A股三大指数集体收跌,高开低走,代表大盘蓝筹的上证指数相对抗跌,而代表科技成长的创 业板指和科创50指数跌幅均超过1%,上证指数收盘逼近3930点关键支撑位,若后续失守, 可能下探3900点关口。 2025.11. 20 1452家上涨 涨跌停比 个股呈普跌格局,市场整体情绪较为低迷,投资 者风险偏好下降,盘面上,银行、能源金属板块 活跃,有机硅、BC电池、煤炭板块表现低迷,美 容护理、旅游酒店、食品饮料等消费类板块集体 走弱。 两市成交额 万亿元 ▼ 1.03% 两市成交额连续缩量,做空动能虽未集中释 放,但做多力量更为匮乏,投资者入场意愿极 低,资金强烈聚焦于个别板块的龙头股,市场 基础活跃度依然有保障。 资金情绪 主力资金净流出 散户资金净流入 今天你冲了这是散 11/20 3.78% 个百分点 食 加 足 加仓 23.78% 减仓 23.00% 按兵不动 53.22% 你觉得下个交易日是涨是跌? 11/20 8 2% 61 e) 个自分点 器 成 机构整体偏向谨慎和防御,调仓换股明显,机构资金从部分交易拥挤、估值较高的科技成长板块流出,转 向石油石化、煤炭、钢铁等估值较低或具有防御属性的板块;散户处于 ...

Core Viewpoint - The A-share market showed a mixed performance with major indices experiencing slight increases, indicating a cautious market sentiment amid varied sector performances [1][2]. Market Performance - As of the midday close on July 3, the Shanghai Composite Index was at 3457.36 points, up 0.07%, the Shenzhen Component Index at 10490.5 points, up 0.75%, and the ChiNext Index at 2152.54 points, up 1.36% [1][2]. - The overall market breadth was relatively balanced, with the number of stocks rising and falling being approximately equal [2]. Sector Performance - The leading sectors included recombinant proteins, innovative drugs, and CRO (Contract Research Organization), while superconductors, BC batteries, and cultivated diamonds showed weakness [4]. Capital Flow - Main capital inflows were observed in the electronics, pharmaceutical biology, and communications sectors, while outflows were noted in non-ferrous metals, basic chemicals, and banking sectors [5]. - Specific stocks with significant net inflows included Industrial Fulian (14.98 billion), CATL (9.72 billion), and Luxshare Precision (7.82 billion) [5]. - Conversely, stocks facing notable net outflows included Yuyin Co. (5.52 billion), Northern Copper (5.16 billion), and Hunan Tianyan (3.38 billion) [5]. Institutional Insights - Guoyuan Securities highlighted the significance of including innovative drugs in commercial insurance directories, indicating a strengthening role of commercial insurance in the multi-tiered medical security system, which is expected to create more opportunities for the industry [7]. - CITIC Securities projected steady revenue growth in the computer industry by Q2 2025, with a focus on AI applications and computing power, suggesting investment in AI-related sectors such as management software, medical IT, and cloud services [7].

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index slightly up while the Shenzhen Component and ChiNext Index decline, indicating a divergence in market sentiment [1] Market Performance - As of midday, the Shanghai Composite Index increased by 0.08%, while the Shenzhen Component decreased by 0.19% and the ChiNext Index fell by 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 686.3 billion, a decrease of 119.6 billion compared to the previous trading day [1] - Over 3,200 stocks in the market were in the red, reflecting a broad market decline [1] Sector Performance - The liquor sector led the gains, with stocks like Huangtai Liquor hitting the daily limit, and other companies such as Yingjia Gongjiu, Jinzongzi Liquor, and Gujing Gongjiu also rising [1] - The photolithography sector was active, with stocks like Strongly New Materials, Chipone Technology, and Kent Catalysts reaching the daily limit [1] - The BC battery sector saw significant gains, with Zhengye Technology, Saiwu Technology, and Xiexin Integration also hitting the daily limit [1] - The banking sector experienced a slight upward trend, with banks like Hangzhou Bank, Pudong Development Bank, and Bank of Communications reaching historical highs [1] - The precious metals sector was the biggest loser, with Western Gold falling nearly 7% [1] - The IP economy concept faced volatility, with stocks like Yuanlong Yatu nearing the daily limit down and Zhongwen Online dropping nearly 8% [1] - The brain-computer interface and gaming media sectors experienced corrections [1] New Stocks - Newly listed stocks such as N Xin Heng Hui surged by 268.7%, while N Hua Zhi Jie increased by 216.7% [1]

Group 1 - A-shares experienced a slight increase, driven by easing trade tensions, with major indices showing positive performance [1][6] - The cross-border e-commerce sector saw significant gains, with Zhejiang Zhengte hitting the daily limit up, alongside other companies like Huafang Co. and Heng'erda [4] - The shipping sector also surged, with Ningbo Shipping reaching the daily limit up, influenced by a more than 10% rise in the European shipping index futures [4] Group 2 - The latest US-China economic talks resulted in a substantial reduction in tariffs, with the effective tariff rate dropping from 28.4% to 15.5%, alleviating export risks for China [6] - Analysts suggest that the easing of tariffs and domestic policy support are key factors for a potential market rebound, with a focus on sectors such as consumption, construction, and technology [6] - The technology sector is expected to see a rebound, particularly in areas like semiconductors and consumer electronics, as many stocks remain undervalued [6]