2025 年 12 月 01 日 沪深300 及创业板指数近1年走势 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 钢铁 1.589 农林牧渔 1.586 商贸零售 1.461 有色金属 1.444 国防军工 1.406 数据来源：聚源 昨日涨跌幅后五行业 行业名称 涨跌幅(%) 银行 -0.828 煤炭 -0.139 美容护理 0.068 通信 0.121 医药生物 0.137 数据来源：聚源 开源晨会 1201 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】制造业和建筑业低位回升，服务业转弱——兼评 11 月 PMI 数据 -20251130 【宏观经济】利润增速转负，新质生产力效益增势向好——兼评 10 月企业利润数 据-20251127 【策略】提前布局春季躁动——投资策略周报-20251130 【策略】招商中证 2000 增强策略 ETF（159552.OF）的核心投资价值——见证小 巨人成长——投资策略专题-20251128 【策略】开源金股，12 月推荐——投资策略专题-20251128 ...

Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].

| K= | | | --- | --- | | 券商名称 | 推荐个股 | | 东兴证券 | 浙江仙通、甘源食品、北京利尔、福昕软件、威胜信息、牧原股份 中科海讯、日联科技、江苏银行、金银河 | | 光大证券 | 华友钴业、中际旭创、争光股份、中国石油、中国石化、顺络电子 | | | 海尔智家、杭叉集团、恒立液压、金风科技 | | 国信证券 | 美的集团、德力佳、圣晖集成、翱捷科技-U、招商银行、中国平安 益丰药房、亚钾国际 | | 华泰证券 | 美的集团、亚翔集成、东方雨虹、中际旭创、中信特钢、古井贡酒 | | | 宁德时代 | | H 别点加上方 | 巨人网络、西麦食品、北方华创、悦康药业、美的集团、中际旭创 中国人寿、卓易信息 | | 平安证券 | 北方华创、百济神州-U、金风科技、东诚药业、中国太保 | | | 招商银行、洛阳钼业、合合信息、海光信息、鹏辉能源 | | 太平洋 | 蜂助手、卓越新能、沪电股份、天康生物、锦江航运、中国中免 | | | 联影医疗、工商银行、美的集团 | | 中泰证券 | 兆易创新、上海沿浦、华鲁恒升、恺英网络、锦江酒店、荣信文化 | | | 首旅酒店、美湖股份、冠盛股份 ...

其中，中际旭创11月内涨幅最多，累计涨超8%，最新收盘价报514.5元；金风科技月内跌幅最大，累计 跌1.85%，最新收盘价报15.41元。 11月A股市场呈现震荡调整格局，沪指累计跌1.67%，深证成指累计跌2.95%，创业板指累计跌4.23%。 12月如何寻找机会？截至发稿，近10家券商公布了12月月度投资组合，涉及金融、信息技术、消费等多 个领域。 | | 2 | | --- | --- | | 券商名称 | 推荐个股 | | 东兴证券 | 浙江仙通、甘源食品、北京利尔、福昕软件、威胜信息、牧原股份 | | | 中科海讯、日联科技、江苏银行、金银河 | | 光大证券 | 华友钴业、中际旭创、争光股份、中国石油、中国石化、顺络电子 海尔智家、杭叉集团、恒立液压、金风科技 | | 国信证券 | 美的集团、德力佳、圣晖集成、翱捷科技-U、招商银行、中国平安 | | | 益丰药房、亚钾国际 | | 华泰证券 | 美的集团、亚翔集成、东方雨虹、中际旭创、中信特钢、古井贡酒 宁德时代 | | "温泉证券 | 巨人网络、西麦食品、北方华创、悦康药业、美的集团、中际旭创 | | | 中国人寿、卓易信息 | | 平安证券 ...

Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry in China [5]. Core Viewpoints - The expectation of interest rate cuts by the Federal Reserve is likely to boost sales in the U.S. real estate chain, particularly in home appliances and power tools by 2026. The domestic subsidy effect is slowing down, making leading companies more stable. The long-term focus remains on overseas expansion, with companies that diversify their production capacity being favored [3][7]. - Leading companies exhibit higher operational efficiency and mature overseas production layouts, making them preferred choices for stable investments. Recommended stocks include Midea Group, Haier Smart Home, and Hisense Visual [3]. - The export market holds potential, with expectations of a valuation switch by 2026, particularly for Stone Technology [3]. - Companies with stable core business performance are expected to explore new growth avenues, with Anfu Technology being highlighted [3]. Summary by Sections Investment Suggestions and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and overseas production capabilities, which are expected to perform better under pressure from demand and cost [3][7]. - The report highlights the ongoing trend of white goods production, with a total of 30.18 million units produced in December, reflecting a year-on-year decline of 14.1%. The report anticipates that leading companies will gain market share despite challenges [7]. - The cleaning appliance sector is experiencing a trend of market concentration, with the top two companies increasing their market share significantly, indicating a shift towards leading brands [7].

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

当空调安装扳手成为品牌博弈的工具，家电行业的竞争焦点正从前端的技术战、价格战，又悄然转向后端的服务战场。 近日，一则关于美的要求售后服务商"二选一"的传闻引发关注——部分区域服务商被要求不得同时承接小米或格力的空调安装维修业务。对此，美的集团 （000333）迅速回应称："一直秉承用户体验第一原则，并无强制排他性合作行为。" 但市场反馈却呈现另一番景象：有媒体报道称，确有区域负责人向合作方传达类似指令，个别头部服务商已终止与小米等品牌方的合作。 奥维云网2025年前三季度全渠道数据显示，美的以22%的市场份额稳居第一，格力以20%紧随其后，海尔占18%，而小米则以14%跃居第四。尤其在线上渠 道，小米增长迅猛，已与格力展开第二名的拉锯战。 | 27 64 | 今天奥港云更新了7月中国空调线上份群战据:小米 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 已经是越格力,位居第二了, | - 原梅曼XCG | 十多1 | 7月全豪遭第三 ...

香港联交所最新数据显示，11月24日，贝莱德增持美的集团（000333）(00300)203.7899万股，每股作价 88.7535港元，总金额约为1.81亿港元。增持后最新持股数目约为3331.6万股，持股比例为5.12%。 ...

香港联交所最新数据显示，11月24日，贝莱德增持美的集团(00300)203.7899万股，每股作价88.7535港 元，总金额约为1.81亿港元。增持后最新持股数目约为3331.6万股，持股比例为5.12%。 ...