全国性股份制商业银行构成第二梯队，头部表现突出。在12家股份行中，10家集中在榜单第5至30名区 间。招商银行以亮眼的盈利效率、发展潜力及成长稳健性位列总榜第五，成为股份制银行领军者；中信 银行和兴业银行分列第八、九名，总得分相差无几；浦发银行、光大银行、民生银行、平安银行、华夏 银行依次跻身前20名，广发银行、浙商银行位列前30名。恒丰银行、渤海银行排名分别为第59名和第64 名。整体来看，全国性股份制商业银行在业务创新与客户服务领域各有侧重、特色 鲜明，其中头部机 构依托差异化竞争策略，进一步拉大了与尾部机构的差距，行业 内部分化格局愈发明显。 城商行成为榜单中数量最多的群体，53家机构入选占据半壁江山，区域优势成为核心竞争力。江苏银行 以强劲的盈利能力和发展动能排名第17名，领跑城商行阵营；上海银行凭借高成长性、宁波银行依托高 盈利性分别位列第18、19 名，深耕本地市场成效显著；北京银行、南京银行、成都银行等头部城商行 跻身前30名，在区域金融服务和中小企业支持领域形成核心优势；贵阳银行、长沙银行等多家城商行得 分接近，区域竞争力不相上下；潍坊银行、日照银行等中小城商行则凭借灵活的经营机制与精准的市场 ...

帮主这就给你整理一份中长线放心拿的低估值高股息核心标的清单，都是经过基本面和估值双重筛选的，咱们做中长线就认"稳"字： 最后是制造板块的优质标的，高股息+低估值，还有产业逻辑支撑。比如福耀玻璃，全球汽车玻璃龙头，股息率3.5%左右，估值15倍上下，新能源汽车渗透 率提升，玻璃需求稳增，而且海外工厂盈利不错，长期逻辑很硬；再就是中国铁建，基建龙头，股息率4%以上，估值不到8倍，稳增长政策下基建订单充 足，现金流稳定，分红也靠谱。 这里帮主得提醒一句，这些标的是中长线布局的方向，不是让你下周一把梭哈，还是按照之前说的分批加仓，结合3850点附近的企稳信号来操作。需要我再 把每个标的的最新估值和股息率数据细化，或者补充对应的加仓节奏吗？ 然后是公用事业板块，刚需属性拉满，不管市场怎么跌，业绩都稳得一批。首选长江电力，水电龙头中的龙头，股息率常年维持在3.5%-4%，现金流稳定得 像"印钞机"，而且水电是清洁能源，政策支持力度大，拿着完全不用慌；再就是中国神华，煤炭+电力双驱动，股息率能到5%以上，资源储备足，分红大 方，属于"高股息+硬资产"双buff加持。 接下来是消费板块里的错杀白马，估值回到合理区间，股息率也 ...

证券时报记者 毛军 受外围市场大幅震荡，以及上证指数月线连续6个月上涨积累大量获利盘的影响，本周A股出现年内第二大周线级 别调整。上证指数跌破3900点，深证成指跌破13000点，创业板指、上证50双双失守3000点大关。 本周，日成交均萎缩至2万亿元以下，全周成交9.33万亿元，较上周减少近9000亿元。从分类指数来看，微盘股缩 量最为明显，环比减少约15%。 展望后市，渤海证券指出，A股短期由外部风险释放带来指数层面的调整。就现阶段而言，行情总体风险适中，监 管强调"坚决防止市场大起大落、急涨急跌"的背景下，市场不具有持续下跌的基础，市场调整为资金重新布局提 供了窗口期。若未来有增量利好政策出台，将有望推动政策主线或科技主线的展开。 太平洋证券表示，目前海外股市表现更弱，多个主要经济体如德国、英国、美国股市皆已转弱，建议投资者谨慎 为上。即使A股进入中期调整，但长期的上涨趋势预计不变，建议投资者采取高筑墙（红利），广积粮（降低仓 位），缓称王（等待时机）的策略。从近几日的行情来看，热点板块的持续性普遍不佳，仍建议投资者以避险的 高股息红利为主，留出仓位等待未来的加仓时机。 虽然银行股近年来连续上涨，但整体 ...

转自：新华财经 中国工商银行贺州分行（以下简称"工行贺州分行"）积极践行国有大行责任，将支持居民合理住房需求 作为服务民生的重要抓手，全面提升个人贷款服务可获得性与满意度。截至2025年10月末，该行个人住 房贷款余额超31亿元，年度累计投放近3亿元，持续为贺州市安居工程建设注入金融动能。 深化银企协作，拓展服务覆盖面 工行贺州分行高度重视住房金融生态建设，持续加强与本地优质房地产项目的战略合作，在巩固现有合 作基础上主动对接市场新动态，积极联系"金投国宾府""东城雅苑"等新开盘项目，通过全面考察开发企 业资质与项目进展，前置服务沟通、定制融资方案，为购房群体提供高效、专业的住房按揭支持，助力 新建楼盘销售与住房贷款业务协同发展。 为破解贷款办理周期长的痛点，工行贺州分行多措并举提升服务体验：深化与口碑良好的二手房中介常 态化合作，及时响应交易双方融资需求；为重点合作项目开通绿色通道，提供优先受理、材料精简及流 程加速服务；同步建立贷款进度台账，明确各环节时效责任，确保业务高效衔接。相关举措显著缩短业 务周期，有效提升一二手房贷款服务满意度。 创新服务模式，破解民生痛点 针对住房交易中的难点问题，工行贺州分行 ...

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot spots. The model is based on momentum and trend-following strategies, emphasizing stocks that consistently hit new highs. The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{Close_{t}}{ts\_max(Close, 250)} $ where $ Close_{t} $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of fallback [11][12][13] - The report evaluates the model positively, citing its ability to capture market leaders and trends effectively. It references studies by George (2004), William O'Neil, and Mark Minervini, which highlight the importance of tracking stocks near their 52-week highs for superior returns [11][18] - The report provides backtesting results for the "250-day new high distance" model across major indices as of November 21, 2025. The distances are: - 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] - The report introduces a factor named "Stable New High Stocks" to identify stocks with smooth price paths and sustained momentum. The factor construction involves: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative strength: Top 20% in 250-day price change - Price stability: Ranking top 50% based on metrics like price displacement ratio and smoothness of 250-day new high distance over the past 120 days - Trend continuation: Ranking top 50 stocks based on the average 250-day new high distance over the past five days [24][27][28] - The report evaluates the "Stable New High Stocks" factor positively, citing research by Turan G Bali et al. (2011) and Da et al. (2012), which demonstrate the superior returns of stocks with smooth momentum paths compared to those with jumpy price movements [24][27] - Backtesting results for the "Stable New High Stocks" factor show 15 selected stocks, including Heertai, Sray New Materials, and Zangge Mining. These stocks are distributed across manufacturing and cyclical sectors, with manufacturing focusing on construction and cyclical sectors on non-ferrous metals [28][31][33]

Market Performance - 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% [1] - Over 3,000 stocks declined across both markets, with a total trading volume of 1.11 trillion yuan [1] Sector Performance - The consumer sectors, including tourism, hotels, food, and retail, showed weakness, with significant declines in stocks such as Shuiyang Co., Nanjing Shanglv, and Yike Food [3] - The banking sector performed strongly, with China Bank and Industrial and Commercial Bank reaching historical highs [3] - The lithium battery supply chain was active, with stocks like Baichuan Co. hitting the daily limit [3] - The photolithography concept continued to show strength, with Guofeng New Materials achieving two consecutive trading limits [3] Corporate Actions - China International Capital Corporation, Dongxing Securities, and Xinda Securities announced a suspension of trading due to plans for a major asset restructuring, involving a share swap merger [3] Economic Indicators - The probability of the Federal Reserve lowering interest rates by 25 basis points in December is estimated at 32.7% [3]

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]

Core Insights - The state-owned large bank sector experienced a decline of 0.55% on November 21, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Bank Performance Summary - China Bank (601988) closed at 6.29, up 0.80% with a trading volume of 6.807 million shares and a transaction value of 4.294 billion [1] - Industrial and Commercial Bank of China (601398) closed at 8.25, down 0.24% with a trading volume of 4.644 million shares [1] - China Construction Bank (601939) closed at 9.79, down 0.31% with a trading volume of 1.800 million shares [1] - Bank of Communications (601328) closed at 7.62, down 0.39% with a trading volume of 2.440 million shares [1] - Agricultural Bank of China (601288) closed at 8.05, down 1.35% with a trading volume of 3.334 million shares [1] - Postal Savings Bank (601658) closed at 5.81, down 1.69% with a trading volume of 2.113 million shares [1] Fund Flow Analysis - The state-owned large bank sector saw a net outflow of 394 million yuan from institutional investors, while retail investors had a net inflow of 308 million yuan [1] - The fund flow for individual banks shows that: - Bank of Communications had a net inflow of 49.743 million yuan from institutional investors [2] - Industrial and Commercial Bank had a net inflow of 2.533 million yuan from institutional investors [2] - China Bank experienced a net outflow of 14.801 million yuan from institutional investors [2] - China Construction Bank had a net outflow of 46.069 million yuan from institutional investors [2] - Postal Savings Bank saw a significant net outflow of 125 million yuan from institutional investors [2] - Agricultural Bank of China had a net outflow of 261 million yuan from institutional investors [2]

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]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Shandong Branch is actively promoting rural revitalization through its "Xingnong Cuohe" platform, providing comprehensive services to support agricultural modernization and enhance the rural economy [1][2][4]. Group 1: Agricultural Modernization Initiatives - ICBC Shandong Branch has organized over 300 activities related to policy promotion, product introduction, and supply-demand matching, serving more than 47,000 agricultural operators by the end of October 2025 [1]. - The bank aims to create a new model of integration among government, banks, enterprises, and farmers, effectively linking land, technology, capital, and markets to promote the distribution of specialty agricultural products nationwide [2]. Group 2: Cross-Border Services and Support - During the 8th China International Import Expo, ICBC Shandong Branch facilitated connections between local SMEs and nearly 30 international suppliers, providing comprehensive support for enterprises to explore international markets [3]. - The bank has established a product information database for over 180 specialty products from targeted assistance areas, fostering stable order cooperation with large chain supermarkets and food processing companies [3]. Group 3: Participation in Agricultural Events - ICBC Shandong Branch showcased its rural revitalization initiatives at the first Shandong (International) Agricultural Products Trade Fair, featuring nearly 10,000 specialty agricultural products and over 1,000 participating enterprises [4]. - The bank promoted its "Qilu Xingnong Loan" product, offering a full range of financial services to agricultural clients, enhancing the efficiency and accessibility of financial support for rural development [4]. Group 4: Supply Chain and Financial Support - The bank has provided over 5 billion yuan in loans to support agricultural logistics and storage projects, ensuring efficient operation of wholesale markets and supermarkets [5]. - A total of over 50 billion yuan has been allocated to support facility agriculture and large-scale farming, enhancing production capacity in key regions [5]. - The "Qilu Xingnong Loan" system has added nearly 30 billion yuan in loans to address financing challenges faced by small agricultural enterprises and cooperatives [5].