Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

Core Viewpoint - Shenwan Hongyuan's research report indicates that Sanqi Interactive Entertainment is undervalued with high dividends and significant growth potential, especially following the recent fine resolution [1] Company Performance - The company's long-standing product has maintained stability, while the new self-developed MMO "Douluo Dalu: Hunting Soul World," launched in July, has met expectations but has not contributed significantly in the short term [1] - The new RPG mini-game "Survival for 33 Days" has quickly entered the top 25-30 of WeChat mini-game sales charts [1] - Continuous improvement in profitability is primarily attributed to the profit release from mini-games, including new products launched in the first half of the year [1] Product Pipeline and Strategy - The product pipeline is rich but expectations are low, with 2026 being a year for new product validation [1] - The company is enhancing its capabilities through investments and team acquisitions, such as investing in former Funplus producer Cui Bing's Happy Ark [1] - Direct or indirect investments have been made in companies like Zhipu Huazhang, Moon's Dark Side, and Starry Sky Technology, establishing a comprehensive industrial chain layout from "computing power infrastructure to large model algorithms to AI applications" [1] Dividend and Investment Outlook - The company continues to show impressive dividends, and considering the positive trend in marginal profit release, the dividend yield is notable, maintaining a "buy" rating [1]

0:00 申万宏源研究所总经理、首席策略分析师王胜日前主持《沪市汇・硬科硬客》第二季第6期节目"供应 链'再出海'"时表示，要想造就一家伟大的企业，企业家必须胸怀天下。正如真正的外交家，一定是能 够与竞争对手握手的人。中国企业家也要有这种气度，才能在"走出去"的过程中，把企业做得更大， 让"出海"走得更远。（中经记者 孙汝祥 夏欣 北京报道） ...

申万宏源研究所总经理、首席策略分析师王胜，日前主持《沪市汇・硬科硬客》第二季第6期节目"供应 链'再出海'"时表示，目前，对于中国企业而言，从"世界工厂"走向全球布局已是大势所趋。中国制造业 增加值按美元计价已占全世界的31.6%。中国企业面对的一定是全球市场，这是每一个企业和每一位企 业家都要正视的现实问题。（中经记者 孙汝祥 夏欣 北京报道） 0:00 ...

具体来看： 大型科技股多数呈现下跌行情但总体跌幅较小，腾讯、京东、网易、小米、京东跌幅在1%以内，阿里巴巴、快手、携程控股跌超 1%，百度逆市大涨3.45%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW.) | 125.800 | +4.200 | 3.45% | | 03690 | 美团-W | 99.500 | +0.450 | 0.45% | | 09626 | 時陣時陣-W | 203.600 | -0.200 | -0.10% | | 02015 | 理想汽车-W | 69.650 | -0.250 | -0.36% | | 01810 | 小米集团-W | 42.580 | -0.200 | -0.47% | | 099999 | 网易-5 | 216.800 | -1.200 | -0.55% | | 09618 | 京东集团-SW | 116.200 | -0.800 | -0.68% | | 00700 | 腾讯控股 | 605.000 | -5.000 | -0.82% ...

算力：1)超节点趋势明确，国产算力通过超节点实现整体性能提升，工程上具备差异化优势；2)AI Infra 重要性提升，核心关注市场规模、渗透率快速提升的软件层；3)量 wind数据显示，2025 年初至今，计算机板块涨幅为 18%，全行业排名第 12。基本面驱动与主题投资兼 具，主线主要包括 AI 算力、具身智能、AI 应用三大方向。 申万宏源黄忠煌团队发布计算机2026年策略，总体认为，算力聚沙成塔，应用乘风而起。 研报观点称： 行情复盘来看，基本面筑基、AI行催化，随着年初DeepSeek发布，AI产业链催化上涨。DeepSeek 代表 模型平权、性能与成本的平衡， 国内 AI 软硬件景气度高涨。3 月-9 月上旬，AI 应用拐点尚未到来，整 体表现平淡。国内 AI 应用进展低于预期，叠加关税影响，回归基本面估值；5 月后，年报验证行业整 体基本面企稳，部分头部公司业绩稳健、亮眼，估值随大盘上升。9 月后，板块内行情分化，市场更青 睐绩优股，板块整体出现滞涨。 业绩复盘来看，：基本面拐点，净利润率先反弹。2025年前三季度，计算机板块营收、净利润均呈现反 弹趋势，行业基本面拐点确认，其中净利润反弹幅度超过 ...

大模型：中美大模型差距缩小，从单纯的性能提升迈向商业化落地。模型：2025 年，全球大模型迭代 速度整体放缓，中美大模型之间的差距迅速缩小，预计在 2026 年将进一步缩小差距乃至在部分领域超 越。国产创新：大模型的训练范式上不仅追求 Scaling，且在性能、效率与成本间寻求更优平衡。预 计，2026年大模型迭代将出现以下三个方向：模型发展演绎：1)突破长上下文瓶颈;2)多模态，世界模 型;3)Mid-training，Interleaved Thinking。 算力：1)超节点趋势明确，国产算力通过超节点实现整体性能提升，工程上具备差异化优势;2)AI Infra 重要性提升，核心关注市场规模、渗透率快速提升的软件层;3)量子计算开始向商业化迈进，25H2 多项 量子技术实现突破。 应用：行业 know-how 为护城河，软件进入最佳布局期。未来中国的 AI 范式为人机共驾，模型难以取 代具备定制化特点的软件。模型迭代后获得了更优秀的长上下文的能力，为更深度的应用做好准备。大 量公司 AI 收入占比突破 10%，软件行业迎来技术革新带来的"最佳击球点"。看好机器人的大小脑、 Agent、营销/办公/金融 ...

Core Viewpoint - The report by Shenwan Hongyuan outlines ten key investment opportunities during the "14th Five-Year Plan" period, focusing on future manufacturing, information, materials, energy, space, and health sectors [1][14]. Group 1: Future Manufacturing and Information - The robotics industry in China is transitioning from product definition to commercialization, with "Artificial Intelligence +" expected to empower various industries by 2026 [3][16]. - Quantum technology is highlighted as a critical future industry for forward-looking development [3][16]. Group 2: Aerospace and Low-altitude Economy - The aerospace industry is a key focus for the "14th Five-Year Plan," with the establishment of the Space Administration and a three-year action plan to promote high-quality and safe development in commercial aerospace [3][16]. - The drone and low-altitude economy sectors are rapidly forming a clustered development pattern [3][16]. Group 3: Strategic Resources and Metals - Strategic minor metals are receiving policy support, with a joint work plan from eight departments elevating resource security to a strategic level [7][20]. - A table outlines various metals and their applications across different industries, emphasizing their importance in sectors like defense, aerospace, and renewable energy [8][21]. Group 4: Future Energy - The development of controllable nuclear fusion is emphasized as a priority, with significant energy demand driving investments in nuclear power from major companies [9][22]. - The report notes the strategic cultivation of hydrogen energy within the future industrial framework [9][22]. Group 5: Future Health - China's innovative drug development has established global competitiveness in areas like ADC and cell therapy, achieving breakthroughs in both the quantity and quality of research pipelines [11][24]. - Brain-computer interface technology is advancing in clinical applications, with significant progress in medical rehabilitation as a primary commercialization scenario [13][26].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着"十五五"规划蓝图绘就，中国资本市场高质量发展的路线图进一步清晰。证监会主席吴清日前指 出，未来五年是全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。政策信号明确之 下，多家头部券商密集发布展望报告，拆解规划带来的投资新范式。 聚焦金融行业自身的改革与成长机遇 中信证券研究表示，"十五五"期间，证券行业格局有望深度重塑，推动行业实现错位发展，10家引领行 业发展的综合性机构将逐步成型。投行业务、衍生品业务、期货业务和资产证券化业务的监管周期有望 逐步回暖，证券公司有望通过内生增长和并购重组实现自身的长足发展，资产配置、综合服务和国际化 能力有望成为行业分化的决定因素。建议关注冲击国际一流投行的龙头证券公司以及具备跻身头部梯队 潜力的中大型证券公司。 国泰海通金融团队指出，保险业、券商业、银行业在 "十五五" 期间的发展目标与预期明确，将实现规 模与质量协同提升。1）保险业预计规模与质量双升，2030 年保费收入或达 8 万亿元、行业总资产有望 突破 60 万亿元，更加突出保险服务实体经济的 "减震器" 与保障民生的 " ...

就在周末，金融圈疯狂刷屏政策红包。 证监会吴清释放关键信号，优质券商杠杆上限放宽。 上周末，券商板块迎来了重磅的利好。 证监会主席吴清在参加中国证券业协会第八次会员大会时表示，对优质机构适当松绑，适度打开资本空 间与杠杆限制。 对中小券商、外资券商在分类评价、业务准入等方面探索实施差异化监管，对于少数问题券商要依法从 严监管，违法的从严惩治。 这是管理层激活资本市场的明确信号。 受此利好影响，港A两地券商板块集体爆发。 A股市场中，兴业证券涨停，东北证券涨5.2%，华泰证券、国泰海通涨超4%，华安证券、中信证券、国 信证券涨超3%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 601377 | 兴业证券 | 7.92 | +0.72 | 10.00% | | 000686 | 东北证券 | 9.71 | +0.48 | 5.20% | | 601688 | 华泰证券 | 22.73 | +0.93 | 4.27% | | 601211 | 国泰海通 | 20.55 | +0.82 | 4.16% | | 606009 | ...