证券之星消息，11月17日，深证国企股东回报（970064）指数报收于1662.18点，跌1.16%，成交262.58 亿元，换手率1.03%。当日该指数成份股中，上涨的有13家，天健集团以9.91%的涨幅领涨，下跌的有37 家，中材科技以4.27%的跌幅领跌。 深证国企股东回报（970064）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz000725 | 京东方A | 9.31% | 3.96 | -1.00% | | 1481.59 | 电子 | | sz002415 | 海康威视 | 7.97% | - 30.46 | -2.71% | | 2791.62 | 十算机 | | sz000858 | 五根液 | 7.71% | 120.15 | -0.05% | 4 P | 4663.75 | 食品饮料 | | sz000568 | 泸州老窖 | 6.59% | 140.00 | 0.27% | A | 2060.7 ...

Core Viewpoint - The appointment of Xu Yangyang as the new president of Dali Food Group marks a significant transition in leadership for a major player in the food industry, with her extensive experience within the company positioning her to tackle current challenges and drive future growth [7][14]. Group 1: Company Overview - Dali Food Group, founded in 1989 by Xu Shihui, has grown from a small factory to a food giant with annual revenues exceeding 18 billion yuan, featuring six major brands including Dali Garden and Kexi [11]. - The company successfully launched its IPO in Hong Kong in 2015, becoming the largest IPO in the global consumer goods sector that year, with a peak market value nearing 100 billion HKD [11]. - From 2016 to 2019, Dali Food's revenue increased from 17.84 billion yuan to 21.37 billion yuan, while the Xu family maintained their status as the richest in Fujian for four consecutive years [11][12]. Group 2: Succession Path - Xu Yangyang's succession was a result of a long-term, systematic training process, starting from her grassroots experience in various roles within the company [14]. - She played a crucial role in Dali's strategic decisions, including leading the company to its successful IPO and launching the "Douben Dou" soy milk brand, which achieved over 1 billion yuan in sales within a year [14][16]. - Under her leadership, Dali is pursuing an international expansion strategy, establishing production bases in Southeast Asia, including Indonesia, Thailand, Vietnam, and Saudi Arabia [15]. Group 3: Challenges Ahead - Dali Food has faced declining revenue and profit from 2020 to 2022, with revenues of 20.96 billion yuan, 22.29 billion yuan, and 19.96 billion yuan, and net profits of 3.85 billion yuan, 3.73 billion yuan, and 2.99 billion yuan respectively [16]. - The company's stock performance has been lackluster, leading to its privatization announcement in 2023, with shares dropping nearly 50% from the IPO price [16]. - Dali's established brands are experiencing aging issues, and adapting to the rising health-conscious consumer trends poses additional challenges for Xu Yangyang [16]. Group 4: Industry Context - Xu Yangyang and her counterpart, Zong Fuli, are often compared as prominent successors in the food industry, both having similar educational backgrounds and career paths [18]. - The transition of leadership in family-owned businesses is becoming increasingly common in China, with many founders reaching retirement age [19]. - Successful business succession requires a well-planned process, as demonstrated by Xu Yangyang's gradual rise through the ranks, contrasting with other family business transitions that have faced challenges [19].

基 金 研 究 ETF 基金周报（20251110-20251114）： 港股高股息类 ETF 基金获资金青睐 2025 年 11 月 17 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 基金从业资格证书编号： F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 各类ETF基金周度平均收益及资金流动概览：随着美国政府在史上最长 的43天"停摆"后重启，金融市场流动性得到缓解，权益市场普遍反弹， MSCI新兴市场上涨0.29%，MSCI发达市场上涨0.43%。美国市场方面由于 对AI泡沫的担忧，纳斯达克指数出现微幅下跌。商品方面表现优异，不 论是贵金属黄金、白银还是原油都出现不同程度上涨，映射在ETF基金上， 本周商品ETF基金以周度平均上涨2.95%居首。本周ETF基金资金净流入 295.97亿元，除了债券型ETF基金小幅净流出外，其他各类型ETF基金均 出现不程度净流入。从结构上来看，资金还是"轻宽基金指数，重行业 或主题"。 基 金 策 风险提示：（1）报告数据均来自历史公开数据整理分析，研究人员不对 数据的准确性 ...

Core Viewpoint - Tianfu (06868) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 11,000 shares at a total cost of HKD 30.8 million [1] - The buyback price per share is set at HKD 2.8 [1] - The buyback is scheduled for November 17, 2025 [1]

【10月社零增长2.9%，哪些因素驱动？】 今日（11.17），A股震荡走低，大消费连续第二日回调，消费ETF（159928）收跌0.59%，全天成交额超6.5亿元！资金面上，消费ETF（159928）近5日净 流入超6.4亿元！截至11月14日，消费ETF（159928）最新规模超220亿元，同类断层领先！ | 15分 30分 60分 日 周 月 更多 | 综合屏 F9 前复权 超级叠加 画线 工具 谷 2 | 港股通消费50ETF | | 15926 | | --- | --- | --- | --- | --- | | ETF] 2025/11/17 收0.988 幅-0.30%(-0.003) 开 0.992 高 0.995 低 0.984 均 0.990 量 42.44万 换 4.94% 振 1.1 % 额 呼 | | | | | | MA20 0.981J MA60 1.017J | 2025/07/21-2025/11/17(80日)▼ | 0.988 | | -0.003 -0.30 | | | | SZSE CNY 15:00:06 闭市 | | T+0 / 0 | | | .090 | 净 ...

【环球网财经综合报道】作为资本市场中典型的长线资金和重要的投资风向标，保险资金在2025年前三季度展现出强劲的入 市势头。根据金融监管总局最新数据，截至三季度末，险资持有的股票账面余额较去年末激增1.19万亿元，增幅近五成，达 到3.62万亿元。若将证券投资基金纳入统计，其核心权益资产规模已近5.6万亿元，较年初增长约1.5万亿元，彰显了险资在 当前市场环境下的积极配置策略。 这一波加仓，主要由第三季度的强劲表现驱动。数据显示，仅第三季度单季，险资持有的核心权益资产规模就增加了8640亿 元，其中股票贡献了5524亿元的增量。东吴证券分析团队指出，这主要得益于第三季度股市的走强，除了新增资金外，股价 上涨和基金净值提升也带来了显著的市值增长。这一趋势在上市险企的三季报中得到印证，多家险企明确表示增持了权益资 产，而权益类投资也成了推动其利润创下历史新高的核心力量。 上述保险资管人士表示，保险资金在权益配置中，一方面优选股东回报与稳定盈利兼具的高股息标的作为组合的"压舱石"， 以填补低利率环境下的净投资收益缺口；另一方面则精选新兴产业领域的优质成长公司，以寻求超额收益。今年三季度成长 股的良好表现，正是险企投资 ...

2025年10月社会消费品零售总额同比+2.9%，增速环比9月-0.1pct，10月社零数据增速延续回落趋势，从 消费结构来看，受益于10月节假日消费，食品、饮料、烟酒、餐饮等大众消费呈现边际修复，但由 于"以旧换新"政策效应的边际减弱叠加同期高基数，家电电器和音像器材、汽车类增速转负，对社零增 长形成拖累。2025年10月餐饮及限额以上餐饮收入同比分别+3.8%、+3.7%，增速环比9月分别+2.9pct、 +5.3pct，餐饮改善主要因节假日出游对服务业消费形成一定支撑。细分子行业中，2025年10月粮油食 品类、饮料类、烟酒类同比分别+9.1%、+7.1%、+4.1%，增速环比9月分别+2.8pct、+7.9pct、+2.5pct， 其中粮油食品作为必选消费保持较好增速;饮料增速显著修复，烟酒类环比改善，预计主要与节假日带 动居民消费活跃度提升有关，大众消费有所回暖。 季度观察：预计2025Q4社零增速回落，但食品饮料、餐饮类增速有望回升 观测季度数据变化情况，预计2025Q4社零数据增速可能延续回落趋势，但餐饮和食品饮料类增速可能 边际改善。具体来看：2025年10月消费品零售额增速较2025Q3下降 ...

"十五五"规划明确提出"大力提振消费"，并将消费置于扩大内需和构建新发展格局的核心位置。相关提 法系统性强、政策精准。消费主题成为当前权益市场上长期价值投资的主要方向。 日前，锚定港股通泛消费主题的优质公司的主题基金：浦银安盛港股通消费混合型发起式证券投资基金 (A类：025940C类：025941)正式发行，该基金择股优先考虑公司成长性和行业竞争格局，挖掘基本面 扎实、且估值与股价匹配的公司。港股汇聚A股稀缺的泛消费领域龙头企业，在政策支持和年轻消费需 求推动下，正成为兼具成长潜力与稀缺性的投资选择。利用团队长期投资港股的经验，寻找具有成长潜 力、创新能力和市场拓展能力的好公司。 纵观全球主要市场，港股今年表现尤为亮眼，截至11月14日，恒生指数年初至今涨幅达35.41%。港股 在科技、消费、医药和高股息等领域汇聚了一批优质上市公司，以消费板块为例，以潮玩、特色茶饮、 黄金首饰等为代表的新兴消费企业，更贴近年轻人的消费趋势和情感需求，受到市场广泛关注。截至 2025年10月底，已有80家企业完成港股IPO，融资规模达2160亿港元，有望成为全球募资金额最高的市 场，预计未来会有更多好公司在港股上市，进一步提 ...

投资咨询业务资格：证监许可【2012】31号 【股指周报（IF&IH&IC&IM)】 海外扰动加剧，股指冲高回落 国贸期货 宏观金融研究中心 2025-11-17 郑雨婷 从业资格证号：F3074875 投资咨询证号：Z0017779 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 股指观点概述 | 影响因 | 驱动 | 主要逻辑 | | --- | --- | --- | | 素 | | | | 经济和企 | 偏空 | 10月经济数据显示，基本面继续呈现走弱态势，投资增速与房地产价格加速下滑。具体来看，1-10月固定资产投资累计同比下降1.7%，增速较9 月回落1.2个百分点。从投资结构分析，房地产投资累计同比下降14.7%，降幅较上期扩大0.8个百分点；基建投资累计同比增长1.51%，增速回 | | 业盈利 | | 落1.83个百分点；制造业投资累计同比增幅为2.7%，较前值下降1.3个百分点。值得注意的是，通胀出现小幅回升，10月CPI同比增速转正至 | | | | 0.2%，环比亦小幅上升0.1个百分点 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that while the overall retail sales growth has declined, there is a marginal improvement in food and beverage consumption driven by holiday spending. The expectation is for more fiscal policies to support domestic demand recovery [4][5] - The white liquor sector is nearing a bottoming phase, suggesting it is a good time for gradual investment. Recommended stocks include Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, and Yanghe Brewery [4] - In the mass consumer goods sector, there is a focus on growth through new channels, products, and markets, with key companies to watch being Weilong Delicious, Ximai Food, Yanjinpuzi, and Bairun Co [4] Summary by Sections Retail Sales Performance - In October 2025, the total retail sales of consumer goods increased by 2.9% year-on-year, with a month-on-month decline of 0.1 percentage points. The food, beverage, tobacco, and catering sectors showed marginal recovery due to holiday consumption [5][8] - Specific growth rates for October 2025 include: grain and oil food at +9.1%, beverages at +7.1%, and tobacco at +4.1%, indicating a positive trend in essential consumption [5][10][11] Quarterly Outlook - The report anticipates a continued decline in retail sales growth for Q4 2025, but expects marginal improvements in food and beverage consumption. The October retail sales growth decreased by 0.6 percentage points compared to Q3 2025, primarily due to weaker subsidy effects and high base comparisons [5][6] Industry Observations - The white liquor industry is still in a bottoming phase, with structural differentiation in consumption patterns. While high-end gifting remains stable, business consumption is lagging [6] - The snack food sector shows resilience, benefiting from high-frequency demand and holiday consumption, with leading companies enhancing competitiveness through innovation and channel expansion [6]