文 | 银行螺丝钉 （转载请注明出处） 很多投资者都是从投资指数基金开始自己的投资之路的。 但是怎样投资指数基金，才能获得好收益？ 这里有一门限时免费的福利课程，介绍了指数基金的投资技巧。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数基金 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 (1) 选择指数基金进行投资,波动会小于 个股。 指数是一篮子股票的集合,不同股票不会 同涨同跌。 ◆◆◆ (/ 银行螺丝钉 #螺丝钉小知识 股票市场下跌时,如何降低波动 风险? 如果希望能在股票市场下跌的时候，波动 风险小一些,有以下几种方案。 所以指数整体的波动，通常会小于单个股 票的波动。 个股一年下来,遇到数次涨停或跌停都很 常见。 但指数很少有这么大幅度的波动。 (2) 低估买入，会减少向下的波动风险。 例如在5.9星的时候，市场向下的空间就非 常有限。 但在2015年1星级的时候，之后市场下跌 是腰斩起步。 (3) 在指数或者股票基金中，希望波动小 些，可以考虑偏价值风格品种。 一般价值风格波动比大盘更小一些，偏防 守属性。 成长风格波动比大盘则更大一些，偏进攻 属性。 价值风 ...

Core Viewpoint - The A-share market experienced a significant decline on November 21, with the Shanghai Composite Index dropping over 2%, attributed to multiple factors including external market pressures and internal structural contradictions [1][3][4]. Group 1: Factors Leading to A-share Adjustment - The decline in A-shares is influenced by both overseas risk transmission and internal structural issues, with concerns over the sustainability of AI profits and tightening liquidity impacting market sentiment [3][4]. - The market is currently in a policy and earnings vacuum, lacking new catalysts following the third-quarter report disclosures, leading to a shift in funds from high-growth sectors to lower-valued dividend assets [3][4]. - External market volatility, particularly from the U.S. stock market, has negatively impacted A-shares, with significant declines in major Asian indices following a drop in U.S. stocks [3][4]. Group 2: Long-term Market Outlook - Despite short-term fluctuations, the long-term outlook for A-shares remains optimistic, with expectations for new highs driven by stable domestic liquidity and confirmed earnings bottoms for listed companies [5][6]. - The fundamentals supporting a bull market have not changed, including improved confidence in handling U.S.-China risks and a shift in economic governance towards "anti-involution" strategies [6][7]. - The potential for a clearer path for U.S. interest rate cuts could alleviate external pressures on the market [5][6]. Group 3: Investment Strategy and Sector Focus - A balanced investment strategy is recommended, focusing on sectors benefiting from "anti-involution" policies, improving supply-demand dynamics, and high-quality tech growth stocks [7]. - The technology sector, particularly AI hardware, may require a period of consolidation due to high cumulative gains, while new economic drivers are expected to lead China into a profit recovery cycle [7][8]. - Investors are advised to maintain a rational approach to short-term volatility, emphasizing value investment in companies with long-term competitive advantages [6][7].

Core Viewpoint - A-shares experienced a significant decline on November 21, with the Shanghai Composite Index dropping over 2% and closing at a loss of 2.45% [2][3] Market Performance - The Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [2] - Sectors such as internet and media entertainment saw gains, while materials, chemicals, semiconductors, and electrical equipment faced declines [2] Causes of Decline - Multiple factors contributed to the adjustment in A-shares, including external risks and internal structural contradictions [3] - Concerns over an AI bubble and the impact of U.S. Federal Reserve interest rate expectations led to a decrease in global risk appetite [3][4] - The market is currently in a policy and earnings vacuum, lacking new catalysts following the third-quarter report disclosures [3] - The recent performance of the U.S. stock market, particularly the drop in major indices, negatively affected investor sentiment in the Asia-Pacific region, including A-shares [4] Future Outlook - Short-term market movements may continue to be volatile, but there is a long-term optimistic view on the potential for new highs in indices [5][6] - The domestic liquidity environment remains reasonably ample, and corporate earnings are gradually confirming a bottom [6] - The potential for a clearer path to interest rate cuts by the U.S. Federal Reserve could alleviate external pressures [6] Investment Strategy - A balanced investment strategy is recommended, focusing on sectors benefiting from "anti-involution," AI, and overseas expansion concepts [8] - Investors are advised to maintain a rational perspective on short-term fluctuations and adhere to value investment principles [7] - Emphasis on diversifying investments and setting stop-loss targets to manage risk exposure effectively [7]

Core Viewpoint - The recent decline in A-shares is attributed to multiple factors, but the foundation for a bull market remains unchanged, with optimism for new highs in the long term [6][7]. Market Performance - On November 21, the Shanghai Composite Index fell by 2.45%, closing at 3834.89, while the Shenzhen Component and ChiNext Index dropped by 3.41% and 4.02%, respectively [2][4]. - The market saw significant declines across various sectors, with technology and AI-related stocks facing pressure due to external market conditions [4][5]. Factors Influencing A-share Adjustment - The decline is influenced by both external risks, such as concerns over AI bubbles and tightening liquidity expectations from the U.S. Federal Reserve, and internal structural contradictions within the market [4][5]. - The lack of new catalysts following the third-quarter earnings reports and the seasonal rebalancing of funds contributed to the market's cautious sentiment [4][5]. Future Market Outlook - Short-term market movements may continue to be volatile, but the medium to long-term outlook remains positive, supported by a reasonable liquidity environment and confirmed earnings bottoms for listed companies [7][8]. - The potential for a clearer path for U.S. interest rate cuts could alleviate external pressures on the market [7]. Investment Strategy - A balanced investment strategy is recommended, focusing on sectors benefiting from "anti-involution" policies, AI, and overseas expansion concepts [9][10]. - Investors are advised to maintain a rational perspective on short-term fluctuations and adhere to value investment principles, emphasizing quality companies with long-term competitive advantages [8][9].

11月20日，早盘指数集体上涨。截至9：40，沪指涨0.33%，深证成指涨0.65%，创业板指涨0.7%。 盘面上，锂电概念再度走强，盐湖提锂、能源金属等方向冲高，倍杰特20CM涨停，盛新锂能、久吾高 科、富临精工、赣锋锂业跟涨；券商板块集体走高，首创证券高开超8%，东北证券、中国银河、中信 建投涨幅居前；元件板块上行，中富电路、江海股份领涨，方正科技、景旺电子等多股均涨跟涨；电池 板块拉升，滨海能源封板涨停，诺德科技涨近9%，福德科技、天赐材料等跟涨。 跌幅方面，军工、煤炭、油气等板块跌幅居前。 展望后市，申万宏源表示，当前市场处于"牛市1.0"行情的高位区域，先做好高位震荡市。2025年的科 技结构牛是牛市1.0阶段，2026年春季前，科技成长还有反弹机会，2026年春季可能是阶段性高点。 热门板块 1、锂矿股逆势走强 锂矿股再度逆势走强，倍杰特20CM涨停，盛新锂能、久吾高科、富临精工、赣锋锂业跟涨 2、券商板块走强 点评：消息面上，碳酸锂期货价格突破10万。锂电材料涨价潮持续传导，近期锂电产业链"长协""锁 单"不断，赣锋锂业董事长近日表示，2026年碳酸锂价格有望突破15甚至20万元一吨。万联证券认 ...

Group 1 - The core viewpoint of the report indicates that while the broad infrastructure growth has shown slight positive growth in the first ten months, there was a significant decline in October, with narrow infrastructure investment down by 8.91% year-on-year and broad infrastructure down by 12.11% [2] - The report highlights that the cumulative narrow infrastructure investment (excluding electricity) reached 14.91 trillion yuan, a slight year-on-year decrease of 0.10%, while broad infrastructure reached 20.38 trillion yuan, showing a year-on-year increase of 1.51% [2] - Specific sectors such as transportation, storage, and postal services showed a minor year-on-year increase of 0.10%, but experienced a month-on-month decline of 10.09% in October [2] Group 2 - The market review indicates that the Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%, while the Shenwan Construction Decoration Index rose by 0.35% [3] - Among individual stocks, 104 stocks in the construction sector rose, with the top five performers being Guosheng Technology (+60.98%), *ST Dongyi (+21.54%), Garden Shares (+17.23%), Rishang Group (+17.14%), and *ST Baoying (+16.90%) [3] - The report suggests that the "14th Five-Year Plan" provides opportunities for investment in major projects, with expectations for policy stimulus to stabilize and recover investment levels [2] Group 3 - The report recommends focusing on high-dividend, low-valuation stocks under the current liquidity and low-interest rate environment, highlighting companies like Sichuan Road and Bridge and Jianghe Group as key picks [4] - It also emphasizes the "Construction+" theme, encouraging mergers, restructuring, and transformation towards new industries such as renewable energy and digital construction, with companies like Shanghai Port and Hongrun Construction being highlighted for their clear transformation directions and growth potential [4]

Market Overview - A-shares experienced a decline in the morning session, with the North Securities 50 Index dropping over 2% [1] - The Shanghai Composite Index closed at 3949.83 points, down 0.56% [1][8] - The Shenzhen Component Index closed at 13145.00 points, down 0.43% [2] - The ChiNext Index closed at 3091.87 points, down 0.43% [3] - The CSI 300 Index closed at 4587.80 points, down 0.22% [4] - The STAR 50 Index closed at 1366.61 points, up 0.93% [5] - The CSI 500 Index closed at 7178.15 points, down 0.79% [6] - The CSI 1000 Index closed at 7466.41 points, down 0.75% [7] Sector Performance - AI applications, semiconductor chips, CPO, and software development sectors led the gains, with stocks like Fushi Holdings and Inspur Software hitting the daily limit [1] - The battery sector faced significant declines, with stocks like Fengyuan Co. hitting the daily limit down [1][12] - Local stocks in Fujian, such as Sanmu Group, also saw substantial declines [1] Trading Volume - The total trading volume for the morning session reached 1.29 trillion yuan [1] AI Sector Developments - Positive news in the AI sector includes Alibaba's launch of the "Qianwen" project and the upcoming release of Google's Gemini 3.0 model [8] - China International Capital Corporation noted that the business model for AI applications is rapidly transitioning from concept validation to revenue generation, with demand expanding quickly [8] Market Sentiment - China Galaxy Securities anticipates that the year-end market will continue to exhibit a volatile structure, with a focus on themes like "anti-involution" and dividends [9] - The market is currently in a consolidation phase, with rapid rotation between sectors, particularly in technology and consumer sectors benefiting from policy support [9]

每经AI快讯，11月18日，华泰证券发布策略研报称，10月全行业景气指数继续回落、但斜率有所放 缓，必选消费、中游制造、大金融景气改善幅度居前，TMT景气延续分化。配置上，短期哑铃型配置 强化，建议在成长、周期和红利中均衡配置，挖掘景气改善且有一定持续性、估值和筹码尚处于较低水 平的品种，科技拥挤度压力逐渐消化后或亦有修复机会，关注有色、化工、电新、通用自动化、存储、 军工、保险等，此外可左侧布局部分大众和服务消费，如乳制品等。 ...

明星科技股表现分化，谷歌涨3.1%，巴菲特旗下伯克希尔哈撒韦披露第三季度买入其股份。 英伟达跌1.8%，"硅谷风投教父"彼得·蒂尔旗下基金清仓了英伟达全部股份。 机构预计年末行情仍以震荡结构为主。 【财经日历】 2025中国国际零售创新大会（上海，11/18-11/20） 新股申购：精创电气 百度、拼多多、小米集团、微博、爱奇艺发布财报 | 树 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 现价 | | | 涨跌幅 | | 道琼斯工业平均 46590.24 -557.24 -1.18% | | | | | 纳斯达克指数 22708.07c -192.52 - -0.84% | | | | | 标普500 6672.41 -61.70 -0.92% | | | | 当地时间周一，美股三大股指下挫，科技股低迷。截至收盘，道指跌1.18%，纳指跌0.84%，标普500指数跌0.92%。衡量市场波动性的芝加哥商业交易所 Cboe恐慌指数VIX大涨12.97%。 苹果跌1.8%，上周五苹果公司在一场诉讼中败诉，该诉讼涉及苹果部分Apple Watch机型 ...

Core Viewpoint - The A-share market is experiencing fluctuations, with the energy metal sector showing significant gains, particularly in lithium battery materials, while the overall indices are slightly down [3][4][6]. Market Performance - The Shanghai Composite Index closed at 3972.03, down 0.46%, the Shenzhen Component at 13202.00, down 0.11%, and the ChiNext Index at 3105.20, down 0.20% [4]. - The energy metal sector rose by 5.26%, with notable stocks like Shengxin Lithium Energy and Rongjie Co. hitting the daily limit [6][8]. Sector Highlights - Lithium battery materials saw a strong rally, with companies like Rongbai Technology and Tianhua New Energy reaching their daily limit [4][8]. - The price of lithium carbonate futures surged to over 95,200 yuan per ton, reflecting a 9% increase [10]. Company Updates - Fengyuan Co. reported a significant increase in stock price, with a cumulative rise exceeding 20% over two trading days, and confirmed no undisclosed major information affecting its stock [10]. - The company has established a lithium iron phosphate production capacity of 225,000 tons, with plans for a total capacity of 300,000 tons by 2025 [10]. Future Outlook - Analysts suggest that the lithium market is poised for a turnaround due to strong demand and supply constraints, particularly in the context of energy storage needs [11]. - The organic silicon sector is also showing positive trends, with companies like Dongyue Silicon Material experiencing nearly a 10% increase in stock price [13][15].