Group 1 - The article discusses the recent fluctuations in the stock market, particularly the Shanghai Composite Index reaching new highs before experiencing a downturn, causing panic among investors [3][31]. - The absence of the U.S. CPI data has led to market fears regarding the Federal Reserve's cautious approach, with concerns that interest rates may not be lowered in December [4][6]. - The article highlights that despite the lack of CPI data, the Federal Reserve has other data to consider, and the current economic situation in the U.S. is not as strong as it appears, masked by the tech boom [9][10]. Group 2 - There has been a significant increase in non-bank loans in the U.S., with $550 billion in new loans in the first ten months of the year, marking a 40% growth rate [18][19]. - Non-bank loans have surpassed the total of real estate, industrial, and consumer loans combined, indicating a shift in credit dynamics [19][21]. - The article outlines the main areas where non-bank loans are directed, including commercial real estate, residential mortgages, corporate credit, and consumer finance, driven by tighter bank regulations and the need for flexible financing [22][23]. Group 3 - The article notes a style shift in the market, with a general decline influenced by overseas factors, while certain sectors like finance and small-cap stocks have shown resilience [31][33]. - The Hong Kong stock market is more affected by overseas influences, and there have been recommendations to increase positions in insurance and Hong Kong dividend stocks during corrections [34][39]. - The article emphasizes that despite internal style rotations, the overall index is still on a slow upward trend, with the Shanghai Composite Index reaching new highs [43][44]. Group 4 - Recent economic data shows a decline in M1 and M2 growth rates, with M1 decreasing to 6.2% and M2 to 8.2%, indicating potential challenges in the stock market [53][59]. - Retail sales growth has slowed to 2.93%, suggesting a sluggish recovery in consumer spending, with restaurant revenues showing some improvement [62][66]. - Real estate investment has dropped by 14.7% year-on-year, indicating ongoing challenges in the sector, but the article suggests that funds from the real estate market may flow into the stock market [67][68]. Group 5 - The article mentions a rebound in soybean meal prices, with potential for further increases if supply issues arise towards the end of the year [69]. - It highlights the cyclical nature of the market, emphasizing that returns are not linear and that investors should be prepared for periods of volatility [71][73]. - The article advises against certain mindsets during bull markets, such as chasing highs or being overly sensitive to account fluctuations, suggesting a focus on long-term investment strategies [76][77].

中国银行与体育赛事结缘已久，拥有深厚的服务积淀。中国银行曾为2008年北京奥运会和2022年北京冬 奥会提供全方位专业金融服务，积累了丰富的国际赛事服务经验。这些宝贵经验通过系统总结和传承， 已深深融入东莞中行的服务基因。 第十五届全国运动会在粤港澳大湾区隆重举行，这场体育盛会既是对我国体育事业发展成就的集中展 示，也是推动区域协调发展的重要契机。作为扎根东莞的金融机构，中国银行东莞分行（简称"东莞中 行"）充分发挥总行"双奥银行"的传承优势，通过支持赛事安保、助力潮玩产业、传承体育服务基因等 多维度举措，为十五运提供全方位金融保障。 针对潮玩企业的特点，该行积极推广"中银惠制造"专属服务方案，为企业量身定制融资方案，提供从原 材料采购到产品研发、从生产制造到市场推广的全产业链金融服务。依托数字金融工具，优化企业资金 周转效率，助力十五运吉祥物等衍生品按时保质投入市场。截至2025年10月末，东莞中行"中银惠制 造"专属服务方案当年累计投放超25亿元，贷款户数超600户。 东莞中行将以专业金融服务保障赛事安全，以创新金融产品支持产业发展，在服务十五运的实践中展现 国有大行的责任担当，为粤港澳大湾区体育事业高质 ...

1. 11月18日(周二)美股盘前，美股三大股指 期货齐跌。截至发稿，道指期货跌0.63%，标普期货跌 0.54%，纳指期货跌0.67%。 2. 截至发稿，欧洲股市主要指数齐跌超1%。欧洲斯托克50指数跌1.49%， 英国富时100指数跌1.39%，法国CAC40指数跌1.45%，德国DAX30指数跌1.5%。 3. 截至发稿，WTI原 油跌0.07%，报59.82美元/桶。布伦特原油跌0.12%，报64.12美元/桶。 市场消息 1、Cloudflare(NET.N) 全球网络服务遭遇问题。 2、美国政府公布截至10月18日当周首次申请失业金人数为23.2万人，部分前 期数据被上修。 3、现货 黄金跌破4000美元/盎司关口，为11月10日以来首次，日内跌超1%。 4、波音 表示中东地区飞机机队将在2044年前翻倍以上，全球客运量份额将超10%。 5、空客获得迪拜航空150 架A321neo订单，结束其自成立以来的全波音机队架构。 6、美联储内部备忘录显示将放松对 银行监 管，限制审查员权力，呼应特朗普"松绑"愿景。 7、"债券之王"冈拉克警告私募信贷市场风险或引发新 一轮金融危机。 个股消息 1、拼多多( ...

Group 1 - The core announcement is that Jin控电力's subsidiary, Shanxi Linfen Thermal Power Co., Ltd., plans to engage in factoring financing with a maximum amount of 300 million RMB, with a term not exceeding 3 years [1] - The company will provide guarantees for the financing arrangements, which have been approved by the board and will be submitted for shareholder meeting approval [1] - Another subsidiary, Jin控电力 Shanxi Guodian Wangping Power Generation Co., Ltd., intends to secure a loan of up to 200 million RMB from Shanxi Huairen Rural Commercial Bank, also with a term not exceeding 3 years [1]

"大家最关心的是，银行卖债是否会导致债券收益率快速上行，甚至引发二级市场调整。"一位国有大行 交易部门人士对记者表示。但他同时指出，当前这一行为诉求已明显趋于平稳：一方面，前三季度债市 震荡已导致持有债券浮盈空间收窄，部分银行公允价值变动收益甚至为负；另一方面，信贷需求偏弱、 资产端仍有"缺资产"压力，银行更倾向于增配债券而非集中卖出。 中信证券首席经济学家明明指出，年末银行卖债主要出于两大动因：总行层面确保盈利增速平稳，以及 部门层面实现业绩目标。但结合上市银行财报观察，OCI账户债券占比提升、存量配置盘老券充裕，使 得银行在年末的卖债诉求相对有限。 长江证券固定收益赵增辉团队认为，配债预计继续支撑扩表。从资产投放视角而言，四季度银行信贷投 放一般会季节性走弱，可用资金会向金融投资倾斜；从投资性价比角度来看，银行负债成本下行，为配 债打开一定空间；同时四季度若政府债发行节奏相对趋缓，则从被动承接规模、久期压力方面都会为银 行主动配债打开一定空间。 "缺资产"压力未解。 临近2025年年末，市场再度关注银行是否会通过"卖债兑现浮盈"锁定利润、冲刺部门业绩，从而引发债 市波动。多位机构分析师向记者表示，今年银行 ...

Core Insights - The article discusses the cyclical nature of AI investment, highlighting a pattern where enthusiasm peaks at the beginning of the year but wanes by year-end due to a lack of tangible returns [1][3] - It emphasizes that AI is not merely a short-term bubble or a tool exclusive to large companies, but rather a technology that requires a strategic approach to integrate with business operations for effective implementation [3][4] Group 1: AI Investment Trends - Many companies experience a cycle of initial excitement followed by project stagnation due to unmet expectations and a disconnect between technology and business needs [1][2] - A significant number of enterprises abandon AI initiatives midway, with only about 300 out of thousands achieving real results [2] Group 2: Identifying Opportunities and Pitfalls - Companies that successfully leverage AI focus on the "middle ground" of integrating AI with their specific business needs, avoiding the extremes of macro-level concepts and micro-level techniques [3][4] - Common pitfalls include investing in flashy AI projects without addressing real business problems, leading to low usage rates and increased customer complaints [5][6] Group 3: Effective AI Implementation Strategies - Successful AI applications often target high-frequency, repetitive tasks, yielding quick returns on investment and building confidence in AI's value [7][12] - Companies that integrate AI into their core products or services can create new revenue streams and enhance operational efficiency [15][16] Group 4: The Five-Level Implementation Framework - The article introduces a "L1-L5" framework for AI implementation, which helps businesses systematically approach AI integration based on their specific industry needs [9][11] - Levels L1 and L2 focus on validating AI's value with minimal investment and optimizing core processes, while levels L3 to L5 emphasize transforming AI into a revenue-generating engine and building industry-wide ecosystems [14][18] Group 5: Recommendations for Different Business Sizes - Small and medium-sized enterprises are advised to start with low-cost, high-impact AI applications to achieve quick wins [21] - Mature companies should focus on breaking down data silos and embedding AI into their core operations to gain a competitive edge [22] - Leading firms are encouraged to develop AI-native products and build ecosystems to capitalize on long-term market opportunities [23]

继成功推出柬埔寨与泰国、越南、老挝和日本之间的跨境二维码支付服务后，本次柬埔寨KHQR与新加 坡RoamQR（SGQR）之间的互联互通，是柬拓展金融互联互通的又一重要进展。 柬埔寨首家上市商业银行——爱喜利达银行（ACLEDA）宣布，柬埔寨与新加坡两国跨境二维码支付 第一阶段11月12日正式启动。启动仪式由柬埔寨国家银行行长谢丝蕾出席主持。 该倡议的第一阶段由包括爱喜利达银行和新加坡Liquid Group Pte.Ltd. 在内的领先金融机构共同合作推 出。持有柬埔寨瑞尔银行账户的柬埔寨旅客在访问新加坡时，通过ACLEDA Super App即可扫描新加坡 的SGQR（Singapore Quick Response Code）商户提供的RoamQR码，进行便捷、快速且安全的实时支 付。此举旨在促进本币使用并大幅便利双边交易。 ...

转自：新华财经 新华财经北京11月18日电 由于担心日本首相高市早苗不断膨胀的支出计划，长期日债连续第二日遭投 资者抛售，与此同时，日经指数周二（18日）大幅下跌，这是三周以来首次跌破5万大关。该指数收盘 于48,702点，比周一收盘时下跌了3%以上。而在日本股市下跌之前，投资者对美联储下月降息的预期 降低，隔夜纽约股市出现了更广泛的抛售。 当天盘中及盘后交易，中短债日债收益率下行，长期日债收益率上行，截至发稿时，2年期日债收益率 跌1BP至0.925%，10年期日债收益率涨2.1BPs至1.75%，20年期日债收益率涨4.6BPs至2.791%，30年期 日债收益率涨5.6BPs至3.315%。 "通常情况下，当这些避险事件发生时，都是由美联储发起的，并因对日本的担忧而延续，"法国兴业银 行首席美国股市和多资产策略师马尼什·卡布拉表示。 市场参与者还预计，日本央行12月召开的政策会议将不会加息。 日本央行行长植田和男周二表示，他告诉首相，央行正在逐步提高利率，以引导通胀平稳地向2%的目 标迈进，这番言论让市场继续猜测加息的时机。 分析人士表示，投资者迫切希望了解高市经济措施的规模，以及她计划如何为这些措施提 ...

Core Insights - In Q3 2025, insurance capital significantly increased its allocation to equity assets, with the proportion of equity assets approaching historical highs [1][4] - The investment distribution of insurance capital in Q3 2025 included 7.9% in bank deposits, 50.3% in bonds, 10.0% in stocks, 5.5% in funds, 7.9% in long-term equity investments, and 18.4% in other assets [1] - The investment in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points respectively compared to Q2 2025, while the investment in stocks and funds surged to 15.5%, nearing the historical peak of 16.1% in H1 2015 [1] Investment Trends - In Q3 2025, insurance capital continued to increase its allocation to dividend-paying stocks, particularly in the TMT (Technology, Media, and Telecommunications) and high-end manufacturing sectors, while adjusting its internal allocations [4] - The insurance capital significantly increased its holdings in banks, steel, and textile sectors, while reducing positions in high-end manufacturing sectors such as new energy, military, and machinery [4] - The overall trend showed that the dividend yield remained a crucial reference for insurance capital's stock selection, with a decreasing trend in dividend yield from increased to reduced holdings [4] Stock Specifics - The top stocks added by insurance capital in Q3 2025 included Agricultural Bank of China (329.1 billion), Postal Savings Bank (125.9 billion), and Industrial and Commercial Bank of China (57.4 billion) [7] - Conversely, the top stocks reduced included GCL-Poly Energy (7.0 billion), Wan Feng Auto (7.1 billion), and Aero Engine Corporation of China (7.6 billion) [7] Shareholding Activities - Insurance capital's shareholding activities accelerated in Q3 2025, with a notable increase in the number of companies targeted, particularly in Hong Kong stocks [9] - As of now, insurance capital has made 30 shareholding increases this year, surpassing the total for 2020 and 2024, with 25 of these being in Hong Kong stocks [9][11]

证券研究报告 | 金融工程市场策略报告 金融工程市场策略报告 报告日期：2025 年 11 月 18 日 分析师：徐忠亚 执业证书号：S1230523050001 xuzhongya@stocke.com.cn 物价回归，决战 2026 ——金融工程 2026 年度策略 核心观点 经济复苏、物价回归或将成为中国经济贯穿全年的核心叙事，看好 A 股进一步走强， 结构上先景气后质量，先周期后消费。此外，量化资金推动下，微盘股牛市或远未结 束。 ❑ 中国经济有望由筑底后期逐步转向复苏期，核心在于需求侧的三大超预期：美国 财政扩张超预期、出口上行超预期、地产供需格局改善带动内需修复超预期。 从宏观周期模型上看，目前我国经济处于筑底后期，且信用周期已经确认企稳， 有望逐步迈入复苏周期。我们判断，2026 年有望出现需求侧的三大超预期，助力 中国经济走向复苏： 1、美国财政扩张超预期：根据 CRFB 预测，在考虑关税收入影响后，美国政府 2026 财年赤字率将达 5.9%。不过，关税收入面临较大不确定性，无论是法律挑 战，还是特朗普反复提及的"关税分红" ，都可能对关税收入造成重大影响。若假 设关税收入清零，则美国赤字率 ...