Market Overview - The Shanghai Composite Index rose by 0.34% on November 28, with 29 out of 31 sectors experiencing gains, led by the steel and agriculture sectors, both up by 1.59% [1] - The telecommunications sector saw a modest increase of 0.12%, while the banking and coal sectors faced declines of 0.83% and 0.14%, respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 10.84 billion yuan, with 19 sectors experiencing net inflows [1] - The electronics sector led the net inflow with 3.423 billion yuan and a daily increase of 1.30%, followed by the non-ferrous metals sector, which saw a net inflow of 3.051 billion yuan and a daily increase of 1.44% [1] Telecommunications Sector Performance - In the telecommunications sector, there were 124 stocks, with 86 rising and 36 falling; 2 stocks hit the daily limit up [2] - The top net inflow stocks included Xinyi Technology with 627 million yuan, Tianfu Communication with 433 million yuan, and Changxin Bochuang with 355 million yuan [2] - The sector experienced a net outflow of 1.311 billion yuan, with the largest outflows from Zhongji Xuchuang (799 million yuan), ZTE Corporation (695 million yuan), and Yongding Co. (276 million yuan) [2][4] Top Gainers in Telecommunications - Notable gainers in the telecommunications sector included: - Xinyi Technology: +2.05%, turnover rate 4.68%, net inflow 626.81 million yuan - Tianfu Communication: +1.88%, turnover rate 4.71%, net inflow 432.73 million yuan - Changxin Bochuang: +7.22%, turnover rate 18.54%, net inflow 354.54 million yuan [2] Top Losers in Telecommunications - Major losers in the telecommunications sector included: - Zhongji Xuchuang: -1.81%, turnover rate 2.94%, net outflow 796.74 million yuan - ZTE Corporation: -0.50%, turnover rate 3.48%, net outflow 695.40 million yuan - Yongding Co.: -1.26%, turnover rate 12.93%, net outflow 275.75 million yuan [4]

Core Insights - The leading companies in the A-share optical communication sector, Zhongji Xuchuang and Xinyi Sheng, have both seen their stock prices increase by over 300% year-to-date, reflecting their strong performance and the dominance of China's optical module industry in the global market [1][2]. Company Performance - Zhongji Xuchuang reported a net profit of 3.137 billion yuan for Q3 2025, a year-on-year increase of 124.98%, with Q3 revenue reaching 10.216 billion yuan, up 56.83% [2][3]. - Xinyi Sheng's net profit for the first three quarters was 6.327 billion yuan, with a staggering year-on-year growth of 284.38%, and total revenue of 16.504 billion yuan [2][3]. Market Dynamics - The growth of Zhongji Xuchuang is driven by the increasing demand for high-end products like 800G and 1.6T optical modules, supported by a rise in the penetration rate of silicon photonic modules [2][3]. - Xinyi Sheng has rapidly advanced in the high-end market, achieving a revenue growth rate of 175% and moving from seventh to third place among global optical module manufacturers [2][3]. Global Strategy - Zhongji Xuchuang employs a strategy of "technology binding with major clients and global capacity layout," with 80% of its revenue coming from overseas markets [3][4]. - Xinyi Sheng has established a "R&D in China, global production, and localized service" operational system, allowing it to respond flexibly to changes in the international trade environment [4]. Industry Outlook - The Chinese optical module market is projected to reach 60.6 billion yuan in 2024 and grow to 67 billion yuan by 2025, with a significant increase in the proportion of high-speed products [4]. - Chinese companies occupy six of the top ten positions in the global optical module market, indicating a healthy competitive landscape with leading firms like Zhongji Xuchuang and Xinyi Sheng at the forefront [4].

- The report tracks the market trend by monitoring stocks that have reached new highs, using the 250-day high distance as a key metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ where $ Close_t $ is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of November 28, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 3.50%, Shenzhen Component Index 5.40%, CSI 300 4.66%, CSI 500 6.85%, CSI 1000 4.10%, CSI 2000 2.78%, ChiNext Index 8.17%, and STAR 50 Index 13.77%[12][13] - The report identifies 1043 stocks that reached new 250-day highs in the past 20 trading days, with the highest numbers in the basic chemicals, power equipment and new energy, and machinery industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[23] - The selection criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and a composite score based on price path smoothness and new high continuity[26] - The report lists 26 stable new high stocks, including Zhongji Xuchuang, Guangku Technology, and Zhongkuang Resources, with the highest numbers in the cyclical and manufacturing sectors[27][30]

证券代码：300308 证券简称：中际旭创 公告编号：2025-111 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 9 月 26 日召开第五届董事会第二十三次会议，审议通过了《关于公司参与投资国泰海通产业 基金的议案》，为持续拓展公司在光通信、数据中心、汽车电子、机器人及相关产业 链等领域的投资布局，公司作为有限合伙人以自有资金 35,400 万元人民币与普通合伙 人国泰君安创新投资有限公司、江苏乾融资本管理有限公司及其他有限合伙人共同出 资设立国泰海通中际旭创科技股权投资基金（昆山）合伙企业（有限合伙）（以下简 称"产业基金"）。具体内容详见公司在中国证监会指定创业板上市公司信息披露网 站巨潮资讯网上披露《中际旭创关于公司参与投资国泰海通中际旭创产业基金的公 告》（公告编号：2025-093）。 二、进展情况 近日，公司接到产业基金通知，产业基金已根据《证券投资基金法》和《私募投 资基金监督管理暂行办法》等法律法规履行登记备案程序，基金名称：国泰海通中际 旭创科技股权投资基金（昆山）合伙企业（有限合伙），备案号：SBKE21。 特此公告 中际旭创股份有限公司董事会 2025 年 ...

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

Core Insights - The AI computing power industry chain is experiencing significant fluctuations, with notable movements in related ETFs and stocks [1] - Google is at the center of a new investment chain, launching multiple products that create a positive feedback loop, enhancing AI revenue through increased token consumption [1] - The vertical integration of computing power, models, and applications by Google is expected to clarify the business model of AI applications and establish a sustainable profit model [1] Group 1: Market Performance - The ChiNext AI ETF (159381) decreased by 0.61%, while the 5G Communication ETF (515050) fell by 0.35% [1] - Stocks such as Putian Technology hit the daily limit, while Jinxin Nuo and Changxin Bochuang rose over 4% [1] Group 2: Google and Alibaba's Strategies - Dongwu Securities highlights that Google and Alibaba are enhancing their full-stack capabilities in the AI industry, leading to increased demand for TPU and AI ASIC chips [2] - Customized computing clusters are raising networking requirements, with Google's TPU introducing new optical interconnection solutions [2] - The optimistic capital expenditure outlook from Google and Alibaba is expected to generate substantial incremental demand for the optical interconnection supply chain [2] Group 3: Related ETFs - The ChiNext AI ETF (159381) tracks the ChiNext AI Index and has a significant allocation in optical modules, with the top three holdings being Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%) [3] - The 5G Communication ETF (515050) focuses on the 5G communication theme index and has a scale exceeding 9 billion, with major holdings including Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [3]

2025.11. 28 本文字数：745，阅读时长大约2分钟 作者 | 一财阿驴 11月28日，A股三大指数低开高走，截至收盘，沪指涨0.34%，深成指涨0.85%，创业板指涨0.7%。沪指本月累计跌 1.67%，深成指本月累跌2.95%，创业板指累跌4.23%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Min | 3888.60 | 13.34 | 0.34% | | 399001 | 深证成指 | mm | 12984.08 | 108.89 | 0.85% | | 399006 | 创业板指 | ma | 3052.59 | 21.29 | 0.70% | 盘面上，福建板块午后涨势扩大，锂电池产业链全线反弹，商业航天概念午后回升；银行、医药股逆势飘绿。 具体来看，商业航天概念集体爆发，航天发展、四川金顶、乾照光电、航天环宇等10股涨停。 | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 300102 | 乾照光电 ...

11月28日，沪深两市成交额合计1.59万亿元，较上一交易日缩量约1239.97亿元。其中，沪市成交额 6457.56亿元，深市成交额9400.4亿元。中际旭创成交额居首，为167.51亿元。其后是新易盛、工业富 联、阳光电源、蓝色光标，成交额分别为143.37亿元、100.08亿元、93.95亿元、90.61亿元。 ...

Market Overview - On November 27, the Shanghai Composite Index closed at 3875.26 points, up 0.29%, with a trading volume of 698.5 billion yuan. The Shenzhen Component Index closed at 12875.19 points, down 0.25%, with a trading volume of 1011.275 billion yuan. The ChiNext Index closed at 3031.30 points, down 0.44%, with a trading volume of 499.106 billion yuan. The total trading volume of both markets was 1709.775 billion yuan, a decrease of 73.552 billion yuan compared to the previous trading day [1]. Sector Performance - The chemical, light manufacturing, petroleum and petrochemical, coal, beauty care, and public utilities sectors showed the highest gains. Concepts such as organic silicon, solid-state batteries, and AI mobile phones were particularly active. In contrast, sectors like media, retail, computer, real estate, and transportation experienced declines [2]. Stock Performance - A total of 2732 stocks rose while 2227 stocks fell, with 195 stocks remaining flat and 15 stocks suspended. Excluding newly listed stocks, there were 63 stocks that hit the daily limit up, while 14 stocks hit the limit down [2]. Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 18.622 billion yuan, with the ChiNext experiencing a net outflow of 9.423 billion yuan. The most significant net inflow was seen in the light manufacturing sector, amounting to 471 million yuan [4]. Individual Stock Highlights - Among individual stocks, ZTE Corporation (000063) had the highest net inflow of main funds at 915 million yuan, followed by Annie Co., Ltd. (002235) with 398 million yuan and Shannon Technology with 384 million yuan [8][9]. - Conversely, Zhongji Xuchuang (300308) experienced the largest net outflow of 1.479 billion yuan, followed by Huadian Electric (002463) with 954 million yuan and CATL (300750) with 806 million yuan [11][12]. Institutional Activity - Institutions had a net buy of 9 stocks, with Haike New Source being the most purchased stock at approximately 133 million yuan. The most sold stock was Shanghai Film, with a net sell of about 86.869 million yuan [14][15].

Group 1 - The core viewpoint of the news highlights the significant growth potential in the global semiconductor industry, particularly in the wafer foundry sector, which is expected to reach $199.4 billion by 2025, reflecting a year-on-year growth of over 25% [1] - The compound annual growth rate (CAGR) for the semiconductor industry from 2025 to 2030 is projected to be 14.3%, indicating that it will be a key driver of industry prosperity [1] - Capital expenditures from leading internet companies in China and the U.S. are expected to maintain rapid growth, with projections for 2025 reaching $430.6 billion (+65%) and $602 billion (+40%) in 2026, which will support future demand for computing chips [1] Group 2 - The ChiNext 50 Index (399673) consists of the 50 stocks with the highest average trading volume in the ChiNext market, reflecting the overall performance of well-known, large-cap, and liquid companies [2] - As of October 31, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 70.15% of the index, with notable companies including CATL, Zhongji Xuchuang, and Mindray [2]