新华财经上海11月22日电 2025年已接近尾声，全球大类资产配置有何趋势，A股市场哪些板块更具投资价值，跨年行情又会呈现出哪些新的特征？围绕资产 配置与股市行情，在近期举行的第十四届"沪上金融家"的颁奖活动上，来自九方智投的多位业界投资专家接受了新华财经采访。他们表示，增配人民币资产 或已成为全球资产配置的重要趋势，得益于中国经济稳健复苏和人工智能（AI）等科技创新的支撑，A股市场有望继续上行，跨年行情值得期待，新能源、 消费等板块具备投资价值。 人民币资产受全球资本配置青睐 今年以来，全球经济复苏分化、美国关税政策扰动、美联储降息博弈、美股AI泡沫讨论持续、中国资产重估叙事等多重因素相互交织，驱动着各类资产估 值重构与资金流向调整。全球资本正重新评估不同区域资产的风险收益比，并调整相关资产配置。 A股有望继续向上拓展空间 从今年全球大类资产配置来看，两条核心主线已清晰显现。九方智投首席投顾黄伟分析认为，第一条主线是避险，黄金等贵金属价格大幅上涨，成为全球资 金的重要选择，各国央行持续增持黄金，进一步印证了市场避险需求旺盛。第二条主线是风险资产的"洼地效应"，尽管全球股票市场流动性依然充裕，但美 债收益率上 ...

Financial Data and Key Metrics Changes - UGI Corporation achieved record-adjusted earnings per share (EPS) of $3.32, exceeding the revised guidance range of $3.00 to $3.15, driven by strong operational performance and tax benefits [4][17] - Free cash flow generated was approximately $530 million, which included cash from asset sales [4][22] - Total shareholder return for the year was 42%, reflecting strong operational strategy [22] Business Line Data and Key Metrics Changes - AmeriGas reported EBIT of $166 million, a 17% increase year-over-year, with a 30% reduction in recordable incidents enhancing safety [17][22] - The regulated utilities segment achieved record EBIT of $403 million, up $3 million from the previous year, supported by a 10% increase in core market volumes [18] - Midstream and Marketing segment EBIT was $293 million, down $20 million due to lower margins and reduced income from equity method investments [19] Market Data and Key Metrics Changes - UGI International reported EBIT of $314 million, a decrease of $9 million from the prior year, attributed to lower margins and reduced LPG volumes [19][21] - LPG volumes declined by 4% due to structural conservation and customer conversions to natural gas, partially offset by colder weather [21] Company Strategy and Development Direction - The company is focusing on operational excellence and portfolio optimization, with a long-term EPS growth target of 5%-7% [5][25] - Investments of approximately $900 million were deployed, primarily in natural gas businesses, to enhance infrastructure and system reliability [7][23] - AmeriGas is undergoing a transformation to improve customer service and operational efficiency, with a focus on safety and financial discipline [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, anticipating a 5%-7% increase in reportable segment EBIT year-over-year [24][25] - The company expects to maintain strong operational performance despite anticipated higher interest expenses and normalization of the effective tax rate [24][25] - Future capital investments are projected between $4.5 billion and $4.9 billion to support strategic growth opportunities [25][26] Other Important Information - The company is committed to maintaining a leverage ratio at or below 3.75x for UGI Corporation and 4.0x for AmeriGas to ensure financial flexibility [26] - The operational and financial improvements at AmeriGas are expected to drive organic growth in the coming years [28] Q&A Session Summary Question: Guidance for midstream and LPG businesses - Management expects low double-digit growth across all business lines over the planning horizon, including midstream and LPG [34][35] Question: Update on NDAs and data center activity - There is significant ongoing activity with over 50 NDAs signed, indicating strong interest in growth opportunities in Pennsylvania [38] Question: Comments on potential electric utility market - The company continuously evaluates its portfolio for optimization opportunities but did not provide specific comments on the electric utility [40] Question: AmeriGas leverage targets - AmeriGas aims to achieve a leverage ratio below 4.5, driven by EBIT growth and deleveraging efforts [50][51] Question: Consistency of tax credits - Management confirmed that there will be no ongoing one-time tax credit items affecting future forecasts, leading to a normalized run rate [54] Question: CapEx and shareholder returns - Utility CapEx is expected to remain consistent or slightly increase, with a commitment to dividends in the future [56][57]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 149 companies, indicating a concentration of shares, with some companies experiencing a decline for over three consecutive periods [1][2] Group 1: Shareholder Account Trends - 20 companies have reported a continuous decrease in shareholder accounts for more than three periods, with the most significant decline being 9 periods for companies like Yihau New Materials and Shuangfei Group [1] - Yihau New Materials has the latest shareholder count of 15,208, reflecting a cumulative decrease of 34.46%, while Shuangfei Group has 18,803 shareholders, with a cumulative decline of 20.52% [1] - Other companies with notable declines include Huangsanghuan, Nanjing Energy, and XinNing Logistics, indicating a broader trend of decreasing shareholder numbers [1] Group 2: Market Performance - Among the companies with declining shareholder accounts, 5 have seen their stock prices rise, while 15 have experienced declines, with notable increases for Shuanghui Development (9.67%), George White (4.56%), and Nanjing Energy (2.11%) [2] - 25% of the companies that have seen a decrease in shareholder accounts outperformed the Shanghai Composite Index, with Shuanghui Development, George White, and Nanjing Energy showing relative returns of 11.26%, 5.31%, and 3.34% respectively [2] Group 3: Industry and Institutional Activity - The industries with the highest concentration of companies experiencing declining shareholder accounts include food and beverage, public utilities, and automotive, with 3, 3, and 2 companies respectively [2] - In terms of institutional interest, 5 companies with declining shareholder accounts were surveyed by institutions in the past month, with Shuanghui Development and Changhua Group being the most frequently researched [2] - The companies with the highest number of institutional participants in research include Xinhan New Materials (24), New Dairy (22), and Shuanghui Development (13) [2]

今天打开行情软件，估计不少朋友都倒吸一口凉气吧？沪指直接低开低走失守3900点，跌了2.45%，深证成指和创业板指跌得更狠，全市场超5000只个股飘 绿，手里的票要么绿油油要么原地踏步，是不是越看越慌，甚至想点开卖出键割肉离场？ 作为跑了20年财经的老记者，也是盯着中长线做投资的老兵，帮主见过太多这样的恐慌时刻。从2008年的1664点到2018年的2440点，每次市场跌得大家直 呼"扛不住"的时候，其实都是情绪在主导，而非基本面真的塌了。今天这波下跌也一样，前期涨得火的电池、能源金属、硅能源这些赛道股，不少资金赚了 钱想年末落袋为安，加上3900点这个心理关口一破，杠杆资金和止损盘集中出逃，越卖越跌形成了恶性循环，就像菜市场没人抢菜，商贩只能降价甩卖，不 管菜品好坏先清仓再说。 下周操作，帮主给中长线朋友三个实在建议。第一，绝对别割肉，尤其是手里拿着消费、金融、优质制造龙头的朋友，现在割肉就是把便宜筹码在地板上送 给别人，咱们做中长线图的是稳，不是跟着短期波动追涨杀跌。第二，分批布局，重点关注两类标的：一类是高股息的银行、公用事业股，它们分红稳定， 就像投资里的"压舱石"，现在股息率比不少理财还高；另一类是 ...

从地域覆盖来看，无论是东部发达地区，还是中西部地区，各地税务机关均加强了税收监管和稽查力 度。值得注意的是，还有部分企业的补税来源于境外税务当局的要求，如因当地税务局对投资税收津贴 条件的不同理解而产生的补税。 综合观察，当前上市公司补税潮呈现出范围广、金额大、原因复杂的特点，暴露出上市公司在税务合规 和内部控制方面存在的普遍问题。税收征管技术的革新推动了补税潮的涌现，金税四期系统通过大数 据、人工智能等先进技术，实现了对企业经营全流程的多维度监控，大幅提升了税务机关发现涉税风险 的能力。系统能够精准识别发票异常、关联交易定价不合理、等多种风险点，并及时向企业推送风险提 醒。 近期，A股 上市公司出现一股补缴税款的浪潮，截至目前,已有超过60 家上市公司 相继发布 税务补缴公 告，主要涉及2021至2024年度补税事项，累计补税及滞纳金金额 超28亿元。这一现象引发了市场对上 市公司税务 合规性、内部控制质量及财务透明度的广泛关注。 这些企业中，多数是通过税局大数据检查启动的企业自查。涉及的行业包括 医药15 家、化工 11 家、半 导体12 家、公用事业与环保 8 家、消费零售 10 家、制造与建筑 7 家 ...

Group 1 - The stock price of Xin'ao Co., Ltd. reached a historical high, increasing by 2.06% to 21.28 yuan, with a trading volume of 6.9788 million shares and a transaction amount of 147 million yuan, resulting in a turnover rate of 0.23% [1] - The latest total market capitalization of Xin'ao Co., Ltd. in A-shares is 65.906 billion yuan, while the circulating market capitalization is not specified [1] - In the public utility sector, the overall decline is 1.32%, with four stocks, including Xin'ao Co., Ltd., showing an increase, with the top gainers being Dazhong Public Utility and Changjiang Electric Power, rising by 3.25% and 2% respectively [1] Group 2 - As of November 20, the margin balance for Xin'ao Co., Ltd. is 197 million yuan, with a financing balance of 195 million yuan, reflecting a decrease of 15.3722 million yuan over the past ten days, a decline of 7.29% [1] - The company's Q3 report indicates that for the first three quarters, it achieved operating revenue of 95.893 billion yuan, a year-on-year decrease of 2.92%, and a net profit of 3.426 billion yuan, down 1.87% year-on-year, with basic earnings per share at 1.1100 yuan and a weighted average return on equity of 14.0% [1]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.37%, with 243 stocks having a shareholding ratio exceeding 20% [1] - As of November 20, southbound funds hold a total of 4,896.59 million shares, accounting for 19.37% of the total share capital of the stocks, with a total market value of 62,183.87 billion HKD, representing 14.69% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 100.39 million shares held, representing 72.33% of the issued shares [1] Group 2 - Southbound funds with a holding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 56, 37, and 34 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, with a holding ratio of 72.33%, followed by Dazhong Public Utilities at 69.46% and Green Power Environmental at 69.45% [2] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 130 out of 243 stocks (53.50%) having a holding ratio over 20% being AH stocks [1][2]

广发证券资深宏观分析师 陈嘉荔 gfchenjiali@gf.com.cn 广发宏观郭磊团队 摘要 第一， 根据美国劳工部 11 月 20 日公布数据 。 9 月新增非农 11.9 万人，高于预期的 5 万人 ，亦远高于达拉斯联储 估算的 3 万人 / 月就业平衡水平（即每 个月使劳动力市场保持平衡的新增岗位数量）。 从趋势上看，这是自 5 月以来首次新增岗位明显反弹，反映就业并非线性弱化，前期疲软一定程度上和 4 月关税 一次性冲击有关。从结构上拆解，医疗保健（ +5.7 万人）、休闲酒店（ +4.7 万人）和建筑业（ +1.9 万）为主要贡献；交通和仓储（ -2.5 万人）、专业服务 （ -2.0 万人）、制造业（ -0.6 万人）为主要拖累。 7-8 月合计下修 3.3 万人。 第二， 住户调查数据略弱，失业率继续有所回升。9 月美国失业率（ U3 ）上升 0.12pct 至 4.44% ，为本轮高点（年初为 4.0% ， 2024 年初为 3.7% ）。 其中就业人口上升 25.1 万人，失业人口上升 21.9 万人，劳动力人口规模增加 47 万人。劳动参与率小幅上升 0.1pct 至 62.4% ， ...

中信建投证券2026年全球资本市场、国内外宏观经济与政策、A股及海外市场、债券市场、资产配置以及各大产业链投资策略展望观点发布。 中信建投证券研究产品中心总结了19大研究团队的2026年投资策略展望报告核心内容，3万字干货。 01丨医药生物2026年投资策略：价值重塑，静待花开 核心观点： 中国医药产业迈入 "创新兑现 + 全球布局" 的关键阶段，人口与内需基数、全产业链制造能力构成核心支撑，企业积极探索多元化的出海路径。面对全球 竞争与政策深化，行业需 "立足于内、创新引领、开拓于外"，对内强化供应链安全与合规能力，对外深化多元化出海布局。展望 2026 年，重点把握创新 商业化、全球化突破、政策优化带来的新增量及行业并购整合的机遇。 全球视角：创新价值凸显，中国力量加速渗透 中国医药具 "创新升级 + 供应链韧性" 优势，2025前三季度创新药海外授权超去年全年，器械也在积极探索出海路径。美国主导早期研发与高端定价，但 跨国药企专利悬崖下需求旺盛，中国资产全球性价比凸显，内外协同空间广阔。 国内的价值重塑：聚焦高质量发展，筑牢创新与合规根基 ①政策：聚焦高质量发展，集采优化、多元化支付、医疗服务价改推进； ...

【环球网财经综合报道】Wind数据显示，截至11月19日，今年以来A股公司重要股东合计增持超过100亿股，按照区间 交易均价计算，合计增持金额超930亿元，金额创近3年新高。 《金融时报》则发文称，近年来，外国投资者重新评估中国股市，购股力度达到四年来新高。今年1月至10月，流入 中国股票的离岸资金达5060亿美元，远超2024年的数额。这一趋势受益于中资股的强劲表现，包括人工智能的推动和 亚洲金融市场的上市热潮。 从行业看，13个行业年内增持金额超过30亿元，银行、基础化工、公用事业等行业增持金额排在前列。从单家公司 看，今年以来增持金额超10亿元的公司有17家，6家公司增持金额超过25亿元，位居榜首的是南京银行。 《南华早报》发文称，摩根士丹利首席分析师劳拉·王等人在报告中表示，2025年中国公司利润预计增长6%，并建议 投资者关注具有创新能力和符合国家科技自立五年计划目标的科技股，以及能抵御市场波动的高股息股票。 ...