Group 1 - The article highlights the importance of talent cultivation in the oil and gas industry, emphasizing the need for high-quality engineering talent to support the development of the western region of China [1][2] - The China University of Petroleum (Beijing) is actively reforming its talent training model to align with industry needs, focusing on both ideological guidance and professional skill enhancement [1] - A significant percentage of graduates from the university are choosing to work in the oil and petrochemical sectors, with 57% of signed employment graduates entering these fields and 61% opting to work in the western regions [2] Group 2 - The university has introduced courses that integrate ideological education with practical industry knowledge, such as the elective course "Chinese Petroleum Culture," to better prepare students for careers in the energy sector [2] - The commitment of students to work in areas where oil is found reflects a strong sense of responsibility and dedication to contributing to national development [3]

Core Insights - The overall market rebounded this week, with all major indices closing higher, but none managed to recover the 5-week moving average, indicating that the current range-bound oscillation is not yet fully resolved [1][3][50] - The Shanghai Composite Index and the ChiNext Index are in their 3rd and 5th weeks of decline from their yearly highs, suggesting that the recent adjustments may not be sufficient [1][3][53] - The Hang Seng Tech Index and the Sci-Tech 50 Index have been adjusting for 8 weeks, with a clearer downward space visible [1][3][53] Market Overview - Major indices saw an overall rebound, with the Shanghai Composite Index, Shanghai 50, and CSI 300 rising by 1.40%, 0.47%, and 1.64% respectively, while growth indices like CSI 500, CSI 1000, and National CSI 2000 increased by 3.14%, 3.77%, and 4.50% respectively [11][50] - The ChiNext Index and Sci-Tech 50 showed significant activity, rising by 4.54% and 3.21% respectively, while the North Star 50 saw a slight increase of 0.75% [11][50] Sector Analysis - The market exhibited a trend of "technology strength and defensive weakness," with 25 sectors rising and 5 falling. Notably, the "TMT Four Giants" (Telecommunications, Electronics, Media) saw increases of 8.74%, 6.17%, and 4.16% respectively, while the Computer sector rose by 2.97% [14][51] - Defensive sectors such as Oil & Petrochemicals, Coal, Transportation, and Banking experienced declines of 0.62%, 0.54%, 0.53%, and 0.5% respectively [14][51] Market Sentiment - The average daily trading volume in the Shanghai and Shenzhen markets was 1.85 trillion yuan, slightly lower than the previous week's 2.02 trillion yuan [17] - The main futures contracts (IF, IH, IC) were mostly in backwardation, indicating a bearish sentiment in the market [17] Fund Flow - The margin trading balance slightly increased to 2.46 trillion yuan, with a financing buy ratio of 10.4%, up from 9.4% the previous week [26] - The consumer ETF saw a net inflow of 1.7 million yuan, while the electronic ETF experienced a net outflow of 10.3 million yuan [26] Quantitative Analysis - The valuation levels of major market indices are generally in the medium to high range, with the ChiNext Index showing a slightly lower valuation percentile [45] - The current downward energy model indicates that the market's downward energy is at a normal level, without triggering any sell signals [45][48] Future Outlook - Despite the recent rebound, the market remains below the 5-week moving average, and some indices have not yet repaired last week's downward gaps, suggesting that the current range-bound oscillation is not fully resolved [3][53] - The broker index is currently at a critical point, having increased from approximately 70 billion yuan to over 150 billion yuan in the past three months, indicating a potential focus for future directional choices [53][54] Investment Strategy - It is recommended to hold positions during the range-bound oscillation and avoid chasing prices or increasing costs [54] - Specific targets should be set based on the "left foot" of different major indices, with a focus on sectors that are lagging but expanding in market share, such as brokerage firms, pharmaceuticals, consumer goods, and AI applications [54]

市场周度评论 本周（2025年11月24日至11月28日），全球主要股指普遍上扬，风险偏好持续改善。美股表现强劲，纳 斯达克指数以4.91%的涨幅领跑，标普500与道琼斯工业指数分别上涨3.73%和3.18%，科技板块情绪显 著回暖。亚太市场同步反弹，日经225指数上涨3.35%。 A股市场整体反弹，成长风格占优。创业板指大涨4.54%，深证成指与科创50分别上涨3.56%和3.21%， 上证指数与沪深300涨幅相对温和，分别为1.40%和1.64%。市场呈现普涨格局，超84%个股上涨，但日 均成交额略有萎缩，显示部分资金观望情绪仍存。 行业方面，科技主线突出。通信、电子、传媒板块领涨，涨幅均超4%，而银行、石油石化等传统板块 承压。港股市场同步走强，恒生科技指数上涨3.77%，卖空金额大幅下降，显示空头情绪明显缓解。 然而，分散本身并非目的。若没有谨慎选股作为根基，多元化可能沦为平庸化的分散，甚至因持有质地 不佳的标的而拖累整体收益。真正的风险控制，需要在市场喧嚣中保持冷静，敢于在过热时卖出高估标 的，在低估时买入优质资产。 谨慎选股要求投资者深入理解企业的商业模式、竞争优势与财务状况。它关注的是企业的内在 ...

时值岁末寒冬，海南迎来出行高峰，气温变化也给民众出行带来诸多不便。为深入践行企业社会责任，回馈广大市民游客长期以来的支持，中国石化海南石 油分公司近期正式启动公益服务季活动，以"加油充电到石化 购物养车来易捷"为核心理念，整合全省加油站、便利店、汽服网点及线上平台资源，推出爱 心洗车、暖心权益包、便民惠民等一系列举措，为市民游客冬日出行注入温暖与关怀，彰显央企服务民生的责任与担当。 爱心洗车护出行，细节之处传温情 结合冬季车辆养护需求，中国石化海南石油分公司在全省46座自营站点同步推出便捷洗车服务。车辆作为民众日常出行的重要工具，亦是家庭生活的重要陪 伴。此次洗车服务不仅帮助车主保持车容整洁、提升行车安全，更在年末奔波的忙碌氛围中，为车主送上一份踏实与安心，让服务的温度传递到每一位用户 心中。 数字赋能优体验，暖心权益助旅途 依托"易捷加油"数字化平台，该公司聚焦车主加油、充电、旅途休息等多元场景需求，精心策划"自驾出行欢乐游，易捷加油好礼多"便民优惠活动。用户注 册成为平台会员后，即可享受咖啡热饮、简餐轻食、充电服务费折扣等多项暖心权益，为奔波在途的民众提供片刻休憩与能量补充。针对城乡、景区往返自 驾人群， ...

Core Points - The One Belt One Road Index (399991) closed at 2752.77 points, up 0.71%, with a trading volume of 98.274 billion yuan and a turnover rate of 0.58% [1] - Among the index constituents, 66 stocks rose, with Jerry Holdings leading at a 10.0% increase, while 19 stocks fell, with Zhongji Xuchuang leading the decline at 1.81% [1] Index Constituents Summary - The top ten constituents of the One Belt One Road Index include: - Zhongji Xuchuang (4.03% weight) at 514.50 yuan, down 1.81% [1] - Yingmei Holdings (3.30% weight) at 28.58 yuan, down 0.07% [1] - Luoyang Jiyie (3.20% weight) at 16.23 yuan, up 1.76% [1] - China Petroleum (3.15% weight) at 9.75 yuan, down 1.02% [1] - TBEA (3.08% weight) at 21.80 yuan, up 1.96% [1] - Xinyi Sheng (3.08% weight) at 347.80 yuan, up 2.05% [1] - ZTE Corporation (2.88% weight) at 42.09 yuan, down 0.50% [1] - SANY Heavy Industry (2.73% weight) at 20.32 yuan, up 0.94% [1] - China Xiongzhu (2.70% weight) at 5.20 yuan, down 0.76% [1] - Wanhua Chemical (2.69% weight) at 67.12 yuan, up 1.85% [1] Capital Flow Analysis - The One Belt One Road Index constituents experienced a net outflow of 173 million yuan from main funds, while retail investors saw a net inflow of 135 million yuan [3] - Notable capital flows include: - Xinyi Sheng with a net inflow of 63.2 million yuan from main funds [3] - Tanfeng Communication with a net inflow of 42.5 million yuan from main funds [3] - Zijin Mining with a net inflow of 15.1 million yuan from main funds [3] - Luoyang Jiyie with a net inflow of 13 million yuan from main funds [3] - China Shipbuilding with a net inflow of 129 million yuan from main funds [3]

Group 1 - The public fund investment strategy shows robust growth in both scale and number, with active equity funds achieving an average return of 29.69% in 2025, outperforming major indices [2][23][27] - The top three sectors for active equity fund holdings are technology, manufacturing, and cyclical industries, indicating a strong focus on growth-oriented sectors [2][28] - The market outlook for 2026 suggests continued structural opportunities in A-shares, with technology growth remaining a key theme, while Hong Kong stocks are seen as undervalued [2][3] Group 2 - The index fund market has reached a historical high in both scale and number, with total assets amounting to 6.14 trillion yuan, reflecting a significant increase of 32.27% from the previous year [2][37][40] - The ETF segment dominates the index fund market, accounting for 76.10% of total assets, with a notable increase in industry-themed ETFs [2][38][40] - The performance of thematic funds, particularly in technology, has been outstanding, with technology-themed funds achieving an average return of 44.06% in 2025 [2][27][28]

Core Insights - Government subsidies are a common and significant financial indicator for A-share listed companies, with a total of 890 companies receiving subsidies amounting to 3.354 billion yuan, covering 31 industries as of the first half of this year [1][12][14] Summary by Sections Government Subsidy Overview - Government subsidies can either serve as "lifelines" for companies to turn losses into profits or as "cover-ups" for operational difficulties [1] - The total amount of government subsidies received by listed companies reached 3.354 billion yuan, with 890 companies benefiting [1][12] Companies with Significant Subsidies - Eight companies received over 100 million yuan in subsidies, including China Petroleum (360 million yuan), Conch Cement (196.96 million yuan), and Gujia Home (139.35 million yuan) [3][4] - China Petroleum leads with a subsidy amount that is 1.8 times the average of the other seven companies, reflecting its status as a central enterprise in the energy sector [5] Industry Impact - The companies receiving substantial subsidies are primarily industry leaders or regional pillars, aligning with government goals to stabilize supply chains and promote industrial upgrades [4][9] - The medical device company Sainuo Medical received 2 million yuan in subsidies, which accounted for 133.53% of its net profit, indicating a heavy reliance on government support [6][8] Sector Analysis - The pharmaceutical and biological sector has the highest number of companies receiving subsidies, totaling 77, followed by machinery equipment (74) and basic chemicals (71) [13] - Traditional industries like textiles and retail have fewer companies receiving subsidies, indicating a policy focus on high-value-added and strategic emerging industries [14] ST Companies and Subsidy Reliance - Among 25 ST companies, only ST Juewei remains profitable, while others are in loss, highlighting the critical role of subsidies in avoiding delisting [10][11] - ST Yingfeitou received the highest subsidy of 6.9004 million yuan, while ST Saiwei received the lowest at 0.01 million yuan [11][10]

Market Overview - On the last trading day of November, A-shares ended with a slight rebound, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.85%, and the ChiNext Index up by 0.7% [1] - The total market turnover was 1.59 trillion yuan, a decrease of 125.4 billion yuan from the previous day, marking the lowest turnover since August 4, with three consecutive days of declining turnover [1] Index Performance - In November, the A-share market continued to experience fluctuations and corrections, with the growth style indices suffering the most. The STAR 50, ChiNext Index, and CSI 500 fell by 6.24%, 4.23%, and 4.08% respectively [1][2] - The CSI A500 and CSI 300 indices decreased by 2.55% and 2.46% respectively [1] Sector Performance - In terms of sector performance for November, the top-performing industries included comprehensive, banking, textile and apparel, and petroleum and petrochemicals, while the worst-performing sectors were computer, automotive, electronics, and non-bank financials [4][5] - The comprehensive sector saw a rise of 4.07%, banking increased by 2.99%, textile and apparel rose by 2.95%, and petroleum and petrochemicals grew by 2.90% [5] ETF Trends - The "Global Vision, Betting on China" top ten core ETFs experienced a decline of 2.98% in November, but recorded a year-to-date increase of 29.53%, significantly outperforming the CSI 300 index by 14 percentage points [8] - The A500 ETF (512050) saw a weekly increase of 2.15% and a monthly decline of 2.73%, with continuous net inflows, totaling 5.84 billion yuan on the previous day and 23.53 billion yuan over the past 20 days [8][10] - The securities-themed ETFs collectively saw a net inflow of 67.79 billion yuan in November, with a year-to-date net inflow of 902 billion yuan [19] Policy and Economic Outlook - The implementation plan issued by six departments aims to enhance the adaptability of supply and demand for consumer goods, with a target to optimize the supply structure by 2027 and establish a high-quality development pattern by 2030 [15][16] - The focus on boosting consumption has been highlighted as a primary task for economic work in 2025, with various policies being developed to support this goal [16] Securities Industry Insights - The securities industry is expected to see accelerated mergers and acquisitions, enhancing overall competitiveness and moving towards the goal of building a first-class investment bank [20] - The performance of listed securities firms showed significant improvement in the first three quarters of 2025, with total operating income reaching 419.56 billion yuan, a year-on-year increase of 42.55% [20][21]

PART.01 程强系德邦证券研究所所长、首席经济学家、中国首席经济学家论坛理事 市场概览 2025年11月27日周四，A股市场冲高回落；国债期货市场震荡整理；商品指数上涨，贵金属领涨，铂上 市首日大涨超6%。 PART.02 市场行情分析 1) 股票市场：冲高回落，延续缩量 冲高回落，延续缩量。今日A股主要指数呈现冲高回落特征，上证指数全天围绕3870点震荡，尾盘收涨 0.29%，报3875.26点；深证成指收跌0.25%，报12875.19点；创业板指和科创50早盘大幅冲高后持续回 落，创业板指收跌0.44%，报3031.30点，盘中一度涨超2%，科创50收跌0.33%，报1310.70点，盘中一度 涨近3%。全市场成交额1.72万亿，较前一交易日缩量4.1%，连续两日缩量，或显示市场交投活跃度边 际下降。市场上涨家数2786家、下跌2445家。 周期强、成长弱。今日领涨板块主要集中在周期红利，基础化工、石油石化、轻工制造、煤炭、银行、 电力及公用事业行业板块分别上涨1.22%、1.06%、1.04%、1.00%、0.52%、0.47%，细分指数方面，锂 电电解液指数大涨6.25%。近日，山鹰、玖龙、亚太 ...

11月28日，A股市场表现疲软，中证石化产业指数逆势上行，现涨约0.35%，成分股恒逸石化、兴 发集团、川发龙蟒等领涨。相关ETF方面，石化ETF（159731）近10个交易日有9个交易日获得资金净 流入，合计"吸金"2575万元。 国信证券提示，投资方向上可留意三大结构主线：一是宏观中期趋势下的资源和出海链；二是强产 业趋势下的科技"AI+"；三是政策驱动的"反内卷"及自主可控。同时，阶段性关注估值相对低位、存在 困境反转预期的食品饮料、化工和地产链上的优质公司。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行 业分布来看，基础化工行业占比为60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结 构和淘汰落后产能等政策。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...