今日（11月18日）早盘，港股市场跳空低开。 重要公司方面，小鹏汽车（09868.HK）早盘跌超7%。公司昨日发布公告，第三季度总收入为人民币 203.8亿元，按年增加101.8%。第三季度小鹏汽车普通股股东应占净亏损为人民币3.8亿元（0.5亿美 元），2024年同期为人民币18.1亿元。 截至发稿，恒生指数报26172.27点，下跌212.01点，跌幅0.80%。 | 分时 5日 = 5分 15分 30分 60分 日报 用K 月K 更多 + | ■製作 · MM · ■ / : 恒生指数 (HSI) | | | | | --- | --- | --- | --- | --- | | 悟生脚数 门槛 · | 0000 -27381.84 | 26172.27 | 4-212.01 -0.20% | | | | | 行情报价 | | | | | 27000.0 | 成交體 6.15亿 重高 | 26172.27 今井 | 26172.27 | | | | 喷泉服 139亿 最低 | 26172.27 路線 | 26384.28 | | | | 其他用意 | | | | | | | 日本 | 80 | | | ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the investment strategies in the context of the Chinese stock market, particularly focusing on sectors such as real estate, home appliances, banking, and commodities like aluminum and coal. Core Points and Arguments 1. **End-of-Year Strategy**: The strategy for the end-of-year policy window suggests focusing on value and dividend styles, as historical data shows these styles outperforming around the Central Economic Work Conference [1][3] 2. **Market Conditions**: The current market is fluctuating around 4,000 points with a lack of upward momentum due to tight liquidity in the US and declining consumer confidence [2][5] 3. **Sector Focus**: Key sectors to watch include real estate, home appliances, and banking, along with commodities that are experiencing price increases [1][3] 4. **Fund Positioning**: Recent declines in fund stock holdings indicate a potential pause in market activity, similar to previous years, with limited incremental capital expected from funds in November and December [2][6] 5. **Technology Sector Outlook**: The technology sector remains attractive long-term but is currently facing high valuations and a lack of new catalysts, leading to profit-taking behavior [4][7] 6. **Leverage and Financing**: Leverage in the market is at a high level, but significant inflows are not expected in the coming months. Monitoring financing balance data is crucial [8] 7. **Performance of Different Sectors**: Historical data indicates that from mid-November to early December, defensive sectors like dividend low-volatility and stable stocks tend to perform better [9][10] 8. **Dividend Strategy**: The dividend low-volatility strategy has regained attractiveness, making it a good choice for investors looking to take profits or adjust their portfolios [11] 9. **Future Planning**: Investors are advised to start gradually allocating to stable assets like banks from November 2025, preparing for a potential spring rally in 2026 [12] Other Important but Possibly Overlooked Content - The impact of US economic conditions on the Chinese market is significant, with signs of weakness in consumer confidence and manufacturing affecting investor sentiment [5] - The role of insurance capital as a key source of incremental funds in the market, particularly with the upcoming "opening red" period in November [2][6] - The importance of policy changes and negotiations, such as US-China talks, which could present potential opportunities for investors [7]

宏观分析： 中美贸易冲突进入缓和阶段 国内方面，10月制造业PMI回落，但新出口订单、生产指数降幅弱于4月，反映市场对外部变化逐步适 应，影响边际减弱。根据国家统计局数据，2025年10月份制造业PMI为49.0%，比上月下降0.8个百分 点，当前价格低位值得关注，内需有待提振，预期管理或成为宏观调控的重点。 往后展望，当前宏观政策或更聚焦在相对"不热"的方面，四季度可能是相关政策的落地期。一是降准降 息仍有可能，在内需承压的情况下，年内仍有货币政策总量宽松的可能；二是"两个五千亿"落地拉动投 资增速回升，近期5000亿政策性金融工具和5000亿限额以下专项债先后落地，对投资有望起到一定拉动 作用；三是其他配套政策，如扩大设备更新贴息、增发消费券、优化出口退税等可能在未来陆续落地。 回顾10月市场，全月来看，沪指震荡上行，主要指数涨少跌多。风格上，整体大盘优于中小盘，价值优 于成长。行业上，煤炭、钢铁、有色等涨幅居前，传媒、美容护理、汽车等涨幅靠后。全月日均成交额 2.16亿元，日均两融维持在2.4万亿水平。 上周万得全A指数如期回升，成交额低位反弹，在党的二十届四中全会定调发展战略与政策预期，以及 中美关税 ...