证券研究报告 | 2025年11月23日 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.11.17-2025.11.21）海外市场整体下行，估值普遍收缩。仅印度SENSEX30上涨0.79%。亚洲方面，香港跌幅居前，主 要指数跌幅均超过5%；日韩其次。欧元区德国下跌最明显，英国相对温和。美股中纳斯达克100回调幅度最大（-3.07%）。估值普遍 随股价收缩。仅日经225、韩国综合指数PE分别反向扩张1.58x、1.80x，反映盈利预期下修。印度SENSEX30的PE小幅扩张0.25x。当 前仅日经225、韩国综合指数、韩国KOSPI50滚动1年的估值分位数均值高于90%。总体来看，恒生科技指数的估值分位数水平最低。 • 近一周(2025.11.17-2025.11.21)，A股核心宽基全线下跌，估值快速收缩。具体来看，规模上，国证2000（-6.24%）和中证1000（- 5.80%）领跌，上证50（-2.72%）跌幅最小；风格上，大盘价值（-1.73%）相对抗跌，中证2000（-6.78%）下跌最明显。估值全部随 股价收缩，中证2 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

今日关注 指数涨跌情况：今日 A 股主要指数悉数收跌。截止收盘，沪指跌 0.40%，收报 3931.05点；深证成指跌0.76%，报12980.82点；科创50跌1.24%，收报1328.19 点；创业板指跌 1.12%，收报 3042.34 点。总体上，全天个股涨少跌多，Wind 数据显示，全市场 1452 只个股上涨，3846 只个股下跌，148 只个股收平。沪 深两市今日成交额合计 17082 亿元，较上个交易日缩量 177 亿元。 证券研究报告 | 策略点评 2025 年 11 月 20 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251120 行业涨跌情况：今日申万一级行业涨少跌多，建筑材料、综合、银行、通信、 房地产等行业涨幅靠前，涨幅分别为 1.40%、0.87%、0.86%、0.51%、0.33%， 美容护理、煤炭、电力设备、石油石化、商贸零售、基础化工等行业领跌， 跌幅分别为 2.39%、2.10%、1.96%、1.52%、1.42%、1.22%。 概念板块涨跌情况：今日涨幅居前概念 ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down 0.07% closing at 4000.14 points, the Shenzhen Component down 0.36% at 13240.62 points, the Sci-Tech 50 down 0.58% at 1379.45 points, and the ChiNext Index down 0.39% at 3122.03 points [1][10] - Overall, there were 1756 stocks that rose and 3561 that fell, with a total market turnover of 19450 billion yuan, a decrease of 485 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included household appliances (up 1.22%), comprehensive (up 1.05%), textile and apparel (up 0.87%), petroleum and petrochemicals (up 0.84%), and pharmaceutical and biological (up 0.61%) [1] - The leading decliners were in the sectors of electric equipment (down 2.10%), machinery equipment (down 1.23%), computers (down 1.04%), national defense and military industry (down 0.87%), and automobiles (down 0.81%) [1] Concept Sector Performance - The concept sectors with the highest gains included insurance selection, lithium battery electrolyte, blood products, stem cells, SPD, in vitro diagnostics, genetic testing, white household appliances selection, aluminum industry, three-child policy, industrial metals selection, synthetic biology, satellite internet, weight loss drugs, and central enterprise banks [2]

Domestic Market Overview - The domestic market experienced a weak consolidation with a decrease in trading volume. The Shanghai Composite Index closed at 3960.19 points, down 0.41%, while the Shenzhen Component Index closed at 13175.22 points, down 1.71%. The ChiNext Index fell by 1.96% and the total trading volume of the A-share market was 1.9384 trillion yuan, continuing to decline from the previous day [1][4][8] - Among the 30 first-level industries of CITIC, 27 industries saw a decline, with non-ferrous metals, pharmaceuticals, and electric equipment & new energy leading the losses. Only banking, textile & apparel, and electric & public utilities experienced slight gains [1][4][8] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.53%, the S&P 500 down 1.17%, and the Nasdaq down 2.04%. Caterpillar and Nvidia led the declines, with Nvidia dropping nearly 4% [2][4] Key News - The National Health Commission released guidelines to promote and regulate the application of "Artificial Intelligence + Healthcare," aiming to establish high-quality health data sets and intelligent applications by 2027. By 2030, the goal is to achieve widespread application of intelligent decision-making in clinical diagnosis and treatment [16][4] - The U.S. government is on the verge of a record-long shutdown as the Senate failed to pass a temporary funding bill for the 14th time, which could break the previous record of 35 days [19][4]

Group 1 - The core viewpoint of the report indicates that despite market fluctuations, the bullish trend in the A-share market remains intact, with expectations of a "slow bull" market in the future [6][14][15] - The report highlights that the A-share market experienced a slight decline today, with the Shanghai Composite Index down by 0.18% and the Shenzhen Component Index down by 0.29%, while the ChiNext Index rose by 0.21% [6][9][14] - Key sectors leading the market today include banking (+1.53%), coal (+1.15%), and public utilities (+0.41%), while sectors such as social services (-3.53%) and computing (-2.54%) faced declines [9][14][15] Group 2 - The report emphasizes that the market's short-term performance is influenced by micro liquidity and market sentiment, with stable sectors like banking and coal showing strength [14][15] - It suggests that the market is likely to maintain relative strength due to ample liquidity, with long-term capital entering the market, potentially leading to a "slow bull" trend [14][15] - The report outlines a focus on sectors with improving revenue growth and gross margins, such as fiberglass, cement, and fine chemicals, as well as technology growth areas like AI computing and robotics [14][15]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.18% closing at 3821.83 points, and the Shenzhen Component Index down 0.29% closing at 13119.82 points. The ChiNext Index increased by 0.21% to close at 3114.55 points. Overall, 4264 stocks fell while 1107 stocks rose, with a total trading volume of 24944 billion yuan, an increase of 3729 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, only five sectors including banking, coal, electric equipment, public utilities, and home appliances saw gains, while the rest experienced declines. The sectors that led the decline included social services, retail, computer, comprehensive, steel, and pharmaceutical biology [1][2]. Sector Highlights - The top-performing concept sectors today included semiconductor equipment, semiconductor silicon wafers, advanced packaging, central enterprise banks, photolithography machines, the SMIC industrial chain, EDA, selected banks, Moore Threads, selected central enterprise coal, semiconductor industry, semiconductor materials, the National Big Fund, selected coal mining, and photovoltaic inverters [2].

The provided content does not contain any quantitative models or factors, nor does it include their construction, evaluation, or backtesting results. The documents primarily focus on market performance, sector analysis, institutional activity, and other financial metrics without delving into quantitative modeling or factor analysis.

Core Insights - The A-share market experienced a downward trend, with the ChiNext index leading the decline, while defensive sectors such as banking and public utilities showed gains [5][8][6] - The Shanghai Composite Index fell by 0.45%, the Shenzhen Component Index decreased by 2.14%, and the ChiNext Index dropped by 2.85%, while the Shanghai 50 Index rose by 0.39% [5][8] - The total market turnover was approximately 2.91 trillion yuan, with 4,055 stocks declining across the market [5][8] Industry Performance - On September 2, 2025, the banking sector (+1.97%), home appliance manufacturing (+0.99%), public utilities (+0.98%), and oil and gas petrochemicals (+0.87%) were the leading industries [8] - Conversely, the telecommunications sector (-5.57%), computer industry (-4.17%), and electronics sector (-3.70%) faced significant declines [8] - Concept stocks such as central enterprise banks (+2.16%), reducers (+2.05%), and gold jewelry (+1.97%) performed well, while sectors like optical modules (-8.24%) and digital currency faced substantial corrections [8] Market Drivers - The decline in major A-share indices was attributed to a cautious market sentiment, particularly affecting the technology sector, which saw significant adjustments [8][6] - The technology sector's previous rapid gains led to profit-taking, contributing to the overall market's cautious shift, despite defensive sectors attempting to stabilize the market [8][6] - The gold price increased due to the interest rate cut cycle, benefiting the gold jewelry sector, while industrial mother machine concept stocks gained strength following new standards issued by regulatory bodies [8][6] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, anticipating continued monetary and fiscal support policies [8] - Historical experiences from previous bull markets in 1999, 2014, and 2019 suggest that domestic policy initiatives can help the market withstand external risks and volatility [8] - Investment directions include focusing on non-bank sectors in a "slow bull" market, technology growth areas like AI computing, and sectors benefiting from improved supply-demand dynamics such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [8]

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index falling by 0.45% to close at 3858.13 points, and the Shenzhen Component Index dropping by 2.14% to 12553.84 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,750 billion yuan, an increase of 1,250.31 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, banking, public utilities, home appliances, automotive, oil and petrochemicals, and comprehensive sectors led the gains, while telecommunications, computers, electronics, national defense and military industry, construction materials, and basic chemicals experienced declines [1] Sector Highlights - The top-performing concept sectors today included central enterprise banks, reducers, gold and jewelry, selected banks, industrial mother machines, new industrialization, PEEK materials, selected electric power stocks, power batteries, Yushu robots, integrated die-casting, thermal power, cultivated diamonds, central enterprises, and selected automotive parts [2]