晨会速递 分析师点评 市场数据 总量研究 【宏观】美国政府重新开门，市场为何"不买账"？——解构美国系列第十五篇 美国政府开门后，为何市场未定价利好，波动不止？一是停摆"不确定"，本次开门 未解决两党医保分歧，若 12 月延长医保补贴未通过，不排除民主党再度以停摆威胁 共和党让步，明年 1 月政府或再次停摆。二是降息"不确定"，尽管政府开门后经济 数据陆续发布，但 9 月非农数据时效性不足，10 月经济数据或缺失，参考价值不足， 美联储 12 月降息与否将更多依赖 12 月 5 日公布的 11 月非农数据。 行业研究 【钢铁】取向硅钢现货价格年内跌幅达到 23%——金属周期品高频数据周报 （2025.11.10-11.16）（增持） 2025 年 11 月 19 日 投资建议：2025 年 2 月 8 日，工信部出台《钢铁行业规范条件（2025 年版）》，且 7 月 18 日再次提及"推动落后产能有序退出"，我们认为钢铁板块的盈利有望修复 到历史均值水平，钢铁股的 PB 也有望随之修复。但建议防范期货价格大幅波动风险。 风险提示：根据历史数据得出的相关性失效的风险；政府对大宗商品价格调控的风险； 公司经营不善 ...

一、市场行情回顾 | 证券名称 | 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | --- | | 恒生中国央企指数 | -1.44% | 28.31% | | 恒生指数 | -1.72% | 29.26% | | 恒生科技指数 | -1.93% | 26.36% | | 数据来源： Wind，日期截至2025-11-18 | | | | 证券名称 | 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | --- | | 科创20 | 0.29% | 37.31% | | 科创100 | -0.09% | 46.62% | | 科创综指 | -0.20% | 42.70% | | 中证A50 | -0.50% | 12.85% | | 沪深300 | -0.65% | 16.09% | | 上证指数 | -0.81% | 17.54% | | 深证成指 | -0.92% | 25.60% | | 中证1000 | -1.00% | 25.02% | | 创业板50 | -1.11% | 49.90% | | 创业板指 | -1.16% | 43.31% | | 中证500 | -1. ...

Core Insights - Stock splits are not merely numerical adjustments but strategic moves aimed at enhancing liquidity, broadening the shareholder base, and resetting valuation narratives [1][5] Group 1: Liquidity Enhancement - A stock price above 200 yuan tends to deter retail investors, limiting their participation to "watching value" only. By splitting a stock from 400 yuan to 200 yuan and then to 100 yuan, the same market capitalization is divided into smaller "chocolate pieces," triggering a "bargain hunting" instinct among investors [2] - Data from the Hong Kong Stock Exchange indicates that within 30 trading days post-split, the average daily turnover rate increases by 42%, with order book thickness rising by 30%, and market maker inventory turnover days decreasing by nearly half [2] Group 2: Expanding Shareholder Base - High-priced stocks naturally exclude retail investors, concentrating shares in institutional hands. After a stock split, the number of shareholders can expand significantly, from 10,000 to 50,000 or even 80,000, increasing the proportion of retail investors [2] - This expansion allows companies to present a strong case for protecting retail investor participation during regulatory inquiries, and the influx of new accounts acts as an "invisible support" during pricing phases, reducing downward pressure on issuance prices [2] Group 3: Revaluation Opportunities - High-priced stocks often face linear extrapolation of performance, leading to stagnant valuations when growth slows. A stock split provides a low-cost opportunity for "re-pricing," shifting media narratives from "stock price exceeds 1,000 yuan" to "hundred-yuan leader makes a comeback" [3] - Behavioral finance suggests that analysts may assign higher target valuations post-split due to the "nominal price illusion," where lower prices are associated with higher growth potential. Stock splits often coincide with bonus shares or stock dividends, optimizing financial metrics and creating a self-fulfilling prophecy for price recovery [3] Group 4: Strategic Capital Management - The act of splitting shares is a calculated "capital crowd experiment" that dismantles price barriers, allowing liquidity, subscription power, and valuation flexibility to increase simultaneously [5] - In a competitive market environment, companies that lower stock prices to levels attractive to retail investors gain a strategic advantage in future capital operations [5]

在新股南网数字上市交易的前夕，那些中签并选择缴款的股民应该都在焦急地等待着它上市日期的到来。因为它的发行价比较低，仅为5.69元，每中一签 500股缴纳的中签款为2845元。这样一份金额，对于很多股民来说应该都不算是事，纷纷参与缴款应该是中签者"人人有份"。 只不过，从南网数字的上市发行结果公告上看，仍然有些中签的股民放弃了这难得的中奖机会。网上投资者缴款认购的股数为9737.15万股，放弃认购的股 数为36.99万股，涉及金额210.50万元。 但总的说来，南网数字上市首日的股价表现还是很靓丽的。尽管近期的大盘较为弱势，可新股对于那些中签的股民来说还是十分"友好"。而谈及大盘，现在 的股民对它的看法分歧很大。 股市如人心，总在希望与恐惧之间摇摆。眼下市场正是这般光景：看多者不乏其人，他们相信政策托底、估值低位、经济回暖，未来可期；但看空的声音却 更为响亮——担忧外部压力、内需疲软、企业盈利承压，甚至有人高呼"熊市未尽"。多空交锋激烈，情绪胶着，恰似一场没有硝烟的拉锯战。 然而，在这片纷扰之中，别忘了那句穿越牛熊的经典谚语："行情在绝望处重生，在犹豫中前进，在疯狂中灭亡。"这句话道尽了市场周期的玄机。如今的A ...

Market Overview - The market experienced fluctuations with the three major indices opening lower and closing down. The Shanghai Composite Index fell by 0.81%, the Shenzhen Component Index decreased by 0.92%, and the ChiNext Index dropped by 1.16% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion, an increase of 15.3 billion compared to the previous trading day [1] Lithium Carbonate Market - CITIC Securities indicated a shift from supply pressure to demand-driven dynamics in the lithium carbonate market, forecasting a new cycle for lithium carbonate. In November, the supply of lithium carbonate was approximately 115,000 tons, while demand reached 128,000 tons, resulting in a shortage of about 13,000 tons [2] - The ongoing strong demand is expected to continue supporting orders into next year, with a significant improvement in the supply-demand fundamentals for lithium carbonate anticipated due to sustained energy storage demand [2] - Static forecasts suggest that by 2026, global lithium resource supply will reach 2.089 million tons, while consumption will be 2.004 million tons, indicating a structural shortage in the lithium market [2] Non-Ferrous Metals Outlook - Zhongtai Securities expressed optimism for a comprehensive bull market in the non-ferrous metals sector, highlighting that disruptions in major mines have led to significant downward revisions in global copper mine increments for next year [3] - The demand for industrial metals is expected to benefit from a global interest rate reduction cycle, with traditional demand recovering and new energy demand continuing to rise [3] - The outlook for energy metals, particularly lithium and cobalt, is positive due to improved supply-demand dynamics and price expectations following supply constraints [3] AI Infrastructure and Projects - Huatai Securities recommended ongoing attention to the "Qianwen" project initiated by Alibaba, which aims to compete with ChatGPT. The project was launched on November 17, with the public beta version of the Qianwen app now available [4] - The Qianwen app is seen as a significant move in the domestic AI competition, integrating various life scenarios and leveraging the latest AI models from Alibaba's Tongyi Laboratory [4] - The development of AI infrastructure and related upstream beneficiaries is expected to be a key area of focus moving forward [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： ●会议召开时间：2025年11月26日（星期三）14:00-15:00 ●会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 三、参加人员 董事长：冉云 董事、总裁、财务总监：姜文国 独立董事：刘运宏、唐秋英、雷家骕、李宏 董事会秘书：周洪刚 总裁助理、财务部总经理：李登川 ●投资者可于2025年11月19日（星期三）至11月25日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱tzzgx@gjzq.com.cn进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 国金证券股份有限公司（以下简称"公司"）已于2025年10月31日发布公司2025年第三季度报告，为便于 广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025年11月26日 （星期 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月19日 1.公告基本信息 ■ 2.其他需要提示的事项 1、本基金管理人原决定自2025年09月26日起暂停接受单个基金账户对本基金日累计金额超过1000元 （不含1000元）的申购及定期定额投资业务申请（详见2025年09月25日公告）；考虑到之前的影响因素 已消除，本基金管理人现决定自2025年11月20日起恢复接受单个基金账户对本基金日累计金额超过1000 元（不含1000元）的申购及定期定额投资业务申请。 2、投资者可以登录富国基金管理有限公司网站www.fullgoal.com.cn或拨打富国基金管理有限公司客户 服务热线95105686、4008880688（全国统一，均免长途费）进行相关咨询。 3、风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。敬请投资者注意投资风险。投资者投资于上述基金前应认真阅读基金的基金合 同、更新的招募说明书及相关公告。 特此公告。 富国基金管理有限公司 2025年11月19日 关于富国纳斯达克100交易型开放式指数证券投资基金（QD ...

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。 重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 ■ 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全资子公司华泰国际金融控股有限公司（以 下简称"华泰国际"）的附属公司华泰国际财务有限公司（以下简称"华泰国际财务"）于2020年10月27日 设立本金总额最高为30亿美元（或等值其他货币）的境外中期票据计划（以下简称"中票计划"），此中 票计划由华泰国际提供担保（以下简称"本次担保"）。2025年11月18日，华泰国际财务在上述中票计划 下发行一笔中期票据，发行金额为0.80亿美元。按2025年10月31日美元兑人民币汇率（1美元=7.0880元 人民币）折算，担保金额共计为人民币5.67亿元。 四、担保的必要性和合理性 本次发行一笔中期票据，发行金额为0.80亿美元，主要为配合业务发展及补充日常营运资金需要。被担 保人华泰国际财务是公司的境外全资子公司华泰国际的附属公司。华泰国际财务的资产负债率超过 70%，但公司通过华泰国际对其持有10 ...

Group 1 - The core point of the article highlights the transfer of shares of Universal Medical (02666) from GF Securities Hong Kong to Cinda International Securities, with a market value of HKD 1.236 billion, representing 9.37% of the total shares [1] Group 2 - On November 18, 2025, the company signed an agreement to establish a joint venture with China National Machinery New Energy and Hele Technology, with a registered capital of RMB 30 million [1] - The capital contributions to the joint venture are as follows: the company will contribute RMB 15.03 million, China National Machinery New Energy will contribute RMB 4.47 million, and Hele Technology will contribute RMB 10.5 million [1] - After the establishment of the joint venture, the ownership will be distributed as follows: the company will hold 50.1%, China National Machinery New Energy will hold 14.9%, and Hele Technology will hold 35%, making the joint venture a subsidiary of the company [1]

香港联交所最新资料显示，11月18日，易和国际控股(08659)股东将股票存入卓锐证券香港，存仓市值 1494万港元，占比12.02%。 此前易和国际控股发布截至2025年6月30日止6个月中期业绩，该集团取得收益1.1亿元，同比减少 29.72%;期内溢利895.1万元，同比减少52.3%;每股盈利1.2分。 ...