2025 年 11 月 23 日 中小盘研究团队 国七标准发布在即，关注尾气后处理系统投资机会 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周专题：国七标准发布在即，关注尾气后处理系统投资机会 国七排放标准被称为"史上最严环保法规"。国七排放标准是继国六之后我国机 动车排放标准的进一步升级，旨在更严格地控制污染物和温室气体排放，推动汽 车产业向绿色、低碳方向转型，按照工作进展规划，2027 年可能发布国七标准， 2029 年正式实施。在最新标准进展中，轻型车变动较大，重型车标准变化相对 较少。国七中将插混汽车、增程式汽车的检测归入到混合动力汽车之中。沃尔沃、 戴姆勒等企业的实验室数据显示，满足国七标准的柴油发动机需要达成：氮氧化 物排放量＜30mg/km，较国六降低 60 ...

Group 1 - The tourism sector experienced a collective decline on November 20, with several companies showing significant drops in stock prices [1] - Yingxin Development fell over 8%, while Nanjing Commercial Travel and Yunnan Tourism dropped by 7% and 6% respectively [1] - Other companies such as Sanfu Outdoor, Tianfu Cultural Tourism, and others also saw declines exceeding 2% [1]

Core Insights - The A-share market saw a collective decline in tourism stocks, with notable drops in companies such as Yingxin Development, Nanjing Business Travel, and Yunnan Tourism [1] Group 1: Stock Performance - Yingxin Development experienced a decline of 8.06%, with a total market value of 19.4 billion [2] - Nanjing Business Travel fell by 7.02%, with a market capitalization of 3.249 billion [2] - Yunnan Tourism decreased by 6.09%, with a market value of 5.933 billion [2] - Sanfu Outdoor dropped over 4.26%, with a market capitalization of 2.375 billion [2] - Other companies such as Tianfu Cultural Tourism, Sanxia Tourism, Qujiang Cultural Tourism, and Xiyu Tourism also saw declines exceeding 2% [1][2] Group 2: Year-to-Date Performance - Despite the recent declines, Yingxin Development has a year-to-date increase of 51.14% [2] - Nanjing Business Travel has risen by 13.57% year-to-date [2] - Tianfu Cultural Tourism shows a significant year-to-date increase of 62.76% [2] - Xizang Tourism has a year-to-date increase of 60.35% [2]

Market Overview - As of November 18, the Shanghai Composite Index closed at 3939.81 points, down 32.22 points, a decline of 0.81% [1] - The Shenzhen Component Index closed at 13080.49 points, down 121.52 points, a decline of 0.92% [1] - The ChiNext Index closed at 3069.22 points, down 35.98 points, a decline of 1.16% [1] High Turnover Stocks - A total of 100 A-shares had a turnover rate exceeding 20% on November 18, with six stocks, including Beikong Detection and C Hengkong, having turnover rates above 50% [1] - Beikong Detection (stock code: 920160) had a closing price of 26.50 yuan and a turnover rate of 88.46%, with a price increase of 295.52% [1] - C Hengkong (stock code: 688727) closed at 61.55 yuan, with a turnover rate of 81.36% and a price increase of 310.61% [1] - Other notable stocks with high turnover rates include C Nanshu (75.35% turnover, 224.78% increase) and Zhongfutong (53.96% turnover, -3.19% decrease) [1] Additional High Turnover Stocks - Other stocks with significant turnover rates include: - Xue Ren Group (50.33% turnover, -2.55% decrease) [1] - Jianglong Boat (46.42% turnover, -2.02% decrease) [1] - Xuanya International (44.73% turnover, 20.01% increase) [1] - Hongxiang Co. (44.63% turnover, 5.98% increase) [1] - The list continues with various companies showing diverse performance in terms of turnover and price changes [2][3][4]

资金流向方面，今日该股主力资金净流出1.22亿元，其中，特大单净流出1.01亿元，大单资金净流出 2104.60万元。近5日主力资金净流出2913.10万元。 三夫户外11月17日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 招商证券股份有限公司北京建国路证券营业部 | 2212.17 | 87.80 | | 买二 | 申万宏源证券有限公司哈尔滨长江路证券营业部 | 1343.30 | 0.00 | | 买三 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 1210.58 | 537.20 | | 买四 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | 1150.77 | 542.88 | | 买五 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 1081.43 | 452.69 | | 卖一 | 国泰海通证券股份有限公司成都北一环路证券营业部 | 3.13 | 2283.52 | | 卖二 | 国泰海通证券股份有限公司东莞总部一路证券营业部 ...

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

11月17日，三夫户外跌7.76%，截至发稿，报17.71元/股，成交5092.27万元，换手率2.19%，总市值 27.91亿元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益77.77%，同类 排名177/8213；近一年收益76.76%，同类排名126/8130；成立以来收益243.1%。 诺安多策略混合A（320016）基金经理为孔宪政。 截至发稿，孔宪政累计任职时间4年357天，现任基金资产总规模56.08亿元，任职期间最佳基金回报 93.84%， 任职期间最差基金回报-16.74%。 资料显示，北京三夫户外用品股份有限公司位于北京市昌平区陈家营西路3号院23号楼，成立日期2001 年6月22日，上市日期2015年12月9日，公司主营业务涉及研发销售专业优质户外运动用品、运营X- BIONIC黑科技运动奢侈品牌、组织户外活动赛事团建、设计建设运营"松鼠部落亲子户外乐园+鹰极安 全教育培训+三夫小勇士+Sanfo Hood野奢营地"亲子青少年综合素质教育项目。主营业务收入构成为： 服装类59.21%，鞋袜类25.95%，装备类10.77%，户外服务4. ...

南财智讯11月16日电，三夫户外公告，公司股票于2025年11月13日、11月14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相关规定，属于股票交易异常波动。经核实，公司已披 露2025年第三季度报告及关于向特定对象发行股票的相关公告，目前该发行事项正在推进中；公司前期 披露的信息不存在需要更正或补充之处；未发现近期有公共媒体报道可能对公司股价产生较大影响的未 公开重大信息；近期经营情况及内外部环境未发生重大变化；公司、控股股东和实际控制人不存在应披 露而未披露的重大事项，且在股票异常波动期间，控股股东及实际控制人未买卖公司股票。公司董事会 确认，除已披露事项外，无其他应披露而未披露事项，也未获悉对股票交易价格产生较大影响的未披露 信息。 ...

运动·快乐·梦想 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、 股票交易异常波动情况 北京三夫户外用品股份有限公司（以下简称"公司"）（证券简称：三夫户外；股票代码： 002780）股票于2025年11月13日、11月14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的相关规定，属于股票交易异常波动的情况。 证券代码：002780 证券简称：三夫户外 公告编号：2025-071 北京三夫户外用品股份有限公司 股票交易异常波动公告 二、 公司关注、核实情况说明 针对公司股票交易异常波动，公司对有关事项进行了核实，情况说明如下： 2、 公司于2025年11月8日披露了《关于向特定对象发行股票会后事项相关文件披露的提 示性公告》《北京三夫户外用品股份有限公司向特定对象发行A股股票募集说明书（注册稿）》 等公告。目前公司本次向特定对象发行股票事项正在推进中，公司将持续关注前述事项的进 展情况，并严格按照有关法律法规的规定及时履行信息披露义务； 3、公司前期披露的信息不存在需要更正、补充之处； 4、公司未发现近期有公共媒体报道了可能或已经 ...

Strong Individual Stocks - As of November 14, the Shanghai Composite Index fell by 0.97% to 3990.49 points, the Shenzhen Component Index decreased by 1.93% to 13216.03 points, and the ChiNext Index dropped by 2.82% to 3111.51 points. A total of 90 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on current consecutive limit-up counts and daily trading data are: Guosheng Technology (603778), Jindike (688670), and Sanfu Outdoor (002780) [1] - Detailed data for the top 10 strong stocks includes: - Guosheng Technology (603778): 5 consecutive limit-ups, turnover rate of 28.87%, and a closing price of 15.1 - Jindike (688670): 3 limit-ups in 5 days, turnover rate of 8.56%, and a closing price of 2.7 - Sanfu Outdoor (002780): 2 consecutive limit-ups, turnover rate of 41.91%, and a closing price of 10.2 [1] Strong Concept Sectors - The top three concept sectors with the highest increase in A-shares are: Hainan Free Trade Zone, Horse Racing Concept, and Free Trade Port [2] - The detailed data for the top 10 concept sectors includes: - Hainan Free Trade Zone: increased by 4.63% - Horse Racing Concept: increased by 1.65% - Free Trade Port: increased by 1.59% [3]