美国民众已经意识到，中国不是敌人，而是朋友。最近中美达成了一项重要协议，美国宣布暂停对中国的24%对等关税，并取消之前加征的10%关税。特朗 普对中国的态度也发生了巨大转变，几乎是180度的变化。 之前，高市早苗曾挑衅性地说，台湾有事就是日本有事，然而，当有记者问特朗普中国算不算朋友时，他直接回应：许多盟友都不算朋友，并且强调自己与 中国的关系很好。在与中国领导人见面之前，特朗普更是在推特上公开提到G2概念，变化的速度堪比翻书。问题是，为什么特朗普会突然转变态度？美国 发起的关税战为什么没能持续下去？答案其实很简单——特朗普通过关税战希望实现的三个目标，都没有达成。 第一个目标是打压中国，试图修复美国人崩塌的国家信仰。美国本质上不是一个世俗国家，而是一个教会国家。美元上写着我们信仰上帝，而欧洲的欧元上 没有类似标识。最早来到美国的清教徒，他们的核心教义是财富是上帝对勤奋的奖赏，贫穷是因为懒惰和堕落。这套教义塑造了美国的国家性格，也支撑起 了只要努力就能成功的美国梦，成为美国社会秩序稳定的核心。但如今，这种信仰出现了严重问题。过去几十年，美国的资本回报远高于劳动回报，中产阶 级的比例从61%下降到51%，最富的 ...

机构认为，银行股近日表现活跃有以下核心驱动因素： 政策方面，央行近期发布的《2025年第三季度中国货币政策执行报告》称，增强银行资产和负债端利率调整的联动性，支持银行稳定净 息差，拓宽货币政策逆周期调节空间。国投证券认为，若未来LPR下调采取存款利率同步调整的中性方式，对银行息差影响有限。 从估值角度看，国投证券表示，目前A股银行板块PB为0.73倍，港股国有大行PB估值约为0.55倍，与国际主流经济体银行业估值相比仍显 著偏低。2022年至今，银行板块的行情本质上是估值重估、中枢抬升的逻辑，银行估值修复行情未结束。此外，银行股股息率显著高于 无风险利率，在当前低利率环境下形成"股息率＞利率"的配置逻辑。 本周（11月17日至21日），A股市场出现较大幅度回调。前期强势的科技股回落，市场避险情绪升温，银行股成交相对活跃，其中，超2 万亿市值的中国银行股价屡创新高，本周5个交易日有3次创历史新高。 Choice数据显示，本周共有46只个股股价创历史新高（不含近一年上市的次新股，按前复权价、涨跌幅复权算法统计，下同），较上周 的83只大幅减少。拉长时间维度看，今年以来截至11月21日，已有1003只个股股价创历史 ...

Group 1: Banking Sector Insights - The net profit growth rate of commercial banks in the first three quarters of 2025 improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [4] - City commercial banks demonstrated the most significant improvement, with a quarter-on-quarter increase of 2.8 percentage points [4] - The overall interest income is expected to have solid support for the year, and the recovery in capital markets is likely to sustain the growth of diversified income sources, particularly in fees and commissions [4] Group 2: Semiconductor Industry Analysis - SMIC's Q3 2025 performance exceeded expectations, driven by strong demand and accelerated capacity expansion, with profit forecasts for 2025-2027 adjusted to $7.4 billion, $11.0 billion, and $13.2 billion respectively, reflecting year-on-year growth of 49%, 50%, and 20% [14] - The stock price corresponds to a price-to-book ratio of 3.5x for 2025 and 3.4x for 2026 in Hong Kong, and 6.2x for 2025 and 5.9x for 2026 in A-shares, maintaining a "buy" rating for both [14] Group 3: New Energy Sector Developments - The controlled nuclear fusion industry is projected to have long-term growth potential, with a recent procurement project exceeding 2 billion yuan, focusing on power systems and low-temperature systems [17] - Companies to watch include those involved in vacuum chambers, magnetic systems, and low-temperature systems, indicating a broad interest in the nuclear fusion sector [17] Group 4: E-commerce and Retail Performance - The brand Mao Ge Ping has shown strong sales growth during the "Double Eleven" shopping festival, with sales on various platforms increasing by 60.5% on Taobao, 39.8% on Douyin, and 22.3% on JD.com [11] - The brand entered the top 20 in the beauty category on Taobao for the first time, indicating a significant market presence [11] Group 5: Fiscal Policy and Economic Outlook - October's fiscal data indicates a decline in public budget expenditure year-on-year, with a need to monitor the effectiveness of incremental fiscal policies since September [30] - The government debt supply is nearing its end for the year, while increased fiscal deposits suggest potential liquidity release, which could positively impact future market conditions [30]

Core Insights - The article highlights the growing investment opportunities in Qingyuan, particularly from Taiwanese businesses, emphasizing the favorable natural environment and supportive policies that have fostered a thriving investment climate [1][2]. Investment Environment - The "Qingyuan Special Session" event attracted nearly 600 representatives from Guangdong and Taiwan, culminating in a signing amount of nearly 900 million yuan [1]. - Qingyuan has established a strong relationship with Taiwanese investors since its establishment, with 131 Taiwanese enterprises investing a total of 1.283 billion USD, of which 1.078 billion USD has been utilized [3]. - Taiwanese enterprises span various sectors, including manufacturing, real estate, and modern services, contributing significantly to the local economy [3]. Geographic and Economic Advantages - Qingyuan benefits from its strategic location in the Greater Bay Area, with access to a consumer market of 86 million people and efficient transportation links, including a 24-minute high-speed train to Guangzhou [4]. - The North River provides a cost-effective and environmentally friendly transportation option for businesses, particularly in the cement industry, which has seen significant investment due to the region's abundant mineral resources [6][7]. Environmental and Lifestyle Factors - Qingyuan is referred to as the "back garden" of the Greater Bay Area, with a high forest coverage rate and excellent air quality, making it an attractive location for health-oriented businesses [9][10]. - The region's ecological advantages support agricultural development, with initiatives like the establishment of cross-strait agricultural cooperatives focusing on high-potential crops [11]. Government Support and Services - The local government has implemented efficient service measures, such as "one-stop" services for business registration and project initiation, enhancing the investment experience for Taiwanese enterprises [12]. - Continuous communication between the government and Taiwanese businesses has established a supportive environment, allowing for quick resolution of issues and fostering long-term investment [12][13]. Conclusion - Taiwanese investors have evolved from initial business establishment to becoming ambassadors for Qingyuan, promoting the city as a prime location for future investments and cultural exchanges [13].

清远市台商投资企业协会常务副会长卢政群建议粤东西北地区在完善产业链布局等硬件的同时，还要加 快提升教育、医疗等公共服务水平，增强对年轻一代台商的吸引力。(完) 中新社广东清远11月22日电(记者郭军)当前，广东正加快推动台资协调优化区域布局，积极引导台商助 力粤东西北融入粤港澳大湾区发展。11月21日至22日，全国近600位台商齐聚广东清远共谋发展，现场 签约电子、制鞋、汽车零组件等多个投资项目，总金额近9亿元(人民币，下同)。 （文章来源：中国新闻网） 这是继汕尾、云浮之后，广东在粤东西北城市再次举办此类活动。此次举行的广东台商助力粤东西 北"融湾发展"(清远专场)活动期间，广州市、清远市台务部门，以及两地台商投资企业协会还签署了对 口帮扶和共建友好协会合作协议。 "清远作为粤港澳大湾区北部生态屏障和产业拓展腹地，正全力推进'广清一体化'战略，加快构建现代 化产业体系，基础设施日益完善，政策支持精准有力，营商环境持续优化，为台商投资发展提供了广阔 空间和坚实保障。"清远市委副书记黄建平说。 清远市台商投资企业协会会长李正顺表示，清远作为"环珠三角地区融湾先行市"，不仅拥有快速衔接大 湾区的交通网络和作为'融 ...

Content: --------- <doc id='1'>金融工程日报 A 股单边下行，AI 应用逆势走强、锂电池产业链全线下挫</doc> <doc id='2'>核心观点 金融工程日报 市场表现：20251121 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现较好。行业 指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好，综 合、有色金属、基础化工、通信、电子行业表现较差。中船系、水产、小红 书平台、拼多多合作商、短剧游戏等概念表现较好，锂矿、锂电正极、锂电 隔膜、盐湖提锂、锂电电解液等概念表现较差。 市场情绪：20251121 收盘时有 33 只股票涨停，有 107 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.55%，昨日 跌停股票今日收盘收益为-5.58%。今日封板率 61%，较前日提升 10%，连板 率 24%，较前日下降 0%。 市场资金流向：截至 20251120 两融余额为 24917 亿元，其中融资余额 24744 亿元，融券余额 173 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.1%。</doc> <doc id='3'>折溢价：20251120 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是芯 片 ETF 景顺。近半年以来大宗交易日均成交金额达到 20 亿元，20251120 当 日大宗交易成交金额为 19 亿元，近半年以来平均折价率 6.36%，当日折价率 为 7.71%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 0.48%、3.39%、10.86%、13.39%，当日上 证 50 股指期货主力合约年化贴水率为 4.00%，处于近一年来 29%分位点，当 日沪深 300 股指期货主力合约年化贴水率为 7.08%，处于近一年来 25%分位 点；当日中证 500 股指期货主力合约年化贴水率为 8.69%，处于近一年来 69% 分位点；当日中证 1000 股指期货主力合约年化贴水率为 8.76%，处于近一年 来 80%分位点。</doc> <doc id='4'>机构关注与龙虎榜：近一周内调研机构较多的股票是九号公司-WD、蓝思科 技、泰恩康、中航重机、沃尔德、超颖电子、宏昌科技、斯菱股份等，九号 公司-WD 被 179 家机构调研。20251121 披露龙虎榜数据中，机构专用席位净 流入前十的股票是天华新能、易点天下、安妮股份、久其软件、榕基软件、 古麒绒材、江龙船艇、荃银高科、华瓷股份、神农种业等，机构专用席位净 流出前十的股票是西藏城投、视觉中国、浪潮软件、德力佳、禾信仪器、中 水渔业、梦天家居、亚通精工、南侨食品、北方长龙等。陆股通净流入前十 的股票是天华新能、江龙船艇、英利汽车、国风新材、久其软件、久之洋、 荃银高科、西藏城投、南侨食品等，陆股通净流出前十的股票是华胜天成、 视觉中国、方大炭素、诺德股份、浪潮软件、易点天下、禾信仪器等。 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。</doc> <doc id='5'> | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | | 021-60933159 | 021-60875177 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 《金融工程日报-A 股高开低走，封板率创近一个月新低》 —— 2025-11-20 《金融工程日报-沪指震荡收红，水产股集体大涨、黄金股午后 拉升》 ——2025-11-19 《金融工程日报-沪指震荡走低，锂电产业链回调、互联网电商 概念逆势走强》 ——2025-11-18 《金融工程日报-沪指震荡下跌，锂矿题材逆势爆发》 —— 2025-11-17 《金融工程日报-沪指冲高回落，算力、半导体产业链领跌》 — —2025-11-14</doc> <doc id='6'>市场表现 宽基与风格指数表现 今日(20251121，下同) 市场全线下跌，规模指数中，上证 50 指数表现较好，上 证 50 指数下跌 1.74%，沪深 300 指数下跌 2.44%，中证 500 指数下跌 3.46%，中 证 1000 指数下跌 3.72%，中证 2000 指数下跌 3.99%。 板块指数中，上证综指表现较好，上证综指下跌 2.45%，深证综指下跌 3.43%，中 小 100 指数下跌 3.25%，创业板指下跌 4.02%，科创 50 指数下跌 3.19%，科创 100 指数下跌 4.04%，北证 50 指数下跌 4.71%。 风格指数中，沪深 300 价值指数表现较好，沪深 300 价值指数下跌 1.70%，沪深 300 成长指数下跌 2.47%，中证 500 价值指数下跌 3.30%，中证 500 成长指数下跌 3.16%。主要宽基、板块及风格指数今日表现如下图所示。</doc> <doc id='7'>图1：今日宽基、板块与风格指数表现 行业指数表现 今日行业指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好， 收益分别为-0.27%、-0.50%、-0.89%、-1.00%、-1.58%，综合、有色金属、基础 化工、通信、电子行业表现较差，收益分别为-5.41%、-5.30%、-5.26%、-4.59%、 -4.41%，中信一级行业指数今日表现如下图所示。</doc> <doc id='8'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='9'>图2：今日中信一级行业指数表现 概念主题表现 今日中船系、水产、小红书平台、拼多多合作商、短剧游戏等概念表现较好，收 益分别为 3.51%、0.65%、0.47%、0.42%、0.22%，锂矿、锂电正极、锂电隔膜、 盐湖提锂、锂电电解液等概念表现较差，收益分别为-9.67%、-8.66%、-8.18%、 -8.08%、-7.99%，今日收益较高与较低的前十个概念指数表现如下图所示。</doc> <doc id='10'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='11'>图3：今日收益较高与较低的前十个概念指数 资料来源：Wind，国信证券经济研究所整理</doc> <doc id='12'>市场情绪 日内涨跌停家数 我们统计上市满 3 个月以上的股票在今日盘中的实时涨跌停家数情况。今日盘中 最高有 33 只股票

Core Insights - The first batch of seven AI-focused ETFs has been approved, tracking the newly established Zhongzheng Sci-Tech Entrepreneurship AI Index, which will include 50 companies involved in AI-related sectors [1] - The AI-related ETFs primarily track four major indices, each offering differentiated tools for investing in the AI industry chain [1] - The Zhongzheng Sci-Tech Entrepreneurship AI Index combines companies from both the Sci-Tech and Growth Enterprise markets, enhancing exposure to both communication and semiconductor sectors [1] Index Performance - As of November 21, the Zhongzheng Sci-Tech Entrepreneurship AI Index has seen a remarkable increase of 72.04% since the beginning of the year, outperforming other AI indices [3] - The index also recorded the lowest maximum drawdown compared to its peers, indicating strong resilience [3] Market Context - Recent market fluctuations have raised concerns among investors, primarily due to liquidity worries stemming from the Federal Reserve's anticipated interest rate decisions and fears of an AI bubble [5] - Despite these concerns, the Chinese market does not exhibit signs of excessive AI capital expenditure, contrasting with the situation in the U.S. [5] - The upcoming economic work conference in December is expected to provide further policy guidance, which could positively influence market sentiment [5] Investment Opportunities - Penghua Fund has been approved for two new products focusing on the Sci-Tech Entrepreneurship AI and Sci-Tech Chip Design themes, expanding the range of investment tools available for investors in the tech sector [5] - This expansion aims to facilitate efficient investment in high-tech sectors and direct more capital towards companies with core technologies that drive industrial upgrades [5]

Core Viewpoint - The global stock market downturn is primarily driven by rising concerns over valuation bubbles in the artificial intelligence sector, coupled with hawkish signals from the Federal Reserve during its October meeting, which increased the likelihood of maintaining current interest rates in December, thereby exerting pressure on global tech growth sectors [2][6][7]. Market Performance - On November 21, the Shanghai Composite Index fell by 2.45%, closing below 3900 points, while the Shenzhen Component dropped over 3% [2][3]. - The A-share market saw 5071 stocks decline, representing 93% of the total, with all 31 major industry sectors experiencing losses [5][6]. - The Hang Seng Index also showed weakness, declining by 2.38% [6]. Sector Analysis - The technology sector, particularly AI and robotics, is facing scrutiny for potential bubble risks, as highlighted by fund managers who noted that these sectors are experiencing high trading congestion and significant capital absorption effects [3][8]. - The recent market adjustments are characterized by a global trend, with major indices retreating after reaching new highs [2][4]. Economic Indicators - Despite short-term pressures, the long-term outlook for the AI industry remains positive, with expectations of continued capital expenditure growth among leading tech firms in China and the U.S. through 2026 [2][9]. - Domestic economic indicators, such as PMI data and industrial output, have shown improvement, suggesting a steady recovery in the economic fundamentals [9]. Investment Strategy - Investment institutions recommend a balanced approach in asset allocation, focusing on sectors benefiting from "anti-involution" policies and those with improved supply-demand dynamics, while also considering quality tech growth stocks that have undergone sufficient valuation adjustments [9][10]. - The "anti-involution" policy is seen as a systemic restructuring that could create opportunities in sectors like renewable energy [9].

天眼查App显示，近日，广州鲲海科技有限公司成立，注册资本100万人民币，经营范围为五金产品批 发;五金产品制造;塑料制品销售;塑料制品制造;日用品销售;日用杂品制造;厨具卫具及日用杂品批发;风 机、风扇销售;风机、风扇制造;家用电器制造;家用电器销售;光伏设备及元器件销售;光伏设备及元器件 制造;灯具销售;太阳能热利用产品销售;摩托车及零配件批发;汽车零配件批发;箱包销售;服装服饰批发;通 讯设备销售;电子产品销售;体育用品及器材批发;家居用品销售;家居用品制造;技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广;信息技术咨询服务;货物进出口;互联网销售（除销售需要许可 的商品）。 ...

业内预计，16只产品将于近期启动募集，吸引一批专注于科技领域投资的新增资金入市。 永赢基金"硬核科基"系列素来以精准布局、专业管理著称，依托基金公司深厚的科技领域投研积淀，该系列产品始终聚焦高成长性科技方向，在主动投资领 域，有一批聚集中国新质生产力发展方向的"智选"系列基金；在被动投资领域，永赢基金先后布局成立了全市场首只通用航空ETF、全市场首只卫星ETF、 全市场首批科创增强ETF。此次获批的中证科创创业人工智能ETF，更是精准锚定人工智能领域，聚集科创板和创业板相关公司，涵盖人工智能技术应用、 云计算、大数据相关等优质标的，兼具技术迭代红利与科创成长属性。 值得关注的是，本批硬核科技产品的批复，或将成为科技领域的重要增量资金载体，为相关板块注入新鲜血液，为科技行情的持续演绎提供有力支撑。 11月21日（周五），16只硬科技产品同日迅速获批，其中包含永赢基金旗下的中证科创创业人工智能ETF。作为深耕硬核科技领域的公募力量，永赢基金此 次新增获批的该产品，不仅进一步完善了其"硬核科基"产品体系，更将为投资者提供参与投资人工智能浪潮背后的成长红利，提供高效的指数化工具产品。 | 证券代码 | 证券名称 | ...