| 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-06 | 334.89亿 | 4889.10万 | 0.15% | | 2025-11-05 | 334.40 Z | 2988.90万 | 0.09% | | 2025-11-04 | 334.10 Z | 7755.40万 | 0.23% | | 2025-11-03 | 333.32亿 | 58.67万 | 0.00% | | 2025-10-31 | 333.32亿 | 1003.48万 | 0.03% | 中国建设银行股份有限公司是一家商业银行。该银行主营业务分为公司银行业务，包括企业存款、企业 信贷、资产托管、企业年金、贸易融资、国际结算、国际融资和增值服务等；个人银行业务，包括个人 储蓄、贷款、银行卡服务、私人银行服务、外汇买卖和黄金买卖等，以及资金业务。该银行在中国国内 及海外市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，11月6日南向资金增持 ...

Core Viewpoint - Southbound funds have increased their holdings in China Construction Bank (00939.HK), indicating positive investor sentiment towards the bank's stock [1] Group 1: Southbound Fund Activity - On November 3, southbound funds increased their holdings by 586,700 shares [1] - Over the past five trading days, there were four days of net increases, totaling 12,595,500 shares [1] - In the last 20 trading days, there were 14 days of net increases, amounting to 34,576,900 shares [1] Group 2: Current Holdings - As of now, southbound funds hold 33.332 billion shares of China Construction Bank, representing 13.85% of the company's total issued ordinary shares [1]

Group 1 - Southbound funds increased their holdings in China Construction Bank (00939.HK) by 21.33 million shares on October 24 [1] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 48.06 million shares [1] - In the last 20 trading days, there were nine days of net reductions in holdings by southbound funds, totaling a decrease of 25.73 million shares [1] Group 2 - As of now, southbound funds hold 33.32 billion shares of China Construction Bank, accounting for 13.85% of the company's total issued ordinary shares [1] - The total number of shares held on October 24 was 333.20 billion, reflecting a change of 0.06% from the previous day [2] - The trading data shows fluctuations in shareholding, with notable changes on October 21 (increase of 28.10 million shares) and October 23 (decrease of 9.17 million shares) [2]

Core Insights - Southbound funds increased their holdings in China Construction Bank (00939.HK) by 7.3294 million shares on October 22, 2025, marking a total net increase of 66.1609 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings on 9 occasions, resulting in a cumulative net reduction of 61.8902 million shares [1] - As of now, southbound funds hold a total of 33.308 billion shares of China Construction Bank, accounting for 13.85% of the company's total issued ordinary shares [1] Summary by Category Trading Activity - On October 22, 2025, total shares held by southbound funds reached 33.308 billion, with a change of 7.3294 million shares, reflecting a 0.02% increase [2] - On October 21, 2025, the total shares held were 33.300 billion, with a change of 28.097 million shares, indicating a 0.08% increase [2] - On October 20, 2025, the total shares held were 33.272 billion, with a change of 0.4785 million shares, showing no significant change [2] - On October 17, 2025, the total shares held remained at 33.272 billion, with a change of 4.35 million shares, reflecting a 0.01% increase [2] - On October 16, 2025, the total shares held were 33.267 billion, with a change of 25.906 million shares, indicating a 0.08% increase [2] Company Overview - China Construction Bank is a commercial bank that offers a range of services including corporate banking, personal banking, and fund services [2] - Corporate banking services include enterprise deposits, loans, asset custody, trade financing, and international settlement [2] - Personal banking services encompass personal savings, loans, credit card services, private banking, foreign exchange trading, and gold trading [2]

Investment Rating - The report indicates a cautious outlook on the high-yield market, highlighting that approximately 5% of companies are at risk of needing debt restructuring or capital structure adjustments due to the current interest rate environment [1][2]. Core Insights - The financial health of American households and the stock market is strong, but the high-yield market shows vulnerabilities due to outdated capital structures [1][2]. - The rapid growth of shadow banking and private credit markets, driven by monetary stimulus and low interest rates, may lead to misallocation of capital and excessive risk-taking [1][2]. - The technology sector's significant investment in data centers is projected to approach $3 trillion by 2028, presenting both opportunities and risks for the credit market, particularly in private credit [1][2]. - The blurring lines between public and private credit markets are creating new investment opportunities, as some technology infrastructure loans now resemble investment-grade loans in terms of risk and return [3]. - In a changing environment of cross-asset correlations, attention should be paid to dollar asset allocation and the stock market's response to interest rate changes, with historical data suggesting that the S&P 500 may react more significantly to rising rates [4]. - Despite the diminished diversification effect of bonds, they still play a crucial role in certain dynamics, and constructing a diversified cross-asset portfolio requires careful consideration of valuations and expected returns [4]. - The traditional 60/40 portfolio model remains relevant, particularly the 5 to 10-year fixed income segment, which is vital for long-term wealth clients due to its lower volatility and stable returns [5][6].