2013年至2015年间，移动互联网的崛起催生了科技股牛市（以下称"互联网牛"），2019年至2021年，涌现了新能源与半导体引领的赛道股牛市 （以下称"赛道牛"）；以上两段牛市均经历了类似的调整阶段。 本文将回溯A股市场的历史，对这两轮牛市调整情况进行分析，以资借鉴。 以史为鉴 本轮科技牛调整到何处 在互联网牛市中，创业板指大级别调整发生在2014年2月25日到5月19日，最大调整幅度为22.95%，持续时间57个交易日见阶段底。 在赛道牛期间，创业板指有三轮较大级别调整。其中，第一轮发生在2019年4月8日至6月10日，调整幅度超21%；第二轮发生在2020年2月26日至3 月23日，最大调整幅度近21%；第三轮发生在2021年2月至3月，调整幅度超25%。 （原标题：以史为鉴，本轮科技牛调整到哪了？高成长+高回撤+高ROE的优质科技股曝光） 科技股何时见底？ 本轮科技牛市调整已持续一段时日，部分龙头股出现了显著跌幅。在此情形下，投资者最为关注的莫过于本轮调整行情还将延续多久，以及调整 的空间会有多大。 另外，从估值角度来看，双创指数的市盈率也并没有想象中的那么高，尤其是科创50指数，按照机构一致预测的2 ...

Core Viewpoint - The media industry is the only sector to receive net inflows of capital, while the overall market experiences significant outflows, particularly in the technology and materials sectors [1][2]. Capital Flow Summary - The main capital outflow from the Shanghai and Shenzhen markets today amounts to 985.55 billion yuan, with the ChiNext board seeing a net outflow of 377.44 billion yuan and the CSI 300 index experiencing a net outflow of 267.85 billion yuan [1][2]. - Among the 31 primary industries, all experienced declines, with the comprehensive, non-ferrous metals, and power equipment sectors dropping over 5%. Other sectors like basic chemicals, electronics, and communications fell over 4% [2]. - Only the media industry saw a net inflow of 13.26 billion yuan, while the electronic, power equipment, and computer sectors had the largest outflows, each exceeding 100 billion yuan. Other sectors such as non-ferrous metals, pharmaceuticals, machinery, communications, and non-bank financials also faced significant outflows, each exceeding 42 billion yuan [2]. Individual Stock Performance - In individual stock performance, 37 stocks saw net inflows exceeding 1 billion yuan, with 6 stocks receiving over 3 billion yuan. The leading stock in net inflow was the photolithography concept stock, Kaimete Gas, with 7.75 billion yuan [3]. - The photolithography concept stocks rose against the market trend, with stocks like Guofeng New Materials hitting the daily limit, and Kaimete Gas reaching its limit during trading [3]. - AI application concept stock Yidian Tianxia saw a limit increase with a net inflow of 6.54 billion yuan, with significant buying from specific trading desks [4]. Tail-End Capital Flow - At the market close, there was a net outflow of 143.68 billion yuan, with the ChiNext board experiencing a net outflow of 57.56 billion yuan and the CSI 300 index seeing a net outflow of 41.92 billion yuan [8]. - Among individual stocks, 19 stocks had net inflows exceeding 20 million yuan at the close, with the leading stock being Changxin Bochuang, which had a net inflow of 1.13 billion yuan [8]. - A total of 22 stocks had net outflows exceeding 80 million yuan, with 13 stocks seeing outflows exceeding 1 billion yuan [9].

雅葆轩于去年12月下旬聘任何维明为公司财务负责人。何维明系大专学历，中级会计师；其长期在雅葆轩从事财务工作。 （原标题：不满30岁！A股迎来一批年轻的财务负责人） A股财务负责人岗位正涌现出一大批青年才俊。 拉普拉斯(688726)11月19日晚间披露，公司完成董事会换届选举及聘任高管、证代等相关工作。其中，林依婷再次当选公司董事，并继续被公司 聘任为副总经理、财务负责人。 林依婷出生于1996年，毕业于厦门大学，获学士学位；其手握CGMA（全球特许管理会计师）和CMA（美国注册管理会计师）证书。据拉普拉斯 最新披露的信息，林依婷于今年6月拿到了清华大学的硕士学位。 从过往的公开报道来看，林依婷属于年轻一代中的财务精英。 2018年6月，林依婷从厦门大学毕业后便就职于拉普拉斯。她从基层财务岗位做起，到2021年1月晋升为公司的财务负责人，仅用两年半时间完成 职场三级跳。 截至目前，林依婷未直接持有拉普拉斯股票，通过安是新能源、傅立叶合伙、自强合伙、笛卡尔合伙、普朗克合伙、普朗克六号合计间接持有公 司0.47%的股份。估算下来，林依婷间接持有拉普拉斯190.35万股股票，目前市值逾8300万元。 值得一提的是， ...

沪深两市主力资金净流出633.91亿元 4个行业主力资金呈现净流入 （原标题：数据复盘丨传媒、计算机等行业走强 57股获主力资金净流入超1亿元） 11月18日，上证指数全天震荡走低；深证成指、创业板指早盘窄幅震荡，午后震荡下探，尾盘有所回升；科创50指数早盘冲高回落，午后持续回 落，尾盘有所回升。截至收盘，上证指数报3939.81点，跌0.81%，成交额7909亿元；深证成指报13080.49点，跌0.92%，成交额11351.19亿元；创 业板指报3069.22点，跌1.16%，成交额5088.41亿元；科创50指数报1357.93点，涨0.29%，成交额612亿元。沪深两市合计成交19260.19亿元，成交 额较上一交易日增加152.61亿元。 传媒、计算机等行业走强 ST中迪20连板 盘面上来看，行业板块、概念跌多涨少。其中，传媒、计算机、教育、电子等行业涨幅靠前；Kimi、AI语料、拼多多、盲盒经济、短剧互动游戏 等概念走势活跃。电力设备、煤炭、有色金属、钢铁、化工、房地产、环保、石油石化等行业跌幅居前；钛白粉、刀片电池、有机硅、氟化工、 固态电池、低碳冶金、统一大市场、黄金、复合集流体等概念走势较弱 ...

证券时报•数据宝统计显示，11月14日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交352.41亿港元，占当日港股通成交金额的 36.46%，净买入金额56.68亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为89.29亿港元，成交金额居首；其次是腾讯控股、中芯国际，成交金额分别为70.01亿港元、62.06亿港 元。 以上榜次数统计，11月14日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、华虹半导体等，近一个月均上榜22次，最受港股通资金关注。 中国平安为近一个月首次上榜，当日港股通成交额为7.92亿港元，成交净卖出0.47亿港元，该股当日收盘下跌1.64%。（数据宝） 11月14日港股通成交活跃股榜单 | 证券代码 | 证券简称 | 成交金额 | 净买入金额 | 近一个月上榜次数 | 最新收盘价 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | --- | | | | （亿港元） | （亿港元） | | （港元） | | | 00700 | 腾讯控股 | 70.01 | 21.68 | | 22 641.000 | -2.29 | | 00 ...

Group 1 - The China Securities Digital Economy Theme Index (931582) decreased by 1.63% as of November 14, 2025, with mixed performance among constituent stocks [1] - Among the top-performing stocks, SMIC (688981) led the gains, while GigaDevice (603986) experienced the largest decline [1] - The Digital Economy ETF (560800) saw a turnover of 0.66% and a transaction volume of 4.385 million yuan, with a weekly scale increase of 7.1594 million yuan and a share increase of 18 million [1] Group 2 - At the Baidu World Conference on November 13, 2025, Baidu showcased several AI achievements, including the release of the Wenxin large model 5.0 and the new generation Kunlun chips [2] - The new Kunlun chip products and the Tianchi supernodes are expected to enhance domestic computing power and AI applications, with a focus on advanced manufacturing processes and chip architecture upgrades [2] - The Digital Economy ETF closely tracks the China Securities Digital Economy Theme Index, which reflects the overall performance of listed companies in high digitalization sectors [2] Group 3 - As of October 31, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 53.93% of the index [3] - The top ten stocks include Dongfang Caifu (300059), Cambricon (688256), and SMIC (688981), with varying performance metrics [5]

（原标题：建发致新11月12日龙虎榜数据） 建发致新今日上涨14.64%，全天换手率57.61%，成交额10.36亿元，振幅19.62%。龙虎榜数据显示，机构净买入8175.87万元，营业部席位合计净 买入526.82万元。 深交所公开信息显示，当日该股因日换手率达57.61%上榜，机构专用席位净买入8175.87万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交1.95亿元，其中，买入成交额为1.41亿元，卖出成交额为5399.61万元，合计净买入 8702.69万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买一、买二、买三、买四，合计买入金额1.01亿元，卖出金额1894.41万元，合计 净买入8175.87万元。 近半年该股累计上榜龙虎榜12次，上榜次日股价平均跌0.90%，上榜后5日平均跌0.16%。 相关ETF 数字经济ETF (产品代码: 560800) ★ 跟踪：中证数字经济主题指数 近五日涨跌：-1.57% 市盈率: 67.94倍 资金流向方面，今日该股主力资金净流入6571.41万元，其中，特大单净流入4732.11万元，大单资金净流入1839.30万元。近 ...

Group 1 - The stock of Qing Shui Yuan fell by 9.89% today, with a turnover rate of 36.20% and a trading volume of 1.092 billion yuan, indicating significant market activity [1] - Institutional investors net sold 86.58 million yuan, while brokerage seats collectively net bought 8.45 million yuan [1][2] - The stock has appeared on the Dragon and Tiger list five times in the past six months, with an average price increase of 9.52% the day after being listed and an average increase of 11.08% over the following five days [2] Group 2 - Today's main capital outflow for the stock was 47.93 million yuan, with large orders contributing to a net outflow of 29.50 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 219 million yuan, with buying amounting to 70.38 million yuan and selling amounting to 149 million yuan, resulting in a net sell of 78.13 million yuan [1][2] - Specific brokerage activities included significant selling by institutional seats, with the largest buy and sell amounts being 17.50 million yuan and 46.92 million yuan respectively [2]

Core Insights - The main point of the articles is the analysis of capital flow in various industries and individual stocks, highlighting significant net inflows and outflows of funds in the market. Industry Summary - Five industries experienced net inflows of main capital, with the banking and steel sectors leading, each exceeding 250 million yuan [1] - The retail trade industry had the highest increase at 1.43%, while the communication industry saw the largest decline at 2.2% [1] - Among the 26 industries with net outflows, the electronics sector had the highest outflow at 8.809 billion yuan [1] Company Summary - In the PCB sector, Xingsen Technology saw a net inflow of 492 million yuan, with its stock price increasing by 6.02% [2] - Juhua Technology also experienced significant inflow, with 483 million yuan, following a "20cm" price limit increase [2] - Other companies with notable net inflows included Dongshan Precision, GCL-Poly Energy, and Fangda Carbon [3] - Conversely, Oriental Fortune faced the largest net outflow at 1.235 billion yuan, followed by Shenghong Technology and Guiding Compass, each exceeding 1.1 billion yuan [4] - In the late trading session, 19 stocks had net outflows exceeding 1 billion yuan, with Xiangnong Xinchuan leading at 348 million yuan [7]

证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交3.74亿元， 其中，买入成交额为2.62亿元，卖出成交额为1.13亿元，合计净买入 1.49亿元。具体来看，今日上榜营业部中，第一大买入营业部为广发证券股份有限公司杭州富春路证券营业部，买入金额为11932.05万元，其次是 国泰海通证券股份有限公司上海长宁区江苏路证券营业部，买入金额5024.92万元。卖出营业部中，卖出金额居首的是国元证券股份有限公司合肥 宿州路证券营业部，卖出金额为3391.70万元。 资金流向方面，该股今日全天主力资金净流入1.71亿元。（数据宝） 神工股份11月10日龙虎榜 | 买入营业部名称 | 买入 | | --- | --- | | | 金额(万元) | | 广发证券股份有限公司杭州富春路证券营业部 | 11932.05 | | 国泰海通证券股份有限公司上海长宁区江苏路证券营业部 | 5024.92 | | 东方证券股份有限公司无锡梁清路证券营业部 | 4531.17 | | 东方证券股份有限公司张家港东环路证券营业部 | 2472.65 | | 开源证券股份有限公司西安西大街证券营业部 | 2201.62 | | 卖出 ...