每经AI快讯，港股AI应用概念股多数走高，截至发稿，创新奇智(02121.HK)涨6.85%，报5.93港元；阿 里巴巴-W(09988.HK)涨4.54%，报154.3港元；快手-W(01024.HK)涨4.38%，报66.8港元；美图公司 (01357.HK)涨3.21%，报8.04港元；阅文集团(00772.HK)涨3.56%，报36.1港元。 ...

周五（11月21日），创业板人工智能跳空大跌近5%，主要受光模块等算力硬件剧烈回调影响，截至收 盘，新易盛跌超8%创9月份以来新低，天孚通信跌超7%，中际旭创跌逾5%。AI应用方向则逆市活跃， 易点天下20CM涨停，万兴科技、中文在线、蓝色光标等涨超2%。 热门ETF方面，光模块含量超54%的创业板人工智能ETF（159363）场内收跌4.83%，失守所有短期均 线，为10月高点回调以来新低，单日成交9.2亿元。资金进场大举抢筹，全天净申购1.76亿份。 【海内外多事件催化，AI应用或迎补涨行情】 配置上看，中银证券指出，2025年以来，AI产业链内部已经经历了从海外算力-国产算力-存力与电力的 行情轮动，AI应用作为下游对比之下涨幅有限，仍具备较高配置性价比，产业拐点催化之下，AI应用 或将迎来补涨行情。 【算力高景气度持续，光模块有望引领反攻】 英伟达超预期财报印证了全球算力高景气度。机构指出，在全球算力需求持续高企的背景下，1.6T光模 块零售价格上涨，800G及以下速率光模块降价速度减缓，光模块行业一改以往量增价跌的态势，出现 了"量价齐增"的现象。 数量方面，此前据市场测算，明年全球800G光模块有 ...

暴跌次日，高盛抛出了九大理由解释这场资本风暴。 最让老股民心头一颤的，是报告末尾那句冷静的提醒：类似规模的恐慌，在2020年和2025年4月7日都 发生过，而那两次，事后看都是历史大底。 这个信号让无数熬夜看盘的人睡意全无。 当市场被恐慌吞没时，有人看到的是风险，有人看到的却是十年难遇的黄金坑。 这场暴跌来得又快又狠。 2025年11月21日，A股市场创下自4月7日以来最大单日跌幅，成交量放大，个股一片惨绿，超过2500家公司跌幅超过3%。 与此同时，隔夜美股已经先跌为敬。 纳斯达克指数暴跌超过5%，科技股"七姐妹"集体跳水，英伟达的光环似乎一夜消失。 高盛交易台的分析师观察到，这次抛售源于一个脆弱的情感基础。 随着投资者对国内政策和地缘政治紧张局势的担忧，市场情绪迅速转向负面。 这种悲观 情绪从香港离岸市场传染至在岸市场，形成恶性循环。 在A股自身层面，如果没有外围市场因素的影响，市场本有可能开始向上突破。 前期下跌过程中，成交量持续缩小，资金却在默默流入，技术面并未走坏。 比较全球市场，A股确实显示出一定的估值优势。 市场上存在不少破净企业，股息率超过4%的标的也不少见，这些在其他市场很难找到。 但美股的 ...

Core Viewpoint - The media industry is the only sector to receive net inflows of capital, while the overall market experiences significant outflows, particularly in the technology and materials sectors [1][2]. Capital Flow Summary - The main capital outflow from the Shanghai and Shenzhen markets today amounts to 985.55 billion yuan, with the ChiNext board seeing a net outflow of 377.44 billion yuan and the CSI 300 index experiencing a net outflow of 267.85 billion yuan [1][2]. - Among the 31 primary industries, all experienced declines, with the comprehensive, non-ferrous metals, and power equipment sectors dropping over 5%. Other sectors like basic chemicals, electronics, and communications fell over 4% [2]. - Only the media industry saw a net inflow of 13.26 billion yuan, while the electronic, power equipment, and computer sectors had the largest outflows, each exceeding 100 billion yuan. Other sectors such as non-ferrous metals, pharmaceuticals, machinery, communications, and non-bank financials also faced significant outflows, each exceeding 42 billion yuan [2]. Individual Stock Performance - In individual stock performance, 37 stocks saw net inflows exceeding 1 billion yuan, with 6 stocks receiving over 3 billion yuan. The leading stock in net inflow was the photolithography concept stock, Kaimete Gas, with 7.75 billion yuan [3]. - The photolithography concept stocks rose against the market trend, with stocks like Guofeng New Materials hitting the daily limit, and Kaimete Gas reaching its limit during trading [3]. - AI application concept stock Yidian Tianxia saw a limit increase with a net inflow of 6.54 billion yuan, with significant buying from specific trading desks [4]. Tail-End Capital Flow - At the market close, there was a net outflow of 143.68 billion yuan, with the ChiNext board experiencing a net outflow of 57.56 billion yuan and the CSI 300 index seeing a net outflow of 41.92 billion yuan [8]. - Among individual stocks, 19 stocks had net inflows exceeding 20 million yuan at the close, with the leading stock being Changxin Bochuang, which had a net inflow of 1.13 billion yuan [8]. - A total of 22 stocks had net outflows exceeding 80 million yuan, with 13 stocks seeing outflows exceeding 1 billion yuan [9].

[Table_Main] 证券研究报告 | 策略点评 2025 年 11 月 21 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 市场开启避险交易 [Table_Summary] 投资要点： 摘要。2025 年 11 月 21 日周五，A 股市场放量大幅下跌；国债期货延续调整；商 品多数下跌，碳酸锂跌停。市场呈现"股债商"全线下跌特征。 一、市场行情分析 1）股票市场：情绪低迷，放量大跌 情绪低迷，放量大跌。今日 A 股市场遭遇重挫，三大指数低开低走，全天呈现单 边下跌态势。上证指数失守 3900 点整数关口，收跌 2.45%报 3834.89 点；深证成 指、创业板指分别下跌 3.41%、4.02%，科创 50 指数跌 3.19%，北证 50 指数跌 4.71%，微盘指数重挫 4.87%。全市场成交额放量至 1.98 万亿，较 ...

11月21日，A股全天低开低走，三大指数集体下挫。截至收盘，沪指跌2.45%，深成指跌3.41%，创业板 指跌4.02%。 市场共354只个股上涨，33只个股涨停，5072只个股下跌，99只个股跌停。 来源：中国基金报 A股大跌 不多说了，今天来找找原因吧。 | 880005 张跌家数 | | | | --- | --- | --- | | 其中 涨停 | | | | 涨幅 > 7% | | 22 | | 涨幅 | 5-7% | 20 | | 张旭 | 3-5% | 49 | | 张帽 | 0-3% | 243 | | 跌幅 | 0-3% | 1413 | | 跌幅 | 3-5% | 2161 | | 跌幅 | 5-7% | 1047 | | 跌幅 | > 1% | 451 | | 其中 跌停 | | aa | | 上涨家数 | | 354 | | 下跌家数 | | 5072 | | 平盘停牌 总品种数 | | 27 | | | | 6453 | | 总成交额 | | 19835.99亿 | | 总成交量 | | 145111.6万 | | 张家增减 | | -2373 | | 张家增幅 | | -87.02 ...

Summary of Key Points Core Viewpoint - The trading volume of the Shanghai and Shenzhen Stock Connect reached a total of 233.4 billion, with significant activity in specific stocks and sectors, indicating a dynamic market environment [1]. Group 1: Trading Volume and Key Stocks - The total trading amount for the Shanghai Stock Connect was 112.52 billion, while the Shenzhen Stock Connect was 120.88 billion [2]. - The top traded stock in the Shanghai Stock Connect was Kweichow Moutai (600519) with a transaction amount of 2.202 billion, followed by Industrial Fulian (601138) and Zhaoyi Innovation (603986) [3]. - In the Shenzhen Stock Connect, the leading stock was Zhongji Xuchuang (300308) with a transaction amount of 3.927 billion, followed by CATL (300750) and Luxshare Precision (002475) [3]. Group 2: Sector Performance - The cultural media sector saw the highest net inflow of main funds, amounting to 1.164 billion, while the electronic sector experienced the largest net outflow of 27.808 billion [5][6]. - The AI application sector and the shipbuilding sector showed significant gains, while battery, silicon energy, and lithium mining sectors faced declines [4]. Group 3: ETF Trading - The top ETF by trading volume was the Hang Seng Technology ETF (513130) with a transaction amount of 9.7961 billion, followed by the Hong Kong Securities ETF (513090) with 8.4954 billion [9][10]. - The soybean meal ETF (159985) saw a remarkable increase in trading volume, growing by 428% compared to the previous trading day [11]. Group 4: Futures Positions - In the futures market, both long and short positions increased across major contracts, with notable long position increases in the IH and IC contracts [12]. Group 5: Institutional and Retail Activity - Institutional buying was active in lithium battery concept stock Tianhua Xinneng, which received 288 million from four institutions [13]. - The AI application stock Yidian Tianxia saw a 20% limit up, attracting 249 million from two leading retail trading desks [15].

（原标题：暴跌原因找到了！AI应用方向逆市走强 军工板块局部活跃） 不多说了，今天来找找原因吧。 究其原因，还是受到了隔夜美股暴跌的影响。另外，加密货币也加入抛售行列，比特币跌破8.6万美 元，进一步加剧市场谨慎情绪。 A股大跌 11月21日，A股全天低开低走，三大指数集体下挫。截至收盘，沪指跌2.45%，深成指跌3.41%，创业板 指跌4.02%。 市场共354只个股上涨，33只个股涨停，5072只个股下跌，99只个股跌停。 AI应用方向逆市走强，视觉中国、久其软件等涨停。 军工板块局部活跃，龙溪股份涨停，久之洋涨超10%。 下跌方面，锂矿股集体大跌，天齐锂业、赣锋锂业等十余股跌停。 存储芯片板块大幅调整，德明利、大港股份等跌停。 背后发生了什么事情？ 市场出现如此大幅度的下跌，按照惯例，我们一起来分析一下原因。 其实，不止中国资产，亚太市场也集体暴跌。 在对估值过高的担忧挥之不去、科技巨头资本开支沉重的背景下，此前由英伟达乐观业绩预期所推动的 反弹势头受挫，这家AI龙头股价下跌3.2%。此外，近期多位美联储官员的表态都流露出对过早降息的 谨慎态度，让市场对美联储下月是否有能力继续降息的疑虑持续存在，也加剧 ...

Market Overview - On November 21, A-shares experienced a significant decline, with the Shanghai Composite Index dropping by 2.45%, the Shenzhen Component Index falling by 3.41%, and the ChiNext Index decreasing by 4.02% [5] - A total of 354 stocks rose, while 5,072 stocks fell, with 99 stocks hitting the daily limit down [6][7] - The total trading volume reached approximately 1,983.6 billion [7] Sector Performance - AI application sectors showed resilience amid the market downturn, with stocks like Vision China and Ji Qi Software hitting the daily limit up [8] - The military industry sector was also active, with Longxi Co. and Jiuzhiyang seeing significant gains [10] - Conversely, lithium mining stocks faced a collective decline, with companies like Tianqi Lithium and Ganfeng Lithium hitting the daily limit down [12] - The storage chip sector experienced a substantial adjustment, with stocks such as Demingli and Dagang Co. also hitting the daily limit down [13] External Influences - The sharp decline in the market was influenced by a significant drop in the US stock market the previous night, alongside a sell-off in cryptocurrencies, with Bitcoin falling below $86,000, which heightened market caution [15][16] - Concerns over high valuations and heavy capital expenditures by tech giants contributed to the market's downward pressure, particularly following Nvidia's disappointing stock performance [17] - Analysts noted that the market's reaction was not driven by a single catalyst, but rather a combination of factors including skepticism about the sustainability of AI-driven growth and a strong employment report that suggested the Fed's rate cuts may have peaked [18]

【导读】找到原因了 兄弟姐妹们，不多说了，今天来找找原因吧。 A股大跌 11月21日，A股全天低开低走，三大指数集体下挫。截至收盘，沪指跌2.45%，深成指跌3.41%，创业板指跌4.02%。 市场共354只个股上涨，33只个股涨停，5072只个股下跌，99只个股跌停。 | 880005 31 12 22 8 | | | | --- | --- | --- | | 글 | 涨停 | | | 涨幅 | > 7% | 42 | | 涨幅 | 5-7% | 20 | | 涨幅 | 3-5% | 45 | | 涨幅 | 0-3% | 243 | | 跌幅 | 0-3% | 1413 | | 跌幅 | 3-5% | 2161 | | 跌幅 | 5-7% | 1047 | | 跌幅 | > 7% | 451 | | 其中 跌停 | | ਰੇਰੇ | | 上涨家数 下跌家数 | | 354 | | | | 5072 | | | | 27 | | 平盘停牌 总成交额 | | 5453 | | | | 19835.99亿 | | 总成交量 | | 145111.6万 | | 涨家增减 | | -2373 | | 涨家增幅 | ...