昨日A股 11月20日，市场震荡调整，创业板指跌超1%，此前一度涨超1.5%。截至收盘，沪指跌0.4%，深成指跌 0.76%，创业板指跌1.12%。沪深两市成交额1.71万亿，较上一个交易日缩量177亿。 盘面上，市场热点快速轮动，全市场超3800只个股下跌。从板块来看，算力硬件概念局部活跃，银行板 块逆势走强，光刻胶概念延续强势。下跌方面，美容护理、旅游酒店、食品、零售等泛消费方向集体走 弱。板块方面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3931.05 | -15.69(-0.4%) | | 深证指数 | 12980 82 | -99.27 (-0.76%) | | 创业板指 | 3042.34 | -34.51(-1.12%) | | | 日期:11月20日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指11月20日下跌。截至当天收盘，道琼斯工业平均指数比前一交易日下跌386.51点，收 于45752.26点，跌幅为0.84%；标准普尔500种股票指数下跌103.40 ...

盘前要闻 1、何立峰：持续推动外贸提质增效，打通全国统一大市场建设卡点堵点 类型：宏观 情绪影响：正面 国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，持续推动外贸提质增效，完善高 标准物流体系建设，加力支持制造业高质量发展，加快构建全国统一大市场，进一步畅通国内国际双循 环。 2、估值担忧卷土重来叠加降息预期进一步受挫!美股上演过山车式大跳水 类型：市场 情绪影响：负面 美国9月强劲的就业数据进一步压低了降息预期，市场预计美联储12月降息的概率已降至不足40%。另 外，黄仁勋并未完全打消市场对AI泡沫的担忧。美股上演过山车式行情，纳指盘中一度涨超2%，但收 跌逾2%，大型科技股全线下跌，热门中概股普跌。 3、磷酸铁锂行业推进反内卷，行业协会将建议设成本红线规范报价 类型：行业 情绪影响：正面 【美】约翰•博格《长赢投资》 机构观点 中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通 知》建议，企业应将协会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开 展低价倾销。 4、商务部部长王文涛会见美国驻华大使，就中美经贸关系等问题交 ...

【隔夜行情】 •周四（2025年11月20日），A股市场三大指数集体收跌，截至收盘，沪指报3931.05点，跌0.40%；深证 成指报12980.82点，跌0.76%；创业板指报3042.34点，跌1.12%。总体来看，个股跌多涨少，下跌个股 超3800只。沪深两市全天成交额1.71万亿元，较上个交易日缩量177亿元。 •周四（2025年11月20日），港股三大指数早盘集体杀跌，恒指一度失守两万三大关，截止收盘，恒生 指数跌0.57%或131.8点，报23157.97点，全日成交额为1452.45亿港元；恒生国企指数跌0.86%，报 8359.26点；恒生科技指数跌0.7%，报5134.11点。 •周四（当地时间2025年11月20日），美股三大指数涨跌不一，截至收盘，标准普尔500指数涨1.59%， 报5954.5点；纳斯达克综合指数涨1.63%，报18847.28点；道琼斯工业平均指数涨1.39%，报43840.91 点。 【今日新股】 今日1只新股申购，无新股上市。 新股申购： 中国铀业，证券代码001280，发行价格17.89元/股，发行市盈率27.06倍；公司是一家专注于天然铀和放 射性共伴生矿产资 ...

Group 1: Government Initiatives and Economic Development - The Chinese government emphasizes the need to enhance foreign trade quality and efficiency, support high-quality manufacturing development, and accelerate the construction of a unified national market [2][3] - The government aims to maintain stable growth in foreign trade despite external pressures, supporting new business models like cross-border e-commerce and promoting market diversification [2] - There is a focus on optimizing the supply of goods and services to meet diverse consumer demands and exploring multi-modal transportation to reduce logistics costs [2] Group 2: Technological Advancements and Industry Trends - The importance of adapting to new technological revolutions and industrial transformations is highlighted, with a call for increased financial support and policy measures for manufacturing [3] - The development of artificial intelligence applications is noted, with advancements in digital human technology and code generation being applied in various sectors [4] - The battery industry is projected to shift towards sodium batteries, with expectations of significant demand growth for both lithium iron phosphate and sodium batteries by 2035 [4] Group 3: Corporate Developments - WeRide's Robotaxi has received a fully autonomous license in Switzerland, marking a significant milestone in autonomous vehicle operations [5] - New electric vehicle models from companies like Huawei and XPeng have been launched, showcasing advancements in technology and extended range capabilities [5] - Baidu's Q3 earnings call was notably hosted by an AI digital human, reflecting the company's strategic focus on internalizing AI capabilities [6] Group 4: Market and Economic Indicators - China's new energy vehicle production reached 12.672 million units from January to October, representing a year-on-year growth of 28.1% [22] - The Ministry of Finance and the Ministry of Commerce announced a competitive review of 50 cities for new consumption models, aiming to enhance service consumption and support economic growth [11] - The latest Loan Prime Rate (LPR) remains unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3% [21]

1、何立峰：持续推动外贸提质增效，打通全国统一大市场建设卡点堵点 重要程度：★★★★★ 中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，要认真学习 贯彻党的二十届四中全会精神，深入贯彻落实习近平总书记重要讲话精神，持续推动外贸提质增效，完善 高标准物流体系建设，加力支持制造业高质量发展，加快构建全国统一大市场，进一步畅通国内国际双循 环。 2、美国9月非农就业人数增加11.9万人 利率市场仍定价美联储12月不降息 重要程度：★★★★ 在"迟到48天"之后，美国劳工统计局终于在周四公布9月非农就业数据。 具体来看，美国9月非农就业人数增加11.9万人，预估增加5万人，前值增加2.2万人。此外，其他经济数据 方面，美国上周首次申领失业救济人数为22万人，预估为22.7万人。美国9月失业率为4.4%，预估4.3%， 前值为4.3%。 此前利率互换市场继续显示，美联储12月降息的可能性不大。在最新经济数据出炉后，交易员加大了对美 联储降息的押注，但仍预计美联储将跳过12月降息。 3、事关AI+、算力！广东印发重磅文件，机构纷纷看好相关产业前景 重要程度：★★★★ 广东省人民政府 ...

Group 1: Digital Economy and Computing Power - Guangdong Province aims to establish a national digital economy innovation development pilot zone by 2027, targeting a digital economy core industry value-added share of over 16% of GDP and an annual compound growth rate of over 15% for the data industry [1] - The AI industry is experiencing strong demand, as evidenced by Nvidia's recent earnings report, which alleviated concerns about an AI bubble [1] - Domestic computing power supply chains are expected to enter a rapid growth phase, with significant capital expenditure increases anticipated from local cloud service providers [1] Group 2: Huawei's AI Technology - Huawei plans to unveil a breakthrough AI technology on November 21, which could increase computing resource utilization from the industry average of 30%-40% to 70%, effectively doubling existing hardware efficiency [2] - This innovation allows for unified scheduling and efficient utilization of various computing hardware, enhancing the domestic AI computing power supply chain's autonomy and ecosystem integration [2] - The technology aims to compete with international leaders in AI hardware and software collaboration, potentially becoming a crucial support for China's AI infrastructure [2] Group 3: Quantum Computing - IBM and Cisco are collaborating on foundational work for distributed quantum computing, aiming to demonstrate a network concept that integrates large-scale fault-tolerant quantum computers within five years [3] - This initiative seeks to address fundamental challenges faced by quantum computing networks and aims to connect multiple large-scale quantum computers [3] - Quantum computing is viewed as a transformative technology that could lead to significant advancements across various industries, with a projected market size reaching hundreds of billions by 2030 [4] Group 4: Tungsten Market - Chapter Tungsten Industry announced price increases for tungsten products, with black tungsten concentrate at 328,000 yuan per ton and ammonium paratungstate at 478,000 yuan per ton, reflecting a 6% rise from the previous month [5] - The demand for tungsten has surged due to growth in industries like photovoltaics and automotive, while supply constraints have intensified market tensions [5] - The first batch of tungsten mining quotas for 2025 is set at 58,000 tons, a 6.45% decrease from the previous year, indicating tightening supply [5] Group 5: Lithium Iron Phosphate Industry - The China Chemical and Physical Power Industry Association is set to release guidelines to standardize pricing in the lithium iron phosphate sector, aiming to curb below-cost competition [6] - The lithium iron phosphate battery sector dominates new energy storage, with an expected total shipment of 580 GWh in 2025, reflecting a growth rate exceeding 75% [6] - The industry is anticipated to improve its economic outlook as it combats internal competition and benefits from high demand in energy storage applications [6]

Macro Dynamics - Guangdong Province is actively promoting innovation in the artificial intelligence and robotics industries, launching initiatives such as "AI+" and "Robot+" actions to accelerate the development of consumer-grade smart terminal products [2] - The province aims to expand new application scenarios for terminal industries and enhance the development of new display industries, including OLED, AMOLED, MicroLED, and quantum dot technologies [2] Industry News - The China Chemical and Physical Power Industry Association plans to issue a notification to standardize pricing in the lithium iron phosphate industry, suggesting that companies reference the average cost index to avoid price dumping [3] - The association will disclose the industry average cost range monthly to provide authoritative regulatory guidance for pricing [3] Company News - Nanjing Bank has received approval to change its registered capital from approximately 10.007 billion yuan to about 12.364 billion yuan due to the conversion of convertible bonds [6] - Guiyang Bank successfully issued 1 billion yuan in 5-year fixed-rate bonds at an interest rate of 1.90%, aimed at supporting technology innovation [7] - Changshu Bank's executives plan to collectively increase their holdings by no less than 550,000 shares within six months [8] - Nine Mu Wang's stock has experienced significant trading volatility, with a non-recurring earnings ratio of 57.73, indicating potential market overheating and irrational speculation risks [12] - He Yi China has warned that if its stock price continues to rise abnormally, it may apply for a trading suspension for verification [13][14] - Lenovo Group plans to launch a personal super-intelligent assistant globally on January 6, which will integrate various devices and learn user habits [15] - Vipshop reported a third-quarter merchandise transaction volume of 43.1 billion yuan, exceeding expectations, with a year-on-year growth of 7.5% [16] - NetEase's third-quarter net revenue reached 28.4 billion yuan, a year-on-year increase of 8.2%, with a net profit of 9.5 billion yuan [18]

大公司： "灵光"下载量破50万，冲上App Store总榜第七 36氪获悉，11月18日，蚂蚁集团正式发布全模态通用AI助手"灵光"，上线第一天下载量破20万，两天多 下载量破50万，第三天冲上App Store总榜第七，App Store免费工具榜第一。 空客启动第二阶段股票回购计划 空中客车公司11月20日宣布，正启动其于9月8日宣布的股份回购计划第二阶段，该计划旨在支持未来的 员工持股计划活动及股权激励计划。该计划将分多期在公开市场执行，截止日期为2026年1月16日，回 购股份上限为4140000股。计划首期于2025年10月31日完成，共回购2070000股。空客已委托一家投资公 司管理计划第二阶段的执行工作，该阶段将回购不超过2070000股股份，执行期自2025年11月20日起至 2026年1月16日止。 Meta首席科学家杨立昆官宣离职创业，瞄准高级机器智能 当地时间11月19日，担任Meta AI首席科学家的图灵奖得主杨立昆（Yann LeCun）在社交平台上宣布， 他即将离开工作了12年的Meta，开启事业的下一阶段：创业。这家新公司的研发核心将是"Advanced Machine In ...

Group 1 - The Ministry of Housing and Urban-Rural Development emphasizes the importance of urban renewal, aiming to enhance the quality of life and support high-quality urban development through systematic improvements in housing, communities, and urban infrastructure [2] - The China Chemical and Physical Power Industry Association plans to issue a notification to standardize the pricing in the lithium iron phosphate industry, suggesting that companies should adhere to the average cost range disclosed by the association to avoid price dumping [5] - The Ministry of Commerce, in collaboration with other departments, has issued a notice to strengthen the management of second-hand car exports, aiming to shift the focus from "scale growth" to "value growth" in the industry [3] Group 2 - In September 2025, the domestic smartphone market shipped 27.931 million units, marking a year-on-year increase of 10.1%, with 24.106 million of those being 5G smartphones, which represents 86.3% of total shipments [4] - The National Development Bank has completed the issuance of national student loans for 2025, providing 103.6 billion yuan to 7.02 million economically disadvantaged students [4] - The Guangdong Provincial Government has released a plan for the construction of a national digital economy innovation development pilot zone, targeting a digital economy core industry value-added share of over 16% of GDP by 2027 [6]

据中证金牛座，从业内获悉，由于我国磷酸铁锂行业陷入连续多年整体性亏损的窘境，产业无序竞争、低价内卷现象威胁全行业生存根基与持续发 展大局，中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。 该《通知》建议， 企业应将协会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾销。 中国化学与物理电源行 业协会将自本月起，每月定期披露行业平均成本区间，为企业报价提供权威监管依据。 同时，协会建议企业履行信息报送义务，企业每月定期向协会如实、完整提交产能、产量、库存等经营数据，作为行业资源配等重要参考依据。 ...