Group 1: Industry Highlights - The domestic first large-capacity all-solid-state battery production line has been completed and is currently in small-batch testing, with reports indicating that it will be installed in vehicles by 2027, making 1000 km range for electric vehicles a possibility [4] - The Federal Reserve is managing interest rate cut expectations, with two officials calming the market after a significant drop, indicating a 69% probability of a rate cut in December, leading to a rebound in US stocks [5] - The lithium carbonate futures price has surged recently, prompting CATL to plan the earliest restart of an important lithium mine in Yichun next month, with significant gains in related market concept stocks [5] Group 2: Company Developments - Baillie Tianheng's self-developed dual-antibody ADC drug, iza-bren, has had its market application accepted, aimed at treating locally advanced or metastatic nasopharyngeal carcinoma [7] - Huawei has released Flex:ai AI container software, which utilizes computing power slicing technology to divide a single GPU/NPU computing power card into multiple virtual computing units, enabling simultaneous support for multiple AI workloads [8] - Longxin Storage has launched DDR5 and LPDDR5X memory products, with both product series reportedly ranking at the top tier in terms of speed and capacity in the industry [8] - JinkoSolar's Tiger 3 modules have officially entered mass production, with global orders reaching 15 GW [8] - Chang'an Automobile plans to gradually release prototype vehicles starting next year and will launch its first vehicle-mounted component robot in the first quarter of next year [8] - The company Nenghui Technology signed a contract with Company X for a total estimated price of 10 million yuan for new energy power battery assembly [8] - Guotai Microelectronics' major shareholder and its concerted actors plan to reduce their holdings by no more than 2.24% [8]

Group 1 - The company's stock experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% on November 20 and 21, 2025 [2] - The company conducted an internal review and confirmed that there were no undisclosed significant information affecting the stock price [2][4] - The company's major shareholders, Chongqing Caixin Real Estate Development Group and Chongqing Caixin Enterprise Group, are undergoing bankruptcy reorganization, which was accepted by the court on February 24, 2025 [2][3] Group 2 - The company has not identified any need to correct or supplement previously disclosed information [5] - There are no undisclosed matters or negotiations that could significantly impact the company's stock price [5] - The company reassured that its major shareholders did not engage in buying or selling the company's stock during the abnormal trading period [4]

Group 1: Major Announcements - Jiahua Technology plans to acquire controlling stake in Shudun Technology through a combination of share issuance and cash payment, leading to a potential major asset restructuring, with stock suspension starting from November 24, 2025, for up to 5 trading days [2] - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Asset Investment Co., has received approval to commence operations with a registered capital of 15 billion yuan, focusing on market-oriented debt-to-equity swaps and equity investment pilot projects [3] - CITIC Bank's wholly-owned subsidiary, Xinyin Financial Investment Co., has also been approved to start operations with a registered capital of 10 billion yuan, targeting strategic emerging industries and specialized sectors for market-oriented debt-to-equity swaps and equity investments [4] Group 2: Stock Performance and Risks - Zhongshui Fishery's stock has seen a significant price increase followed by a potential decline, with a rolling P/E ratio of 77.53 and a P/B ratio of 13.48, indicating substantial deviation from industry averages and raising concerns over irrational trading behavior [5] - Caixin Development's stock has also experienced a price deviation exceeding 20%, with uncertainty surrounding the bankruptcy restructuring of its controlling and indirect controlling shareholders, which may affect the company's control dynamics [6] Group 3: Acquisitions and Strategic Moves - Zhongjin Lingnan has acquired minority stakes in its subsidiaries, purchasing 4.2095% of Zhongjin Copper for 242 million yuan and 10.3333% of Zhongjin Rongsheng for 365 million yuan, among other transactions, resulting in full ownership of Zhongjin Copper [7] - Baili Tianheng's drug application for Iza-bren, a first-in-class treatment for advanced or metastatic nasopharyngeal carcinoma, has been accepted by the National Medical Products Administration [8] - Jinfut Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology through cash payment, which is expected to enhance the company's profitability and risk resistance [9] - Qingmu Technology's subsidiary plans to acquire control of Vitalis for 150 million Norwegian kroner (approximately 106 million yuan), aiming to strengthen its position in the health and nutrition supplement market [12] - Zhongding Co. is entering a strategic partnership with Fourier for humanoid robot components, enhancing its product development capabilities [11] Group 4: Leadership Changes - Guiguan Network's chairman Chen Yu has resigned due to work changes, with a new candidate recommended to take over the chairman role [13] Group 5: Shareholding Changes - Shen Shui Haina's shareholder plans to reduce holdings by up to 1% within three months, while other shareholders of Guangli Micro plan to reduce holdings by up to 2.2359% [14][15] - Andar Intelligent's shareholder intends to reduce holdings by up to 2.7401% within three months [16] Group 6: Contracts and Orders - Nenghui Technology has signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [17] - Jinko Solar has achieved cumulative orders of 15GW for its Tiger Neo3.0 module, which has a production efficiency exceeding 24.8% and a maximum power output of 670W [18]

人民财讯11月23日电，财信发展（000838）11月23日发布股票交易异常波动公告，公司股票连续两个交 易日收盘价格涨幅偏离值累计超过20%。经自查，公司不存在违反信息公平披露的情形。公司控股股东 财信地产及间接控股股东财信集团破产重整是否成功尚存在不确定性，后续重整实施不排除会涉及公司 控制权变动，具体情况需视控股股东的重整情况而定。 ...

Core Viewpoint - The company has experienced significant stock price fluctuations, with a cumulative increase of over 20% in closing prices over two consecutive trading days, which is classified as abnormal trading activity [1] Summary by Relevant Sections Stock Price Movement - The company's stock price increased by over 20% cumulatively on November 20 and 21, 2025, indicating abnormal trading activity [1] Company Disclosure - The company confirmed that there are no corrections or supplements needed for previously disclosed information, and no undisclosed significant information that could impact stock prices has been found [1] Operational Status - The company's operational situation and external environment have not undergone significant changes [1] Shareholder Status - The controlling shareholder, Chongqing Caixin Real Estate Development Group Co., Ltd., and the indirect controlling shareholder, Chongqing Caixin Enterprise Group Co., Ltd., have entered bankruptcy reorganization, with relevant updates already disclosed [1] Trading Activity - During the period of abnormal stock price fluctuations, the controlling shareholder and actual controller did not engage in any stock trading [1] Future Uncertainties - The outcome of the bankruptcy reorganization for Caixin Real Estate and Caixin Group remains uncertain, and there is a possibility of changes in company control in the future [1]

财信地产发展集团股份有限公司（以下简称"公司"、"本公 司"）（证券简称：财信发展；证券代码：000838）股票于 2025 年 11 月 20 日、21 日连续两个交易日收盘价格涨幅偏离值累计超过 20%， 根据《深圳证券交易所交易规则》的相关规定，属于股票交易异常波 动。 二、公司关注、核实情况说明 针对股票交易异常波动情况，公司对有关事项进行核查，并与公 司管理层、控股股东、实际控制人书面问询，相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交 易价格产生较大影响的未公开重大信息； 证券代码：000838 证券简称：财信发展 公告编号：2025-044 财信地产发展集团股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所 股票上市规则》等有关规定应予以披露而未披露的事项或与该事项有 关的筹划、商谈、意向、协议等；董事会也未 ...

Core Viewpoint - The A-share market experienced significant activity with 33 stocks hitting the daily limit up, indicating strong investor interest and potential bullish trends in specific sectors [1] Group 1: Aquaculture Sector - Zhongshui Fishery achieved a remarkable six consecutive limit-up days, highlighting its strong performance in the aquaculture sector [1] Group 2: Other Notable Stocks - Rongji Software recorded five consecutive limit-up days, associated with the data element concept [1] - ST Mubang also saw five consecutive limit-up days, linked to the photovoltaic silicon wafer sector [1] - Deep China A and Guofeng New Materials both achieved three consecutive limit-up days, with Deep China A in the lithium battery sector and Guofeng New Materials in the photolithography glue sector [1] - Other companies such as ST Suwu, Meng Tian Home, and Caixin Development also showed notable performances with three consecutive limit-up days in their respective sectors [1]

截至当日下午收盘，A股方面，板块内45只概念股收涨，其中，财信发展涨停，新城控股（601155）涨 幅超7%，我爱我家、世联行尾盘涨势均收窄涨超6%，特发服务、滨江集团、西藏城投（600773）、福 星股份涨幅超3%，城建发展（600266）、招商蛇口、光大嘉宝、金地集团、万科A、华发股份 （600325）、信达地产（600657）、保利发展等跟涨。 港股方面，相关概念股集体走强。其中，融创中国收盘涨超6%；碧桂园涨超3%，万科企业涨超3%，新 世界发展、华润置地、越秀地产、中国金茂等涨超2%。 商报讯（记者 叶晓珺）昨日，房地产板块迎来了涨停潮，其中，我爱我家（000560）、财信发展 （000838）走势强劲，均在两分钟内直线涨停，带动整个板块一路飙涨，个股福星股份（000926）、招 商蛇口（001979）、滨江集团（002244）、金地集团（600383）、万科A等纷纷跟涨。 消息面上，今年1月至10月，全国二手房交易网签面积同比增长4.7%，二手房在交易总量中的占比为 44.8%。机构方面表示，房地产作为中国家庭重要的资产配置和投资方向，稳住房价对畅通经济内循环 有着重要意义，政策端有望进一步发力， ...

Market Overview - On November 20, the real estate development sector rose by 0.28% compared to the previous trading day, with Caixin Development leading the gains [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] Top Gainers in Real Estate Sector - Caixin Development (000838) closed at 3.40, up 10.03% with a trading volume of 451,100 shares and a turnover of 144 million yuan [1] - New City Holdings (601155) closed at 15.53, up 7.18% with a trading volume of 398,400 shares and a turnover of 26.67 million yuan [1] - ST Zhongdi (000609) closed at 12.40, up 5.00% with a trading volume of 242,300 shares and a turnover of 300 million yuan [1] Top Losers in Real Estate Sector - Yingxin Development (000620) closed at 3.24, down 10.00% with a trading volume of 5,315,900 shares and a turnover of 1.773 billion yuan [2] - China Wuyi (000797) closed at 3.67, down 9.38% with a trading volume of 2,878,800 shares and a turnover of 1.071 billion yuan [2] - Huaxia Happiness (600340) closed at 3.13, down 9.01% with a trading volume of 8,687,100 shares and a turnover of 2.831 billion yuan [2] Capital Flow Analysis - The real estate development sector experienced a net outflow of 321 million yuan from institutional investors, while retail investors saw a net inflow of 585 million yuan [2] - Major stocks like Vanke A (000002) had a net inflow of 160 million yuan from institutional investors, while it faced a net outflow of 92 million yuan from retail investors [3] - New City Holdings (601155) had a net inflow of 64 million yuan from institutional investors but a net outflow of 93 million yuan from retail investors [3]

Core Viewpoint - The rental and sales rights concept has shown a positive trend with a 0.63% increase, ranking sixth among concept sectors, indicating a growing interest in this area of the market [1]. Group 1: Market Performance - As of November 20, the rental and sales rights concept saw 15 stocks rise, with notable performers including Caixin Development, which hit the daily limit, and other companies like 365 Network and I Love My Home, which increased by 9.89%, 6.23%, and 6.10% respectively [1]. - The leading decliners in this sector included Shoukai Co., Hefei Urban Construction, and *ST Sunshine, which fell by 8.26%, 5.23%, and 5.04% respectively [1]. Group 2: Capital Flow - The rental and sales rights concept attracted a net inflow of 503 million yuan from main funds, with 15 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [2]. - I Love My Home led the net inflow with 302 million yuan, followed by Vanke A and Binjiang Group with net inflows of 153 million yuan and 92.52 million yuan respectively [2]. Group 3: Fund Inflow Ratios - The top stocks by net inflow ratio included Caixin Development, I Love My Home, and Shilian Hang, with ratios of 30.26%, 20.53%, and 18.29% respectively [3][4]. - Other notable stocks with significant net inflow ratios included 365 Network and China Merchants Shekou, with ratios of 13.27% and 8.05% respectively [3].