中国经济网北京11月24日讯 两市午后走势反转，三大指数全线转涨。截至收盘，上证综指报3836.77 点，上涨0.05%，成交额7155.39亿元；深证成指报12585.08点，上涨0.37%，成交额10122.34亿元；创业板 指报2929.04点，上涨0.31%，成交额4762.16亿元。 板块方面，军工装备、军工电子、文化传媒等涨幅居前，能源金属、保险、机场航运等板块跌幅居 前。 A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） ■ 总成交额（亿元）▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 牢工装备 | 5.38 | 2889.34 | 670.92 | 78.08 | 79 | 1 | | 2 | 牢工电子 | 4.62 | 1802.14 | 288.30 | 29.25 | 60 | വ | | 3 | 文化传媒 | 3.54 | 5790.57 | 687.55 | 41.45 | 81 | ന | | র্ব | 软件开发 ...

港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、名创优品等新消费龙头，又包含腾讯、快手、 阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 华源证券表示，新兴消费品的蓬勃发展折射出新世代年轻人在当前社会环境下所孕育出的新兴消费观 念，正确的解读此类全新的消费叙事是抓住新消费公司成长的关键因素。因此，在黄金珠宝方面，建议 关注更受年轻消费者欢迎的古法黄金赛道头部品牌，如老铺黄金等；潮玩方面，建议关注具备IP创造及 对IP运营有丰富的成功经验的公司，如泡泡玛特、名创优品；现制茶饮方面，建议关注品牌力较强且业 务覆盖区域较广的头部茶饮品牌，如蜜雪集团、古茗。 11月21日，名创优品发布"IP天才少年计划"，以100-1000万年薪面向全球招募顶尖IP创作人才，以加强 原创IP孵化，构建自有IP矩阵，向全球领先的IP运营平台升级。名创优品方面表示，该岗位设置意图为 吸引年轻人才来进行原创IP开发。11月21日，名创优品公布了2025年第三季度财务报告。财报显示， 旗下潮玩品牌TOP TOY营收达5.7亿元，实现1 ...

上 市 公 司 互联网电商 2025 年 11 月 23 日 万物新生 (RERE) ——收入和盈利双重高增，能力复用加快打造成长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（美元） | 4.10 | | 纳斯达克指数 | 22273.08 | | 52 周最高/最低（美元） | 4.93/2.00 | | 美股市值（亿美元） | 9.0 | | 流通股（亿股） | 0.88 | | 汇率（美元/人民币） | 7.10 | 一年内股价与基准指数对比走势： 《万物新生（RERE）深度："闲置资产"炼 金，打造循环经济标杆》 2025/10/23 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 李秀琳 A0230525070005 lixl2@swsresearch.com 联系人 李秀琳 A0230525070005 lixl2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 -40.0% -20.0% 0.0% 20. ...

Market Overview - On November 21, the internet e-commerce sector declined by 2.05%, with Xin Xun Da leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included: - Huakai Yidan (300592) with a closing price of 11.58, up 4.14% [1] - Jiao Dian Technology (002315) at 44.23, up 1.68% [1] - Kai Chun Co., Ltd. (301001) at 32.20, up 1.42% [1] - Major decliners included: - Xin Xun Da (300518) at 15.29, down 8.22% [2] - Li Ren Li Zhuang (605136) at 10.16, down 7.04% [2] - Xing Hui Co., Ltd. (300464) at 7.12, down 5.32% [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 172 million yuan from institutional investors, while retail investors saw a net inflow of 131 million yuan [2][3] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2][3] Individual Stock Capital Flow - Huakai Yidan (300592) had a net outflow of 22.98 million yuan from institutional investors [3] - Kai Chun Co., Ltd. (301001) saw a net inflow of 11.30 million yuan from institutional investors [3] - Li Ren Li Zhuang (605136) experienced a net outflow of 11.89 million yuan from institutional investors [3]

| 韩国综合 3953.620 -3.32% -135.630 KS11 | | --- | | 日经指数 48702.980 -3.22% -1620.930 N225 | | 富时亚太指数 436.700 – –2.32% – –10.370 AW06 AW06 | | 澳大利亚普通股... 8738.300 AORD | | 富时澳大利亚指数 702.480 –1.87% –13.410 WIAUS WIAUS | A股黑天鹅突袭，下跌原因找到了，资金疯狂抄底越跌越买，如何走，这段话像个炸雷，却又藏着细碎 的脉络，让人又惊又好奇，接下来我把重点先抛出来，留点口水和问号给你，别急着走。 今天下午市场突然炸开，是黑天鹅来了，三大股指收盘普遍跌近1%，成交量不足2万亿，沪深北三大交 易所累计成交19460亿元，个股上跌多于涨，超过4100家下跌，上涨仅1277家。 跌幅虽不小，但过程没那种人踩人的恐慌味道，反而在下行里头频频有资金进场，尾盘还能看到明显抄 底动作，说明有人在更低位接盘，也就是说，越跌越有人往里头拽股票。 市场里有几块比较亮的板块，互联网电商类表现还行，小红书、拼多多、快手这些名字在盘面上有点活 ...

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Consumer ETF (513230) opening high but declining nearly 0.5% [1] - Among the holdings, companies like Chuangke Industrial, Samsonite, Li Ning, and Midea Group saw significant gains, while Xpeng Motors, Miniso, Xiaomi Group, and Bilibili faced notable declines [1] - The implementation of the "National Subsidy" policy for personal consumption loans starting September 1, 2025, aims to reduce consumer credit costs through fiscal funds, reflecting the policy's inclusiveness and addressing diverse consumer needs [1] Group 2 - Shanghai Securities noted that October's consumption data showed internal structural highlights, revealing strong endogenous momentum despite an overall stable trend [1] - When excluding the short-term drag from automobiles, the actual growth rate of social consumption rebounded significantly to 4.0%, indicating that the resilience of the consumption market exceeds surface data [1] - The driving forces behind this momentum include ongoing consumption upgrade trends, particularly strong demand for gold and jewelry, and the revitalization of service consumption driven by the Mid-Autumn Festival and National Day holidays [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption companies like Pop Mart, Lao Pu Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its strong tech and consumer attributes [2]

Core Viewpoint - Major internet companies are actively acquiring payment licenses as the third-party payment market faces critical challenges, particularly with upcoming license renewals and regulatory changes [2][4][14]. Group 1: Company Actions - Xiaohongshu has acquired 100% of Dongfang Electronic Payment Co., Ltd. through its subsidiary, completing a capital increase [1][7]. - Tongcheng Travel and 58.com have also acquired payment licenses through affiliated companies [2]. - Tongcheng Yilong spent 300 million to acquire Xinxing Payment, a fully qualified payment institution [8]. Group 2: Market Context - The third-party payment market is at a pivotal moment, with many institutions facing license renewals by May 2026, and new regulations set to take effect in 2024 [2][4]. - The new regulations will require a minimum registered capital of 100 million yuan and establish dynamic net asset requirements linked to reserve fund sizes [4]. Group 3: Industry Challenges - Domestic third-party payment institutions face intense competition and low fee rates compared to overseas markets, leading to financial strain for smaller players [5]. - As of November 2025, 107 payment licenses have been canceled, a nearly 40% reduction from peak levels [6]. Group 4: Importance of Payment Licenses - Payment licenses are becoming essential for internet platforms to accelerate commercialization and enhance customer experience [9][12]. - Companies like Douyin and Pinduoduo have previously secured payment licenses to stabilize and expand their business operations [12][15]. Group 5: Future Trends - The trend of "buy now, pay later" is emerging as a key competitive factor in the local lifestyle market, indicating the growing importance of payment solutions [13][14]. - Major internet companies are increasing their capital investments in payment entities to support their growth strategies [15].

- The report does not contain any information about quantitative models or factors.

Group 1: Major Asset Tracking - The bond market is expected to experience short-term upward fluctuations, while the long-term downtrend remains unchanged. The target is set near the low point of September 30, 2024 [18][10]. - The A-share market has recently broken through short-term support levels, with the Shanghai Composite Index nearing the critical support level of 3920. If this level is breached, further downside potential may open up [21][5]. - The U.S. stock market is anticipated to enter a short-term adjustment phase, particularly in the rapidly rising AI sector, which may face valuation corrections [27][25]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of "building high walls (dividends), accumulating grain (reducing positions), and waiting for opportunities" in the A-share market [21][10]. - In the U.S. market, the S&P 500 index has a support level around 6630, and investors are encouraged to wait for "buy the dip" opportunities [27][10]. - The commodity market is currently in a state of observation, with the overall performance being weak and suggesting a cautious approach [32][10]. Group 3: Foreign Exchange Market - The onshore RMB against the USD reported at 7.1110, showing an increase of 36 basis points from the previous close. There is a potential for the RMB to weaken in the short term [28][10]. - The offshore RMB/USD is forming a triple bottom structure, indicating possible future movements [30][10]. Group 4: Important Policies and News - The Ministry of Industry and Information Technology aims to establish around 200 high-standard digital parks by 2027, enhancing digital infrastructure and application [36][10]. - The U.S. Federal Reserve officials have expressed caution regarding further rate cuts, indicating a careful approach to monetary policy [40][10].

Core Viewpoint - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index closing below the 3950-point mark, indicating a weak technical outlook and potential testing of previous support levels [3]. Market Performance - The trading volume in both markets reached 9.5 trillion yuan, showing a slight increase of 0.80%, but selling pressure intensified as some funds exited the market while others attempted to buy in, leading to fierce competition between bulls and bears [5]. - The market displayed a stark contrast, with 1274 stocks experiencing varied performance, particularly in sectors like AI applications which remained active, while the lithium battery industry faced significant declines [3][5]. Fund Flow Dynamics - There was a net outflow of 3.93 billion yuan from institutional funds, while retail investors showed a net inflow, indicating a cautious and defensive stance from institutions focusing on sectors with policy support or favorable supply-demand dynamics, such as AI computing and electricity [6]. - Retail investors exhibited anxiety and a passive approach, with a continued net outflow of leveraged funds, although certain hot sectors like AIGC and internet e-commerce attracted retail participation, reflecting a "light index, heavy theme" investment mentality [6]. Sector Performance - The lithium battery supply chain, including electrolyte and solid-state battery sectors, saw significant declines, while industries such as steel, chemicals, coal, and non-ferrous metals also faced notable losses [3]. - In contrast, the AI application sector and internet e-commerce benefited from supportive policies, such as the encouragement from the National Medical Products Administration for new cosmetic products to debut in China, which provided a boost to these areas [3].