(产品代码：159726) ★ 跟踪：恒生中国内地企业高股息率指数 近五日涨跌: -3.30% （原标题：【盘中播报】75只A股封板 国防军工行业涨幅最大） 证券时报•数据宝统计，截至下午13:58，今日沪指涨0.23%，A股成交量942.58亿股，成交金额13653.76亿元，比上一个交易日减少14.94%。个股 方面，4511只个股上涨，其中涨停75只，825只个股下跌，其中跌停21只。从申万行业来看，国防军工、传媒、计算机等涨幅最大，涨幅分别为 3.98%、3.53%、2.68%；石油石化、煤炭、银行等跌幅最大，跌幅分别为2.22%、1.29%、0.59%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 国防军工 | 3.98 | 722.71 16.12 | | 航天环宇 | 19.99 | | 传媒 | 3.53 | 781.53 25.39 ...

金 点 策 略 晨 报 2025 年 11 月 21 日 外部压力对 A 股影响有限，市场中期向好逻辑未变 英大证券研究所证券研究报告 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周三呈现企稳迹象的 A 股市场，周四再度陷入疲软态势。早盘一度高开上行， 然而午后行情再度走弱，最终全线收跌。可能与外部压力有关（美联储 12 月降 息不确定性及地缘政治因素发酵等），不过，我们认为，其对 A 股的整体影响预 计相对有限。A 股定价核心仍锚定国内基本面，中国经济持续恢复的态势没有改 变，内生增长动力不断增强。同时，政策层面继续保持积极，为市场提供了有力 支撑。 因此，尽管面对短期调整与多方压力，我们认为指数短期调整已近尾声，中 期向好逻辑未变。操作上，踏准板块轮动节奏，采取均衡配置、高抛低吸或是占 优策略。无论是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等），还是 顺周期行业（光伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银行、 公用事业、"大象股"等），尽量选 ...

11月21日消息，三大指数集体低开，能源金属板块跌幅居前。截至今日开盘，沪指报3896.66点，跌0.87%；深成指报 12752.72点，跌1.76%；创指报2979.37点，跌2.07%。 财信证券认为，周四，在隔夜美股以及当天日韩市场转暖的背景下，A股高开低走，成交额小幅缩量，反映出当前市场情 绪仍偏谨慎，需继续等待大盘出现明显的企稳回升信号。短期内，随着大盘近期震荡消化整理已相对充分，指数层面下探空间 或相对有限，但当日大盘高开低走的行情给市场带来了一定不确定性。中期来看，在全球科技投资热情不减、"反内卷"政策持 续推进、居民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 机构观点： 东吴证券认为，周四，A股市场高开低走，震荡调整。盘面上，海南、银行等板块涨幅居前，美容护理、光伏设备、食品 加工等板块跌幅居前。走势上看，上证指数虽未跌破周二低点3926点，但收盘也很接近，且周四阴线反包周三的震荡十字，技 术上短期往3900点整数关口下探概率加大。创业板指数亦是高开低走，收盘跌破60日均线，且近乎最低点收盘，创业板指数技 术走势看继续向3000点整数关口甚至5月线需 ...

证券研究报告 2025 年 11 月 20 日 星期四 【A 股市场大势研判】 沪指震荡收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3946.74 | 0.18% | 6.93 | | | 深证成指 | 13080.09 | 0.00% | -0.40 | | | 沪深 300 | 4588.29 | 0.44% | 20.10 | | | 创业板 | 3076.85 | 0.25% | 7.63 | | | 科创 50 | 1344.80 | -0.97% | -13.13 | | | 北证 50 | 1461.12 | -1.40% | -20.70 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 有色金属 | 2.39% | 综合 | -3.08% ...

Core Viewpoint - The report from Huatai Securities indicates that short-term uncertainties persist, leading to a market trend characterized by fluctuations. However, there is a shift towards a balanced "barbell" investment structure due to rapid changes in market focus [1] Group 1: Market Focus - The high cost-performance mainline remains one of the market's focal points, with the AI industry chain's congestion level dropping to its lowest since July. Attention is drawn to low-positioned targets in sectors such as Hang Seng Technology, domestic computing power, AI edge applications, and related fields [1] - There are opportunities for left-side positioning in sectors with performance improvement at low levels, including engineering machinery, textile manufacturing, photovoltaic equipment, general equipment, rail and road, building materials, and certain mass consumer sectors [1] Group 2: Investment Opportunities - Given the impact of domestic and international uncertainties, there are still potential investment opportunities in banks and certain cyclical dividend stocks [1]

| 公用事 | 57.85 | 12.39 | 1.44 | -0.45 | -12.62 | | --- | --- | --- | --- | --- | --- | | 业 | | | | | | | 食品饮 | 15.82 | -4.21 | 1.71 | -1.17 | -17.16 | | 料 | | | | | | | 非银金 | 34.98 | -2.06 | 0.84 | -1.18 | -36.38 | | 融 | | | | | | | 机械设 | 77.57 | 3.45 | 2.83 | -0.95 | -36.70 | | 备 | | | | | | | 传媒 | 39.50 | -2.65 | 2.68 | -2.16 | -36.78 | | 汽车 | 52.23 | 0.52 | 2.34 | -1.18 | -38.77 | | 通信 | 25.94 | 6.53 | 1.49 | -2.46 | -60.09 | | 有色金 | 66.19 | -24.52 | 2.98 | -1.99 | -66.57 | | 属 | | | | | | | 计算机 | 52.08 | ...

今日(11月13日)A股共84只个股发生大宗交易，总成交29.07亿元，其中中微公司、山西汾酒、世纪华通 成交额居前，成交额依次为4.42亿元、3.8亿元、3.01亿元。 机构专用席位买入额排名：山西汾酒(3.57亿元)、世纪华通(3.01亿元)、中微公司(1.26亿元)、圣邦股份 (1.23亿元)、宁德时代(1.16亿元)、翱捷科技-U(7536.51万元)、佰维存储(4631.62万元)、华盛锂电(2925 万元)、上大股份(2498.4万元)、奥赛康(2310.3万元)、宏昌科技(1769.45万元)、芯联集成-U(1726.4万 元)、微芯生物(1312.42万元)、野马电池(1251.56万元)、宏远股份(914.1万元)、恒烁股份(730.28万元)、 通达股份(709.24万元)、可靠股份(484.12万元)、新洁能(451.49万元)、长江材料(400.3万元)、强瑞技术 (302.14万元)、西陇科学(268.1万元)、品渥食品(264.24万元)、法本信息(256.56万元)、聚赛龙(220万 元)、银邦股份(200.23万元)。 机构专用席位卖出额排名：宁德时代(1.16亿元)、科力装备 ...

Core Insights - As of November 10, the latest market financing balance reached 24,831.56 billion yuan, an increase of 7.628 billion yuan compared to the previous trading day [1] - Among the 18 industries under Shenwan's first-level classification, the power equipment industry saw the largest increase in financing balance, rising by 3.167 billion yuan [1] - The industries with notable increases in financing balance include basic chemicals, non-ferrous metals, and electronics, with increases of 1.539 billion yuan, 1.176 billion yuan, and 0.581 billion yuan respectively [1] Industry Summary - **Power Equipment**: Latest financing balance is 220.841 billion yuan, with an increase of 3.167 billion yuan and a growth rate of 1.45% [1] - **Basic Chemicals**: Latest financing balance is 99.407 billion yuan, with an increase of 1.539 billion yuan and a growth rate of 1.57% [1] - **Non-Ferrous Metals**: Latest financing balance is 118.718 billion yuan, with an increase of 1.176 billion yuan and a growth rate of 1.00% [1] - **Electronics**: Latest financing balance is 364.161 billion yuan, with an increase of 0.581 billion yuan and a growth rate of 0.16% [1] - **Food and Beverage**: Latest financing balance is 52.902 billion yuan, with an increase of 0.464 billion yuan and a growth rate of 0.88% [1] - **Pharmaceuticals and Biology**: Latest financing balance is 167.373 billion yuan, with an increase of 0.454 billion yuan and a growth rate of 0.27% [1] - **Transportation**: Latest financing balance is 409.04 billion yuan, with a decrease of 2.00 billion yuan and a decline rate of 0.49% [2] - **Real Estate**: Latest financing balance is 34.937 billion yuan, with a decrease of 2.65 billion yuan and a decline rate of 0.75% [2] - **Banking**: Latest financing balance is 752.63 billion yuan, with a decrease of 4.56 billion yuan and a decline rate of 0.60% [2] - **Automotive**: Latest financing balance is 121.379 billion yuan, with a decrease of 4.70 billion yuan and a decline rate of 0.39% [2]

Core Viewpoint - The report from Shenwan Hongyuan indicates that Hong Kong stocks have outperformed A-shares during two phases: the industrial trend fermentation phase and the phase where Chinese assets are generally superior with clear structural main lines. The outlook remains positive for a rebound in the fourth quarter, particularly favoring high elasticity in the Hang Seng Technology Index [1]. Short-term Market Structure Characteristics - The technology growth sector currently lacks long-term cost-effectiveness, experiencing high volatility while awaiting industrial trend catalysts. The Shanghai Composite Index has been fluctuating narrowly, with the technology growth sector showing wide fluctuations. The absence of a dominant structure to lead the market breakout is noted, similar to previous years when long-term low cost-effectiveness areas struggled to gain valuation [2][3]. Mid-term Market Judgments - The "two-stage bull market" theory is maintained, with the first stage of the technology structure bull market occurring in 2025. The spring of 2026 may present challenges, including a critical verification period for demand and sensitivity to performance disturbances and liquidity shocks in low cost-effectiveness areas. The market is expected to experience a structural breakthrough, but the timing and conditions for a comprehensive bull market are still developing [4]. Upcoming Market Trends - The market is anticipated to see a rotation in sectors, particularly with the PPI turning positive and the emergence of price increase catalysts. The sectors of energy storage and photovoltaics are expected to show early signs of recovery, with potential for further upward movement in the AI industry, humanoid robots, innovative pharmaceuticals, and defense industries [5]. Quantitative Indicators - Various quantitative indicators show a continued expansion of profit effects across sectors, with significant participation from coal, oil and petrochemicals, and steel. However, sectors like non-ferrous metals and transportation are experiencing contraction [9]. ETF Market Overview - The ETF market reflects varied performance across sectors, with notable changes in share volumes and price fluctuations. For instance, the Huatai-PineBridge CSI Photovoltaic Industry ETF has seen a 1.6% increase in share volume over five trading days, while the Southern CSI New Energy ETF has experienced a 1.2% decrease [10].

11月1日周六，这家集团公布的最新财报显示，截至三季度集团现金储备达到3817亿美元，比上一季度增加了376亿美元，相当于每天增加4.2亿美元现 金，每小时1700万美元现金。 在95岁巴菲特即将交棒之际，伯克希尔·哈撒韦正以史无前例的谨慎姿态积累"弹药"。集团现金储备飙升至3820亿美元的历史新高，却也让其股价显著跑 输大盘。同时，公司连续五个季度未回购、三季度继续抛售，最大抛售股包括苹果、美国运通和美国银行。"在巴菲特看来，目前的机会并不多。" 而这一数字的背后是公司的持续抛售。 过去三年，伯克希尔已累计净卖出约1840亿美元的股票，仅在第三季度就再度抛售了价值61亿美元的普通股。 "在巴菲特看来，目前的机会并不多" ，Edward Jones的分析师Jim Shanahan对此评论道。 伯克希尔的最新财报似乎向市场传递了一个信号：在巴菲特眼中，当前市场的卖出机会可能远大于买入。 95岁的巴菲特准备卸任交棒之际，伯克希尔·哈撒韦的现金储备正在创下新历史新高——3820亿美元。 除了减持股票投资组合，伯克希尔在回购自家股票方面也保持了极大的克制。 自2024年第二季度以来，公司便再未进行过任何回购。 这家横 ...