登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 传媒互联网领涨 A 股小幅上行 ——市场分析 分析师：张刚 相关报告 《市场分析：观望情绪提升 A 股宽幅震荡》 2025-11-21 《市场分析：银行地产行业领涨 A 股震荡整 固》 2025-11-20 《市场分析：船舶贵金属领涨 A 股小幅上行》 2025-11-19 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 11 月 24 日 投资要点： ◼ A 股市场综述 周一（11 月 24 日）A 股市场先抑后扬、小幅震荡上行，早盘股指高 开后震荡回落，盘中沪指在 3816 点附近获得支撑，随后股指维持震 荡，尾盘企稳回升，盘中船舶制造、文化传媒、航天航空以及软件 开发等行业表现较好；能源金属、保险、航空机场以及化肥等行业 表现较弱，沪指全天基本呈现小幅上行的运行特征。创业板市场周 一震荡上扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判 ...

中国银河证券表示，在市场情绪较为谨慎、板块轮动速度加快、热点行情持续性不足的环境下，A股市 场呈现出明显的"高切低"特征。预计短期行情仍以震荡结构为主。同时，近期行情主要受到前期涨幅较 大和市场担忧情绪加重的拖累，企业盈利和产业发展向上趋势并未出现根本性逆转。周五欧美股市多数 收涨也释放边际回暖信号。建议关注近期调整后的布局机会。随着经济转型背景下新兴产业结构性亮点 更加突出，PPI降幅收窄带动企业利润率水平进一步回升，同时市场流动性向上逻辑有望持续演绎，A 股向好趋势不改。 ...

Group 1 - A-shares experienced a significant decline last week, with the Shanghai Composite Index dropping 3.90% to close at 3834.89 points, and the Shenzhen Component Index falling 5.13% to 12538.07 points [1] - The ChiNext Index saw a weekly drop of 6.15%, closing at 2920.08 points, and fell below the 3000-point mark on November 21, with a single-day decline of 4.02% [1] - Over 5000 stocks declined on Friday, indicating a continuous sell-off trend, which has severely impacted investor confidence [1] Group 2 - Despite short-term pressures, several brokerages maintain that the long-term slow bull trend of A-shares remains unchanged [2] - Analysts suggest that the current mid-term adjustment is in its early stages, and investors should remain patient as the market faces potential downward pressure from global stock markets [2] - The long-term upward trend is expected to continue, with a potential transition into a "second phase" after the current adjustments [2] Group 3 - The market's overall resilience is noted, with long-term funds providing support, which reduces the likelihood of significant declines [3] - After a 200-point pullback, the market is expected to have a foundation for recovery, although uncertainties remain regarding global economic factors and domestic industry performance [3] - Investors are advised to maintain a core position of 50-60% and to be cautious of stocks that have risen significantly without strong earnings support [3]

Market Performance - The A-share market has shown poor profitability this week, with only 11% of respondents reporting profits, while 89% reported losses [7] - Major indices such as the Shanghai Composite Index and the Shenzhen Component Index experienced declines, with the Shanghai Composite Index down 3.90% this week [2] - The overall market sentiment indicates a bearish outlook, with 38% of respondents expecting the market to trade sideways and unable to reach 4000 points [8] Sector Performance - All major industry indices saw declines, with the power equipment sector leading the losses at 10.54%, followed by comprehensive and basic chemical sectors [3] - The banking sector experienced the smallest decline at 0.89%, indicating relative stability compared to other sectors [3] Fund Flow - A total of 249.32 billion yuan in net outflow was recorded from A-share main funds this week, with all 31 major industry sectors experiencing net outflows [3] - The power equipment, electronics, and pharmaceutical sectors saw the highest net outflows, amounting to 50.52 billion yuan, 38.39 billion yuan, and 25.76 billion yuan respectively [3] Investor Sentiment - A survey indicated that 26% of investors increased their positions, while 18% reduced their holdings, reflecting a cautious approach to market conditions [4] - The proportion of investors holding less than 50% of their positions increased, indicating a shift towards more conservative investment strategies [4] Future Outlook - Respondents remain optimistic about the long-term trend of the A-share market, with 50% believing the Shanghai Composite Index could reach 4000 points [10] - The military industry sector has seen a significant increase in positive sentiment, rising by 9 percentage points to 12%, indicating growing interest in this area [12] Industry Trends - The military industry is expected to experience significant growth driven by domestic and international demand, with key factors including the "14th Five-Year Plan" and military trade developments [13] - Analysts predict a shift towards high-end demand and improved financial health within the military sector, with a focus on new combat capabilities and military-civilian integration [13]

Market Overview - The market experienced a significant drop, breaking through the 3850-point level, but this is viewed as a normal correction after a bullish run, rather than the end of a bull market [1] - The increase in trading volume during the drop indicates that there is still interest in the market, with volumes rising from approximately 1.70 trillion to around 2 trillion [1] Economic Indicators - The macroeconomic fundamentals have not shown significant deviations, supporting the continuation of the bull market [1] - There is a notable presence of incremental capital inflow, which is essential for sustaining the bullish trend [1] Market Sentiment - Despite recent declines, there are indicators suggesting that the bull market is not over, with key sectors like technology and profit batteries performing well [2] - The market is expected to confirm a bottom around the 3834-point level, with potential for a rebound if this level holds [3] Future Outlook - The outlook for the A-share market remains optimistic, with expectations for a recovery in corporate earnings by 2026, contingent on macroeconomic stability and inflation trends [3] - Investors are advised to monitor weekend news and external market performances, particularly from US markets, as these will influence opportunities in the A-share market [3]

来源：上海证券报·中国证券网 上证报中国证券网讯 11月21日，A股三大股指持续走低，截至10时54分，沪指跌2.16%，深证成指跌 3.02%，创业板指跌3.44%。盘面上看，锂电产业链、算力硬件、光伏、存储芯片等方向跌幅居前。 ...

Group 1 - The A-share market has shown a notable profit effect this year, leading to increased enthusiasm for market entry, with the private equity position index reaching a year-high of 81.13% as of November 14, 2025, up 1.05 percentage points from the previous week [1] - The position index for private equity firms with over 10 billion yuan in assets has significantly increased, with full-position firms accounting for 73.41% of the total, while the proportion of medium-position firms has decreased to 18.47% [2] - The rise in private equity positions is driven by three main factors: the upward trend of the A-share market since August, positive policy signals for the long-term health of the capital market, and the ability of large private equity firms to capture structural opportunities through concentrated investments in sectors like technology and innovative pharmaceuticals [2] Group 2 - There has been a high enthusiasm for new product registrations among private equity institutions, with 10,608 new private equity securities investment funds registered this year, a 100.76% increase compared to 5,284 products in the same period of 2024 [3] - Stock strategy remains the dominant strategy for new registrations, with 6,954 new stock strategy private equity funds accounting for 65.55% of the total, followed by multi-asset strategies at 14.08% [3] - The number of new registrations for futures and derivatives strategy private equity funds is 1,062, making up 10.01% of the total, while bond strategy and combination fund private equity products account for less than 5% each [3]

Group 1: Market Outlook - The A-share market is expected to continue a trend of oscillating upward, with 2024 being a pivotal year for market performance [1] - The long-term growth trajectory of China's economy is a fundamental support for the A-share market [1] - The current low interest rate environment is likely to persist, enhancing the value of equity asset allocation [1] Group 2: Consumption Investment - A favorable configuration opportunity for consumption investment has emerged, with a significant contribution expected from the consumption sector to A-share investments [2] - Traditional consumer stocks with improved competitive landscapes, strong cash flows, and high dividend yields are identified as valuable investment targets [2] - New consumption and service consumption sectors should be explored for growth and innovation potential, with a focus on global market expansion [2] Group 3: Risk Factors - Attention should be paid to the economic recovery process, including factors affecting consumer capacity and willingness, such as prices, employment, and disposable income growth [3] - The effectiveness and timing of consumption-boosting policies need to be monitored, as policy transmission takes time [3] - Industry competition dynamics, particularly in sectors with high brand saturation, should be observed for potential impacts on supply-demand balance and pricing [3]

Market Performance - The Shanghai Composite Index fell by 1.01%, currently at 3891.488 points [1] - The Shenzhen Component Index decreased by 1.72%, currently at 12757.258 points [1] - The ChiNext Index dropped by 1.94%, currently at 2983.338 points [1] Detailed Index Changes - Shanghai Composite Index: 3885.92, down by 45.13 points, or 1.15% [2] - ChiNext Index: 2964.39, down by 77.95 points, or 2.56% [2] - Shenzhen Component Index: 12709.78, down by 271.04 points, or 2.09% [2] - STAR Market 50 Index: 1298.67, down by 29.52 points, or 2.22% [2] - North China 50 Index: 1425.77, down by 19.77 points, or 1.37% [2] - CSI 300 Index: 4498.03, down by 66.92 points, or 1.47% [2] - SSE 50 Index: 2980.14, down by 28.15 points, or 0.94% [2]

| 上证指数 | 3885.92 | -45.13 | -1.15% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 2964.39 | -77.95 | -2.56% | | 399006 | | | | | 深证成指 | 12709.78 | -271.04 | -2.09% | | 399001 | | | | | 科创50 | 1298.67 | -29.52 | -2.22% | | 000688 | | | | | 北证50 | 1425.77 | -19.77 | -1.37% | | 899050 | | | | | 沪深300 | 4498.03 | -66.92 | -1.47% | | 000300 | | | | | 上证50 | 2980.14 | -28.15 | -0.94% | | 000016 | | | | 格隆汇11月21日｜A股主要指数走弱，沪指跌1.15%，深成指跌2.09%，创业板指跌2.56%。锂电产业 链、算力硬件、存储芯片等方向跌幅居前，沪深京三市下跌个股近4300只。 ...