*ST宝鹰连续4日跌停，*ST建艺、*ST节能等连续3日跌停，三木集团、*ST威尔等连续2日跌停，*ST岩 石、豪尔赛等跌停。 11月24日午间，A股半日下来共有54只涨停股、33只跌停股。中船系概念活跃，中船防务4天2板，久之 洋涨停；航天系概念走强，航天动力3天2板，中天火箭、航天长峰涨停。 连板股方面，国晟科技11天7板，中水渔业7连板，永安林业6天4板，国风新材、梦天家居等4连板，开 创国际6天3板，丽人丽妆5天3板，实达集团、财信发展3连板，特发信息、品高股份等2连板，广汽集 团、石基信息等涨停。 ...

Core Viewpoint - The shipbuilding sector experienced a significant surge, with multiple companies in the China Shipbuilding Group seeing notable stock price increases, particularly China Shipbuilding Defense reaching its daily limit up [1]. Group 1 - The China Shipbuilding Group concept stocks showed strong performance, with China Shipbuilding Defense hitting the daily limit up [1]. - Other companies that followed the upward trend include Jiuzhiyang, China Marine Defense, China Shipbuilding Technology, Kunshan Intelligent, ST Emergency, and China Shipbuilding Hanguang [1].

中船系概念震荡拉升，中船防务涨停，久之洋、中国海防、中船科技、昆船智能、ST应急、中船汉光 等跟涨。 ...

| 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3834.89 | -2.45% | -96.16 | | 深证成指 | 12538.07 | -3.41% | -442.75 | | 沪深 300 | 4453.61 | -2.44% | -111.34 | | 创业板 | 2920.08 | -4.02% | -122.26 | | 科创 50 | 1285.83 | -3.19% | -42.36 | | 北证 50 | 1377.39 | -4.71% | -68.15 | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 证券研究报告 2025 年 11 月 24 日 星期一 【A 股市场大势研判】 沪指失守 3900 点 市场表现： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | -0.32% | 综合 | -5.50% | ...

Market Overview - On November 21, A-shares experienced a collective adjustment, with the Shanghai Composite Index falling by 1.88%, the Shenzhen Component Index by 2.72%, and the ChiNext Index by 3.18%. The North China 50 Index decreased by 2.78%. The total trading volume in the Shanghai and Shenzhen markets reached 1.3174 trillion yuan, an increase of 200.4 billion yuan compared to the previous day. Over 4,900 stocks in the market declined [1]. Sector Performance - The China Shipbuilding Industry was active, while sectors such as batteries, energy metals, and silicon energy experienced adjustments [3]. Asian Market Trends - The Asia-Pacific markets opened sharply lower, following the overnight decline in U.S. stocks. The South Korean stock market saw significant drops, with the KOSPI index gapping down and breaking below the 4,000 and 3,900 points, with a decline exceeding 4% at one point. The Japanese stock market also faced similar declines, with the Nikkei 225 index dropping over 2% and falling below the 49,000 points mark, with a drop of over 1,000 points during the session [6].

陈 骁 投资咨询资格编号：S1060516070001 证券研究报告 A股策略周报： 张弛换挡，蓄势再发 证券分析师 研究助理 靳旭媛 一般从业资格编号：S1060124070018 2025年11月23日 请务必阅读正文后免责条款 1 ※ 核心观点|张弛换挡，蓄势再发 2 • 上周美联储降息预期扰动、AI泡沫担忧等影响下，全球权益普遍承压。美股三大股指下跌1%-3%，对流动性较为敏感的恒生指数下跌 5.1%。A股缩量调整，上证指数下跌3.90%，小盘成长跌幅靠前，北证50、中证2000、创业板指跌幅在6%-10%，大盘红利相对较为抗跌， 上证50、中证红利指数跌幅在4%以内。全A日均成交额回落至1.87万亿元，全周股票型ETF净流入约500亿元，中证500、沪深300等宽基 类ETF是净流入的主要贡献；结构上，银行、传媒、食品饮料跌幅较浅，电力设备领跌10.54%。概念方面，水产、中船系概念领涨。 • 海外方面，美联储12月降息预期先降后升。基本面上，美国就业数据对 12月降息指引作用淡化。美国9月非农就业人口超预期增长11.9万 人，但失业率升至4.4%，为2021年10月以来最高。12对于月是否降息，一 ...

Content: --------- <doc id='1'>金融工程日报 A 股单边下行，AI 应用逆势走强、锂电池产业链全线下挫</doc> <doc id='2'>核心观点 金融工程日报 市场表现：20251121 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现较好。行业 指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好，综 合、有色金属、基础化工、通信、电子行业表现较差。中船系、水产、小红 书平台、拼多多合作商、短剧游戏等概念表现较好，锂矿、锂电正极、锂电 隔膜、盐湖提锂、锂电电解液等概念表现较差。 市场情绪：20251121 收盘时有 33 只股票涨停，有 107 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.55%，昨日 跌停股票今日收盘收益为-5.58%。今日封板率 61%，较前日提升 10%，连板 率 24%，较前日下降 0%。 市场资金流向：截至 20251120 两融余额为 24917 亿元，其中融资余额 24744 亿元，融券余额 173 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.1%。</doc> <doc id='3'>折溢价：20251120 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是芯 片 ETF 景顺。近半年以来大宗交易日均成交金额达到 20 亿元，20251120 当 日大宗交易成交金额为 19 亿元，近半年以来平均折价率 6.36%，当日折价率 为 7.71%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 0.48%、3.39%、10.86%、13.39%，当日上 证 50 股指期货主力合约年化贴水率为 4.00%，处于近一年来 29%分位点，当 日沪深 300 股指期货主力合约年化贴水率为 7.08%，处于近一年来 25%分位 点；当日中证 500 股指期货主力合约年化贴水率为 8.69%，处于近一年来 69% 分位点；当日中证 1000 股指期货主力合约年化贴水率为 8.76%，处于近一年 来 80%分位点。</doc> <doc id='4'>机构关注与龙虎榜：近一周内调研机构较多的股票是九号公司-WD、蓝思科 技、泰恩康、中航重机、沃尔德、超颖电子、宏昌科技、斯菱股份等，九号 公司-WD 被 179 家机构调研。20251121 披露龙虎榜数据中，机构专用席位净 流入前十的股票是天华新能、易点天下、安妮股份、久其软件、榕基软件、 古麒绒材、江龙船艇、荃银高科、华瓷股份、神农种业等，机构专用席位净 流出前十的股票是西藏城投、视觉中国、浪潮软件、德力佳、禾信仪器、中 水渔业、梦天家居、亚通精工、南侨食品、北方长龙等。陆股通净流入前十 的股票是天华新能、江龙船艇、英利汽车、国风新材、久其软件、久之洋、 荃银高科、西藏城投、南侨食品等，陆股通净流出前十的股票是华胜天成、 视觉中国、方大炭素、诺德股份、浪潮软件、易点天下、禾信仪器等。 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。</doc> <doc id='5'> | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | | 021-60933159 | 021-60875177 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 《金融工程日报-A 股高开低走，封板率创近一个月新低》 —— 2025-11-20 《金融工程日报-沪指震荡收红，水产股集体大涨、黄金股午后 拉升》 ——2025-11-19 《金融工程日报-沪指震荡走低，锂电产业链回调、互联网电商 概念逆势走强》 ——2025-11-18 《金融工程日报-沪指震荡下跌，锂矿题材逆势爆发》 —— 2025-11-17 《金融工程日报-沪指冲高回落，算力、半导体产业链领跌》 — —2025-11-14</doc> <doc id='6'>市场表现 宽基与风格指数表现 今日(20251121，下同) 市场全线下跌，规模指数中，上证 50 指数表现较好，上 证 50 指数下跌 1.74%，沪深 300 指数下跌 2.44%，中证 500 指数下跌 3.46%，中 证 1000 指数下跌 3.72%，中证 2000 指数下跌 3.99%。 板块指数中，上证综指表现较好，上证综指下跌 2.45%，深证综指下跌 3.43%，中 小 100 指数下跌 3.25%，创业板指下跌 4.02%，科创 50 指数下跌 3.19%，科创 100 指数下跌 4.04%，北证 50 指数下跌 4.71%。 风格指数中，沪深 300 价值指数表现较好，沪深 300 价值指数下跌 1.70%，沪深 300 成长指数下跌 2.47%，中证 500 价值指数下跌 3.30%，中证 500 成长指数下跌 3.16%。主要宽基、板块及风格指数今日表现如下图所示。</doc> <doc id='7'>图1：今日宽基、板块与风格指数表现 行业指数表现 今日行业指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好， 收益分别为-0.27%、-0.50%、-0.89%、-1.00%、-1.58%，综合、有色金属、基础 化工、通信、电子行业表现较差，收益分别为-5.41%、-5.30%、-5.26%、-4.59%、 -4.41%，中信一级行业指数今日表现如下图所示。</doc> <doc id='8'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='9'>图2：今日中信一级行业指数表现 概念主题表现 今日中船系、水产、小红书平台、拼多多合作商、短剧游戏等概念表现较好，收 益分别为 3.51%、0.65%、0.47%、0.42%、0.22%，锂矿、锂电正极、锂电隔膜、 盐湖提锂、锂电电解液等概念表现较差，收益分别为-9.67%、-8.66%、-8.18%、 -8.08%、-7.99%，今日收益较高与较低的前十个概念指数表现如下图所示。</doc> <doc id='10'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='11'>图3：今日收益较高与较低的前十个概念指数 资料来源：Wind，国信证券经济研究所整理</doc> <doc id='12'>市场情绪 日内涨跌停家数 我们统计上市满 3 个月以上的股票在今日盘中的实时涨跌停家数情况。今日盘中 最高有 33 只股票

Core Insights - The A-share market experienced a broad decline, with the Shanghai Composite Index falling below 3850 points, while market volume saw a slight increase [2][5] - The performance of various sectors showed that home appliance manufacturing, media and internet, food and beverage, and banking sectors performed relatively well, while metal materials and mining, power and new energy equipment, and electronics sectors led the decline [2][5] Market Performance - The Shanghai Composite Index decreased by 2.45%, the Shenzhen Component Index fell by 3.41%, the ChiNext Index dropped by 4.02%, the SSE 50 Index declined by 1.74%, the CSI 300 Index decreased by 2.44%, the STAR 50 Index fell by 3.19%, and the CSI 1000 Index dropped by 3.72%, with a total market turnover of approximately 1.98 trillion yuan [2][8] Sector Analysis - The leading sectors included home appliance manufacturing, media and internet, food and beverage, and banking, while the lagging sectors were metal materials and mining (-5.11%), power and new energy equipment (-4.78%), and electronics (-4.66%) [8] - Concept stocks such as China Shipbuilding System (+3.51%), aquatic products (+0.65%), Xiaohongshu platform (+0.47%), and Pinduoduo partners (+0.42%) showed gains, while lithium mining and related concepts faced declines [8] Market Drivers - Key market drivers included the unexpected rise in U.S. unemployment rates despite job growth, leading to uncertainty regarding the Federal Reserve's interest rate decisions [8] - Concerns about high asset prices and AI bubble risks contributed to a decline in U.S. stocks, which in turn affected market sentiment in the Asia-Pacific region [8] Short-term and Long-term Outlook - The report suggests a short-term market correction may occur due to rapid price increases, but the long-term outlook remains positive with expectations of a "slow bull" market trend [14] - In the medium term, the market's strength may depend on macroeconomic policies and technological advancements, particularly in AI and robotics, which are seen as key areas for creating new demand [15] - Long-term fundamentals, including stabilization in the real estate market and the effectiveness of "anti-involution" policies, are expected to support continued growth in the A-share market [15]

Group 1 - The core viewpoint of the news is that the China Shipbuilding System concept has seen a significant increase of 3.24%, leading the concept sector in terms of growth [1][2] - Within the China Shipbuilding System concept, six stocks experienced gains, with Jiuzhiyang, China Ship Defense, and Kunshan Intelligent showing the highest increases of 15.63%, 6.37%, and 6.18% respectively [1][2] - Conversely, the stocks that faced the largest declines included China Ship Special Gas, China Power, and ST Emergency, which fell by 3.47%, 1.28%, and 0.68% respectively [1][2] Group 2 - The main funds flow into the China Shipbuilding System concept amounted to a net inflow of 129 million yuan, with significant contributions from stocks like China Ship Defense, which saw a net inflow of 199 million yuan [2][3] - The net inflow ratios for Jiuzhiyang, China Ship Defense, and China Ship Technology were 8.44%, 7.41%, and 5.84% respectively, indicating strong investor interest [3] - The trading volume and turnover rates for the leading stocks in the China Shipbuilding System concept were notable, with Jiuzhiyang having a turnover rate of 15.15% and China Ship Defense at 10.99% [3][4]

Strong Stocks - As of November 21, the Shanghai Composite Index fell by 2.45% to 3834.89 points, the Shenzhen Component Index decreased by 3.41% to 12538.07 points, and the ChiNext Index dropped by 4.02% to 2920.08 points [1] - A total of 33 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Zhongshui Fishery (000798), Rongji Software (002474), and Huaci Co., Ltd. (001216) [1] - Zhongshui Fishery recorded a 6-day consecutive limit up with a turnover rate of 26.46% and a transaction amount of 1.416 billion yuan, while Rongji Software achieved a 5-day consecutive limit up with a turnover rate of 39.35% and a transaction amount of 2.538 billion yuan [1] - The top 10 strong stocks are detailed in a table, highlighting their consecutive limit up days, turnover rates, transaction amounts, net buying amounts, and industry classifications [1] Strong Concept Sectors - The top three concept sectors with the highest increase in A-shares are the China Shipbuilding System, Sora Concept (Wensheng Video), and Kuaishou Concept [2] - The China Shipbuilding System increased by 3.24%, with 60% of its constituent stocks rising, while the Sora Concept saw a slight increase of 0.31% with 39.02% of its stocks rising [2] - The Kuaishou Concept experienced a decline of 0.43%, with 35.42% of its constituent stocks rising, indicating a mixed performance across the sectors [2]