2025 年 11 月 28 日 开源金股，12 月推荐 策略研究团队 ——投资策略专题 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 策略：近期调整结束后成长或仍占优 本轮调整结束后有望延续前期成长风格，把握 AI 硬件优质 Alpha 的同时重视科 技潜在的高低切：军工、传媒（游戏）、AI 应用、港股互联网、电力设备等。 商贸零售：上美股份（2145.HK） Q4 主推产品有望快速放量，双十一表现亮眼。 传媒：巨人网络（002558.SZ） 圣诞、元旦活动或推动《超自然行动组》DAU、流水等关键数据突破新高。 电子：北方华创（002371.SZ） 财务压力得到改善，长鑫与长存上市进展公布、国内 FAB 开启招标、地缘政治 带动自主可控情绪加强。 金融工程：基于行业轮动模型的 12 月行业多头 基于行业动力学模型，12 月行业组合为：美容护理，社会服务，家用电器，石 油石化，商贸零售，通信，交通运输，汽车，传媒，食品饮料。 海外：阿里巴巴-W（9988.HK） 积极投入 AI 基础设施建设并计划追加更多投入有望驱动云业务增长提速，淘天 短期加大闪购投入，用户 ...

从资金流向上来看，当日白色家电板块主力资金净流入2.36亿元，游资资金净流出8231.64万元，散户资 金净流出1.54亿元。白色家电板块个股资金流向见下表： 证券之星消息，11月28日白色家电板块较上一交易日上涨0.03%，深康佳Ａ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%。白色家电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) | | | --- | --- | --- | --- | --- | --- | --- | | 000016 | 深康佳A | 5.20 | 1.76% | 25.44万 | | 1.32 Z | | 600983 | 惠而浦 | 10.15 | 0.89% | 2.08万 | 2099.05万 | | | 000333 | 美的集团 | 79.86 | 0.08% | C 18.13万 | | 14.45 Z | | 000651 | 格力电器 | 40.36 | 0.07% | 1 20.44万 | | 8.23亿 | | 600690 | 海尔智家 | 27. ...

智通财经记者 郭莎莎 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡，牵动社会各界关 注。 据中国新闻网，截至11月28日上午6时，香港宏福苑火警共造成94人遇难，当中一名遇难者为消防员。 另由消防处处理的伤者共有76人，包括11名消防员。 百度宣布捐赠1000万港元专项资金，用于受灾民众的紧急安置、生活保障及灾后重建。 网易公司决定捐赠1000万港元，用于支持当地紧急救援、过渡安置、灾后社区恢复、居民情绪疏导等各 项工作。 小米集团创始人、董事长兼CEO雷军在个人微博发文表示，香港小米基金会捐赠1000万港元，紧急驰援 香港大埔火灾救援。 快手宣布通过北京快手公益基金会捐赠500万港元，支援香港大埔火灾的紧急救援和灾后恢复工作。 据新华网，香港特区政府民政及青年事务局发言人27日表示，为援助大埔宏福苑的居民，特区政府当日 已成立"大埔宏福苑援助基金"，并投入3亿港元作为启动资金，协助居民及支持各项相关工作。 灾情发生后，多家企业、机构纷纷捐款，紧急驰援香港大埔火灾救援。据记者不完全统计，截至11月27 日24时，已有逾40家企业参与捐赠，物资和捐款总额超6亿港元。 多家互联网科 ...

Core Points - Over 40 companies and foundations have contributed more than 600 million HKD to support the fire disaster relief and reconstruction efforts in Tai Po, Hong Kong [1][2] - The Hong Kong government and various sectors are actively engaged in firefighting, rescue operations, and post-disaster support [1] Company Contributions - Alibaba Group has initiated a donation of 20 million HKD for disaster relief and has activated its emergency response mechanism to provide essential supplies [2] - Anta Group and Xtep Group each announced donations of 20 million HKD for disaster relief efforts [2] - Tencent, Xiaomi, and other companies have also contributed amounts ranging from 5 million HKD to 20 million HKD [2] Foundation Contributions - The Ma Yun Public Welfare Foundation donated 30 million HKD to assist affected families and support emergency personnel [3] - The Li Ka Shing Foundation allocated 80 million HKD, including 30 million HKD for immediate aid and 50 million HKD for community rebuilding [3] - The Hong Kong Red Cross received a donation of 2 million RMB for emergency rescue and humanitarian assistance [4] Insurance Sector Response - Multiple insurance companies, including China Life and Ping An, have activated emergency claims procedures to ensure rapid support for affected families [4]

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which are expected to drive growth in wearable technology and other applications [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030, indicating stable growth prospects [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef prices, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability through enhanced user engagement and AI integration [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear plan for non-pharmaceutical profit growth [2]. Home Appliances - Midea Group (000333.SZ) is focusing on dual-driven strategies in domestic and international markets, with strong cash flow and a favorable dividend yield, despite facing some pressure in Q4 [2]. Non-Bank Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which is expected to drive growth in wearable technology [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030 [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef price increases, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear planning rhythm for non-pharmaceutical profit increments [2]. Home Appliances - Midea Group (000333.SZ) is advancing its dual-driven strategy, focusing on both B2B and B2C markets, with strong cash flow and a favorable dividend yield, making it an attractive investment [2]. Non-Banking Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

Core Insights - The energy-saving home appliance market is experiencing continuous demand growth due to the global trend towards energy conservation and increasing consumer awareness of environmental protection [1][3][6] - The market size of China's energy-saving home appliance industry is projected to grow from 236.25 billion yuan in 2015 to 680.325 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.47% [1][10] - By 2025, the market size is expected to reach 744.3 billion yuan, driven by technological advancements and evolving consumer demands [1][10] Industry Overview - Energy-saving home appliances utilize advanced technologies such as variable frequency technology, high-efficiency compressors, and optimized insulation materials to significantly reduce energy consumption during use [1][3] - The industry includes various products such as air conditioners, refrigerators, washing machines, water heaters, televisions, and rice cookers [3] Market Dynamics - The Chinese government has implemented various policies to support the energy-saving appliance sector, including subsidies for replacing old appliances and promoting energy-efficient products [6][7][11] - The increasing focus on green consumption and energy efficiency among consumers is driving demand for energy-saving appliances [7][11] Industry Chain - The upstream of the energy-saving appliance industry includes raw materials and components such as steel, copper, plastics, rubber, electronic components, semiconductor materials, chemical materials, and insulation materials [8] - The midstream involves the production and manufacturing of energy-saving appliances, while the downstream encompasses sales channels including specialty appliance stores, home improvement markets, and various e-commerce platforms [8] Key Players - Major companies in the energy-saving appliance sector include Midea Group, Haier Smart Home, Gree Electric Appliances, Sichuan Changhong, Hisense, and others [1][13] - Midea Group reported a revenue of 167.201 billion yuan in its smart home business for the first half of 2025, reflecting a year-on-year growth of 13.32% [13] - Haier Smart Home achieved significant sales in its refrigerator, washing machine, and air conditioning segments, with respective revenues of 42.517 billion yuan, 31.645 billion yuan, and 31.645 billion yuan in the first half of 2025 [14][15] Development Trends - The industry is moving towards greater integration of artificial intelligence and IoT technologies, enabling autonomous energy management and optimization [16] - There is a focus on green design and circular economy principles, with an emphasis on using eco-friendly refrigerants and increasing the use of renewable materials [16] - Energy-saving appliances are evolving from single-function products to comprehensive, scenario-based solutions that optimize energy consumption across different home environments [17]

"十四五"以来， 广东省上市公司总市值突破30万亿元大关，五年间净增超过14万亿元市值，与广东省2024年GDP相当； 广东省A股上市公司总数达到887家，总市值攀升至19万亿元； 广东省新增上市公司255家，其中，科创板、创业板、北交所上市公司分别净增加60家、117家和30家。 截至11月18日，A股共有13家公司总市值超过1万亿元，其中广东3家； 在A股超千亿市值的公司中，广东有25家。 截至2025年8月底，广东上市公司知识产权总量突破59万项，位居全国第一； 专利数量占知识产权总量的85%，其中发明专利授权量排名全国第一。 11月18日，南网数字登陆创业板，成为广东今年来第18家新上A股公司。由此，广东A股上市公司"军 团"总数达到887家，总市值攀升至19万亿元。 A股公司总数逼近900家、境内外上市公司总数超过1200家——"十四五"以来，广东在资本市场不断取 得量的突破，更有"价"的提升——境内外上市公司总市值突破30万亿元大关，五年间净增超过14万亿 元，与广东省2024年GDP相当。 这，是独属广东的资本市场新"粤"章；这，也是一个让人刮目相看的新奇迹。 号角催征，步履铿锵。2024年，广 ...

Group 1: Communication Sector - The report highlights the strong fundamentals of the digital virtual goods operator, Bee Assistant (301382.SZ), with a stable business base and rapid growth in IoT and cloud terminal services [4] - The company is expected to benefit from AI trends due to its strategic investments in AI-related areas [4] Group 2: Medical Sector - United Imaging Healthcare (688271.SH) is identified as a leading domestic medical imaging equipment manufacturer with a comprehensive product line including CT, MR, MI, XR, RT, and ultrasound [4] - The company has made significant breakthroughs in core technologies and successfully launched high-end products like ultra-high field MR and digital PET-CT, which are at the forefront of global standards [4] - Anticipated revenue recognition from delayed orders in 2024 is expected to boost performance in the second half of 2025, supported by new funding for equipment upgrades [4] Group 3: Consumer Goods Sector - Gu Ming (1364.HK) is noted as a highly certain and scalable player in the tea beverage sector, with strong same-store sales and rapid franchisee payback periods [4] - The company is expected to emerge as a stable growth and expansion leader during the industry reshuffle in 2026 [4] Group 4: Home Appliances Sector - Midea Group (000333.SZ) reported a 13% year-on-year revenue increase in the ToC segment for Q1-Q3 2025, driven by high-end brands and an optimized product structure [5] - The ToB segment saw an 18% revenue increase, with significant growth in new energy and industrial technology sectors [5] - The company's focus on robotics is expected to enhance its product offerings and support long-term revenue growth [7] Group 5: Chemical Sector - Excellent New Energy (688196.SH) is positioned well in the biofuel industry, with a robust capacity layout for biodiesel and bio-based materials [7] - The company is accelerating its biodiesel project with a projected post-tax internal rate of return of 28.94%, enhancing its market competitiveness [7] Group 6: Financial Sector - Industrial and Commercial Bank of China (601398.SH) is characterized by its stability and high dividend yield, making it a preferred choice for investors seeking certainty [7] - The bank's net profit showed a slight year-on-year increase of 0.33% for the first three quarters of 2025, with non-interest income growing by 11.3% [7] Group 7: Transportation Sector - Jinjiang Shipping (601083.SH) reported a remarkable 64% year-on-year increase in net profit for Q3, outperforming peers [7] Group 8: Retail Sector - China Duty Free Group (601888.SH) is experiencing a recovery in duty-free sales, benefiting from increased domestic tourism and expectations of policy support [7] Group 9: Agriculture Sector - Tian Kang Biological (002100.SZ) is positioned to benefit from rising pig prices as the industry undergoes capacity reduction, potentially enhancing profitability [8] Group 10: Electronics Sector - Huadian Co., Ltd. (002463.SZ) is experiencing high growth in server switch business driven by AI demand, with ongoing capacity expansion and improved profitability [8]