Core Insights - The Hubei state-owned enterprise reform sector saw a rise of 0.58% on November 24, with Guangji Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance Summary - Guangji Pharmaceutical (000952) closed at 7.83, with a gain of 9.97% and a trading volume of 66,800 shares, amounting to a transaction value of 50.81 million yuan [1] - Santer Cableway (002159) closed at 15.45, up 2.66%, with a trading volume of 31,200 shares and a transaction value of 47.85 million yuan [1] - LIGONG Optical Science (300557) closed at 27.78, up 2.58%, with a trading volume of 24,400 shares and a transaction value of 67.45 million yuan [1] - Xianglong Electric (600769) closed at 12.90, up 2.54%, with a trading volume of 75,400 shares and a transaction value of 96.24 million yuan [1] - Hubei Broadcasting (000665) closed at 5.97, up 1.88%, with a trading volume of 400,200 shares and a transaction value of 237 million yuan [1] Capital Flow Analysis - The Hubei state-owned enterprise reform sector experienced a net outflow of 303 million yuan from main funds, while retail investors saw a net inflow of 300 million yuan [2] - The main funds showed a significant net inflow in Guangji Pharmaceutical, amounting to 19.41 million yuan, while retail investors had a net outflow of 11.25 million yuan [3] - Hubei Energy (000883) had a net inflow of 16.12 million yuan from main funds, but a net outflow of 20.48 million yuan from retail investors [3]

Core Viewpoint - The Tianjin state-owned enterprise reform sector experienced a rise of 0.88% on November 24, with the stock "Seven One Two" leading the gains [1]. Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% - The Shenzhen Component Index closed at 12585.08, up 0.37% [1]. Stock Performance in Tianjin State-Owned Enterprise Reform Sector - The following stocks showed notable performance: - "Seven One Two" (603712) closed at 20.25, up 3.42% with a trading volume of 112,000 shares and a turnover of 224 million yuan - "Baili Electric" (600468) closed at 6.09, up 2.01% with a trading volume of 222,500 shares and a turnover of 134 million yuan - "Jin Investment City Opening" (600322) closed at 2.50, up 1.21% with a trading volume of 261,600 shares and a turnover of 65.4 million yuan - "Tianjin Membrane Technology" (300334) closed at 7.51, up 1.21% with a trading volume of 112,900 shares and a turnover of 85.1 million yuan - "Teda Co., Ltd." (000652) closed at 4.16, up 0.97% with a trading volume of 143,800 shares and a turnover of 59.9 million yuan [1]. Capital Flow Analysis - On that day, the Tianjin state-owned enterprise reform sector saw a net inflow of 12.26 million yuan from institutional investors, while retail investors experienced a net outflow of 36.84 million yuan [2]. - The following stocks had significant capital flows: - "Jin Kai New Energy" (600821) had a net inflow of 11.83 million yuan from institutional investors, but a net outflow of 21.34 million yuan from retail investors [3]. - "Tianjin Port" (600717) had a net inflow of 2.07 million yuan from institutional investors, but a net outflow of 5.71 million yuan from retail investors [3].

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 2.40 | 425.36 | 35.85 | 航天环宇 | 19.99 | | 综合 | 1.70 | 23.55 | -22.80 | 南京新百 | 5.01 | | 通信 | 1.28 | 473.69 | -0.98 | 光库科技 | 14.46 | | 社会服务 | 1.05 | 64.17 | -17.07 | 国义招标 | 12.32 | | 传媒 | 1.02 | 376.17 | 10.75 | 值得买 | 11.60 | | 房地产 | 0.94 | 141.27 | -13.54 | 世联行 | 10.10 | | 建筑装饰 | 0.84 | 143.67 | -6.41 | 招标股份 | 20.00 | | 医药生物 | 0.75 | 366.57 | -27.71 | 中源协和 | 10.02 | | 农林牧渔 | 0.57 | 186.71 | -25.90 | 永安林业 | 1 ...

Macro Strategy - The LPR remained unchanged in November, with the 1-year and 5-year rates at 3.00% and 3.50% respectively, indicating stable monetary policy despite weak macro data in October [2][3] - A-share indices experienced significant declines from November 17 to 21, with the Shanghai Composite Index down 3.90% and the ChiNext Index down 6.15%, primarily due to reduced expectations for a December rate cut by the Federal Reserve [3][4] - All primary industries in the A-share market declined, with energy metals and communication equipment showing the highest cumulative gains for 2025 at 83.18% and 78.97% respectively [5][6] Investment Recommendations - For the long term, 2026 is expected to be a year of growth driven by the "14th Five-Year Plan," with a stable A-share market anticipated [7] - Short-term strategies should focus on sectors benefiting from long-term capital inflows, traditional sectors related to "anti-involution," and consumer areas such as motorcycles and medical services [7] North Exchange Overview - As of November 21, 2025, the North Exchange had 284 listed stocks, with an average total market value of 864.16 billion yuan, a decrease of 4.16% from the previous week [10][11] - Notable new listings included Dapeng Industrial, which saw a 1211.11% increase in its stock price during its first week [10][12] Medical Services Industry - The pharmaceutical and biological sector fell by 6.88%, underperforming the Shanghai Composite Index by 3.11 percentage points [16][17] - The medical services sector's PE ratio is currently at 31.22, with a recent decline of 2.25 [18] - High-growth areas such as ADC and TIDES CDMO are recommended for investment, with companies like WuXi AppTec and WuXi Biologics highlighted [19][20][21] Automotive Industry - Yuanrong Qixing showcased 200,000 mass-produced vehicles at the Guangzhou Auto Show, aiming for a cumulative delivery of 1 million vehicles by 2026 [23][24] - The automotive sector is expected to benefit from the acceleration of intelligent technology adoption and supportive policies for vehicle consumption [25][26] - Investment opportunities are significant in the automotive and parts sectors, particularly for companies involved in smart components and electric vehicles [26][27]

| 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3834.89 | -2.45% | -96.16 | | 深证成指 | 12538.07 | -3.41% | -442.75 | | 沪深 300 | 4453.61 | -2.44% | -111.34 | | 创业板 | 2920.08 | -4.02% | -122.26 | | 科创 50 | 1285.83 | -3.19% | -42.36 | | 北证 50 | 1377.39 | -4.71% | -68.15 | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 证券研究报告 2025 年 11 月 24 日 星期一 【A 股市场大势研判】 沪指失守 3900 点 市场表现： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | -0.32% | 综合 | -5.50% | ...

主力资金净流出的行业有30个，电子行业主力资金净流出规模居首，全天净流出资金264.75亿元，其次 是电力设备行业，净流出资金为195.35亿元，净流出资金较多的还有计算机、有色金属、非银金融等行 业。 综合行业今日下跌5.50%，全天主力资金净流出5.46亿元，该行业所属的个股共16只，今日上涨的有1 只；下跌的有15只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的个股有3只，净流入 资金居首的是特力A，今日净流入资金937.92万元，紧随其后的是泰达股份、上海三毛，净流入资金分 别为825.08万元、106.07万元。综合行业资金净流出个股中，资金净流出超3000万元的有6只，净流出资 金居前的有粤桂股份、东阳光、三木集团，净流出资金分别为2.40亿元、7968.80万元、7431.13万元。 （数据宝） 综合行业资金流向排名 沪指11月21日下跌2.45%，申万所属行业中，跌幅居前的行业为综合、有色金属，跌幅分别为5.50%、 5.26%。综合行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出1289.90亿元，主力资金净流入的行业仅有1个，传媒行业净流入 资金14.80亿元。 | ...

盘后数据出炉。 今日（11月21日），A股单边下挫，市场逾5000股下跌，截至收盘，上证指数跌2.45%，深证成指跌3.41%，创业板指跌4.02%，A股全天成交1.98万亿元，上日成交 1.72万亿元。 1.两市主力资金净流出超980亿元 今日沪深两市主力资金开盘净流出392.77亿元，尾盘净流出143.68亿元，两市全天主力资金净流出985.55亿元。 | | | 沪深两市最近五个交易日主力资金流向情况 (亿元) | | | | --- | --- | --- | --- | --- | | 日期 | 净流入金额 | 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-11-21 | -985.55 | -392.77 | -143.68 | -521.53 | | 2025-11-20 | -366.03 | -48.79 | -67.73 | -155.72 | | 2025-11-19 | -348.42 | -123.87 | 5.59 | -178.90 | | 2025-11-18 | -624.24 | -232.22 | -66.11 | -354.10 | | 2025-11 ...

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].

Market Overview - The Shanghai Composite Index fell by 0.40% on November 20, with 7 industries experiencing gains, led by the construction materials and comprehensive sectors, which rose by 1.40% and 0.87% respectively [1] - The beauty care and coal industries saw the largest declines, with drops of 2.39% and 2.10% respectively [1] Capital Flow - The main capital outflow from both markets totaled 47.655 billion yuan, with only 4 industries seeing net inflows [1] - The banking sector led the net inflow with 2.188 billion yuan and a daily increase of 0.86%, followed by the communication sector with a net inflow of 1 billion yuan and a daily increase of 0.51% [1] Comprehensive Sector Analysis - The comprehensive sector increased by 0.87% with a net capital inflow of 14.2 million yuan, comprising 16 stocks, of which 8 rose and 1 hit the daily limit [2] - The top net inflow stocks in the comprehensive sector included Yatai Group with 14.7 million yuan, followed by Sanmu Group and Nanjing Public Utilities with 13.8 million yuan and 1.09776 million yuan respectively [2] - The stocks with the largest net outflows included Yuegui Co., Nanjing New百, and Zhangzhou Development, with outflows of 5.86545 million yuan, 5.01685 million yuan, and 3.09660 million yuan respectively [2] Comprehensive Sector Capital Flow Ranking - Yatai Group: +10.10% with a turnover rate of 6.66% and a capital flow of 146.68 million yuan [2] - Sanmu Group: +5.08% with a turnover rate of 49.68% and a capital flow of 138.30 million yuan [2] - Nanjing Public Utilities: +1.10% with a turnover rate of 5.63% and a capital flow of 1.09776 million yuan [2] - Other notable stocks include: - Yueda Investment: +1.81% with a capital flow of 8.45 million yuan [2] - Dongyangguang: +0.63% with a capital flow of 5.07 million yuan [2] - Stocks with negative capital flow include: - Yuegui Co.: -0.54% with a capital outflow of 5.86545 million yuan [2] - Nanjing New百: -3.28% with a capital outflow of 5.01685 million yuan [2] - Zhangzhou Development: +1.39% with a capital outflow of 3.09660 million yuan [2]

Core Viewpoint - The article analyzes the performance of the A-share market in the last two months of each year over the past decade, highlighting that large-cap value and dividend styles tend to outperform, while small-cap and growth styles lag behind. Consumer and cyclical sectors show relatively better performance [1][7]. Market Performance Summary - In the last two months of each year, large-cap value and dividend styles have consistently outperformed small-cap and growth styles, indicating a trend in investor preference [7]. - The historical performance of major indices from 2015 to 2024 shows fluctuations, with significant gains in 2015 (e.g., Shanghai Composite Index up 4.6%) and notable declines in 2023 (e.g., Shanghai Composite Index down 1.5%) [2]. Leading Industries Summary - Over the past decade, the leading industries in the last two months have included: - 2015: Comprehensive, Social Services, Real Estate, Electronics, Beauty Care [4] - 2016: Oil & Petrochemicals, Construction Decoration, Steel, Retail, Building Materials [4] - 2017: Food & Beverage, Oil & Petrochemicals, Home Appliances, Steel, Coal [4] - 2018: Electronics, Comprehensive, Food & Beverage, Agriculture, Beauty Care [4] - 2019: Building Materials, Non-ferrous Metals, Electronics, Media, Automotive [4] - 2020: Non-ferrous Metals, Social Services, Power Equipment, Food & Beverage, Defense [4] - 2021: Media, Light Industry Manufacturing, Communication, Environmental Protection, Building Materials [4] - 2022: Food & Beverage, Social Services, Beauty Care, Retail, Media [4] - 2023: Coal, Machinery, Media, Communication, Comprehensive [4] - 2024: Retail, Banking, Comprehensive, Textile & Apparel, Oil & Petrochemicals [4] Investment Strategy Insights - Various institutions suggest strategies for the year-end market, emphasizing the importance of focusing on low-value sectors and potential rebounds in banking and non-bank financials. They recommend monitoring sectors like battery, photovoltaic equipment, energy metals, and chemical products for investment opportunities [8][9]. - The article suggests a balanced investment approach, combining dividend and technology strategies to optimize asset allocation while avoiding frequent trading to minimize costs and risks [9].