（文章来源：每日经济新闻） 每经AI快讯，11月21日，银行间主要利率债午间表现分化，中长券走弱，短券略暖。30年期国债"25超 长特别国债06"收益率上行0.45bp报2.1560%，10年期国债"25附息国债16"收益率上行0.1bp报1.8095%， 10年期国开债"25国开15"收益率下行0.1bp报1.87%，1年期国债"25附息国债19"收益率下行0.25bp报 1.40%。 ...

截至2025年三季度末，辖内银行业总资产38.3万亿元，较"十三五"末增长33.3%；保险业总资产2.3万亿 元，较"十三五"末增长1.1倍。2024年，北京地区保险深度7.12%，高于全国2.9个百分点，保险密度为每 人1.6万元，是全国的4倍，保险深度和密度保持全国第一。 北京地区银行业保险业综合实力不断增强的同时，行业风险总体可控，行业转型步伐加快。五年来，辖 内不良贷款处置额较"十三五"时期增长1.4倍。不良贷款率0.7%，持续处于全国低位。银行资本充足率 16.58%，高于全国1.22个百分点。保险公司综合偿付能力充足率165.7%，高于全国31.3个百分点。辖内 资管机构管理的资管产品增至16.8万亿元，中小金融机构减量提质深入推进，五年来，共有232家保险 专业中介弱体机构退出市场，3家村镇银行实现"村改支"。 五年来，辖内银行业保险业立足北京"四个中心"功能定位，着力做好金融"五篇大文章"，累计增加贷 款、债券投资和保险资金运用超7万亿元，全力支持首都经济回稳向好。 转自：北京日报客户端 11月21日，市政府新闻办举办首都"十四五"规划高质量收官系列主题新闻发布会金融业发展成就专场。 北京金融 ...

零售银行及Citigold将由美国团队负责其日常银行业务，包括Citi Priority、Citigold、Citigold Private Client并由Kate Luft担任美国零售银行及Citigold的负责人。此举旨在通过实现跨关系层级的更多协同效 应来加速增长，同时统一管理消费者存款业务。 11月20日，花旗集团(C.US)宣布，Gonzalo Luchetti将自2026年3月起担任公司新首席财务官(CFO)。另 外，零售银行和Citigold将纳入花旗的财富管理业务范畴。Luchetti将接替现任CFO Mark Mason，后者将 出任公司的执行副主席、并担任董事长兼CEO Jane Fraser的高级执行顾问。 ...

花旗集团Citi Group周四(11月20日)宣布，Gonzalo Luchetti将自2026年3月起担任公司新首席财务官 (CFO)。另公司指，零售银行和Citigold将纳入花旗的财富管理业务范畴。 Luchetti将接替现任CFO Mark Mason，后者将出任公司的执行副主席、并担任董事长兼CEO Jane Fraser 的高级执行顾问。 零售银行及Citigold将由美国团队负责其日常银行业务，包括Citi Priority、Citigold、 Citigold Private Client，并由Kate Luft担任美国零售银行及Citigold的负责人。此举旨在通过实现跨关系 层级的更多协同效应来加速增长，同时统一管理消费者存款业务。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 来源：瑞恩资本RyanbenCapital 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉 ...

投资咨询业务资格:证监许可【2012】31号 热评:昨日市场情绪延续谨慎,盘中地产小作文短暂提振市场,全天股指 震荡收跌。当前宏观层面总体多空交织,继科技板块整体调整后,市场缺 乏核心驱动主线,加上沪指行至4000点关口,市场对于科技股估值是否进 一步提升、市场能否从结构性行情转向全面慢牛存在分歧。与此同时,10 月经济数据表现承压,有待政策进行进一步托底,资金上预计中央汇金继 续担任托底指数功能。股指预计延续下有托底、向上承压的震荡格局。预 计短期市场分歧将在股指震荡调整中逐步消化,待新的驱动主线带来股指 进一步上行。 | | 项目 | 当月合约 | 下月合约 | 当季合约 | 下季合约 | | --- | --- | --- | --- | --- | --- | | ਜੇ 贴 | IF升贴水 | 55. 56% | 7.10% | 3.91% | 3.94% | | 水 | IH升贴水 IC升贴水 | -3.76% | 2.38% 11.04% | 1.28% 10.36% | 1.33% 10.95% | | 情 | | -7.50% | | | | | Я | IM升贴水 | -35.74% | 1 ...

来源：学慧观天下 这两天地产界又传出一个重磅消息，中国平安（601318.SH）派出的董事王葳在11月20日公开登报声明，称她本人对公司华夏幸福（600340.SH）申请破产预重整一事完全不知情，她已就上述 已经成功重组了近2000亿元金融债务的华夏幸福，为何会被400余万元的工程欠款逼到进行破产预重整？为什么董事王葳公开提出反对意见？总市值达万亿元的中国平安与曾经的千亿华夏幸福之 至三季度末，中国平安旗下的平安人寿及寿险产品合计持有华夏幸福9.8亿股，持股比例约为25.05%。2018年，平安人寿曾耗费近180亿元获得华厦夏幸福7.58亿股股份，持股比例为25.25% 之前2021年，在华夏幸福陷入债务危机之时，中国平安还计提了432亿元投资华夏幸福的资产损失。这意味着，在投资华夏幸福7年之后，中国平安累计亏损600亿元。本来以为双方联姻会很"幸 01 产也"破"、债也"破"，司法程序来助"破" 华夏幸福11月17日发布公告，称债权人龙成建设向廊坊中院申请对公司进行重整，同时申请启动预重整程序。 公告称，公司收到河北省廊坊市中院送达的《通知书》，债权人龙成建设工程有限公司，向河北省廊坊市中院申请启动华夏幸福 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestic stock index futures show resilience with volatility decreasing. After Q3 reports, A - shares are in repricing adjustment. Short - term fluctuations are common, and it's recommended to wait and see. Consider a bull spread of put options in case of a deep daily decline [2]. - Treasury bond futures had a differentiated performance yesterday. With limited driving forces, the bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - Gold prices are oscillating between $4000 - $4200 due to mixed US non - farm data and cautious Fed officials. A double - selling strategy for out - of - the - money gold options can be considered. Silver follows gold's fluctuations, and short - term observation or light - position trading is advised [2]. - The EC (European line) container shipping index futures are in short - term decline. It's recommended to close short positions [2]. - Steel prices are expected to stabilize with improved apparent demand. Iron ore is oscillating, and a wait - and - see approach is recommended. For coking coal and coke, a bearish view is taken with specified price ranges [2]. - Copper prices are oscillating weakly as the probability of interest rate cuts decreases. For various non - ferrous metals, different trading strategies are recommended according to their price trends [2]. - In the new energy and chemical sectors, prices of many products such as polysilicon and PTA are oscillating. Different trading strategies are proposed based on their supply - demand situations [2]. - In the agricultural products sector, prices of products like soybean meal, palm oil, and sugar are showing different trends, and corresponding trading strategies are recommended [2]. 3. Summary by Related Catalogs Financial - **Stock Index Futures**: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are normal, and it's recommended to wait and see. A bull spread of put options can be considered in case of a deep daily decline [2]. - **Treasury Bond Futures**: The bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - **Precious Metals**: Gold is in the $4000 - $4200 range, and a double - selling strategy for out - of - the - money options can be used. Silver follows gold, and short - term observation or light - position trading is advised [2]. Black - **Steel**: Steel prices are expected to stabilize with improved apparent demand [2]. - **Iron Ore**: Iron ore is oscillating. A wait - and - see approach is recommended with a reference range of 750 - 810 [2]. - **Coking Coal**: A bearish view is taken with a price range of 1050 - 1200 [2]. - **Coke**: A bearish view is taken with a price range of 1550 - 1700 [2]. Non - Ferrous Metals - **Copper**: Copper prices are oscillating weakly. The main reference range is 85000 - 86500 [2]. - **Other Non - Ferrous Metals**: Different trading strategies are recommended for various non - ferrous metals according to their price trends [2]. Energy and Chemical - **New Energy and Chemical Products**: Prices of products like polysilicon, PTA, and short - fiber are oscillating, and corresponding trading strategies are proposed based on supply - demand [2]. - **Other Chemical Products**: For products like LLDPE, PP, and PVC, different trading strategies are recommended according to their price trends and supply - demand situations [2]. Agricultural Products - **Soybean Meal**: Domestic soybean meal supply is abundant, and attention should be paid to the support around 3000 [2]. - **Palm Oil**: Palm oil prices are continuing to decline, and the main contract may reach 8900 in the short term [2]. - **Other Agricultural Products**: Different trading strategies are recommended for products like sugar, cotton, and eggs according to their price trends [2].

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

Investment Rating - The report indicates a positive investment outlook for Chinese enterprises going global, with a projected increase in foreign direct investment (FDI) to 1.16 trillion RMB in 2024, reflecting an 11.30% year-on-year growth [8]. Core Insights - Chinese enterprises are actively exploring new pathways for international expansion, adapting strategies in response to geopolitical challenges and evolving market conditions [4][8]. - The ASEAN region has emerged as a key destination for Chinese investment, with its share of China's outbound investment rising from 6.34% in 2014 to 17.88% in 2024 [8]. - The structure of China's outbound investment is shifting, with significant increases in the wholesale, retail, and manufacturing sectors, indicating a deeper integration into global value chains [8][52]. Summary by Sections Part A: Challenges and Pathways for Chinese Enterprises Going Global - The Chinese government is committed to high-quality outbound investment, emphasizing the importance of maintaining a stable international economic environment despite rising geopolitical tensions [18][19]. - The share of China's exports in global trade is projected to reach 14.64% in 2024, maintaining its position as the world's largest exporter [19][23]. - Chinese enterprises are increasingly focusing on the ASEAN region for investment, with a notable rise in direct investment since the implementation of the RCEP [44][52]. Part B: Financial Support for Outbound Expansion - Chinese financial institutions are enhancing their overseas presence, with major banks establishing branches in numerous countries to support outbound enterprises [9]. - There is a strong emphasis on integrating domestic and international resources, with banks providing cross-border credit and financing solutions for projects under the Belt and Road Initiative [9][11]. - Innovative financial products and services are being developed to support overseas investments, including specialized loans for infrastructure projects and comprehensive solutions for cross-border e-commerce [9][11]. Part C: Future Outlook and Recommendations - Recommendations include optimizing overseas network construction, enhancing multi-tiered financial service systems, and expanding the use of cross-border RMB [12][13]. - A comprehensive risk management system is suggested to help enterprises navigate geopolitical uncertainties and market volatility [12][13]. - Strengthening collaboration between financial institutions and industries is crucial for supporting enterprises in their global expansion efforts [12][13].

今日早盘，市场震荡走弱，高股息资产跌幅相对较小，截至午间收盘，中证红利低波动指数、中证红利价值指数均下跌1.2%，中证红利指数下跌1.4%，恒 生港股通高股息低波动指数下跌1.5%，恒生红利低波ETF（159545）半日净申购约2000万份。Wind数据显示，该ETF月内连续获资金净流入，合计超12亿 元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动ETF （563020）、红利价值ETF（563700）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 截至午间收盘 该指数涨跌 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高且波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 交通运输、建筑装饰行业合计占比 超65% 1.2% 恒生红利低波ETF 跟踪恒生港股通高股息低波动指 该指数由港股通范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红水平高且波动率低的港股通范围 内上市公司整体 ...