克拉玛依云计算产业园区内，已建成碳和液冷数据中心等6个数据中心，拥有6.5万个标准机柜。依托雄 厚的算力基础，今年4月，在克拉玛依（上海）智能算力产业推介会上，克拉玛依与36家单位签署算力 战略合作协议，拿下143.73亿元订单。今年1至9月，克拉玛依云计算产业园数字经济核心产业实现产值 5.83亿元，同比增长54.1%。 发展新兴产业的同时，克拉玛依也在石油石化产业上进行"延链""补链""拓链""强链"。克拉玛依石化公 司建成高档白油生产基地和重要的航空煤油基地，独山子石化公司突破高端环保橡胶技术瓶颈…… 新生儿相关证件怎么办理？家长只需通过"新服办"小程序的新生儿"一件事"服务，上传本人身份证、户 口本、结婚证、出生医学证明等资料，在家就可以完成填报，实现"零跑动"办理。 目前，克拉玛依超过96%的政务服务事项可网上办理，60项高频服务事项实现"全市通办"，78项服务事 项实现"兵地通办"，企业开办环节由6个压缩至4个，开办时间全流程压缩至2个工作日内…… 克拉玛依这座石油城，不只有油。能源充足、气候寒冷、地质稳定等先天优势，为克拉玛依发展云计算 产业，向"云端"要生产力、谋竞争力，提供了丰厚土壤。 市民 ...

利用新疆畜牧兽医大数据平台，1.3万名基层防疫人员和2000多名管理员使用无纸化防疫系统、动物检 疫电子出证系统，管理着全疆140万个养殖场（户）。 新生儿相关证件怎么办理？家长只需通过"新服办"小程序的新生儿"一件事"服务，上传本人身份证、户 口本、结婚证、出生医学证明等资料，在家就可以完成填报，实现"零跑动"办理。 市民动动手指便可办理业务，戴上3D眼镜便如亲至景区……因油而生的新疆克拉玛依，如今正迈向智 慧城市。 在克拉玛依云计算产业园内的新疆七色花信息科技有限公司，新疆畜牧兽医大数据平台上闪烁着许多红 色小坐标，其中一个坐标是工作人员刚刚录入的信息。点击放大，便会显示实时上传的防疫信息，包含 所处方位、防疫员、户主以及防疫工作进展等信息。 公司副总经理陶涛说，通过防疫员实时上传的数据，管理人员能在新疆畜牧兽医大数据平台上准确获得 各类相关信息。轻点鼠标，大到一只牛，小到一颗蛋，都可以追根溯源，从而实时监督动物检疫防疫情 况，并通过大数据分析做出决策。 目前，克拉玛依超过96%的政务服务事项可网上办理，60项高频服务事项实现"全市通办"，78项服务事 项实现"兵地通办"，企业开办环节由6个压缩至4个，开 ...

Core Viewpoint - The article analyzes the performance of the A-share market in the last two months of each year over the past decade, highlighting that large-cap value and dividend styles tend to outperform, while small-cap and growth styles lag behind. Consumer and cyclical sectors show relatively better performance [1][7]. Market Performance Summary - In the last two months of each year, large-cap value and dividend styles have consistently outperformed small-cap and growth styles, indicating a trend in investor preference [7]. - The historical performance of major indices from 2015 to 2024 shows fluctuations, with significant gains in 2015 (e.g., Shanghai Composite Index up 4.6%) and notable declines in 2023 (e.g., Shanghai Composite Index down 1.5%) [2]. Leading Industries Summary - Over the past decade, the leading industries in the last two months have included: - 2015: Comprehensive, Social Services, Real Estate, Electronics, Beauty Care [4] - 2016: Oil & Petrochemicals, Construction Decoration, Steel, Retail, Building Materials [4] - 2017: Food & Beverage, Oil & Petrochemicals, Home Appliances, Steel, Coal [4] - 2018: Electronics, Comprehensive, Food & Beverage, Agriculture, Beauty Care [4] - 2019: Building Materials, Non-ferrous Metals, Electronics, Media, Automotive [4] - 2020: Non-ferrous Metals, Social Services, Power Equipment, Food & Beverage, Defense [4] - 2021: Media, Light Industry Manufacturing, Communication, Environmental Protection, Building Materials [4] - 2022: Food & Beverage, Social Services, Beauty Care, Retail, Media [4] - 2023: Coal, Machinery, Media, Communication, Comprehensive [4] - 2024: Retail, Banking, Comprehensive, Textile & Apparel, Oil & Petrochemicals [4] Investment Strategy Insights - Various institutions suggest strategies for the year-end market, emphasizing the importance of focusing on low-value sectors and potential rebounds in banking and non-bank financials. They recommend monitoring sectors like battery, photovoltaic equipment, energy metals, and chemical products for investment opportunities [8][9]. - The article suggests a balanced investment approach, combining dividend and technology strategies to optimize asset allocation while avoiding frequent trading to minimize costs and risks [9].

盘后数据出炉。 今日（11月19日），A股市场整体保持震荡走势。截至收盘，上证指数报3946.74点，上涨0.18%；深证成指报13080.09点，微幅下跌；创业板指报 3076.85点，上涨0.25%。两市合计成交17259.08亿元，较上一交易日减少2001.59亿元。 1.两市主力资金净流出近350亿元 | | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025- 11- 19 | - 45. 69 | - 118. 03 | - 15. 72 | | 2025- 11- 18 | - 151. 35 | - 217. 99 | - 3. 77 | | 2025- 11- 17 | - 83. 50 | - 75. 05 | - 12. 50 | | 2025- 11- 14 | - 204. 39 | - 257. 80 | - 17. 13 | | 2025- 11- 12 | 75. 60 | 54. 50 | - 17. 09 | | | | 尾盘资金净流入数据(亿元) ...

截至11月20日9点50分，石化ETF（159731）涨0.7%持仓股中，盐湖股份、川发龙蟒、圣泉集团等 涨幅居前。从资金净流入方面来看，石化ETF近10个交易日有8个交易日获得资金净流入，合计"吸 金"1691万元。石化ETF最新份额达2.11亿份，最新规模1.80亿元，均创成立以来新高。 近期市场频繁提及"反内卷"，核心是指通过淘汰落后产能、加强行业自律来优化供给结构。这有助 于改善部分化工品的供需关系，推动产品价格在底部区域回暖，从而修复企业利润。 中信证券称，化工板块目前主要围绕三大主线进行交易：一是储能需求带动产业链景气度提升，上 游锂电等材料供需格局有望重塑，重点推荐新能源相关的材料标的、六氟磷酸锂、磷酸铁及磷酸铁锂产 业链；二是化工"反内卷"持续加码，多行业发起行业自律，化工品价格有望底部回暖；三是化工品行业 自身高景气，主营业务有望保持高增长。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.co ...

Summary of Conference Call Notes Industry Overview - The current market is in a verification phase of prosperity, with a slowdown in the pace of increase, characterized by oscillating upward trends and sector rotation [1][3] - Both domestic and international markets face challenges, including unclear expectations regarding Nvidia's earnings report and the Federal Reserve's interest rate cuts [1][4] - A-share market has entered a new phase of horizontal oscillation, with year-end profit-taking pressures from institutional funds and insufficient fundamental support leading to index fluctuations [1][6] Key Points and Arguments - **Economic Data Weakness**: In October, the retail sales growth was only 2.9% year-on-year, and fixed asset investment growth has declined for two consecutive months, indicating weakened economic momentum [4][5] - **Market Dynamics**: The A-share market is experiencing a new horizontal oscillation phase, with funds flowing into high-prosperity sectors like new energy and lithium batteries, leading to a lack of strong consensus and index fluctuations [6][12] - **Long-term Outlook**: Factors supporting a slow bull market include capital market reforms, structural prosperity support, macro liquidity easing, and continuous inflow of incremental funds into A-shares [6][14] - **Short-term Strategy**: A balanced investment strategy is recommended, focusing on year-end value styles (oil, steel, coal, banks, non-bank financials, agriculture) and sectors driven by price increases, such as lithium battery materials and new chemical materials [12][14] Important but Overlooked Content - **Volume Trends**: The trading volume remains high, with a need for further contraction to around 1.6 trillion yuan, ideally down to 40% of peak levels [10] - **Key Signals to Watch**: Attention should be paid to the Federal Reserve's interest rate cut expectations and Nvidia's earnings report, as clarity on these issues could help break the current market deadlock [11] - **Investment Themes**: Year-end investment themes include regional focuses (Fujian, Hainan), zodiac concepts, and geopolitical risks affecting gold as a safe-haven asset [2][13] - **Market Adjustment**: The A-share market has completed a preliminary adjustment by testing the 60-day moving average, but further declines are possible due to weak economic fundamentals [8][9][14]

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | મટા | 恒生指数 | 25999.78 | 169.13 | 0.65% | | HSTECH 恒生科技 | | 5646.28c | 39.38 | 0.70% | | HSBIO | 恒生生物科技 | 15693.12c | 80.54 | 0.52% | | HSCEI | 恒生中国企业指数 | 9203.07 c | 52.03 | 0.57% | | HSCI | 恒生综合指数 | 3995.86c | 25.49 | 0.64% | | TVDEIM | 74.600 | 2.19% | | --- | --- | --- | | 0981.HK | | | | 比亚迪电子 | 33.580 | 2.19% | | 0285.HK | | | | 地平线机器人-W | 7.630 | 1.87% | | 9660.HK | | | | 同程旅行 | 21.720 | 1.78% | | 0780.HK | | | | 京东健康 | 68.200 | 1.64% | | 6 ...

11月20日，香港恒生指数开盘涨0.65%，恒生科技指数涨0.70%。 | 代码 | 名称 | 现价 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | HSI | 恒生指数 | 25999.78 169.13 | 0.65% | | HSTECH 恒生科技 | | 5646.28c 39.38 | 0.70% | | HSBIO | 恒生生物科技 | 15693.12c 80.54 | 0.52% | | HSCEI | 恒生中国企业指数 | 9203.07c 52.03 | 0.57% | | HSCl | 恒生综合指数 | 3995.86c 25.49 | 0.64% | 半导体板块走强， 华虹半导体涨超3%； 国防军工、银行、有色金属等板块涨幅居前，石油石化、建筑等少数板块下跌。百度集团涨超3%，快手、联想 集团、中芯国际涨超2%；金山软件跌超2%，小鹏汽车跌超1%。 | < W | 恒生科技(HSTECH) 5646.28 39.38 0.70% | | | | --- | --- | --- | --- | | 资料 | 成分 资讯 | 相关基金 | 月度收益 | | 名 ...

核心观点 【市场回顾】 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 11 月 20 日 星期四 [Table_Summary] 概览 周三，A 股缩量震荡，截至收盘，上证指数收涨 0.18%，报 3946.74 点，深证成指持平，创业板指涨 0.25%。沪深两市 A 股成交额约 1.73 万亿元人民币，超 3900 股下跌。申万行业方面，有色金属、石油石 化行业领涨，综合行业领跌；概念板块方面，中船系、金属铅概念涨 幅居前。港股方面，香港恒生指数收盘跌 0.38%，恒生科技指数跌 0.69%。美国三大股指小幅收涨，道指涨0.10%，标普500指数涨0.38%， 纳指涨 0.59%。欧洲股市涨跌不一，亚太股市多数收跌。 【重要新闻】 【京津冀签署自贸试验区全产业链协同创新行动方案】《京津冀自贸 试验区全产业链协同创新行动方案》19 日在天津签署，明确在先进 制造、数字经济、现代物流三大重点产业领域开展协同创新，标志着 三地自贸试验区在产业链协同、制度创新、政策联动等方面迈出实质 性步伐。根据行动方案，立足天津全国先进制造研发基地功能定位， 天 ...

Market Overview - The Shanghai Composite Index closed at 3946.74, up by 0.18% with an increase of 6.93 points [2] - The Shenzhen Component Index remained flat at 13080.09, with a change of -0.40 points [2] - The CSI 300 Index rose by 0.44%, closing at 4588.29, an increase of 20.10 points [2] - The ChiNext Index increased by 0.25%, closing at 3076.85, with an increase of 7.63 points [2] - The STAR 50 Index decreased by 0.97%, closing at 1344.80, down by 13.13 points [2] - The North Exchange 50 Index fell by 1.40%, closing at 1461.12, a decrease of 20.70 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.39%), Oil & Petrochemicals (up 1.67%), and National Defense & Military (up 1.11%) [3] - The worst-performing sectors were Real Estate (down 2.09%), Media (down 1.72%), and Building Materials (down 1.71%) [3] - Concept sectors showing strong performance included Shipbuilding System (up 4.60%) and Lead Metal (up 2.03%) [3] - Underperforming concept sectors included Hainan Free Trade Zone (down 4.52%) and Childcare Services (down 2.82%) [3] Future Outlook - The market is currently in a consolidation phase, with the Shanghai Composite Index likely to stabilize around the 4000-point mark [5] - The report suggests a "barbell strategy" for investment, focusing on high-dividend sectors for defensive positioning and selectively investing in technology sectors for growth opportunities [5] - The report highlights the importance of embracing free trade and reducing barriers as emphasized by the State Council during the Shanghai Cooperation Organization meeting [4]