01 主题： 巨头持续大模型竞争 时间： 11月24日（周一）20:00 主讲： 曹佩 计算机首席分析师 参会密码：621900 02 主 题： 行业配置模型回顾与更新系列（十六） 时间： 11月25日（周二）21 : 30 主讲： 刘晓锋 金工首席分析师 参会密码：032513 03 主 题： 四季度银行及非银板块投资配置机会 时间： 11月27日（ 周四）14 : 00 主讲： 夏芈卬 金融首席分析师 参会密码：781278 04 主题：磷化工投资机会探讨 时间： 11月28日（周五）10 : 30 主讲： 王亮 院长助理&化工首席分析师 王海涛 化工分析师 参会密码：392254 05 主题： 电子行业观点 时间： 11月28日（周五）16 : 00 识别二维码立即参会 会议号码: +86-4001888938 (中国) +86-01053827720 (全球) +886-277083288 (中国台湾) +852-51089680 (中国香港) 参会密码:621900 主讲：张世杰 电子首席分析师 参会密码： 730684 mune 首席分 行业配置模型回顾 与更新系列(十六) 11 .25 ª / ...

Group 1: Corporate Governance - The China Securities Regulatory Commission has officially released the revised "Corporate Governance Guidelines for Listed Companies," marking a transition from "formal compliance" to "substantive effectiveness" in corporate governance [3] - The China Listed Companies Association has recognized 240 "Best Practice Cases," 190 "Excellent Practice Cases," and 156 "Typical Practice Cases" for corporate governance in 2025, highlighting the importance of effective board operations and governance structures [2] Group 2: Sustainable Development - Six companies from Gansu have been awarded for their sustainable development practices, with Dayu Water-saving (300021) recognized as a "Best Practice Case" for integrating smart water management and digital twin technology [4] - Jiu Steel Hongxing (600307) and Gansu Energy (000791) have been acknowledged for their innovative approaches to sustainability, including the development of a photovoltaic and ecological governance model [5] Group 3: Internal Control - Gansu Energy (000791) has been awarded for its compliance and risk control efforts that enhance its internal control system, while Dayu Water-saving (300021) received recognition for its transition from "risk prevention" to "value creation" [6]

尽管A股市场整体表现疲软，资金却展现出逆势布局的态势，股票型ETF"越跌越买"。 11月21日市场单边下挫，上证指数收盘跌2.45%报3834.89点，深证成指跌3.41%，创业板指跌4.02%，市场成交额1.98万亿元。 Wind数据显示，11月21日当日，全市场1263只可统计的股票型ETF净流入金额高达407.55亿元。其中，沪深300ETF、中证500ETF净流入额超30亿元；创业 板ETF、科创50ETF、中证1000ETF资金净流入额超20亿元；上证指数ETF、证券ETF、中证1000ETF净流入额超10亿元。 | 证券代码 | 证券简称 | 本周资金净流入(亿元) | 管理人 | | --- | --- | --- | --- | | 510500 | 中证500ETF | 57.78 | 南方基金 | | 159915 | 创业板ETF | 46.78 | 易方达基金 | | 510300 | 沪深300ETF | 44.62 | 华泰柏瑞基金 | | 588000 | 科创50ETF | 34.80 | 华夏事ぞ | | 513180 | 恒生科技指数ETF | 30.99 | 华夏基金 | ...

Group 1 - The core argument presented by financial market researcher Shanaka Anslem Perera is that Nvidia is involved in a $610 billion Ponzi-like funding cycle, raising concerns about its financial health [2][5]. - Perera highlights Nvidia's accounts receivable, which amount to $33.4 billion, showing a year-on-year increase of 89%, and notes that the collection period has extended from 46 days to 53 days, indicating potential cash flow issues [5][9]. - He suggests that there is a circular flow of funds within the AI industry, where investments from large companies like Nvidia and Microsoft are being recycled among startups, leading to inflated revenue figures without corresponding cash inflows [9][12]. Group 2 - The current market sentiment is fragile, as evidenced by the significant drop in tech stocks and the subsequent reactions from the Federal Reserve, which has taken measures to reassure the market [4][12]. - Perera's predictions include a timeline for Nvidia's potential financial collapse, suggesting that by February 2026, overdue accounts will be revealed, leading to credit rating downgrades and financial restatements within a short period [9][12]. - Despite the alarming claims, the underlying industry data remains strong, with continued demand for enterprise AI and high profit margins, indicating that the market correction may be a shift from "overly optimistic" to "normally optimistic" rather than a drastic downturn [13][12]. Group 3 - The A-share market has shown signs of weakness, with significant net inflows into stock ETFs, indicating a shift in investor sentiment towards more stable investments amidst market volatility [15][21]. - Recent trading data shows that on November 21, the Shanghai Composite Index fell by 2.45%, while stock ETFs saw a net inflow of 40.755 billion yuan, reflecting a trend of buying on dips [15][16]. - For the month of November, ETF funds have accumulated a net inflow of 103.16 billion yuan, with specific ETFs like the CSI 500 ETF and the ChiNext ETF receiving substantial investments, highlighting a preference for sectors with solid performance [21][22].

Group 1: Macro and Asset Performance - In November, the Shanghai Composite Index fell by 3.0%, the CSI 300 dropped by 4.0%, the ChiNext Index decreased by 8.4%, and the STAR 50 Index declined by 9.2% [1][11] - The bond market experienced a slight decline, with an overall drop of 0.1%, and government bond yields increased, with 1-year, 5-year, and 10-year yields rising by 1.8bp, 2.5bp, and 2.1bp respectively [1][21] - The Hang Seng Index fell by 2.7%, and major US stock indices also saw declines, with the Dow Jones Industrial Average, Nasdaq, and S&P 500 dropping by 2.8%, 6.1%, and 3.5% respectively [1][21] Group 2: A-Share Market Outlook - The central economic work conference in December is crucial for setting the tone for 2026 economic policies, which could lead to an independent market trend if macro and industrial policies exceed expectations [1][22] - The market is currently in a phase of consolidation without a clear main line, with recommendations to focus on the aviation sector, new consumption, and undervalued banking stocks [2][23] - The aviation sector is expected to benefit from supply-side constraints and policy guidance, leading to improved profitability alongside low oil prices [2][23] Group 3: Bond Market Strategy - The overall outlook for government bond yields suggests a continued upward trend, influenced by domestic fundamentals and policy fluctuations [3][24] - The upcoming central economic work conference is anticipated to have a significant impact on interest rates, as yields typically price in next year's policies [3][26] - Despite a weak economic backdrop, the 10-year government bond yield is expected to maintain a strong position, rising from 1.79% to around 1.82% [3][29]

Market Performance - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points [1] - The Hang Seng Index also declined over 5%, while the Hang Seng Tech Index fell more than 7% [1] - Major Asian markets, including the Korean Composite Index and Nikkei 225, also saw declines of nearly 4% and over 3.48%, respectively [1] Sector Analysis - The technology and battery sectors, which had previously shown strong performance, underwent substantial corrections, with the electronics sector experiencing a weekly decline of 5.89% [2] - The lithium battery supply chain faced a sharp drop, with the lithium mining index falling 9.67% in a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [2] - The computing power supply chain also saw significant declines, with stocks like Xin Yi Sheng and Zhong Ji Xu Chuang dropping 8.46% and 5.69%, respectively [2] Long-term Outlook - Despite the short-term pressures, several brokerages indicated that the long-term slow bull trend in A-shares remains intact [3] - Analysts suggest that the current market adjustment is a normal part of the bull market process, with expectations of a gradual recovery after the current phase of volatility [4][5] - The entrepreneurial board, which is a key driver of the current bull market, has shown a year-to-date increase of 90% before experiencing a correction [6] Valuation and Investor Sentiment - The price-to-earnings ratio of the ChiNext Index has decreased to 37.72, indicating a moderate valuation level compared to historical highs, suggesting no significant overvaluation risk [7] - Despite short-term capital outflows, the continued net subscriptions of ChiNext ETFs reflect long-term investor confidence [7] - Analysts recommend focusing on quality growth stocks that demonstrate strong performance, as the current market adjustment is seen as profit-taking rather than a fundamental shift [7]

大家好，小编我呀，是一个爱扒关于美国时政的热心博主，今天就来聊聊华尔街缺钱的事情，可以说绝非偶然，而是三台 "超级抽水机" 同时发力的结 果。 第一台是马力最足的美国财政部，为填补巨额开支，国家债务已突破历史高位，2025 年第三季度就发行了超 2 万亿美元新国债。这些国债被银行、基金 疯抢，大量现金从市场流入财政部金库，直接抽干了流动性 "池水"。 第二台抽水机竟是美联储自己。为对抗此前的史诗级通胀，美联储从 2022 年起启动 "量化紧缩"—— 与 "量化宽松" 放水相反，它让此前购买的国债、 MBS 等资产到期后不再续投，相当于持续从市场回收资金。 两年多下来，银行存放在美联储的准备金从峰值 4.3 万亿美元降至 2.85 万亿美元，看似庞大的数字，对美国庞大的金融体系而言，已逼近危险临界点。 第三台则是国会的 "猪队友" 行为。不久前的政府关门闹剧虽草草收场，但期间大量联邦支出暂停，本应流向企业和个人的资金被卡在财政部，给本就紧 张的流动性雪上加霜。 在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出更优质的内容。 文I不可史意 编辑I不可史意 前言 进退两难的危机 财 ...

证券研究报告 | 2025年11月23日 港股市场速览 优于大市 全球流动性压力下，各风格与行业承压 股价表现：全风格与行业承压 本周，恒生指数-5.1%，恒生综指-5.4%。风格方面，大盘（恒生大型股-5.2%） ＞中盘（恒生中型股-6.0%）＞小盘（恒生小型股-6.1%）。 主要概念指数均显著回调。下跌幅度较大的是恒生汽车（-9.6%）。 国信海外选股策略均显著回调。下跌幅度较大的是 ROE 策略进攻型（-7.2%）。 全部 30 个行业下跌。下跌幅度较大的主要有：电力设备及新能源（-11.6%）、 钢铁（-10.0%）、有色金属（-8.9%）、汽车（-8.7%）、电子（-8.3%）。 估值水平：多数行业同步回落 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-4.8%至 11.6x； 恒生综指估值-5.0%至 11.5x。 主要概念指数估值全部回撤。估值下降幅度较大的是恒生汽车（-9.2%至 13.1x）。 国信海外选股策略估值全部下降。估值下降幅度较大的是 ROE 策略进攻型 （-5.0%至 14.8x）。 1 个行业估值上升，29 个行业估值下降。估值上升的主要有：基础化工 （+8.3% ...

高开高走后全天维持在高位盘整，截至收盘三大指数集体收涨，其中道指上涨1.08%，纳指上涨 0.88%，标指上涨0.98%。盘面上，银行、科技分化走强，中概股终结八连跌，黄金探底回升。 银行股持续拉升，其中阿莱恩斯西部银行大涨4.19%，齐昂银行上涨3.33%，美国合众银行上涨2.77%， 美国银行、花旗集团等股涨幅均在1%上方；摩根大通、美国斯大林逆势小跌。 科技股分化走强，其中谷歌大众3.53%，英特尔深圳2.62%，高通上涨2.32%，苹果、亚马逊等个涨幅均 在1%上方；特斯拉、微软、奈飞等股逆势收跌，且跌幅均在1%上方。 中概股低开高走，日线终结八连跌，截至收盘中国金龙上涨1.23%。其中蔚来大涨3.33%，理想汽车、 哔哩哔哩、贝壳、腾讯音乐等股涨幅均在2%上方；爱奇艺逆势大跌2.74%，阿里巴巴、网易等股小幅收 跌。 COMEX黄金高开低走后探底回升，截至收盘上涨0.07%报4062.8美元/盎司，盘中最低报4018.1美元/盎 司，最高报4101美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 ...

领导关心 1.龚正会见彭博有限合伙企业、彭博慈善基金会创始人迈克尔·布隆伯格 11月17日,上海市市长龚正会见了彭博有限合伙企业、彭博慈善基金会创始人迈克尔·布隆伯格一行。 龚正表示，我们期待与彭博深化互利合作，欢迎彭博积极参与上海"五个中心"建设，欢迎将彭博全球商 业论坛、创新经济论坛等重要活动放在上海举办，并发挥桥梁纽带作用，带动更多全球企业来沪发展。 同时，期待布隆伯格推动上海与纽约等美国城市加强合作、增进友谊，为推动中美交流合作作出积极贡 献。 布隆伯格表示，彭博长期支持上海国际金融中心建设，愿助力上海金融机构与世界的互联互通。同时， 愿为两市交流交往提供支持，并在城市治理、环境保护等领域深化合作。 2.第十四届"沪上金融家"评选结果揭晓 21位上海金融英才分获三大奖项 11月16日，第十四届"沪上金融家"评选结果揭晓，21位上海金融英才脱颖而出，分获"上海国际金融中 心建设年度人物""沪上金融行业领军人物""沪上金融行业创新人物"三大奖项。新华社党组成员、秘书 长徐玉长，上海市政府副秘书长，市发展改革委党组书记、主任顾军出席颁奖仪式，上海新金融研究院 理事长、上海交通大学上海高级金融学院创院理事长屠 ...