Core Viewpoint - The stock of Shijia Photon has increased by 5.05%, reaching 80.05 CNY per share, with a trading volume of 701 million CNY and a market capitalization of 36.727 billion CNY as of December 1 [1] Company Overview - Shijia Photon Technology Co., Ltd. is located in Hebi City, Henan Province, established on October 26, 2010, and listed on August 12, 2020 [1] - The company operates in three main business segments: optical chips and devices, indoor optical cables, and cable materials [1] - The revenue composition is as follows: optical chips and devices 70.52%, indoor optical cables 15.11%, polymer materials for cables 12.66%, and others 1.72% [1] Fund Holdings - A fund under Bank of China Securities holds a significant position in Shijia Photon, with 45,000 shares, accounting for 3.55% of the fund's net value, ranking as the eighth largest holding [2] - The fund, named Bank of China Preferred Industry Leaders Mixed A (009640), has a total scale of 62.0185 million CNY and has achieved a year-to-date return of 55.24% [2] Fund Manager Performance - The fund manager, Song Fangyun, has been in position for 2 years and 344 days, with a total asset scale of 90.4612 million CNY [3] - The best return during the manager's tenure is 20.42%, while the worst return is -39.29% [3]

Core Viewpoint - The Chinese financial market has demonstrated resilience against external shocks this year, exhibiting a "dual rise" in both stock and currency markets, with optimism surrounding the RMB's rebound and future exchange rate trends [1] Group 1: Financial Market Performance - The Chinese financial market has withstood high-intensity external shocks, resulting in a "dual rise" in stock and currency markets [1] - The RMB has stopped declining and is showing signs of recovery, leading to a generally optimistic outlook for the exchange rate in the coming year [1] Group 2: Future Outlook and Strategy - There is a prevailing sentiment regarding the re-evaluation of the RMB, with discussions around breaking the 7 mark and entering a new economic cycle [1] - In the context of the 14th Five-Year Plan, the market faces both strategic opportunities and challenges, with increasing uncertainty [1] - Instead of betting on a new economic cycle, it is suggested to adapt to the new normal of dual-directional fluctuations in the exchange rate [1]

中银量化大类资产跟踪 A 股市场缩量反弹，贵金属涨幅居前 金融工程| 证券研究报告 —周报 2025 年 11 月 30 日 股票市场概览 本周 A 股市场整体上涨，港股市场整体上涨，美股市场普遍上涨，其 他海外权益市场普遍上涨。 A 股风格与拥挤度 成长 vs 红利：相对拥挤度及超额净值近期处于历史较高位置，需注 意成长风格的配置风险。 小盘 vs 大盘：相对拥挤度及超额净值均未处于历史高位，小盘风格 当前具有较高的配置性价比。 微盘股 vs 中证 800：相对拥挤度及超额净值持续处于历史高位，需注 意微盘股风格的配置风险。 A 股行情跟踪 A 股估值与股债性价比 A 股资金面 汇率市场 近一周在岸人民币较美元升值，离岸人民币较美元升值。 商品市场 本周中国商品市场整体上涨，美国商品市场整体下跌。 风险提示 量化模型因市场剧烈变动失效。 中银国际证券股份有限公司 具备证券投资咨询业务资格 金融工程 证券分析师: 郭策 (8610) 66229081 ce.guo@bocichina.com 证券投资咨询业务证书编号：S1300522080002 联系人：宋坤笛 (8610) 83949524 kundi.s ...

Core Viewpoint - As of November 28, 2025, Zhongyin Securities (601696) closed at 12.92 yuan, marking a 1.97% increase, with significant net inflows from major funds [1] Group 1: Stock Performance and Trading Data - On November 28, 2025, the stock had a turnover rate of 1.22%, with a trading volume of 339,300 hands and a total transaction value of 435 million yuan [1] - The net inflow of major funds was 33.02 million yuan, accounting for 7.59% of the total transaction value, while retail investors experienced a net outflow of 9.84 million yuan, representing 2.26% of the total [1] - Over the past five days, the stock has seen fluctuations in net fund flows, with notable outflows on November 27 and 26, totaling 38.40 million yuan and 38.77 million yuan respectively [2] Group 2: Financial Metrics and Industry Ranking - Zhongyin Securities has a total market capitalization of 35.892 billion yuan, which is significantly lower than the industry average of 72.047 billion yuan, ranking 67th in the industry [3] - The company reported a net profit of 854 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 29.28%, with a net profit margin of 35.03% [3] - The company's return on equity (ROE) stands at 4.64%, below the industry average of 5.4%, ranking 31st in the industry [3]

证券之星消息，11月28日证券板块较上一交易日上涨0.46%，中银证券领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。证券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) | | | --- | --- | --- | --- | --- | --- | --- | | 601136 | 首创证券 | 20.91 | -0.81% | 25.92万 | | 5.39亿 | | 600918 | 中泰证券 | 6.63 | -0.15% | 12.76万 | | 8453.85万 | | 002673 | 西部证券 | 8.02 | -0.12% | 28.34万 | | 2.26亿 | | 600030 | 中信证券 | 27.59 | 0.04% | 74.66万 | | 20.56亿 | | 600999 | 招商证券 | 16.29 | 0.06% | 23.01万 | | 3.74亿 | | 600109 | 国金证券 | 9.15 | 0.11% | 17.37万 | | 1.59亿 | | ...

Group 1 - The core point of the news is that Jiao Cheng Ultrasonic experienced a stock price increase of 5.08%, reaching 101.40 CNY per share, with a total market capitalization of 11.735 billion CNY [1] - Jiao Cheng Ultrasonic, established on February 13, 2007, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The company's main business revenue composition includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other sources [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Jiao Cheng Ultrasonic, with the Bank of China New Energy Mixed A Fund (005571) owning 26,400 shares, accounting for 4.46% of the fund's net value, making it the eighth largest holding [2] - The Bank of China New Energy Mixed A Fund has achieved a year-to-date return of 42.35%, ranking 1184 out of 8127 in its category, and a one-year return of 42.25%, ranking 1085 out of 8059 [2] - The fund manager, Zhang Lixin, has been in charge for 2 years and 341 days, with the fund's total asset size at 14.8 million CNY, and the best and worst returns during her tenure being 1.8% and -6.17%, respectively [3]

证券代码：601696 证券简称：中银证券 公告编号：2025-053 中银国际证券股份有限公司董事会 2025 年 11 月 28 日 1 中银国际证券股份有限公司 2024 年度第四期短期融资券兑付完成公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中银国际证券股份有限公司（以下简称"本公司"）于 2024 年 11 月 26 日 成功发行了中银国际证券股份有限公司 2024 年度第四期短期融资券（以下简称 "本期短期融资券"）。本期短期融资券发行额为人民币 10 亿元，票面利率为 1.92%，短期融资券期限为 1 年，兑付日期为 2025 年 11 月 26 日（若遇节假日顺 延 ） 。 详 见 本 公 司 于 2024 年 11 月 27 日 刊 登 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中银国际证券股份有限公司 2024 年度第四期短期融资 券发行结果公告》（公告编号：2024-038）。 2025 年 11 月 26 日，本公司兑付了本期短期融资券本息共计人民币 1,01 ...

Core Viewpoint - The recent announcement by the company regarding the issuance and repayment of short-term financing bonds indicates a stable financial management strategy and ongoing operations in the capital markets [1][2]. Group 1: Stock Performance - As of November 27, 2025, the stock of Bank of China Securities (601696) closed at 12.67 yuan, down 0.24% from the previous trading day [1]. - The stock opened at 12.69 yuan, reached a high of 12.83 yuan, and a low of 12.65 yuan, with a trading volume of 2.9 billion yuan and a turnover rate of 0.82% [1]. Group 2: Financing Activities - The company announced the issuance of the fourth phase of short-term financing bonds for the year 2024, with an issuance amount of 1 billion yuan and a coupon rate of 1.92%, maturing in one year [1]. - On November 26, 2025, the company completed the repayment of the principal and interest for this bond, totaling 1,019.2 million yuan [1].

Core Insights - The long-term outlook for China's capital markets is positive, but short-term volatility risks should be monitored [1] - Opportunities in the Chinese market stem from economic transformation and upgrading, which introduces uncertainty and risk, emphasizing the need for value and long-term investing [1] Equity Assets - The core asset allocation directions for the next five years include: self-controllable and trendy consumption, mergers and reorganizations of leading enterprises, innovative development in traditional industries, and the relocation of quality enterprises [1] Gold Investment - Gold continues to hold allocation value; medium to long-term uncertainties in U.S. economic policy and concerns over a weakening dollar are expected to support demand for gold as a safe-haven and risk-hedging asset [1] - The proportion of gold in private investment allocations may increase from just over 2% to 4-5% [1] Market Participation - Future investment opportunities will largely arise from transformation and upgrading, which may be challenging for individuals to navigate, thus highlighting the need for wealth management institutions to enhance their asset allocation capabilities [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 格隆汇11月27日丨中银证券(601696.SH)公布,2025年11月26日，本公司兑付了本期短期融资券本息 共计人民币10.19亿元。 ...