中原证券认为，周一，上证指数全天震荡走低；深证成指、创业板指全天窄幅震荡。盘中能源金属、软 件开发、互联网服务以及船舶制造等行业表现较好；医药、贵金属、保险以及光伏设备等行业表现较 弱。当前A股市场处于震荡蓄势、布局来年的重要阶段，上证指数围绕4000点附近蓄势整固的可能性较 大，市场风格再平衡仍将延续。10月金融数据显示居民资产配置向金融资产转移的长期趋势未变，为市 场提供增量资金。预计短期市场以稳步震荡上行为主，密切关注宏观经济数据、海外流动性变化以及政 策动向。 东莞证券认为，周一，A股市场低位震荡整理。当前上证指数在4000点附近震荡整理，资金分歧有所加 大，获利盘了结可能引发短期波动。不过当前经济处于动能转换关键期，预计四季度在政策支撑下基本 面将逐步改善。积极政策信号有望重塑资本市场主线和估值逻辑，提振风险偏好。A股市场短期或进入 震荡整理，中期震荡上行趋势仍有望延续。 财信证券认为，周一，A股市场弱势震荡。盘面上，锂电产业链走强，AI应用板块活跃，福建本地股表 现靠前，而贵金属、医药等板块表现靠后。短期内，随着上证指数在4000点附近震荡多时，卖盘或逐步 消化出清，该位置筹码结构相对稳固，因此指 ...

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Core Insights - Berkshire Hathaway disclosed its first investment in Alphabet during Q3, while further reducing its stake in Apple [1][3] Group 1: Berkshire Hathaway's Investment Activity - As of the end of Q3, Berkshire held a total of 41 stocks in the U.S. market, with a total market value of $267 billion, an increase from $258 billion in the previous quarter [2] - Berkshire purchased approximately 17.85 million shares of Alphabet, valued at about $4.34 billion, making it the tenth largest holding, accounting for 1.62% of the total portfolio [2][3] - The top ten holdings of Berkshire account for 86.69% of its total U.S. stock portfolio [2] Group 2: Changes in Other Holdings - Berkshire reduced its stake in Apple by approximately 41.79 million shares, a decrease of over 14.92% from the previous quarter, but still holds over 238 million shares valued at approximately $60.66 billion, making Apple its largest holding [3] - Additionally, Berkshire sold approximately 37.20 million shares of Bank of America, reducing its holding percentage from 11.12% to 10.96% [3] - The company completely exited its position in D.R. Horton, a major U.S. homebuilder, selling all 1.4854 million shares [3] Group 3: Alphabet's Financial Performance - Alphabet reported Q3 revenue of approximately $102.3 billion, a year-over-year increase of about 16%, with cloud service revenue reaching approximately $15.2 billion, up 34% [3] - The net profit for Alphabet in Q3 was approximately $35 billion, reflecting a year-over-year growth of about 33%, with earnings per share at approximately $2.87 [3] Group 4: Management Transition - Warren Buffett announced on November 10 that he would no longer write Berkshire's annual report, indicating a transition in management as the company builds its position in Alphabet [3]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [18]. Core Viewpoints - The A-share market experienced a slight decline and consolidation on November 17, 2025, with the Shanghai Composite Index closing at 3972.03 points, down 0.46% [8][9]. - Key sectors such as energy metals, software development, internet services, and shipbuilding showed strong performance, while sectors like pharmaceuticals, precious metals, insurance, and photovoltaic equipment lagged [3][8]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 16.36 times and 49.18 times, respectively, indicating a favorable environment for medium to long-term investments [3][17]. - The market is currently in a phase of consolidation around the 4000-point mark, with expectations of a balanced market style where cyclical and technology sectors will alternate in performance [3][17]. - The total trading volume on that day was 19,305 billion, above the median level for the past three years, suggesting robust market activity [3][17]. Summary by Sections A-share Market Overview - On November 17, 2025, the A-share market opened lower and experienced slight fluctuations, with the Shanghai Composite Index finding support around 3958 points before stabilizing [8]. - The trading volume for the day was 19,305 billion, indicating a decrease compared to the previous trading day [8][9]. Future Market Outlook and Investment Recommendations - The current market is seen as a critical stage for positioning for the upcoming year, with a likelihood of the Shanghai Index consolidating around 4000 points [3][17]. - Investors are advised to maintain reasonable positions and avoid impulsive trading, while closely monitoring macroeconomic data and policy changes [3][17]. - Short-term investment opportunities are suggested in sectors such as software development, energy metals, internet services, and aerospace [3][17].

Core Viewpoint - The Hong Kong stock market has seen a significant decline in trading volume despite strong earnings reports from major internet companies like Tencent, JD.com, and Bilibili, leading to investor confusion regarding market direction and future performance [1][2]. Group 1: Company Performance - Tencent Holdings reported Q3 2025 revenue of 192.87 billion yuan, a 15% year-on-year increase, and a net profit of 63.13 billion yuan, up 19% year-on-year, surpassing market expectations [2][3]. - The capital expenditure related to artificial intelligence has decreased, with Q3 capital spending falling 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [2]. - The revenue from Tencent's financial technology and enterprise services segment grew by less than 10%, raising concerns about the growth potential of high-value business areas [3]. Group 2: Market Trends - The Hang Seng Index has experienced three significant pullbacks after surpassing 27,000 points, with trading volume dropping from over 400 billion HKD to around 217.6 billion HKD [1][6]. - Investor sentiment appears cautious, influenced by external uncertainties such as the potential for a Federal Reserve interest rate cut in December, which is currently projected at a 50.4% probability [6][8]. - The decline in trading volume is attributed to a lack of major market events and narrow trading ranges, which have suppressed short-term trading activity [7]. Group 3: Investor Sentiment - Investors are advised to monitor liquidity and sentiment indicators, as the current market environment reflects a mix of structural fund differentiation and profit-taking behavior following earnings announcements [4]. - The overall market sentiment remains neutral, with expectations that the market may enter a consolidation phase until clearer signals emerge from the Federal Reserve's decisions and domestic economic data [6][7].

来源：市场资讯 （来源：ETF万亿指数） 最近被巨佬们的持仓刷屏了！大佬们的每一个动作都让市场研究琢磨很久~今天A股AI应用集体爆发， 格尔、浪潮软件、三六零等纷纷涨停。 | 30 | HEI.A | HEICO公司 | 3.3 | 0.1% | 1.3 | 0.0% | 航空航天 零部件 | | --- | --- | --- | --- | --- | --- | --- | --- | | 31 | | FWONK 一级方程式集团 | 3.2 | 0.1% | 3.7 | 0.0% | 赛车运动 | | 32 CHTR | | 特许通信公司 | 2.9 | 0.1% | 9.3 | 0.0% | 有线电视 | | 33 LAMR | | 拉马尔广告公司 | 1.5 | 0.1% | 0.25 | 2.8% | 户外广告 | | 34 ALLE | | 安朗杰公司 | 1.4 | 0.1% | 0.25 | 0.0% | 安防产品 | | 35 NVR | | NVR公司 | 0.9 | 0.0% | 2.3 | 0.0% | 住宅建筑 | | 36 JEF | | 杰富瑞金融集团 | 0.3 | 0.0 ...

公告称，部分达人通过使用变形词、主播话术暗示、评论区引导、背景板传递相关信息等方式绕过平台 监管，在直播间违规推广"英伦大提升""水光针""光子嫩肤""洗眉毛""激光祛除色素"等禁限售商品或服 务。此类行为不仅违反相关法律法规，也严重违反平台规则，对消费者体验造成了不良影响。今年上半 年，针对部分医美商家违规售卖禁限售商品等行为，平台搭建风险识别系统并开展专项整治，处置违规 机构1517家。 新京报贝壳财经讯(记者罗亦丹)新京报贝壳财经记者11月17日获悉，抖音生活服务公示"打击医疗医美 直播间违规宣传禁限售商品"专项行动的阶段治理成果。截至10月，超2.3万个违规达人被封禁直播团购 权限30天以上，其中605个达人因严重违规被封禁180天；超10.6万个直播间因违规宣传被中断处置。 ...

新闻荐读 来源：智通财经 今日A股震荡调整，深成指翻红后再度回落。沪深两市半日成交额1.27万亿，较上个交易日放量329亿。 盘面上热点快速轮动，全市场超2900只个股下跌。 编辑：付梦影 审定：金官 核发：胡盛龙 从板块来看，福建板块再度爆发，厦工股份、平潭发展等10余股涨停。AI应用概念快速走强，三六零 等多股涨停。军工板块延续强势，航天发展2连板。锂矿概念表现活跃，大中矿业3连板。 下跌方面，医药股出现分化，济民健康、药易购下挫。板块方面，能源金属、军工装备、AI应用等板 块涨幅居前，贵金属、医药等板块跌幅居前。截至收盘，沪指跌0.43%，深成指跌0.35%，创业板指跌 0.8%。 ...

一、官方维权渠道：行政调解的主力军 在日常生活中，消费纠纷 【下载黑猫投诉客户端】时有发生。无论是网购商品质量问题，还是线下服 务与承诺不符，当消费者权益受到侵害时，很多人第一反应是"我该去哪里维权"。事实上，我国已经建 立了多层次、多渠道的消费维权体系，了解这些渠道的特点和适用场景，能让维权事半功倍。 1. 全国12315平台 作为市场监管总局主办的官方投诉举报平台，12315是消费者维权的重要渠道。平台整合了原工商、质 检、食品药品、价格监督、知识产权等投诉热线，实现了"五线合一"。消费者可通过网站、APP、微信 小程序等多种方式提交投诉，平台会将投诉分流转办至辖区市场监管部门处理。 12315的优势在于其行政调解职能，处理结果具有一定的法律效力。对于涉及产品质量、虚假宣传、价 格欺诈等明显违反相关法律法规的情况，12315往往能发挥较好效果。不过，由于投诉量较大，处理周 期可能相对较长。 2. 各行业主管部门投诉渠道 除了综合性的12315平台，各行业主管部门也设有专门的投诉渠道。例如： 这些行业专线由专业人员处理，对行业规范和标准更加了解，在处理专业性较强的纠纷时更具优势。 二、第三方公益平台：便捷高 ...

当遭遇消费纠纷 【下载黑猫投诉客户端】时，12315作为权威投诉渠道广为人知，但除此外，还有多个 正规途径可精准解决不同场景下的维权难题。以下从政务服务、行业监管、第三方平台、法律援助四大 维度梳理高效投诉路径。 二、行业监管"精准打击"：垂直领域专线 针对特定行业的消费纠纷，专业监管渠道更具针对性： 通信服务：工信部12381热线处理话费争议、信号故障、个人信息泄露等问题。例如，用户反映手机流 量被莫名扣费，先向运营商投诉，7日内未解决可拨打12381，平台将联合运营商核查计费系统并反馈结 果。 金融消费：国家金融监督管理总局12378热线受理信用卡纠纷、保险理赔拖延等问题。消费者需先向涉 事机构提交书面投诉，15日内未获回复或处理不满，再通过12378提供保单号、纠纷详情等证据，平台 将督促机构重新核查。 交通运输：12328热线解决网约车绕路、快递丢件等问题。例如，消费者通过12328投诉快递丢失，平台 将投诉同步至邮政管理局，要求企业提供签收记录或赔偿方案，处理周期更快。 三、第三方平台"舆论监督"：黑猫投诉 作为新浪旗下的消费者服务平台，黑猫投诉以"投诉-反馈-跟进"闭环机制吸引超多用户。其核心优势 ...