证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

固收点评 20251122 绿色债券周度数据跟踪 （20251117-20251121） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251117-20251121）银行间市场及交易所市场共新发行绿色债券 26 只，合计发行规模约 246.19 亿元，较上周减少 444.89 亿元。发行年 限多为 3 年；发行人性质为央企子公司、地方国有企业、中外合资企业、 中小微企业、大型民企；主体评级多为 AAA、AA+级；发行人地域为云 南省、广东省、陕西省、北京市、广西壮族自治区、山东省、浙江省、 天津市、江苏省、上海市；发行债券种类为一般公司债、中期票据、私 募公司债、商业银行普通债、超短期融资券、短期融资券、交易商协会 ABN、企业 ABS、一般公司债、信贷 ABS。 证券研究报告·固定收益·固收点评 ◼ 二级市场成交情况： 本周（20251117-20251121）绿色债券周成交额合计 859 亿元，较上周增 加 243 亿元。分债券种类来看，成交量前三为金融机构债、非金公司信 用债和利率债，分别为 384 亿元、340 亿元和 102 亿元；分发行期限来 看 ...

Core Points - The diversified financial sector experienced a decline of 0.22% on November 20, with Hongye Futures leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Market Performance - Notable gainers in the diversified financial sector included: - Haide Co., Ltd. (000567) with a closing price of 7.70, up 3.49% on a trading volume of 387,700 shares and a turnover of 295 million [1] - Sichuan Shuangma (000935) closed at 21.53, up 3.01% with a trading volume of 197,200 shares and a turnover of 421 million [1] - Other companies with minor gains included Jiangsu Jinzu (600901) at 6.45, up 1.10%, and Xiangwen Tiaotong (600830) at 9.81, up 1.03% [1] Capital Flow - The diversified financial sector saw a net outflow of 314 million from institutional investors, while retail investors contributed a net inflow of 377 million [2] - The main capital inflows and outflows for specific stocks included: - Sichuan Shuangma (000935) with a net inflow of 31.66 million from institutional investors, but a net outflow of 17.81 million from retail investors [3] - Jiangsu Jinzu (600901) had a net inflow of 7.21 million from institutional investors, but also saw outflows from retail investors [3]

投资咨询业务资格:证监许可【2012】31号 == 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2025/11/20 | | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 较前值变动 收盘价 | | | | | | | | | (bp) | | | DRO01 | 1.42 | -10.66 | DR007 | 1.51 | -1.08 | | | GC001 | 1.63 | -6.50 | GC007 | 1.51 | -5.00 | | नि | | | | | | | | | SHBOR 3M | 1.58 | 0.00 | LPR 5年 | 3.50 | 0.00 | | 市 | | 1.40 | -0.30 | | 1 રેતે | 0.70 | | 市 | 1年期国债 | | | 5年期国债 | | | | | 10年期国债 | 1.81 | 0.40 | 10年期美债 | 4.12 ...

2025.11. 19 →尾盘反弹"的深V走势: MACD绿柱持续收窄, KDJ指标低位金叉,显示短期超卖反弹信号。 1196家上涨 4173家下跌 涨跌停比 55 35 个股呈普跌格局,局部热点活跃,盘面上,黄金 股走强,水产养殖板块午后拉升,军工装备、保 险、硅能源、美容护理板块表现活跃;海南自贸 区板块调整,燃气、文化传媒、多元金融、房地 产、医药板块跌幅居前。 资金情绪 主力资金净流出 今天你冲了还是撤了? 51 3.0 两市成交额 5万亿元 ▼ 10.39% 两市成交额大幅萎缩,投资者观望情绪浓厚, 早盘集中交易后,午后参与热情大幅下降,资金 采取"速战速决"策略,贵金属、军工、能源金属 成交量显著放大,海南板块、燃气、影视院线成 交量菱缩。 散户资金净流入 机构呈现防御为主、结构性布局特征,谨慎中寻求确定性,重点加仓银行、通信设备、电力和食品饮料,资 金从高估值赛道向低估值板块迁移,电力设备、医药生物成抛售重灾区; 散户观望氛围浓厚, "多看少动"心 态明显,呈"轻指数、重个股"博弈特征,部分资金聚焦于涨停板和热点题材,但整体观望情绪浓厚。 散户情绪 75.85% link 海 足 P 上 证 指 ...

i用 ** 刘文章 ? 11月19日A股市场投资情绪 资本市场是投资者信心的晴雨表。投资者情绪的波动会影响其对未来收; 判断,进而影响投资行为,形成合力后对市场产生显著影响。我们想通 题,了解投资者对每日市场的看法。11月19日共有24061位用户参与了调 情况如下: 上证指数 深 证 成 指 0.18% 0-00% A股三大指数呈现"两阳一平"格局,均小幅收涨,涨幅有限,指数全天呈现"低开- →尾盘反弹"的深V走势, MACD绿柱持续收窄, KDJ指标低位金叉, 显示短期超卖反 1196家上涨 涨跌停比 1513 个股呈普跌格局,局部热点活跃,盘面上,黄金 股走强,水产养殖板块午后拉升,军工装备、保 险、硅能源、美容护理板块表现活跃;海南自贸 区板块调整,燃气、文化传媒、多元金融、房地 产、医药板块跌幅居前。 亿元 机构呈现防御为主、结构性布局特征,谨慎中寻求确定性,重点加仓银行、通信设备、电力和食品 金从高估值赛道向低估值板块迁移, 电力设备、医药生物成抛售重灾区; 散户观望氛围浓厚, "多看 态明显,呈"轻指数、重个股"博弈特征,部分资金聚焦于涨停板和热点题材,但整体观望情绪浓厚 ▪情绪 两市成交额 万 ...

证券之星消息，11月19日多元金融板块较上一交易日下跌1.66%，瑞达期货领跌。当日上证指数报收于 3946.74，上涨0.18%。深证成指报收于13080.09，下跌0.0%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000935 | 四川双马 | 20.90 | 2.20% | 16.22万 | 3.33亿 | | 600901 | 江苏金租 | 6.38 | 0.31% | 20.41万 | 1.30亿 | | 000987 | 越秀资本 | 7.43 | -0.54% | 17.79万 | 1.32亿 | | 000958 | 电投产融 | 6.82 | -0.58% | 58.73万 | ZAGGTE | | 000563 | 陕国投Ａ | 3.57 | -0.83% | 39.78万 | 1.42亿 | | 600390 | 于矿资本 | 5.80 | -0.85% | 32.77万 | 1.91亿 | | 000617 | 中油资本 | 9.27 ...

Core Points - The company will hold a Q3 2025 earnings presentation on November 26, 2025, from 15:00 to 16:00 [2][4] - The presentation will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions from November 19 to November 25, 2025, for discussion during the presentation [5][6] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [4] - Key personnel attending include the company's President, Vice President, CFO, and independent directors [4] Participation Information - Investors can participate online on the day of the event and will receive timely responses to their questions [5] - Questions can be submitted through the "Pre-Question Collection" section on the Roadshow Center website or via the company's investor relations email [5] Additional Information - After the presentation, investors can view the meeting's details and main content on the Roadshow Center [6]

Group 1 - Shengxin Lithium Energy signed a framework agreement with Huayou Cobalt for the procurement of 221,400 tons of lithium salt products over five years [1] - Wehua New Materials' subsidiary plans to acquire 70% of He Yutai for 154 million yuan [1] - Xiamen Tungsten plans to invest 600 million yuan to establish a wholly-owned subsidiary for a project with an annual production capacity of 50,000 tons of high-performance battery materials [1][2] Group 2 - *ST Songfa's subsidiary signed a shipbuilding contract worth approximately 200-300 million USD for two VLCCs [3] - Hailianxun's stock will resume trading on November 19 after the end of the acquisition request period [5] - Yunnan Energy Investment obtained the development rights for a 25,000 kW wind power project [7] Group 3 - China Resources Double Crane's subsidiary received a drug registration certificate for Oxcarbazepine tablets [8] - Jincheng Pharmaceutical's subsidiary received a CEP certificate for glutathione raw materials [9] - Jinkong Electric plans to transfer 51% of Tongying Thermal Power to an affiliate for 266 million yuan [9] Group 4 - Clean Technology's subsidiary won a bid for a waste incineration power generation project in Thailand with a total investment of up to 4.27 million USD [12] - Tonglian Precision's shareholders set the transfer price for shares at 43.67 yuan each [13] - Hu Nong Commercial Bank's executives collectively purchased 259,100 shares of the company [13] Group 5 - Huatai Medical's subsidiary obtained a medical device registration certificate for polyethylene embolization microspheres [13] - Fosun Pharma's subsidiary's drug registration application was accepted by the National Medical Products Administration [13] - Xianhui Technology signed contracts worth 796 million yuan with multiple subsidiaries of CATL [15] Group 6 - Ningbo Fangzheng signed a strategic cooperation agreement with Huaxiang Qiyuan for the development of various robotic technologies [15] - Ruida Futures' vice president resigned for personal reasons [16] - Samsung Medical is expected to win contracts worth approximately 125 million yuan from the State Grid [17] Group 7 - Tianjin Pharmaceutical's injectable methylprednisolone sodium succinate received registration from Panama's Ministry of Health [19] - Yaxing Anchor Chain plans to invest up to 300 million yuan in a project for deep-sea floating equipment [20] - Zejing Pharmaceutical's clinical trial for ZG006 was approved by the National Medical Products Administration [21] Group 8 - Weiye Co., Ltd. won a bid for a project worth approximately 2.086 billion yuan [23] - Ruimao Tong plans to sell 8.5794 million repurchased shares [25] - Guangge Technology's shareholders plan to reduce their holdings by up to 3.99% [26] Group 9 - Hongsheng Development signed a debt restructuring contract for a total of 2 billion yuan [27][28] - Yatai Co., Ltd. plans to reduce its holdings by up to 1% [30] - Dexin Technology's shareholder plans to reduce its holdings by up to 1% [31] Group 10 - Yaji International's shareholder plans to reduce its holdings by up to 1% [33] - Shenzhen New Star's subsidiary received approval for trial production of a boron trifluoride project [35] - Shengyi Electronics plans to raise up to 2.6 billion yuan through a private placement [36]

证券之星消息，11月18日多元金融板块较上一交易日下跌1.11%，*ST仁东领跌。当日上证指数报收于 3939.81，下跌0.81%。深证成指报收于13080.49，下跌0.92%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000935 | 四川双马 | 20.45 | 1.69% | 21.73万 | 4.56亿 | | 6650009 | *ST熊猫 | 10.45 | 1.46% | 3.74万 | 3872.21万 | | 600901 | 江苏金租 | 6.36 | 0.63% | 24.35万 | 1.55亿 | | 002961 | 瑞达期货 | 25.62 | 0.23% | 19.93万 | 5.15亿 | | 002423 | 中粮资本 | 12.21 | -0.57% | 14.82万 | 1.81亿 | | 000532 | 华金资本 | 14.62 | -0.68% | 2.69万 | 3934.52万 | | 600830 | 香温 ...