Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.36%, the Shenzhen Component Index up 0.53%, and the ChiNext Index up 0.90% [1] - The real estate sector showed renewed strength, while military industry stocks continued to perform well [1] Industry Developments - Sixteen hard technology products were rapidly approved, with eleven fund companies, including E Fund and Huatai-PB, receiving licenses to initiate fundraising [1] - The National Internet Information Office and the Ministry of Public Security drafted regulations on personal information protection for large online platforms, requiring data collected in China to be stored domestically [1] Investment Insights - CITIC Securities noted that the volatility of global risk assets is primarily a liquidity issue, with a heavy reliance on AI narratives leading to valuation corrections as commercial development lags behind market expectations [2] - Concerns about the sustainability of AI infrastructure in North America have intensified due to revised expectations for interest rate cuts by the Federal Reserve [2] - Long-term investment strategies should focus on resource and traditional manufacturing sectors, while the difficulty of timing rotations in high-cut-low strategies is expected to increase [2] Technology Sector Focus - The domestic DRAM chip leader, Changxin Storage, launched new DDR5 and LPDDR5X products, with the latest DDR5 chip achieving a 25% speed increase to 8000Mbps [3] - The demand for DRAM is expected to surge, with prices having risen by 50% this year and projected to increase by an additional 30% by Q4 2025 [3] - The demand from NVIDIA for LPDDR is anticipated to create broader, long-term risk factors affecting the entire consumer electronics market [3] Market Sentiment - The Shanghai Composite Index experienced significant weakness, with a notable decline attributed to external risks and market sentiment testing [4] - The focus of market concerns has shifted from AI capital expenditure sustainability to fears of prolonged high interest rates by the Federal Reserve [4] - Current strategies should prioritize stable performance sectors and maintain flexibility for potential new technology trends in the coming year [4]

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 ...

Core Viewpoint - The recent market crash has raised concerns among investors, with Goldman Sachs providing nine reasons for the capital storm, suggesting that similar panic events in the past have marked historical bottoms [1][4]. Market Performance - On November 21, 2025, the A-share market experienced its largest single-day drop since April 7, with over 2,500 companies declining more than 3% [4]. - The Nasdaq index fell over 5%, with major tech stocks, including Nvidia, suffering significant losses [4]. Investor Sentiment - The sell-off was driven by a fragile emotional foundation among investors, exacerbated by worries over domestic policies and geopolitical tensions, leading to a negative market sentiment that spread from offshore to onshore markets [4][11]. - Despite the downturn, there is a perception among some investors that this could represent a rare buying opportunity [3]. Comparison with Global Markets - A-shares exhibit valuation advantages compared to global markets, with many companies trading below book value and offering dividend yields exceeding 4% [7]. - The decline in the U.S. market was more severe, with concerns over AI bubbles and the Federal Reserve's interest rate decisions adding to market uncertainty [7]. Historical Context - Historical parallels are drawn with past market crashes, such as those in April 2020 and April 2025, which were triggered by various global events and led to significant market corrections [9][12]. - The current market conditions share similarities with previous "diamond bottoms," characterized by prolonged declines, low price-to-earnings ratios, and widespread pessimism [12]. Foreign Investment Trends - Despite the negative market atmosphere, foreign capital, represented by northbound funds and QFII, continues to show strong interest in A-shares, with net inflows reaching 161.6 billion yuan from January to July 2018 [14]. - The sectors most affected by the recent downturn include consumer electronics, photovoltaics, lithium batteries, and AI applications, while defensive assets like rare earths, agriculture, and pharmaceuticals have performed well [14]. Investment Strategy - In the current market environment, professional investors are focusing on fundamentally strong companies with sustainable growth potential, emphasizing the importance of patience in identifying undervalued assets [14][15].

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]