Market Overview - The A-share market is experiencing a structural divergence, with the Shanghai Composite Index closing down while the Shenzhen Component and ChiNext indices saw significant gains, indicating a "strong technology, weak large-cap" market structure [3][8] - The overall trading volume remains low, with total turnover at 17,833 billion, reflecting insufficient new capital inflow and a general lack of market enthusiasm [5][8] Sector Performance - The technology sector, particularly semiconductor chips, AI themes, and robotics, is highlighted as a key area for investment, alongside cyclical industries such as photovoltaics, batteries, and chemicals [3][9] - Consumer stocks, especially in food and beverage and retail, have shown strong performance, supported by government policies aimed at boosting consumption [6][8] - The pharmaceutical sector, including pharmaceutical commerce and innovative drugs, is noted for its potential rebound, driven by aging demographics and previous price declines that have already factored in policy impacts [7][8] Investment Strategy - The report suggests a focus on individual stocks rather than indices, advocating for a balanced allocation strategy and opportunistic buying during market dips [3][9] - Investors are encouraged to select stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [3][9]

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with the Hang Seng Index and Hang Seng Tech Index rising by 29.09% and 25.60% respectively, driven by liquidity and sentiment, and this trend is expected to continue into 2026 [1][2] Group 1: Market Performance and Drivers - The strong performance of the Hong Kong stock market in 2023 is attributed to "excess liquidity" chasing "scarce return assets," with valuation and sentiment playing a significant role [1][2] - Despite external uncertainties, the market has benefited from trends in the AI industry and improvements in the domestic economic fundamentals [1][2] - The overall profitability of listed companies in Hong Kong is slightly below initial expectations for 2023, with sectors like biopharmaceuticals and technology hardware showing resilience, while e-commerce and real estate face more significant pressures [2] Group 2: Future Liquidity and Investment Strategies - The liquidity environment is expected to remain ample in the first half of 2026, with potential interest rate cuts by the Federal Reserve, although the long-term interest rate is projected to stay high at 3.8% to 4% [2][3] - Southbound capital is anticipated to continue flowing into the Hong Kong market, with an expected inflow of 600 billion HKD from public funds and insurance capital, and 500 billion HKD from individual investors [3] - Investment preferences are shifting from high-dividend sectors to growth areas, with a focus on AI technology and sectors benefiting from overseas demand [3] Group 3: Investment Opportunities - Key investment directions for 2026 include AI-driven industry trends, capacity cycle reversals, and sectors related to export and commodities amid global uncertainties [4][5] - Investors are advised to maintain flexibility in their strategies, balancing between chasing structural growth and taking profits when market conditions become overheated [5]

Core Viewpoint - The equity market's confidence has gradually improved throughout the year, characterized by distinct structural trends in different phases, including AI-led trends, innovative drug sectors, and the recent strength in low-volatility dividend assets [1] Market Trends - The market has experienced significant sector rotation, with notable phases including AI dominance at the beginning of the year, innovative pharmaceuticals after April, and technology growth led by semiconductors and AI in August and September [1] - Following October, low-volatility dividend assets have shown a phase of strength, indicating a shift in investor focus [1] Investment Insights - With the decline in risk-free rates, the cost of capital has decreased, enhancing the attractiveness of equity assets and increasing investor risk appetite [1] - The effectiveness of market pricing is improving, yet small-cap stocks remain under-researched, presenting more opportunities for value discovery [1] - Current market liquidity favors small and micro-cap stocks, providing numerous trading opportunities [1] - The valuation structure indicates that small and micro-cap stocks, primarily assessed by price-to-book (PB) ratios, still offer a good margin of safety compared to large-cap stocks, making them appealing from a defensive standpoint [1]

老铁们中午好，我是帮主郑重，专注中长线的财经老炮！今天上午的A股有点意思，沪指高开低走跌了0.34%，深成指、创业板指也跟着调整，但全市场超 3200只个股上涨，这"指数跌、个股涨"的分化行情，你看懵了吗？ 先划重点数据，看懂盘面真相： • 沪深京三市半日成交额10325亿元，比昨天缩量2849亿！资金开始变得谨慎，观望情绪很明显； • 军工装备、商业航天直接爆发，航天环宇20CM涨停，中天火箭、中船防务也封板，妥妥的日内主线； • 锂板块全线崩了！盛新锂能、融捷股份连续两跌停，天齐锂业、赣锋锂业逼近跌停，海南板块也冲高回落，海马汽车差点跌停。 第三，仓位控制很关键，缩量行情下别满仓押注，留着子弹，等确定性信号出现再出手更稳妥。 互动2：你觉得午后军工能继续领涨吗？扣"1=能""2=不能"，看看谁的眼光准！ 帮主20年经验总结：震荡市拼的不是胆量，是耐心。现在市场不缺机会，但缺不乱跟风的定力，中长线来看，那些有业绩支撑、有政策利好的赛道，短期波 动都是上车的"小插曲"。 互动3：你午后打算加仓、减仓还是不动？点赞关注，评论区说说你的操作计划，帮主帮你把把关！ 我是帮主郑重，专注中长线不追涨杀跌。午后行情变化快 ...

一轮牛市，人们只会记得最后的"疯"，很少有人记得它之前往往是漫长、枯燥、甚至伴随质疑声的"慢"。 2015年的疯牛，真正的起点在2013年； 2021年大家口口声声说是牛市，但上证指数全年几乎横着走，赚钱效应主要来自中小盘和赛道股。 今天的A股，又一次站在类似的阶段： 指数不算耀眼，情绪时冷时热，但结构已经发生了关键变化。 我的核心判断是： 这轮牛市尚未结束，仍处在从"慢热"走向"发酵"的阶段，未来3个月，A股有较大概率走出类似2014年底那种"先挖坑、再 拉升"的节奏，春节前后或是情绪爆点。 下面我们从资金、政策、结构和时间节奏四个维度，把这件事讲清楚。 一、情绪冰冷，往往不是牛市结束，而是主升浪的酝酿期 很多人这两年最大的感受是： "指数没涨多少，我的账户怎么反而更难做了？" "明明新闻天天说利好，怎么盘面老是阴晴不定？" 如果只盯着指数，你确实很难判断牛熊。 从几个关键"现象"看，目前更符合"牛市中段，而非尾声"的特征： 散户参与度并不高 新开户数据温和，没有出现2015年那种开户潮。 银行存款搬家迹象有限，居民资金并未大规模杀入股市。 社交网络上"炒股一夜翻倍"的故事极少，讨论热度远未"泛滥"。 场内 ...

投资咨询业务资格:证监许可【2012】31号 热评:昨日市场情绪延续谨慎,盘中地产小作文短暂提振市场,全天股指 震荡收跌。当前宏观层面总体多空交织,继科技板块整体调整后,市场缺 乏核心驱动主线,加上沪指行至4000点关口,市场对于科技股估值是否进 一步提升、市场能否从结构性行情转向全面慢牛存在分歧。与此同时,10 月经济数据表现承压,有待政策进行进一步托底,资金上预计中央汇金继 续担任托底指数功能。股指预计延续下有托底、向上承压的震荡格局。预 计短期市场分歧将在股指震荡调整中逐步消化,待新的驱动主线带来股指 进一步上行。 | | 项目 | 当月合约 | 下月合约 | 当季合约 | 下季合约 | | --- | --- | --- | --- | --- | --- | | ਜੇ 贴 | IF升贴水 | 55. 56% | 7.10% | 3.91% | 3.94% | | 水 | IH升贴水 IC升贴水 | -3.76% | 2.38% 11.04% | 1.28% 10.36% | 1.33% 10.95% | | 情 | | -7.50% | | | | | Я | IM升贴水 | -35.74% | 1 ...

板块题材上，中船系活跃，电池、能源金属、硅能源板块调整。盘面上，中船系板块活跃，久之洋 20CM涨停领涨，中船防务、昆船智能、中船汉光涨超6%。能源金属板块全线大跌，赣锋锂业、西藏矿 业、天齐锂业、盛新锂能、永衫锂业等多股跌停。 消息面上，11月20日晚间，广州期货交易所发布最新公告，就碳酸锂期货部分合约的交易手续费及交易 限额进行调整。中信期货研报认为，中短期来看，现实供需偏好，碳酸锂去库加快，投资者乐观情绪驱 动碳酸锂价格加速走高，但广期所开始对碳酸锂限仓，近期亢奋情绪或降温，需谨防双边波动风险。 近期，大盘出现了反复震荡调整的走势，对此，前海开源基金首席经济学家杨德龙认为，临近年底，部 分投资者出于兑现全年收益的考虑，出现一定程度的获利了结行为，这在情理之中。因此，年底市场往 往呈现反复震荡的特征，但这并不意味着本轮结构性行情的结束。短期市场走势是无法预测的，但这轮 调整不会持续太久，因为场外还有很多资金等待这个调整来进行布局。 同时，杨德龙指出近期权益类基金销售明显回暖，出现了很多日光基，说明在牛市启动之后，市场的赚 钱效应逐步体现出来，已经开始吸引居民存款流入，越来越多投资者来股市找机会，特别是现在 ...

昨日股票ETF资金净流入达90亿元，本周以来"吸金"近285亿元 中国基金报记者 曹雯璟 11月20日，股票ETF整体资金净流入达90亿元，港股相关ETF资金净流入居前，多只沪深300ETF资金净流出居前。 中国银河证券基金研究中心数据显示，本周以来（11月17日—11月20日），股票ETF"越跌越买"，四个交易日合计"吸金"近285亿元。 昨日股票ETF资金净流入达90亿元 Wind数据显示，11月20日，股票ETF（含跨境ETF）整体资金净流入达90亿元，最新规模达4.57万亿元。 流入前5板块为恒生科技（净流入23.5亿元）、半导体（净流入11.5亿元）、科创50指数（净流入10.8亿元）、港股互联网（净流入8.9亿元）、黄金（净流 入8.7亿元）。 具体来看，易方达基金旗下中概互联网ETF资金净流入6.8亿元，恒生科技ETF净流入3.2亿元，创业板ETF净流入2.9亿元，科创板50ETF净流入1.9亿元， 港股通互联网ETF净流入1.2亿元。 华夏基金ETF方面，11月20日，科创50ETF和恒生科技指数ETF单日净流入居前，分别达7.59亿元和7.06亿元；最新规模分别达718.43亿元和464.9 ...

Group 1 - On November 20, the overall net inflow of stock ETFs reached 9 billion yuan, with a total inflow of nearly 28.5 billion yuan since November 17 [1][2] - The top five sectors for inflow included Hang Seng Technology (2.35 billion yuan), Semiconductors (1.15 billion yuan), and the Sci-Tech 50 Index (1.08 billion yuan) [2] - The top five sectors for outflow were the CSI 300 Index (1.2 billion yuan), New Energy (910 million yuan), and Banking (600 million yuan) [2] Group 2 - As of November 20, the latest scale of E Fund's ETF reached 810.53 billion yuan, with a net inflow of 1.57 billion yuan on the previous day [2] - The net inflow for E Fund's China Concept Internet ETF was 680 million yuan, while the Hang Seng Technology ETF saw a net inflow of 320 million yuan [2] - Huaxia Fund's Sci-Tech 50 ETF and Hang Seng Technology Index ETF had the highest net inflows of 759 million yuan and 706 million yuan, respectively [3] Group 3 - The leading ETFs for net inflow included the CSI 500 ETF, Sci-Tech 50 ETF, and CSI 1000 ETF, while popular thematic ETFs like Securities ETF and Banking ETF experienced significant outflows [4][6] - The net outflow from the Securities ETF was 505 million yuan, and the Banking ETF saw a net outflow of 433 million yuan [6] - Market analysts suggest that the current A-share market is experiencing a technology-led structural market, with a strong long-term outlook for sectors like semiconductors and innovative technologies [6][7]

Core Viewpoint - The stock ETF market in China has seen significant inflows, with a total of 90 billion yuan on November 20, and nearly 285 billion yuan since November 17, indicating a trend of "buying on dips" in the market [2][3][4]. Fund Inflows - On November 20, the overall net inflow for stock ETFs (including cross-border ETFs) reached 90 billion yuan, bringing the total scale to 4.57 trillion yuan [5]. - The top five sectors for inflows included Hang Seng Technology (23.5 billion yuan), Semiconductors (11.5 billion yuan), Sci-Tech 50 Index (10.8 billion yuan), Hong Kong Internet (8.9 billion yuan), and Gold (8.7 billion yuan) [5]. - The leading fund companies included E Fund, with a total ETF scale of 810.53 billion yuan and a net inflow of 15.7 billion yuan on November 20 [5]. Fund Outflows - The top five sectors for outflows were the CSI 300 Index (-12.0 billion yuan), New Energy (-9.1 billion yuan), Banks (-6.0 billion yuan), Computers (-2.5 billion yuan), and Media (-2.5 billion yuan) [5]. - Popular theme ETFs such as Securities ETFs, Bank ETFs, and Battery ETFs experienced significant outflows, with multiple CSI 300 ETFs leading the outflow rankings [10]. Investment Trends - The current A-share market is undergoing a technology-led structural market, with a strong long-term outlook for sectors like semiconductors, innovative technology products, and innovative pharmaceuticals [12]. - The "anti-involution" trend is creating structural opportunities in sectors like new energy and is expected to reshape the overall manufacturing ecosystem, with a focus on semiconductors, new energy smart vehicles, and biopharmaceuticals [12]. - As the year-end approaches, institutional funds are expected to focus more on the 2026 economic outlook, with a clearer investment direction in the technology sector and traditional manufacturing with improving profit expectations [12].