- The report does not contain any quantitative models or factors for analysis[1][2][3]

11月27日A股三大指数涨跌不一，截至收盘，沪指涨0.29%报3875.26点，深成指跌0.25%报12875.19点，创业板指跌0.44%报 3031.3点。从板块行情上来看，今日表现较好的是有机硅、汽车芯片和化工原料，而AI语料、远程办公和AI智能体等板块 下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据；基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。 | | | 基金代码 | 公告日期 | 变动日期 | 任职状态 | 变动原因说明 | | --- | --- | --- | --- | --- | --- | --- | | | 可期债券C | 025583 | 2025/11/27 | 2025/11/27 | 在职 | 开始任职 | | | 闯期债券A | 025582 | 2025/11/27 | 2025/11/27 | 在职 | 开始任职 | | | RS (ETF-FOF)C | 025837 | 2025 ...

在AI算力领域，针对市场热议的"光进铜退"技术路线，立讯精密数据中心业务负责人熊藤芳进行了回 应。其认为，现在讨论"光进铜退"为时过早，在下一代448G速率下，铜连接仍将是主流。 熊藤芳透露，立讯技术团队已在OIF和OCP展示了基于PAM4技术的448G CPC铜连接方案，这可能改变 业界此前认为铜连接无法支撑该速率的认知。熊藤芳同时指出，公司在光连接、电源及散热（含液冷/ 金刚石铜技术）领域均已完成全栈布局。 在汽车业务方面，立讯精密汽车业务负责人李晶表示，通过内生增长与外延并购（如近期对莱尼Leoni 的收购），公司目标在未来5到10年内成为全球前五大汽车Tier 1供应商。 采写：南都湾财社记者 严兆鑫 田玉铭介绍，目前立讯精密的人形机器人产线尚处于第一代"半自动化手工线"阶段。他透露，公司计划 于2025年初推出"制造2.0"产线，该产线将具备高度柔性、自适应与高自动化特性，实现从零件到整机 组装的完整生产能力。 在技术储备方面，田玉铭表示公司已具备人形机器人全产业链核心能力。除了电池与部分关节模组外， 谐波齿轮等关键部件均可自主完成精加工。值得注意的是，公司自主研发的"腱绳式灵巧手"，在自由度 上仅 ...

Group 1 - A total of 30 companies were investigated by institutions on November 26, with 19 companies specifically targeted by funds, indicating a strong interest in these firms [1] - Luxshare Precision was the most popular among funds, with 94 funds participating in its investigation, while Desay SV and Noposion each attracted 17 funds [1] - The companies investigated are distributed across 12 industries, with the electronics and machinery sectors having the highest representation, each with 3 companies [1] Group 2 - Among the companies investigated, only 2 had a total market capitalization exceeding 500 billion, with Luxshare Precision being one of them, while 6 companies had market caps below 100 billion [1] - In terms of market performance, 6 of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Yintan Zhikong (3.39%), Meilixin (1.86%), and Yian Technology (1.66%) [1] - Conversely, 13 stocks experienced declines, with the largest drops recorded by Chuaneng Power (-12.68%), Lianhua Technology (-11.98%), and Chongde Technology (-9.40%) [1] Group 3 - In terms of capital flow, 5 stocks saw net inflows over the past 5 days, with Luxshare Precision receiving the highest net inflow of 490 million yuan [2] - The only company to release an annual performance forecast among those investigated was Luxshare Precision, which anticipates a net profit of 16.852 billion yuan, representing a year-on-year increase of 26.09% [2]

Market Overview - A-shares showed a mixed opening on November 27, with the Shanghai Composite Index up by 0.08%, while the Shenzhen Component and ChiNext Index opened slightly lower by 0.03% and 0.11% respectively [2] - By the time of reporting, all three major indices turned positive, with the ChiNext Index rising over 1% and the Sci-Tech Innovation 50 Index increasing by more than 2% [3] Sector Performance - The communication equipment and semiconductor sectors led the market gains, with active performances from consumer electronics manufacturing, lithium battery electrolyte, optical module CPO, and copper-clad laminate stocks [5] - Conversely, sectors such as Hainan Free Trade Port, cross-strait integration, cultivated diamonds, aquaculture, and air transportation experienced pullbacks [5] Semiconductor Sector - The semiconductor sector showed strong performance on the morning of November 27, with notable individual stock movements [7] - Key stocks included: - Saiwei Electronics surged by 20% to 50.51 CNY per share, marking a historical high, with a total market capitalization of 37 billion CNY and a year-to-date increase of 194% [9] - Guosheng Technology hit the daily limit, while Lixin Microelectronics rose over 12% [8] Consumer Electronics Manufacturing - The consumer electronics manufacturing index rose by 5%, with Industrial Fulian increasing by over 7% to 63.36 CNY per share, bringing its market capitalization to 125.82 billion CNY [11] - Other notable stocks included: - Luxshare Precision rose by over 2% - GoerTek, Liying Intelligent Manufacturing, and Huanxu Electronics also saw increases [12] Noteworthy Stock Movements - ST Zhongdi, a well-established real estate company, experienced significant gains, attributed to the completion of a judicial auction transfer of shares and a change in control [14]

Summary of Greater China Technology Hardware: AI Tech Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology hardware, indicating a positive outlook for the industry as a whole [1][4] Key Insights - **Opportunities in AI GPU and ASIC Server Design**: There are significant opportunities in upgrading designs for AI GPU and ASIC servers, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [8] - **AMD Helios Server Rack Project**: The AMD Helios server rack project is gaining traction, indicating a shift towards more advanced server solutions [8] - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [8] - **Power Solution Upgrades**: The industry is moving towards an 800V HVDC power architecture, with liquid cooling adoption on the rise, which will improve efficiency [8] - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [8] - **Data Network Improvements**: Upgrades in data and power interconnects are expected to enhance data network transmission speed and capacity [8] - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [8] - **Upcoming Foldable iPhone Models**: Anticipation for upcoming foldable iPhone models in the second half of 2026 is noted, which may influence market dynamics [8] Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek are highlighted as potential investment opportunities [8] - Edge AI: Companies like Xiaomi and Luxshare are also recommended for investment in the edge AI segment [8] Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as closing price, price target, market cap, EPS, P/E ratio, P/B ratio, and EV/EBITDA [10] - Notable companies included: - **Lite-On Tech**: Closing price of 154.50 with a price target of 150.00 [10] - **Delta Electronics**: Closing price of 910.00 with a price target of 1288.00 [10] - **Foxconn Tech**: Closing price of 63.10 with a price target of 54.00 [10] - **Luxshare**: Closing price of 55.70 with a price target of 77.00 [10] Additional Considerations - The report emphasizes the potential conflicts of interest due to Morgan Stanley's business relationships with covered companies, urging investors to consider this when making investment decisions [4][5] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Greater China Technology Hardware sector, particularly in AI technology hardware.

截至11月26日，市场融资余额合计2.45万亿元，较前一交易日增加59.78亿元，其中，沪市融资余额 12428.24亿元，较前一交易日增加24.25亿元；深市融资余额12019.63亿元，较前一交易日增加35.67亿 元；北交所融资余额74.79亿元，较前一交易日减少1439.59万元。 11月26日融资客净买入金额排名 | 代码 | 简称 | 11月26日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 300308 | 中际旭 创 | 13.25 | 137074.76 | 1988045.62 | 3.31 | 通信 | | 300502 | 新易盛 | 8.66 | 107155.92 | 1643982.64 | 5.61 | 通信 | | 300274 | 阳光电 | 3.88 | 82829.96 | 1351650.71 | 4.66 | 电力设 | | | 源 | | | | | 备 | | 688 ...

Market Review - The Huaxia Sci-Tech AI ETF (589010) rose by 0.90%, with holdings reflecting a strong "hard technology" characteristic, as companies like Lexin Technology and Chipone Technology both surged over 5% [1] - AI computing leader Cambricon Technologies saw a significant increase of 4.34%, boosting overall sector sentiment [1] - The ETF experienced active trading with a total transaction volume exceeding 87 million yuan, indicating robust market activity [1] - Over the past five days, the ETF has attracted substantial capital, with two instances of single-day inflows exceeding 160 million yuan [1] - The Robot ETF (562500) slightly declined by 0.11%, maintaining a narrow trading range, while showing signs of consolidation [1] - Within the Robot ETF, notable internal rotation was observed, with Weichuang Electric leading gains over 6% [1] - Despite short-term market fluctuations, investor enthusiasm remains high, as the Robot ETF has seen net inflows for five consecutive trading days, accumulating nearly 900 million yuan [1] Hot News - Zhiyuan Innovation (Shanghai) Technology Co., Ltd. recently received authorization for a patent related to "dexterous hand control methods and devices," addressing the issue of poor versatility in dexterous hands [2] - Luxshare Precision indicated in an institutional survey that it possesses core capabilities across the entire human-shaped robot industry chain, with plans to produce 3,000 units this year and launch a "Manufacturing 2.0" production line early next year [2] - Alibaba's Qianwen application has been natively integrated into the Quark browser, enhancing AI-assisted functionalities for over 100 million Quark desktop users [2] Institutional Views - Tesla's Optimus has entered the "refinement and humanization" phase with plans to showcase the mass production prototype of V3 in Q1 2026 and aims to build a production line capable of producing one million units [3]

Group 1: Galaxy Fund Research on Listed Companies - Galaxy Fund recently conducted research on two listed companies: Luxshare Precision and Century Huatong [1][2] Group 2: Luxshare Precision Highlights - Luxshare Precision has developed core capabilities across the entire supply chain in the humanoid robot sector, capable of independently processing key components such as harmonic gears, except for batteries and some joint modules [1] - The company has a rich product matrix in the automotive sector, including high and low voltage wiring harnesses, special wiring harnesses, and fast-charging guns, all of which have shown strong growth globally [1] - The company's office is located at 313 Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 3: Century Huatong Insights - Century Huatong's games launched in 2023 are still reaching new highs, with no observed peak in their lifecycle; the game Kingshot is breaking overseas records [2] - The company has released at least 20 products in 2023, driven by data, with point profits accounting for about two-thirds of total profits [2] - The adjustment in mini-program commission rates is expected to impact company revenue by approximately 2 percentage points but is anticipated to enhance user retention and payment rates [2] Group 4: Galaxy Fund Overview - As of now, Galaxy Fund has an asset management scale of 107.995 billion yuan, ranking 57th out of 211 in total public funds [3] - The fund has 151 public funds under management, ranking 50th out of 211, and employs 24 public fund managers, ranking 59th out of 211 [3] - The best-performing public fund product in the past year is the Galaxy CSI Communication Equipment Theme Index Fund A, with a net value of 1.76 and a growth of 79.53% over the past year [3]

Group 1: Lixun Precision - The company has developed core capabilities across the entire industry chain in the humanoid robot sector, capable of independently completing precision processing of key components such as harmonic gears, except for batteries and some joint modules [1] - Lixun Precision has a rich product matrix in the automotive business, having established its presence for many years, with good development momentum globally in high and low voltage harnesses, high-speed harnesses, special harnesses, and fast-charging guns [1] - The company's office is located at No. 313, Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 2: Century Huatong - The games launched in 2023 are still reaching new highs, with no observed peak in their lifecycle; Kingshot is breaking overseas records previously set by Whiteout Survival, indicating a larger overseas market with more users [2] - The company has released no fewer than 20 products since 2023, driven by data, with hit products contributing approximately two-thirds of total profits; the incentive mechanism combines cash and equity [2] - The adjustment in mini-program commission rates is expected to impact the company's revenue by about 2 percentage points but is beneficial for improving user retention and payment rates [2] Group 3: Jin Ying Fund - Established in 2002, Jin Ying Fund has an asset management scale of 75 billion and ranks 74th out of 211 in total public fund management [2] - The fund's non-monetary public fund management scale is 43.23 billion, ranking 83rd out of 211 [2] - The best-performing public fund product in the past year is Jin Ying Information Industry Stock A, with a latest unit net value of 3.49 and a growth of 42.28% over the past year [2]