（编辑 任世碧） 证券日报网讯 11月3日晚间，中国神华发布2025年半年度权益分派实施公告称，公司2025年半年度权益 分派方案为A股每股现金红利人民币0.98元（含税），股权登记日为2025年11月7日，除权（息）日及现 金红利发放日均为2025年11月10日。 ...

Market Overview - The A-share market showed a rebound today, with the Shanghai Composite Index rising by 0.55% to 3976.52 points and the Shenzhen Component Index increasing by 0.19% to 13404.06 points. The total trading volume exceeded 2.1 trillion yuan, with over 3500 stocks gaining. The market sentiment is shifting from profit improvement expectations to verification of profit improvements, indicating a change in market style. A-shares remain undervalued compared to global markets, and the liquidity is expected to improve as the USD enters a rate-cutting cycle, maintaining a slow bull market outlook for A-shares [1]. Coal Industry - The coal industry saw an increase of 2.52% today. The fundamentals suggest that coal supply will strengthen in Q4, with resilient demand, making coal prices likely to rise. The coal sector has strong valuation certainty and significant dividend advantages, and as coal prices and performance elasticity materialize, the sector may benefit from a Davis double effect. In the medium to long term, the industry is expected to benefit from favorable factors such as "anti-involution" and state-owned enterprise market value management. It is recommended to pay attention to the Coal ETF (515220) for investment opportunities [1]. Hong Kong Stock Market - The Hong Kong stock market rose by 0.97% to 26158.36 points, with a general strength in new energy vehicle companies. Sector-wise, the valuations of information technology, consumer discretionary, and utilities in the Hong Kong market are relatively low compared to A-shares and US stocks. The Hang Seng Technology Index offers good value. With external liquidity improving and capital inflows supporting the market, the outlook for Hong Kong stocks remains positive. It is recommended to continue allocating to the Hong Kong Technology ETF (513020) and the Hong Kong Stock Connect 50 ETF (159712) [1]. Photovoltaic Industry - The Photovoltaic 50 ETF (159864) increased by 3.73% today. Recently, 17 leading polysilicon companies are set to establish a joint platform, marking substantial progress in supply-side reforms. The recent quarterly reports from major companies in the photovoltaic supply chain show a continuous narrowing of losses, with several leading firms exceeding performance expectations for Q3 2025. Policy-wise, the "14th Five-Year Plan" suggests unifying market rules to eliminate local protectionism and market fragmentation, addressing "involution" competition. The combination of policy support, market clearing, and technological iteration is expected to support the industry’s return to healthy operations. The end of the year may serve as a critical observation point for the implementation of "anti-involution" policies, with potential developments in silicon material mergers and production limits. Investors interested in this sector should keep an eye on the Photovoltaic 50 ETF (159864) [2]. Technology Sector - As Q4 begins, the sentiment for technology growth has fluctuated, leading to increased market volatility and a retreat in equity risk appetite, with some funds shifting from aggressive to defensive strategies. The dividend index, which has a high resource weight, is more sensitive to the leading gains in coal and oil & gas sectors. In the short term, the value of dividend-style allocations is highlighted during market fluctuations. In the long term, the new "National Nine Articles" guidance, combined with a decline in risk-free yields, indicates a higher allocation value for dividend assets. The Dividend State-Owned Enterprise ETF (510720) and Cash Flow ETF (159399) are recommended for ongoing evaluation of dividends [2].

Core Viewpoint - Shanxi Coking Coal Energy Group Co., Ltd. (referred to as "Shanxi Coking Coal") announced that its independent director Li Yumin has been fined 100,000 yuan due to information disclosure violations at Taiyuan Heavy Industry Co., Ltd. during his tenure as an independent director [1][2]. Summary by Sections - Shanxi Coking Coal received a notification regarding independent director Li Yumin's penalty related to his role at Taiyuan Heavy Industry, where the company is under investigation for information disclosure violations [1][2]. - The China Securities Regulatory Commission's Shanxi Regulatory Bureau has issued an administrative penalty notice, proposing a warning and a fine of 100,000 yuan for Li Yumin [1][2]. - The company clarified that this administrative penalty is unrelated to its operations and will not impact its daily business activities [2].

2025 年 11 月 03 日 信用指标修正, 价值因子得分 量化资产配置月报 202511 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈恩逸 (8621)23297818× shensv@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ● 价值因子得分提高。按照定量指标的结果，目前经济开始出现回升迹象、流动性略偏松, 信用指标略好，微观映射中经济（盈利预期）开始呈现向上，而流动性、信用都修正为偏 弱，因此宏观各维度的方向为经济好转、流动性偏弱和信用收缩。本期我们主要按照对经 济敏感、对信用不敏感来选择得分前三的因子，成长的宏观得分进一步下降，但结合动量 后仍然选中，而价值的得分明显提高、沪深 300 中成为共振因子；虽然流动性对小市值 支持力度不大，综合其他宏观因素后本期仍然被选中。 ● 大类资产配置观点：黄金配置比例下降。结合当前指标，修正后目前经济上行、流动性偏 紧、信用收缩，债券的观点偏弱，黄金由于动量转弱减至 10%， ...

【导读】A股拟中期分红公司数量创新高，中国神华拟派发现金红利194.71亿元 【编者按】财报是上市公司生产经营活动的"成绩单"，更是投资者决策的重要依据。作为中 国经济的"定盘星""压舱石"，上市公司的经营状况如何？业绩含金量多少？未来将有哪些布 局？ 数据之中有价值，报告背后更精彩。中国基金报推出《财报面面观》策划，解读财报数据， 聚焦热门行业，提示潜在风险，洞悉核心价值，为投资者了解公司真实情况提供参考，更好 地助力上市公司提高信息披露质量。 中国基金报记者 闻言 11月3日晚间，中国神华发布2025年半年度权益分派实施公告称，公司计划在11月10日以总 股本198.69亿股为基数，每股派发现金红利0.98元（含税），共计派发现金红利194.71亿元 （含税）。 2025年以来，A股拟中期分红公司数量创新高。Wind数据显示，截至11月3日，845家A股公 司公告拟实施2025年中期分红，同比增长20.03%，其中325家A股公司首次发布中期分红预 案。 众多A股公司拟实施中期分红的底气，来自其稳健的财务状况和良好的盈利能力。 Wind数据显示，截至11月3日，31家A股公司拟进行2025年中期分红，并且 ...

2025年11月3日，A股与港股市场整体呈现分化但偏强的运行格局。A股三大指数全线小幅收涨，市场呈 现明显的结构性特征，超过3500只个股上涨，涨停家数超过90家，成交额保持在较高水平，显示市场交 投活跃度不减。 周期与科技板块呈现"冰火两重天"。有色金属板块大跌1.21%，受全球大宗商品价格震荡、美元指数走 强及市场对海外经济放缓担忧影响，叠加部分细分领域短期获利回吐。固态电池产业链深度回调，受技 术路线调整预期引发资金撤离。与之相对，存储器概念股午后拉升，AI算力硬件经历前期调整后出现 企稳迹象，钍基熔盐概念、存储芯片回暖等主题性机会推动局部热点轮动。 今日市场走势主要由政策预期、资金轮动与产业趋势共同驱动。政策层面，"十五五"规划明确强调新质 生产力和现代化产业体系，推动AI应用、能源安全及低空经济等方向获资金关注；OPEC+计划明年一 季度暂停增产，强化原油供需紧平衡预期，直接提振油气和煤炭板块。资金层面，主力呈现高低切换特 征，前期涨幅较大的硬件科技遭遇获利了结，而AI应用、创新药及政策受益板块获集中流入；"国家 队"资金对银行、能源等权重股的稳定持仓，以及险资稳步提升权益配置，为市场提供支撑。产业 ...

2025.11. 03 1797家下跌 涨跌停比 91:11 市场呈现普涨格局,市场赚钱效应较好,盘面 上,AI应用题材再度反弹,网络游戏、短剧方向 领涨;光伏、海南自贸区、存储器概念股活跃。 锂电池、稀土永磁、黄金、半导体板块调整。 两市成交额 万亿元 ▼ -8.70% 今日成交额显著萎缩,表明在市场面临4000点 整数关口时,资金观望情绪升温,追高意愿不 足,意味多空双方在此位置的分歧较大,指数 的上行基础尚不牢固,需后续补量来确认突破 的有效性。 资金情绪 主力资金净流出 3980点前期高点,但成交量未能同步放大,60分钟RSl指标超买,顶背离信号显现。 3532家上涨 你觉得下个交易日是涨是跌? 70.85亿元 散户资金净流入 机构调仓避险与结构性布局并存,呈现"高切低"的调仓逻辑,对高估值板块的阶段性撤离与对政策受益 方向精准布局, 资金从半导体、通信设备等科技成长板块流出, 流入电网设备、银行、煤炭等低估值防御性 板块;散户题材投机与避险心态交织,杠杆资金谨慎,反映散户在题材炒作与风险规避之间的摇摆,低价 小盘股掀涨停潮凸显散户对短期热点的追逐, 而部分资金转向货币基金避险, 显示多数散户对高位行 ...

Market Overview - The Shanghai Composite Index rose by 0.55% to 3976.52 points, while the Shenzhen Component Index initially fell over 200 points but ended up 0.19% at 13404.06 points, with total trading volume exceeding 2.1 trillion [1] - The STAR Market experienced a decline of 1.04%, indicating a mixed performance across different market segments [1] Coal Industry Insights - The coal sector saw an increase of 2.52%, reaching a new high for this round, driven by rising prices of thermal coal and coking coal since June [3] - A seasonal decline in inventory at northern ports has led to increased demand for replenishment, pushing coal prices higher [3] - Supply constraints due to strict safety and environmental regulations, along with accidents and maintenance in key production areas, suggest limited growth in national coal output in Q4 [3] - The upcoming winter heating season is expected to boost demand as large power plants and downstream users increase stockpiling, resulting in a significant decrease in port and on-site inventories [3] - The coal market is anticipated to shift from a supply surplus to a more balanced state, potentially leading to a recovery in the coal sector [3] Investment Strategy - The coal sector is characterized by strong valuation certainty and significant dividend advantages, making it an attractive investment option with low positions and high dividends [5] - The fourth quarter is expected to see coal prices stabilize, with a potential dual recovery in performance and valuation for the sector [5] - Long-term support for the coal sector may come from themes of reducing competition and loose fiscal policies, alongside state-owned enterprises' market value management initiatives [5] Hong Kong Market Dynamics - The Hong Kong stock market rose by 0.97%, with the Hang Seng Index trading at a PE ratio of approximately 12.1, indicating a historical percentile of about 63% [5] - The Hang Seng Tech Index has a PE ratio of about 24.6, significantly lower than comparable indices in A-shares, suggesting potential for valuation recovery [5][6] - Southbound capital has seen a net inflow of 1.2 trillion HKD this year, marking a record high since the launch of the Stock Connect program [6] - The market is expected to maintain a slow upward trend, supported by improved liquidity and a favorable external environment [6] Solar Industry Developments - The photovoltaic sector, represented by the Solar 50 ETF, rose by 3.73%, continuing its upward trend [7] - Recent reports indicate a narrowing of losses for major companies in the solar supply chain, with significant profit growth for leading firms like Sungrow Power [7] - The government's focus on breaking local protectionism and promoting a unified market is expected to create a conducive environment for the solar industry [8] Dividend Stocks and Long-term Outlook - The Dividend State-Owned Enterprises ETF increased by 1.60%, reflecting a shift in investor sentiment towards defensive strategies amid market volatility [9] - The new policies encouraging cash dividends and market value management for state-owned enterprises are expected to enhance long-term valuation recovery [9] - The current environment presents a high configuration value for dividend assets, with recommendations to monitor dividend-focused ETFs [9]

研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： 黑色金属日报 2025 年 11 月 03 日 螺纹热卷日报 第一部分 市场信息 研究所 黑色金属研发报告 Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3190 元（-10），北京敬业 3180 元（-），上海鞍钢热卷 3310 元（-20），天津河钢热卷 3230 元（-20）。 【交易策略】 今日钢材继续回落，现货成交整体一般偏弱，盘面持续下跌，投机情绪较差。本 周钢联数据公布，钢材复产速度加快，尽管河北地区受环保因素影响高炉有所减产， 但影响范围有限；近期钢材需求继续修复，钢材去库速度加快，表需有所增加。由于 近期温度下降，钢材需求修复。近期煤矿端搅动大，首先是动力煤价格上涨带动煤矿 走强，其次煤矿事故频发，蒙煤通关发生阶段性搅动，乌海煤矿进行环保治理，带动 焦煤短期供应偏紧；然而板材库存较高，四季度资金释放放缓，下游回款慢，项目数 量同比下滑，而美国第二次降息落地，中美关税缓 ...

投资策略 [Table_MainInfo] 全 A 净利边际改善，新动能延续高景气 ——A 股市场 2025 年三季报业绩综述 | 究 | | | | | | | 月 | 3 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | 宋亦威 | SAC NO： | S1150514080001 | 2025 | 年 11 | | | 投资要点： 证 券 研 究 报 告 投 资 策 略 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 10 [Table_Summary] 策 略 022-23861608 songyw@bhzq.com [Table_Author] 严佩佩 022-23839070 SAC NO:S1150520110001 yanpp@bhzq.com 研究助理 研 [Table_Analysis] 证券分析师 宋亦威 靳沛芃[Table_IndInvest] 022-23839160 SAC NO：S1150124030005 jinpp@bhzq.com 2025Q3 全 ...