六大行全面停售5年期大额存单 记者登录六大行官方APP及手机银行查询时发现，目前各银行大额存单期限结构已明显"短期化"。工商 银行"大额存单"栏目下仅剩余1个月、3个月、6个月、1年、2年、3年六个期限产品。其中，3年期大额 存单产品利率为1.55%，1年期、2年期产品利率均为1.20%。此外，中国银行、建设银行、交通银行及 邮储银行的产品矩阵呈现相似特征，5年期产品均已从在售列表中移除。在农业银行2018年至2025年的 人民币个人大额存单产品目录中，也并未出现5年期大额存单产品的"踪影"。（金融时报） 11月A股新开户数238万户 今年已累计新开2484万户 2025年11月A股新开户238万户，环比10月231万户增长3%，2025年前11个月已累计新开2484万户，同比 增长7.95%。从月度对比来看，2025年1月A股新开157万户，2月环比实现近翻倍增长，3月突破300万 户，4月因关税摩擦市场震荡环比下降37.22%，5月受假期影响进一步回落，6月、7月、8月、9月新开 户数持续回升，10月环比下降21%，11月微升3%。与2024年11月新增270万户开户数相比，2025年11月 新开户下降1 ...

Group 1 - The overall performance of upstream resource products remains low, but internal structure continues to differentiate, with coal industry stability and slight price increases in thermal coal [4] - The manufacturing sector shows an overall recovery, with notable performance in machinery and equipment, while the automotive industry is experiencing marginal improvements [4] - Downstream consumption sectors exhibit varied recovery dynamics, with significant improvements in social services and entertainment, while the real estate sector shows signs of marginal recovery [4] Group 2 - The banking system maintains ample liquidity, with stable growth in M2 and social financing, indicating marginal improvements in the funding environment [4] - The transportation sector shows continued differentiation, with significant growth in port container throughput, while comprehensive freight rates face slight pressure due to geopolitical and supply-demand factors [4] - The environmental sector is experiencing a recovery in performance, with improved air quality rates and sustained high levels of related infrastructure investment [4] Group 3 - The chemical industry is under pressure, with prices of PVC and methanol continuing to decline, while the performance of the basic chemical sector is closely linked to fuel oil and methanol futures prices [5][10] - The steel industry shows a correlation between excess returns and various operational metrics, including iron ore operating rates and steel production inventories [21][25] - The non-ferrous metals sector maintains relative stability, with slight increases in copper and aluminum prices, and its performance is linked to the LME base metals index [27][32] Group 4 - The construction materials sector is facing weak demand, with cement and glass prices remaining in negative territory, and its performance is correlated with cement price indices [38][39] - The coal industry shows a correlation between excess returns and thermal coal closing prices, indicating a relationship with market dynamics [39][43] - The oil and petrochemical sector continues to experience weak performance, with expanding year-on-year declines in gasoline and natural gas prices [44] Group 5 - The electric equipment sector's performance is linked to the prices of photovoltaic components and polysilicon, indicating a recovery phase [46][52] - The automotive sector shows a correlation between excess returns and tire operating rates, with daily average sales of passenger vehicles also being a significant indicator [54][60] - The machinery sector's performance is associated with the BPI and machinery price indices, reflecting its recovery trajectory [61][62] Group 6 - The retail sector's performance is linked to the Yiwu order price index, indicating a recovery in trade activities [89] - The agricultural sector shows a correlation between excess returns and the food price index, with specific attention to the dynamics of vegetable prices and pig feed ratios [92][93] - The food and beverage sector's performance is associated with various agricultural product price indices, reflecting market trends [94][98]

每经AI快讯，12月2日，恒指报收26095.05点，涨0.24%，恒生科技指数报收5624.04点，跌0.37%。石 油、煤炭板块涨幅居前，半导体、医药生物板块走弱。蔚来跌逾6%，小鹏汽车跌逾5%。 ...

Core Insights - The article highlights a trend of decreasing shareholder accounts among companies, indicating a concentration of shares [1][2] - A total of 525 companies reported their latest shareholder numbers as of November 30, with 72 companies experiencing a decline in shareholder accounts for three consecutive periods or more [1] - Notable companies with significant declines include Rundou Co. and Zhubo Design, with Rundou Co. seeing a 40.50% decrease in shareholder accounts over 11 periods [1][2] Summary by Category Shareholder Trends - 72 companies have seen a continuous decline in shareholder accounts for three or more periods, with the most significant drop being 40.50% for Rundou Co. [1] - Other companies with notable declines include Zhubo Design (21.92% decrease over 9 periods) and others like Bainaqiancheng and Huanshanghuan [1] Market Performance - Among the companies with declining shareholder accounts, 24 have seen their stock prices rise, while 47 have experienced declines [2] - Companies with the highest price increases include Anlian Ruishi (35.96%), Longji Machinery (19.49%), and Zhejiang Meida (17.32%) [2] - 33.33% of the companies that saw a decline in shareholder accounts outperformed the Shanghai Composite Index [2] Industry and Sector Analysis - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, pharmaceuticals, and computers, with 12, 7, and 5 companies respectively [2] - The distribution of companies with declining shareholder accounts is primarily in the main board (41 companies), followed by the ChiNext (29 companies) and the Sci-Tech Innovation Board (2 companies) [2] Institutional Activity - In the past month, 12 companies with declining shareholder accounts have been subject to institutional research, with notable frequency for Changcheng Securities, Bozhong Precision, and Boyuan Co. [2] - The companies with the highest number of institutional participants in research include Bozhong Precision (43 institutions), Sanxia Tourism (20 institutions), and Yuhuan CNC (15 institutions) [2]

证券研究报告 | 2025年12月02日 港股 12 月投资策略 优于大市 11 月的回调为 2026 年赢得确定空间 美国：12 月份降息预期飙至近 90%。11 月，当美联储还试图用缺乏数据的 理由来给降息预期降温时，PMI、裁员（挑战者）、消费、褐皮书等多 重数据显示当下美国经济已经面临较大的压力，故而以纽约联储主席为 代表的降息主张迅速占据上风。 2026 年早些时候，预计股票市场可能会较为温和，不会有大幅下跌的风险， 理由是美联储的托底，但实际时薪的下行依然会导致经济表现较弱。美元指 数将进一步走弱，这将利于新兴市场的股票表现。 A 股：反内卷与效率进步是看点。11 月的经济数据受到房地产、服务业的 下行而表现偏弱。对于 PPI 恢复的预期很大程度上源自反内卷，亏损企 业亏损额同比继续降低就是比较积极的信号。 此外，劳动生产率已经在 AI 的驱动下改善，软件行业表现较为显著。 在过去的 5 年中，A 股软件行业人均效率持续提升，从人均收入 75 万元 提升至 87 万元，市场已经在悄然定价这种转变。考虑到大模型正在快 速迭代，AI 对企业效率的提升可能会在 2026 年变得更加广泛和深入。 港股：短 ...

Choice统计显示，12月2日，沪深两市可交易A股中，上涨个股有1509只，下跌个股有3493只，平盘个 股有152只。不含当日上市新股，共有55只个股涨停，9只个股跌停。从所属行业来看，涨停个股主要集 中在轻工制造、医药生物、房地产、食品饮料、化工等行业。 （文章来源：证券时报网） ...

每日经济新闻 （责任编辑：董萍萍 ） 【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.com 中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力 与电力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。流动性预期 及风险偏好修复下，科技成长或最为受益，创业板有望率先迎来修复。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创 业板市场中选取日均成交额较大的50只证券作为指数样本，集中反映具有较高知名度、较大市值且流动 性优良的上市公司证券整体表现。指数成分股主要分布于电力设备、医药生物等高成长性行业，充分体 现科技创新驱动与持续成长潜力相结合的板块特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何 ...

Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

港股红利逆势上涨，港股红利低波ETF、港股通红利低波ETF、恒生红利低波ETF、港股通红利ETF广 发、恒生红利ETF、港股央企红利50ETF、港股央企红利ETF、港股红利低波ETF、港股通红利低波 ETF、港股红利指数ETF、港股通央企红利ETF南方、港股通红利低波ETF基金涨超1%。 广发证券指出，港股红利在岁末年初日历效应最强，12月-次年1月中旬的阶段获得绝对收益/超额收益 的概率较大、收益率较高。 外资加仓科技，内资加仓红利。根据港交所中央结算系统持股明细数据，最近一周（2025/11/5- 2025/11/11）各类资金合计流入港股市场164亿港元，其中稳定型外资流出139亿港元，灵活型外资流入 69亿港元，港股通流入336亿港元，中国香港或大陆本地资金流出107亿港元。行业层面，最近一周外资 流入软件服务、电气设备、医药生物等较多，港股通流入银行、石油石化、非银金融等较多。 华福证券表示，利率下行周期下，红利高股息的防御性，从资产配置角度而言，红利资产的高股息、低 波动属性能够有效降低投资组合的整体风险水平，优化风险收益比。国内降息周期下的低利率环境、经 济弱复苏的背景均利好红利策略，其中港股红 ...

Group 1: Core Views - The article discusses the favorable factors for the Chinese stock market from both the asset and funding sides, emphasizing the importance of stable profit growth and elevated valuation levels during economic transformation and upgrading [3][4]. - Historical experiences from developed countries indicate that a stable profit growth rate and rising valuation levels can sustain a long-term bull market, even when economic growth rates decline [6][10]. Group 2: Transformation and Growth - Since the "924" event last year, the A-share market has diverged from the economic fundamentals, with A-shares rising over 50% while domestic demand remains under pressure [6]. - The current financial cycle's downward trend is expected to enhance overall efficiency in the Chinese economy, transitioning from a focus on real estate to innovation and technology [18][21]. Group 3: High-Quality Global Expansion - China is actively expanding through trade and investment, with high-tech and high-growth companies increasingly exposed to overseas markets, leading to better revenue growth and profitability compared to traditional sectors [28][30]. - The share of overseas revenue for specialized and innovative companies is projected to rise significantly, indicating a shift towards global market engagement [32][33]. Group 4: Corporate Governance Improvement - Recent policies aimed at improving corporate governance are expected to enhance transparency and shareholder returns, transitioning the capital market towards a balance between financing and investment [45]. - The contribution of dividends to total returns in the A-share market has been relatively low, but recent reforms are likely to improve this situation, with dividend rates increasing from 35% in 2020 to nearly 45% [49][51]. Group 5: Long-Term Capital Inflows - Stable inflows of long-term capital, particularly from insurance and pension funds, are anticipated to support a structural bull market in A-shares [56][59]. - Global capital rebalancing is expected to attract more foreign investment into the Chinese market, which has been undervalued in recent years [60][62].