| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000425 徐工机械 | | 1.18亿 ـــ | 10.35% | -8362.24万 | -7.33% | -3448.51万 | -3.02% | | 002080 中材科技 | | 9611.93万 | 6.23% | 456.12万 | 0.30% | -1.01亿 | -6.52% | | 000630 铜陵有色 | | 9558.18万 | 7.83% | -4475.96万 | -3.67% | -5082.22万 | -4.17% | | 000878 云南铜业 | | 4431.51万 | 4.82% | 5.44万 | 0.01% | -4436.94万 | -4.83% | | 000975 山金国际 | | 3344.71万 | 6.03% | 3753.80万 | 6.77% | -7098.52万 | -12.80% | | 00095 ...

策 略 研 究 策略研究 / [Table_Date] 2025.12.01 2025-12-01 每周海内外重要政策跟踪（25/11/28） 本报告导读： 覆盖国内宏观（中央及各部委政策及表态）、大类产业、地方政策、以及海外重要 政策和事件。 投资要点： [Table_Summary] 国内宏观：11 月 24 日，中华全国供销合作社第八次代表大会召开； 央行公告将于 11 月 25 日开展 10000 亿元 MLF 操作，净投放达 1000 亿元。11 月 25 日，第十四届全国减轻企业负担政策宣传周启动； 国家数据局启动首批 12 家国有企业数据资源开发利用试点。11 月 26 日，商务部等六部门印发《关于增强消费品供需适配性进一步促 进消费的实施方案》的通知；国家发改委公布《信用修复管理办法》。 11 月 27 日，国务院总理李强主持召开国务院常务会议；国务院新 闻办公室发布《新时代的中国军控、裁军与防扩散》白皮书；国家 发展改革委举行 11 月份新闻发布会，回应"两重"建设、"十五五"规 划、基础设施 REITs 扩围等问题。 海 外 策 略 研 究 请务必阅读正文之后的免责条款部分 证 券 研 究 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投证券分析指出，AI大模型的发展重心正从纯粹的参数规模竞赛，转向追求更高的"能力密 度"和更优的架构效率。遵循"规模定律"的暴力计算模式因数据耗尽、能耗与成本激增而面临瓶颈，未 来竞争力将更取决于如何在更小参数规模下实现更强性能。这一转变有望降低算力门槛，使广大中小企 业能以更低成本接入AI技术，从而催生更广泛的产业应用和投资机会。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技 术、基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互 联"地基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威 视、澜起科技、金山办公、紫光股份等国内科技龙头。 相关产品：人工智能AIETF（515070）、 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

Core Insights - The 10th World Intelligent Manufacturing Conference was held in Nanjing, China, from November 26 to 29, where the first batch of 15 "Leading Intelligent Factories" was announced, aiming to accelerate the construction of a globally influential intelligent manufacturing model [1][2] - The conference gathered practitioners, suppliers, and experts in intelligent manufacturing to discuss its development and future, highlighting the importance of enabling technologies in driving industrial transformation [1][3] - The "Leading Intelligent Factory" standard is considered equivalent to the international "Lighthouse Factory" standard, focusing on digital transformation, network collaboration, and intelligent change [2] Group 1: Leading Intelligent Factories - The 15 selected "Leading Intelligent Factories" span key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods, showcasing the breadth and depth of China's intelligent manufacturing [2] - Notable examples include Weichai Power, which improved production efficiency by 10.6% through a digital lean model, and Hikvision, which reduced production line changeover time by 50% using self-developed IoT, AI, and big data technologies [2] Group 2: Future of Intelligent Manufacturing - The next decade of intelligent manufacturing in China is expected to unfold in two phases: the first phase involves large enterprises achieving basic digital transformation, while the second phase sees the widespread adoption of Intelligent Manufacturing 2.0 [1][3] - The concept of "Intelligent Manufacturing 2.0" is anticipated to reshape the manufacturing technology system, production modes, and industry forms, leading to the realization of Industry 4.0 [3][4] - The "Leading Action Plan" was jointly advocated by leaders of the selected factories, emphasizing the need for open collaboration to build a new ecosystem for industrial synergy [3]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Market Overview - The computer equipment sector increased by 0.67% on November 28, with Zhongrun Optics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Computer Equipment Sector - Zhongrun Optics (688307) closed at 42.48, up 6.84% with a trading volume of 61,200 shares and a transaction value of 254 million [1] - Meian Technology (300275) closed at 13.36, up 5.86% with a trading volume of 188,300 shares and a transaction value of 247 million [1] - Tangyuan Electric (300789) closed at 25.21, up 5.75% with a trading volume of 21,600 shares and a transaction value of 53 million [1] - Jiayuan Technology (301117) closed at 51.06, up 5.39% with a trading volume of 307,100 shares and a transaction value of 1.543 billion [1] Top Losers in Computer Equipment Sector - Shengshi Technology (002990) closed at 30.03, down 1.96% with a trading volume of 62,800 shares and a transaction value of 188 million [2] - Anjubao (300155) closed at 5.80, down 1.69% with a trading volume of 139,400 shares and a transaction value of 80.9 million [2] - Hengwei Technology (603496) closed at 28.93, down 1.57% with a trading volume of 116,400 shares and a transaction value of 33.9 million [2] Capital Flow Analysis - The computer equipment sector experienced a net outflow of 595 million from institutional investors, while retail investors saw a net inflow of 384 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Electric Science Network Security (002268) had a net inflow of 48.44 million from institutional investors, but a net outflow of 42.10 million from retail investors [3] - Meian Technology (300275) saw a net inflow of 36.00 million from institutional investors, with retail investors experiencing a net outflow of 36.01 million [3] - Jiayuan Technology (301117) had a net inflow of 24.72 million from institutional investors, while retail investors faced a net outflow of 29.80 million [3]

Core Insights - The "Shipping Zhejiang" initiative aims to reduce logistics costs and promote high-quality development of inland shipping in Zhejiang Province, with a focus on the year 2025 as a starting point for construction [1][3] - The province has developed a comprehensive inland waterway network plan, including 1,400 kilometers of secondary waterways, to support project implementation and funding acquisition [1][3] - The initiative emphasizes the importance of inland shipping in enhancing domestic circulation and supporting international trade, highlighting its cost-effectiveness and lower carbon emissions compared to road and rail transport [3][4] Summary by Sections Shipping Development - A high-level meeting was held on November 27 to promote the "Shipping Zhejiang" initiative, focusing on reducing logistics costs and enhancing inland shipping [1] - The plan includes the construction of a waterway network with a layout of "five verticals, eight horizontals, and ten trunks" [1][3] Economic Impact - Inland water transport costs are significantly lower, at only 1/7 of road transport and 1/3 of rail transport, providing substantial benefits for exports from regions like Yiwu and Shaoxing [3] - The carbon emissions from water transport are also much lower, at 1/6 of road transport and 2/3 of rail transport, contributing to environmental goals [3] Investment and Growth - In the first ten months of the year, Zhejiang's water transport investment reached 33.82 billion yuan, a year-on-year increase of 16.1% [4] - The inland ports handled a total cargo throughput of 360 million tons, up 9.3% year-on-year, with container throughput increasing by 14% [4] Trade Dynamics - Zhejiang's trade with ASEAN has surpassed that with the EU, with a total import-export value of 710.61 billion yuan, marking a 16.2% increase [13] - The province's exports of electric vehicles to ASEAN have surged by 195%, indicating a growing market for Zhejiang's manufacturing [13]

Core Insights - The AI industry is undergoing a significant revolution, comparable to the Industrial Revolution, requiring a long-term perspective for observation [2] - The China Securities Artificial Intelligence Theme Index (930713) has shown positive performance, with notable increases in constituent stocks [1][3] Group 1: Market Performance - As of November 28, 2025, the China Securities Artificial Intelligence Theme Index (930713) rose by 0.65%, with key stocks like Xinyi Technology (300502) increasing by 4.17% and Hengxuan Technology (688608) by 4.13% [1] - The AI Artificial Intelligence ETF (512930) also saw a rise of 0.64%, with the latest price at 2.06 yuan [1] Group 2: Industry Development - The National Energy Administration has initiated a "Artificial Intelligence + Energy" pilot program, focusing on eight major scenarios and 37 key tasks to enhance the integration of AI in the energy sector [1] - CITIC Construction Investment Securities expresses optimism regarding the demand for AI computing power and applications, highlighting the need for significant investment in AI models for commercial realization [2] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index (930713) accounted for 63.29% of the index, including companies like Zhongji Xuchuang (300308) and Cambricon Technologies (688256) [3] - The AI Artificial Intelligence ETF closely tracks the China Securities Artificial Intelligence Theme Index, which includes 50 companies involved in providing resources, technology, and application support for AI [2]

Core Insights - The 2025 World Intelligent Manufacturing Conference opened in Nanjing with the theme "Digital Intelligence Drives New Quality Leadership" [1] - The conference aims to create an international, high-end, and professional platform for global intelligent manufacturing exchange and cooperation, showcasing the latest achievements in the field and exploring the integration of technological breakthroughs and industrial transformation [1] Group 1: Conference Activities - The conference includes one main conference, one market-oriented exhibition, twelve thematic activities, and sixteen concurrent industrial ecosystem activities [1] - The event features the launch of the "Leading Action Plan" by the first batch of fifteen leading intelligent factories, which focuses on digital transformation, network collaboration, and intelligent change [3] Group 2: Key Announcements - A new session of the National Intelligent Manufacturing Committee was appointed, and several significant reports were released, including the 2025 Intelligent Manufacturing Blue Book and the top ten technological advancements in global and Chinese intelligent manufacturing for 2025 [5] - Prominent figures in the field, including academicians and executives from major companies, delivered keynote speeches on cutting-edge trends and strategic directions in intelligent manufacturing [5] Group 3: Exhibition Highlights - The World Intelligent Manufacturing Expo, held concurrently, covers an area of 55,000 square meters and features four main exhibition halls, including robotics and intelligent factories [9] - The expo attracted 456 companies from 21 countries and regions, showcasing international participation and facilitating various activities such as financial roadshows and technology exchanges [9] Group 4: Industry Significance - Intelligent manufacturing is identified as a primary focus for building a strong manufacturing nation, crucial for developing a modern industrial system and strengthening the real economy [9] - The conference has been held annually since 2016, becoming a high-end platform for China's participation in global intelligent manufacturing cooperation and showcasing the achievements of Jiangsu's manufacturing industry [9]