（文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 银行 | 0.00 | 165.06 | -7.33 | 中国银行 | 1.60 | | 农林牧渔 | -0.37 | 242.30 | 32.67 | 华英农业 | -8.89 | | 传媒 | -0.50 | 324.58 | 46.23 | 名臣健康 | -8.69 | | 食品饮料 | -0.59 | 133.34 | 35.18 | 庄园牧场 | -4.58 | | 家用电器 | -0.83 | 114.33 | 34.11 | 日出东方 | -5.08 | | 交通运输 | -1.02 | 116.14 | 34.42 | 龙洲股份 | -9.13 | | 石油石化 | -1.13 | 63.79 | 10.52 | 潜能恒信 | -6.59 | | 煤炭 | -1.22 | 56.94 | 19.22 | 美锦能源 | -5.77 | | 公用事业 | -1.38 | 168.29 ...

Report Information - Report Name: Information Morning Report - Release Date: November 21, 2025 Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and the performance of various financial markets including futures, stocks, bonds, and foreign exchange. It also provides information on upcoming economic data releases and events. Summary by Category Overnight Market Trends - **Energy Futures**: US WTI crude oil was at $58.76 per barrel, Brent crude futures fell 0.63% to $63.11 per barrel [4]. - **Precious Metals**: COMEX gold futures dropped 0.15% to $4076.7 per ounce, COMEX silver futures declined 0.98% to $50.355 per ounce [5]. - **Base Metals**: LME nickel, copper, and lead fell, while zinc, tin, and aluminum rose [5]. - **Domestic Futures**: Fuel oil, asphalt, rubber, and 20 - number rubber rose, while pulp, palm oil, and glass fell [6]. Important Information Macroeconomic News - **Monetary Policy**: China's central bank kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively for six consecutive months [9]. - **Gold Exchange**: Shanghai Gold Exchange warned of market instability and asked members to take risk - control measures [9]. - **Trade and Economy**: China is implementing the consensus of the China - US Kuala Lumpur economic and trade consultations. The source of the global semiconductor supply chain chaos is in the Netherlands [9][12]. - **Stock Market Policy**: The CSRC will strengthen system construction, risk prevention, and investor protection [10]. - **Interest Rate Expectations**: Morgan Stanley no longer expects a Fed rate cut in December, now forecasting three cuts in January, April, and June next year [10]. - **International Politics**: Ukraine's President Zelensky agreed to work on a peace plan, and Iran's military raised its combat readiness [12][13]. Energy and Chemical Futures - **Soda Ash**: Total domestic soda ash inventory decreased by 3.68% to 164.44 million tons as of November 20 [14]. - **Pulp**: China's pulp port inventory rose 3.0% to 217.3 million tons [16]. - **Methanol**: East China port methanol inventory decreased by 1.57 million tons, and China's methanol production increased [17][18]. - **Fuel Oil and Distillates**: Singapore's fuel oil inventory dropped, while middle and light distillate inventories rose [17]. - **Float Glass**: National float glass inventory increased slightly, production hit a four - month low, and production profits declined [17][18]. Metal Futures - **Alumina and Aluminum**: Alumina inventory increased, and global and Chinese aluminum production data were reported [22]. - **Other Metals**: There were supply - demand imbalances in refined lead, nickel, and copper. China's imports of lithium carbonate and alumina changed [22]. - **Lithium Price**: BMI expects higher average prices for lithium carbonate and hydroxide in China in 2025 [23]. - **Futures Policy**: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [23][24]. Agricultural Futures - **Pork**: The central reserve of frozen pork will have an auction of 6500 tons [28]. - **Palm Oil**: Malaysian palm oil exports decreased, and China's palm oil import costs rose [29][30][32]. - **Soybeans and Wheat**: US private exporters reported sales of soybeans and wheat to China [33]. - **Sugarcane**: Thailand expects its 2025/26 sugarcane crushing volume to exceed 93 million tons [34]. - **Tariffs**: Trump modified tariffs on some Brazilian agricultural products [34]. Financial Markets Stocks - **A - shares**: The Shanghai Composite Index fell 0.4%, with solid - state battery and photovoltaic concept stocks dropping, and banks rising [36]. - **Hong Kong Stocks**: The Hang Seng Index rose 0.02%, while the Hang Seng Tech Index fell 0.58% [38]. - **IPO**: Moore Threads' IPO price was set at 114.28 yuan per share [39]. - **Corporate News**: NetEase's Q3 net income increased 8.2% [40]. Industries - **Digital Economy**: Guangdong aims to have the digital economy core industry's added - value account for over 16% of GDP by 2027 [41]. - **Battery Industry**: The battery industry is promoting anti - cut - throat competition [43]. - **Semiconductor**: China's chip design industry is expected to grow 29.4% in 2025 [43]. - **Salt Lake**: Qinghai will strengthen salt lake resource management [43]. - **Mobile Phones**: China's mobile phone shipments in September increased 10.1% year - on - year [44]. Overseas Markets - **US Economy**: US September non - farm payrolls increased, but unemployment rose. The probability of a Fed rate cut in December is low [45]. - **US Policy**: Trump may delay semiconductor tariffs and will launch an AI plan [45]. - **US Real Estate**: US existing home sales in October increased 1.2% [46]. International Stock Markets - **US Stocks**: The three major US stock indexes fell, with Cisco and Boeing leading the decline [48]. - **European Stocks**: European stock indexes rose, driven by risk sentiment and corporate profit expectations [48]. - **Investment Advice**: It's not a good time to short large - cap tech stocks, and the S&P 500 is expected to rise [48][49]. - **Stock Exchange**: Singapore and Nasdaq will launch a "Global Listing Board" in mid - 2026 [49]. - **Corporate Earnings**: Walmart's Q3 revenue increased, and it will move its listing to Nasdaq [49]. Commodities - **Lithium Carbonate**: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [51]. - **Precious Metals**: International precious metals futures fell due to a stronger dollar and reduced rate - cut expectations [52]. - **Oil Warning**: Saudi Aramco warned of future oil supply shortages [52]. Bonds - **Domestic Bonds**: The domestic bond market was volatile, and the central bank conducted 300 billion yuan of reverse repurchases [54]. - **Central Bank Bills**: The central bank will issue 45 billion yuan of central bank bills in Hong Kong on November 24 [54]. - **US Bonds**: US Treasury yields fell across the board [54]. Foreign Exchange - **Renminbi**: The on - shore RMB against the US dollar fell, and the RMB's global payment ranking was sixth in October [55][56]. - **Dollar Index**: The dollar index rose, and most non - US currencies fell [56]. - **Yen**: The yen against the dollar reached its weakest level since January, and the Japanese government expressed concern [58]. Upcoming Economic Data and Events - **Economic Data**: A series of economic data such as Japan's CPI, UK's retail sales, and US PMI are to be released [60]. - **Events**: Fed, ECB, and other central bank officials will make speeches, and there are important conferences and exhibitions [62].

昨天，花旗银行公布了一年一度的香港千万富翁调查报告。相比去年，人数增加到39.5万，占相关人口 的7%。相当于：每14个人，就有1人是千万富翁。 这不是香港千万富翁最多的一年。 2021年，花旗银行的调查显示，香港2021年有51.5万个千万富翁，创历来新高。相当于每12个成年人就 有一个千万富翁。 但没过多久，香港媒体又写了一篇报道：香港千万富翁穷困潦倒。 因为调查的统计口径是拥有一千万港元或以上净资产，而很多千万富豪的身价大约七成都来自于砖头， 居住的房子。 众所周知，香港的房价在全球都是出了名的高，动辄上千万。一些已经有房的退休业主，看似是千万富 翁，但实际生活也算得上艰苦，有的还会领取慈善机构的派饭。 这和我们认知的富豪，简直是天差地别。 但今年，情况不一样了。调查显示，他们的财富平均分布，流动资产和物业各占一半。而流动资产中， 一半是投资产品，另一半是现金存款。 这批富豪们平均在34岁就完成了初始的财产积累，一百万。而第一个百万资产，主要是来自：股票和基 金。 今年上半年，港股以令人惊艳的涨幅20%跑赢了全球。在股市的半年度总结里，上半年港股最深刻的变 革在于新旧动能转换。也就是由传统金融、地产主导 ...

央视网消息：国家开发银行20日宣布，已经全面完成所承办的2025年度国家助学贷款发放工作，今年共向702万名家庭经济困难学生发放 国家助学贷款1036亿元。贷款学生可通过"国家助学贷款"手机客户端等渠道查询发放结果。 作为国家助学贷款的主力承办银行，国开行今年采取多项措施加快贷款发放，将往年11月集中发放优化为开学后陆续发放，到10月底已有 近90%的贷款发放到位。据统计，自2004年以来，国开行已累计发放国家助学贷款5605亿元，支持家庭经济困难学生6372万人次。 ...

截至11月20日，市场最新融资余额为24743.85亿元，较上个交易日环比减少59.39亿元，分行业统计，申 万所属一级行业有11个行业融资余额增加，通信行业融资余额增加最多，较上一日增加14.02亿元；融 资余额增加居前的行业还有银行、国防军工、房地产等，融资余额分别增加5.39亿元、4.11亿元、3.44 亿元；融资余额减少的行业有20个，电子、医药生物、计算机等行业融资余额减少较多，分别减少 16.71亿元、9.65亿元、8.40亿元。 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 通信 | 1092.44 | 14.02 | 1.30 | | 银行 | 756.62 | 5.39 | 0.72 | | 国防军工 | 801.65 | 4.11 | 0.52 | | 房地产 | 351.32 | 3.44 | 0.99 | | 煤炭 | 144.31 | 1.75 | 1.23 | | 商贸零售 | 273.61 | 1.49 | 0.55 | | 非银金融 | 1896.57 | 0.94 | 0.05 | ...

11月21日欧亚时段，欧元兑美元汇率在1.15整数关口展开拉锯战，最新报1.1532，较前一交易日微涨 0.08%，连续四个交易日在1.15-1.1550区间窄幅震荡。这一胶着态势背后，是欧元区通胀数据回暖、欧 央行政策鹰鸽博弈，以及美元指数阶段性承压的三重力量制衡。从交叉盘表现看，欧元兑英镑报 0.8816，兑人民币报8.2518，日内波动幅度收于0.2%以下，反映市场对欧元短期走势的分歧与谨慎。 技术形态上，欧元兑美元正处于"矩形整理"阶段，1.15关口从前期阻力转化为核心支撑。短期交易区间 锁定在1.1480-1.1550，上方关键阻力位于1.1558——该点位是11月7日阶段性高点，且与120日均线重合 形成强压制，若有效突破可打开至1.1620-1.1650的上行空间。支撑端呈双重防御，1.15-1.1480为第一支 撑带，失守后下一档支撑将指向1.1420，此处既是11月20日反弹起点，也是60日均线所在，技术支撑稳 固。 技术指标释放中性偏多信号。均线系统中，20日均线与30日均线形成金叉，汇率运行于短期均线上方， 构建初步支撑；MACD指标在零轴上方维持红柱，虽幅度收窄，但多头主导格局未改。R ...

"坐在这里办业务，高度和角度都恰到好处，不用排队等待人工服务，工作人员在对面指导着，点哪 里、怎么做都一目了然。"在建设银行济南分行营业部，坐式智慧柜员机前的张先生满脸赞许。这台专 为银发群体设计的设备藏着不少"小心思"：双屏同步显示指导操作，再也不用弯腰探头；放大的字体和 清晰的图标，驱散了视觉模糊的困扰；特意预留的容膝空间，让坐轮椅的老人也能舒适操作。 智慧柜员机前，工作人员正耐心指导着老人办理业务；重阳驿站里，志愿者正陪着独居老人唠着家常... 这些细碎而温暖的瞬间，勾勒出"老有颐养"最动人的模样。多年来，建行山东省分行始终揣着对银发群 体的牵挂，以"金融为民"的赤诚，将专业服务揉进烟火温情。在城市街巷、社区网点，那些适老化的贴 心设计、跨越时空的上门服务、赋能产业的精准支持，正一点点拼凑成老年人安享晚年的幸福图景。 细节里的温度 这份真情实意，渐渐转化为体系化的服务标准：网点设立"重阳服务岗"，专员全程搀扶老人办理业务； 开辟"重阳爱心理财室"，理财经理用"大白话"把复杂的产品讲明白，还会根据老人的身体状况、收支情 况推荐合适的方案；便民服务箱里，血压仪、血糖仪、暖贴、放大镜整齐摆放，随时供老人使用。 ...

截至2025年11月21日 10:08，中证国有企业红利指数下跌0.58%。成分股建发股份领涨，中国银行、南 京银行跟涨；鲁西化工领跌，中文传媒、西部矿业跟跌。国企红利ETF(159515)下修调整。（以上所列 示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表 具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。） 据Wind数据显示，流动性方面，截至11月20日，国企红利ETF近1周日均成交293.72万元。 消息面上，近日，金融监管总局发布的银行业保险业最新监管指标数据显示，截至今年三季度末，我国 银行业金融机构本外币资产总额达474.3万亿元，同比增长7.9%，商业银行净息差为1.42%，环比持平， 其中股份制商业银行净息差环比提升0.01个百分点。三季度监管数据显示，银行业净息差企稳，盈利能 力呈现积极信号，同时资产质量稳定，这都证明了行业的强劲韧性。 (以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方 向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 国企 ...

2025年11月21日星期五 ➢ 美就业显疲态；中国拒接受日本说辞。 A股调整。上证指数收跌0.4%报3931.05 点，深证成指跌0.76%，创业板指跌 1.12%。中国银行创历史新高。光伏概 念股大跌；能源化工回落。港股尾盘翻 红 ， 香 港 恒 生 指 数 收 盘 涨 0.02% 报 25835.57点，恒生科技指数下跌0.58%， 恒生中国企业指数微跌0.08%。银行、 地 产 、 券 商 股 走 强 。 大 市 成 交 额 2451.357港元。外盘方面，欧洲三大股 指收盘全线上涨，美国三大股指全线收 跌 ， 道 指 跌 0.84% ， 标 普 500 指 数 跌 1.56%报6538.76点，纳指跌2.15%。美国 9月失业率升至近四年最高，而多位美 联储官员警告通胀风险，年底降息前景 仍不明。中国坚持要求日本首相收回涉 台言论，对日方给出的说辞不予认可。 | 25835.57 | 0.02 | 26.27 | | --- | --- | --- | | 9143.34 | -0.08 | 22.99 | | 5574.59 | -0.58 | 21.44 | | 120.62 | 0.01 | ...

Group 1 - The A-share market opened lower, with banks, coal, and agriculture sectors showing gains, while lithium mining, memory storage, CPO, ice and snow tourism, semiconductors, and aquaculture sectors experienced declines [1] Group 2 - Two stocks, Haixia Innovation (300300) and Pingtan Development (000592), resumed trading after suspension and experienced significant volatility, with Haixia Innovation dropping by 17% before recovering, and Pingtan Development initially falling by 8% before turning positive [2] - Haixia Innovation reported a stock price increase of 185.89% from October 27 to November 17, 2025, with a static P/E ratio of 2141.42 and a rolling P/E ratio of 300.48, indicating valuations significantly higher than industry peers [2] - Pingtan Development's stock price surged by 255.19% from October 17 to November 17, 2025, with a rolling P/E ratio of 555.31 and a P/B ratio of 12.06, also showing substantial deviation from industry standards [2]