资金流向方面，主力资金净流入1120.89万元，特大单买入3243.64万元，占比11.08%，卖出1917.39万 元，占比6.55%；大单买入5209.97万元，占比17.79%，卖出5415.34万元，占比18.49%。 建设银行今年以来股价涨15.89%，近5个交易日涨1.89%，近20日涨3.85%，近60日涨6.00%。 资料显示，中国建设银行股份有限公司位于北京市西城区金融大街25号,香港中环干诺道中3号中国建设 银行大厦28楼，成立日期2004年9月17日，上市日期2007年9月25日，公司主营业务涉及商业银行业务, 提供全面的商业银行产品与服务。主营业务收入构成为：个人金融业务46.03%，公司金融业务 28.86%，资金资管业务21.10%，其他业务4.01%。 建设银行所属申万行业为：银行-国有大型银行Ⅱ-国有大型银行Ⅲ。所属概念板块包括：破净股、低市 盈率、长期破净、中特估、证金汇金等。 11月20日，建设银行盘中上涨2.10%，截至09:44，报9.72元/股，成交2.93亿元，换手率0.32%，总市值 25427.56亿元。 截至9月30日，建设银行股东户数34.32万，较上期增加 ...

Market Overview - A-shares experienced a mixed performance with major indices rising while nearly 4200 stocks declined, indicating a market divergence [1][10] - The trading volume decreased significantly to 1.73 trillion yuan from 1.95 trillion yuan in the previous session [2][10] - The market is expected to maintain this volatile divergence for 1 to 2 months, with a potential turning point in mid to late December [1][10] Sector Performance - Defensive sectors such as natural gas, rare resources, lithium mining, and gold saw significant gains, while retail, trade, and media sectors faced substantial declines [4][8] - Among 31 primary industries, only 10 sectors closed in the green, with non-ferrous metals rising by 2.39% [5][8] - The defense industry emerged as a strong performer, with stocks like Jianglong Shipbuilding and Yaguang Technology hitting the daily limit up [6][8] Stock Highlights - Notable gainers included Jianglong Shipbuilding (20.03% increase), Yaguang Technology (19.93% increase), and Dahai Defense (14.16% increase) [6][9] - The non-ferrous metals sector recorded a trading volume of 120.9 billion yuan, with a year-to-date increase of 75.63% [5][7] - Defensive stocks such as banks and energy companies attracted significant investment, reflecting a shift in market sentiment towards lower-risk assets [10][12] Investment Sentiment - The market is characterized by a shift from growth to defensive investment strategies, driven by external risks and policy expectations [1][10] - Institutional investors are increasingly reallocating funds from high-growth technology stocks to more stable, dividend-paying sectors as year-end approaches [11][12] - The upcoming Nvidia earnings report is anticipated to influence the sentiment in the AI sector, with expectations of a neutral impact on A-share technology stocks [13][14]

Core Viewpoint - CITIC Special Steel's stock price has shown a significant increase of 40.15% year-to-date, despite a recent decline of 3.91% over the last five trading days [2] Group 1: Stock Performance - As of November 19, CITIC Special Steel's stock price rose by 2.04% to 15.00 CNY per share, with a trading volume of 1.90 billion CNY and a turnover rate of 0.25%, resulting in a total market capitalization of 757.07 billion CNY [1] - The stock has experienced a 10.13% increase over the past 20 days and a 21.46% increase over the past 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, CITIC Special Steel reported a revenue of 812.06 billion CNY, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was 43.30 billion CNY, reflecting a year-on-year growth of 12.88% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Special Steel shareholders decreased by 11.57% to 38,400, with an average of 131,570 circulating shares per shareholder, which is an increase of 13.09% [2] - The company has distributed a total of 219.37 billion CNY in dividends since its A-share listing, with 99.52 billion CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 65.19 million shares, an increase of 17.04 million shares from the previous period [3] - Other notable institutional shareholders include Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3]

中信银行所属申万行业为：银行-股份制银行Ⅱ-股份制银行Ⅲ。所属概念板块包括：低市盈率、破净 股、长期破净、中特估、中字头等。 截至9月30日，中信银行股东户数12.58万，较上期增加6.11%；人均流通股403402股，较上期减少 7.52%。2025年1月-9月，中信银行实现营业收入0.00元；归母净利润533.91亿元，同比增长3.02%。 分红方面，中信银行A股上市后累计派现1843.03亿元。近三年，累计派现634.59亿元。 机构持仓方面，截止2025年9月30日，中信银行十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东，持股10.19亿股，持股数量较上期不变。香港中央结算有限公司位居第六大流通股东，持 股3.40亿股，相比上期减少3221.36万股。银华富裕主题混合A（180012）位居第十大流通股东，持股 9993.24万股，相比上期减少6.77万股。 11月19日，中信银行盘中上涨2.02%，截至13:04，报8.08元/股，成交2.52亿元，换手率0.08%，总市值 4496.13亿元。 资金流向方面，主力资金净流入1509.11万元，特大单买入3739.94万元，占比14.84 ...

11月19日，中煤能源盘中上涨2.02%，截至10:24，报14.63元/股，成交1.03亿元，换手率0.08%，总市值 1939.74亿元。 资金流向方面，主力资金净流出24.04万元，特大单买入996.98万元，占比9.71%，卖出990.62万元，占 比9.65%；大单买入1074.83万元，占比10.47%，卖出1105.23万元，占比10.77%。 截至10月31日，中煤能源股东户数8.23万，较上期减少11.46%；人均流通股121724股，较上期增加 0.00%。2025年1月-9月，中煤能源实现营业收入1105.84亿元，同比减少21.24%；归母净利润124.85亿 元，同比减少14.57%。 分红方面，中煤能源A股上市后累计派现450.74亿元。近三年，累计派现213.86亿元。 机构持仓方面，截止2025年9月30日，中煤能源十大流通股东中，中国证券金融股份有限公司位居第三 大流通股东，持股3.36亿股，持股数量较上期不变。国泰中证煤炭ETF（515220）位居第五大流通股 东，持股7250.71万股，相比上期增加4410.11万股。香港中央结算有限公司位居第八大流通股东，持股 3915 ...

投资者可关注现金流ETF（159399）。从市场表现来看，标的指数富时现金流指数2016年至2024年连续 9年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，自上市以来已经连续分红9个月，感兴趣的投资者或可 持续关注。 （文章来源：每日经济新闻） 资金持续抢筹现金流资产，现金流ETF（159399）连续5日净流入超1.4亿元。 相关机构表示，展望未来，当前新"国九条"、市值管理等政策鼓励上市公司分红。对于央企来说，健全 分红政策，稳定分红预期，既有助于增加投资者回报；又有助于央国企获得价值认同、估值修复，是市 值管理的有效路径，也符合"中特估"重塑价值的要求。新"国九条"指引叠加无风险收益率下行，红利类 资产显现出较高的配置价值。 ...

11月18日，东方雨虹盘中下跌2.01%，截至14:15，报12.69元/股，成交2.16亿元，换手率0.88%，总市值 303.13亿元。 资金流向方面，主力资金净流出3036.15万元，特大单买入105.60万元，占比0.49%，卖出454.07万元， 占比2.11%；大单买入1317.18万元，占比6.11%，卖出4004.86万元，占比18.58%。 东方雨虹今年以来股价涨14.02%，近5个交易日涨0.87%，近20日跌1.86%，近60日涨13.46%。 资料显示，北京东方雨虹防水技术股份有限公司位于北京市亦庄经济技术开发区科创九街19号院，成立 日期1998年3月30日，上市日期2008年9月10日，公司主营业务涉及从事建筑防水材料的研发、生产、销 售和防水工程施工业务。主营业务收入构成为：防水卷材40.63%，涂料29.08%，砂浆粉料14.71%，其 他主营收入8.39%，工程施工6.26%，其他(补充)0.94%。 截至10月31日，东方雨虹股东户数15.25万，较上期增加1.03%；人均流通股12556股，较上期减少 1.02%。2025年1月-9月，东方雨虹实现营业收入206.01亿元 ...

Core Points - Baosteel Co., Ltd. experienced a stock price decline of 2.09% on November 18, closing at 7.50 CNY per share with a trading volume of 466 million CNY and a turnover rate of 0.28% [1] - The company has seen a year-to-date stock price increase of 10.55%, with a 1.83% decline over the last five trading days, a 4.75% increase over the last 20 days, and a 7.73% increase over the last 60 days [1] - Baosteel's main business revenue composition includes cold-rolled carbon steel sheets (51.22%), hot-rolled carbon steel sheets (28.50%), thick plate products (7.47%), steel pipe products (5.76%), long products (4.49%), and other steel products (1.89%) [1] Financial Performance - As of September 30, Baosteel reported a total revenue of 232.44 billion CNY for the first nine months of 2025, a year-on-year decrease of 4.29%, while the net profit attributable to shareholders increased by 35.32% to 7.96 billion CNY [2] - The company has distributed a total of 126.49 billion CNY in dividends since its A-share listing, with 16.08 billion CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, Baosteel had 224,900 shareholders, a decrease of 2.54% from the previous period, with an average of 96,848 circulating shares per shareholder, an increase of 2.61% [2] - The largest circulating shareholder, Hong Kong Central Clearing Limited, holds 805 million shares, a decrease of 150,700 shares from the previous period [3]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that listed banks have sold approximately 2 trillion yuan in bonds to realize floating profits from their available-for-sale (AC) accounts in the first three quarters of 2025 [13] - It is estimated that in Q4 2025, listed banks will need to sell about 900 billion yuan in bonds to support non-interest income [10] - The cumulative floating profit of listed banks' AC accounts is approximately 3.3 trillion yuan as of the end of H1 2025, accounting for 58.3% of the total revenue for the year 2024 [30] Summary by Sections Investment Growth - Since 2024, the investment growth rate of listed banks' AC accounts has consistently lagged behind the growth rate of financial investments, with a year-on-year growth of 11.5% in Q3 2025, which is 4.28 percentage points lower than that of financial investments [13][15] - The growth rates for different types of banks from Q2 2023 to Q2 2025 are as follows: state-owned banks 14.7%, joint-stock banks 2.8%, city commercial banks 9.7%, and rural commercial banks -3.8% [13] Bond Selling and Profit Realization - The report estimates that the floating profit realization ratio for listed banks' AC accounts in the first three quarters of 2025 is about 3.06%, with a bond selling scale of approximately 2.04 trillion yuan [36] - The selling proportions for different bank types are: state-owned banks 2.26%, joint-stock banks 5.29%, city commercial banks 5.57%, and rural commercial banks 9.65%, with rural commercial banks showing the highest selling intensity [36] Financial Performance - The floating profit from the sale of bonds in the first three quarters of 2025 is estimated to be 1,078 billion yuan, which represents 2.50% of the total revenue, an increase of 1.59 percentage points compared to 2024 [22][25] - The breakdown of floating profit realization ratios by bank type is as follows: state-owned banks 2.24%, joint-stock banks 2.44%, city commercial banks 3.79%, and rural commercial banks 5.52% [22] Investment Recommendations - The report suggests a bottom-line allocation to large state-owned banks, with beneficiaries including Agricultural Bank of China and Industrial and Commercial Bank of China [6] - Core allocations should focus on leading comprehensive banks such as China Merchants Bank, CITIC Bank, and Industrial Bank [6] - Flexible allocations can be made to banks like Jiangsu Bank, Chongqing Bank, and Chongqing Rural Commercial Bank [6]

截至9月30日，中国东航股东户数14.99万，较上期减少3.37%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，中国东航实现营业收入1064.14亿元，同比增长3.73%；归母净利润21.03亿元，同比增 长1623.91%。 分红方面，中国东航A股上市后累计派现32.96亿元。近三年，累计派现0.00元。 11月17日，中国东航盘中上涨2.10%，截至13:52，报5.35元/股，成交7.38亿元，换手率0.83%，总市值 1181.69亿元。 资金流向方面，主力资金净流出1346.28万元，特大单买入7269.78万元，占比9.85%，卖出1.53亿元，占 比20.74%；大单买入2.56亿元，占比34.64%，卖出1.89亿元，占比25.58%。 中国东航今年以来股价涨33.75%，近5个交易日涨1.71%，近20日涨11.92%，近60日涨33.42%。 资料显示，中国东方航空股份有限公司位于上海市闵行区虹翔三路36号,香港金钟道95号统一中心19楼D 室，成立日期1995年4月14日，上市日期1997年11月5日，公司主营业务涉及航空客、货、邮、行李运输 业务及延伸服务;通用航空业 ...