校 对： 王朝全 百万用户都在看 突传大利好！锂电池，大面积涨停！ A股，突然异动！外围，突传重磅！ 利好突袭！中国资产，直线狂拉！ 刚刚！"18罗汉"，突然异动！ 直线拉升！三大利好，集中来袭！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编： 刘珺宇 据交汇点新闻14日消息，中共中央批准：范波同志任江苏省委委员、常委。江苏省委决定：范波同志任 苏州市委委员、常委、书记。 公开资料显示，范波出生于1969年10月，湖北洪湖人，曾任 四川省发改委主任、党组书记，自贡市委书 记，山东省政府党组成员、副省长，山东省委常委、秘书长等职务。 此前，刘小涛任江苏省委副书记、苏州市委书记，他已于9月任江苏省政府党组书记，10月当选为江苏省 省长。 苏州有"最强地级市"之称，2024 年实现地区生产总值26727.0亿元，比上年增长6.0%，在全国城市中 排名第六，仅次于北上广深和重庆。 来源：长安街知事 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 ...

近期，"看多""看涨"中国资产成为许多外资机构的共识。北向资金作为外资配置A股的重要渠道之一， 今年以来持仓市值增长明显。万得资讯数据显示，截至三季度末，北向资金持有A股市值2.58万亿元， 年内北向资金持仓市值累计增加逾3800亿元，持仓市值已连续3个季度实现增长。 清华大学国家金融研究院院长田轩认为，首先，中国经济基本面稳健为全球资本提供了稳定的投资环 境。今年以来，主要经济指标呈现回升向好态势，前三季度GDP同比增长5.2%。其次，产业升级加 速，深度求索大模型开源技术带动人工智能商业化进程加速，人工智能、机器人等新质生产力领域实现 突破性发展，推动经济结构优化。同时，政策与制度红利也在加快释放，资本市场"1+N"政策体系落 地，对外开放政策持续深化，包括放宽沪深港通股票ETF范围、将不动产投资信托基金纳入互联互通机 制、税收优惠等，跨境投融资便利化措施连续推出。此外，人民币资产估值处于历史低位，具备较高性 价比，吸引长线资金战略布局。 在外资机构普遍看来，A股正逐步转向由盈利增长驱动的结构性上行阶段。田轩认为，A股回暖显著提 升了外资增配意愿，估值优势与资金流入形成正向循环。在美元走弱、欧洲财政刺激加 ...

Group 1: Economic Resilience and Investment Opportunities - Despite external pressures and internal challenges, China's macro economy remains stable and shows progress, with manufacturing PMI consistently in the expansion zone and high-tech industry investment growth maintaining double-digit rates [2] - Predictions indicate that China's GDP growth will stabilize around 5% by 2026, with a gradual decline in the real estate cycle's drag on growth and accelerated clearing of real estate company debt risks [2] - The consumption market is showing stable volume and improved quality, with service consumption recovering and new consumption trends emerging, providing stable support for economic growth [2] Group 2: Market Opening and Investment Space - China's capital market is deepening its high-level institutional opening, facilitating international capital entry and providing a broad platform for overseas investors to share in China's development dividends [4] - The number and quality of A-share listed companies are improving, covering various sectors of the national economy, with a focus on technology-leading enterprises in integrated circuits, biomedicine, and new energy [4] - The bond market in China is expanding in scale and innovating in product types, becoming an important area for foreign capital allocation [5] Group 3: Industry Upgrades and Investment Directions - High-end manufacturing is becoming the main engine of industrial upgrades, reshaping global competitiveness and attracting foreign investment [6] - China is transitioning from a "global manufacturing center" to a "global innovation center," with significant potential in innovation fields such as AI and semiconductors [6] - Companies are adopting multi-layered investment strategies, focusing on local enterprises serving the vast domestic market and supporting Chinese manufacturing to expand globally [7]

文/新浪财经上海站 陈秀颖 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日，在上海证券交易所国际投资者大会圆桌论坛上，景顺投资管理有限公司亚太区ETF总监黄婉 君表示，当前境外投资者对中国市场的兴趣持续高涨，中国资产在全球范围内估值具备吸引力，投资价 值显著。 她指出，境外机构投资者如养老金等长期资金更关注企业的基本面与长期成长潜力。经过市场波动调整 后，投资者心态趋于稳健，更加重视公司质量、成长性与可持续性。 黄婉君认为，中国市场的关键在于"稳定性与持续性"。"如果中国市场能够维持稳定的趋势，境外资金 流入将会加快。"她透露，许多海外机构正密切关注中国股市的表现与波动水平。 专题：专题|2025上海证券交易所国际投资者大会 在结构性机遇方面，她提到，中国正从"全球制造中心"向"全球创新中心"转型，创新领域如AI与半导体 具有巨大潜力，但境外市场对中国科技创新的认知仍需加深。她建议，应加强与境外专业投资机构的深 度沟通，展示中国科技创新的真实进展。 此外，黄婉君还提议，在产品层面可进一步完善风险对冲机制，如推出指数期货、ETF期货及期权类避 险工具，以帮助投资者降低系统 ...

昨天，Trump称美国政府即将结束停摆，隔夜美股反弹2%，意味着美国的逆回购流动性不足将得到缓解，市场也将看到宏观数据重新为美联储指引方 向。 正如之前所说，11-12月是美股的"旺季"，历史上美股的年末是全年涨幅最好的时间节点，而最近市场的回调，反倒是给年底的收官战提供了一定的涨幅 空间，这对中国资产来说也是同样的。 中国资产的年末收官战 最近，中国资产有一定幅度的震荡，但从基本面上看，实际没多大变化，只是市场短期遇到一些担忧，一是前段时间中美谈判对市场情绪的影响，二是美 联储对12月降息的不确定性，三是年底大多数基金要结账了，所以有些震荡回调，这都是正常的。 而现在上述的影响都有明显的结果了，接下来我们仍然看好中国资产能有好的表现。 在中国资产不断跑出好表现的情况下，外资也会被迫慢慢的回补中国资产。另外，美联储进入新一轮的降息周期，中概资产显现韧性。 而这对于我们散户投资者来说也是同样的，从去年开始指数型配置对中国资产的影响是越来越重要，这也是长期追赶美股的好趋势。 2.优秀的中国资产进入了新一轮的成长股，正在进入更高估值的定价模式。 这怎么理解呢，打个比方，AI硬件出海有中际旭创，全球新能源电池也有宁德 ...

Group 1 - The core theme of the East Wu Securities 2026 Strategy Summit is "Winter Storage, Spring Prosperity, New Chapter of Prosperity" with nearly 2000 participants [2] - The chairman of East Wu Securities, Fan Li, emphasized that China's capital market is undergoing deep transformation and value reconstruction, driven by policies supporting stable development and the integration of technological and industrial innovation [3] - East Wu Securities expects a net profit of 2.935 billion yuan for the first three quarters of this year, representing a year-on-year increase of 60.23% [3] Group 2 - The chief economist of East Wu Securities, Lu Zhe, noted that the rise in prices is crucial for economic growth and capital markets, with a nominal GDP growth target of at least 5.5% during the 14th Five-Year Plan period [6] - The A-share market's gains this year are primarily due to valuation increases, while corporate profits face pressure [6] - The market is expected to experience a short-term style rebalancing, with a focus on technology growth stocks in the medium to long term [8][9] Group 3 - The opening of the 2026 Strategy Conference by Kaiyuan Securities focused on macroeconomic trends and investment strategies for the upcoming year, with a projected GDP growth target of around 5% [10] - The chief strategist of Kaiyuan Securities, Wei Jixing, anticipates a transition from "asset revaluation" to "profit recovery" in the capital market, predicting a "slow bull" market rather than a "sharp bull" [11][14] - The "15th Five-Year Plan" emphasizes technology and security as key themes, with significant market opportunities in AI and domestic substitution [12] Group 4 - The "15th Five-Year Plan" aims to enhance traditional industries and stimulate consumption, which is expected to positively impact service and consumer markets [12][13] - The expected increase in the resident consumption rate indicates significant room for growth compared to OECD countries [13] - The bond market outlook suggests a preference for short to medium-term bonds, with a focus on stable returns amid market fluctuations [15]

Core Viewpoint - The 2026 strategy summit hosted by Dongwu Securities emphasizes the historical asset allocation opportunities in China, driven by macroeconomic changes and technological advancements [2][3]. Macroeconomic Insights - Dongwu Securities anticipates a new round of RMB appreciation, supported by favorable conditions for price recovery, which is crucial for economic growth and capital market performance [7]. - The company projects a nominal GDP growth rate of no less than 5.5% during the 14th Five-Year Plan, necessitating a price index increase of at least 0.8% [7]. Market Strategy - The A-share market is expected to experience a short-term style rebalancing, with a focus on technology growth stocks in the medium to long term [9][10]. - The market may face challenges in breaking through the psychological barrier of 4000 points, suggesting a strategy of "time for space" [10]. Sectoral Focus - Key sectors highlighted include technology, green energy, and consumption, with a strong emphasis on AI and domestic substitution as long-term investment themes [12][14]. - The "14th Five-Year Plan" is expected to create approximately 10 trillion yuan in market space for traditional industries over the next five years [14]. Consumer Trends - There is significant potential for increasing the consumer spending rate in China, which currently stands at approximately 39.6%, compared to higher rates in developed countries [15]. Earnings Outlook - The earnings bottom is projected to be reached by the end of 2025 or early 2026, with a shift from "asset revaluation" to "earnings recovery" anticipated in the capital markets [16][18]. - The technology sector is expected to remain the strongest theme in the upcoming bull market, with a focus on sectors benefiting from PPI improvements and domestic consumption recovery [18]. Bond Market Insights - In the bond market, a preference for short to medium-term bonds is recommended, with a focus on stability and potential opportunities arising from interest rate movements [19].

Core Insights - The investment landscape is experiencing a revival, with fundraising, investment, and exit activities accelerating simultaneously [1][6][10] Group 1: Market Dynamics - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity, with total IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [4] - The sentiment among international investors towards Chinese assets has shifted from "cannot invest" to "cannot afford not to invest," indicating a fundamental change in perception [2][5] - The "A+H" model has become a cornerstone of the market, with nearly half of the IPO financing in the first nine months coming from this approach [5] Group 2: Investment Trends - There is a noticeable increase in long-term capital from overseas investors, particularly from Europe, the Middle East, and emerging markets, which are becoming key players in the Hong Kong IPO market [5][7] - The demand for investment in China is being driven by a renewed interest in the country's technological innovation capabilities, as evidenced by the active participation of foreign LPs [7][9] Group 3: Future Outlook - The market is witnessing a resurgence in hiring, with many funds restarting recruitment for key positions that had been frozen for three years, indicating a positive outlook for the investment landscape [9] - The current environment is characterized by a combination of institutional benefits and high-quality assets, suggesting the beginning of a new investment cycle [10]

Core Viewpoint - Goldman Sachs predicts that the Chinese stock market will enter a more sustained upward phase, with the MSCI China Index expected to rise approximately 30% by the end of 2027, driven by corporate earnings growth and valuation recovery [1][2]. Market Trends - The A-share market has recently experienced a style shift, with the ChiNext Index and STAR 50 Index undergoing significant pullbacks, while the CSI 300 Index and Dividend Index have remained strong [5]. - Despite recent market adjustments, the overall leverage level in the A-share market is considered manageable, with no signs of overheating, and the mid-term outlook remains positive [5]. Investment Strategy - Investors are advised to shift their mindset from "selling on highs" to "buying on lows," focusing on growth stocks, particularly leading private enterprises, AI-related companies, and firms benefiting from the "anti-involution" policy [3][4]. - Goldman Sachs emphasizes a strategy centered on excess returns, recommending investments in themes such as "China's top private enterprises," AI, and shareholder returns [3]. Factors Supporting Market Growth - Four key factors are identified as supporting a more durable rally in the Chinese stock market: the opening of favorable policy windows, accelerated corporate earnings growth driven by AI and "anti-involution" policies, relatively low current market valuations, and strong capital inflows into the stock market [2][3]. - The MSCI China Index has rebounded 80% from its cycle low at the end of 2022, despite experiencing four significant pullbacks during this period [2]. International Perspective - UBS continues to favor Chinese stocks over Indian stocks in emerging markets, citing faster revenue and earnings growth for Chinese companies, even excluding AI and internet stocks [4]. - Chinese technology stocks are gaining attractiveness due to their strong fundamentals, competitive cost structures, and robust management teams, despite some stocks still being undervalued [6].

Market Performance - The US stock market indices opened higher, with the Dow Jones up 0.94%, S&P 500 up 1.05%, and Nasdaq up 1.35% as of 22:47 [1] - The Dow Jones reached 46,624.16, Nasdaq at 22,986.57, and S&P 500 at 6,733.85 [2] Technology Sector - Major US tech stocks saw collective gains, with Apple rising 4.12% to a record high of $262.68 per share, bringing its market capitalization to $3.91 trillion [2] - The iPhone 17 series showed strong early sales, outperforming the iPhone 16 series by 14%, with the basic model nearly doubling sales in China [2] Semiconductor Industry - The Philadelphia Semiconductor Index surged by 2.21%, reaching a historical high, with Micron Technology rising over 6% at one point [3] - Other semiconductor stocks like ON Semiconductor, AMD, and TSMC also experienced significant gains, with increases of over 4% [3] Chinese Market - The China Dragon Index rose over 2%, with Baosheng E-commerce leading with a 10.64% increase, followed by iQIYI and Kingsoft Cloud [4] - The FTSE China A50 Index futures saw a rise of 0.74% [4] Commodity Market - International gold prices reached new highs, with spot gold at $4,348 per ounce, reflecting a short-term increase of over 2% [4] - COMEX gold also rose by over 3%, with both spot and COMEX silver prices increasing by more than 2% [4] Economic Outlook - Market expectations are leaning towards a 25 basis point reduction in the Federal Reserve's benchmark interest rate to a range of 3.75% to 4.00% [6] - The US government shutdown has led to delays in the release of several economic data points, increasing market uncertainty [6]