Core Viewpoint - The A-share market shows strong performance in Hainan Free Trade stocks, with several companies reaching their daily limit up [1] Group 1: Company Performance - New Dazhou A, Fulongma, and Hainan Development all hit the daily limit up [1] - Kangzhi Pharmaceutical increased by over 6% [1] - Caesar Travel, Haima Automobile, Hainan Haiyao, and Xinhua Dou all rose by over 5% [1]

11 月中国乘用车批发销量达 299.2 万辆，前 11 个月汽车以旧 换新超 1120 万辆 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 12 月 7 日 2 证券研究报告 行业研究 [Tabl 行业周报e_ReportType] | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [Table_Title] 11 月中国乘用车批发销量达 299.2 万辆，前 11 个月汽车以旧换新超 1120 万辆 [Table_ReportDate] 2025 年 12 月 7 日 投资要点： | 图 1：本周汽车板块涨 1.38%，涨跌幅位居 A 股申万一级行业第 10 位 4 | | --- | | 图 2：A 股汽车板块本年度涨跌幅申万一级行业排名第 11 位 4 | | 图 3：乘用车板块表现 4 | | 图 4：商用车板块表现 5 | | 图 5：汽车 ...

Summary of Key Points Core Viewpoint - A total of 858 stocks reported their latest shareholder numbers as of November 30, with 427 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Changes - Among the 858 stocks, 22 stocks experienced a decline in shareholder numbers exceeding 10%, with Huaying Agriculture showing the largest drop of 25.80%, bringing its total to 50,981 shareholders [3]. - Haima Automobile followed with a 19.43% decrease in shareholder numbers, totaling 200,890 [3]. - Other notable declines include Hangzhou High-tech (-18.01%), Xinlong Holdings (-18.00%), and Yahua Group (-17.39%) [3]. Group 2: Market Performance - The average decline for concentrated stocks from November 21 was 1.07%, with 40% of these stocks outperforming the Shanghai Composite Index, which fell by 2.88% during the same period [2]. - Green Island Wind had the highest increase among stocks with declining shareholder numbers, rising by 32.45% since November 11 [2]. - Other stocks with significant gains include Changshan Pharmaceutical (up 16.86%) and Pulutong (up 24.61%) [2]. Group 3: Industry Concentration - The concentrated stocks are primarily found in the machinery, basic chemicals, and power equipment sectors, with 52, 44, and 38 stocks respectively [3]. - The trend of decreasing shareholder numbers is particularly pronounced in the agriculture and automotive sectors, as evidenced by the significant drops in Huaying Agriculture and Haima Automobile [3].

Summary of Key Points Core Viewpoint - A total of 776 stocks reported their latest shareholder numbers as of November 30, with 384 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Changes - Among the 776 stocks, 20 stocks experienced a decline in shareholder numbers exceeding 10%, with Huaying Agriculture showing the largest drop of 25.80%, bringing its total to 50,981 shareholders [3]. - Haima Automobile followed with a 19.43% decrease in shareholder numbers, totaling 200,890 [3]. - Other notable declines include Hangzhou High-tech (-18.01%), Xinlong Holdings (-18.00%), and Yahua Group (-17.39%) [3]. Group 2: Market Performance - The average decline for concentrated stocks since November 11 was 4.05%, which underperformed compared to the Shanghai Composite Index's decline of 3.55% during the same period [2]. - Despite the overall decline, 37% of concentrated stocks outperformed the market, indicating pockets of resilience among certain stocks [2]. - Stocks like Green Island Wind and Changshan Pharmaceutical saw significant gains, with Green Island Wind increasing by 38.19% since November 11 [2]. Group 3: Industry Concentration - The concentrated stocks are primarily found in the machinery, power equipment, and basic chemicals sectors, with 50, 36, and 36 stocks respectively [3]. - The performance of these sectors reflects varying levels of investor confidence and market dynamics, with some companies within these sectors showing strong performance despite overall declines in shareholder numbers [3].

（文章来源：每日经济新闻） 每经AI快讯，12月4日，海南板块大幅走弱，罗牛山逼近跌停，海南瑞泽、康芝药业、海南海药、海马 汽车等跌超5%。 ...

Summary of Key Points Core Viewpoint - A total of 703 stocks reported their latest shareholder numbers as of November 30, with 350 stocks showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain sectors [1][3]. Group 1: Shareholder Numbers - 703 companies disclosed their shareholder numbers as of November 30, with 350 showing a decrease compared to the previous period [1][3]. - The largest decline in shareholder numbers was observed in Huaying Agriculture, which saw a drop of 25.80% to 50,981 shareholders [3]. - Haima Automobile reported a decrease of 19.43%, bringing its total to 200,890 shareholders [3]. Group 2: Stock Performance - Among the concentrated stocks, 40% outperformed the Shanghai Composite Index, which fell by 3.50% during the same period [2]. - The stock with the highest increase among those with declining shareholder numbers was Lvdiaofeng, which rose by 48.74% since November 11 [2]. - Other notable performers included Pulutong and Changshan Pharmaceutical, which also showed significant gains [2]. Group 3: Industry Concentration - The concentrated stocks were primarily found in the machinery, power equipment, and pharmaceutical sectors, with 48, 34, and 31 stocks respectively [3]. - The average decline for the latest concentrated stocks since November 21 was 1.52%, with notable increases in stocks like Jerry Co., Xiangyang Bearing, and Hengbo Co., which rose by 26.34%, 25.99%, and 21.60% respectively [3].

（文章来源：证券日报） 证券日报网讯 12月2日，海马汽车在互动平台回答投资者提问时表示，公司始终秉持开放与合作的态 度，并持续关注各类可能的产业协同机会。若有新的对外合作事项，公司将按规定及时履行信息披露义 务。 ...

Market Overview - The Shanghai Composite Index closed at 3897.71 points, down 0.42%, with a trading volume of 627.4 billion yuan [1] - The Shenzhen Component Index closed at 13056.70 points, down 0.68%, with a trading volume of 965.99 billion yuan [1] - The ChiNext Index closed at 3071.15 points, down 0.69%, with a trading volume of 451.81 billion yuan [1] - The total trading volume of both markets was 1.59339 trillion yuan, a decrease of 280.59 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance was noted in sectors such as oil and petrochemicals, light industry manufacturing, building materials, and home appliances [1] - Concepts like street vendor economy, prepared dishes, 6G, aquaculture, and low-carbon metallurgy showed active trends [1] - Sectors that experienced declines included media, non-ferrous metals, computers, precious metals, electric equipment, pharmaceuticals, machinery, and education [1] Individual Stock Performance - A total of 1509 stocks rose, while 3493 stocks fell, with 152 stocks remaining flat and 15 stocks suspended [2] - Among the stocks, 55 reached the daily limit up, while 9 hit the limit down [2] - Jinfu Technology led with 7 consecutive limit-up days, followed by *ST Yatai with 6 consecutive limit-ups [5] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 31.083 billion yuan, with the ChiNext experiencing a net outflow of 14.283 billion yuan [6] - Eight sectors saw net inflows, with the light industry manufacturing sector receiving the highest net inflow of 569 million yuan [6] - The electronic sector had the largest net outflow, totaling 4.984 billion yuan [6] Notable Stocks - 58 stocks received net inflows exceeding 1 billion yuan, with Xinyi Technology leading at 1.158 billion yuan [8] - ZTE Corporation had the highest net outflow at 3.023 billion yuan, followed by Sanhua Intelligent Control and Beijing Junzheng [11] - Institutional investors net bought 15 stocks, with Aerospace Development receiving the highest net purchase of approximately 167 million yuan [14]

Core Viewpoint - Haima Automobile (000572.SZ) experienced a limit-up increase today, with a turnover rate of 15.34% and a transaction volume of 2.345 billion yuan [1] Trading Activity - The top five buying entities included: - Guotai Junan Securities Chengdu North First Ring Road Securities Business Department, with a net purchase of 99.74 million yuan, accounting for 55.81% of its transactions [1] - Kaiyuan Securities Xi'an West Street Securities Business Department, with a net purchase of 67.38 million yuan, accounting for 49.64% of its transactions [1] - The top selling entities included: - Shenzhen Stock Connect Special Account, with a net sale of 61.78 million yuan, accounting for 45.59% of its transactions [1] - Institutional Special Account, with a net sale of 17.85 million yuan, accounting for 42.02% of its transactions [1] Overall Market Impact - The total buying amount from the top five buyers was 321.76 million yuan, representing 13.72% of the total transaction volume, while the total selling amount from the top five sellers was 247.39 million yuan, representing 10.55% of the total transaction volume [1]

Summary of Key Points Core Viewpoint - A total of 547 stocks reported their latest shareholder numbers as of November 30, with 275 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Changes - Among the 547 stocks, 13 stocks experienced a decline in shareholder numbers exceeding 10%, with Huaying Agriculture showing the largest drop of 25.80%, bringing its total to 50,981 shareholders [3]. - Haima Automobile followed with a 19.43% decrease in shareholder numbers, totaling 200,890 [3]. - Other notable declines include Hangzhou High-tech (-18.01%), Xinlong Holdings (-18.00%), and Sanbian Technology (-16.67%) [3]. Group 2: Market Performance - The average decline for concentrated stocks from November 21 was 1.02%, with 41% of these stocks outperforming the Shanghai Composite Index, which fell by 3.01% during the same period [2]. - Green Island Wind recorded the highest increase among stocks with declining shareholder numbers, rising by 31.98% since November 11 [2]. - Other stocks with significant gains include Changshan Pharmaceutical (12.30%) and Xinkai Technology (16.71%) [2]. Group 3: Industry Concentration - The concentrated stocks are primarily found in the machinery equipment, pharmaceutical biology, and electric equipment sectors, with 41, 26, and 25 stocks respectively [3]. - The data indicates a trend where certain industries are experiencing more significant changes in shareholder numbers, reflecting potential shifts in investor sentiment [3].