Market Overview - The Sci-Tech Innovation Board (科创板) index fell by 3.19%, closing at 1285.83 points, with a total trading volume of 4.022 billion shares and a turnover of 172.61 billion yuan, resulting in an average turnover rate of 2.09% [1] - Among the tradable stocks on the Sci-Tech Innovation Board, 33 stocks closed higher, with 3 stocks rising over 10%, while 559 stocks closed lower, with 12 stocks declining over 10% [1] Stock Performance - The stock with the highest turnover rate was C Hengkun, a new stock listed for 5 days, which saw a decline of 11.47% and a turnover rate of 46.22%, with a trading volume of 1.25 billion yuan and a net outflow of 13.49 million yuan [1] - Other notable stocks with high turnover rates included Yingfang Software, Qingyun Technology, and Tengjing Technology, with turnover rates of 15.29%, 14.95%, and 14.62% respectively [1] High Turnover Stocks - Among stocks with a turnover rate exceeding 5%, C Hengkun was noted as a new listing, while the top gainers included He Xin Instrument, Aike Saibo, and Dekeli, with increases of 20.00%, 13.31%, and 5.06% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 22 stocks, followed by the power equipment and computer sectors with 12 and 8 stocks respectively [2] Fund Flow Analysis - In terms of fund flow, 16 stocks experienced net inflows, with Dekeli, Woerde, and Yuanjie Technology receiving the most significant inflows of 110 million yuan, 95.93 million yuan, and 78.53 million yuan respectively [2] - Conversely, stocks with the largest net outflows included Rongbai Technology, Guo Dun Quantum, and Dongxin Co., with outflows of 383 million yuan, 350 million yuan, and 320 million yuan respectively [2] Leverage Fund Movements - Recent data indicated that 32 stocks received net purchases from leveraged funds, with Dongxin Co., Huafeng Technology, and Huasheng Lithium receiving the largest increases in financing balances of 332 million yuan, 260 million yuan, and 206 million yuan respectively [3] - Stocks that saw significant reductions in financing balances included Aters, Tengjing Technology, and Woerde, with decreases of 176 million yuan, 126 million yuan, and 122 million yuan respectively [3] Key Stocks on November 21 - A table of key stocks on the Sci-Tech Innovation Board highlighted C Hengkun with a closing price of 51.54 yuan and a daily decline of 11.47%, alongside other stocks like Yingfang Software and Qingyun Technology, which had notable turnover rates and net fund flows [4][5]

Group 1 - The lithium battery electrolyte index experienced a significant adjustment on November 21, with constituent stocks generally declining [1] - Notable declines were observed in companies such as Haike Xinyuan, Dufengduo, Tianji Co., Huasheng Lithium Battery, and Xinzhou Bang, which had the largest drops [1]

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 1.24%, closing at 1328.19 points, with a total trading volume of 3.128 billion shares and a turnover of 142.69 billion yuan, resulting in a weighted average turnover rate of 1.63% [1] - Among the tradable stocks on the STAR Market, 121 stocks closed higher, with 3 stocks rising over 10% and 13 stocks rising between 5% and 10%. Conversely, 465 stocks closed lower [1] Trading Activity - The distribution of turnover rates for STAR Market stocks shows that 2 stocks had turnover rates exceeding 20%, 8 stocks had rates between 10% and 20%, 43 stocks had rates between 5% and 10%, 54 stocks had rates between 3% and 5%, 305 stocks had rates between 1% and 3%, and 181 stocks had rates below 1% [1] - C Hengkong, a newly listed stock, had the highest turnover rate at 47.40%, closing down by 3.05% with a trading volume of 1.454 billion yuan and a net outflow of 34.016 million yuan in main funds [1] - Other notable stocks include Bibet, which rose by 7.73% with a turnover rate of 21.08%, and several others like Yingfang Software, Huasheng Lithium, and Weidao Nano, with turnover rates of 18.95%, 13.99%, and 13.26% respectively [1] High Turnover Stocks - Among stocks with a turnover rate exceeding 5%, C Hengkong is noted as a newly listed stock. In terms of market performance, 21 stocks in this category rose today, with San Da Membrane, Gongda High-Tech, and Qingyun Technology leading with increases of 13.74%, 10.80%, and 10.76% respectively. Conversely, Huasheng Lithium, Hexin Instruments, and Jindike saw declines of 9.33%, 7.43%, and 6.87% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 21 stocks, followed by the power equipment and computer sectors with 9 and 5 stocks respectively [2] Fund Flow - In terms of fund flow, 24 stocks in the high turnover category experienced net inflows, with Dekeli, Dongxin Co., and Haibo Sichuang receiving the most significant net inflows of 99.676 million yuan, 86.0429 million yuan, and 66.7609 million yuan respectively. On the other hand, Baiwei Storage, Shijia Photon, and Shijia Technology faced substantial net outflows of 276 million yuan, 141 million yuan, and 135 million yuan respectively [2] - Recent movements in leveraged funds indicate that 33 stocks have seen net purchases of leveraged funds, with Dongxin Co., Huasheng Lithium, and Huafeng Technology showing significant increases in financing balances of 294 million yuan, 261 million yuan, and 227 million yuan respectively. Conversely, Artis, Shijia Photon, and Tengjing Technology experienced notable decreases in financing balances of 136 million yuan, 113 million yuan, and 103 million yuan respectively [3] Key Stocks - The top stocks by turnover rate on November 20 include: - C Hengkong: Closing price 58.22 yuan, daily change -3.05%, turnover rate 47.40%, net outflow -34.016 million yuan [4] - Bibet: Closing price 29.98 yuan, daily change +7.73%, turnover rate 21.08%, net inflow +35.5901 million yuan [4] - Yingfang Software: Closing price 56.00 yuan, daily change +0.90%, turnover rate 18.95%, net inflow +55.9331 million yuan [4] - Huasheng Lithium: Closing price 103.99 yuan, daily change -9.33%, turnover rate 13.99%, net outflow -94.0686 million yuan [4] - Weidao Nano: Closing price 59.12 yuan, daily change -1.63%, turnover rate 13.26%, net outflow -90.0089 million yuan [4]

Market Overview - The battery sector experienced a decline of 2.5% compared to the previous trading day, with Tianji Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the battery sector included: - KunGong Technology (Code: 920152) with a closing price of 30.80, up 7.88% [1] - ST Hezhong (Code: 300477) with a closing price of 4.02, up 7.20% [1] - Tianhua New Energy (Code: 300390) with a closing price of 60.94, up 6.09% [1] - Significant decliners included: - Tianji Co. (Code: 002759) with a closing price of 38.86, down 9.98% [2] - Baosheng Lithium Battery (Code: 688353) with a closing price of 103.99, down 9.33% [2] - Weike Technology (Code: 600152) with a closing price of 8.17, down 9.02% [2] Capital Flow - The battery sector saw a net outflow of 5.242 billion yuan from institutional investors, while retail investors had a net inflow of 5.352 billion yuan [2][3] - The capital flow for specific stocks showed: - Nord Co. (Code: 600110) had a net inflow of 196 million yuan from institutional investors [3] - Xiangtan Electric (Code: 002125) had a net inflow of 195 million yuan from institutional investors [3] - Tianhua New Energy (Code: 300390) had a net inflow of 134 million yuan from institutional investors [3]

Group 1: New Stock Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Central Plaza (Stock Code: 600280) announced on November 20, 2025[1] Group 2: Stock Performance Alerts - Moen Electric (Stock Code: 002451) reported severe abnormal fluctuations on November 14, 2025[1] - ST Yuancheng (Stock Code: 603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Keli Da (Stock Code: 603828) reported severe abnormal fluctuations on November 12, 2025[1] Group 3: Recent Announcements - Jiumuwang (Stock Code: 601566) announced on November 20, 2025[1] - Taiping Bird (Stock Code: 603877) announced on November 20, 2025[1] - Huaci Co., Ltd. (Stock Code: 001216) announced on November 20, 2025[1]

Group 1 - The A-share market is experiencing a continuous decline in the organic silicon concept stocks [1] - Dongyue Silicon Materials has dropped over 8% [1] - Huasheng Lithium Battery has decreased by more than 7% [1] Group 2 - Silica Treasure Technology, Jinhua New Materials, and Sanyou Chemical have all fallen by over 5% [1] - Luxi Chemical, Xin'an Chemical, and Jinyinhai have seen declines of more than 4% [1]

Core Viewpoint - The total margin balance of the STAR Market on November 19 was 258.339 billion yuan, showing a decrease of 1.162 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 257.412 billion yuan, down by 1.166 billion yuan compared to the previous trading day [1] - The margin trading balance increased by 0.04 billion yuan, reaching 0.927 billion yuan [1] Group 2: Stock Performance - On November 19, 267 stocks in the STAR Market experienced net financing inflows, with 11 stocks having net inflows exceeding 30 million yuan [1] - Rongbai Technology topped the list with a net financing inflow of 145 million yuan, followed by Guangyun Technology, Dongxin Co., Changguang Huaxin, Huasheng Lithium Battery, and Yingfang Software [1]

Group 1 - The lithium battery electrolyte index experienced a decline of 2% during intraday trading, indicating a downward trend in the sector [1] - Most component stocks in the index saw a decrease, with notable declines from companies such as Xinzhou Bang, Huasheng Lithium Battery, Tianji Stock, Duofluor, and Haike Xinyuan, which fell by 4.82%, 4.80%, 4.54%, 3.81%, and 3.03% respectively [1]

Core Viewpoint - The new materials sector has shown positive performance this week, with the new materials index rising by 0.32%, outperforming the ChiNext index by 3.33% [1][2]. Market and Sector Performance - The synthetic biology index increased by 5.04% over the past five trading days, while semiconductor materials decreased by 1.82%, electronic chemicals fell by 2.23%, biodegradable plastics rose by 1.10%, industrial gases dropped by 0.24%, and battery chemicals surged by 13.83% [1][2]. Price Tracking of Industry Chain - Amino acids: Valine remains at 12,550 CNY/ton, Arginine decreased by 0.47% to 21,400 CNY/ton, Tryptophan remains at 32,500 CNY/ton, and Methionine decreased by 2.22% to 19,800 CNY/ton [3]. - Biodegradable materials: PLA (FY201 injection grade) remains at 17,800 CNY/ton, PLA (REVODE201 film grade) at 17,000 CNY/ton, PBS at 17,500 CNY/ton, and PBAT at 9,800 CNY/ton [3]. - Vitamins: Vitamin A remains at 63,000 CNY/ton, Vitamin E at 52,500 CNY/ton, Vitamin D3 at 212,500 CNY/ton, Calcium Pantothenate at 42,000 CNY/ton, and Inositol at 30,500 CNY/ton [3]. - Industrial gases and wet electronic chemicals: UPSSS grade hydrofluoric acid remains at 11,000 CNY/ton, and EL grade hydrofluoric acid at 6,100 CNY/ton [3]. - Plastics and fibers: Carbon fiber remains at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton, which decreased by 13.44% [3]. Investment Recommendations - The demand for the energy storage industry is surging, leading to continuous price increases for lithium battery materials. Lithium hexafluorophosphate, a key raw material for electrolytes, is crucial for battery performance [4]. - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity issues, with lithium hexafluorophosphate prices rising to 160,000 CNY/ton, a threefold increase from the July 2025 low of 50,000 CNY/ton [5]. - The price of VC (vinylene carbonate), an important additive in electrolytes, has also increased to 60,000 CNY/ton, reflecting a more than 30% rise from its lowest point [5].

Group 1 - Multiple foreign institutions have released outlook reports for 2026, collectively optimistic about the long-term allocation value of the Chinese stock market, with UBS and Morgan Stanley raising target index levels for the Chinese market [1] - The recent actions of foreign institutions, including increased research and accumulation, indicate a strong commitment to investing in Chinese assets, supported by the steady advancement of high-level institutional openness in China's capital market [1] - The active equity funds have outperformed passive index products in a high volatility market environment, with notable funds like Taixin Development Theme leading the charge [1] Group 2 - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment, with several funds stabilizing and some even regaining upward momentum, driven by the introduction of a "commercial insurance innovative drug catalog" mechanism in medical insurance negotiations [2] - The lithium battery materials sector continues to experience a "volume and price rise," with battery-grade lithium carbonate prices reaching a new high of 97,550 yuan per ton, benefiting the salt lake lithium extraction industry [3] - The energy storage sector has seen multiple stocks doubling in value this year, with leading companies like Haibo Sichuang and Huasheng Lithium Battery showing significant gains [3] Group 3 - The number of newly registered private equity securities investment funds has exceeded 10,000 this year, with equity strategies dominating the issuance market, reflecting increased market participation [4] - The net subscription amount for equity ETFs has reached 484.69 billion yuan in November alone, indicating a strong influx of capital into the market [4] - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process, which is expected to enhance market vitality and promote high-quality development of ETFs [5] Group 4 - Over 70 A-share listed companies have disclosed significant contract signings or strategic cooperation agreements since October, with a focus on industries such as machinery and power equipment [8] - The merger and acquisition activity in the securities industry is intensifying, with China International Capital Corporation planning to absorb and merge Dongxing Securities and Xinda Securities through a share exchange [8] - The integration of banking and social platforms is deepening, with over 65 official accounts established by banks on platforms like Xiaohongshu, indicating a trend towards digital engagement in the banking sector [9]