美联储理事库克表示，鉴于杠杆化公司的"复杂性和相互关联性增加"，官员们应监测私人信贷中意外损 失可能如何蔓延至更广泛的美国金融体系。她补充说，最近汽车行业的私营企业破产也暴露了广泛金融 实体中意外的损失和敞口，包括 银行、对冲基金和专业金融公司。她的讲话呼应了美联储理事巴尔的 担忧，巴尔本周早些时候曾表示，他将私人信贷视为一个潜在风险领域。库克周四还表示，她认为对冲 基金在美国国债市场中不断扩大的足迹和资产估值水平是潜在的脆弱性。库克表示，尽管存在资产价值 高企、私人信贷市场的增长和复杂性，以及对冲基金活动可能导致国债市场混乱的潜在脆弱性，金融体 系仍然保持韧性。她说："这些新兴的脆弱性也发生在非常重大的技术变革的背景下，这最终可能会改 善金融稳定，但也涉及可能需要深思熟虑和审慎应对的过渡期和潜在挑战。"（格隆汇） ...

Shareholding Changes - Changshu Bank's executives plan to collectively increase their holdings by no less than 550,000 shares [1] - TuoJing Technology's major shareholder, the National Integrated Circuit Fund, intends to reduce its stake by up to 843,490 shares, representing no more than 3% of the total share capital [2] - LongXun Co., Ltd. announces that two shareholders plan to reduce their holdings by a combined maximum of 2.63% [3] - HuaYa Intelligent's shareholders plan to reduce their holdings by no more than 399,210 shares, accounting for 2.98% of the total share capital [4] Mergers and Acquisitions - Dongfang Yuhong's wholly-owned subsidiary plans to invest approximately 1.08 billion Brazilian Reais (about 144 million RMB) to acquire 60% of Brazil's Novakem, a leading supplier of cement additives and concrete admixtures [5] - Junting Hotel has signed an agreement to acquire the remaining 21% stake in Junlan Management for 79.8 million RMB, resulting in full ownership [6] - HuDian Co., Ltd. intends to purchase 15% of Shengwei Strategy for 1,909,100 Euros, increasing its ownership from 84% to 99% [7] Risk Matters - Wenfeng Co., Ltd. reports that its Deputy General Manager, Qin Guofen, is under investigation and has been placed under detention, although this matter is personal and will not significantly impact the company's operations [8]

"本次发行获得了国际投资者的踊跃认购，充分体现了国际市场对中国主权信用和经济前景的坚定信 心，同时也为更多中资发行人的欧元融资提供了定价基准，为其海外融资和发展夯实基础。"王云峰表 示，汇丰长期以来积极服务中资发行人的海外融资需求，曾多次参与支持财政部的境外主权债券发行， 包括财政部于今年11月份在香港发行美元主权债券，7月份在澳门发行人民币国债，以及4月份在伦敦发 行首笔人民币绿色主权债券等。 "我国首次在卢森堡发行欧元主权债券，具有非常强的开创性和示范性作用。"吉林省财政科学研究所所 长、研究员张依群在接受《证券日报》记者采访时表示，这进一步扩大了中国主权债券的国际影响力， 实现多市场、多渠道募集资金。同时，也促进了国际金融市场认同和参与中国经济建设发展，达到相互 促进、共同发展的良性互动。 此次欧元主权债券投资者类型丰富，地域分布广泛。其中，地域分布方面，欧洲、亚洲、中东、美国离 岸投资者分别占比51%、35%、8%、6%。投资者类型方面，主权类、基金资管、银行和保险、交易商 等类型投资者分别占比26%、39%、32%、3%。 据了解，汇丰在此次发行中担任联席主承销商和联席账簿管理人。汇丰银行(中国)有 ...

本报记者 彭妍 展望四季度银行理财规模走势，业内专家普遍持乐观态度。高政扬表示，预计银行理财发行规模将保持温和增长态势。一 方面，存款利率下行叠加前期高息存款陆续到期，居民资产配置需求持续释放，理财产品的收益率优势有望进一步吸引资金流 入；另一方面，随着权益市场逐步回暖，"固收+"类产品的发行规模或将逐步增加。值得关注的是，纯固收类产品受宏观利率 环境及资产端收益率结构性压制的影响，后续整体收益率预计仍呈下行趋势，而权益市场的回暖恰好能为"固收+"类产品提供 收益增厚空间，助力平衡产品整体收益水平。 中国邮政储蓄银行研究员娄飞鹏告诉《证券日报》记者，银行理财规模在四季度预计将呈现"稳中有缓"的增长特征——尽 管存款利率下行与居民资产再配置仍是重要支撑因素，但规模增速可能会逐步放缓。 对于如何平衡规模扩张与收益稳健，高政扬认为，首先可搭建"固收打底+多元增厚"的资产配置框架，以固收类资产控制 产品波动风险，同时适度增配权益等资产提升收益水平，通过多策略组合进一步分散风险；其次需细化产品分层，针对不同风 险偏好的客群设计差异化产品，精准满足各类投资者在风险偏好与流动性上的需求；最后在运营管理层面，还应强化久期管理 ...

Core Viewpoint - The issuance of €4 billion sovereign bonds by the Chinese Ministry of Finance in Luxembourg demonstrates China's commitment to deepening its integration with international financial markets and provides attractive investment opportunities for international investors [1] Summary by Sections Bond Issuance Details - The bond issuance includes €2 billion of 4-year bonds and €2 billion of 7-year bonds, with strong demand from international investors [1] - The 4-year bonds were priced at the mid-swap rate plus 5 basis points, resulting in an issuance yield of 2.401% [1] - The 7-year bonds were priced at the mid-swap rate plus 13 basis points, resulting in an issuance yield of 2.702% [1] Underwriters and Management - JPMorgan acted as the joint lead underwriter and bookrunner for the issuance [1] - HSBC served as a joint lead underwriter and joint bookrunner [1] - Citigroup was involved as a joint bookrunner and joint manager, while Standard Chartered acted as a joint lead underwriter and bookrunner, as well as the settlement agent [1] Market Implications - The pricing of these euro-denominated sovereign bonds is seen as an attractive investment opportunity for international investors, reflecting China's ongoing efforts to enhance its presence in the international financial market [1] - This issuance is expected to contribute to the establishment of a euro bond pricing system for Chinese entities, providing a benchmark for future financing in the euro market [1]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Market Overview - On November 20, the stock market opened high but closed lower, with major indices declining and risk assets weakening, while the bond market also showed weak performance due to news impacts [1] - The total trading volume in the A-share market was 1.72 trillion yuan, a decrease of 20 billion yuan compared to the previous day [1] Market Sentiment and Trading Dynamics - The market sentiment was initially optimistic due to Nvidia's better-than-expected earnings and positive news regarding broker mergers, but this optimism did not last, leading to a decline in major indices [2] - The trading volume continued to shrink, with the turnover rate of the Wind All A index dropping from 1.94% on November 18 to 1.70% on November 20, indicating a weakening trading willingness [2] Index Support Levels - The Wind All A index closed at 6228 points, close to a significant support level at 6225 points, which may provide stability to the index [3] - If the index breaks below this level, it could indicate a loss of confidence among investors, leading to further adjustments [3] Sector Performance - The lithium mining sector rebounded, contributing to a 1.70% increase in the Wind index, although the sustainability of this rebound remains uncertain [3] - AI computing power continues to attract some capital, with the optical module and circuit board indices rising by 0.68% and 0.66%, respectively [3] - The banking sector benefited from risk-averse logic and expectations of increased allocations from insurance funds, recovering from previous declines [3] Hong Kong Market Dynamics - The expectation of a Federal Reserve rate cut has receded, creating pressure on the Hong Kong stock market, particularly in the technology sector [4] - The Hang Seng Technology Index continued to decline despite Nvidia's strong performance, indicating a challenging environment for tech stocks in Hong Kong [4] Bond Market Movements - The bond market experienced fluctuations driven by news, with long-term interest rates slightly declining initially but later rising due to speculation about new real estate stimulus policies [4] - The yields on 10-year government bonds and policy bank bonds rose by approximately 0.2 basis points to 1.81% and 1.87%, respectively [5] Fund Flow and Market Sentiment - After the Double Eleven shopping festival, the funding environment remains weak, influenced by a high volume of government bond issuances [6] - The market saw a reversal in fund flows, with both precious metals and new energy sectors experiencing net outflows, reflecting a high profit-taking sentiment among investors [7] Commodity Market Trends - The commodity market showed overall weak sentiment, with most sectors experiencing pullbacks due to receding rate cut expectations and fundamental pressures [6] - Precious metals saw a significant narrowing of gains after two days of rebounds, while industrial metals displayed mixed performance [6] Non-Farm Payroll Impact - The release of stronger-than-expected non-farm payroll data led to increased volatility in precious metals, with gold prices initially dropping but quickly recovering [8] - The black coal futures market faced significant pressure due to weak demand, leading to a high auction failure rate [8]

11月20日，A股三大指数高开低走，银行板块护盘，新消费、电力设备板块领跌，日成交额降至1.72万亿元，超3800只 个股收跌。 受访人士表示，大盘低走仍是"4000点"分歧未解，部分获利盘借高开兑现。谨慎情绪或延续至12月，待机构保收益压 力退潮后，资金有望提前布局2026年，带来增量。策略上宜防御优先、攻守平衡，仓位控制在60%至70%，余下配置 现金或短债基金。 3850只个股收跌 指数高开低走，沪指收跌0.4%报3931.05点，创业板指收跌1.12%报3042.34点，深证成指收跌0.76%。科创50、北证50 跌逾1%，沪深300、上证50微跌。 成交继续缩量，日成交额降至1.72万亿元；截至11月19日，沪深京两融余额降至2.5万亿元下方。 盘面上，银行股护盘，中国银行大涨4%报6.24元/股，总市值2.01万亿元。电源设备、煤炭、麒麟电池、船舶与海洋设 备、休闲服务等板块跌幅均超过2%，HIT电池、钙钛矿电池、高带宽内存等板块跌幅均超过3%。 建筑材料、综合、银行、通信、房地产、环保、家用电器等板块逆市飘红，国统股份、亚泰集团涨停，瑞斯康达、实 达集团两只通信股涨停，倍杰特"20cm"涨停。有 ...

11月20日，受到隔夜美股等周边市场大涨提振下，今早三大指数一度集体大幅高开，但随后再度陷入震荡回落的探底行情，其中早盘高开近2%的 创业板指倒跌逾1%。沪深两市成交额1.71万亿，较上一个交易日缩量177亿。 | | 值得注意的是,中国银行自10月9日以来累计涨幅已达20%。 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | K 简 九转 连板 事件 ▼ 加自选 均线 除权 叠 窗 预测 更多 ● ▼ | | | 中国银行 601988 | | | | | | | ◎ 0 0 0 2 × 日 ( + ) 0 6.41 6 33 | | 6. 25 +0.25 +4.17% 園 | | | | | | | | 2 +16.70% | 33271 | नेट | 20 | | | | | | 1 个股K线区间统计 | | × | | | | | | 記始时间: | 2025-10-09 | | 周期个数: | | | | | | 终止时间: | 2025-11-20 | | 31个 | | | | | | | | | | ...

行业ETF美股盘初普遍上涨，半导体ETF涨2.49%，科技行业ETF涨2.19%，全球科技股指数ETF涨 2.17%，银行业ETF涨1.89%，可选消费ETF、网络股指数ETF涨超1.50%，能源业ETF涨0.73%。 来源：视频滚动新闻 ...