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 11 月 21 日，共 1127 只股票在过去 20 个交易日间创出 250 日新高。其中创新高 ...

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日国有大型银行板块主力资金净流出3.94亿元，游资资金净流入8543.62万元，散 户资金净流入3.08亿元。国有大型银行板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601328 交通银行 | | 4974.30万 | 2.67% | -7614.68万 | -4.08% | 2640.39万 | 1.41% | | 601398 工商银行 | | 253.30万 | 0.07% | -2148.99万 | -0.56% | 1895.68万 | 0.49% | | 601988 中国银行 | | -1480.12万 | -0.34% | 9189.50万 | 2.14% | -7709.37万 | -1.80% | | 601939 建设银 ...

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

当银行邀请你参加活动领取支付立减金的时候，当心点，这可能是一个"甜蜜的陷阱"。 近期，有小红书用户反馈，自己打开银行app时弹出了一个"动账通知升级"的活动邀请，只需要关闭短信动账通知，打开手机银行动账提醒，在次月就可 以领取5元-15元的立减金。她按照银行的要求参加活动后，才发现上当了——本来终身免费的动账短信，现在再想重新开通，每个月要收费3元。 直到"银行免费短信正在消失"冲上了微博热搜，许多用户才发现，银行们正在纷纷对原本免费的动账短信通知"动手"。 一种是提升触发动账短信通知的金额门槛。比如今年4月中国银行调整用户账户变动触发免费短信通知的默认金额，起点金额从原来的0元上调为100元。 10月份，湖南农信将个人客户免费短信服务的通知起点金额从200元上调至500元。 还有的银行是干脆直接取消了免费政策，贵州农信则从今年10月起对个人新签约账户开始收取短信服务费。民生银行也终止对大于300元的动账短信提醒 优惠，动账短信提醒每个月收取2元费用。 01 不止短信，更多银行免费服务正在"退场" 曾经银行标配的免费动账短信通知集体退场，只是银行批量撤回"免费午餐"的冰山一角。2025年以来，多家银行密集调整 ...

转自：新华财经 新华财经上海11月21日电（记者 王淑娟）在长三角这片创新沃土上，科技金融正成为连接"实验 室"与"大市场"的关键桥梁。中国农业银行始终以服务国家战略为使命担当，持续完善金融支持科技创 新体系，致力于为金融赋能新质生产力发展探索可行路径。立足上海、辐射长三角，据悉，中国农业银 行长三角创新发展协同会暨"123+"金融赋能科技创新专项活动将于11月25日在上海举办，集中展现农行 服务长三角一体化高质量发展，在科技金融领域的创新实践与协同成效，成为观察其澎湃发展动能的重 要"窗口"。 区域协同"凝心聚力"，共绘一体化发展新画卷 作为我国经济发展最活跃、开放程度最高、创新能力最强的区域之一，长三角以不到全国4%的土地面 积，创造了全国近四分之一的经济总量，区域集成电路、生物医药、人工智能产业规模分别占全国 3/5、1/3和1/3，"一体化"和"高质量"成为区域发展的关键引擎。 此前，农行出台《关于服务长三角区域一体化发展的工作意见》，明确"5+2"金融服务重点，包括强化 一体化客户服务能力、优化一体化产品服务创新、提升一体化风险防控能力、做实一体化组织资源保障 等四个一体化建设，全力做好长三角区域一 ...

Investment Rating - The report indicates a positive investment outlook for Chinese enterprises going global, with a projected increase in foreign direct investment (FDI) to 1.16 trillion RMB in 2024, reflecting an 11.30% year-on-year growth [8]. Core Insights - Chinese enterprises are actively exploring new pathways for international expansion, adapting strategies in response to geopolitical challenges and evolving market conditions [4][8]. - The ASEAN region has emerged as a key destination for Chinese investment, with its share of China's outbound investment rising from 6.34% in 2014 to 17.88% in 2024 [8]. - The structure of China's outbound investment is shifting, with significant increases in the wholesale, retail, and manufacturing sectors, indicating a deeper integration into global value chains [8][52]. Summary by Sections Part A: Challenges and Pathways for Chinese Enterprises Going Global - The Chinese government is committed to high-quality outbound investment, emphasizing the importance of maintaining a stable international economic environment despite rising geopolitical tensions [18][19]. - The share of China's exports in global trade is projected to reach 14.64% in 2024, maintaining its position as the world's largest exporter [19][23]. - Chinese enterprises are increasingly focusing on the ASEAN region for investment, with a notable rise in direct investment since the implementation of the RCEP [44][52]. Part B: Financial Support for Outbound Expansion - Chinese financial institutions are enhancing their overseas presence, with major banks establishing branches in numerous countries to support outbound enterprises [9]. - There is a strong emphasis on integrating domestic and international resources, with banks providing cross-border credit and financing solutions for projects under the Belt and Road Initiative [9][11]. - Innovative financial products and services are being developed to support overseas investments, including specialized loans for infrastructure projects and comprehensive solutions for cross-border e-commerce [9][11]. Part C: Future Outlook and Recommendations - Recommendations include optimizing overseas network construction, enhancing multi-tiered financial service systems, and expanding the use of cross-border RMB [12][13]. - A comprehensive risk management system is suggested to help enterprises navigate geopolitical uncertainties and market volatility [12][13]. - Strengthening collaboration between financial institutions and industries is crucial for supporting enterprises in their global expansion efforts [12][13].

中金公司(03908.HK)发布公告，于2025年11月19日，该公司、东兴证券(601198.SH)及信达证券(601059.SH)(连同东兴证券合称"A股标的公司")签订一份 具法律约束力的合作协议，以吸收合并及换股方式进行合并，该公司(作为存续实体)将向A股标的公司在上交所上市的A股的持有人发行在上交所上市 的A股。拟议合并需提呈交易方各自的董事会、股东会审议，并经有权监管机构批准后方可正式实施。 中国长城资产管理股份有限公司北京市分公司于阿里资产网站发布关于对恒大地产集团有限公司债权的营销公告。中国长城资产管理股份有限公司北 京市分公司拟对恒大地产集团有限公司债权进行处置，截至2025-04-01，债权总额1,092,342,583.26元，其中债权本金959,269,999元，利息 133,072,584.26元，其他权益0元。担保方式为抵押。 中骏集团控股(01966.HK)发布公告，于本公告日期，持有范围内债务未偿还本金总额约78%的计划债权人(包括现有票据的持有人及现有贷款的贷款人) 已加入经修订及重述重组支持协议。本公司已向香港特区高等法院申请举行聆讯，以考虑本公司召开债权人会议的申请，该会 ...

截至2025年11月21日 10:08，中证国有企业红利指数下跌0.58%。成分股建发股份领涨，中国银行、南 京银行跟涨；鲁西化工领跌，中文传媒、西部矿业跟跌。国企红利ETF(159515)下修调整。（以上所列 示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表 具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。） 据Wind数据显示，流动性方面，截至11月20日，国企红利ETF近1周日均成交293.72万元。 消息面上，近日，金融监管总局发布的银行业保险业最新监管指标数据显示，截至今年三季度末，我国 银行业金融机构本外币资产总额达474.3万亿元，同比增长7.9%，商业银行净息差为1.42%，环比持平， 其中股份制商业银行净息差环比提升0.01个百分点。三季度监管数据显示，银行业净息差企稳，盈利能 力呈现积极信号，同时资产质量稳定，这都证明了行业的强劲韧性。 (以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方 向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 国企 ...

新华财经北京11月21日电（赵家熹）产业振兴作为乡村振兴的物质基础，已成为各地推动农村发展、农 民增收的关键抓手。在巩固拓展脱贫攻坚成果同乡村振兴有效衔接5年过渡期内，中国农业银行（以下 简称"农业银行"）始终以金融活水精准滴灌特色产业，筑牢防止规模性返贫防线，激发脱贫地区内生发 展动力，走出一条金融助力巩固拓展脱贫攻坚成果、接续推进乡村振兴的有效路径。截至2025年9月 末，农业银行在脱贫地区的乡村产业贷款余额达5170亿元，支持了一批特色种植、养殖、加工等产业项 目落地生根，绘就出农业强、农村美、农民富的新画卷。 "农业银行从资金支持到跨境结算通道，把金融服务做到了极致，没有他们的支持，企业不可能走到今 天。"安兴群说，近三年企业累计在当地采购茶青363吨，带动123户农户增收，既解决茶农长远生计， 也为贵州夏秋茶采摘加工积累了宝贵经验。 从生产到销售，从国内市场到海外市场，每一项金融支撑环节都有农业银行专业服务的身影，体现出一 线队伍过硬的综合素养。这背后，是多年来农业银行通过选优配强县域支行领导班子、积极推进乡村振 兴专业人才库建设、加强服务乡村振兴人才培训、加快县域客户经理队伍建设等方式，不断增强" ...