11月28日，沪指上涨0.34%，深成指上涨0.85%，创业板指上涨0.70%，沪深300指数上涨0.25%。可交易 A股中，上涨的有4122只，占比75.87%，下跌的1193只。 资金面上，今日主力资金全天净流入108.40亿元。其中，创业板主力资金净流入4.67亿元；科创板主力 资金净流入3.20亿元；沪深300成份股主力资金净流出13.82亿元。 分行业来看，申万所属的一级行业中，今日上涨的有29个，涨幅居前的行业为钢铁、农林牧渔，涨幅为 1.59%、1.59%。跌幅居前的行业为银行、煤炭，跌幅为0.83%、0.14%。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 1.30 | 34.23 | 社会服务 | 0.88 | 0.62 | | 有色金属 | 1.44 | 30.51 | 公用事业 | 0.31 | 0.54 | | 汽车 | 1.21 | 23.03 | 煤炭 | -0.14 | 0.09 | | 电力设备 | 1.3 ...

Core Points - The One Belt One Road Index (399991) closed at 2752.77 points, up 0.71%, with a trading volume of 98.274 billion yuan and a turnover rate of 0.58% [1] - Among the index constituents, 66 stocks rose, with Jerry Holdings leading at a 10.0% increase, while 19 stocks fell, with Zhongji Xuchuang leading the decline at 1.81% [1] Index Constituents Summary - The top ten constituents of the One Belt One Road Index include: - Zhongji Xuchuang (4.03% weight) at 514.50 yuan, down 1.81% [1] - Yingmei Holdings (3.30% weight) at 28.58 yuan, down 0.07% [1] - Luoyang Jiyie (3.20% weight) at 16.23 yuan, up 1.76% [1] - China Petroleum (3.15% weight) at 9.75 yuan, down 1.02% [1] - TBEA (3.08% weight) at 21.80 yuan, up 1.96% [1] - Xinyi Sheng (3.08% weight) at 347.80 yuan, up 2.05% [1] - ZTE Corporation (2.88% weight) at 42.09 yuan, down 0.50% [1] - SANY Heavy Industry (2.73% weight) at 20.32 yuan, up 0.94% [1] - China Xiongzhu (2.70% weight) at 5.20 yuan, down 0.76% [1] - Wanhua Chemical (2.69% weight) at 67.12 yuan, up 1.85% [1] Capital Flow Analysis - The One Belt One Road Index constituents experienced a net outflow of 173 million yuan from main funds, while retail investors saw a net inflow of 135 million yuan [3] - Notable capital flows include: - Xinyi Sheng with a net inflow of 63.2 million yuan from main funds [3] - Tanfeng Communication with a net inflow of 42.5 million yuan from main funds [3] - Zijin Mining with a net inflow of 15.1 million yuan from main funds [3] - Luoyang Jiyie with a net inflow of 13 million yuan from main funds [3] - China Shipbuilding with a net inflow of 129 million yuan from main funds [3]

Market Overview - The Shanghai Composite Index rose by 0.34% on November 28, with 29 out of 31 sectors experiencing gains, led by the steel and agriculture sectors, both up by 1.59% [1] - The telecommunications sector saw a modest increase of 0.12%, while the banking and coal sectors faced declines of 0.83% and 0.14%, respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 10.84 billion yuan, with 19 sectors experiencing net inflows [1] - The electronics sector led the net inflow with 3.423 billion yuan and a daily increase of 1.30%, followed by the non-ferrous metals sector, which saw a net inflow of 3.051 billion yuan and a daily increase of 1.44% [1] Telecommunications Sector Performance - In the telecommunications sector, there were 124 stocks, with 86 rising and 36 falling; 2 stocks hit the daily limit up [2] - The top net inflow stocks included Xinyi Technology with 627 million yuan, Tianfu Communication with 433 million yuan, and Changxin Bochuang with 355 million yuan [2] - The sector experienced a net outflow of 1.311 billion yuan, with the largest outflows from Zhongji Xuchuang (799 million yuan), ZTE Corporation (695 million yuan), and Yongding Co. (276 million yuan) [2][4] Top Gainers in Telecommunications - Notable gainers in the telecommunications sector included: - Xinyi Technology: +2.05%, turnover rate 4.68%, net inflow 626.81 million yuan - Tianfu Communication: +1.88%, turnover rate 4.71%, net inflow 432.73 million yuan - Changxin Bochuang: +7.22%, turnover rate 18.54%, net inflow 354.54 million yuan [2] Top Losers in Telecommunications - Major losers in the telecommunications sector included: - Zhongji Xuchuang: -1.81%, turnover rate 2.94%, net outflow 796.74 million yuan - ZTE Corporation: -0.50%, turnover rate 3.48%, net outflow 695.40 million yuan - Yongding Co.: -1.26%, turnover rate 12.93%, net outflow 275.75 million yuan [4]

Core Insights - The Terahertz concept sector increased by 2.69%, ranking fourth among concept sectors, with 18 stocks rising, including LeiKe Defense which hit the daily limit, and YaGuang Technology, TianYin Electromechanical, and HaiTe High-tech showing significant gains of 13.48%, 6.03%, and 3.91% respectively [1][2] Market Performance - The top-performing concept sectors today included Titanium Dioxide with a rise of 4.31%, Hainan Free Trade Zone at 3.54%, and Dairy Industry at 2.82%, while the Terahertz sector followed closely at 2.69% [2] - The Terahertz sector experienced a net outflow of 359 million yuan, with 11 stocks receiving net inflows from major funds, and 6 stocks seeing inflows exceeding 30 million yuan [2] Fund Flow Analysis - LeiKe Defense led the net inflow with 406 million yuan, followed by YaGuang Technology, ChangFei Fiber, and HaiGe Communication with net inflows of 237 million yuan, 88.86 million yuan, and 54.67 million yuan respectively [2][3] - The net inflow ratios for LeiKe Defense, YaGuang Technology, and HaiGe Communication were 20.05%, 11.53%, and 10.21% respectively, indicating strong investor interest [3] Stock Performance - LeiKe Defense showed a daily increase of 10.06% with a turnover rate of 21.41%, while YaGuang Technology rose by 13.48% with a turnover rate of 28.12% [3][4] - Other notable performers included TianYin Electromechanical and HaiTe High-tech, which increased by 6.03% and 3.91% respectively [1][4]

2025.11. 28 本文字数：745，阅读时长大约2分钟 作者 | 一财阿驴 11月28日，A股三大指数低开高走，截至收盘，沪指涨0.34%，深成指涨0.85%，创业板指涨0.7%。沪指本月累计跌 1.67%，深成指本月累跌2.95%，创业板指累跌4.23%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Min | 3888.60 | 13.34 | 0.34% | | 399001 | 深证成指 | mm | 12984.08 | 108.89 | 0.85% | | 399006 | 创业板指 | ma | 3052.59 | 21.29 | 0.70% | 盘面上，福建板块午后涨势扩大，锂电池产业链全线反弹，商业航天概念午后回升；银行、医药股逆势飘绿。 具体来看，商业航天概念集体爆发，航天发展、四川金顶、乾照光电、航天环宇等10股涨停。 | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 300102 | 乾照光电 ...

11月27日，上证指数早盘震荡上扬，午后冲高回落；深证成指、创业板指、科创50指数早盘冲高回 落，午后一度回升，随后再度回落。截至收盘，上证指数报3875.26点，涨0.29%，成交额6985亿元；深 证成指报12875.19点，跌0.25%，成交额10112.75亿元；创业板指报3031.30点，跌0.44%，成交额 4991.06亿元；科创50指数报1310.70点，跌0.33%，成交额618亿元。沪深两市合计成交17097.75亿元， 成交额较上一交易日减少735.52亿元。 有机硅、固态电池等概念走强 金富科技、广济药业(000952)均4连板 Wind统计显示，沪深两市主力资金今日净流出186.22亿元；其中，创业板主力资金净流出94.23亿 元；沪深300成份股主力资金净流出60.4亿元；科创板主力资金净流出0.66亿元。 从行业来看，申万所属的31个一级行业，今日有5个行业主力资金呈现净流入，其中，轻工制造行 业主力资金净流入最多，净流入金额为4.71亿元；行业主力资金净流入居前的还有房地产、食品饮料 等，净流入金额分别为1.82亿元、1.44亿元。26个行业主力资金呈现净流出，其中，计算机行业 ...

Core Insights - The article presents a new research study that challenges the traditional belief that supervised fine-tuning (SFT) is a necessary precursor to reinforcement learning (RL) in the training of multimodal models, demonstrating that RL alone can effectively optimize multimodal capabilities [2][36]. Group 1: Research Findings - The study, conducted by Central South University and ZTE Corporation, introduces a quantifiable and operational "difficulty sampling" standard for multimodal models, validating the effectiveness of a training approach that relies solely on RL strategies (GRPO) [3][36]. - The research addresses two long-standing issues in multimodal post-training: the lack of quantifiable sample difficulty metrics and the inability of training paradigms to optimize perception and reasoning capabilities simultaneously [4][5][6]. Group 2: Methodology - Two complementary difficulty quantification strategies are proposed: Progressive Image Semantic Masking (PISM) and Cross-Modality Attention Balance (CMAB), which facilitate the hierarchical training framework [7][36]. - PISM involves progressively masking different parts of images to simulate varying degrees of visual information loss, allowing for the assessment of model performance based on its reliance on visual details [10][14]. - CMAB evaluates the complexity of cross-modal interactions by analyzing the attention scores of generated tokens across different Transformer layers, providing insights into the balance of attention between text and image inputs [19][34]. Group 3: Experimental Results - The experimental results indicate that the GRPO-only paradigm, which utilizes medium and difficult samples, significantly outperforms both full dataset training and random sample training, underscoring the importance of data quality over quantity [29][36]. - In visual reasoning tasks, the GRPO-only approach achieved optimal scores in multiple metrics, with notable improvements in MathVista (68.3) and OCRBench (77.8) compared to traditional methods [27][29]. - The study also highlights that SFT did not contribute to performance gains, suggesting that it may introduce "pseudo chains of thought" that limit the model's true reasoning capabilities [29][36]. Group 4: Future Directions - The research team outlines three future research directions: dynamic difficulty adjustment for adaptive learning, exploration of combined sampling strategies from PISM and CMAB, and validation of methods on larger multimodal models [38][39].

Core Points - Huawei and ZTE have signed 5G agreements in Vietnam, indicating a warming relationship between Vietnam and China amid deteriorating ties with the U.S. due to tariffs [1][2] - Vietnam has historically been cautious about using Chinese technology in sensitive infrastructure, but recent developments suggest a shift in this stance [1][4] - Contracts awarded to Huawei and ZTE include a $23 million deal for 5G equipment and additional contracts exceeding $20 million for 5G antennas [1][5] Group 1: Contracts and Agreements - Huawei and ZTE have secured multiple contracts for supplying 5G equipment in Vietnam, with Huawei winning a $23 million contract in April and ZTE winning contracts totaling over $20 million recently [1][5] - Despite concerns from Western officials, the contracts reflect Vietnam's changing approach towards Chinese technology amid geopolitical tensions [1][2] Group 2: Geopolitical Context - The U.S. has pressured Vietnam to avoid Chinese contractors in its digital infrastructure projects, including undersea cables, citing national security risks [4][6] - Recent meetings among Western officials in Vietnam have raised concerns about the implications of using Chinese technology on trust in Vietnam's networks and access to advanced U.S. technology [6][7] Group 3: Industry Dynamics - Huawei and ZTE face restrictions in the U.S. and some European countries due to perceived national security risks, yet they continue to expand their presence in Vietnam [5][9] - The European Commission is exploring measures to compel member states to exclude high-risk suppliers like Huawei and ZTE from telecom networks, which could lead to political disputes [7][9]

Market Dynamics - Huawei and ZTE have won contracts to supply 5G equipment to Vietnam, despite US government's efforts to exclude Chinese contractors from digital infrastructure projects [1] - The US government has been urging Vietnam to exclude Chinese contractors, including those involved in submarine cable projects, as a condition for advanced technology support [1] Contract Details - A consortium including Huawei secured a $23 million (23 million 美元) contract for 5G equipment [1] - ZTE won at least two contracts, including one worth over $20 million (20 million 美元) last week, for producing 5G antennas [1] Geopolitical Context - The US announced tariffs on Vietnamese goods in April [1]

Core Insights - As of November 27, the total market financing balance reached 2.46 trillion yuan, marking an increase of 2.75 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 493 million yuan, while the Shenzhen market saw a balance of 1.20 trillion yuan, increasing by 2.25 billion yuan [1] - A total of 1,781 stocks experienced net financing inflows, with 379 stocks having net inflows exceeding 10 million yuan, and 24 stocks surpassing 100 million yuan in net inflows [1] Individual Stock Highlights - The top stock for net financing inflow on November 27 was Shenghong Technology, with a net inflow of 501 million yuan, followed by Cambrian Technologies and ZTE Corporation with net inflows of 370 million yuan and 286 million yuan, respectively [2] - In terms of industry concentration, the electronics, communications, and power equipment sectors had the highest number of stocks with net inflows exceeding 100 million yuan, with 9, 4, and 3 stocks respectively [1] Financing Balance Analysis - The average ratio of financing balance to circulating market value for stocks with significant net inflows was 5.17%, with the highest ratio observed in Yintang Zhikong at 11.03% [2] - Other stocks with high financing balance ratios included Cambridge Technology, Yunnan Zhiye, and Huagong Technology, with ratios of 10.19%, 8.88%, and 7.68% respectively [2] Sector Performance - The main board had 9 stocks with significant net inflows, while the ChiNext board had 11, and the Sci-Tech Innovation board had 4 [1] - The performance of individual stocks varied, with some experiencing notable price changes alongside their financing activities, such as Yintang Zhikong with a 10.79% increase and Shenghong Technology with a slight increase of 0.06% [3]