1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Due to the weak employment market, Fed officials' remarks were dovish, and the market's expectation of a December rate cut has increased. The Sino-US presidential dialogue boosted market sentiment, leading to gains in the three major US stock indexes. The domestic market showed a trend of bottoming out and rebounding. As the accumulated market sentiment is gradually released, it is expected to start a volatile upward trend. The specific pace still needs to focus on policy dynamics [3] 3. Summary by Relevant Catalogs Market Analysis - **Macro and Overseas**: The Sino-US presidents had a dialogue, and Fed officials believed the labor market was weak and advocated a December rate cut [1] - **Spot Market**: A-share and US stock indexes closed higher. The defense and military, media, computer, and social service sectors led the gains, while the petroleum and petrochemical, coal, banking, and food and beverage sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets was 1.7 trillion yuan. The Ministry of Industry and Information Technology launched the creation of national emerging industry development demonstration bases [2] - **Futures Market**: The degree of futures index discount narrowed, and the trading volume and open interest of stock index futures decreased simultaneously [2] Strategy - Overseas, due to the weak employment market, Fed officials' remarks were dovish, increasing the market's expectation of a December rate cut. The Sino-US presidential dialogue boosted market sentiment, and the three major US stock indexes closed higher. The domestic market showed a trend of bottoming out and rebounding, and is expected to start a volatile upward trend. The specific pace still needs to focus on policy dynamics [3] Macro Economic Charts - The charts include the relationship between the US dollar index and A-share trends, the US Treasury yield and A-share trends, the RMB exchange rate and A-share trends, and the US Treasury yield and A-share style trends [7][8] Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: On November 24, 2025, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.37%, the ChiNext Index rose 0.31%, the CSI 300 Index fell 0.12%, the SSE 50 Index fell 0.18%, the CSI 500 Index rose 0.76%, and the CSI 1000 Index rose 1.26% [13] - **Other Charts**: Include the trading volume of the Shanghai and Shenzhen stock markets and the margin balance [14] Futures Market Tracking Charts - **Futures Index Position and Volume**: The trading volume and open interest of stock index futures decreased simultaneously. For example, the trading volume of the IF contract decreased by 52,863, and the open interest decreased by 7,338 [16] - **Futures Index Basis**: The basis of stock index futures showed certain changes. For example, the basis of the IF contract's current-month contract was -12.85, with a change of -40.44 [41] - **Futures Index Inter - Period Spread**: The inter - period spread of stock index futures also changed. For example, the spread between the next - month and current - month contracts of the IF contract was -15.80, with a change of +37.00 [48]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，A股三大指数大涨，截止午盘，港股通红利ETF广发（520900）涨幅0.65%，放量成交额 3994万元。数据显示，资金持续青睐港股通红利ETF广发（520900），从10月13日至11月21日，该ETF 已经连续6周获得净申购，流通规模从15.81亿元增至18.52亿元，规模增长率17.14%。 多重利好下的红利资产 市场人士指出，在当前震荡市场环境中，投资者寻求稳健回报的需求日益凸显。随着无风险利率持续下 行和市场波动，兼具高股息与低波动的红利策略展现出独特配置价值。广发基金旗下港股通红利ETF广 发（520900）聚焦高股息国资央企资产，为投资者提供了一键布局港股优质红利资产的高效工具。 当前宏观环境为红利策略的有效性提供了逻辑支撑。Wind数据统计显示，2021年以来，我国10年期国 债收益率从3.2%降至2025年11月3日的1.75%，无风险利率创历史新低，资产荒格局凸显。高股息资产 提供的股息回报与持续走低的无风险利率形成显著剪刀差，构成难以替代的相对收益优势。 政策层面，新国九条等政策引导上市公司提升分红水 ...

Core Insights - On November 24, a total of 17 companies were investigated by institutions, with 10 companies being surveyed by funds, indicating a strong interest in specific stocks [1] - Among the surveyed companies, 6 attracted more than 5 funds, with Crystal Morning Technology being the most popular, receiving attention from 35 funds [1] - The total market capitalization of the surveyed A-shares includes 1 company with a market cap over 500 billion yuan, and 6 companies with market caps below 100 billion yuan [1] Company Summaries - **Crystal Morning Technology (688099)**: Received the highest interest with 35 funds participating in the survey, latest closing price at 92.72 yuan, and a 5-day price increase of 15.68% [1] - **Weili Transmission (300904)**: Attracted 19 funds, latest closing price at 69.20 yuan, with a 5-day price decrease of 2.40% [1] - **Haiyou New Materials (688680)**: Surveyed by 8 funds, latest closing price at 39.17 yuan, experiencing a significant 5-day price drop of 14.83% [1] - **Sanyuan Bio (301206)**: Engaged 7 funds, latest closing price at 27.32 yuan, with a 5-day decline of 5.07% [1] - **Dayilong (002209)**: Also received attention from 7 funds, latest closing price at 14.39 yuan, with a 5-day decrease of 5.95% [1] - **Yongdong Shares (002753)**: Participated by 5 funds, latest closing price at 8.01 yuan, with a slight increase of 3.35% over 5 days [1] - **Hengyi Petrochemical (000703)**: Surveyed by 3 funds, latest closing price at 6.96 yuan, with a 5-day decline of 7.94% [1] - **Weichai Power (000338)**: Engaged 2 funds, latest closing price at 16.60 yuan, with a 5-day decrease of 6.21% [1] - **Zhongsheng Pharmaceutical (002317)**: Attracted 1 fund, latest closing price at 24.08 yuan, with a 5-day decline of 9.20% [1] - **Meirui New Materials (300848)**: Also surveyed by 1 fund, latest closing price at 14.89 yuan, with a 5-day drop of 10.52% [1]

国内市场综述 缩量震荡 小幅收涨 周一（11 月 24 日）大盘缩量震荡，小幅收涨。截至 收盘，上证综指收于 3836.77 点，上涨 0.05%；深成 指收于 12585.08 点，上涨 0.37%；科创 50 上涨 0.84%； 创业板指上涨 0.31%，万得全 A 成交额共 17404 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 21 个上涨，其中国 防军工、传媒及计算机涨幅居前，而石油石化、煤炭 及银行则跌幅居前。概念方面，中船系、航母及航空 航天等指数表现活跃。 海外市场综述 美股三大指数全线收涨，特斯拉涨近 7% 周一（11 月 24 日），美国三大股指全线收涨，道指 涨 0.44%，标普 500 指数涨 1.55%，纳指涨 2.69%。默 克、亚马逊涨超 2%，领涨道指。万得美国科技七巨头 指数涨 2.89%，特斯拉涨近 7%，谷歌涨超 6%。中概股 普遍上涨，禾赛科技涨超 18%，小马智行涨逾 12%。 新闻精要 6. 全球重要经济数据发布 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523 ...

Core Viewpoint - The recent A-share market has experienced significant adjustments, with major indices seeing substantial weekly declines, yet there is a notable influx of funds into ETFs, indicating a "buy the dip" mentality among investors [2][4]. Fund Flows and Market Trends - During the week of November 17-21, A-shares faced a major downturn, with the Shanghai Composite Index dropping over 3% and the ChiNext Index falling more than 6%, marking the largest single-week decline in months [2][4]. - Despite this downturn, a total of 701.21 billion yuan flowed into stock and cross-border ETFs, with broad index ETFs attracting 359.31 billion yuan, highlighting a strong interest in these investment vehicles [4][5]. - The trend of "buying the dip" is evident, as many investors are taking advantage of the market correction to enter positions in ETFs [5][8]. Sector Preferences - The most favored ETFs during this period include the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [5][8]. - There is a clear shift in fund flows, with significant outflows from high-valuation sectors such as electronics and technology, while sectors like banking and consumer goods are gaining attention due to their relative stability and lower valuations [7][8]. Investment Strategies - Analysts suggest that the current market environment calls for a balanced investment approach, focusing on undervalued assets and sectors with strong fundamentals, such as AI, chips, robotics, and innovative pharmaceuticals [9]. - The recommendation for investors is to diversify their portfolios and consider stocks that have not seen significant price increases, rather than concentrating on high-flying tech stocks [9].

市场表现： 证券研究报告 2025 年 11 月 25 日 星期二 【A 股市场大势研判】 市场全天探底回升，三大指数集体收红 | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3836.77 | 0.05% | 1.87 | | | 深证成指 | 12585.08 | 0.37% | 47.01 | | | 沪深 300 | 4448.05 | -0.12% | -5.56 | | | 创业板 | 2929.04 | 0.31% | 8.97 | | | 科创 50 | 1296.60 | 0.84% | 10.77 | | | 北证 50 | 1386.04 | 0.63% | 8.64 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国防军工 | 4.31% | 石油石 ...

上证指数-沪深 300 走势图 -7% 3% 13% 23% 33% 2024-11 2025-02 2025-05 2025-08 上证指数 沪深300 晨会纪要（R3） 晨会纪要 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 周剑 | 分析师 | | 执业证书编号:S0530525090001 | | | zhoujian64@hnchasing.com | | 2025 年 11 月 25 日 晨会聚焦 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3836.77 | 0.05 | | 深证成指 | 12585.08 | 0.37 | | 创业板指 | 2929.04 | 0.31 | | 科创 50 | 1296.60 | 0.84 | | 北证 50 | 1386.04 | 0.63 | | 沪深 300 | 4448.05 | -0.12 | | 一、财信研究观点 | | --- | | 【市场策略】 ...

Market Overview - The Shanghai Composite Index rose by 0.05% on November 24, with 19 sectors experiencing gains, led by defense and military industry (up 4.31%) and media (up 3.49%) [1] - The oil and petrochemical sector saw the largest decline, down 1.21%, followed by coal, which fell by 1.09% [1] Capital Flow - The main capital outflow from both markets totaled 10.192 billion yuan, with 11 sectors seeing net inflows [1] - The defense and military sector had the highest net inflow of 5.466 billion yuan, while the media sector followed with 2.542 billion yuan [1] - The electronic sector experienced the largest net outflow, totaling 6.708 billion yuan, followed by the power equipment sector with 2.087 billion yuan [1] Oil and Petrochemical Sector Analysis - The oil and petrochemical sector experienced a decline of 1.21%, with a net capital outflow of 530 million yuan [2] - Out of 47 stocks in this sector, 24 rose, including one that hit the daily limit, while 20 fell [2] - The top net inflow stocks included Rongsheng Petrochemical (43.186 million yuan), Huibo Technology (31.2136 million yuan), and Bomaike (25.2525 million yuan) [2] Individual Stock Performance - Major stocks with significant net outflows included China Petroleum (-2.49%, -316.2775 million yuan), China National Offshore Oil Corporation (-3.15%, -157.0026 million yuan), and Guanghui Energy (-0.59%, -42.7184 million yuan) [3][4] - Stocks with notable gains included Bomaike (up 10.01%, 25.2525 million yuan) and Huibo Technology (up 2.65%, 31.2136 million yuan) [4]

Core Viewpoint - The A-share market shows a slight increase with a "high and low" trend, driven by small and medium-sized growth stocks and the real estate sector, while large-cap stocks like banks and oil companies face pressure [4][6]. Market Performance - The three major A-share indices experienced a mild increase, with the Shanghai Composite Index slightly retreating due to the drag from heavyweight stocks such as banks and oil [4]. - The Shenzhen Component Index outperformed, supported by active mid and small-cap growth stocks and the real estate sector [4]. Trading Volume and Market Sentiment - The total trading volume in both markets decreased by 11.9%, indicating a significant reduction in market activity and a cautious attitude among investors [7]. - There is a structural adjustment in fund flows, shifting towards undervalued sectors like military and coal, although the overall scale remains limited [7]. Fund Flow Dynamics - Institutional investors are adjusting their portfolios defensively, moving funds into sectors supported by policies and events, such as defense, culture, and computing, while selling off high-valuation growth sectors like electronics and semiconductors [9]. - Retail investors are engaging in short-term speculation, increasing positions in military and media sectors, believing in recovery opportunities due to policy catalysts [9]. Investor Sentiment - The sentiment among retail investors shows a mixed approach, with 21.36% increasing their positions and 22.62% reducing them, while 56.02% remain unchanged [15]. - A majority of retail investors (59.46%) expect the market to rise in the next trading day [18]. Positioning and Profitability - The average position of investors is reported at 71.19%, with 52.80% fully invested [21]. - A significant portion of investors (43.13%) is experiencing losses of less than 20%, while 5.56% have profits exceeding 50% [23].

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly up by 0.05% closing at 3836.77 points, while the Shenzhen Component Index rose by 0.37% to 12585.08 points. The STAR 50 Index increased by 0.84% to 1296.6 points, and the ChiNext Index gained 0.31% to close at 2929.04 points. Overall, 4228 stocks rose while 1100 stocks fell, with a total trading volume of 17,406 billion yuan, a decrease of 2,379 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military industry, media, computer, and social services saw significant gains, with increases of 4.31%, 3.49%, 2.41%, and 2.22% respectively. Conversely, industries like petroleum and petrochemicals, coal, banking, and food and beverage experienced declines, with decreases of 1.21%, 1.09%, 0.79%, and 0.56% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included those related to the China Shipbuilding Industry, aircraft carriers, commercial aerospace, military information technology, and satellite internet, among others. Notably, sectors such as lithium mining and salt lake lithium extraction experienced a pullback [2].