Market Overview - The A-share market has been in a sideways consolidation phase, with the Shanghai Composite Index hovering around the 4000-point mark for half a month [2] - As of November 14, the financing balance in the A-share market was reported at 2.475 trillion yuan, showing a decrease of 134.6 billion yuan from the previous trading day [3] Financing Trends - The financing balance has decreased slightly since the beginning of November, contrasting with the previous upward trend observed in October [3] - The financing balance on November 3 was 2.477 trillion yuan, indicating a decline of 0.002 trillion yuan by mid-November [3] Industry Performance - The electric power equipment industry recorded the highest net financing inflow of 152.29 billion yuan, followed by the basic chemical and pharmaceutical industries with net inflows of 46.2 billion yuan and 27.53 billion yuan, respectively [4] - A total of 15 out of 31 industries experienced net financing inflows, while 16 industries faced net outflows [4] Individual Stock Performance - Notable stocks with significant net financing inflows include Ningde Times, Dongshan Precision, and Jiangbolong, each exceeding 10 billion yuan in net inflows [6] - Conversely, stocks like Shenghong Technology and Guiding Compass saw substantial net outflows, with Shenghong Technology exceeding 20 billion yuan [6][7] Market Sentiment and Future Outlook - The current market sentiment indicates a decrease in the enthusiasm of leveraged funds, with a focus on sectors like lithium batteries and electrolyte themes [8] - Analysts suggest maintaining a positive position but caution against chasing high valuations, especially as the market remains in a consolidation phase around the 4000-point level [9]

Investment Ratings - The investment ratings for the companies discussed are all "Buy" with target prices set for VGT at Rmb407.0, WUS at Rmb98.0, and DSBJ at Rmb95.0 [9][11][7]. Core Insights - The PCB industry is experiencing structural growth driven by AI demand, with companies like VGT, WUS, and DSBJ positioning themselves to capitalize on this trend [2][3][6]. - VGT expects a return to normal production levels in 4Q25 after a transition impact in 3Q25, with significant revenue growth anticipated from its largest AI customer in 2026 [1][2]. - WUS highlights that while funds and equipment are not bottlenecks for capacity expansion, human resources may pose challenges [3]. - DSBJ is set to benefit from the AI cycle, with expectations for breakeven in its Thailand FPCB business and a turnaround in precision components by 2026 [6]. Company Summaries VGT (Victory Giant) - VGT has accelerated capacity expansion for 2026-2027, with most equipment booked and an increase in localization rates [2]. - The company anticipates meaningful contributions from CSP clients in 2026, despite small batch production in 4Q25 [2]. WUS - WUS faces fierce competition in the mid-to-low end PCB market, with AI driving structural growth [3]. - The company reported a loss of approximately Rmb40 million in its Thailand plant in 3Q25, but noted improvements in product quality and employee proficiency [3]. DSBJ (Dongshan Precision) - DSBJ is focusing on AI infrastructure opportunities through its RPCB and optical transceiver businesses, with a significant capacity expansion plan of US$1 billion [6]. - The company plans to dispose of its LED business this year and expects revenue growth from key smartphone customers [6].

Summary of Key Points Core Viewpoint - The financing and margin trading balance in the Shanghai and Shenzhen markets decreased slightly last week, indicating a mixed sentiment among investors. Group 1: Financing and Margin Trading Data - The total financing and margin trading balance for the week (November 10 to November 14) was 24,848.66 billion yuan, a decrease of 8.72 billion yuan compared to the previous trading day [1] - The financing balance was 24,668.62 billion yuan, which represents a week-on-week decrease of 7.12 billion yuan [1] - In the Shanghai market, the margin trading balance was 12,654.61 billion yuan, down by 37.1 billion yuan from the previous trading day, while the Shenzhen market saw an increase to 12,194.06 billion yuan, up by 28.38 billion yuan [1] Group 2: Net Buying of Stocks - A total of 1,617 stocks experienced net buying of financing funds last week, with one stock exceeding 1 billion yuan in net buying [3] - The top three stocks by net buying amount were Ningde Times (10.27 billion yuan), Dongshan Precision (8.19 billion yuan), and Jiangbolong (6.57 billion yuan) [3] Group 3: Stocks with High Net Buying Proportions - Four stocks had financing net buying amounts that accounted for over 10% of their total transaction amounts, with Taifeng Pump Industry at 19.5%, Luyang Energy at 15.89%, and Anlian Ruishi at 12.74% [6][7]

◎记者 柴刘斌 冯心怡 真金白银的分红、豪气的回购增持、灵活的股权激励、高频次的机构调研、包容的并购重组、活跃的海 外投资……这一年，一批民营上市公司通过一系列市场化工具的"组合拳"，积极探索市值管理"最优 解"。 据Wind数据统计，截至2025年11月14日，已有512家民企上市公司披露了市值管理制度，其中约70家公 司市值增幅超50%，电力设备、机械设备、有色金属等行业表现尤为突出。 "民企市值管理行为更为灵活多样，善于利用股权激励、并购重组、投资新兴产业等方式。但受制于资 源与融资环境，产业龙头更注重战略叙事和全球化布局，中小民企则更关注流动性管理和股权再融 资。"近日，上海财经大学滴水湖高级金融学院教授、资本市场研究中心主任陈欣接受上海证券报记者 采访，分析了不同规模民企做好市值管理的差异化打法。 强化价值沟通 提振市场信心 埃斯顿一年40多次接待机构调研，迈瑞医疗年内实施3次大手笔分红，指南针发布涵盖422名员工的股权 激励计划……这一年，民营企业正将市值管理从理念转化为行动。 *ST松发市值管理制度发布以来市值增幅达1546.87%，东山精密1亿欧元收购GMD集团加快欧洲产业布 局，宁德时代匈牙 ...

Market Performance - The Tonghuashun Fruit Index concept fell by 2.76%, ranking among the top declines in concept sectors as of the close on November 14 [1] - The leading gainers in concept sectors included Hainan Free Trade Zone (+4.63%) and Horse Racing Concept (+1.65%), while the National Big Fund Holdings and Storage Chips saw declines of -3.07% and -2.94% respectively [1] Capital Flow - The Tonghuashun Fruit Index concept experienced a net outflow of 4.089 billion yuan, with 18 stocks seeing net outflows and 9 stocks exceeding 100 million yuan in outflows [1] - The stock with the highest net outflow was Industrial Fulian, with a net outflow of 1.760 billion yuan, followed by Dongshan Precision, Lens Technology, and Changdian Technology with net outflows of 425 million yuan, 388 million yuan, and 365 million yuan respectively [1] Notable Stocks - The stocks with significant net inflows included Wentai Technology and Zhuhai Guanyu, with net inflows of 131 million yuan and 15.35 million yuan respectively [2] - The top stocks in the outflow list included Industrial Fulian (-5.47%), Dongshan Precision (-4.24%), and Lens Technology (-4.32%) [1][2]

东山精密（002384.SZ）11月14日在投资者互动平台表示，感谢您对公司的关注与支持！交易所涉及的 中国和美国反垄断审查均已完成和通过。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司收购索尔思光电的相关跨境投资、反垄断审 查等官方审核工作，是否已经完成和通过了吗？ ...

Group 1 - The core viewpoint of the articles highlights the growth of the consumer-grade AR/VR glasses market in China, with significant sales increases driven by new product launches and technological advancements [1][2] - CINNO Research reported that in Q3 2025, the sales volume of consumer-grade AR/VR glasses reached 169,000 units, representing a 17% quarter-over-quarter growth and a 57% year-over-year growth [1] - Consumer-grade AR devices were identified as the main growth driver, with sales reaching 130,000 units, marking a 109% year-over-year increase [1] Group 2 - The CSI Consumer Electronics Theme Index (931494) includes 50 listed companies involved in component production and consumer electronics brand design, reflecting the overall performance of the sector [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index accounted for 56.3% of the index, with notable companies including Luxshare Precision, Cambricon, and Industrial Fulian [2] - The Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, providing investors with exposure to the performance of the sector [2]

每经AI快讯，11月14日，电路板指数盘中出现显著调整，成分股普跌，科翔股份领跌7.08%，方邦股 份、中富电路、东山精密、兴森科技跌幅居前。 （文章来源：每日经济新闻） ...

Core Viewpoint - The optical module (CPO) index experienced a decline of 2.25% at the beginning of trading on November 14, indicating a bearish trend in the sector [1] Group 1: Market Performance - The leading stock, Yuanjie Technology, saw a significant drop of 5.00% [1] - Other notable declines included Shijia Photon at 4.24%, Zhongji Xuchuang at 3.29%, Dongshan Precision at 3.01%, and Cambridge Technology at 2.80% [1]

Core Insights - The Tonghuashun Fruit Index concept declined by 0.29%, ranking among the top declines in the concept sector, with notable declines in stocks such as Dongshan Precision, Xunwei Communication, and Saiteng Co., Ltd. [1] - In contrast, seven stocks within the same sector experienced price increases, with Desay Battery, Zhongshi Technology, and Changdian Technology leading the gains at 5.07%, 3.68%, and 1.46% respectively [1]. Concept Sector Performance - The top-performing concept sectors included Fluorochemical (up 4.50%), Organic Silicon (up 4.47%), and Sodium-ion Battery (up 4.47%), while the Tonghuashun Fruit Index was among the laggards [2]. - The sector saw a net outflow of 999.7 million yuan, with 14 stocks experiencing net outflows, and seven stocks seeing outflows exceeding 100 million yuan [2]. Major Stock Movements - The stocks with the highest net outflows included BOE Technology Group with a net outflow of 200 million yuan, followed by Xunwei Communication, Lens Technology, and Dongshan Precision [2]. - Conversely, the stocks with the highest net inflows were Changdian Technology, Zhongshi Technology, and Zhuhai Guanyu, with net inflows of 62.58 million yuan, 47.05 million yuan, and 43.70 million yuan respectively [2][3]. Individual Stock Performance - Notable declines in individual stocks included Xunwei Communication (-3.70%), Lens Technology (-2.25%), and Dongshan Precision (-4.42%) [2][3]. - In contrast, Desay Battery saw a significant increase of 5.07%, while Zhongshi Technology and Changdian Technology also posted gains of 3.68% and 1.46% respectively [3].