信号一：科技股信仰崩塌，资金转向防御 科技股崩盘的背后，是市场对AI商业模式的深层焦虑。 英伟达CEO黄仁勋坦言"对华芯片销售已归零"，而美国商务部却突然释放"考虑批准H200对华 出口"的信号。 这一矛盾举动折射出中美科技博弈的微妙变化：H200性能虽是特供版H20的两倍，但华为昇腾910B已可对标英伟达H100，阿里平头哥、腾讯自研芯 片加速替代。 市场意识到，国产替代已从概念走向实质，英伟达的"回归"反而可能加速客户流失。 资金避险情绪急剧升温。 银行股逆势吸金34亿元，医药商业板块集体涨停。 投资者像抓住救命稻草般涌向高股息资产，银行股平均股息率4.29%，远 超国债收益率。 段永平三季度减持英伟达25%、增持伯克希尔的仓位调整，更强化了"现金为王"的共识。 本周A股市场不堪入目。 沪指单周暴跌3.9%，深成指跌超5%，创业板指重挫6.15%，科创50指数距技术性熊市仅一步之遥。 近百只个股跌停，超5000 只股票收绿，主力资金单日净流出近600亿元。 投资者尚未从4000点的幻想中清醒，转眼已直面3800点保卫战的残酷现实。 本周市场的惨烈，始于科技股的集体溃败。 英伟达财报超预期后股价反常跳水，单 ...

证券代码：600511 证券简称：国药股份公告编号：临2025-039 国药集团药业股份有限公司第八届董事会第三十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 国药集团药业股份有限公司（以下简称"公司"或"国药股份"）第八届董事会第三十二次会议通知及资料 于2025年11月11日以书面、电子邮件等形式发出，会议于2025年11月21日以通讯表决方式召开。本次会 议应参加表决董事八名，实际参加表决董事八名，其中四名独立董事参加了会议，董事长刘月涛先生主 持本次会议，符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 本次会议审议并通过了如下决议： （一）以8票同意、0票反对和0票弃权的结果审议通过《关于提名董事候选人的议案》。 公司董事会提名黄国平先生（简历见附件）为公司第八届董事会董事候选人，任期自公司股东会审议通 过之日起。 在提交本次董事会之前，该议案已经董事会提名委员会审议，全体委员一致同意提交董事会审议。 该议案尚需提交公司2025年第四次临时股东会审议。 （二 ...

Core Points - The stock of Renmin Tongtai (600829) experienced a limit down today, with a turnover rate of 3.80% and a trading volume of 285 million yuan, reflecting a price fluctuation of 2.40% [2] - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily price deviation of -7.58%, with a net selling amount of 7.56 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 43 million yuan, with a buying amount of 17.72 million yuan and a selling amount of 25.28 million yuan, resulting in a net selling of 7.56 million yuan [2] - Over the past six months, the stock has appeared on the watch list 12 times, with an average price drop of 0.80% the next day and an average decline of 0.67% over the following five days [2] - The stock saw a net outflow of 17.55 million yuan in major funds today, with a significant outflow of 2.63 million yuan from large orders and 14.92 million yuan from major funds [2] - In the past five days, the net outflow of major funds reached 686 million yuan [2] - The company's Q3 report released on October 21 indicated a total revenue of 7.846 billion yuan for the first three quarters, representing a year-on-year growth of 2.19%, while net profit was 112 million yuan, down 45.69% year-on-year [2]

Group 1 - The company announced the formulation of the "2025 Quality Improvement and Efficiency Enhancement Action Plan" [2] - The plan focuses on five key areas: enhancing core business operations, improving governance, increasing the quality of information disclosure, prioritizing investor returns, and strengthening management accountability [2]

每经AI快讯，南京医药（SH 600713，收盘价：4.97元）11月21日晚间发布公告称，公司第十届董事会 临时会议于2025年11月20日以通讯方式召开。会议审议了《关于选举公司第十届董事会专门委员会委员 的议案》等文件。 2024年1至12月份，南京医药的营业收入构成为：批发占比94.72%，零售占比4.53%，电商占比0.48%， 其他业务占比0.24%，第三方物流占比0.03%。 截至发稿，南京医药市值为65亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） ...

Core Viewpoint - The company, YaoYigou, has established a comprehensive drug procurement and supply system that meets the regular medication needs of its cooperative clients and end consumers [1] Group 1 - The company's procurement and sales have covered various categories of related drugs, including antipyretic analgesics, antiviral medications, and those for alleviating respiratory symptoms [1] - Specific operational data regarding these categories has not been disclosed publicly [1]

证券之星消息，11月21日医药商业板块较上一交易日下跌3.02%，人民同泰领跌。当日上证指数报收于 3834.89，下跌2.45%。深证成指报收于12538.07，下跌3.41%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603108 润达医疗 | | 2559.97万 | 8.07% | -1214.50万 | -3.83% | -1345.46万 | -4.24% | | 603939 | 益丰药房 | 1822.52万 | 11.15% | -551.21万 | -3.37% | -1271.31万 | -7.78% | | 600538 | 国发股份 | 589.73万 | 7.26% | 195.71万 | 2.41% | -785.44万 | -9.67% | | 301584 建发致新 | | 379.05万 | 0.97% | 2174.48万 | 5.55% | ...

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 贾运可） 每经AI快讯，国药股份（SH 600511，收盘价：28.84元）11月21日晚间发布公告称，公司第八届第三十 二次董事会会议于2025年11月21日以通讯表决方式召开。会议审议了《国药股份关于召开2025年第四次 临时股东会的议案》等文件。 2024年1至12月份，国药股份的营业收入构成为：医药商业占比104.55%，医药工业占比0.93%，仓储物 流占比0.78%，其他业务占比0.19%，内部抵销占比-6.45%。 截至发稿，国药股份市值为218亿元。 ...

Investment Rating - The report maintains an "overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by more than 10% in the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index during the period from November 7 to November 20, 2025, with a decline of 1.51%, which is approximately 1.23 percentage points better than the CSI 300 index [11]. - Most sub-sectors within the industry recorded negative returns, with in vitro diagnostics and pharmaceutical distribution showing the highest gains of 2.37% and 2.27%, respectively, while medical R&D outsourcing and medical consumables experienced declines of 3.67% and 2.93% [12]. - Approximately 43% of stocks in the industry recorded positive returns during the same period, with the top performer, Hezhong China, seeing a weekly increase of 82.57% [16]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry as of November 20, 2025, was approximately 51.84 times, indicating a decrease in industry valuation [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a decline of 1.51% compared to the index's performance [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and pharmaceutical distribution leading in gains [12]. - About 43% of stocks in the industry had positive returns, with significant variations in individual stock performance [16]. 2. Industry News - The report highlights the announcement from the Hebei Provincial Medical Products Procurement Center regarding the centralized procurement of 25 types of medical consumables, including biopsy needles and infusion ports [23]. 3. Company Announcements - Ningbo Tianyi Medical Devices Co., Ltd. received a medical device registration certificate for its blood dialysis concentrate products [24]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the flu-related sector due to the onset of the flu season, recommending several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [25][27].

证券之星消息，11月20日，九州通（600998）融资买入996.67万元，融资偿还926.36万元，融资净买入 70.31万元，融资余额6.92亿元，近3个交易日已连续净买入累计1933.48万元。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-20 | 6.94亿 | 58.24万 | 0.08% | | 2025-11-19 | 6.93亿 | 1181.95万 | 1.73% | | 2025-11-18 | 6.81亿 | 671.57万 | 1.00% | | 2025-11-17 | 6.75亿 | -1955.81万 | -2.82% | | 2025-11-14 | 6.94亿 | -1084.16万 | -1.54% | | 交易日 | (路) 田園虎旅館 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-11-20 | | -2.24万 | 41.10万 | 205.52万 | | 2025-11-19 | | 3.2 ...