人民财讯11月28日电，房地产板块异动，世联行（002285）涨停，财信发展（000838）、中国武夷 （000797）、特发服务（300917）、我爱我家（000560）等跟涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月28日，万科A、H股回升。H股万科企业（02202.HK）短线走高涨超1%，A股跌幅收 窄至1.65%。 ...

（二）国际要闻 【新预算案"加税至历史最高"，斯塔默政府面临政治冲击】11月27日，英国财政大臣里夫斯公布了新一届政府的预算案，宣布将额外增税260亿英镑。此举 叠加其去年上任后已增加的400亿英镑税收，将使英国的整体税收负担在议会任期结束时，达到占GDP 38%的历史最高水平。预算案最大的单一增收项目， 来自于将个人所得税起征点冻结时间再延长三年，此举将在2030-31财年带来127亿英镑的收入。新预算案引发了巨大的政治反弹。保守党领袖称里夫斯称 其"违背了她的每一个承诺"，并认为她应当辞职。由于投资者和选民都厌恶不确定性，如果里夫斯未能妥善应对当前的经济和政治压力，风险息差将迅速扩 大，政府可能面临更深层次的信任危机。 【内容摘要】11月27日，资金面宽松无虞；债市延续走弱；转债市场继续走弱，转债个券多数下跌；主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【李强主持召开国务院常务会议，听取推动高质量发展综合督查情况汇报】11月27日，国务院总理李强主持召开国务院常务会议，听取推动高质量发展综合 督查情况汇报，部署推进基本医疗保险省级统筹工作，审议通过《全民阅读促进条例（草案）》 ...

Group 1: High-end Manufacturing and Security - The defense industry is entering a new cycle driven by both domestic demand and external potential, focusing on information technology, intelligent equipment, and emerging fields like military trade and deep space economy [2] - The machinery sector is expected to undergo a value reassessment and technological empowerment, with a focus on robotics and autonomous driving, alongside a push for core technology breakthroughs [2] - The electric power and new energy sectors are witnessing a new growth cycle, with lithium battery storage demand surging and the photovoltaic market stabilizing [2] - The home appliance industry is focusing on policy subsidies, technological transformation, and overseas expansion, particularly in Southeast Asia and Latin America [2] - The automotive sector is experiencing rapid technological advancements in smart driving and hybrid technologies, with a focus on export opportunities and collaboration with tech companies [2] Group 2: Real Estate and Banking - The real estate market is stabilizing, with key cities expected to see price stabilization driven by household balance sheet recovery and supportive policies [3] - The banking sector is entering a new profit cycle, with stable interest margins supporting long-term profitability, and a focus on undervalued shares and quality city commercial banks [4] Group 3: Securities and Insurance - The securities industry is benefiting from wealth management trends, with a focus on stable earnings and international expansion as a long-term narrative [5] - The insurance sector is characterized by high elasticity, with investment-driven profit growth and a focus on regulatory compliance and risk management [6] Group 4: Construction and Chemicals - The construction industry is expected to stabilize with government debt management and new infrastructure projects, focusing on regional coordination and green development [10] - The chemical sector is entering a recovery phase, with a focus on high-quality enterprises and strategic investments in various chains [10][12] Group 5: Utilities and Environmental Protection - The utilities sector is seeing steady growth in electricity demand, with a focus on high-dividend investments in water and coal power [13] - The environmental protection sector is benefiting from policy adjustments and technological advancements, with a focus on improving profitability in water and waste management [16] Group 6: Capital Markets and Financial Innovation - The capital market is exploring new paths for empowering inclusive finance, focusing on small and micro-enterprise support and rural revitalization [21] - The green certificate market is expected to grow significantly, driven by policy support and increasing demand for renewable energy [22] Group 7: E-commerce and Retail - The retail sector is experiencing structural changes driven by AI, with a focus on rational competition and the globalization of Chinese brands [23] Group 8: Bonds and Financial Engineering - The convertible bond market is expected to see continued growth, driven by demand for fixed income and equity market expectations [25] - The quantitative investment sector is gaining traction, with a focus on unique strategies and the development of fixed income products [27]

北京市内正在施工的住宅楼（资料图，Reuters） 约5300家上市企业2025年1～9月财报显示，出现最终亏损的企业比例为24%，比上年同期 上升1个百分点，净利润合计比去年同期增长2%，利润集中于半导体等受益于国家政策的部 分行业…… 中国企业在遭受业绩恶化的困扰。约5300家上市企业2025年1～9月财报显示，出现最终亏 损的企业比例为24%，比上年同期上升1个百分点，是有可比数据的2002年以来最糟糕的。 约一半的房地产和光伏企业出现亏损。内需低迷和产能过剩也将成为拖累世界经济的风险因 素。 日本经济新闻汇总了在上海和深圳等中国本土市场上市的企业（金融除外）。亏损企业的比 例以2017年（7%）为底，几乎呈直线上升趋势。2025年1～9月，超过3成的企业最终利润 下降，利润增长为4成。 特别是房地产行业，自 2020 年中国出台融资新规以来，业绩持续恶化。1～9月，100家上 市企业中有48家出现最终亏损。中国国家统计局的数据显示，新建住房销售面积1～9月同比 下降6%。 供过于求的产业会发生被称为"内卷"的价格竞争，成为盈利的负担。典型是光伏相关领域， 以晶科能源为首的各大企业联袂出现最终亏损。 在 ...

【导读】商业航天概念股表现活跃，地产板块走低 11月28日早盘，三大指数小幅低开，10点多快速翻红。 从板块上来看，商业航天概念股表现活跃，半导体、锂电、能源设备板块涨幅居前，而房地产、保险、中药板块走低。 港股方面，三大指数走低，地平线机器人、华虹半导体、阿里巴巴涨超1%。 | 名称 | 现价 | 涨跌幅 | 总 三 | | --- | --- | --- | --- | | 地平线机器人-W | 7.780 | 2.91% | 1140亿 | | 9660.HK | | | | | ASMPT | 75.550 | 2.03% | 315亿 | | 0522.HK | | | | | 华虹半导体 | 73.900 | 1.86% | 1463亿 | | 1347.HK | | | | | 商汤-W | 2.120 | 0.47% | 820亿 | | 0020.HK | | | | | 阿里巴巴-W | 152.100 | 1.00% | 29034亿 | | 9988.HK | | | | | 蔚来-SW | 43.560 | 0.79% | 1063亿 | | 9866.HK | | | | | 京东 ...

1995年11月28日，在厦门经济特区这片热土上，一家为保税区建设而生的国有企业挂牌成立，它就是厦 门象屿集团有限公司。从0.6平方公里的滩涂起步，在开放潮头逐浪前行，今天的它，以总资产增长 1100余倍、净资产增长6800余倍的发展答卷迎来"三十而立"，生动诠释了特区企业高质量发展的强劲动 能。 "象屿"曾经只是靠近厦门西海岸的一座无人小岛。1992年国务院批准设立厦门象屿保税区，建设者们 以"不要国家一分钱，不占城乡一分田"的豪情壮志填海造地，创办"特区中的特区"。 1995年象屿保税 区在全国率先实行政企分开，象屿集团应运而生，在担负起保税区建设开发使命的同时，也将敢闯敢 试、敢为人先的"特区精神"和海纳百川、乘风扬帆的"海洋文化"深深镌刻进自身血脉。 象屿集团的启 航并非坦途，而是资产负债率高达95.7%的生存考验。但象屿人发扬草根精神、事业情怀，坚定向市场 找出路、以改革求发展：厦门市首家资产经营一体化试点企业，厦门市首家股份制现代综合物流企业， 全国首家通过ISO9002认证的仓储、报关、货运、堆场综合服务国企，全国首个中外双方股份各占50% 的合资码头公司，推动厦门成为大陆首个获准经营对台海运快 ...

消息面，摩根大通策略师指出，中国股市明年实现大幅上涨的概率高于遭遇重挫的风险，因此将A股评级上调至"超配"。 港股高开低走，截止发稿，恒指跌0.33%，恒生科技指数跌0.2%。大型科技股普遍上涨但涨幅较小，阿里巴巴、百度、京东、没有涨幅在0.9%以 内；有色金属股继续上涨行情，其中，中铝国际涨6%，招金矿业、紫金矿业均有涨幅，消费、锂电池股普遍上涨。另外，体育用品股、家电股走 低。 商品期市开盘多数上涨，沪银涨1.78%，集运指数(欧线)涨1.68%，原油涨1.39%,碳酸锂跌2.87%，沪锌跌0.65%。 国债期货开盘全线上涨，30年期主力合约涨0.11%，10年期主力合约涨0.02%，5年期主力合约涨0.01%，2年期主力合约涨0.02%。 A股小幅低开，沪指跌0.11%，创业板指跌0.04%。OCS概念多数回调，GPU、量子技术、电解液板块普遍低开；深海科技、黄金、超导概念造 好。万得全A集合竞价成交额仅129亿元，创阶段新低。 9:56 港股翻绿，恒指跌0.33%，恒科指跌0.2% | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | ...

阿里巴巴集团宣布启动首批捐款2000万港元，支援香港火灾救援及后续过渡安置、生活物资补给、情绪 疏导等。同时，阿里巴巴集团已启动应急救灾响应机制，旗下菜鸟等业务正调动最近距离食物、被褥等 应急物资，送往受灾地，帮助有需要居民渡过难关。另外，马云公益基金会将捐赠3000万港元，向受灾 家庭和个人提供经济援助，向冒着生命危险英勇救火的消防员和应急人员及其家庭提供帮助。 腾讯公益慈善基金会（香港）启动首批捐款1000万港元，用于受灾居民的紧急救援、过渡安置、生活物 资补给及情绪疏导等急需工作。27日下午，香港特别行政区政府宣布成立"大埔宏福苑援助基金"，集中 统筹各界捐款，开展相关救灾工作。鉴于此，腾讯公益慈善基金会（香港）宣布追加2000万港元，全额 捐赠给该援助基金。截至目前，腾讯累计捐款3000万港元以支援香港救灾。 字节跳动（香港）启动捐赠1000万港元，捐款将用于受灾人群的紧急救援与过渡安置，并助力灾后社区 的恢复工作。 百度宣布捐赠1000万港元专项资金，用于受灾民众的紧急安置、生活保障及灾后重建。 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡，牵动社会各界关 注。 据中 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Overseas: On the evening of November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, boosting the December rate - cut expectation. The Fed's expectation management may be shifting, and key figures might turn dovish in the next two weeks. Attention should be paid to the speeches of key Fed voting members and potential new chair nominations around Thanksgiving [8]. - Domestic: The internal driving force remains weak and stable. The issuance of 500 billion yuan of policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of debt - resolution surplus quotas may bring marginal benefits to Q4 infrastructure investment. The LPR has remained stable since May, indicating that the central bank may not be in a hurry to further relax policies in the short term. New and second - hand housing sales have rebounded month - on - month, land supply has increased, but land transactions remain low. The demand and production capacity of real - estate front - end and back - end physical work have declined month - on - month [8]. - Asset Views: Due to differences among Fed policymakers on a December rate cut, a hawkish Fed October meeting minutes, and strong September non - farm payroll data, the December rate - cut expectation was initially suppressed, and the US dollar index rose. Global equity sectors and base metals like copper were under pressure. However, the New York Fed President's dovish speech on Friday boosted the December rate - cut expectation. It is recommended to allocate assets evenly in Q4. With the market sentiment lifted, short - term risk appetite may improve. Attention should be paid to the opportunity to allocate stocks, non - ferrous metals (copper, aluminum, tin), and precious metals at low prices [8]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - Overseas Macro: The New York Fed President's speech on November 21st hinted at a possible near - term interest rate cut, and the Fed's expectation management may shift. Key figures may turn dovish in the next two weeks. Focus on key Fed voting members' speeches and potential new chair nominations around Thanksgiving [8]. - Domestic Macro: The issuance of policy - based financial instruments, special bonds, and debt - resolution surplus quotas may benefit Q4 infrastructure investment. The LPR has been stable, suggesting no urgent need for short - term policy relaxation. Housing sales have rebounded, but land transactions are low, and real - estate physical work demand and capacity have declined [8]. - Asset Views: Fed's mixed signals initially pressured the December rate - cut expectation and boosted the US dollar index. The New York Fed President's speech later changed the situation. It is recommended to allocate assets evenly in Q4 and look for low - price allocation opportunities in stocks, non - ferrous metals, and precious metals [8]. 3.2 Viewpoint Highlights 3.2.1 Financial - Stock Index Futures: Hotspots have limited persistence. Wait for the main line. The short - term judgment is a volatile upward trend, and the focus is on incremental funds [9]. - Stock Index Options: The market is gradually dominated by long - term factors. The short - term judgment is a volatile trend, and the focus is on option market liquidity [9]. - Treasury Bond Futures: Short - term bond market disturbances exist. The short - term judgment is a volatile upward trend, and the focus is on the implementation of monetary policies [9]. 3.2.2 Precious Metals - Gold/Silver: Geopolitical and trade tensions have eased, leading to a phased adjustment. The short - term judgment is a volatile trend, and the focus is on US fundamentals, Fed policies, and global equity market trends [9]. 3.2.3 Shipping - Container Shipping to Europe: The peak season in Q3 has ended, and there is no upward driving force. The short - term judgment is a volatile trend, and the focus is on the rate of freight decline in September [9]. 3.2.4 Black Building Materials - Steel and Iron Ore: The off - season fundamentals are lackluster, and the iron ore price remains resilient. The short - term judgment is a volatile trend, and the focus is on special bond issuance, steel exports, iron production, and other factors [9]. - Coke: The cost is decreasing, and there is a strong expectation of price cuts. The short - term judgment is a volatile trend, and the focus is on steel production, coking costs, and macro sentiment [9]. - Coking Coal: Coal mines are accumulating inventory, and the market is under pressure. The short - term judgment is a volatile trend, and the focus is on steel production, coal mine safety inspections, and macro sentiment [9]. - Silicon Iron: Market confidence is low, and the price is weak. The short - term judgment is a volatile trend, and the focus is on raw material costs and steel procurement [9]. - Manganese Silicon: Inventory pressure is high, and the price is oscillating at a low level. The short - term judgment is a volatile trend, and the focus is on cost prices and foreign quotes [9]. - Glass: Cold - repair is uncertain, and the supply - demand improvement is limited. The short - term judgment is a volatile trend, and the focus is on spot sales [9]. - Soda Ash: Production is flat, and spot transactions are weak. The short - term judgment is a volatile trend, and the focus is on soda ash inventory [9]. 3.2.5 Non - Ferrous Metals and New Materials - Copper: The Fed's rate - cut expectation is fluctuating, and the copper price is consolidating at a high level. The short - term judgment is a volatile upward trend, and the focus is on supply disruptions, domestic policies, and Fed policies [9]. - Alumina: The oversupply situation persists, and the price is under pressure. The short - term judgment is a volatile trend, and the focus is on ore production and electrolytic aluminum production [9]. - Aluminum: The macro - sentiment is fluctuating, and the aluminum price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on macro risks, supply disruptions, and demand [9]. - Zinc: The export window is open, and the zinc price is oscillating at a high level. The short - term judgment is a volatile trend, and the focus is on macro - turning risks and zinc ore supply [9]. - Lead: The delivery of LME lead has slowed down, and the lead price may stop falling. The short - term judgment is a volatile upward trend, and the focus is on supply disruptions and battery exports [9]. - Nickel: Environmental issues in Indonesian MHP production are causing price fluctuations. The short - term judgment is a volatile downward trend, and the focus is on macro - geopolitical changes and Indonesian policies [9]. - Stainless Steel: The rebound of nickel price has driven the recovery of the stainless - steel market. The short - term judgment is a volatile trend, and the focus is on Indonesian policies and demand growth [9]. - Tin: Market sentiment has improved, and the tin price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on the resumption of production in Wa State and demand improvement [9]. - Industrial Silicon: The oversupply pressure remains, and the silicon price is oscillating. The short - term judgment is a volatile trend, and the focus is on supply - side production resumption and policy changes [9]. - Polysilicon: Policy expectations are fluctuating, and the polysilicon price is oscillating at a high level. The short - term judgment is a volatile trend, and the focus is on supply - side production resumption and domestic photovoltaic policies [9]. - Lithium Carbonate: The demand expectation has boosted the lithium price. The short - term judgment is a volatile trend, and the focus is on demand, supply disruptions, and technological breakthroughs [9]. 3.2.6 Energy and Chemicals - Crude Oil: Geopolitical premiums are fluctuating, and supply pressure persists. The short - term judgment is a volatile downward trend, and the focus is on OPEC+ production policies and Middle - East geopolitics [11]. - LPG: Supply is relatively tight, and the basis is at a low level. The short - term judgment is a volatile trend, and the focus is on the cost of crude oil and overseas propane [11]. - Asphalt: The price is oscillating around 3000. The short - term judgment is a volatile trend, and the focus is on sanctions and supply disruptions [11]. - High - Sulfur Fuel Oil: The price is weakly oscillating. The short - term judgment is a volatile downward trend, and the focus is on geopolitics and crude oil prices [11]. - Low - Sulfur Fuel Oil: The price is weakly oscillating. The short - term judgment is a volatile downward trend, and the focus is on crude oil prices [11]. - Methanol: The shutdown progress is rapid, and the price may rise. The short - term judgment is a volatile trend, and the focus is on macro - energy and overseas shutdown dynamics [11]. - Urea: Inventory has significantly decreased, and the sentiment is bullish. The short - term judgment is a volatile trend, and the focus is on enterprise inventory reduction [11]. - Ethylene Glycol: The price center is mainly adjusted widely. The short - term judgment is a volatile trend, and the focus is on coal and oil prices, port inventory, and trade frictions [11]. - PX: The cost is average, and the supply - demand pattern is okay. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations, macro - changes, and aromatics blending for oil [11]. - PTA: The basis is strong, and the profit is slightly repaired. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations and macro - changes [11]. - Short - Fiber: The downstream demand is temporarily maintained. The short - term judgment is a volatile trend, and the focus is on downstream yarn - mill purchasing and peak - season demand [11]. - Bottle - Chip: The price fluctuation is limited, and the profit is stagnant. The short - term judgment is a volatile trend, and the focus is on bottle - chip enterprise production cuts and new - device commissioning [11]. - Propylene: The spot is strong, and the price is oscillating. The short - term judgment is a volatile trend, and the focus is on oil prices and domestic macro - situation [11]. - PP: The fundamental pressure remains, and attention should be paid to maintenance changes. The short - term judgment is a volatile trend, and the focus is on oil prices and domestic/overseas macro - situation [11]. - Plastic: The oil price has fallen, and the maintenance support is limited. The short - term judgment is a weakly volatile trend, and the focus is on oil prices and domestic/overseas macro - situation [11]. - Styrene: The oil - blending narrative has faded, and the price is oscillating. The short - term judgment is a volatile trend, and the focus is on oil prices, macro - policies, and device dynamics [11]. - PVC: High inventory is suppressing the price, and it may be linked to production cuts. The short - term judgment is a volatile trend, and the focus is on expectations, costs, and supply [11]. - Caustic Soda: The value is low, and the supply - demand is weak. The short - term judgment is a volatile trend, and the focus is on market sentiment, production, and demand [11]. - Oils and Fats: Market sentiment has stabilized, and the price may continue to be weakly bullish. The short - term judgment is a volatile upward trend, and the focus is on US soybean weather and Malaysian palm oil production - demand data [11]. - Protein Meal: There is a game between reality and expectation, and the M15 spread is narrowing. The short - term judgment is a volatile upward trend, and the focus is on weather, domestic demand, macro - situation, and trade frictions [11]. - Corn/Starch: The supply - demand is temporarily tight, and the price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on demand, macro - situation, and weather [11]. - Live Pigs: The live - pig spot price is weak, and the main contract rebounds with reduced positions. The short - term judgment is a volatile downward trend, and the focus is on breeding sentiment, epidemics, and policies [11]. - Natural Rubber: The impact of floods in the production area needs further observation. The short - term judgment is a volatile trend, and the focus is on production - area weather, raw material prices, and macro - changes [11]. - Synthetic Rubber: The price is oscillating within a range. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations [11]. - Cotton: There is a tug - of - war between bulls and bears, and the price is oscillating in the short term. The short - term judgment is a volatile trend, and the focus is on demand and inventory [11]. - Sugar: In the long - term, the driving force is downward, but the cost provides short - term support. The short - term judgment is a volatile downward trend, and the focus is on imports and Brazilian production [11]. - Pulp: The spot price of softwood pulp is weak, and the futures logic for near - and far - term contracts is different. The short - term judgment is a volatile trend, and the focus is on macro - economic changes and US dollar - based quotes [11]. - Offset Paper: The raw material price has fallen, and the price is oscillating at a low level. The short - term judgment is a volatile trend, and the focus is on production - sales, education policies, and paper - mill production [11]. - Logs: The price of logs has fallen, and it is in a low - valuation area. The short - term judgment is a volatile trend, and the focus is on shipping volume and sales volume [11].