点击注册小程序 本周数据更新： 本周国内动力煤价格周环比平稳，秦皇岛港5500大卡动力煤（中国北方，平仓价）突破830元/吨。进口煤 价格周环比上行显著，其中防城港5500大卡动力煤（印度尼西亚，场地价）本周周环比上涨10元/吨；广 州港5500大卡动力煤（澳洲优混，场地价）本周周环比上涨25元/吨。电价方面，本周（11.17-11.21）广 东（加权平均电价）、山西（出清算数均值，实时市场）现货结算价格周环比均有所下降。，继蒙东、蒙 西、宁夏之后，本月四川、江西和广东系统运行费中新增"136号文"的新能源机制电价差价结算费；本月 广东代理购电价格同比-13%，四川/江西分别同比-5%/-2%，反映"136号文"电价对于广东新增绿电机组影 响较大，整体绿电价格承压。 本周重点事件： 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 供给：9月全球铜精矿产量环比-0.3% （1）铜矿：2025年7月中国铜精矿产量为13.8 万吨，环比-6.3%，同比-1.6%；9月全球铜精矿产量为191.4 万吨，环比-0.3%。（2）废铜：截至2025年11月21日，精废价差为2675 元/吨，环比11月14日-813 元/吨。 冶炼：10月电解铜进口量同比-21.5%，出口量同比+542% 1）产量：2025年10月SMM中国电解铜产量109.16万吨，环比-2.6%，同比+9.6%。（2）TC：截至2025年 11月21日，TC现货价为-41.82 美元/吨，环比11月14日+0.0 美元/吨，处2007年9月以来低位。（3）进出 口：10月电解铜进口量同比-21.5%，出口 ...

点击注册小程序 查看完整报告 PC业务收入实现同比双位数增长，AI PC加速渗透。FY26Q2 IDG业务收入151.07亿美元，同比上升12%，受益 于AI PC渗透率提升和高端产品销售迅速增长；经营利润110.08亿美元，对应经营溢利率7.3%。受益于产品高 端化带动产品利润率增长，IDG业务盈利能力稳定。分业务看：1）FY26Q2 PC收入同比上升17%。根据IDC数 据，25Q3（对应FY26Q2）公司PC出货量份额25.5%，同比上升1.7pct；根据公司公告，公司的AI PC以31.1% 的出货量份额居全球Windows AI PC市场第一。FY26Q2 AI PC占公司总PC出货量的33%。2）FY26Q2 智能手 机新机激活量创历史新高，主要系Razr及Edge等高端机型销量增长强劲。分地区看，亚太地区销售情况及印度 市场的高端机销售情况较好。展望FY26，预计存储价格上涨将导致全球PC出货量及盈利能力下滑，公司积极 发挥供应链优势应对存储涨价压力，我们认为公司受影响幅度低于同业。 ISG业务（基础设施方案）： AI服务器需求强劲，海神液冷方案实现三位数同比增长。FY26Q2 ISG业务收入4 ...

Market Overview - The A-share market experienced a pullback this week due to a decline in market risk appetite, with major indices generally falling. The Shanghai Stock Exchange 50 Index had the best performance with a decline of -2.7%, while the ChiNext Index saw the worst performance with a decline of -6.2%. The overall valuation of the Wind All A Index is at the 83rd percentile since 2010 [4]. Industry Performance - In terms of industry performance, the banking, media, and food and beverage sectors experienced relatively smaller declines, with changes of -0.9%, -1.3%, and -1.4% respectively. Conversely, the power equipment, comprehensive, and basic chemicals sectors lagged behind with declines of -10.5%, -9.2%, and -7.5% respectively [4]. Important Events - Key events this week included China's stern diplomatic response to Japan's Prime Minister's erroneous remarks, the Netherlands' suspension of an administrative order against ASML, and President Putin's announcement regarding visa-free policies for Chinese citizens. Additionally, the November LPR rates were published, remaining unchanged at 3.0% for the 1-year and 3.5% for the 5-year, marking the sixth consecutive month of stability [5]. Market Sentiment - The market remains in a bull phase, but short-term fluctuations are expected due to overseas market volatility. Factors such as increased uncertainty regarding the Federal Reserve's potential rate cuts in December, high valuations in tech stocks, and concerns over an AI bubble have contributed to a turbulent week for U.S. stocks, with the Nasdaq index falling by 2.74% [6][7]. Investment Strategy - In the current market environment, the focus should be on defensive and consumer sectors in the short term, while maintaining attention on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term. The market is likely to experience a period of consolidation, with previously lagging sectors such as high-dividend and consumer stocks expected to perform better [7].

债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 以下文章来源于债券人 ，作者光大证券固收研究 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别 为-0.82%、-1.41%、-2.31%、-2.07%和-1.92%，均有所下跌，其中中评级券跌幅最大。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为-1.33%、 -2.21%、-3.95%、-1.08%和-2.56%，其中中规模转债跌幅最大。 分平价来看，超高平价券（转股价值大于130元）、高平价券（转股价值在120至130元之间）、中高平价 券（转股价值在110至120元之间）、中平价券（转股价值在100至110元之间）、中低平价券（转股价值在 90至100元之间）、低平价券（转股价值在80至90元之间）、超低平价券（ ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 点击注册小程序 今 日 聚 焦 【策略】海外波动加剧，拖累国内市场——策略周专题（2025年11月第3期） 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然有相当大的 上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要。不过短期来 看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 （张宇生/王国兴） 2025-11-23 您可点击今日推送内容的第1条查看 【金工】短线关注超跌反弹机会——金融工程市场跟踪周报20251123 本周市场受海外交易情绪影响，交易节奏从前期区间震荡转向持续回调，人工智能板块延续调整，化工、 有色、电力设备等前期占优方向出现大幅调整 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 近期公司在AI医疗创新领域取得多项进展，包括深度参与北京市医疗领域国家人工智能应用中试基地、中标 III期临床研究项目、新增河北和广州两地"惠民保"业务。 深度参与中试基地建设，以核心技术共筑AI医疗创新高地 9月12日，公司作为北京市医疗领域国家人工智能应用中试基地的核心生态伙伴，深度参与平台建设与场景创 新，推动多项标杆项目落地：开发区域级受试者招募AI智能体，全面提升受试者招募效率与精准度，解决临 床研究受试者招募难、招募慢的核心痛点，已在6个项目中落地验证；开发北京市AI应用插件程序，以统一入 口方式整合集成多AI应用，大幅减轻医疗机构用户操作和系统集成负担。2025年8月，国务院发布《关于深入 实施"人工智能 ...

Core Viewpoint - The organic silicon industry is experiencing price increases and improved profitability due to collaborative efforts and discussions among industry players regarding pricing mechanisms and production reduction strategies [4]. Group 1: Industry Collaboration and Price Trends - Recent meetings in the organic silicon industry have focused on pricing mechanisms and production reduction, leading to significant price increases [4]. - As of November 21, the price of domestic organic silicon intermediates reached 13,000 yuan/ton, an increase of 18.2% compared to early November [4]. - The average gross profit in the organic silicon intermediate industry has risen to 1,209 yuan/ton, up by 2,650 yuan/ton since early November [4]. Group 2: Production Capacity and Inventory Levels - The operating rate of organic silicon plants is currently around 74.4%, showing a slight increase of 4-5 percentage points from previous weeks, but still below historical highs [5]. - Organic silicon factory inventory has decreased from a high of 53,700 tons in April 2025 to 43,800 tons as of November 21, indicating a potential for further inventory reduction [5]. - The industry is expected to maintain relatively low inventory levels, which will support prices and create favorable conditions for profitability recovery [5]. Group 3: Consumption and Demand Growth - The effective production capacity of domestic organic silicon intermediates remains stable at 3.35 million tons per year, reflecting cautious investment in new capacity amid profitability pressures [6]. - The apparent consumption of organic silicon intermediates is projected to reach 1.82 million tons in 2024, representing a year-on-year growth of 20.9% [6]. - For the first ten months of 2025, the apparent consumption was 1.68 million tons, showing a year-on-year increase of 17.0%, indicating steady demand growth in downstream applications [6]. Group 4: Market Dynamics and Company Positioning - The planned new capacity in the organic silicon industry is 2.15 million tons per year, but investment decisions are expected to be more cautious due to increased industry self-discipline and fluctuating profitability [7]. - Major listed companies dominate the organic silicon intermediate market, with six companies holding a combined capacity of 4.28 million tons per year, accounting for 62.0% of total capacity [8]. - This concentrated market structure is likely to promote rational competition and price stability, enhancing the leading role of major enterprises in future industry development [8].

Market Overview - A-shares experienced a significant pullback this week, with a relative advantage in dividend style. Market volume initially decreased but later increased, showing a week-on-week contraction [4] - The market's trading rhythm shifted from previous range-bound fluctuations to a continuous decline, influenced by overseas trading sentiment. The artificial intelligence sector continued its adjustment, while previously strong sectors like chemicals, non-ferrous metals, and electrical equipment saw substantial corrections [4] - All major indices declined this week, with the Shanghai Composite Index down 3.90%, the Shanghai 50 down 2.72%, the CSI 300 down 3.77%, the CSI 500 down 5.78%, the CSI 1000 down 5.80%, the ChiNext Index down 6.15%, and the North Star 50 Index down 9.04% [4] Valuation Insights - As of November 21, 2025, broad indices such as the CSI 300, CSI 500, CSI 1000, and ChiNext Index are at a "moderate" valuation percentile, while the Shanghai Composite Index and Shanghai 50 are at a "danger" valuation percentile. The food and beverage sector is classified as "safe" in terms of valuation [4] Volatility Analysis - The cross-sectional volatility of the CSI 300 and CSI 500 index constituents decreased compared to the previous week, indicating a deterioration in the short-term Alpha environment. Conversely, the cross-sectional volatility of the CSI 1000 index constituents increased, suggesting an improvement in the short-term Alpha environment [5] - Time series volatility for the CSI 300 index constituents decreased week-on-week, indicating a worsening Alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improvement [5] Fund Flow Tracking - The top five stocks receiving the most institutional attention this week were Rongbai Technology (137 institutions), Lens Technology (121), Antu Biology (101), Shengmei Shanghai (96), and Liande Co. (74) [6] - During the trading period from November 17 to November 21, 2025, southbound funds saw a net inflow of 38.602 billion HKD, with the Shanghai Stock Exchange's southbound net inflow at 17.875 billion HKD and the Shenzhen Stock Exchange's at 20.727 billion HKD [6] ETF Performance - The median return for stock ETFs this week was -4.49%, with a net inflow of 49.533 billion CNY. Cross-border ETFs had a median return of -3.42% and a net inflow of 2.329 billion CNY. Hong Kong stock ETFs had a median return of -6.24% with a net inflow of 17.821 billion CNY. Commodity ETFs had a median return of -2.50% and a net inflow of 6.495 billion CNY [7]

点击注册小程序 截至2025年11月21日，布伦特、WTI 原油分别报收 62.51、57.98 美元/桶，较上周收盘分别下跌2.8%、 3.3%。今年以来国际原油供需格局呈失衡状态，给予油市显著压力，就主要产油组织OPEC来看，2025年4 月开始OPEC+计划逐步增产，原计划至2026年9月结束，每月约13.80万桶/日的增产力度，但5至7月增产 力度已经上调至40万桶/日、8至9月上调至55万桶/日左右，计划提前一年结束，10至12月各增产13.70万桶/ 日。4至11月累计增产274.10万桶/日。10月OPEC产量2846万桶/日，较年初增长6.68%。供应持续增长而需 求转弱，全球原油供需关系从之前的供应趋紧转为供应过剩，全球原油供应过剩幅度从4月的50万桶/日升 至10月的200万桶/日。OPEC+计划明年1-3月暂停增产，有望缓解全球原油供需过剩幅度持续扩大，也反 映出OPEC+平衡油价的诉求。 "三桶油"油价下行期业绩韧性凸显，体现穿越周期属性 2025年前三季度，中国石油、中国石化、中国海油归母净利润分别同比-4.9%、-32.2%、-12.6%，Q3 单季 归母净利润分别同比-3.9%、 ...