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].

A股三大股指11月24日集体高开。盘初快速下挫后，三大股指早盘震荡下行转跌。午后反转，三大股指直线拉升转涨，但尾盘出现了跳水。 社会服务涨幅居前，君亭酒店（301073）、实朴检测（301228）、中国高科（600730）、国脉科技（002093）等涨停或涨超10%，创业黑马 （300688）、豆神教育（300010）、安车检测（300572）等涨超4%。 石油石化高开低走领跌两市，和顺石油（603353）跌超5%，中国海油（600938）、中国石油（601857）、荣盛石化（002493）、中国石化 （600028）等跌超2%。 煤炭股跌幅靠前，安泰集团（600408）、美锦能源（000723）、晋控煤业（601001）等跌超2%，大有能源（600403）、中国神华（601088）等跌 超1%。 从盘面上看，军工、卫星导航、低空经济、AI应用、云计算、6G、电商概念股表现活跃；锂电池产业链再度回调，锂矿方向领跌；海南本地股走 弱。 至收盘，上证综指涨0.05%，报3836.77点；科创50指数涨0.84%，报1296.6点；深证成指涨0.37%，报12585.08点；创业板指涨0.31%，报2929.04 ...

(产品代码：159726) ★ 跟踪：恒生中国内地企业高股息率指数 近五日涨跌: -3.30% （原标题：【盘中播报】75只A股封板 国防军工行业涨幅最大） 证券时报•数据宝统计，截至下午13:58，今日沪指涨0.23%，A股成交量942.58亿股，成交金额13653.76亿元，比上一个交易日减少14.94%。个股 方面，4511只个股上涨，其中涨停75只，825只个股下跌，其中跌停21只。从申万行业来看，国防军工、传媒、计算机等涨幅最大，涨幅分别为 3.98%、3.53%、2.68%；石油石化、煤炭、银行等跌幅最大，跌幅分别为2.22%、1.29%、0.59%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 国防军工 | 3.98 | 722.71 16.12 | | 航天环宇 | 19.99 | | 传媒 | 3.53 | 781.53 25.39 ...

Group 1 - The market sentiment score decreased slightly to 3.8 as of November 21, down from 3.9 the previous week, indicating a bearish outlook from a sentiment perspective [6][10][11] - The overall trading activity in the market has declined, with total trading volume for the week down 8.74% compared to the previous week, averaging 18650.36 billion CNY per day [13][15] - The short-term trend scores for industries such as banking, textiles, defense, and petrochemicals have shown an upward trend, with petrochemicals having the highest short-term score of 83.05 [35][36] Group 2 - The price-volume consistency indicator has rapidly declined, suggesting a decrease in the correlation between capital attention and stock price increases, leading to a drop in market sentiment [10][11][12] - The industry trading volatility has continued to rise, indicating increased activity in capital switching between sectors, although the growth rate has slowed down [19][21] - The financing balance ratio has continued to rise, reflecting an increase in leveraged capital sentiment, suggesting a more active investment environment [25][27] Group 3 - The model indicates a preference for small-cap and value styles, with strong signals for both, although the 5-day RSI relative to the 20-day RSI has decreased rapidly, warranting further observation [35][44] - The industry crowding degree shows a negative correlation with weekly price changes, indicating that sectors with high crowding, such as electric power equipment and basic chemicals, have experienced significant declines [39][41] - The report highlights that industries with lower crowding, such as automobiles and machinery, have shown smaller declines, suggesting potential long-term investment value [39][41]

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.34%，A股成交量714.49亿股，成交金额10324.73 亿元，比上一个交易日减少21.58%。个股方面，3201只个股上涨，其中涨停54只，2024只个股下跌， 其中跌停35只。从申万行业来看，国防军工、综合、传媒等涨幅最大，涨幅分别为2.68%、1.17%、 1.08%；石油石化、煤炭、有色金属等跌幅最大，跌幅分别为1.91%、1.67%、1.61%。（数据宝） | 电子 | | | | 大为股份 | | | --- | --- | --- | --- | --- | --- | | 有色金属 | -1.61 | 557.58 | -24.87 | 融捷股份 | -10.01 | | 煤炭 | -1.67 | 62.17 | -28.35 | 安泰集团 | -5.76 | | 石油石化 | -1.91 | 72.98 | -25.00 | 和顺石油 | -5.56 | （文章来源：证券时报网） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | ...

Group 1 - Market sentiment score has slightly decreased to 3.8 as of November 21, down from 3.9 the previous week, indicating a bearish outlook [7][11] - The consistency between price and volume has weakened significantly, showing a decline in market engagement and a drop in risk appetite, particularly reflected in the decreasing trading volume of the Sci-Tech 50 index [11][18] - The total trading volume for the entire A-share market has decreased by 8.74% week-on-week, with an average daily trading volume of 18650.36 billion yuan [15][17] Group 2 - The banking, textile and apparel, defense, petrochemical, and comprehensive sectors have shown an upward trend in short-term scores, with the petrochemical sector leading at a score of 83.05 [40][41] - The correlation between sector crowding and weekly price changes is negative at -0.24, indicating that sectors with high crowding, such as electric power equipment and basic chemicals, have experienced significant declines [44][46] - The current model indicates a preference for small-cap and value styles, with strong signals for both, although the strength of these signals may need further observation [50][52]

（文章来源：每日经济新闻） 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。 11月24日，石化ETF（159731）震荡下行，现跌约1.1%，持仓股光威复材、蓝晓科技、三美股份等领 涨；川发龙蟒、盐湖股份等领跌。石化ETF（159731）近10个交易日有8个交易日获得资金净流入，合 计"吸金"2674万元。 华创证券认为，三季报到年报出炉，市场面临5个月的业绩空窗期，投资人面临布局明年和风格切换的 需要，因此化工是值得布局的选择之一。化工行业的整体加权开工率在历史高点，而价差还在底部，距 离反转还需要看到库存的去化，但已经有零星品种率先走出底部反转趋势。建议沿着四条路线进行配 置：（1）反转早期优先布局白马标的；（2）稀缺资源品有望迎来估值再定价，布局资源禀赋好的磷化 工、钾盐、氟化工龙头；（3）布局增量可观，成长确定性强的标的；（4）供需结构好，反转确定性较 强的农药、氨纶、长丝和有机硅等行业。 ...

新京报贝壳财经讯 11月23日，中国石化发布公告称，2025年11月20日，公司完成本轮回购，已实际回 购公司A股股份约8935万股，占公司总股本的0.07%，回购最高价格为6.1元/股，回购最低价格为5.27元/ 股，回购均价约为5.6元/股，使用资金总额为约5亿元。本轮回购股份将全部注销并相应减少注册资 本。 编辑 杨娟娟 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Short - term, there is no need to be overly pessimistic about the continuous poor performance of stocks and bonds. The subsequent basic assumption is a fundamental combination of stable earnings, converging macro - liquidity, and declining risk appetite. The stock - bond ratio favors bonds, the equity style favors value, and the recommended allocation combination is long - term bonds plus value - type equity assets. This week, the Shanghai Composite 50 Index (80% position) and the China Securities 1000 Index (20% position) are recommended [2][8]. - In the contraction cycle, the degree to which the stock - bond ratio favors equities is limited, and the probability of value style outperforming is higher. A + H dividend portfolios and A - share portfolios are recommended, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][10]. 3. Summary by Relevant Catalogs 3.1 National Asset Liability Sheet Analysis - **Liability Side** - In October 2025, the liability growth rate of the real sector was 8.6%, down from 8.9% previously, with a larger - than - expected decline. It is expected to decline slightly to around 8.5% in November and continue to decline, returning to a contraction phase. By the end of the year, it is expected to drop to around 8.4% [2][17]. - Last week, the financial sector's capital situation continued to converge marginally, but there were signs of a rebound in the second half of the week. The government's goal of stabilizing the macro - leverage ratio remains unchanged, and China is still in a marginal contraction phase [2][17]. - In terms of fiscal policy, the net increase in government bonds last week was 2378 billion yuan (slightly higher than the planned 2283 billion yuan), and the planned net increase next week is 2480 billion yuan. The government liability growth rate at the end of October 2025 was 13.9%, down from 14.5% previously, and is expected to drop to around 13.0% in November and remain on a downward trend [3][18]. - In terms of monetary policy, the weekly average trading volume of funds decreased, the price increased, and the term spread slightly increased. The yield of one - year treasury bonds fluctuated narrowly, closing at 1.40% at the weekend. It is estimated that the lower limit of the one - year treasury bond yield is about 1.3%, with a central value around 1.4%. The term spread between ten - year and one - year treasury bonds slightly increased to 42 basis points. The future fluctuation ranges of ten - year and thirty - year treasury bond yields are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [3][18]. - **Asset Side** - In October, the physical quantity data continued to weaken compared to September. The Two Sessions set the target for the annual real economic growth rate in 2025 at around 5%, and the nominal economic growth rate target at around 4.9%. It remains to be seen whether a nominal economic growth rate of around 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 3.2 Stock - Bond Cost - effectiveness and Stock - Bond Style - Last week, the capital situation continued to converge, and both stocks and bonds underperformed for two consecutive weeks, exceeding expectations. The stock market was bearish, and the bond market was flat. The equity style continued to favor value. The stock - bond ratio favored bonds. The yield of ten - year treasury bonds remained stable at 1.82%, the yield of one - year treasury bonds decreased by 1 basis point to 1.40%, and the term spread slightly increased to 42 basis points. The yield of thirty - year treasury bonds increased by 1 basis point to 2.16%. The broad - based rotation strategy outperformed the CSI 300 Index by 1.46 pct last week [6][21]. - Since 2016, China has entered a marginal contraction phase of the national asset - liability sheet. The stock - bond ratio favors bonds. The bond allocation strategy is duration plus credit spread, and the stock allocation strategy is dividends plus growth [20]. - As of now, there have been two expansions of the real - sector balance sheet this year. The external environment's honeymoon period for China is over, and international funds will compare China and the US on a more equal footing. China's advantage lies in the real economy [7][22]. 3.3 Industry Recommendation - **Industry Performance Review** - This week, the A - share market declined with shrinking volume. The Shanghai Composite Index fell 3.9%, the Shenzhen Component Index fell 5.1%, and the ChiNext Index fell 6.2%. Among the Shenwan primary industries, banking, media, food and beverage, national defense and military industry, and household appliances had the smallest declines, while power equipment, comprehensive, basic chemicals, commercial retail, and steel had the largest declines [29]. - **Industry Crowding and Trading Volume** - As of November 21, the top five crowded industries were electronics, power equipment, computer, basic chemicals, and machinery and equipment, while the bottom five were beauty care, comprehensive, steel, coal, and social services. The top five industries with increased crowding this week were computer, media, national defense and military industry, agriculture, forestry, animal husbandry and fishery, and communication, while the top five with decreased crowding were power equipment, pharmaceutical biology, basic chemicals, non - ferrous metals, and commercial retail [31]. - This week, the average daily trading volume of the entire A - share market was 1.87 trillion yuan, down from 2.04 trillion yuan last week. The industries with the highest year - on - year growth in trading volume were national defense and military industry, computer, media, agriculture, forestry, animal husbandry and fishery, and real estate, while the industries with the smallest growth were power equipment, food and beverage, household appliances, environmental protection, and basic chemicals [33]. - **Industry Valuation and Earnings** - This week, among the Shenwan primary industries, banking, food and beverage, media, national defense and military industry, and household appliances had the smallest declines in PE(TTM), while power equipment, comprehensive, basic chemicals, commercial retail, and steel had the largest declines. Industries with relatively high 2024 full - year earnings forecasts and relatively low current valuations compared to history include banking, insurance, petroleum and petrochemicals, public utilities, transportation, pharmaceutical biology, auto parts, beauty care, new energy, and consumer electronics [36][37]. - **Industry Prosperity** - Externally, there was a marginal recovery. In October, the global manufacturing PMI rose from 50.7 to 50.8, and the PMIs of major economies showed mixed trends. The CCFI index rose 2.6% week - on - week in the latest week, and port cargo throughput declined. South Korea's export growth rate decreased to 3.6% in October and rose to 8.2% in the first 20 days of November. Vietnam's export growth rate slightly decreased from 25.3% in September to 18.2% in October [41]. - Domestically, second - hand housing prices fell in the latest week, and quantity indicators showed mixed trends. The number of trucks passing through expressways increased. The capacity utilization rate of ten industries, which had been rising from May to August and falling from September to October, slightly increased in November but remained at a historically low level. Automobile trading volume was at a relatively high level compared to the same period in history, new - home trading volume remained at a historically low level, and second - hand housing trading volume declined seasonally [41]. - **Public Fund Market Review** - In the third week of November (November 17 - 21), most active public equity funds outperformed the CSI 300. As of November 21, the net asset value of active public equity funds was 3.7 trillion yuan, slightly up from 3.66 trillion yuan in Q4 2024 [59]. - **Industry Recommendation** - In the contraction cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. Dividend - type stocks should generally have three characteristics: no balance - sheet expansion, good earnings, and survival. The recommended A + H dividend portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [65].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the outlook for the A-share market in 2026, predicting a slow bull market with increased difficulty in making profits, necessitating a focus on fundamental improvements and validations [1][2][15]. Core Insights and Arguments - **Market Outlook**: The A-share market is expected to continue a "slow bull" trend, with a focus on technology sectors while being cautious of structural and phase adjustment risks [2][9][15]. - **Sector Preferences**: The preferred sectors for 2026 include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military machinery, and computing [3][10][15]. - **Investment Themes**: Key investment themes revolve around the US-China competition, particularly in AI and new energy, with significant advancements in domestic technologies such as large model algorithms and solid-state batteries [13][14][15]. - **IPO Market Dynamics**: The IPO market in 2025 saw a resurgence in new listings, with an average first-day increase of 244.78% and no new stocks experiencing a decline [16][24]. The number of new IPOs increased, particularly on the main board and the North Exchange [16][21]. - **Banking Sector Outlook**: The banking sector is expected to maintain high dividend yields, with credit growth projected at 7-8% and a narrowing of interest margin declines [4][36][39]. The overall provisioning is deemed sufficient to manage potential risks [42][43]. Important but Overlooked Content - **Valuation Levels**: Current valuation levels of major indices are at historical highs, indicating a potential risk of a market peak if short-term gains are too rapid [5][6]. - **Market Phases**: The market is currently in the "economic verification phase," characterized by index fluctuations and slowing growth, with frequent style switches due to earnings realizations in overvalued sectors [6][7]. - **Resource Sector Potential**: If the technology sector adjusts, resource products may become the new focus, benefiting from global monetary easing and supply-demand imbalances [12][15]. - **Non-Interest Income**: The banking sector's non-interest income is expected to continue benefiting from the bond market, although reliance solely on this income is cautioned against [40][41]. - **Asset Quality Concerns**: Despite the overall stability, there are concerns regarding real estate-related risks and the potential exposure of certain loan projects [42][43]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the anticipated trends and strategies for the A-share market and specific sectors in 2026.