经历了昨日“逼空行情”后，今日两市股指震荡调整，结构性行情比较明显。
After yesterday's “absorption”, today's concussions adjusted the shares of the two municipalities are more marked in terms of structural behaviour.
上证指数午盘收跌0.22%，深证成指跌0.55%，创业板指跌0.59%。11月15日表现强势的券商、地产有所回调，半导体、锂矿、光伏等走弱，Web3.0概念成为今日市场火热关注的题材，教育股表现也比较强势，消费、旅游、影视等受疫情影响较大的板块延续修复走势。
The above index fell by 0.22% in the midday round, with 0.55% in the index, and 0.59% in the start-up board. On November 15, powerful coupons, real estate, and the weakness of semiconductors, lithium mines, photovoltaics, etc. The Web3.0 concept became a hot topic in today’s markets, and the educational shares performed more strongly.
港股同样呈现震荡调整走势，地产和物业股跌幅较大，雅居乐集团、碧桂园、旭辉控股集团、新城发展等多股跌超10%，瑞声科技、小鹏汽车、蔚来等恒生科技指数成份股跌幅也较大。
The Hong Kong stock has also seen a concussion and a sharper decline in real estate and property, a more than 10 per cent decline in the shares of the Yaquila Group, Beguio Park, Xuhui Holding Group, New Town Development, etc., as well as a larger decline in the components of the constant science and technology index, such as Sioux Technology, Peng Motors and Urai.
Web3.0概念再度活跃
Web3.0 concept re-energized
经过昨日短暂调整后，Web3.0概念今日早盘再度活跃，Web3.0的核心辅助创作工具AIGC更是获市场热捧，Web3.0的应用场景虚拟人、NFT概念同样被热炒。
After a brief adjustment yesterday, the Web3.0 concept was re-energized in the early days of the day, and the web3.0 core assistive creative tool, AGC, gained market popularity, and the Web3.0 application virtual person, NFT, was also fired.
具体个股来看，三湘印象再度涨停，已连续收获5个涨停板，自10月底低点涨幅已近90%；视觉中国、吉宏股份等涨停；福石控股涨超10%；恒信东方涨超9%；二六三、中文在线、浙文互联等涨超5%。
In terms of specific shares, the three-way impressions have risen again, with five consecutive ups and downs, nearly 90 per cent since the end of October; visual China, Jihon, etc.; Fujishi, more than 10 per cent; Heinin, more than 9 per cent; and 2,63, Chinese, online, Zing, etc., more than 5 per cent.
近期，投资者的眼光都转向了元宇宙，希望元宇宙能够改变世界。许多企业都相继布局相关产业，让市场对于元宇宙的关注前所未有的高，Web3.0也随着元宇宙一起被讨论。
In recent years, investors have turned their eyes to the meta-cosm, hoping that the universe will change the world. Many firms have successively organized industries, allowing markets to focus more on the meta-cosm than ever before, and Web3.0 has been discussed along with the meta-cosm.
从Web1.0的单向信息传递的“只读”模式到Web2.0的人与人通过网络双向沟通交流的“交互”模式，内容的需求在不断增加。为了满足这一需求，同时也因为互联网的发展，内容的生成从单一的PGC演变到了现在的UGC并占据了主要市场。
There is a growing demand for content, from the one-way “read-only” model of Web1.0 messages to the “interactive” model of Web 2.0 communication between people and people through the two-way Internet. In order to meet this demand, and as a result of the development of the Internet, content generation has evolved from a single PGC to the current UGC and dominates major markets.
迈入Web3.0时代，人工智能、关联数据和语义网络构建，形成人与机器网络的全面链接，内容消费需求飞速增长，UGCPGC这样的内容生成方式将难以匹配扩张的需求。
In the age of Web3.0, the creation of artificial intelligence, associated data and semantic networks, the creation of comprehensive links between human and machine networks and the rapid growth in demand for content consumption will make it difficult for UGCPGC to generate content in such a way as to match demand for expansion.
而AIGC是利用人工智能技术来生成内容，被认为是继PGC、UGC之后的新型内容创作方式，是Web3.0时代的核心辅助创作工具。
AIGC, which uses artificial intelligence technology to generate content, is seen as a new form of content creation that follows PGC and UGC and is a core assistive tool of the Web3.0 era.
国盛证券认为，AIGC将是Web3.0时代全新的内容生成工具，同样，将对现有的短视频、游戏及广告行业带来巨大的影响。AIGC的生成利用人工智能学习知识图谱、自动生成，在内容的创作为人类提供协助或是完全由AI产生内容。不仅能帮助提高内容生成的效率，还能提高内容的多样性。
The country’s securities argue that AIGC will be a brand-new content-generation tool in the Web3.0 era, and that it will also have a significant impact on the existing short video, game and advertising industries. AIGC generation uses artificial intelligence to learn knowledge maps, to automatically generate, to assist humans in the creation of content, or to produce content entirely from AI. It will not only help to increase the efficiency of content generation, but also to increase the diversity of content.
具体投资建议方面，国盛证券表示，区块链、元宇宙、Web3.0均描述了数字经济时代中宏大的应用场景，而去年被资本市场关注的虚拟人、NFT等只是其中的具体应用之一。AIGC将是推动数字经济从Web2.0向Web3.0升级的重要生产力工具：一方面，其对现有的杀手级应用——短视频、游戏等具有颠覆式影响，或进一步扩大内容量、提高成瘾性，同时对社交和广告提供新的工具；另一方面，Web3.0开放、共建的价值观下，UGC、AIGC的内容会更具吸引力，二次创作、开放想象的浪潮将来临。
In terms of concrete investment proposals, the State-owned securities state that block chains, meta-cosmos, Web3.0 all describe the grand applications of the digital economy, and that the virtuals, NFTs, etc. that were the focus of capital markets last year are just one of the specific applications. The AIGC will be an important productivity tool to drive the digital economy up from Web 2.0 to Web3.0: on the one hand, it has a subversive effect on existing killer-level applications — short videos, games, etc. — or further expand content and addiction, while providing new tools for socialization and advertising; and, on the other hand, under the values of Web3.0, the UGC, AIGC content will become more attractive and the wave of secondary creation and openness will come.
教育股全线反弹
教育股今日出现全线反弹走势，A股和港股教育板块同步大涨。
The Education Unit is showing a full-line rebound today, and the A Unit and the Port Unit have stagnated.
A股教育板块中，豆神教育涨超10%，昂立教育涨停，科德教育、全通教育、凯文教育等涨幅居前。
In the A-shares, soybean education rose by more than 10 per cent, education in Aung San Suu Kyi stopped, and education in Cod, All-China, Kevin, and so forth.
2021年“双减”政策发布后，基础教育阶段的在线教育企业受到重创，资本将眼光放到职业教育赛道。据前瞻产业研究院数据，2021年，我国在线教育行业职业教育融资金额61.93亿元排名第一，其次为steam教育33.68亿元、教育服务商9.45亿元。
In 2021, following the launch of the “two-way reduction” policy, online educational enterprises in basic education were hit hard, with capital placed on the track of vocational education. According to data from the Institute of Forward-looking Industries, in 2021, we ranked first in the amount of $6,193 million for financing vocational education in the online education sector, followed by 3,368 million yuan for education and 945 million yuan for educational service providers.
职业教育是指使受教育者具备从事某种职业或者职业发展所需要的职业道德、科学文化与专业知识、技术技能等综合素质而实施的教育活动。职业教育与普通教育是不同教育类型，具有同等重要地位，是国民教育体系和人力资源开发的重要组成部分，是培养多样化人才、传承技术技能、促进就业创业的重要途径。
Vocational education is an educational activity that equips an educated person with the combination of professional ethics, scientific culture and expertise, technical skills, etc. required for a career or career development. Vocational education is a different type of education and is of equal importance as general education. It is an important component of the national education system and human resources development.
据国联证券研究，在制造业和服务业中高端人才缺口大的国情下，大力发展职业教育具有长期必要性。在国际环境变革和经济结构升级转型的背景下，尽快提升职业教育质量具有短期迫切性。国家长期和短期发展的要求以及职业教育本身的重要价值，职业教育的蓬勃发展是未来的必然趋势。
According to the Federación Securities Study, there is a long-term need for a vigorous development of vocational education in the context of a high-end shortage of talent in manufacturing and services. In the context of international environmental change and the transformation of the economy’s structural upgrading, there is a short-term urgency to improve the quality of vocational education as soon as possible.
国联证券认为，当前头部优质教育公司的估值与其业绩的成长性、确定性、长期发展机遇呈现显著错配。未来随着职教政策进一步完善并不断推进落地、相关企业商业模式逐步清晰并得到验证，市场对于职教的信心有望恢复和重建。
According to the Federation of Nations Securities, the current valuation of leading quality education companies presents a significant mismatch between their performance growth, certainty, and long-term development opportunities. Market confidence in education is expected to recover and recover in the future, as career education policies are further refined and driven forward, and business models are becoming clear and proven.
消费、旅游等板块持续活跃
Consumption, Tourism, etc. are still active
受疫情影响较大的消费、旅游等板块近期表现持续活跃，食品饮料、白酒、旅游等板块今日全线上涨。
The consumption, tourism and other sectors that are more affected by the epidemic have been active in the recent past, with food beverages, white wine, tourism and so on rising all the way up today.
餐饮旅游方面，长白山涨停，西域旅游涨超5%，中国中免、西安饮食等涨幅居前。
In the case of catering tourism, the long White Hills have stopped, Western tourism has risen by more than 5 per cent, and China's middle-class and Xian diets, among others, are among the highest.
今日，上海迪士尼度假区官微宣布，迪士尼小镇、星愿公园和上海迪士尼乐园酒店将于2022年11月17日起恢复运营。上海迪士尼乐园酒店客房预订将于即日起重新开放。上海迪士尼乐园的重新开放日期待定。玩具总动员酒店也将继续暂时关闭。
Today, the Shanghai Disney Resort Officer has announced that the Disney Town, Starling Park, and the Shanghai Disneyland Hotel will resume operations on November 17th, 2022. The hotel room in Shanghai Disneyland will be reopened as soon as possible. The date for the reopening of Shanghai Disneyland is yet to be determined.
食品饮料方面，妙可蓝多涨超8%，千禾味业、古井贡酒涨超5%，桃李面包、东鹏饮料、百润股份等涨幅居前。
In the case of food and beverages, there has been an increase of over 8 per cent in fine blues, over 5 per cent in the millet industry, and over 5 per cent in the Guai Goon, as well as a rise in peach bread, beverages and beverages.
国家统计局公布的数据显示，社会消费品零售总额36.1万亿元，同比增长0.6%，其中除汽车以外的消费品零售额32.4万亿元，同比增长0.5%。10月社零总额4万亿元，同比下降0.5%，其中除汽车以外的消费品零售额3.7万亿元，同比下降0.9%。
According to data published by the National Statistical Office, the total amount of retail sales of social consumer goods was 36.1 trillion yuan, an increase of 0.6 per cent over the same year, of which the value of retail sales of consumer goods other than automobiles was 32.4 trillion yuan, an increase of 0.5 per cent over the same year. In October, the total value of the company was 4 trillion yuan, a decrease of 0.5 per cent over the same year, of which the value of retail sales of consumer goods other than automobiles was 3.7 trillion yuan, a decrease of 0.9 per cent over the same year.
疫情影响居民聚集型、接触型消费活动，10月市场销售同比下降，不过消费市场整体保持恢复增长态势。山西证券认为，随着进一步优化疫情防控20条措施的落地落实，促消费系列政策成效逐步显现，商品和服务消费需求将不断释放，消费市场有望继续稳步恢复。短期建议关注促销旺季到来，线上零售持续发力+线下客流逐步回升对消费市场的促进作用。
The epidemic has affected residents’ congregated and exposed consumption activities, with market sales falling in October, although the consumer market as a whole has continued to grow. Shanxi securities believe that, as the 20 measures to combat the epidemic are further optimized, the demand for consumption of goods and services will continue to be released and the consumer market will continue to recover steadily.
文化和旅游部15日发布通知称，推动文化和旅游行业防控工作更加科学化、精准化。将优化跨省旅游管理政策。根据最新风险区划定管理办法，跨省旅游经营活动不再与风险区实施联动管理。跨省游客需凭48小时内核酸检测阴性证明乘坐跨省交通工具。按照面向跨省流动人员开展“落地检”要求，积极引导游客主动进行核酸检测，推动防控关口前移。
The Ministry of Culture and Tourism issued a 15-day circular stating that it would promote more scientific and precise control of the cultural and tourism sectors. The policy on trans-provincial tourism management will be optimized.
银河证券认为，考虑政策未对出境游松绑，预计未来一段时间内，国内游需求有望修复至2020年下半年-2021年上半年的高景气阶段。
In the view of Galaxy securities, considering the policy's failure to untie the expatriation, it is expected that domestic tourism needs will be restored to the peak phase in the second half of 2020 and the first half of 2021 for some time to come.
校对：陶谦
发表评论