东莞证券认为，当前市场处于震荡蓄势阶段，沪指大概率围绕4000点附近整固蓄力，但长期震荡上行的 趋势仍有望延续。配置上建议延续"哑铃型"策略：防御端关注高分红板块，发挥其压舱石作用；进攻端 可适度布局相关科技板块，把握结构性机会。 20日早盘，沪指盘中震荡上扬，创业板指、科创50指数等走势疲弱，场内近3100股飘绿。 （文章来源：证券时报网） 截至午间收盘，沪指涨0.38%报3961.71点，深证成指微跌0.05%，创业板指跌0.52%，科创50指数跌 0.55%，沪深北三市合计成交11170亿元。 从盘面上看，食品饮料、旅游餐饮、石油、煤炭、半导体等板块走低，银行、地产板块拉升，保险、券 商等板块上扬，锂矿、海南自贸概念等活跃。 ...

每日经济新闻 （责任编辑：董萍萍 ） 相关机构表示，从基本面看，当前国内储能等下游需求仍然旺盛，碳酸锂库存加速去库，短期现货 供给偏紧，印证基本面强现实。虽然市场对明年需求仍有一定分歧，但近期板块持续有消息催化，包括 电池出货量调整、上游锂企业董事长积极发言、锂电产业链"长协""锁单"不断等消息，不断增强市场预 期。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、 稀有金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。 矿业ETF（561330）跟踪指数年内较中证有色指数有超10%的超额幅度，具备龙头更集中，【黄金+铜 +稀土】占比更高的特点。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述 ...

Market Overview - The A-share market experienced a mixed performance with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.32%, and the ChiNext Index up 0.12% as of midday trading [1] - The North China 50 Index fell by 1.52%, with total trading volume across the Shanghai and Shenzhen markets at 1,115.7 billion yuan, a decrease of 180.4 billion yuan from the previous day [1] - Over 4,500 stocks in the market declined [1] Sector Performance - Lithium mining stocks showed repeated activity, while military equipment, CPO, and oil sectors strengthened [1] - Conversely, sectors such as Hainan Free Trade Zone, photovoltaic, AI applications, innovative pharmaceuticals, and stablecoin themes saw declines [1] ETF Performance - The Nasdaq Biotechnology ETF led gains with a rise of 3.92%, while WTI December crude oil futures increased by 1.39% [1] - Both the Harvest Fund S&P Oil & Gas ETF and the Franklin Templeton S&P Oil & Gas ETF rose by 2% [1] - Gold prices rebounded, with the Yongying Fund Gold Stock ETF increasing by 1.78% [1] - Japanese stocks rose, with the Huaan Fund Nikkei 225 ETF up 1.7% [1] Declining Sectors - The innovative energy sector declined, with the Innovative Energy ETF down 2.83% [1] - The AI application sector also fell, with the Film and Television ETF, Cultural and Entertainment Media ETF, and Film ETF all decreasing by 2.8% [1]

Market Overview - The Shanghai Composite Index closed at 3946.74 points, up 0.18%, with a trading volume of 720.9 billion yuan [1] - The Shenzhen Component Index remained flat at 13080.09 points, with a trading volume of 1005 billion yuan [1] - The ChiNext Index closed at 3076.85 points, up 0.25%, with a trading volume of 463.65 billion yuan [1] - The STAR Market 50 Index closed at 1344.80 points, down 0.97%, with a trading volume of 45.5 billion yuan [1] - Total trading volume in both markets was 1725.9 billion yuan, a decrease of 200.12 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included non-ferrous metals, insurance, precious metals, oil and petrochemicals, and beauty care [3] - Active concepts included aquaculture, lithium mining, prepared dishes, organic silicon, gold, and marine economy [3] - Weak sectors included real estate, media, retail, building materials, computer, pharmaceutical biology, environmental protection, and machinery equipment [3] Stock Performance - A total of 1148 stocks rose, while 3945 stocks fell, with 67 stocks remaining flat and 8 stocks suspended [3] - 65 stocks hit the daily limit up, while 35 stocks hit the daily limit down [3] Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 34.842 billion yuan [6] - The net outflow from the ChiNext was 11.803 billion yuan, while the net outflow from the CSI 300 was 4.569 billion yuan [6] - Five sectors saw net inflows, with the defense and military industry receiving the most at 2.258 billion yuan [6] Individual Stock Highlights - 1895 stocks experienced net inflows, with 69 stocks receiving over 1 billion yuan in net inflows [10] - New Yi Sheng had the highest net inflow at 0.956 billion yuan, followed by Hai Lu Heavy Industry and Ningde Times [10][11] - 3265 stocks faced net outflows, with 129 stocks seeing over 1 billion yuan in net outflows [14] - Li Ou shares had the highest net outflow at 1.012 billion yuan, followed by Hua Sheng Tian Cheng and BYD [14][15] Institutional Activity - Institutional net buying totaled approximately 6.4077 million yuan, with the highest net purchase in Dawei shares at about 190.18 million yuan [18][19] - Other notable net purchases included Xuan Ya International and Zhongfu Tong [18]

11月19日早盘，沪指盘中窄幅震荡，创业板指冲高回落，北证50指数等跌超1%，场内近4600股飘绿。 中信建投证券指出，上证指数近日于4000点附近震荡，全A成交额中枢下降至2万亿左右，近期资金在 主题投资及景气成长方向较为活跃，后续市场或继续维持震荡轮动状态；因短期博弈及市场长逻辑未 改，目前市场呈现震荡轮动特征，后续破局的关键在于资金或进攻新的主线，市场方向逐步统一；中期 配置方面，可采取攻守兼备的策略，围绕明确景气线索进攻，勿过度频繁切换。 截至午间收盘，沪指微跌0.04%报3938.29点，深证成指跌0.32%，创业板指涨0.12%，北证50指数跌 1.52%，沪深北三市合计成交11158亿元。 （文章来源：证券时报网） 盘面上看，地产、钢铁、医药、煤炭等板块走低，银行、保险板块拉升，军贸概念、锂矿、光刻机、中 特估概念等活跃。 ...

Market Performance - A-shares experienced a mixed performance with the Shanghai Composite Index down 0.04%, Shenzhen Component Index down 0.32%, and the ChiNext Index up 0.12% as of midday [1] - The Northbound 50 Index fell by 1.52%, and the total trading volume in the Shanghai and Shenzhen markets reached 1,115.7 billion yuan, a decrease of 180.4 billion yuan from the previous day [1] - Over 4,500 stocks in the market declined, indicating a broad market weakness [1] Sector Performance - Lithium mining stocks showed repeated activity, while military equipment, CPO, and oil sectors strengthened [1] - Conversely, sectors such as Hainan Free Trade Zone, photovoltaic, AI applications, innovative pharmaceuticals, and stablecoin themes experienced declines [1] - The technology innovation sector saw a downturn, with the Science and Technology Innovation New Energy ETF dropping by 2.83% [4] - The AI application sector also faced setbacks, with entertainment-related ETFs declining by 2.8% [4] ETF Performance - The Nasdaq Biotechnology ETF led gains with a rise of 3.92%, while WTI crude oil for December increased by 1.39% [3] - Both the Harvest Fund S&P Oil & Gas ETF and the Franklin Templeton S&P Oil & Gas ETF rose by 2% [3] - Gold prices rebounded, leading to a 1.78% increase in the fund's gold stock ETF [3] - Japanese stocks rose, with the Huaan Fund Nikkei 225 ETF gaining 1.7% [3]

债市方面，国债期货跌幅扩大，30年期主力合约跌0.41%，10年期主力合约跌0.09%，5年期主力合约跌0.05%，2年期主力合约跌0.02%。 商品方面，商品期货开盘多数下跌，黑色系跌幅居前，焦煤跌1.54%，航运期货全部下跌，集运指数(欧线)跌1.19%，贵金属全部上涨，沪银涨 0.60%；化工品多数上涨，橡胶涨0.46%。 9：50 港股高开，恒指高开0.09%，科指涨0.37%。百度集团涨超2%，小鹏汽车涨近2%，小米集团跌近2%。软件类股、黄金股、锂电池股齐涨，航空 股、电力股、铝业股多数低迷。 A股低开，创业板跌0.13%。算力硬件题材走弱，存储器方向领跌；锂电电解液、氟化工、固态电池、SPD概念股走弱。锂矿、水产、黄金概念股 走强。 消息面，中信建投表示，需求的强劲导致碳酸锂月度级别短缺、去库，据Mysteel数据，11月碳酸锂月度供给约11.5万吨，需求12.8万吨，短缺约 1.3万吨，市场持续去库。同时淡季消费不淡，订单支撑可延续至明年，当前碳酸锂供需矛盾已经从供给施压转向为消费驱动。中长期看，储能需 求的持续走强，锂电全产业链迎来一轮涨价，碳酸锂供需基本面也得以大幅改善。静态预测，2026 ...

消息面：搭载祖冲之三号同款芯片的超导量子计算机天衍-287已完成搭建。阿里巴巴正式宣布千问项目，全 力进军AI to C市场，当天千问APP公测版上线。华为将在11月21日发布AI领域的突破性技术，是通过软件创 新实现英伟达、昇腾及其他三方算力的统一资源管理与利用，屏蔽算力硬件差异，为AI训练推理提供更高效 的资源支撑。 低开低走后探底回升，但整体依然弱势，截止午盘三大指数集体收跌。其中沪指下跌0.43%，深成指下跌 0.35%，创业板指下跌0.8%。两市合计超2900只个股下跌，合计成交额1.27万亿。 福建板块再度爆发，其中厦工股份、平潭发展等10余股涨停。AI应用概念快速走强，包括三六零等在内的多 股涨停。军工板块延续强势，其中航天发展2连板。锂矿概念表现活跃，其中大中矿业3连板。 贵金属大幅低开后始终维持在低位盘整，截止午盘大跌2.56%、其中招进黄金大跌4.01%，湖南白银下跌 3.94%，赤峰黄金下跌3.1%，西部黄金、晓程科技等多股跌幅均在2%上方。医药股出现分化，其中济民健 康、药易购大幅下挫。 ...

Market Overview - The Shanghai Composite Index fell by 0.46% to close at 3972.03 points, with a high of 3992.4 points during the day [1] - The Shenzhen Component Index decreased by 0.11% to 13202.0 points, reaching a peak of 13251.78 points [1] - The ChiNext Index dropped by 0.2% to 3105.2 points, with a maximum of 3120.73 points [1] ETF Market Performance - The median return of stock ETFs was -0.56% [2] - The best-performing scale index ETF was the Harvest CSI 2000 ETF, with a return of 0.91% [2] - The top-performing industry index ETF was the China Asset CSI All-Share Software Development ETF, yielding 2.56% [2] - The best strategy index ETF was the Qianhai Kaiyuan CSI 500 Equal Weight ETF, with a return of 0.06% [2] - The leading theme index ETF was the GF CSI Rare Metals Theme ETF, achieving a return of 3.68% [2] ETF Performance Rankings - The top three ETFs by return were: - GF CSI Rare Metals Theme ETF (3.68%) [5] - Harvest CSI Rare Metals Theme ETF (3.66%) [5] - Huafu CSI Rare Metals Theme ETF (3.22%) [5] - The worst-performing ETFs included: - Guotai CSI Sci-Tech Innovation Drug ETF (-2.7%) [6] - Huitianfu CSI Sci-Tech Innovation Drug ETF (-2.58%) [6] - Huaxia CSI Hong Kong Gold Industry Stock ETF (-2.57%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai-PB CSI 300 ETF (inflow of 1.658 billion) [8] - Huaxia SSE 50 ETF (inflow of 1.16 billion) [8] - Southern ChiNext AI ETF (inflow of 900 million) [8] - The ETFs with the highest outflows included: - Guotai CSI Coal ETF (outflow of 399 million) [9] - Southern CSI 1000 ETF (outflow of 334 million) [9] - Southern CSI Shenwan Nonferrous Metals ETF (outflow of 223 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation 50 ETF (511 million) [11] - Guotai CSI All-Share Securities Company ETF (470 million) [11] - E Fund ChiNext ETF (343 million) [11] - The ETFs with the highest margin selling included: - Southern CSI 500 ETF (31.44 million) [12] - Huatai-PB CSI 300 ETF (22.64 million) [12] - Southern CSI 1000 ETF (14.22 million) [12] Industry Insights - Zhongyou Securities highlighted the optimistic demand outlook for the energy storage market, predicting a cumulative storage demand exceeding 2000 GWh, with an average annual demand of 100 GWh [13] - Huafu Securities noted that the demand for energy storage continues to drive the recent surge in lithium carbonate prices, with a tight supply of lithium ore [14] - The lithium market is expected to remain a key growth driver for the electric vehicle and energy storage sectors, presenting strategic investment opportunities [14]

证券研究报告 | 2025年11月17日 金融工程日报 沪指震荡下跌，锂矿题材逆势爆发 核心观点 金融工程日报 市场表现：今日(20251117) 规模指数中中证 2000 指数表现较好，板块指数 中北证 50 指数表现较好，风格指数中中证 500 价值指数表现较好。计算机、 国防军工、煤炭、基础化工、房地产行业表现较好，医药、银行、非银、建 材、电新行业表现较差。锂矿、两岸融合、盐湖提锂、操作系统、水产等概 念表现较好，CRO、创新药、CAR-T 疗法、猴痘、疫苗等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 100 只股票涨停，有 13 只股 票跌停。昨日涨停股票今日收盘收益为 2.47%，昨日跌停股票今日收盘收益 为-2.56%。今日封板率 76%，较前日提升 10%，连板率 36%，较前日提升 6%。 市场资金流向：截至 20251114 两融余额为 24927 亿元，其中融资余额 24747 亿元，融券余额 180 亿元。两融余额占流通市值比重为 2.5%，两融交易占市 场成交额比重为 10.0%。 折溢价：20251114 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是 ...