证券日报网讯厦门象屿（600057）11月7日在互动平台回答投资者提问时表示，公司已与中天科技 （600522）集团上海源威建设工程有限公司签订了1艘16000吨海缆敷设船建造合同，标志着公司在攻坚 深远海装备上取得里程碑式发展。该船型是目前国内最大的自航式、纯电驱敷缆船，作业适用最大水深 达200米，单航次最大载缆量达16000吨，配置有直升机平台、大型同轴转盘、双出缆通道等高端设施， 具备双缆同敷、大水深单钩作业及跨境施工能力。新船投用后，将破解深远海(超100公里)海缆敷设瓶 颈，为南通向海发展，布局远海风电、能源岛等海洋新基建提供核心装备支撑，有力推动装备制造、清 洁能源等产业升级。 ...

证券研究报告 | 2025 年 11 月 07 日 制作：产品中心 《固收|2025 经济收官答卷如何书写？——宏观数据预测专题》 1、工业增加值：预计 10 月当月同比为 5.5%。10 月生产 PMI 较前值下降 2.2pct 至 49.7%，位于荣枯线以下，采购量指数降至 49.0%，显示生产积极 性边际回落，预计 10 月工增环比可能低于季节性，10 月工业增加值同比 增速为 5.5%。往后展望，高技术制造和消费相关制造有望维持韧性，但考 虑到四季度政策效果可能边际减弱，叠加地产偏弱和出口后劲不足的影 响，预计四季度工业增加值同比为 5.3%。2、贸易：预计 10 月出口当月 同比 3.0%，进口当月同比 3.0%。预计 10 月进口环比负增，同比增长 3.0%， 预计四季度进口维持韧性，全年进口增速或小幅转正。3、通胀：预计 10 月 CPI 当月同比持平，PPI 当月同比-2.2%。CPI 方面，10 月猪价继续探底， 重点监测蔬菜平均批发价和农产品价格指数较上月回升，预计 10 月 CPI 同比基本持平，四季度 CPI 同比约 0.3%。PPI 方面，10 月南华工业品价格 指数回落，煤炭、钢铁 ...

证券之星消息，11月6日海洋经济板块较上一交易日上涨0.31%，派克新材领涨。当日上证指数报收于 4007.76，上涨0.97%。深证成指报收于13452.42，上涨1.73%。海洋经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603280 | 南方路机 | 40.58 | -5.87% | 5.74万 | 2.36亿 | | 002487 | 大全車工 | 46.83 | -2.84% | 28.00万 | 13.18亿 | | 000530 | 冰山冷热 | 7.11 | -2.60% | 91.73万 | 6.52亿 | | 601890 | 亚星馆链 | 10.90 | -2.42% | 0 61.39万 | 6.66亿 | | 301158 | 德石股份 | 23.41 | -2.38% | 12.07万 | 2.84 Z | | 300402 | 宝色股份 | 26.15 | -2.13% | 55.28万 | 14.65 Z | | 301038 | 深 ...

Market Overview - The communication equipment sector rose by 2.95% on November 6, with Shijia Photon leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Shijia Photon (688313) closed at 74.10, up 12.10% with a trading volume of 442,000 shares [1] - Dekeli (688205) closed at 66.56, up 6.38% with a trading volume of 79,600 shares [1] - Guangku Technology (300620) closed at 109.20, up 5.82% with a trading volume of 152,700 shares [1] - Zhongtian Technology (600522) closed at 17.52, up 5.61% with a trading volume of 2,138,100 shares [1] - Other notable performers include Dingtong Technology (688668) and Meilixin (301307), with increases of 5.44% and 4.31% respectively [1] Capital Flow - The communication equipment sector saw a net inflow of 2.655 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.502 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors withdrew funds [2] Individual Stock Capital Flow - New Yisheng (300502) had a net inflow of 7.53 million yuan from institutional investors, while retail investors saw a net outflow of 3.65 million yuan [3] - Zhongji Xuchuang (300308) experienced a net inflow of 6.79 million yuan from institutional investors but a significant outflow of 6.78 million yuan from retail investors [3] - Cambridge Technology (603083) had a net inflow of 27.1 million yuan from institutional investors, indicating strong institutional interest [3]

Core Insights - The communication sector is experiencing significant growth, with the Guozheng Communication Index rising by 0.94% as of November 6, 2025, and notable increases in key stocks such as Shijia Photon and Ding Tong Technology [1][3] - The Communication ETF (159695) has shown a strong performance, with a 31.59% increase over the past three months, indicating robust investor interest [1][3] Market Performance - The Communication ETF recorded a turnover rate of 3.81% and a transaction volume of 11.05 million yuan, with a notable increase in scale by 30.67 million yuan over the past week, ranking first among comparable funds [3] - The ETF's net inflow over the past five days reached 46.88 million yuan, with a peak single-day inflow of 35.25 million yuan [3] Historical Returns - Over the past two years, the Communication ETF's net value has increased by 104.55%, placing it in the top 1.09% among 2,380 index equity funds [3] - The ETF has achieved a maximum monthly return of 33.97% since its inception, with the longest consecutive monthly gain of six months and an average monthly return of 7.18% [3] Industry Trends - The optical module market is benefiting from increased computational demand, with a projected market size growth of 54%, 69%, and 34% for the years 2025, 2026, and 2027, respectively, reaching 14.4 billion, 24.4 billion, and 32.7 billion USD [4] - The leading companies in the optical module market are expected to strengthen their market positions, with the top ten stocks in the Guozheng Communication Index accounting for 66.96% of the total weight [4][6] Key Stocks - The top ten weighted stocks in the Guozheng Communication Index include Zhongji Xuchuang, Xinyi Sheng, and ZTE, with Zhongji Xuchuang holding the highest weight at 17.40% [6] - The performance of these stocks varies, with Zhongji Xuchuang increasing by 1.58% and ZTE by 2.38% [6]

Core Insights - The smart grid sector in the A-share market has shown strong performance, with several stocks experiencing significant gains today [1] Company Performance - Zhongneng Electric (300062) increased by 15.76%, with a total market capitalization of 59.39 billion and a year-to-date increase of 81.12% [2] - Jiadian Co., Ltd. (000922) rose by 10.01%, with a market cap of 10.2 billion and a year-to-date increase of 31.70% [2] - Zhejiang Chint Electric (601877) saw a 10% increase, with a market cap of 69.9 billion and a year-to-date increase of 42.84% [2] - Baobian Electric (600550) increased by 9.99%, with a market cap of 20.1 billion and a year-to-date increase of 38.85% [2] - China Western Power (601179) rose by 9.67%, with a market cap of 50 billion and a year-to-date increase of 30.41% [2] - Caneng Electric (920299) increased by 8.43%, with a market cap of 2.433 billion and a year-to-date increase of 179.47% [2] - Shenma Electric (603530) rose by 7.59%, with a market cap of 22.6 billion and a year-to-date increase of 115.95% [2] - Beijing Keri (002350) increased by 7.32%, with a market cap of 4.93 billion and a year-to-date increase of 20.14% [2] - Baiyun Electric (603861) rose by 7.05%, with a market cap of 7.638 billion and a year-to-date increase of 59.40% [2] - TBEA Co., Ltd. (600089) increased by 6.47%, with a market cap of 129.7 billion and a year-to-date increase of 105.62% [2] - Shun Steel (000533) rose by 6.17%, with a market cap of 5.824 billion and a year-to-date increase of 39.11% [2] - Shuangjie Electric (300444) increased by 5.06%, with a market cap of 8.298 billion and a year-to-date increase of 49.93% [2] - Xuji Electric (000400) rose by 4.78%, with a market cap of 30.1 billion and a year-to-date increase of 9.46% [2] - Zhongtian Technology (600522) increased by 4.58%, with a market cap of 59.2 billion and a year-to-date increase of 23.75% [2] - Hangzhou Kelin (688611) rose by 4.33%, with a market cap of 7.209 billion and a year-to-date increase of 97.61% [2] Market Trends - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Core Insights - The electric grid equipment sector opened high today, rising over 11%, with significant contributions from leading stocks, driving the electric grid equipment ETF (159326) up by 2.49% and attracting a net inflow of 195 million in funds, marking nine consecutive days of capital inflow totaling over 800 million [1][3]. Electric Grid Equipment Sector Performance - The electric grid equipment ETF (159326) is the only ETF tracking the China Electric Grid Equipment Theme Index, with a weight of over 60% in ultra-high voltage and over 19% in controllable nuclear fusion [3]. - Key stocks in the smart grid sector include: - Zhongneng Electric (300062): +15.76%, market cap of 5.939 billion, YTD increase of 81.12% - Jiadian Co. (000922): +10.01%, market cap of 10.2 billion, YTD increase of 31.70% - Zhengtai Electric (601877): +10.00%, market cap of 69.9 billion, YTD increase of 42.84% - Baobian Electric (600550): +9.99%, market cap of 20.1 billion, YTD increase of 38.85% - China West Electric (601179): +9.67%, market cap of 50 billion, YTD increase of 30.41% [2]. Market Dynamics - The market perceives that domestic companies are benefiting from cost and technological advantages, leading to a significant increase in orders and export demand over the first nine months, which is expected to enhance both performance and valuation [3]. - There is a structural demand for transmission and transformation equipment, with a consensus on the need for upgrades in the North American grid to support the rising electricity demand driven by AI data centers [2][3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 37.974 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.65%, and a net profit attributable to shareholders of 2.338 billion yuan, up 1.19% year-on-year [1] - The gross margin for the first three quarters was 14.61%, down 1.22 percentage points year-on-year, with a gross margin of 13.86% in Q3, reflecting a decline of 0.57 percentage points year-on-year and 1.55 percentage points quarter-on-quarter [3] - The company has a strong order backlog, with approximately 31.8 billion yuan in hand orders in the energy interconnection sector as of October 24, 2025, including 13.1 billion yuan in marine series, 16.2 billion yuan in grid construction, and 2.5 billion yuan in new energy [4] - Continuous winning of 500kV projects is expected to significantly boost revenue and profit margins from submarine cables, indicating the company's leading position in high-voltage cable projects [5] Financial Performance Summary - The company achieved a revenue of 143.75 billion yuan in Q3, marking an 11.42% year-on-year increase, continuing the trend of quarterly growth [2] - The adjusted net profit forecast for 2025-2027 is 3.2 billion, 4.1 billion, and 5 billion yuan respectively, with corresponding PE ratios of 18, 14, and 11 times [7] - The company’s total assets are projected to reach 60.37 billion yuan by 2025, with a debt-to-asset ratio of 36.59% [13]

Core Viewpoint - The optical communication module sector experienced a significant upward trend on November 6, with multiple companies showing notable gains in their stock prices [1]. Group 1: Company Performance - Yuanjie Technology saw an increase of 8.03% in its stock price [1] - Tengjing Technology rose by 6.84% [1] - Yunnan Zhenye experienced a 6.58% increase [1] - Huylv Ecology, Dongtian Micro, and Zhongtian Technology all rose by over 4% [1]

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