（文章来源：证券日报） 证券日报网讯 11月19日晚间，武汉控股发布公告称，根据《武汉三镇实业控股股份有限公司2025年面 向专业投资者公开发行科技创新可续期公司债券（第二期）发行公告》，武汉三镇实业控股股份有限公 司2025年面向专业投资者公开发行科技创新可续期公司债券（第二期）（以下简称"本期债券"）分为两 个品种，本期债券品种一基础期限为2年，以每2个计息年度为1个重定价周期，在约定的基础期限期末 及每一个周期末，发行人有权行使续期选择权，按约定的基础期限延长1个周期，发行人不行使续期选 择权则全额到期兑付；品种二基础期限为3年，以每3个计息年度为1个重定价周期，在约定的基础期限 期末及每一个周期末，发行人有权行使续期选择权，按约定的基础期限延长1个周期，发行人不行使续 期选择权则全额到期兑付。本期债券各品种总计发行规模不超过人民币10.00亿元（含10.00亿元）。本 期债券发行工作已于2025年11月19日结束。 ...

（文章来源：证券日报） 证券日报网讯 11月19日晚间，江南水务发布公告称，2025年9月9日，公司全资子公司江南水务市政工 程江阴有限公司（简称"市政工程公司"）与中机国际工程设计研究院有限责任公司（简称"中机国际"） 联合体被确定为临港开发区供排水提质增效一体化工程（排水达标区建设项目）EPC工程总承包（简 称"项目"）中标人。近日，市政工程公司、中机国际与发包人江苏江阴临港经济开发区管理委员会签订 了《建设项目工程总承包合同》。 ...

智通财经APP讯，滨海投资(02886)发布公告，该公司于2025年11月19日斥资8800港元回购8000股股份， 每股回购价格为1.1港元。 ...

今年以来共有133家公司实施定增，合计募资金额8397.72亿元。 板块分布显示，增发已实施公司中，深市主板有27家，合计募资489.93亿元；沪市主板有55家，合计募 资7065.53亿元；创业板有25家，合计募资364.98亿元；科创板有26家，合计募资477.27亿元。按所属行 业统计，今年已实施增发公司涉及申万24个行业，定增实施家数较多的行业有电子、电力设备、基础化 工等，分别有21家、16家、14家公司增发，募资金额居前的行业有银行、非银金融、电子等，募资金额 分别为5200.00亿元、506.84亿元、491.56亿元。 区间分布显示，增发金额超100亿元的有10家，增发金额50亿元—100亿元的有11家，增发金额20亿元— 50亿元的有20家，增发金额10亿元—20亿元的有27家，增发金额10亿元以下的有65家，其中，增发不足 5亿元的有41家。 已实施增发公司中，募资金额最多的是中国银行，募资金额1650.00亿元，其次是邮储银行、交通银行 等，募资金额分别为1300.00亿元、1200.00亿元。 今年以来定增募资金额排名 | 代码 | 简称 | 募资金额（亿元） | 行业 | 代码 | ...

Market Overview - The recent adjustment in the A-share market is attributed to multiple factors, including external pressures from the Federal Reserve's stance against recent interest rate cuts and geopolitical tensions affecting market risk appetite [2][12] - The 4000-point level is not just a psychological barrier but also a significant technical resistance due to historical trapped positions since 2015, leading to market confidence issues [2][12] - The market is experiencing structural differentiation, with a rapid rotation between sectors resulting in a general lack of profit-making opportunities [2][12] Short-term Market Sentiment - Despite the recent three-day decline, the market's risk is gradually being released, indicating that the short-term adjustment may be nearing its end [3][13] - There is no sign of panic selling, suggesting a healthy adjustment rather than a trend reversal [3][13] - Anticipation for two important meetings in December, which will set the economic policy for the next year, is high, potentially serving as a catalyst for market recovery [3][13] Economic Indicators - The October CPI stabilization indicates a recovery in economic momentum [3][13] - The overall monetary policy remains accommodative, with potential for further easing measures such as reserve requirement ratio cuts or interest rate reductions, which could provide ample liquidity support for the market [3][13] Sector Performance - AI application concept stocks have shown resilience, with significant gains in related sectors such as software development and semiconductor industries [8][11] - The cultural media sector, including gaming and entertainment, has also performed well, with a notable increase in stock prices despite broader market declines [9][10] Investment Strategy - The report suggests a balanced approach to investment, focusing on sectors with strong performance indicators, including technology growth areas (semiconductors, AI themes) and cyclical industries (solar energy, batteries, chemicals) [4][14] - Emphasis is placed on selecting stocks with solid earnings support during market dips to optimize investment returns [4][14]

四周年万亿将至，关注进口替代主线及估值边际 行业周报 | 北交所 北交所市场周报——251110-251114 证券研究报告 2025 年 11 月 18 日 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 213.8 亿元，环比下降 5.9%。当周北证 50 收跌 0.56%，当周日均换手率达 3.2%。当周涨幅前五 大个股分别为：荣亿精密（20.5%）、朱老六（19.5%）、灵鸽科技（17.5%）、 丹娜生物（16.0%）、安达科技（13.2%）；跌幅前五大个股分别为：锦华新 材（-12.3%）、灿能电力（-11.1%）、科润智控（-8.8%）、中诚咨询（-8.6%）、 华密新材（-8.3%）。 重点新闻及政策：1）两部门发文促进新能源消纳，算力设施获点名，储能、 电网升级迈入加速期：国家发展改革委、国家能源局发布促进新能源消纳和 调控的指导意见；其中指出，到 2030 年，协同高效的多层次新能源消纳调 控体系基本建立；意见提到，加强新能源与算力设施协同规划布局及优化运 行；2）国办印发《关于进一步促进民间投资发展的若干措施》：鼓励民间资 本参与铁路、核电、水电等项目，并结合项目实际确定具体 ...

二、强势概念板块 根据A股概念涨跌幅与所对应的股票池综合分析，涨幅靠前的三个概念板块分别为：小红书概念、拼多 多概念与Sora概念（文生视频）。排名前10位的概念板块相关数据见下表： 一、强势个股 截至11月18日收盘，上证综指下跌0.81%，收于3939.81点，深证成指下跌0.92%，收于13080.49点，创 业板指下跌1.16%，收于3069.22点。今日沪深两市A股共计63只涨停，综合当前连板数以及当日龙虎榜 数据，其中较为强势的前三只个股分别为：胜利股份（000407）、华夏幸福（600340）与航天发展 （000547）。今日强势个股前10位具体数据见下表： | 代码 | 简称 | 造板数 | 换手率(%) | 成交额 | 龙虎持净买入额 | 最高价是否创一年来新高 | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000407 | 胜利股份 | 6连板 | 32.52 | 19.07亿元 | 1.11亿元 | 是 | 公用事 不 | | 600340 | 华夏幸福 | 4连板 | 28.89 | 34.66亿元 | 751 ...

Core Insights - The article emphasizes the need for a comprehensive enhancement of regulatory concepts, systems, capabilities, and tools to adapt to the evolving market competition landscape, particularly focusing on antitrust and unfair competition regulations [1] Regulatory Developments - Significant progress has been made in antitrust and unfair competition efforts under the leadership of the central government, including a major revision of the Antitrust Law and continuous improvement of supporting regulations, enhancing the scientificity, transparency, and predictability of the regulatory framework [2] - The enforcement of regulations has intensified, with notable cases in key sectors such as pharmaceuticals and platform economies, effectively deterring illegal practices like false advertising and exclusive agreements [2] - The regulatory enforcement system has been optimized, with clearer division of responsibilities between central and local authorities, leading to improved consistency and authority in enforcement [2] Challenges in Regulatory Framework - The rise of digital technologies and innovative business models poses challenges to traditional regulatory tools, as monopolistic behaviors become more sophisticated and harder to detect [3] - The complexity of digital platforms blurs competitive boundaries, making market definitions and assessments of competitive harm more complicated [3] Issues Affecting Regulatory Effectiveness - "Involution" competition in certain sectors has deteriorated the fairness of the market, with companies resorting to excessive subsidies and unfair practices, complicating regulatory oversight [4] - Regulatory capacity struggles to meet the demands of monitoring complex and technologically advanced monopolistic behaviors, with a shortage of skilled professionals in local regulatory bodies [5] - Insufficient policy coordination undermines the effectiveness of antitrust laws, as local interests may conflict with national market unity goals [6] Recommendations for Improvement - Enhancing regulatory enforcement capabilities through professional training and the introduction of advanced technologies like big data and AI to create intelligent regulatory platforms [7] - Establishing a coordinated mechanism among various departments to improve communication and collaboration in regulatory efforts [8] - Developing industry-specific compliance guidelines to address the unique challenges posed by emerging sectors such as e-commerce and digital finance [9] - Implementing a compliance incentive system for businesses to encourage proactive compliance management and reduce reliance on reactive enforcement [10]

盘后数据出炉。 沪深300今日主力资金净流出83.5亿元，创业板净流出75.05亿元。 | | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025- 11- 17 | - 83. 50 | - 75. 05 | - 12. 50 | | 2025- 11- 14 | - 204. 39 | - 257. 80 | - 17. 13 | | 2025- 11- 13 | 75. 60 | 54. 50 | - 17. 09 | | 2025- 11- 12 | - 105. 42 | - 155. 66 | - 10. 04 | | 2025- 11- 11 | - 164. 85 | - 150. 26 | 3. 62 | | | | 尾盘资金净流入数据(亿元) | | | 2025- 11- 17 | -1.31 | 12. 09 | 0. 39 | | 2025- 11- 14 | - 49. 68 | - 60. 11 | - 3. 40 | | 2025- 11- 13 | ...

该行指，光大环境目前有约31%持股由沪深港通投资者持有，预料增发人民币股份将可吸引更广泛的内 地投资者，包括保险资金及互惠基金，而险资历来增持公用事业股且偏好股息，将促使光大环境采纳更 明确股息政策，重申对其"买入"评级，目标价为5.3港元。 美银证券发表研究报告指，光大环境计划发行人民币股份于深交所上市，发行规模不超过8亿股，所得 资金预料用于发展主营业务及补充营运资金。该行对此持正面看法，预期可为股东带来更清晰的股息政 策，并触发潜在估值重新评级。 ...