证券研究报告·金融工程报告 2025 年 11 月 26 日 江海证券研究发展部 金融工程定期报告 A 股市场快照：宽基指数每日投资动态 2025.11.26 ◆市场表现：2025 年 11 月 25 日, 各宽基指数（表 1）全部上涨，其中创业板指（1.77%） 分析师：梁俊炜 投资要点： 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和中证 2000（1.75%）涨幅最大。当年涨跌情况，创业板指（39.19%）涨幅最大， 其次是中证 2000（29.96%）和中证 1000（21.69%），中证 500（21.46%）和中证全 指（19.48%）涨幅扩大，而上证 50（10.56%）涨幅最小。 ◆均线比较：中证 1000 和中证 2000 突破 5 日均线。所有跟踪指数仍低于 10 日、 20 日及 60 日均线。中证 500 和创业板指近期跌幅较大，相对深度地偏离短期均线。 ◆资金占比与换手：2025 年 11 月 25 日, 中证 2000（25.1%）交易金额占比最高， 相关研究报告 态 2025.11.25 A 股市场快照：宽基指数每日投资动 态 2025.11. ...

证券研究报告·金融工程报告 2025 年 11 月 25 日 江海证券研究发展部 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.11.25 ◆市场表现：2025 年 11 月 24 日, 各宽基指数（表 1）涨跌各现，其中中证 2000 分析师：梁俊炜 投资要点： 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 （1.86%）和中证 1000（1.26%）涨幅最大，而上证 50（-0.18%）和沪深 300（-0.12%） 下跌。当年涨跌情况，创业板指（36.77%）涨幅最大，其次是中证 2000（27.73%） 和中证 1000（20.12%），中证 500（19.97%）和中证全指（18.06%）涨幅扩大，而 上证 50（9.9%）涨幅最小。另外，上证 50、沪深 300 和创业板指连续三日连阴。 ◆均线比较：所有跟踪指数仍低于 5 日、10 日、20 日及 60 日均线。中证 2000 修 复较迅速。中证 500 和创业板指跌幅较大，相对深度地偏离短期均线。 ◆资金占比与换手：2025 年 11 月 24 日, 沪深 300（25.12%）交易金额占比最 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the national breeding sow inventory has fallen below 40 million heads as of the end of October, indicating a significant adjustment in the pig farming sector [4] - The report notes a continuous decline in pig prices, with the average price dropping to 11.6 yuan/kg by November 24, down from 12.25 yuan/kg at the end of September, leading to widespread losses among farming enterprises [4] - The report suggests that the industry may enter a period of accelerated capacity reduction due to policy adjustments and ongoing losses, presenting potential investment opportunities in the pig farming sector [4] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 0.83% and an absolute return of 15.89% [2] Key Events and Data - The report mentions that the breeding sow inventory decreased by 0.8% in October, marking a continuous decline for two months [4] - The average price of three-way piglets reached a new low of 24.14 yuan/kg as of November 20, indicating a pessimistic outlook for prices in 2026 [4] Investment Recommendations - The report recommends a left-side layout in the pig farming sector, focusing on leading companies such as Muyuan Foods, DeKang Agriculture (Hong Kong), Wens Foodstuff Group, and Shennong Group, while also considering investment opportunities in the fishery sector [4]

aa 证券研究报告·金融工程报告 2025 年 11 月 24 日 江海证券研究发展部 敬请参阅最后一页之免责条款 金融工程定期报告 转债债性激增防御性突显，回撤小于 权益 核心内容： ◆可转债市场表现： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债债性支撑上 涨，表现优于权益—2025.11.17 2.可转债跟踪周报：转债继续随权益 上涨，可维持均衡配置—2025.11.10 3.可转债跟踪周报：转债放量延续上 扬，涨幅超越权益—2025.11.03 4.可转债跟踪周报：转债缩量上涨， 涨幅较权益偏低—2025.10.27 5.可转债跟踪周报：转债随权益下 行，偏股转债回撤较大—2025.10.21 ➢ 近一周（2025-11-17 至 2025-11-21），上证转债、深证转债、中证 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved [5][6]. Core Insights - The 13th Committee's 8th Plenary Session successfully passed the "14th Five-Year Plan" development proposal, emphasizing the transformation direction of "five changes and one advancement" to convert various advantages into development momentum [5][11]. - The focus during the "14th Five-Year" period will be on four major directions to accelerate the construction of a new highland for opening up to the north, including deepening cooperation with Russia and expanding into diverse markets [12]. - The Black龙江板块 index experienced a significant adjustment, dropping 2.63% in November, with a notable decline of 7.31% from November 17 to 21, indicating a bearish market sentiment [21][24]. Summary by Sections Economic Development - The "14th Five-Year" plan outlines 15 parts and 62 articles, detailing development tasks across three major sectors, aiming for a modernized strong province [5][11]. - The province aims to enhance its international economic cooperation and optimize the foreign investment environment, promoting the "Investment Longjiang" brand [12]. Market Performance - The Black龙江板块 index has shown a downward trend, with only five companies achieving positive returns during the period from November 10 to 21, with People's Tongtai leading at a 37.59% increase [21][25]. - The overall performance of the listed companies was weak, with 23 companies experiencing declines of over 5%, and 8 companies seeing declines exceeding 10% [21][25]. Industry Insights - The report highlights the importance of collaboration with companies like UBTECH to enhance talent cultivation and industrial upgrading in the province, focusing on the application of humanoid robots in education [15]. - The province's economic data for the first three quarters of the year indicates a stable growth trend, supported by strong import and export performance [21].

- The report provides a snapshot of the A-share market, highlighting that all broad-based indices fell by more than -1% on November 21, 2025, with the ChiNext Index and CSI 2000 experiencing the largest declines of -4.02% and -3.99%, respectively[1][2] - The report compares the moving averages of the indices, noting that all tracked indices have fallen below the 60-day moving average, with the CSI 2000 being only 0.4% away from breaking the 120-day moving average[13][15] - The turnover rates for the indices on November 21, 2025, are provided, with the CSI 2000 having the highest turnover rate of 4.81, followed by the ChiNext Index at 2.96[18][19] - The distribution of daily returns is analyzed, showing that the ChiNext Index has the largest negative kurtosis deviation, while the CSI 1000 and CSI 2000 have the smallest negative kurtosis deviations[25][27] - The risk premiums of the indices relative to the 10-year government bond yield are discussed, with the SSE 50 and CSI 300 having relatively high 5-year percentile values of 4.21% and 1.83%, respectively[29][30][33] - The PE-TTM ratios of the indices are examined, with the CSI 500 and CSI 1000 having relatively high 5-year percentile values of 94.63% and 94.21%, respectively, while the CSI 2000 and ChiNext Index have lower values of 77.02% and 50.74%, respectively[39][42][44] - The dividend yields of the indices are analyzed, with the ChiNext Index and CSI 1000 having relatively high 5-year historical percentile values of 72.81% and 54.88%, respectively, while the CSI 2000 and CSI 500 have lower values of 34.05% and 23.97%, respectively[50][52][54] - The report also discusses the net asset value ratios of the indices, noting that the current net asset value ratios are 22.0% for the SSE 50, 16.0% for the CSI 300, 11.8% for the CSI 500, 8.0% for the CSI 1000, 3.45% for the CSI 2000, 1.0% for the ChiNext Index, and 6.32% for the CSI All Share Index[56][57]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - The analysis includes a detailed comparison of indices against their moving averages (5-day, 10-day, 20-day, 60-day, 120-day, and 250-day), as well as their positions relative to the highest and lowest points over the past 250 trading days. For example, the ChiNext Index has retraced 8.5% from its 250-day high[15][16] - Turnover rates and trading volume proportions are calculated for each index. For instance, the CSI 2000 has the highest turnover rate at 4.0%, while the CSI 500 has a turnover rate of 1.4%[18] - The report evaluates the distribution of daily returns for each index, highlighting kurtosis and skewness. The ChiNext Index exhibits the largest negative kurtosis deviation, while the CSI 1000 shows the smallest. Similarly, the ChiNext Index and SSE 50 have the largest negative skewness, while the CSI 2000 has the smallest[24][25] - Risk premiums are calculated using the yield of 10-year government bonds as the risk-free rate. The report notes significant mean reversion in risk premiums, with indices like the CSI 1000 and CSI 2000 showing higher volatility. For example, the current risk premium for the SSE 50 is -0.41%, with a 5-year percentile rank of 33.41%[27][31][34] - The PE-TTM ratios of indices are analyzed as valuation metrics. The CSI 1000 and CSI 500 have the highest 5-year percentile ranks at 95.54% and 95.29%, respectively, while the ChiNext Index has the lowest at 54.3%[39][42][43] - Dividend yields are tracked as a measure of cash return. The ChiNext Index has the highest 5-year historical percentile rank at 71.57%, while the CSI 500 has the lowest at 17.6%[52][53] - The report also examines the net asset ratios of indices, noting that the SSE 50 has the highest percentage of stocks trading below net asset value at 18.0%, while the ChiNext Index has the lowest at 1.0%[54]

- The report tracks the performance of various broad-based indices in the A-share market, including their daily, weekly, monthly, and yearly changes. For instance, on November 18, 2025, all tracked indices fell, with the CSI 2000 and CSI 500 experiencing the largest declines of -1.32% and -1.17%, respectively[1][2][10] - The report compares the indices against their moving averages and their positions relative to the highest and lowest points over the past 250 trading days. For example, all tracked indices have fallen below their 5-day and 10-day moving averages, with the CSI 2000 still above its 20-day moving average[13] - The report provides data on the trading volume and turnover rates of the indices. On November 18, 2025, the CSI 2000 had the highest trading volume share at 24.98%, followed by the CSI 300 at 22.28% and the CSI 1000 at 22.17%. The turnover rates for these indices were 4.48, 2.85, and 2.83, respectively[15] - The report analyzes the distribution of daily returns for the indices, noting that the ChiNext Index has the largest negative kurtosis deviation, while the CSI 1000 has the smallest. The CSI 2000 has the smallest negative skewness, while the SSE 50 has the largest[21][23] - The report examines the risk premiums of the indices relative to the 10-year government bond yield. As of November 18, 2025, the SSE 50 and CSI 300 had relatively high 5-year percentile risk premiums of 37.62% and 24.29%, respectively, while the CSI 2000 and CSI 500 had lower values of 15.95% and 13.41%[25][28][29] - The report evaluates the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) of the indices as a measure of valuation. The CSI 1000 and CSI 500 had high 5-year percentile values of 96.86% and 95.45%, respectively, while the CSI 2000 and ChiNext Index had lower values of 82.64% and 55.04%[37][40][41] - The report assesses the stock-bond yield ratio, which compares the inverse of the PE-TTM to the 10-year government bond yield. None of the indices were above their 80% percentile (opportunity value), and none were below their 20% percentile (danger value)[43] - The report tracks the dividend yields of the indices, noting that the ChiNext Index and CSI 1000 had relatively high 5-year historical percentile values of 70.58% and 39.17%, respectively, while the CSI 500 and CSI 2000 had lower values of 16.94% and 13.55%[45][50][51] - The report monitors the net asset value break rates of the indices, indicating the proportion of stocks trading below their net asset value. As of the latest data, the break rates were 22.0% for the SSE 50, 16.0% for the CSI 300, 11.6% for the CSI 500, 7.2% for the CSI 1000, 2.45% for the CSI 2000, 1.0% for the ChiNext Index, and 5.65% for the CSI All Share Index[52]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, monthly, and yearly changes in index values, with indices like CSI 2000 showing the highest daily increase of 0.63% and CSI 1000 at 0.27%[10][11][14] - CSI 2000 demonstrated a relatively independent trend, breaking through its 250-day high, while other indices remained below their 5-day moving averages[14] - Turnover rates and trading volume proportions were analyzed, with CSI 2000 having the highest turnover rate at 4.4 and the largest trading volume proportion at 25.29%[16] - The distribution of daily returns was examined, showing that CSI 2000 had the smallest negative skewness, while the ChiNext Index had the largest negative kurtosis[22][24] - Risk premium analysis was conducted using the 10-year government bond yield as a risk-free rate benchmark, revealing that CSI 2000 and CSI 1000 had relatively high risk premiums at 64.29% and 56.75%, respectively, over the past five years[26][30][33] - PE-TTM values were evaluated as a valuation metric, with CSI 1000 and CSI 500 showing high historical percentiles at 98.1% and 95.95%, respectively[36][39][40] - Dividend yield analysis indicated that the ChiNext Index had the highest 5-year historical percentile at 69.5%, while CSI 2000 had the lowest at 10.0%[44][49][50] - Current net-breaking rates were reported, with CSI 2000 having the lowest rate at 2.2%, reflecting market valuation attitudes[51][53]

- The report tracks and analyzes the market data of major indices, including their performance, moving averages, trading volume, turnover rates, and risk premiums[1][2][3] - The report provides a detailed comparison of the indices' performance against their moving averages and the highest and lowest points over the past 250 trading days[13][14] - The report includes the distribution of daily returns for each index, highlighting the kurtosis and skewness of the distributions[23] - The risk premium of each index relative to the 10-year government bond yield is analyzed, showing significant mean reversion and volatility patterns[25][26][27] - The report evaluates the PE-TTM (Price-to-Earnings Trailing Twelve Months) ratios of the indices, comparing their current values to historical percentiles[37][38][40] - The report examines the dividend yields of the indices, noting their historical percentiles and recent trends[45][46][50] - The report discusses the net asset value (NAV) break rates of the indices, indicating the proportion of stocks trading below their net asset value[52]