Core Points - China Everbright Bank announced a system upgrade maintenance for various digital banking services to enhance service quality [1] - The maintenance will take place on November 20, 2025, from 20:00 to 24:00, during which certain services may be affected [1] - Customers are advised to make necessary arrangements in advance due to potential service disruptions [1] Company Summary - The upgrade will impact personal mobile banking, personal online banking, corporate online banking, and other related services [1] - The bank expresses gratitude for customer support and encourages inquiries through their 24-hour customer service hotline [1]

Core Viewpoint - Industrial Bank (601166) announced a scheduled upgrade and maintenance of its commercial bill system, resulting in a temporary suspension of related services on November 22, 2025 [1] Group 1 - The maintenance will take place from 8:00 AM to 9:00 PM on November 22, 2025 [1] - Services affected include corporate online banking, direct connection services, and other channels related to commercial bills [1] - Services will resume on November 23, 2025, at 8:00 AM [1] Group 2 - Customers are advised to plan their business needs accordingly due to the temporary service interruption [1] - The bank expresses apologies for any inconvenience caused during this maintenance period [1] - A customer service hotline is available for any inquiries related to this maintenance [1]

Core Viewpoint - As of November 18, a total of 89 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stocks with the longest consecutive net buying days are CITIC Bank and Galaxy Microelectronics, both having recorded net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Lianrui New Materials, Suzhou Kedah, Hexin Instruments, Aidi Te, Mingxin Xuteng, Kaidi Co., Jiangsu Bank, and Tongling Co. [1]

| 传媒 | | | | 天下秀 | | | --- | --- | --- | --- | --- | --- | | 房地产 | -1.47 | 166.16 | -28.89 | 中国武夷 | -10.00 | | 建筑材料 | -1.60 | 53.51 | -27.34 | 海南瑞泽 | -8.08 | | 综合 | -2.71 | 27.83 | -37.46 | 三木集团 | -10.03 | （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指涨0.23%，A股成交量564.10亿股，成交金额7842.47亿 元，比上一个交易日减少19.90%。个股方面，919只个股上涨，其中涨停39只，4450只个股下跌，其中 跌停6只。从申万行业来看，石油石化、银行、有色金属等涨幅最大，涨幅分别为2.60%、1.44%、 1.11%；综合、建筑材料、房地产等跌幅最大，跌幅分别为2.71%、1.60%、1.47%。（数据宝） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- ...

截至2025年11月19日 10:57，中证银行指数(399986)强势上涨1.14%，银行ETF易方达(516310)上涨 1.24%，成交5279.79万元。 银行ETF易方达(516310)紧密跟踪中证银行指数，场外联接(A：161121；C：009860)。 拉长时间看，截至11月18日，银行ETF易方达(516310)近3月规模增长8.09亿元。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 银河证券指出，适度宽松货币政策延续，央行强调科学看待金融总量指标并保持合理的利率比价关系， 有助提升银行稳健经营能力和服务经济高质量发展的适配度。十五五规划出台推动银行业转型，银行三 季度净利改善延续，关注变革进展及基本面修复机会。 申万宏源研究表示，银行板块正处于长牛修复的起点，当前行业整体PB仅约0.7倍，估值中枢抬升的基 础正在夯实。一方面，"前所未有的低利率环境"推动险资等耐心资本持续增配高股息资产，银行股性价 比突出；另一方面，公募基金持仓比例降至近十年最低，存在较大回补空间。展望2026年，央行明确提 出支持银行稳定净息差，若量价实现新平衡，利息净收入有望转正增长，叠加拨备 ...

11月19日早盘，银行股震荡走高。截至10:14，中国银行涨超2%，股价再创新高。光大银行、江苏银 行、交通银行、重庆银行、中信银行、招商银行等涨幅居前。 | SH | | 招商银行 | 43.40 | +1.21% | +0.52 | | --- | --- | --- | --- | --- | --- | | | | 600036 | | | | | ટેન | | 中信银行 | 8.04 | +1.52% | +0.12 | | | | 601998 | | | | | SH | 4 | 交通银行 | 7.56 | +1.75% | +0.13 | | | | 601328 | | | | | ટેન | | 重庆银行 | 11.32 | +1.07% | +0.12 | | | | 601963 | | | | | SH | | 江苏银行 | 10.89 | +1.49% | +0.16 | | | | 600919 | | | | | SH | | 中国银行 | 5.95 | +2.94% | +0.17 | | | | 601988 | | | | | ટેન | | 光大银行 | 3.60 | ...

Group 1 - The A500 index (000510) has shown a slight increase of 0.26% as of November 19, 2025, with notable gainers including Aerospace Development (000547) up 10.01% and Spring Wind Power (603129) up 8.14% [1] - The A500 ETF fund (512050) has experienced a trading volume of 12.23 billion yuan with a turnover rate of 6.34%, and its average daily trading volume over the past month is 51.22 billion yuan [1] - The A500 ETF fund has seen a net inflow of 24.31 million yuan recently, with a total of 206 million yuan net inflow over the past five trading days, averaging 4.12 million yuan per day [1] Group 2 - Dongguan Securities suggests that profit-taking may lead to short-term volatility in the A-share market, but the long-term upward trend is expected to continue [2] - Debon Securities believes that despite short-term adjustments, the medium to long-term bull market pattern will persist, emphasizing the importance of policy support for economic data [2] - The A500 index includes 500 securities selected from various industries based on market capitalization and liquidity, reflecting the overall performance of representative listed companies [2] Group 3 - The A500 ETF fund (512050) has several related funds, including the 华夏中证A500ETF联接 A (022430), C (022431), Y (022979), and the 华夏中证A500指数增强 A (023619), C (023620) [3]

周三（11月19日）亚洲时段，美元/日元徘徊在九个月高位附近，最新美元兑日元汇率报155.4200，跌幅 0.05%。周二受日本三季度疲软GDP数据拖累，日元走势承压，美元兑日元汇率持续上行并站稳155关 口上方。 美元兑日元汇率周二延续涨势，盘中一度触及九个半月新高，兑欧元同样走强。市场对日本财政政策的 担忧持续发酵，同时投资者正等待美国关键数据为美联储政策路径提供明确方向。 市场对日本财政政策的担忧支撑了该货币对，并等待美国经济数据以判断美联储的下一步动向。美联储 会议纪要将于周三晚些时候公布，届时将成为市场关注的焦点。 美元/日元技术分析 在日本方面，尽管日本央行行长植田和男暗示可能最早下个月加息，但首相高市早苗对此表示不满，要 求央行配合政府重振经济，这一政策分歧引发市场对日本财政纪律的担忧。巴克莱银行分析认为，高市 首相推行安倍经济学式政策将继续对日元构成压力。 美元兑日元汇率稳步上行并站稳155关口。鳄鱼指标（Alligator）呈上行态势，确认当前多头动能。汇 率有望进一步向156局部阻力位攀升。若多头能守住155关口，美元对日元汇率可能延续上行趋势；反 之，若空头重新掌控局面并推动汇率有效跌破 ...

1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025Q3, the market value of convertible bonds held by public - funds increased, with the bond - type funds being the main force of the increase, and they mainly added positions in power equipment convertible bonds. The position of convertible bonds held by public - funds also rose. Although the convertible bond market continued to shrink, the convertible bond assets still had considerable returns under the catalysis of equity enthusiasm [2][8][9]. - The performance of convertible bond funds outperformed the index in 2025Q3, showing net subscriptions and scale expansion. However, the overall position and leverage ratio of these funds declined. Both public - funds and convertible bond funds focused on adding positions in power equipment convertible bonds [5][8][9]. 3. Summary by Directory 3.1 Public - funds Increase Convertible Bond Positions and Add Positions in Power Equipment Convertible Bonds 3.1.1 Market Value of Convertible Bonds Held by Public - funds Increases Month - on - Month, and Positions Rise - In 2025Q3, the market value of convertible bonds held by public - funds was 316.618 billion yuan, a month - on - month increase of 16.09% and a year - on - year increase of 12.72%. The ratio of the market value of convertible bonds held by public - funds to the market value of bond investments was 1.57%, a 0.28 - percentage - point increase from 25Q2; the ratio to net worth was 0.87%, a 0.07 - percentage - point increase from 25Q2 [13]. - The market value changes of convertible bonds held by different types of funds varied month - on - month. Stock - type and secondary bond - type funds significantly increased their positions. From the perspective of absolute amount changes, the bond - type funds had the largest increase in market value, with a month - on - month increase of 48.61 billion yuan in 25Q3 [17][19]. - The overall position of public - funds in convertible bonds increased, but the position of convertible bond funds was diluted. According to the Wind fund primary classification, the convertible bond position of stock - type funds remained flat at 0.02% month - on - month, that of hybrid funds decreased by 0.26 percentage points to 0.59%, and that of bond - type funds increased by 0.49 percentage points to 2.73% [23][25]. 3.1.2 Public - funds Inversely Increase Positions, while Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading Reduce Positions - As of the end of 2025Q3, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 599.489 billion yuan, a decrease of 55.679 billion yuan from the end of 25Q2, a month - on - month decrease of 8.50%. Insurance institutions, enterprise annuities, and securities firms' proprietary trading significantly reduced their positions, while public - funds significantly increased their positions inversely, with a month - on - month increase of 7.68% to 233.561 billion yuan [35]. 3.1.3 Public - funds Mainly Add Positions in Power Equipment, and Bank Convertible Bonds Further Shrink - In terms of industry layout in 25Q3, banks were still the primary layout sector, but the overall position market value shrank significantly under the early redemption of multiple bank convertible bonds, with only a 233 - million - yuan difference from the power equipment market value. From the perspective of the market value month - on - month change rate, 24 industries had positive month - on - month changes, with the petrochemical, power equipment, and beauty care industries leading in growth [42]. 3.1.4 Industrial Convertible Bonds Maintain the First - Positioned Heavy - Position Bond - Industrial convertible bonds were the first - positioned heavy - position bond of public - funds, and EVE and Industrial convertible bonds led in terms of incremental positions. Among the top ten convertible bonds in terms of total position market value, there were 3 bank convertible bonds, which was fewer than in Q2. The types of bottom - position bonds gradually diversified [50]. 3.2 Convertible Bond Funds' Performance Outperforms the Index, and Convertible Bond Positions and Leverage Ratios Decline 3.2.1 Net Asset Value after Reinvestment Increases, and Overall Net Subscriptions Occur - As of 2025Q3, there were 39 convertible bond funds in the market. The performance of convertible bond funds outperformed the convertible bond index, showing net subscriptions and scale expansion. The scale of convertible bond funds in 25Q3 was 63.284 billion yuan, a significant increase of 11.635 billion yuan from 25Q2, a month - on - month increase of 22.53% [55]. - By observing the asset allocation changes of high - performing convertible bond funds, most of the larger - scale funds had reduced convertible bond positions. The top five funds in terms of net value performance in 25Q3 all had a certain scale, and most of them reduced their positions in stocks and convertible bond assets [57][58]. 3.2.2 Convertible Bond Positions Slightly Decrease Month - on - Month, and Leverage Ratios Decline Month - on - Month - The overall position of 39 convertible bond funds slightly decreased, and the leverage ratio declined month - on - month. In the third quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.18%, a month - on - month decrease of 1.16 percentage points; the median position was 85.54%, a more obvious month - on - month decrease of 6.14 percentage points. The average leverage ratio of 39 convertible bond funds was 114.13%, a decrease of 2.79 percentage points month - on - month, continuing the downward trend [5][68]. 3.2.3 Convertible Bond Funds Focus on Adding Positions in Power Equipment - From the perspective of the quarterly change in the number of times funds held convertible bonds, more than half of the industries had an increase in the number of holdings in 25Q3, with power equipment, electronics, and machinery leading in the increase. From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportion of power equipment increased by 4.46 percentage points, leading by a large margin [6]. - Among the 39 convertible bond funds, Industrial convertible bonds were still the main heavy - position bond and increased in position. The banking and power equipment industries remained at the forefront of heavy - position industries [6].

据追风交易台消息，美银18日发布的全球基金经理调查显示，基金经理们的股票配置升至2025年2月以来的最高水平， 但现金持仓降至仅3.7%，触发该行"卖 出信号"， 市场担忧过度看涨的仓位可能成为风险资产的阻力。 然而，乐观情绪的背后是日益增长的风险警报。 45%的受访者将"AI泡沫"视为当前市场的最大尾部风险， 这一比例较上月显著上升。同时，"做多七巨头"以 54%的得票率重回"最拥挤交易"的榜首，凸显了市场资金在大型科技股上的高度集中。 市场情绪正处于一个微妙的十字路口。美银的调查显示，尽管投资者对经济前景的乐观情绪升温，但对人工智能驱动的投资狂热及其潜在泡沫的担忧也在同步 加剧，同时，一个长达20年未见的警示信号——企业过度投资——已经出现。 尽管宏观情绪本月有所改善，全球增长预期年内首次转正，53%的投资者预测经济将软着陆，但创纪录的63%受访者认为股市当前估值过高。 美银警告，这一转变的背后，是对AI领域资本支出热潮的规模及其融资方式的普遍担忧。 若无美联储降息等新的催化剂，风险资产可能面临回调压力。 AI泡沫成头号风险，20年来首现企业"过度投资"警告 美银调查显示，在经历了数月的市场狂热后，基金经 ...