盘面上看，有色、传媒、半导体、券商、医药、汽车等板块走低，零售、煤炭、保险板块上扬，福建本 地股、海南自贸概念等活跃。 华西证券指出，展望12月，A股市场将步入国内外重要政策观察窗口，市场风险偏好或逐渐抬升，跨年 行情迎来布局期。海外方面，美联储降息概率较大，美元流动性担忧缓解和人民币汇率偏强运行，有利 于外资增配中国资产；国内方面，12月中上旬将召开中央政治局会议和中央经济工作会议，确定2026年 经济发展目标和宏观政策基调，反内卷、促消费、新质生产力等有望受益政策催化。行业配置上，建议 关注：产业趋势聚焦"十五五"相关主题投资，如商业航天、AI应用、储能、军工、创新药等；受益海外 流动性改善的有色金属等；前期调整幅度居前的港股科技等。 2日早盘，两市主要股指盘中震荡下探，科创50指数跌超1%，场内近4000股飘绿。 截至午间收盘，沪指跌0.55%报3892.55点，深证成指跌0.77%，创业板指跌0.88%，科创50指数跌 1.18%，沪深北三市合计成交10562亿元。 ...

板块题材方面，医药商业、福建、海南自贸区、旅游及酒店、AI手机、房地产、煤炭开采加工板块涨幅居前；能源金属、 游戏、教育、电池、稀土永磁、影视院线板块跌幅居前。 盘面上，AI手机概念股延续活跃，道明光学4连板，福蓉科技2连板。医药商业板块盘中拉升，海王生物5连板，人民同泰 涨停。福建本地股震荡走高，嘉戎技术、招标股份、平潭发展、榕基软件等股封板。此外，房地产、冰雪产业、煤炭等板块盘 中轮动。另一方面，电池材料方向多数调整，石大胜华、天际股份、海科新源、华盛锂电、天赐材料纷纷下跌。影视院线板块 同样回吐昨日部分涨幅，幸福蓝海、上海电影、中国电影跌幅居前。 三大指数早盘集体下跌，截至午盘，上证指数跌0.55%，深成指跌0.77%，创业板指跌0.88%，北证50跌0.29%。沪深京三 市半日成交额10560亿元，较上日缩量1807亿元。全市场超3900只个股下跌。 ...

Core Viewpoint - The market showed signs of recovery with all three major indices closing in the green, indicating a potential bottoming out phase despite a decrease in trading volume [1][7]. Market Overview - The total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion, down 124 billion from the previous trading day [1]. - Over 4,100 stocks rose, with the Shanghai Composite Index up 0.34%, the Shenzhen Component Index up 0.85%, and the ChiNext Index up 0.7% [1]. Sector Performance - The commercial aerospace sector saw significant gains, with stocks like LeiKe Defense and Aerospace Development hitting their daily limits [2]. - The Fujian sector also performed well, with multiple stocks such as Fujian Cement and Pingtan Development reaching their daily limits [2]. - The anti-flu concept stocks collectively declined, with Yue Wannianqing dropping over 13% [1]. Individual Stock Highlights - Nearly 100 stocks saw a rise of over 10%, with a notable return of short-term trading enthusiasm [5]. - Stocks like Jinfu Technology and Maoye Commercial successfully advanced in consecutive trading days, while others like Meng Tian Home maintained strong performance [5]. - The overall market sentiment is improving, with a focus on high-performing stocks as potential short-term investment opportunities [5]. Future Market Analysis - The market is expected to continue its upward trend, but the shrinking trading volume raises concerns about sustaining this momentum [7]. - The need for a clear leading stock to maintain market profitability is emphasized, as the current environment is characterized by rapid sector rotation without a strong upward force [7].

每经AI快讯，11月25日，午间收盘，沪指涨1.13%，深成指涨2.04%，创业板涨2.6%。算力硬件股集体 爆发，德科立、光库科技等多股涨停。商业航天概念反复活跃，航天环宇、上海港湾等涨停。福建本地 股集体反弹，垒知集团、浔兴股份等涨停。 （文章来源：每日经济新闻） ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 11 月 18 日） 一、研究观点 | 品种 | 点评 市场全天震荡调整，三大指数小幅下跌。个股涨跌互现，今日成交 1.93 万 | 观点 | | --- | --- | --- | | | 亿。截止收盘沪指跌 0.46%，深成指跌 0.11%，创业板指跌 0.2%。中美元首 近日于韩国举行会谈，双边关系向着稳中向好的方向迈进，有利于我国需求 总量的提升，也有利于 A 股科技股继续对标美股估值。《中国共产党第二十 | | | | 届中央委员会第四次全体会议公报》聚焦几大主线：（1）"抓住新一轮科技 | | | | 革命和产业变革历史机遇"并形成现代化产业体系；（2）继续扩大内需，"促 | | | 股指 | 进消费和投资、供给和需求良性互动"；（3）继续深化改革和扩大开放。《公 | 震荡 | | | 报》内容符合市场预期，提振市场信心，预计未来结构化行情仍将延续。但 | | | | 当前科创指数估值处于历史极值位置，盘面上谨慎追高。短期来看，三季报 | | | | 结束发布，重要会议后市场关注点可能重新回到基本面上来，A 股非金融三 | | | | 季报 ...

Market Overview - The A-share market experienced a decline with the Shanghai Composite Index falling by 0.46%, the Shenzhen Component down by 0.11%, and the ChiNext Index decreasing by 0.20% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.91 trillion yuan, a decrease of 47.3 billion yuan compared to the previous trading day [1][2] Sector Performance - The sectors that saw the largest declines included non-ferrous metals, pharmaceuticals, electric power grid, photovoltaic, and banking [2] - Conversely, lithium mining, aquaculture, and AI application concept stocks showed strength, with local stocks in Fujian experiencing a surge [2] - The lithium mining sector was particularly strong, with Tianhua New Energy hitting a 20% limit up, and several other stocks also reaching their daily limit [2] Fund Flow - There was a net inflow of funds into the computer, energy metals, and media sectors, while there was a net outflow from photovoltaic equipment, securities, and chemical pharmaceuticals [4] - Specific stocks that saw significant net inflows included 360 Security Technology, Huasheng Tiancheng, and Great Wall Military Industry, with inflows of 1.439 billion yuan, 1.226 billion yuan, and 866 million yuan respectively [5] - On the other hand, stocks like CATL, Sungrow Power Supply, and Century Huatong faced net outflows of 1.713 billion yuan, 1.175 billion yuan, and 1.088 billion yuan respectively [5] Institutional Insights - Huatai Securities noted that short-term uncertainties remain, suggesting that the market may continue to experience fluctuations [6] - Galaxy Securities anticipates that the year-end market will likely maintain a fluctuating structure, with a focus on "anti-involution" and dividend themes during sector rotations [6] - Xiangcai Securities believes the market is in a "slow bull" phase, predicting that November will likely continue to show wide fluctuations with a gradual upward trend [6]

Market Overview - A-shares opened slightly lower, with the ChiNext index down 0.4%. Sectors such as aquaculture, shipbuilding, electronic chemicals, and local stocks in Fujian showed strong gains, while sectors like electrical networks, aviation, AI applications, and energy storage faced declines [1] - Hong Kong stocks opened under pressure, with the Hang Seng Index down 0.49%. Airline stocks collectively fell, while lithium battery stocks remained strong [1][11] - The bond market opened mostly higher, with the 30-year main contract up 0.13% and the 2-year main contract down 0.01% [1][9] Sector Performance Aquaculture Sector - The aquaculture sector saw significant gains, with stocks like Guolian Aquatic Products up 19.95% and Zhongshui Fishery up 10.03%, among others reaching their daily limit [8] Semiconductor Equipment Sector - The semiconductor equipment sector experienced a short-term surge, with Weidao Nano rising over 10% and other stocks like Xidian Co., Zhongke Feimiao, and Lian Dong Technology also following suit [1] Lithium Battery Sector - The lithium battery sector continued its strong performance, with companies like Rongbai Technology and Tianhua New Energy both rising over 10%, and Fengyuan Co. hitting the daily limit [3][4] Military Industry Sector - The military industry sector opened significantly higher, with Changcheng Military Industry reaching the daily limit and stocks like Jianglong Shipbuilding and Beifang Changlong rising over 10% [5] Stock Highlights - Notable stock performances included: - Weidao Nano at 63.55, up 10.37% [2] - Rongjie Co. at 59.35, up 10.01% [4] - Changcheng Military Industry at 53.55, up 10.00% [5] - Fujian local stocks remained active, with Jiayuan Wang achieving four consecutive limits and Pingtan Development and Longzhou Co. achieving three consecutive limits [2][3] Economic Indicators - The onshore RMB appreciated slightly against the USD, with the central parity rate set at 7.0816, up 9 points from the previous day [11]

Core Insights - Minfa Aluminum has achieved five consecutive trading limit increases within nine days, indicating strong market interest and momentum [1] - The stock reached a trading limit today at 9:58 AM with a transaction volume of 802 million yuan and a turnover rate of 18.16% [1] - The recent performance of the industrial metals sector has been active, with aluminum-related stocks gaining attention due to multiple factors including involvement in new energy vehicle materials and local stock concepts in Fujian [1] Market Performance - The stock has shown significant trading activity recently, with a high turnover rate and a total order amount reaching 279 million yuan, reflecting strong capital participation [1] - The linkage effect between the industrial metals sector and Fujian local stocks has provided additional support for the stock's performance [1]

Market Overview - A-shares experienced a volume contraction with the Shanghai Composite Index down by 0.41%, the Shenzhen Component Index down by 1.71%, and the ChiNext Index down by 1.96% as of the market close on November 4 [3][4]. Sector Performance - The precious metals, battery, photovoltaic, and semiconductor sectors saw the largest declines, while local stocks from Fujian province surged, with nearly 20 stocks including Zhangzhou Development and Pingtan Development hitting the daily limit [4][5]. - The ice and snow economy concept stocks were active, with Dalian Shengya reaching a new high and Xue Ren Group also hitting the limit [6]. - Stocks related to the "Ma" series were active, with Tianma Technology and others hitting the daily limit [7]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was less than 2 trillion yuan, a decrease of 191.4 billion yuan compared to the previous trading day, with over 3,600 stocks declining [8]. Capital Flow - Main capital inflows were observed in the banking, environmental protection, and electric grid equipment sectors, while outflows were noted in electronics, software development, and non-ferrous metals sectors [11]. - Specific stocks with net inflows included Industrial and Commercial Bank of China, Baogang Group, and Xue Ren Group, with inflows of 605 million yuan, 601 million yuan, and 491 million yuan respectively [12]. - Conversely, stocks such as Sunshine Power, Sanhua Intelligent Control, and Changshan Pharmaceutical faced significant outflows of 1.606 billion yuan, 1.313 billion yuan, and 1.168 billion yuan respectively [13]. Institutional Insights - Huachuang Securities indicated a potential market consolidation in the next 1-2 months due to a policy vacuum [14]. - Dongwu Securities suggested that after a low rebound, the market may continue to challenge the 4,000-point mark, but individual stock movements are expected to show high and low fluctuations [15].

Market Performance - Precious metals, battery, photovoltaic, and semiconductor sectors experienced significant declines, while local stocks in Fujian surged, with nearly 20 stocks including Zhangzhou Development, Pingtan Development, XGMA, and Guancheng New Materials hitting the daily limit [1] - The ice and snow economy concept saw active performance, with Dalian Shengya hitting a new high and Xue Ren Group also reaching the limit [1] - The total trading volume in the Shanghai and Shenzhen markets was below 2 trillion yuan, a decrease of 191.4 billion yuan compared to the previous trading day, with over 3,600 stocks declining across the market [1] Capital Flow - Main funds saw a net inflow into banking, environmental protection, and electric grid equipment sectors, while there was a net outflow from electronics, software development, and non-ferrous metals sectors [3] - Specific stocks with net inflows included Industrial and Commercial Bank of China, Baogang Group, and Xue Ren Group, receiving 605 million yuan, 601 million yuan, and 491 million yuan respectively [3] - Stocks facing net outflows included Sunshine Power, Sanhua Intelligent Control, and Changshan Pharmaceutical, with sell-offs of 1.606 billion yuan, 1.313 billion yuan, and 1.168 billion yuan respectively [3] Institutional Views - Huachuang Securities indicated a policy vacuum period over the next 1-2 months, suggesting the market may experience fluctuations and consolidation [4] - Dongwu Securities noted that after a rebound from recent lows, the market still has the potential to challenge the 4,000-point mark, but individual stock movements are expected to continue showing high and low variations [4] Index Performance - On November 4, the three major A-share indices adjusted with reduced trading volume, closing with the Shanghai Composite Index down 0.41%, the Shenzhen Component Index down 1.71%, and the ChiNext Index down 1.96% [5]