核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益-7.53%，相对恒生指数超额收益-2.44%。 本年，港股精选组合绝对收益 56.87%，相对恒生指数超额收益 31.15%。 港股市场创新高热点板块跟踪 证券研究报告 | 2025年11月22日 港股投资周报 医药科技板块大跌，港股精选组合年内上涨 56.87% 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国东方航空股份等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为消费、制造、医 药、大金融和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益-4.80%；恒生科技 指数收益最低，累计收益-7.18%。 行业指数方面，本周电讯业行业收益最高，累计收益-1.58%；原材料业行业 收益最低，累计收益-8.65%。 概念板块方面，本周安防监控概念板块收益最高，累计收益 1.43%；钢铁概 念板块收益最低，累计收益-14.53%。 南向资金监控 ...

Group 1: Foreign Investment and Economic Development - In the first ten months of 2025, 53,782 new foreign-invested enterprises were established in China, representing a year-on-year increase of 14.7% [1] - The actual utilized foreign capital amounted to 621.93 billion RMB, showing a year-on-year decrease of 10.3% [1] - The manufacturing sector attracted 161.91 billion RMB in foreign investment, while the service sector received 445.82 billion RMB [1] Group 2: Corporate Developments - 17 entities, including central and local state-owned enterprises and private companies, signed contracts for 8 specialized integration projects in fields such as new materials and artificial intelligence [1] - China Merchants Bank announced the approval of its financial asset investment company, becoming one of the first joint-stock banks to establish such a company [1] - The company Sany Heavy Industry signed a contract worth approximately 1.339 billion RMB for a European offshore wind farm project [4] Group 3: Agricultural and Industrial Policies - The Ministry of Agriculture and Rural Affairs emphasized the need for comprehensive regulation of pig production capacity to ensure high-quality development of the pig industry [1] - The China Iron and Steel Association is promoting efficient, green, and sustainable development of the steel supply chain through enhanced industry collaboration and smart manufacturing [1] Group 4: Market Performance - The Shanghai Composite Index closed at 3,834.89, down 2.45% [3] - The Shenzhen Component Index fell by 3.41% to 12,538.07 [3] - The Hang Seng Index decreased by 2.38% to 25,220.02 [3]

盘后数据出炉。 今日（11月21日），A股单边下挫，市场逾5000股下跌，截至收盘，上证指数跌2.45%，深证成指跌3.41%，创业板指跌4.02%，A股全天成交1.98万亿元，上日成交 1.72万亿元。 1.两市主力资金净流出超980亿元 今日沪深两市主力资金开盘净流出392.77亿元，尾盘净流出143.68亿元，两市全天主力资金净流出985.55亿元。 | | | 沪深两市最近五个交易日主力资金流向情况 (亿元) | | | | --- | --- | --- | --- | --- | | 日期 | 净流入金额 | 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-11-21 | -985.55 | -392.77 | -143.68 | -521.53 | | 2025-11-20 | -366.03 | -48.79 | -67.73 | -155.72 | | 2025-11-19 | -348.42 | -123.87 | 5.59 | -178.90 | | 2025-11-18 | -624.24 | -232.22 | -66.11 | -354.10 | | 2025-11 ...

Market Overview - A-shares experienced a significant decline today, with over 5000 stocks falling. The Shanghai Composite Index dropped by 2.45%, the Shenzhen Component Index fell by 3.41%, and the ChiNext Index decreased by 4.02%. The total trading volume for A-shares was 1.98 trillion yuan, compared to 1.72 trillion yuan the previous day [1]. Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets exceeded 980 billion yuan today, with a net outflow of 392.77 billion yuan at the opening and 143.68 billion yuan at the close, totaling 985.55 billion yuan for the day [2]. - The net outflow of main funds in the CSI 300 index was 267.85 billion yuan, while the ChiNext saw a net outflow of 377.44 billion yuan [4]. Sector Performance - The sectors with the highest net outflows included: - Power Equipment: -182.87 billion yuan, with notable outflows from Sunshine Power - Basic Chemicals: -135.91 billion yuan, with significant outflows from Yongtai Technology - Electronics: -120.44 billion yuan, with major outflows from Shenghong Technology - Non-ferrous Metals: -111.34 billion yuan, with outflows from Ganfeng Lithium - Pharmaceutical and Biological: -93.15 billion yuan, with outflows from Mindray Medical [6]. Institutional Activity - The top stocks with institutional net buying included: - Tianhua New Energy: -19.71% with a net buying amount of 28,778.66 thousand yuan - Yidian Tianxia: +19.99% with a net buying amount of 8,642.86 thousand yuan - Anni Co., Ltd.: +1.29% with a net buying amount of 3,080.14 thousand yuan [8]. Institutional Focus - Recent institutional ratings and target prices for selected stocks include: - Boyuan Chemical: Strong Buy with a target price of 9.00 yuan, current price 7.08 yuan, potential upside of 27.12% - Aopu Mai: Strong Buy with a target price of 69.00 yuan, current price 54.81 yuan, potential upside of 25.89% - Haolaike: Strong Buy with a target price of 17.30 yuan, current price 15.37 yuan, potential upside of 12.56% [9].

Core Points - The Shanghai Composite Index fell by 3.90% this week, with 77 stocks having a turnover rate exceeding 100% [1] - The highest turnover rate was recorded by C South Network at 256.12%, with a weekly price increase of 20.13% [1] - Jianglong Shipbuilding followed with a turnover rate of 251.43% and a price increase of 64.97% [2] - The average increase for stocks with a turnover rate over 100% was 1.23%, with 34 stocks rising and 43 stocks declining [2] Industry Summary - The power equipment sector had the most stocks with a turnover rate over 100%, totaling 13 stocks [1] - The computer and pharmaceutical sectors followed, with 12 and 7 stocks respectively [1] - Among the high turnover stocks, only two announced annual performance forecasts, with Danna Biological expecting a net profit increase of 8.92% [2] Stock Performance - C South Network: Latest closing price at 22.20, weekly increase of 20.13%, turnover rate of 256.12%, net inflow of 72.92 million [2] - Jianglong Shipbuilding: Latest closing price at 22.42, weekly increase of 64.97%, turnover rate of 251.43%, net inflow of 44.62 million [2] - North Long Dragon: Latest closing price at 158.05, weekly increase of 7.52%, turnover rate of 220.82%, net outflow of 16.84 million [2]

Core Insights - The average stock price of the Sci-Tech Innovation Board is 37.48 yuan, with 61 stocks priced over 100 yuan, and the highest being Cambricon Technologies at 1249.00 yuan, which fell by 5.54% today [1][2] Price Movements - Among the Sci-Tech Innovation Board stocks, 33 increased in price while 559 decreased today [1] - The average decline for stocks priced over 100 yuan was 2.97%, with notable gainers including HeXin Instruments, DeKeLi, and PinMing Technology [1] - The highest premium relative to the issue price for stocks over 100 yuan is 500.46%, with leading stocks being Shangwei New Materials, Cambricon Technologies, and Baile Tianheng [1] Industry Distribution - The majority of stocks priced over 100 yuan are concentrated in the electronics, pharmaceutical, and computer sectors, with 30, 9, and 8 stocks respectively [1] Capital Flow - A total net outflow of 5.399 billion yuan was observed in the main funds for stocks priced over 100 yuan today, with net inflows led by DeKeLi, Source Technology, and HeXin Instruments [2] - The total margin balance for stocks priced over 100 yuan is 86.507 billion yuan, with Cambricon Technologies, SMIC, and Haiguang Information having the highest margin balances [2] Stock Performance Overview - The table lists various stocks priced over 100 yuan, including their latest closing prices, daily percentage changes, turnover rates, and industry classifications [2][3][4]

今日创业板系列指数集体下挫，其中创业板指跌逾4%，创业板ETF（159915）全天净申购近10亿份。从本周维度来看，创 业板成长指数下跌5.3%，创业板中盘200指数下跌5.7%，创业板指数下跌6.2%，创业板ETF（159915）连续5个交易日获资 金加码。 有分析表示，资金流入的背后，是对创业板具备长期基本面支撑的看好。创业板指数中AI硬件产业链+新能源产业链权重 合计约60%，而这二者均为2026年科技成长方向中市场关注度较高的方向。近期两个产业链基本面整体趋势向好，一是动 力和储能电池需求整体较为强劲，原材料和电芯价格明显回升；二是境内外AI巨头相继发布性能强劲的AI应用，并整体上 调AI端资本开支。 | | 指数 | 200指数 | 指数 | | --- | --- | --- | --- | | 本周涨跌幅 | -6. 2% | -5. 7% | -5. 3% | | 指数滚动 市盈率 | 39.2倍 | 106. 5倍 | 38. 6倍 | | 滚动市盘率 分位 | 30. 4% | 该指数2023年 11月15日发布 | 40. 1% | | 跟踪该 | 创业板ETF | 创业板200ETF ...

Market Performance - The STAR Market 50 Index decreased by 5.5%, the STAR 100 Index fell by 5.7%, the STAR Composite Index dropped by 6.2%, and the STAR Growth Index declined by 6.6% this week [1][3] - As of yesterday, the STAR Market 50 ETF (588080) saw a net inflow of over 300 million yuan this week [1] Economic Outlook - Barclays Research recently released a quarterly global economic outlook report, indicating that the narrative of AI-driven growth will continue to deepen until 2026, marking an irreversible trend [1] - In terms of investment outlook, Barclays is optimistic about the performance of Chinese stocks, predicting a strong performance in 2025, with major indices weighted heavily towards Chinese stocks showing good trends [1] Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the STAR Market indices are as follows: STAR 50 at 149.8 times, STAR 100 at 207.1 times, STAR Composite at 203.6 times, and STAR Growth at 149.6 times [3] - Despite the positive outlook, Chinese stocks remain relatively undervalued compared to other major markets [1]

Core Viewpoint - The Biotech Index (970038) experienced a decline of 2.26% on November 21, closing at 2111.48 points, with a total trading volume of 19.114 billion yuan and a turnover rate of 1.64% [1] Group 1: Index Performance - On the day, only one constituent stock, Prolo Pharmaceutical, saw an increase of 1.41%, while 49 stocks declined, with Iwu Biological leading the drop at 5.0% [1] - The top ten constituent stocks of the Biotech Index are primarily in the biopharmaceutical sector, with significant weightings for companies like Mindray Medical (12.58%) and Changchun High-tech (4.87%) [1] Group 2: Market Capitalization and Price Movements - The total market capitalization of the top ten stocks ranges from 2365.59 billion yuan for Mindray Medical to 285.91 billion yuan for Lepu Medical, indicating a diverse range of company sizes within the index [1] - Price movements for the top stocks include declines for major players such as Mindray Medical (-1.88%) and Changchun High-tech (-2.73%) [1] Group 3: Capital Flow - The Biotech Index constituents saw a net outflow of 1.929 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.724 billion yuan [3] - Notable capital flows include Peak High-Tech with a net inflow of 22.415 million yuan from institutional investors, while other stocks like Jiayuan Pharmaceutical experienced significant outflows [3]

中国平安资产管理（香港）有限公司董事总经理、全球机构业务负责人黄家乐在2025湾区财富大会上表 示，在中国资产重估的背景下，港股市场正迎来新的投资机遇，她建议投资者采用"杠铃策略"进行布 局，一端配置高息股以求稳健，另一端配置成长股以博收益。 对于港股市场，黄家乐表示，港股的估值优势显著，截至10月底，恒生指数股息率达3.04%，预期市盈 率仅11.19倍，低于全球主要指数。同时，AH股溢价指数处于高位，意味着港股相对A股存在20%-30% 的估值折扣。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。 而对于新消费领域，黄家乐指出，消费观念转变正在带动港股"新"消费时代崛起。新消费品牌正通过文 化赋能与产品创新构建核心护城河，以抢占由新世代消费主力所推动的情绪消费、性价比消费（如潮 玩、茶饮、悦己）等新兴趋势，从而提升市场份额。 她强调，港股成长股的性价比凸显。截至10月底，恒生科技指数预期市盈率相对盈利增长率（PEG）为 0.85，估值低于盈利增长率，成长潜力可期。她特别看好由AI大模型等技术驱动的科技创新板块，认为 其正迎来价值重估的机 ...