FICC日报 | 2025-11-26 股指缩量回升，通信行业领涨 市场分析 美国消费动能减弱。宏观方面，国务院新闻办公室将于11月27日上午10时举行国务院政策例行吹风会，请工信部、 国家发改委、商务部、文化和旅游部、市场监管总局有关负责人介绍增强消费品供需适配性进一步促进消费政策 措施有关情况，并答记者问。海外方面，特朗普表示，过去一周，他的团队在结束俄乌冲突方面取得了巨大进展， 最初由美国起草的28点和平计划已经经过完善，目前仅剩少数分歧。美国9月PPI环比上涨0.3%，核心PPI环比上涨 0.1%，均较前值明显加速，显示美国通胀在9月重新升温。同时，美国9月零售销售环比增长0.2%，连续四个月正 增长但显著放缓，且低于市场预期，汽车销售四个月来首次下滑。 股指上涨。现货市场，A股三大指数震荡上涨，沪指涨0.87%收于3870.02点，创业板指涨1.77%。行业方面，板块 指数涨多跌少，通信、传媒、有色金属、电子行业涨幅居前，仅国防军工、交通运输行业收跌。当日沪深两市成 交额小幅回升至1.81万亿元。海外方面，美国三大股指全线收涨，道指涨1.43%报47112.45点。 IC增仓。期货市场，基差方面，股 ...

Core Points - The article emphasizes the importance of safety during winter travel due to adverse weather conditions such as low temperatures, rain, and snow [1] Group 1: Electric Bicycle Safety - Charging electric bicycles in wet conditions can lead to short circuit accidents, as demonstrated by a recent incident where a woman was injured while charging her bike outdoors [2] - Recommendations include performing a "dry check" before charging, avoiding outdoor charging in rain or snow, and ensuring hands are dry when handling charging ports [2][3] - Overcharging electric bicycle batteries can cause overheating and potential fire hazards; it is advised to limit charging time to no more than 12 hours [3] Group 2: Vehicle Maintenance and Safety - Drivers are urged to conduct thorough vehicle checks before winter travel, focusing on tire pressure, brake fluid, and lighting systems to prevent accidents [4] - Proper defogging techniques are highlighted, suggesting the use of cold air initially to clear fog before switching to warm air [4] - Parking precautions include avoiding parking under trees and clearing snow from vehicles to prevent visibility issues while driving [5] Group 3: Driving in Adverse Weather - The article notes that experienced drivers are still prone to accidents in bad weather, with a significant percentage of recent accidents involving drivers with over five years of experience [6] - Key driving tips for adverse weather include reducing speed, increasing following distance, and avoiding sudden maneuvers [6][7] - In foggy conditions, the use of appropriate lights is crucial, and drivers should avoid using high beams to prevent glare [7]

Group 1 - The core viewpoint of the news highlights the performance of dividend-focused indices, with the CSI Dividend Value Index rising by 0.7%, the CSI Low Volatility Dividend Index by 0.6%, and the CSI Dividend Index by 0.5% [1] - The Hang Seng High Dividend Low Volatility Index increased by 0.4%, and the Hang Seng Dividend Low Volatility ETF (159545) saw net subscriptions exceeding 130 million units throughout the day [1] - E Fund is noted as the only fund company offering all dividend ETFs at low fee rates, with management fees set at 0.15% per year for various products, facilitating low-cost investment in high-dividend assets [1] Group 2 - The indices consist of 50 stocks characterized by good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [3] - The banking, transportation, and construction industries collectively account for over 65% of the index composition, reflecting the overall performance of A-share listed companies with high dividend levels and low volatility [3] - The Hang Seng Dividend Low Volatility ETF tracks the Hang Seng High Dividend Low Volatility Index, which is composed of 50 stocks within the Hong Kong stock market that exhibit similar characteristics [6][7]

Market Overview and Key Insights - The Hong Kong dividend sector experienced a decline last week, but with a smaller drop compared to the overall market: the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index fell by 4.07%, while the Hang Seng Index dropped by 5.09% and the Hang Seng Tech Index decreased by 7.18% [1] - In Q3 2025, insurance capital continued to increase its allocation to equity assets, with the proportion of equity investments rising significantly to 15.5%, nearing the historical high of 16.1% recorded in mid-2015 [1] - The increase in equity allocation by insurance capital reflects the policy requirement for "long money, long investment," with an optimized assessment mechanism encouraging better alignment of asset-liability structures [1] Insurance Capital Trends - Insurance capital's funding characteristics align well with the low volatility and high dividend nature of the dividend sector, making it a primary focus for increased allocation [1] - In Q3 2025, insurance capital's net purchases in the banking sector amounted to approximately 57.35 billion [1] - The pace of insurance capital's stake acquisitions in listed companies has accelerated, with 30 instances this year, surpassing the total for 2020 and 2024, and 25 of these being in Hong Kong stocks [1] Future Outlook - Insurance capital is expected to be a significant source of incremental funds in the stock market, particularly favoring the dividend sector due to the low interest rate environment and weak economic recovery [2] - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index stands at 5.81%, compared to 4.32% for the CSI Dividend Index, with a price-to-book ratio of 0.64 and a price-to-earnings ratio of 7.23 [2] - The total return index has achieved a cumulative return of 146% since early 2021, outperforming the Hang Seng Total Return Index by 136% [2] ETF Overview - The Huaan Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] Recent ETF Performance - The Huaan Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF had a net asset value of 1.6320 billion and a scale of 5.51 billion, with a weekly trading volume of 1.462 billion [4] - The top ten weighted stocks in the index have shown varying performance, with notable declines in several stocks over the past week [5]

Summary of Key Points Core Viewpoint - A total of 70 stocks in the A-share market experienced block trading today, with a total transaction value of 1.405 billion yuan, highlighting significant trading activity in specific stocks [1]. Group 1: Trading Activity - The top three stocks by transaction value were Huafeng Measurement Control (204 million yuan), YTO Express (73.74 million yuan), and Jiayuan Technology (69.22 million yuan) [1]. - Among the stocks traded, 3 were at par, 4 at a premium, and 63 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Yuntian Lifei-U (9.55%), Beijing Bank (2.25%), and Guangli Technology (1.65%) [1]. - The stocks with the highest discount rates were Yingtai Biotechnology (30.15%), Worth Buying (25.78%), and Shuyou Pingmin (24.29%) [1]. Group 3: Institutional Trading - The top institutional buy amounts were led by Huafeng Measurement Control (88.1285 million yuan), followed by Deep Sanda A (50.8776 million yuan) and Shandong Pharmaceutical Glass (45.0004 million yuan) [2]. - The leading institutional sell amount was for YTO Express (73.7455 million yuan), followed by Shandong Pharmaceutical Glass (45.0004 million yuan) and Wanda Information (7.21 million yuan) [2].

Wind统计显示，11月24日，申万31个一级行业中有14个行业获融资净买入，其中，传媒行业获融资净 买入额居首，当日净买入8.47亿元；获融资净买入居前的行业还有国防军工、交通运输、银行、农林牧 渔、有色金属等。 个股方面，11月24日，有1745只个股获融资净买入，净买入金额在3000万元以上的有113股。其中，17 股获融资净买入额超1亿元。蓝色光标获融资净买入额居首，净买入3.93亿元；融资净买入金额居前的 还有寒武纪、天齐锂业、融捷股份、易点天下、张江高科、天海防务、华友钴业、长芯博创等股。 ...

Group 1 - As of November 24, 800 listed companies have seen significant shareholder increases totaling 115.82 billion yuan, a year-on-year increase of 44.69% [1] - 197 companies received increases exceeding 100 million yuan, with 19 companies surpassing 1 billion yuan [1] - The transportation and banking sectors experienced the highest increases, amounting to 23.74 billion yuan and 12.49 billion yuan respectively, with year-on-year growth of 373.88% and 29.20% [1] - 87 central enterprises increased their holdings by 38.18 billion yuan, a year-on-year rise of 129.53%, while 190 local state-owned enterprises increased by 36.60 billion yuan, up 66.79% year-on-year [1] Group 2 - Goldman Sachs' chief China equity strategist, Liu Jinjun, stated that the rise of Chinese stocks driven by AI is not a bubble, as tech companies still have room to enhance valuations and profits through AI applications [1] - Liu predicts that the Chinese stock market will continue to rise, although the pace may slow down, with a potential further increase of 30% by 2027 [1] Group 3 - Analysts suggest that sustained stock market growth requires not only improved liquidity but also a solid improvement in fundamentals, as the correlation between the market and fundamentals increases over longer time periods [3] - Historical trends indicate that policy often provides a turning point for expected improvements, while capital determines the slope and pace of market movements [3]

Economic Overview - In the first ten months of 2025, Suzhou's industrial output value exceeded 4 trillion yuan, with industrial investment reaching 193.4 billion yuan, an increase of 9% [1] - The city's economy has maintained a stable operation, focusing on stabilizing foreign trade, promoting industries, and expanding investment and consumption [1] Industrial Performance - The added value of large-scale industries increased by 7.6% year-on-year, with total industrial output value at 4,000.9 billion yuan, growing by 4.0% [1] - Key sectors showed growth: electronic information industry increased by 5.5%, metal products industry by 9.5%, and instrument manufacturing by 9.9% [1] - High-tech industries contributed 2,240.4 billion yuan, growing by 6.5% [1] Service Sector - From January to September, the revenue of large-scale service industries grew by 7.7%, with transportation, warehousing, and postal services increasing by 9.4% [1] - Software and information technology services saw a growth of 10.9%, while leasing and business services grew by 12.1% [1] Investment Trends - Fixed asset investment totaled 507.75 billion yuan, a decrease of 3.8% year-on-year, but excluding real estate development, it grew by 5.2% [1] - Industrial investment reached 193.4 billion yuan, up by 9.0%, with electronic information industry investment increasing by 17.1% [1] - General equipment manufacturing investment rose by 19.2%, and electrical machinery and equipment manufacturing investment grew by 23.9% [1] Consumer Market - Social retail sales of consumer goods totaled 758.84 billion yuan, with a year-on-year growth of 3.1% [2] - The largest growth in retail sales was seen in grain and oil food categories, which increased by 17.0% [2] - Online retail sales through wholesale and retail sectors grew by 8.0% [2] Foreign Trade - The total import and export value reached 2,278.9 billion yuan, growing by 6.0% year-on-year [2] - Exports totaled 1,425.94 billion yuan, an increase of 7.0%, while imports were 852.96 billion yuan, up by 4.5% [2] - Trade with countries and regions involved in the Belt and Road Initiative grew by 15.7%, accounting for 44.7% of total trade [2] Financial Sector - By the end of October, the balance of deposits in financial institutions was 5,680.4 billion yuan, a year-on-year increase of 5.7% [2] - The balance of loans in financial institutions reached 5,998.61 billion yuan, growing by 7.8% year-on-year [2] Price Trends - In October, consumer prices in urban areas rose by 0.1% year-on-year, with clothing prices increasing by 1.7% and housing by 0.3% [2] - Prices for daily necessities and services rose by 2.4%, while healthcare increased by 1.7% [2] - Food and tobacco prices decreased by 2.2%, and transportation and communication costs fell by 1.1% [2]

Core Points - Jiangxi Changyun announced plans to apply for a trust loan of up to 1 billion yuan from China Everbright International Trust Co., Ltd. [2] - The loan will have a term of 5 years and is intended to support the company's financing needs [2] - The company's indirect controlling shareholder, Nanchang Transportation Investment Group Co., Ltd., will provide a joint liability guarantee for this financing [2] Summary by Category Company Actions - Jiangxi Changyun's board of directors approved the proposal to seek trust financing [2] - The company aims to secure a trust loan not exceeding 1 billion yuan [2] Financial Details - The proposed loan will have a duration of 5 years [2] - The financing will be backed by a guarantee from the company's indirect controlling shareholder [2] Stakeholder Involvement - Nanchang Transportation Investment Group Co., Ltd. is involved as the guarantor for the trust loan [2]

（文章来源：证券日报） 证券日报网讯 11月24日晚间，江西长运发布公告称，公司所属全资子公司江西抚州长运有限公司（简 称"抚州长运"）拟在产权交易所公开挂牌转让持有的南丰西站土地使用权及地上建筑物等资产，并拟按 照上述资产的评估价值，以778.70万元作为首次挂牌转让底价，最终转让价格以产权交易所挂牌成交结 果为准。本次交易已经公司第十届董事会第三十二次会议审议通过，无需提交股东会审议。 ...