Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 2.45% to close at 3834.89 points, and the Shenzhen Component Index dropping by 3.41% to 12538.07 points. The ChiNext Index decreased by 4.02% to 2920.08 points. Overall, 351 stocks rose while 5071 stocks fell, with a total trading volume of 17082 billion yuan, an increase of 2575 billion yuan compared to the previous trading day [1][12]. Industry Performance - Most of the Shenwan first-level industries saw declines today. The media, home appliances, and food and beverage sectors experienced relatively smaller declines of 0.32%, 0.40%, and 0.88% respectively. In contrast, industries such as comprehensive, non-ferrous metals, electric equipment, basic chemicals, electronics, communications, steel, and environmental protection faced larger declines, with drops of 5.50%, 5.26%, 5.17%, 4.70%, 4.58%, 4.51%, 4.40%, and 4.00% respectively [1][12]. Concept Sector Performance - The concept sectors that saw the largest gains today included the China Shipbuilding System, aquatic products, Xiaohongshu platform, Pinduoduo partners, short drama games, virtual humans, and Kimi. Conversely, sectors such as lithium mining, lithium battery anodes, and lithium extraction from salt lakes experienced corrections [2][11].

中证 1000 较前收盘价上涨-46.8 点，计算机,家用电器,电力设备等板块对指数向下拉动明显。 中证 500 较前收盘价上涨-60.8 点，基础化工,电力设备,电子等板块对指数向下拉动明显。 股指期货日度数据跟踪 2025-11-21 一、指数走势 11 月 20 日，上证综指涨跌幅-0.4%，收于 3931.05 点，成交额 7113.41 亿元，深成指数涨跌幅-0.76%，收于 12980.82 点，成交额 9968.47 亿元。 中证 1000 指数涨跌幅-0.63%，成交额 3567.12 亿元，其中开盘价 7429.7，收盘价 7340.41，当日最高价 7439.04，最低价 7332.32； 中证 500 指数涨跌幅-0.85%，成交额 2541.58 亿元，其中开盘价 7174.1，收盘价 7061.95，当日最高价 7180.73，最低价 7056.9； 沪深 300 指数涨跌幅-0.51%，成交额 4150.65 亿元，其中开盘价 4619.54，收盘价 4564.95，当日最高价 4620.65，最低价 4560.18； 上证 50 指数涨跌幅-0.4%，成交额 1009.82 亿元 ...

今日关注 指数涨跌情况：今日 A 股主要指数悉数收跌。截止收盘，沪指跌 0.40%，收报 3931.05点；深证成指跌0.76%，报12980.82点；科创50跌1.24%，收报1328.19 点；创业板指跌 1.12%，收报 3042.34 点。总体上，全天个股涨少跌多，Wind 数据显示，全市场 1452 只个股上涨，3846 只个股下跌，148 只个股收平。沪 深两市今日成交额合计 17082 亿元，较上个交易日缩量 177 亿元。 证券研究报告 | 策略点评 2025 年 11 月 20 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251120 行业涨跌情况：今日申万一级行业涨少跌多，建筑材料、综合、银行、通信、 房地产等行业涨幅靠前，涨幅分别为 1.40%、0.87%、0.86%、0.51%、0.33%， 美容护理、煤炭、电力设备、石油石化、商贸零售、基础化工等行业领跌， 跌幅分别为 2.39%、2.10%、1.96%、1.52%、1.42%、1.22%。 概念板块涨跌情况：今日涨幅居前概念 ...

Market Overview - The Shanghai Composite Index fell by 0.81% on November 18, with only four sectors experiencing gains, led by Media and Computer industries, which rose by 1.60% and 0.93% respectively [1] - The Coal and Electric Equipment sectors saw the largest declines, down by 3.17% and 2.97% respectively, while the Basic Chemical industry dropped by 2.67% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 88.764 billion yuan, with only four sectors seeing net inflows [1] - The Computer sector had the highest net inflow of 2.730 billion yuan, followed by the Media sector with a net inflow of 2.434 billion yuan [1] - A total of 27 sectors experienced net capital outflows, with Electric Equipment leading at 24.670 billion yuan, followed by Nonferrous Metals at 11.707 billion yuan [1] Basic Chemical Industry Performance - The Basic Chemical industry experienced a decline of 2.67%, with a total net capital outflow of 9.408 billion yuan [2] - Out of 404 stocks in this sector, 34 stocks rose, including one hitting the daily limit, while 370 stocks fell, with four hitting the daily limit down [2] - The top three stocks with the highest net inflow in the Basic Chemical sector were: - Kaimete Gas with a net inflow of 800.2 million yuan and a rise of 7.65% [2] - Tongyi Co. with a net inflow of 140.1 million yuan and a rise of 11.82% [2] - Limin Co. with a net inflow of 58.1 million yuan and a rise of 1.45% [2] Basic Chemical Industry Capital Outflow - The stocks with the highest capital outflow in the Basic Chemical sector included: - Duofluor with a net outflow of 1.436 billion yuan and a decline of 9.99% [4] - Yongtai Technology with a net outflow of 521.1 million yuan and a decline of 6.96% [4] - Zhenhua Co. with a net outflow of 378.9 million yuan and a decline of 10.00% [4]

Market Overview - The Shanghai Composite Index fell by 0.56% today, with a trading volume of 924.51 million shares and a transaction value of 1,296.16 billion yuan, an increase of 1.65% compared to the previous trading day [1] Industry Performance - The media, computer, and electronics sectors showed the highest gains, with increases of 1.62%, 1.19%, and 0.75% respectively [1] - The power equipment, steel, and basic chemicals sectors experienced the largest declines, with decreases of 2.49%, 2.43%, and 2.36% respectively [2] Leading Stocks - In the media sector, Fushi Holdings led with a gain of 20.07% [1] - In the computer sector, N Nanjing South Network surged by 229.00% [1] - In the electronics sector, N Hengkun rose by 286.99% [1] Sector Breakdown - Media: +1.62%, transaction value 518.02 billion yuan, up 41.76% from the previous day [1] - Computer: +1.19%, transaction value 1,018.63 billion yuan, up 18.71% from the previous day [1] - Electronics: +0.75%, transaction value 1,854.26 billion yuan, up 12.08% from the previous day [1] - Power Equipment: -2.49%, transaction value 1,825.50 billion yuan, down 3.46% from the previous day [2] - Steel: -2.43%, transaction value 130.27 billion yuan, up 23.29% from the previous day [2] - Basic Chemicals: -2.36%, transaction value 912.43 billion yuan, up 3.46% from the previous day [2]

Market Overview - The Shanghai Composite Index decreased by 0.50% as of 10:29 AM, with a trading volume of 672.89 million shares and a turnover of 951.88 billion yuan, representing a 2.13% decrease from the previous trading day [1] Industry Performance - The top-performing sectors included: - Defense and Military Industry: Increased by 2.21% with a transaction amount of 404.44 billion yuan, led by Jianglong Shipbuilding which rose by 20.01% [1] - Computer: Increased by 0.83% with a transaction amount of 597.57 billion yuan, led by Haixia Innovation which rose by 15.13% [1] - Oil and Petrochemicals: Increased by 0.57% with a transaction amount of 76.18 billion yuan, led by Unified Shares which rose by 10.00% [1] - The sectors with the largest declines included: - Pharmaceutical and Biological: Decreased by 1.69% with a transaction amount of 680.11 billion yuan, led by Yao Yigou which fell by 7.34% [2] - Electric Power Equipment: Decreased by 1.39% with a transaction amount of 1,442.13 billion yuan, led by Xidian New Energy which fell by 9.98% [2] - Non-Bank Financial: Decreased by 1.26% with a transaction amount of 182.80 billion yuan, led by Northeast Securities which fell by 2.97% [2]

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.16%，A股成交量884.88亿股，成交金额12467.85 亿元，比上一个交易日减少2.05%。个股方面，2858只个股上涨，其中涨停79只，2426只个股下跌，其 中跌停3只。从申万行业来看，房地产、银行、纺织服饰等涨幅最大，涨幅分别为1.14%、1.13%、 0.88%；电子、通信、电力设备等跌幅最大，跌幅分别为2.04%、1.06%、0.91%。（数据宝） | 有色金属 | | | | 天齐锂业 | | | --- | --- | --- | --- | --- | --- | | 电力设备 | -0.91 | 1980.31 | -15.12 | 方正电机 | -8.92 | | 通信 | -1.06 | 493.13 | 4.83 | 德科立 | -4.35 | | 电子 | -2.04 | 1822.37 | -0.84 | 佰维存储 | -11.03 | （文章来源：证券时报网） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- ...

| 计算机 | | | | 方直科技 | | | --- | --- | --- | --- | --- | --- | | 通信 | -1.48 | 526.98 | -17.49 | 永鼎股份 | -6.86 | | 国防军工 | -1.80 | 259.92 | -10.38 | 三角防务 | -7.69 | | 电力设备 | -3.11 | 2109.71 | 1.22 | 阿特斯 | -17.08 | （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 石油石化 | 1.65 | 122.35 | 60.87 | 石化油服 | 10.21 | | 银行 | 1.64 | 230.10 | 69.37 | 农业银行 | 3.13 | | 家用电器 | 1.18 | 217.94 | 9.77 | 倍益康 | 7.60 | | 纺织服饰 | 1.06 | 130.41 | 14.49 | 九牧王 | 10.05 | | 医药生物 | 0.5 ...

以下文章来源于一观大势 ，作者国泰海通策略团队 一观大势 . 中国宏观策略与全球资本投资 报告导读： 本期市场成交热度下降，交易集中度下降，从资金层面看，偏股公募基金新发 行边际回落，融资资金流入放缓，但外资资金加速流入 A 股与港股。 市场定价状态： 市场成交热度下降，交易集中度下降。 1 ）市场情绪（下降）： 本期市场交易换手率降低， 全 A 日均成交额下降至 2.0 万亿， 日均涨停 家数降至 68.4 家 ，最大连板数为 8 个，封板率提升至 70.4% ，龙虎榜上榜家数上升至 60 家； 2 ）赚钱效应（上升）：本期个股上涨比例提升至 54.77% ，全 A 个股周度收益中位数提升至 0.6% ； 3 ）交易集中度（下降）：行业交易集中度降低，本期行业换手率历史分位数处于 90% 以上的行业有 8 个，其中电力设备及新能源 1 个行业换手率处于 95% 以上。 A 股资金流动：偏股基金新发行边际回落，融资资金流入放缓，但外资流入加速。 1 ）公募：本期偏股基金新发规模下降至 218.4 亿，公募基金股票仓位整 体较上期略减； 2 ）私募： 10 月私募信心指数小幅回落，仓位持续逼近年内最高（截至 1 ...

Market Overview - The Shanghai Composite Index fell by 0.38% today, with a trading volume of 832.49 million shares and a turnover of 12,680.08 billion yuan, a decrease of 12.71% compared to the previous trading day [1][2] - A total of 2,924 stocks rose, with 61 hitting the daily limit up, while 2 stocks hit the daily limit down [1] Industry Performance - The best-performing sectors included: - Retail: Increased by 0.95% with a turnover of 220.30 billion yuan, down 14.02% from the previous day, led by Zhejiang Dongri with a rise of 9.99% [1] - Electric Equipment: Increased by 0.79% with a turnover of 2,084.15 billion yuan, down 15.66%, led by Zhonglai Shares with a rise of 20.06% [1] - Building Materials: Increased by 0.67% with a turnover of 117.19 billion yuan, up 11.18%, led by Anhui Conch with a rise of 10.00% [1] - The worst-performing sectors included: - Coal: Decreased by 2.13% with a turnover of 111.32 billion yuan, down 1.22%, led by Antai Group with a drop of 5.15% [2] - Communication: Decreased by 1.26% with a turnover of 640.33 billion yuan, down 1.84%, led by Tianfu Communication with a drop of 6.77% [2] - Non-bank Financials: Decreased by 1.10% with a turnover of 290.38 billion yuan, up 6.66%, led by Guosheng Securities with a drop of 2.78% [2]