沪深两市主力资金净流出633.91亿元 4个行业主力资金呈现净流入 （原标题：数据复盘丨传媒、计算机等行业走强 57股获主力资金净流入超1亿元） 11月18日，上证指数全天震荡走低；深证成指、创业板指早盘窄幅震荡，午后震荡下探，尾盘有所回升；科创50指数早盘冲高回落，午后持续回 落，尾盘有所回升。截至收盘，上证指数报3939.81点，跌0.81%，成交额7909亿元；深证成指报13080.49点，跌0.92%，成交额11351.19亿元；创 业板指报3069.22点，跌1.16%，成交额5088.41亿元；科创50指数报1357.93点，涨0.29%，成交额612亿元。沪深两市合计成交19260.19亿元，成交 额较上一交易日增加152.61亿元。 传媒、计算机等行业走强 ST中迪20连板 盘面上来看，行业板块、概念跌多涨少。其中，传媒、计算机、教育、电子等行业涨幅靠前；Kimi、AI语料、拼多多、盲盒经济、短剧互动游戏 等概念走势活跃。电力设备、煤炭、有色金属、钢铁、化工、房地产、环保、石油石化等行业跌幅居前；钛白粉、刀片电池、有机硅、氟化工、 固态电池、低碳冶金、统一大市场、黄金、复合集流体等概念走势较弱 ...

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]

Group 1: Economic Overview - The Hong Kong stock market showed weakness in November, with the Hang Seng Index falling by 1.85%, the Hang Seng China Enterprises Index down by 2.09%, and the Hang Seng Tech Index decreasing by 2.82% [2] - In October, China's industrial production maintained growth, with a year-on-year increase of 4.9% and a month-on-month increase of 0.17%. The equipment manufacturing and high-tech manufacturing sectors performed particularly well, growing by 8.0% and 7.2% respectively [3][4] - The retail sales of consumer goods increased by 2.9% year-on-year, while fixed asset investment decreased by 1.7%, primarily due to a decline in real estate investment [4] Group 2: Company Analysis - Shoujia Technology - Shoujia Technology, established in 1991 and listed in Hong Kong in 1992, is a leading producer of steel wire for tires in China, with plans to expand its production capacity to over 300,000 tons [6] - The company is entering the new market of robotic tendons, leveraging its existing production technology for steel wire. It has initiated a joint research and development project with Stardust Intelligent [6] - Financial forecasts indicate that Shoujia Technology's revenue will reach HKD 2.42 billion, HKD 2.58 billion, and HKD 2.79 billion from 2025 to 2027, with net profit expected to grow significantly [7] Group 3: Investment Recommendation - Shoujia Technology is recognized as a leading player in the steel wire industry with strong shareholder backing and unique capabilities in transitioning to robotic tendon production [7] - A comparison with A-share company Daye Co., which has a projected PE ratio of 45.3, shows Shoujia Technology's PE at 32.1, indicating potential undervaluation [7] - The estimated market value of Shoujia Technology is HKD 2.61 billion, suggesting a target share price of HKD 4.9, with a recommended buy rating [7]

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Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - From November 10 - 14, 2025, the market adjusted overall, with small - cap stocks leading in gains and the value style outperforming the growth style. The consumer services, textile and apparel, and basic chemicals sectors led the rise. The daily average trading volume of the entire A - shares increased compared to the previous week. A - shares still showed characteristics of a stock game, and the market focused on the game between next - year's policies and prosperity expectations, which was favorable for the small - and medium - cap theme investment style [4][12]. - The weakening of A - share technology was mainly due to the market's divergence on the US AI narrative. The A - share technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - The release of the third - quarter financial reports of technology giants such as NVIDIA, Alibaba, and Baidu will have an important impact on the "US stock AI bubble theory" and the rebound of A - share technology stocks and global risk assets at the end of the year [14]. - Last week, the gold price fluctuated upwards. The future trend of the gold price will closely revolve around the disclosure of US economic data and new signals from Fed officials regarding the interest - rate path [14]. - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)" to further standardize the sales behavior of public funds and strengthen the obligation of suitability management for investors [16]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: From November 10 - 14, 2025, the Shanghai Composite Index fell slightly by 0.18%, the CSI 300 Index fell by 1.08%, the CSI 500 Index fell by 1.26%, and the Guozheng 2000 Index fell slightly by 0.13%. The daily average trading volume of the entire A - shares was 2.041 trillion yuan, an increase compared to the previous week [4][12]. - Capital layout: A - shares still showed characteristics of a stock game. Funds were deployed around two types of opportunities: logic - driven opportunities such as the new energy vehicle industry chain and petrochemical resource - related sectors, and event - gaming opportunities represented by regional concepts, restructuring themes, and low - priced stocks [12]. - Macro changes: In October, domestic economic data showed a "high - then - low" trend. Policy may be "supportive but not overly aggressive". The central bank's third - quarter monetary policy report indicated that supportive monetary policies would balance long - term goals [13]. - Technology direction: The weakening of A - share technology was affected by the US AI narrative. The technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - Gold: Last week, the gold price fluctuated upwards. The future trend of the gold price will depend on US economic data and Fed officials' signals regarding interest - rate paths [14]. 1.2. Public Fund Market Dynamics - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)", which requires fund managers and sales institutions to strictly fulfill suitability obligations and adds three principles for public fund risk assessment [16][17]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Theme | Active Stock Fund Preferred Index | - 0.15% | 1.49% | 38.93% | 40.06% | | Investment Style | Value Stock Fund Preferred Index | 1.37% | 2.54% | 21.08% | 21.17% | | | Balanced Stock Fund Preferred Index | - 0.24% | 1.00% | 32.08% | 29.19% | | | Growth Stock Fund Preferred Index | 0.20% | 2.24% | 54.17% | 40.32% | | Industry Theme | Pharmaceutical Stock Fund Preferred Index | 4.97% | 1.28% | 42.97% | 23.85% | | | Consumption Stock Fund Preferred Index | 0.32% | - 4.11% | 12.91% | 5.64% | | | Technology Stock Fund Preferred Index | - 1.85% | - 0.95% | 46.52% | 48.82% | | | High - end Manufacturing Stock Fund Preferred Index | - 1.49% | 4.95% | 36.30% | 29.73% | | | Cyclical Stock Fund Preferred Index | 1.10% | - 3.40% | 27.16% | 18.19% | - Each index has its own positioning and performance comparison benchmarks. For example, the Active Stock Fund Preferred Index selects 15 funds with equal - weight allocation, and its performance comparison benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

Group 1 - The Federal Reserve's current policy is criticized for being overly restrictive and backward-looking, with calls for at least a 25 basis point rate cut in the upcoming December meeting [2][4][30] - Recent inflation data has shown improvement, particularly in shelter inflation, which is expected to align more closely with market rents, indicating a dovish stance should be adopted [5][11][12] - There is a concern that the Fed is relying on outdated data, which may lead to delayed policy responses, potentially causing the Fed to fall behind economic changes [21][23][24] Group 2 - The Fed's focus on inflation is seen as myopic, with suggestions that it should also consider labor market conditions and wage growth when making policy decisions [19][20][22] - High-frequency data, such as freight shipments, suggests a different economic reality than what the Fed is currently acknowledging, indicating a need for more timely data analysis [12][20] - The relationship between Fed rate cuts and mortgage rates is emphasized, with expectations that rate cuts will lead to lower mortgage rates, impacting housing affordability [30][31] Group 3 - The discussion includes the potential impact of immigration on inflation, with the argument that increased immigration without sufficient housing supply has contributed to rising rents and inflation [36][37] - The Fed's mandate focuses on stable prices and maximum employment, which may not align with external pressures such as gold and cryptocurrency markets [34][35] - The overall sentiment is that the Fed needs to adapt its approach to better reflect current economic conditions and avoid being reactive rather than proactive [22][24][27]

资讯日报：市场对美联储 12 月降息预期降温 股票市场概览 港股市场表现 美股市场表现 2025 年 11 月 14 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日涨跌 | 居居民 | 年初至今 消费 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒牛指数 | 27.073 | 0.56 | 3.17 | 34.96 | | 恒生科技 | 5.981 | 0.80 | 2.47 | 33.87 | | 恒生国企 | 9.599 | 0.68 | 3.58 | 31.68 | | 上证指数 | 4.030 | 0.73 | 0.80 | 20.22 | | 目经225 | 51,063 | 0.43 | 2.00 | 28.54 | | 新加坡海峡 | 4,569 | 0.15 | 1.86 | 0.00 | | 标普500 | 6.851 | (1.65) | 0.13 | 14.55 | | 纳斯达克 | 23,406 | (2.29) | (0.58) | 18.43 | | 道原町 V ...

FT：分析师们认为，中国未报告的黄金购买量可能是其官方数据的10倍以上，因为中国正悄悄尝试减少对美元的投资，以实现多元化。这突显出，金价创纪录上涨背后的需求来源越来越不透明。中国央行今年公开的数据显示黄金购买量非常低，以至于市场上很少有人相信官方数据。根据贸易数据，法兴银行的分析师估计，中国今年的黄金总购买量可能高达250吨，超过全球央行总需求的三分之一。外汇交易员 (@myfxtrader):#数据 中国央行连续第12个月增持黄金，2025年10月末黄金储备增加3万盎司至7409万盎司（9月增加4万盎司），以美元计增加139.18亿美元。10月末外汇储备环比增加46.85亿美元（9月增加165.04亿美元）至33386.58亿美元。 https://t.co/jAvF8MAPtz ...

13日早盘，两市主要股指盘中集体走高，创业板指大涨近3%，场内超3800股飘红。 截至午间收盘，沪指涨0.44%报4017.94点，深证成指涨1.8%，创业板指涨2.68%，北证50指数涨 3.47%，沪深北三市合计成交12734亿元。 盘面上看，银行板块走低，有色、化工、半导体等板块强势拉升，有机硅、锂电、黄金概念、存储芯片 概念等活跃。 东莞证券表示，考虑到9至10月美联储连续降息，外部因素对国内实施适度宽松货币政策的掣肘进一步 弱化，加之国内仍处在弱信用、弱地产以及低通胀和高实际利率环境下，四季度政策利率及LPR报价仍 有下调空间。整体来看，当前市场处于风格切换关键期，政策托底与流动性宽松为行情提供支撑。短期 建议采取"均衡配置、攻守兼备"策略，关注医药、化工与银行、煤炭等高股息红利资产。 （文章来源：证券时报网） ...

港股三大指数集体收涨，恒生指数、国企指数盘中一度冲高至1.2%，恒指更是一度站上27000点大关， 最终分别收涨0.85%及0.82%，恒生科技指数表现相对较弱，小幅上涨0.16%。盘面上，大型科技股呈现 涨跌不一行情，其中，小米涨1.68%，京东涨1.3%，腾讯涨1%，阿里巴巴跌超2%，百度跌1.86%，美团 微幅走低；内银股、石油股、保险股等权重表现活跃，尤其是工商银行、农业银行、中国海洋石油均创 历史新高，中国人寿、新华保险皆表现强势；家用电器双11销量亮眼，海信家电涨超8%领衔上涨，生 物医药股、濠赌股、脑机接口概念股、煤炭股、餐饮股纷纷上涨。另一方面，中国光伏行业协会声明， 网络流传的小道消息均为不实信息，光伏股全天疲弱，协鑫科技、新特能源跌幅居前，稀土概念股、黄 金股、汽车股、军工股普遍走低。(格隆汇) ...