Group 1 - Japanese stock market experienced a significant drop in the afternoon after an initial rally in the morning, influenced by external market conditions [1][3] - Japan's economic stimulus plan is expected to exceed 20 trillion yen, with an additional budget of approximately 17 trillion yen, leading to a sell-off in Japanese government bonds [1][5] - The yield on Japan's 10-year government bonds surged to over 1.78%, marking a significant increase and raising concerns about liquidity issues in global markets [1][5] Group 2 - A-shares showed a mixed performance, with major stocks like Sinopec and China National Petroleum rising over 4%, while the overall market remained divided with fewer than 1,000 stocks gaining [3] - Insurance funds in China have significantly increased their equity asset allocation to nearly historical highs, with stock and fund investment ratios rising to 15.5% [3] - Concerns about the potential for Japan's fiscal risks to impact global markets are growing, as investors worry about the government's commitment to budget balance and long-term fiscal goals [5]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 刚刚，跳水了！ 11月19日上午，A股市场走出"过山车"行情，午前震荡走低。截至午间收盘，上证指数跌 0.04%，深证成指跌0.32%，创业板指涨0.12%；上证50指数、沪深300指数飘红。 | 3938.29 | which | 13038.33 WY --- | | any and man and the maint of the maint of the maint of the maint of the maint of the maint of the maint of the mail of the mai 3072.79 | | --- | --- | --- | --- | --- | | 上证指数 -0.04% | | 深证成指 -0.32% | | 创业板指 +0.12% | | 1343.15 mm -- | | 3017.10 | 4577.77 ~~ | 1459.23 1 | | 科创50 -1.09% | | 上证50 +0.47% | 沪深300 +0.21% | ...

运营商与设备商 国内三大运营商虽然总资本开支计划(约2898亿元)同比下降9.13%，但其内部投资结构发生剧变。5G基 站等传统投入大幅收缩，而算力投资均实现两位数逆势增长。这清晰地反映了运营商从传统通信基建 向"联接+算力"融合服务商转型的战略，其产业数字化业务正成为拉动业绩增长的核心。同样上游供应 链主设备商向算力方向转型，调整业务结构，将成为推动业务持续成长的关键。 中泰证券主要观点如下： 整体回顾 Q3通信行业整体稳健增长的态势，AI算力相关板块结构性增长强劲。整体来看，通信行业(根据报告内 选择标的)营收同比4.31%，处于历史较高水平，AI算力相关板块成为关键增长引擎，海外科技巨头资本 开支力度加大，海外链需求强劲，规模效应实现利润率提升。从基金持仓层面来看，资金高度聚集AI 算力龙头，在A股前20大基金重仓股中，中际旭创、新易盛、工业富联、寒武纪等核心标的位居前列， 持仓金额达数百亿以上(中际旭创577亿，寒武纪274亿)。目前通信行业整体呈现出"海外AI引领需求高 景气，国内算力阶段性受制于芯片，通信传统厂商转型算力方向"的特征。 海外算力 海外算力链Q3业绩亮眼，光模块(根据报告内选择标的) ...

近5日机构合计调研240家公司，宇瞳光学、容百科技、工业富联等被多家机构扎堆调研。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 300790 | 宇瞳光学 | 1 | 167 | 29.55 | 0.75 | 计算机 | | 688005 | 容百科技 | 1 | 134 | 33.80 | 14.38 | 电力设备 | | 601138 | 工业富联 | 1 | 122 | 64.72 | -4.87 | 电子 | | 688168 | 安博通 | 1 | 97 | 90.59 | -5.01 | 计算机 | | 688686 | 奥普特 | 1 | 75 | 116.19 | -2.02 | 机械设备 | | 605060 | 联德股份 | 1 | 74 | 35.45 | -10.68 | 机械设备 | | 301338 | 凯格精机 | 1 | 70 | 60.59 | -1.64 | 机械设备 | | 688322 | 奥比中光-UW ...

证券研究报告——晨会聚焦 2025 年 11 月 19 日 中银晨会聚焦-20251119 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 ■重点关注 【宏观经济】1-10 月财政数据点评*陈琦 朱启兵。10 月税收同比增速环比 微幅收窄，消费端相关税种维持正贡献。10 月公共财政支出力度放缓。今年 末、明年初增量政策值得期待。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3939.81 | (0.81) | | 深证成指 | 13080.49 | (0.92) | | 沪深 300 | 4568.19 | (0.65) | | 中小 100 | 7957.60 | (0.44) | | 创业板指 | 3069.22 | (1.16) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 传媒 | 1.60 | 煤炭 | (3.17) | | 计算 ...

展望"十五五"，深圳资本市场将聚焦服务新质生产力与深化改革创新，助力深圳加快建设具有全球重要 影响力的产业金融中心，并全力激活资本市场的枢纽功能。 多元融资赋能实体经济 □ 截至2025年9月底，深圳私募股权创投基金规模近1.37万亿元，投资中小企业1.38万个、高新技术企业 1.11万个、种子期和起步期企业近万个，持续为实体经济注入源头活水 ◎记者 唐燕飞 股权融资超4000亿元、债券融资（含ABS）超2.4万亿元、上市公司市值超11万亿元、头部机构加速集 聚……"十四五"期间（数据统计时间为2021年到2025年10月底），深圳资本市场在服务实体经济、支持 科技创新、培育市场经营主体等方面交出亮眼答卷。 一系列成绩的背后，是深圳上市公司群体鲜明的结构特色：一是高科技企业占比高，新增上市公司中约 80%为科创板、创业板企业；二是民营经济占主体地位，民营企业贡献了全市90%以上的就业；三是外 向型经济特征突出，深圳市出口规模连续32年居全国第一。目前，深圳拥有约20家千亿元市值企业。其 中，腾讯控股市值超5万亿元，工业富联、招商银行、中国平安市值超1万亿元，立讯精密、中兴通讯、 汇川技术等超千亿元市值企业凸显 ...

| | | 星矿板块主力资金监控:今日买入前五榜(2025年11月18日) | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | 1 | 文化传媒 | 33.85 | 4.46 | | 2 | 计算机 | 25.07 | 1.49 | | 3 | 通信 | 9.18 | 1.18 | | 4 | 出版 | 3.49 | 5.47 | | 5 | 美容护理 | 0.17 | 0.28 | | | | 星矿板块主力资金监控:今日卖出前五榜(2025年11月18日) | | | 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | 1 | 电新行业 | -260.30 | -9.88 | | 2 | 有色金属 | -134.63 | -9.59 | | ന | 基础化工 | -107.37 | -8.37 | | 4 | 灰药 | -89.46 | -8.45 | | 5 | 由力沿各 | -70 56 | -10 88 | 从主力板块资金监控数据来看，文化传媒板块主力资金净流入居首。 板块资 ...

Group 1 - The core viewpoint of the news is that Industrial Fulian's stock has shown significant growth this year, with a year-to-date increase of 217.55%, despite a slight decline in the last five and twenty trading days [1][2] - As of November 18, the stock price reached 66.24 yuan per share, with a market capitalization of 1,315.95 billion yuan and a trading volume of 3.724 billion yuan [1] - The company has seen a net inflow of main funds amounting to 85.35 million yuan, with significant buying and selling activity from large orders [1] Group 2 - Industrial Fulian's main business involves the design, research, manufacturing, and sales of various electronic devices, primarily focusing on 3C electronic products, which account for 99.85% of its revenue [1][2] - For the period from January to September 2025, the company reported a revenue of 603.93 billion yuan, reflecting a year-on-year growth of 38.40%, and a net profit attributable to shareholders of 22.49 billion yuan, up 48.52% year-on-year [2] - The company has distributed a total of 56.544 billion yuan in dividends since its A-share listing, with 35.152 billion yuan distributed in the last three years [3]

Group 1: Company Investigation - Kexin Information (300730) has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, as announced on November 17, 2025 [1] - The company reported a revenue of 93.65 million yuan for the first three quarters, a year-on-year decline of 36.58%, and a net loss attributable to shareholders of 58.84 million yuan [1] - Kexin Information's stock price was 18.01 yuan per share, with a total market capitalization of 4.343 billion yuan as of November 17 [1] Group 2: Financing Trends - The financing balance of A-shares has reached a historical high of 24,746.99 billion yuan as of November 14, 2025, marking a 34.63% increase from the end of the previous half-year [2] - Thirteen primary industries have seen net financing purchases exceeding 10 billion yuan, with the electronics sector leading at 148.91 billion yuan [2] - The power equipment sector followed with net financing purchases of 91.57 billion yuan, while the communication and non-ferrous metal sectors also exceeded 40 billion yuan [2] Group 3: Individual Stock Performance - A total of 110 stocks have recorded net financing purchases exceeding 1 billion yuan since the second half of 2025, with Ningde Times (300750) leading at 12.25 billion yuan [4] - Other notable stocks include Xinyi Technology (300502) and Zhongji Xuchuang (300308), with net financing purchases of 11.68 billion yuan and 11.43 billion yuan, respectively [4] - The demand for optical modules is expected to grow significantly, with a projected compound annual growth rate of 22% over the next five years, driven by AI applications and network upgrades [5]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The report highlights the increasing consensus on supernodes as a foundational infrastructure for AI, driven by significant capital expenditures from major cloud service providers (CSPs) and advancements in GPU/ASIC technologies [5][8] - OpenAI has secured substantial power agreements totaling over $1 trillion, indicating a robust demand for AI computing power [5][14] - The report emphasizes the growth potential in various segments including servers, liquid cooling, power supply, and storage, with clear growth momentum identified [7][8] Summary by Sections Demand Side - CSPs are raising their capital expenditure forecasts, with Google increasing its 2025 capex to $91-93 billion, Meta to $70-72 billion, and Amazon to $125 billion, primarily for AI infrastructure [5][29] - OpenAI has signed significant power agreements with NVIDIA, AMD, and Broadcom, totaling 26GW and over $1.1 trillion in value [5][15] - Sovereign AI investments are projected to reach $1 trillion over the next five years, with major projects in the US, EU, and Saudi Arabia [5][25] Supply Side - The report notes the continuous iteration of chips, with supernodes becoming a consensus in AI infrastructure, as evidenced by new product launches from various manufacturers [34][5] - NVIDIA's upcoming GPU architectures are expected to enhance computational capabilities significantly, with the Blackwell Ultra and Rubin architectures set to launch in the coming years [36][39] - Major companies like AMD and Huawei are also advancing their AI chip offerings, with AMD's Helios solution and Huawei's Atlas series expected to drive further innovation [41][44] Growth Segments - The server market is experiencing substantial growth, with companies like Hon Hai and Wistron achieving significant increases in AI server shipments [7] - Liquid cooling technology is becoming essential in AI data centers, with companies reporting high double-digit revenue growth [7] - The storage chip industry is entering a period of severe shortage, driving up DRAM prices and increasing demand from CSPs [7] Multi-modal and Application Ecosystem - The report outlines the rapid evolution of AI models, with major updates from OpenAI and Alibaba, and a significant increase in token usage across platforms [7][8] - OpenAI's new applications and models are enhancing its ecosystem, with a notable increase in daily token usage [7][8]