证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券研究报告·金融工程·金工定期报告 金工定期报告 20251103 从微观出发的风格轮动月度跟踪 202511 2025 年 11 月 03 日 [Table_Tag] [Table_Summary] 报告要点 ◼ 2025 年 10 月风格轮动模型收益率为 0.06%，相对基准超额 1.57%。 ◼ 2025 年 11 月最新风格择时方向为：价值、大市值、动量、低波。 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《从微观出发的风格轮动月度 跟踪 202510》 2025-10-13 表1：2025 年 11 月风格择时最新持仓 | 指数代码 | 指数名称 | 代码 ETF | 名称 ETF | | | --- | --- | --- | --- | --- | | 000001.SH | 上证指数 | 510210.SH | 上证指数 | ETF | | 000821.CSI | 沪深 红利 300 | 512530.S ...

【导读】A股三大指数震荡分化，珠宝首饰股集体大跌；被证监会立案，清越科技20cm跌停 11月3日，A股市场持续震荡，午前沪指拉升翻红，走出独立行情。截至午间收盘，上证指数涨0.05%，深证成指跌1.06%，创业板指跌1.37%。 全市场半日成交额约1.4万亿元，较上日同期略有缩量；全市场近2600只个股下跌。 盘面上，上午煤炭、石油石化、传媒、银行等板块走高，海南自贸港、油气开采、煤炭开采、短剧游戏、短剧游戏等概念股活跃；锂电、贵金属、光刻 机、CPO等概念股跌幅居前。 港股市场上午同步震荡。截至午间收盘，恒生指数涨0.58%，恒生科技指数跌0.24%，恒生国企指数涨0.68%。周大福跌超7%，领跌恒指成份股。 | 26057.13 | 9231.33 | 5894.12 | | --- | --- | --- | | 恒生指数 +0.58% | 国企指数 +0.68% | 恒生科技指数 -0.24% | | 序号代码 名称 | | 现价 涨跌 涨跌幅 ^ | | - | 1929 周大福 | 14.060 -1.160 -7.62% | | വ | 2359 药明康德 | 104.10 -4.500 -4. ...

A股上市公司三季报披露结束，市场的结构机会如何变化？ "高低切换"成为最近市场热议的话题。上周五，算力龙头股集体大涨。今天上午，新能源、有色金属等板块的龙头股调整，宁德时代、紫金矿业、先导智 能、华友钴业等个股下跌。 今天上午，权重拉升，"大象起舞"。高股息资产走强，银行股全线上涨。其中，工商银行上涨1.8%，农业银行上涨1.13%，目前总市值均接近3万亿元。 煤炭、油气开采、公路铁路运输等板块上涨，"三桶油"、中国神华等龙头股上涨。 截至上午收盘，上证指数上涨0.05%，深证成指下跌1.06%，创业板指下跌1.37%。 光大证券表示，在2023年以来的新一轮油价波动周期中，得益于产量持续上升和优异的成本控制能力，中国石油、中国海油当期业绩水平高于历史油价水 平接近时期，利润同比水平也好于海外石油巨头，"三桶油"在油价下行期的业绩韧性凸显。展望2026年，"三桶油"将继续维持高资本开支，不断加强天然 气市场开拓，加快中下游炼化业务转型，有望实现穿越油价周期的长期成长。 煤炭板块中，安泰集团、潞安环能等个股大涨。 采掘板块走强 今天上午，采掘板块走强，油气开采、煤炭等板块涨幅居前。油气开采板块中，"三桶油"集体 ...

沪指翻红。 A股市场今天（11月3日）上午整体低位震荡，临近上午收盘，上证指数成功翻红。 概念板块方面，煤炭股今天上午大幅上涨，成为A股市场和港股市场主要亮点之一，其中港股飞尚无烟煤领涨，盘中涨幅一度超过180%。此外，核能核 电概念表现强势，多股开盘即涨停，消息面上，我国核能科技领域取得新突破。 沪指翻红 | 内地综合屏 | | 板块跟踪 | | 市场情绪 | 个股热图 | 综合排名 | 北向交易 热门股票 | | 资金流向 形态设 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 全A | | 涨 2674 | | 平 174 | | 跌 2590 | A股成交额 | 1.40万亿 | み | | 序号 | 代码 | | 名称 | | | 现价 | 涨跌 | 涨跌幅 | 成交额 | | 1 | 000001 | | 上证指数 | | | 3956.72 | 1.93 | 0.05% | 6194亿 | | 2 | 399001 | | 深证成指 | | | 13237.03 | -141.18 | -1.06% | 7618 ...

Market Overview - The recent market discussion revolves around the concept of "high-low switching," with leading stocks in computing power experiencing a collective surge last Friday [1] - This morning, leading stocks in sectors such as new energy and non-ferrous metals adjusted, with companies like CATL, Zijin Mining, and Huayou Cobalt seeing declines [1] - Major banks saw a rise in stock prices, with Industrial and Commercial Bank of China up by 1.8% and Agricultural Bank of China up by 1.13%, both nearing a market capitalization of 3 trillion yuan [1] - The coal, oil and gas extraction, and transportation sectors saw gains, with major players like Sinopec and China Shenhua also rising [1] Oil and Gas Sector - The oil and gas extraction sector showed strength, with the "three barrels of oil" (China National Petroleum, China Petroleum & Chemical, and China National Offshore Oil) collectively rising, with increases of 4.15%, 4.94%, and 1.83% respectively [3] - According to the third quarter financial reports, China National Petroleum reported a net profit of 126.279 billion yuan, China Petroleum & Chemical reported 29.984 billion yuan, and China National Offshore Oil reported 101.971 billion yuan [6] - The "three barrels of oil" have shown resilience in performance during the recent oil price fluctuations, with expectations for continued high capital expenditure and market expansion in natural gas [6] Coal Sector - The coal sector has seen a recovery in prices, with the price of 5500 kcal thermal coal and coking coal rebounding to 674 yuan/ton and 1555 yuan/ton respectively, compared to lower prices in the second quarter [7] - The coal market is supported by rigid supply and rising costs, with healthy balance sheets among coal companies and improved dividend ratios [7] AI Application Sector - The AI application sector is gaining momentum, with significant increases in stocks related to short drama games and AI content [9] - A report from QuestMobile indicates that the number of monthly active users for AI applications on mobile platforms in China has surpassed 700 million, reaching 729 million as of September [11] - Key areas of focus for AI applications include emerging hardware that combines software and hardware, software for consumer markets, enterprise services, and large model deployments for businesses [11]

Market Overview - A-shares experienced mixed fluctuations on November 3, with the Shanghai Composite Index rising by 0.05%, while the Shenzhen Component and ChiNext Index fell by 1.06% and 1.37%, respectively [1][2] - The total market turnover was approximately 1.4 trillion yuan, slightly lower than the previous day, with nearly 2,600 stocks declining [2] Sector Performance - The coal, oil and petrochemical, media, and banking sectors saw gains, while lithium battery, precious metals, and semiconductor sectors faced significant declines [2][3] - The precious metals sector, particularly jewelry stocks, experienced a collective drop, with notable declines in companies like Chaohongji and Pengxin Resources [6][7] Hong Kong Market - The Hong Kong market also showed volatility, with the Hang Seng Index up by 0.58% and the Hang Seng Technology Index down by 0.24% [4][5] - Chow Tai Fook led the decline among Hang Seng constituents, dropping over 7% [5][11] Regulatory News - On November 1, the Ministry of Finance and the State Administration of Taxation announced tax policy changes regarding gold transactions, which may impact market sentiment [11][12] Company-Specific Developments - Qingyue Technology's stock hit the daily limit down of 20% due to an investigation by the China Securities Regulatory Commission for suspected financial misconduct [19][20][23] - The stock of Shikong Technology, which had previously seen a significant rise, also fell to its limit down [23] Energy Sector Activity - The coal and oil sectors were active, with companies like Antai Group and China Oilfield Services seeing substantial gains [14][16] - The recent cold weather has increased seasonal demand for coal, which may support prices in the near term [14]

沪指翻红。 A股市场今天（11月3日）上午整体低位震荡，临近上午收盘，上证指数成功翻红。 概念板块方面，煤炭股今天上午大幅上涨，成为A股市场和港股市场主要亮点之一，其中港股飞尚无烟煤领涨，盘中涨幅一度超过180%。此外，核能核电概念表现 强势，多股开盘即涨停，消息面上，我国核能科技领域取得新突破。 沪指翻红 A股市场今天上午整体低位震荡，盘中一度近3000只个股下跌。上证指数盘中一度跌近0.5%，但临近上午收盘成功翻红；创业板指盘中一度跌超2%，截至午间收 盘，跌幅收窄至1.37%。 | 内地综合屏 | | 板块跟踪 | 市场情绪 | 个股热图 | 综合排名 | 北向交易 | 热门股票 | 资金流向 形态 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 全A | | 涨 2674 | 平 174 | | 跌 2590 | A股成交额 | | 1.40万亿 | | 序号 | 代码 | | 名称 | | 现价 | 涨跌 | 涨跌幅 | 成交额 | | 1 | 000001 | | 上证指数 | | 3956.72 | 1.93 | 0.05% ...

盘面上看，半导体、有色、券商、汽车等板块走低，煤炭、石油、银行等板块拉升，食品饮料、旅游、 酿酒、医药等板块上扬，短剧游戏、海南自贸、AI应用概念等活跃。 11月3日早盘，沪指盘中震荡上扬，创业板指、科创50指数等走势疲弱，场内近2700股飘红。 截至午间收盘，沪指微涨0.05%报3956.72点，深证成指跌1.06%，创业板指跌1.37%，科创50指数跌 2.35%，沪深北三市合计成交13987亿元。 （文章来源：证券时报网） 中信证券表示，随着党的二十届四中全会结束、中美会谈取得阶段性成果、三季报披露完毕，往后看， 结构性机会仍存，择时重要性有限。短期看，投资者恐高心理主要出现在科技板块，但明年新能源、化 工、消费电子、资源、机械等大类行业中还是存在不少利润可能持续增长的方向，出海逻辑也没有遭遇 实质性的挑战，创新药和新消费自8月以来的调整幅度也足够大，可能只是需要时间和新的催化。在这 种背景下，年内还是以调结构为主，积极布局明年，建议围绕传统制造业的提质升级、中企出海、端侧 AI三个方向继续布局，短期可以关注三季报后出现的几个阶段性超跌反弹线索，如白酒、软件、创新 药。 ...

港股上午盘三大指数涨跌不一，恒生指数涨0.58%重回26000点，国企指数涨0.68%，恒生科技指数表现 较弱，午间收跌0.24%。大型科技股走势分化，其中，小米涨3.5%，阿里巴巴跌1.5%；行业Q3净利润增 速有所提升，内银股拉升上涨，工行、中行、农行涨超2%；煤炭股、石油股等能源板块表现活跃，三 桶油同步拉升。另外，黄金税收新政出台！黄金股、珠宝首饰股集体下跌，热门股老铺黄金大跌近 8%，中国黄金国际等齐跌。(格隆汇) ...

指数早盘涨跌不一，沪指半日微涨0.04%，深成指、创指双双跌超1%。 板块方面，海南自贸区早盘强势，洲际油气、海马汽车等多股涨停；煤炭板块活跃，安泰集团涨停；游戏板块活跃，三七 互娱涨停；下跌方面，电池板块弱势震荡，海科新源跌超15%；黄金、有色板块盘中震荡下挫，潮宏基跌停；芯片半导体大面 积飘绿，炬光科技跌超7%领跌。 总体来看，个股涨多跌少，上涨个股超2600只。截至午间收盘，沪指报3956.72点，涨0.05%；深成指报13237.03点，跌 1.06%；创指报3143.95点，跌1.37%。盘面上，海南自贸区、海南、燃料板块涨幅居前，电池、金属钴、能源金属板块跌幅居 前。 ...