（原标题：【十大券商一周策略】4000点后如何应对？结构性机会仍存，盘整震荡中布局再平衡） 同样是4000点，当前的指数成色明显优于2015年同期，且估值水平显著低于当时，并无必要过度关注指数点位本身。随着四中全会结束、中美会 谈取得阶段性成果、三季报披露完毕，往后看，结构性机会仍存，择时重要性有限。短期看，投资者恐高心理主要出现在科技板块，但明年新能 源、化工、消费电子、资源、机械等大类行业中还是存在不少利润可能持续增长的方向，出海逻辑也没有遭遇实质性的挑战，创新药和新消费自8 月以来的调整幅度也足够大，可能只是需要时间和新的催化。在这种背景下，年内还是以调结构为主，积极布局明年，建议围绕传统制造业的提 质升级、中企出海、端侧AI三个方向继续布局，短期可以关注三季报后出现的几个阶段性超跌反弹线索，如白酒、软件、创新药。 国泰海通：增长进入复苏周期，成长景气加速扩散 总量增长进入复苏周期，AI、出海与反内卷景气扩散。三季度全A非金融石油石化（全A两非）业绩增速继续回升，尽管科技成长结构占优的特征 仍然明显，但随着出海加速与反内卷落地，净利率普遍环比改善，景气线索正在加速扩散。与总量经济强相关的大中盘展现出更大 ...

Key Points - The article discusses the outlook for A-shares after surpassing the 4000-point mark, summarizing major events and insights from ten securities firms for investment reference [2] Major Events - The State Council held a meeting to deepen reforms in key areas and expand institutional openness, focusing on enhancing market access and optimizing regulatory systems [3] - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement could be signed soon, with China expressing a willingness to cooperate on economic issues [4] - The Ministry of Commerce addressed concerns regarding ASML Semiconductor, emphasizing support for companies facing difficulties and potential export exemptions [5][6] - A draft guideline for public fund performance benchmarks was released, outlining five key requirements for fund managers to enhance accountability and performance monitoring [7] Securities Firms' Insights - **CITIC Securities**: Emphasizes that the current index level is more favorable than in 2015, suggesting focus on structural opportunities in traditional manufacturing, overseas expansion, and AI [14] - **CITIC Construction Investment**: Warns of potential market adjustments after a surge in sentiment, recommending caution in increasing positions and focusing on sectors like coal, oil, and new energy [15] - **Shenwan Hongyuan**: Notes that the market is in a narrow fluctuation phase, with technology stocks losing attractiveness, and suggests that future upward movements may rely on tech growth [16] - **Guotai Junan**: Highlights the need for rebalancing in the market, with opportunities emerging beyond AI as GDP growth outpaces corporate earnings [18] - **Dongfang Caifu**: Predicts active theme investments in November, with a focus on sectors expected to see growth in the coming year [19] - **Xinda Strategy**: Analyzes the impact of fund allocation on market trends, noting that accelerated allocation often coincides with market volatility [20] - **Galaxy Strategy**: Points to positive external and domestic factors supporting market stability, with a focus on high-quality development and technological self-reliance [21] - **Xingzheng Strategy**: Discusses the importance of valuation adjustments based on next year's economic expectations, suggesting a shift in investor focus [22][23] - **Zheshang Strategy**: Observes market divergence post-4000-point breakthrough, recommending a balanced approach to sector allocation [24] - **Guangfa Securities**: Describes November as a period where market movements are less correlated with current fundamentals, suggesting a focus on undervalued sectors with recovery potential [25]

金融行业周报（2025/11/02） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-0.46%， 跑输沪深 300 指数 0.03pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.53%、-0.89%、2.12%。2）本周银行（申万）涨跌幅 为-2.16%，跑输沪深 300 指数 1.74pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-0.75%、-3.67%、-1.33%、-1.94%。 投资观点：1）保险：本周保险Ⅱ(申万)跌 0.89%，跑输沪深 300 指数 0.46pct。 2025 年前三季度，上市险企负债端在代理人产能提升和银保发力下 NBV 实现 高增长；资产端利率上行带来交易盘债券浮亏压力和配置盘机遇，权益市场 上涨中投资亮眼带动净利润高增。我们认为，保险将是产业结构转型中金融 业最具成长性的方向，头部险企凭借规模效应、品牌与客户优势，投资价值 将更突出。在资产持续加仓权益和政策对资本市场的强力支持下，利差呈现 反转扩大趋势，人民币升值亦有积极作用。 2）券商：本周证券 II（申万）下跌 0.53%，跑输沪深 300 指数 0 ...

Core Viewpoint - The market is expected to face a new round of horizontal adjustment in November due to the exhaustion of previous upward momentum and the concentration of three major favorable factors at the end of October, suggesting investors should pause on increasing positions [1][3]. Group 1: Market Performance and Trends - The market experienced a surge, with the Shanghai Composite Index breaking through 4000 points, reaching a nearly ten-year high, driven by the recovery of technology stocks and the positive impact of the "14th Five-Year Plan," Sino-U.S. trade negotiations, and the disclosure of third-quarter reports from key industries [2]. - The third-quarter reports indicate a positive recovery trend in A-share performance, with significant growth in major sectors, particularly in traditional cyclical industries and technology sectors, showing strong recovery signs [2][3]. Group 2: Sector Focus and Recommendations - The report highlights three main directions for investment: 1) Focus on sectors with positive economic signals, particularly renewable energy (energy storage, solid-state batteries) and non-bank financials (brokerage, insurance); 2) Year-end portfolio adjustments favoring sectors with lower performance in the first ten months, such as coal, oil and petrochemicals, public utilities, food and beverage, and transportation; 3) Short-term switches to sectors that experienced the largest declines in October, including media, beauty care, and automotive [3]. - Key sectors to watch include coal, oil and petrochemicals, renewable energy (energy storage, solid-state batteries), non-bank financials (brokerage, insurance), public utilities, media, food and beverage, and transportation [1][3].

[Table_Title] 研究报告 Research Report 2 Nov 2025 近期，杨东管理的宁泉资产与陈光明旗下睿远的专户产品相继宣布封盘。杨东指出，"在诸些热门的板块及个股中 泡沫已清晰可见"。从陈光明的投资风格来看，其持仓集中度较高，坚持逆向投资理念，强调估值与安全边际。我 们认为，当前选择封盘，一方面是由于基金规模快速增长影响运作，另一方面也反映出当前热门板块估值已处于高 位，投资经理在其中寻找具有长期回报潜力的个股难度显著提升。这些板块或需一定时间对前期涨幅进行消化，待 产业趋势与企业盈利进一步明朗后，优质个股的选择空间将重新打开。在此阶段，我们认为更有确定性的配置机会 仍主要来自前期滞涨的大盘蓝筹板块。 "十五五"建议对建设金融强国提出了更高要求，这也体现为政策层面持续推动资本市场建设、通过直接融资服务 科技创新的重要方向。证监会主席吴清在署名文章中指出，"十五五"期间资本市场改革的核心，是提升制度的包 容性与适应性，更好服务科技创新与新质生产力发展。这包括积极发展直接融资、构建多层次立体化的市场体系、 拓宽中长期资金入市渠道，并在发行、并购重组等制度环节加强对科技型、创新型企业的支 ...

Core Insights - The overall performance of listed companies in China has shown continuous improvement, with a notable contribution from technology-driven enterprises, indicating a shift towards high-quality development [1][2] Group 1: Economic Performance - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, reflecting a stable economic development [1] - Total revenue for listed companies reached 53.46 trillion yuan, with a net profit of 4.70 trillion yuan, marking year-on-year growth of 1.36% and 5.50% respectively [2] - In the third quarter alone, revenue and net profit increased by 3.82% and 11.45% year-on-year, with quarter-on-quarter growth of 2.40% and 14.12% [2] Group 2: Sector Performance - Among 19 industry categories, 17 reported profits, with 9 experiencing revenue growth and 10 showing net profit growth [3] - The semiconductor industry saw a revenue increase of 16.08% and a net profit increase of 26.44% due to rising demand for AI data storage [3] - The new energy vehicle sector also reported significant growth, with revenue and net profit growth rates exceeding 10% and 20% respectively [3] Group 3: Innovation and R&D - Listed companies invested a total of 1.16 trillion yuan in R&D, marking a year-on-year increase of 3.88% [4] - The overall R&D intensity across the market was 2.16%, with the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange showing higher intensities of 4.54%, 11.22%, and 4.42% respectively [4] Group 4: Shareholder Returns - A total of 1,033 listed companies announced cash dividend plans, with a total cash dividend amounting to 734.9 billion yuan [5] - The number of companies engaging in share buybacks reached 1,195, with a total buyback amount of 92.3 billion yuan [6]

格隆汇11月2日｜浙商证券表示，本周上证升破4000点后有所回落，不同宽基指数明显分化。展望后 市，若上证指数保持在趋势线上方且不跌破前期平台顶部3936点，则上升趋势得以保留；双创指数目前 处于震荡偏弱格局，是否企稳取决于权重指数和核心成分股表现；对于前期涨幅落后、补涨空间较大的 券商板块，其短期方向选择仍待观察。配置方面，基于"市场走势并不明晰，两个信号仍需观察"的判 断，我们建议：择时方面，战略层面坚持系统性"慢"牛思维，战术层面保持当前持仓、不做增减。行业 配置方面，建议重点关注券商板块动向（向上可尝试挑战2024年11月高点，向下有年线支撑），同时关 注相对低位的钢铁、消费、中字头基建等板块，从三季度的"科技优先"转为"相对平衡"的配置风格。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【11月2日中国上市公司协会发布2025年三季报经营业绩报告】前三季度，全国电影总票房突破400亿， 游戏版号发放加快，小众游、出境游升温。影视院线、游戏、交通运输行业营收分别增9.31%、 24.40%、0.25%。 全国快递业务量创新高，5家上市公司营收增9.11%。避险情绪推动金价走高，贵金属 行业上市公司营收增22.36%，净利润增55.96%。 中小银行调降存款利率，增量资金涌入权益市场，券 商、保险业净利润增幅超30%。 和讯猎报 11.02 11:07:45 周 扫码查看原文 本文由 Al 算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 和而不同 迅达天下 影视、游戏等多行业: 前三季度营收 与利润有新增长 【11月2日中国上市公司协会发布2025年三季报经 营业绩报告】 前三季度,全国电影总票房突破400 亿,游戏版号发放加快,小众游、出境游升温。影 视院线、游戏、交通运输行业营收分别增9.31%、 24.40%、0.25%。全国快递业务量创新高,5家上 市公司营收增9.11%。避险情绪推动金价走高,贵 金属行业上市公司营 ...

【11月2日中上市协发布2025年三季报经营业绩报告】前三季度，全国电影总票房突破400亿，游戏版号 发放加快，小众游、出境游升温。影视院线、游戏、交通运输行业营收分别增9.31%、24.40%、 【11月2日中上市协发布2025年三季报经营业绩报 告】 前三季度,全国电影总票房突破400亿,游戏 版号发放加快,小众游、出境游升温。影视院线、 游戏、交通运输行业营收分别增9.31%、24.40%、 0.25%。 全国快递业务量创新高,5家上市公司营收 增9.11%。避险情绪推动金价走高,贵金属行业上 市公司营收增22.36%,净利润增55.96%。中小银 行调降存款利率,增量资金涌入权益市场,券商、 保险业净利润增幅超30%。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 扫码查看原文 0.25%。 全国快递业务量创新高，5家上市公司营收增9.11%。避险情绪推动金价走高，贵金属行业上市 公司营收增22.36%，净利润增55.96%。 中小银行调降存款利率，增量资金涌入权益市场，券商、保险 业净利润增幅超30%。 本文由 AI 算法生成，仅作参考，不涉投资建议，使 ...

2025年，随着DeepSeek横空出世，中国资产掀起一轮重估行情，其中港股走势尤为亮眼。展望2026年，尽管外部环境仍充满变数，但新的机遇正加速涌 现——AI浪潮方兴未艾，全球宽松周期延续，与此同时国内"十五五"规划全面启动，多重力量共振下港股有望乘势而上、迈向新高度。明年港股牛途继续 的驱动因素有哪些?哪些行业有望脱颖而出? 1、港股估值上行潜力充足 当前港股位置仍不算高，估值上行空间充足。2025年港股整体表现亮眼，在风险偏好回升、盈利预期企稳的带动下，市场估值经历快速修复。尽管如此， 当前港股整体估值仍不算高，尤其是科技板块的估值优势更为突出。展望2026年，低估值为港股进一步上行提供充足空间。 指数层面，港股估值处全球洼地，具备修复空间。对比历史水平，目前港股估值不算高，尤其是恒生科技。截至2025/10/23，恒生指数PE(TTM，下同)为 11.9倍、处于2012年以来84%分位，恒生科技PE为23.3倍、仅处于有数据以来32%分位。从全球视角看，港股宽基估值分位数显著偏低，例如恒生科技(自 2005年有数据以来估值分位为30%，下同)、恒生指数(62%)，均低于标普500(95%)、纳斯达克( ...