Market Overview - On November 24, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index went up by 0.31%, while the CSI 300 Index fell by 0.12% [1] - Among the tradable A-shares, 4,228 stocks rose, accounting for 77.72%, while 1,104 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 10.192 billion yuan, marking the seventh consecutive trading day of net outflows [1] - The ChiNext saw a net outflow of 4.922 billion yuan, the Sci-Tech Innovation Board had a net outflow of 1.491 billion yuan, and the CSI 300 constituents faced a net outflow of 6.649 billion yuan [1] Industry Performance - Out of the 11 primary industries, 19 saw gains, with the defense and military industry leading with a rise of 4.31%, followed by the media sector with a 3.49% increase [1] - The industries with the largest capital outflows included electronics, which had a net outflow of 6.708 billion yuan despite a 0.64% increase, and electric equipment with a net outflow of 2.087 billion yuan and a 0.49% rise [2] Detailed Industry Capital Flow | Industry | Daily Change (%) | Capital Flow (billion yuan) | |------------------|------------------|------------------------------| | Defense & Military| 4.31 | 5.466 | | Media | 3.49 | 2.542 | | Textile & Apparel | 0.22 | -0.256 | | Coal | -1.09 | -0.272 | | Electric Equipment| 0.49 | -2.087 | | Electronics | 0.64 | -6.708 | - The top individual stocks with net inflows included BlueFocus, which rose by 15.72% with a net inflow of 1.345 billion yuan, followed by 360 and Great Wall Aerospace with inflows of 1.023 billion yuan and 0.984 billion yuan, respectively [3]

Volatility - A total of 13 stocks in the A-share market experienced a volatility exceeding 20% today, with Meideng Technology, Jianglong Shipbuilding, and Jiuzhiyang leading the list [1] Turnover Rate - There were 7 stocks in the A-share market with a turnover rate exceeding 40% today, with Rongji Software, Southern Road Machinery, and Jianglong Shipbuilding at the forefront [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as defense and military, media, retail, construction decoration, public utilities, and banking, while there was a net outflow from electronics, computers, power equipment, basic chemicals, communications, and biomedicine [1] - The stocks with the highest net inflow included BlueFocus Communication Group, Shengguang Group, Aerospace Development, Dataport, and Midea Group, with net inflows of 1.344 billion, 738 million, 446 million, 397 million, and 347 million respectively [1] - The stocks with the highest net outflow included Xinyi Technology, Zhongji Xuchuang, Industrial Fulian, Rongji Software, and Yidian Tianxia, with net outflows of 1.177 billion, 1.126 billion, 883 million, 878 million, and 835 million respectively [1]

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications and AI computing chain, including ZTE Corporation, NewEase, Ruijie Networks, Zhongji Xuchuang, China Telecom, Haige Communication, China Mobile, and Shanghai Hantong [9][41]. Core Insights - The report highlights the ongoing concerns regarding the sustainability of the AI "bubble" and the effectiveness of Scaling Law, while expressing optimism about the performance of Gemini 3 and Banana Pro, which have exceeded initial expectations [2][3]. - The AI computing chain is expected to continue its upward trend, with a focus on Google's core components such as optical modules and liquid cooling systems [2][3]. - The report emphasizes the generational leap in capabilities of Gemini 3, which has achieved significant benchmarks in reasoning and multimodal tasks, thereby shortening the time from investment to revenue [20][14]. Summary by Sections Market Overview - The telecommunications index fell by 2.51% last week, while the Shanghai Composite Index and Shenzhen Component Index dropped by 3.90% and 5.13%, respectively [2][13]. - Concerns about the overseas AI "bubble" are prevalent, particularly regarding the effectiveness of Scaling Law and the sustainability of ROI [2][3]. Key Companies and Dynamics - The report recommends several companies within the AI computing chain, including: - ZTE Corporation (Buy, target price: 64.34) [41] - NewEase (Buy, target price: 476.71) [41] - Ruijie Networks (Buy, target price: 102.51) [41] - Zhongji Xuchuang (Buy, target price: 626.68) [41] - China Telecom (Buy, target price: 9.11) [41] - Haige Communication (Buy, target price: 13.70) [41] - China Mobile (Buy, target price: 126.20) [41] - Shanghai Hantong (Buy, target price: 28.28) [41] - China Unicom (Hold, target price: 7.56) [41] AI Computing Chain Insights - The report notes that the performance of Gemini 3 and Nano Banana Pro has significantly advanced the capabilities in reasoning and multimodal tasks, indicating a strong integration into the AI ecosystem [20][14]. - The demand for AI computing resources is expected to grow, driven by the increasing need for reasoning capabilities and the expansion of cloud token scales [20][14]. Financial Performance - ZTE Corporation reported a revenue of 100.52 billion yuan for the first nine months of 2025, a year-on-year increase of 12%, but a net profit decline of 33% [42]. - NewEase's revenue for the first three quarters of 2025 reached 16.5 billion yuan, a year-on-year increase of 222%, with a net profit increase of 284% [44]. - Ruijie Networks reported a revenue of 10.68 billion yuan for the first nine months of 2025, a year-on-year increase of 28%, with a net profit increase of 65% [46].

Core Insights - The report maintains a "stronger than market" investment rating for the communication industry, highlighting its growth potential and favorable valuation levels [1][5][12] - The communication industry index has shown significant performance, ranking second among 30 major industry indices with a 60.87% increase as of November 20, 2025 [12][14] - The report emphasizes the optimistic outlook for AI-related developments, particularly in AI computing and cloud services, which are expected to drive industry growth [4][5][45] Market Review and Industry Performance - In the first three quarters of 2025, the communication industry achieved a total revenue of CNY 19,753.67 billion, representing a year-on-year growth of 2.30%, while net profit reached CNY 1,886.40 billion, up 6.95% [18] - The overall gross margin for the communication industry was 28.45%, with a net margin of 10.19% for the first three quarters of 2025, indicating stable profitability [19] - The telecommunications operators segment reported a revenue of CNY 14,819.21 billion, growing by 0.57%, and a net profit of CNY 1,548.98 billion, increasing by 4.30% [35] Segment Performance - The optical communication segment (including optical modules, devices, and chips) saw a revenue of CNY 795.38 billion, a year-on-year increase of 56.14%, with net profit soaring by 116.86% [41] - The telecommunications equipment segment recorded a revenue of CNY 1,390.0 billion, growing by 11.2%, while the consumer electronics components segment also grew by 11.1% [21] - The cable segment achieved a revenue of CNY 464.54 billion, reflecting a growth of 6.99%, driven by increasing demand across multiple applications [46] Investment Recommendations - The report suggests focusing on companies within the optical module/device/chip sector, such as NewEase, Huagong Technology, and Guangxun Technology, due to their strong growth prospects [5][41] - For AI mobile phones, companies like Xunwei Communication and ZTE are highlighted as key players to watch [5][41] - The telecommunications operators, including China Mobile, China Telecom, and China Unicom, are recommended for their stable operations and high dividend yields [5][41]

2025.11.24 本文字数：827，阅读时长大约2分钟 作者 |一财阿驴 11月24日，A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨0.37%，创业板指涨 0.31%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | w | 3836.77 | 1.87 | 0.05% | | 399001 | 深证成指 | Winn | 12585.08 | 47.01 | 0.37% | | 399006 | 创业板指 | while | 2929.04 | 8.97 | 0.31% | 盘面上，军工、卫星导航、低空经济、AI应用、云计算、6G、电商概念股表现活跃；锂电池产业链再 度回调，锂矿方向领跌；海南本地股走弱。 军工板块集体爆发，江龙船艇、久之洋、中船防务、国机精工等超10股涨停。 锂矿股延续调整，盛新锂能跌停，金圆股份、赣锋锂业、天齐锂业等跌幅居前。 | 代码 | 名称 | 涨幅� | 现价 | | --- | --- | --- | --- | | 300 ...

2025.11. 24 本文字数：827，阅读时长大约2分钟 主力资金全天净流入传媒、航天航空、汽车整车等板块，净流出半导体、电子、证券等板块。 具体到个股来看，蓝色光标、三六零、长城军工获净流入13.17亿元、10亿元、8.42亿元。 净流出方面，工业富联、新易盛、中际旭创遭抛售27.43亿元、11.94亿元、11.13亿元。 作者 | 一财阿驴 11月24日，A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨0.37%，创业板指 涨0.31%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | m | 3836.77 | 1.87 | 0.05% | | 399001 | 深证成指 | my | 12585.08 | 47.01 | 0.37% | | 399006 | 创业板指 | While | 2929.04 | 8.97 | 0.31% | 盘面上，军工、卫星导航、低空经济、AI应用、云计算、6G、电商概念股表现活跃；锂电池产业链 再度回调，锂矿方向领跌； ...

11月24日，A股市场午后反弹，AI产业链异动拉升，云计算、AIGC、Kimi等概念表现活跃。截止13点 50分，云计算50ETF（516630）涨超2%，持仓股易点天下、数据港、石基信息、汉得信息等表现居 前；创业板人工智能ETF华夏（159381）涨超1.3%。 近日，工业部印发《云计算综合标准化体系建设指南（2025版）》，提出到2027年，新制定云计算国家 标准和行业标准30项以上，开展标准宣贯和实施推广的企业超过1000家，以标准赋能企业数字化转型升 级的成效更加凸显。加快云计算领域国际标准供给，促进产业全球化发展。 云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器 件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合 计费率最低的ETF。场外联接（A类：019868；C类：019869）。 创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数（970070.CNI），精准布局创业板人工 智能主业公司。光模块CPO权重占比超54%，同时覆盖国产软件+AI应用企业，具备较高弹性。其 ...

一、证券市场回顾 沪深两市的融资融券余额为24538.31亿元，其中融资余额24375.6亿元，融券余额162.71亿元。两市融资融券余额较前一周减少310.35亿元。分市场来看，沪 市两融余额为12506.07亿元，相较前一周减少148.54亿元；深市两融余额12032.24亿元，相较前一周减少161.82亿元。 南财金融终端数据显示，上周(11月17日-11月21日,下同)，上证综指周内下跌3.9%，收于3834.89点，最高3992.4点；深证成指周内下跌5.13%，收于12538.07 点，最高13251.78点；创业板指周内下跌6.15%，收于2920.08点，最高3137.07点。在全球市场中，主要指数均下跌。纳斯达克综指下跌2.74%，道琼斯工业 指数下跌1.91%，标普500下跌1.95%。亚太地区，恒生指数下跌5.09%，日经225指数下跌3.48%。 二、新股申购情况 上周有2只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 001280.SZ | 中国钩业 | 20251121 | | 920035.BJ | 精创电气 | ...

2025年11月24日早盘，A股三大股指集体高开。从盘面上看，6G、光通信、AI应用、BC电池、算力硬 件概念股活跃；锂矿、水产题材回调。截至 09:54，中证A500指数下跌0.09%，成分股方面涨跌互现， 广汽集团10cm涨停，张江高科上涨7.30%，光启技术上涨4.94%；润和软件领跌，江特电机、雅化集团 跟跌。 A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 华泰证券发布A股策略研报称，近期AI叙事起争论、流动性有所收紧、区域扰动构成了市场波动加大的 底色，当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动 性预期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场 估值接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需 消费、国产算力、创新药等，继续持有大金融以降低波动性。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台 ...

Core Insights - A total of 3739 stocks in the A-share market received financing purchases on November 21, with 347 stocks having purchase amounts exceeding 100 million yuan [1] - The top three stocks by financing purchase amount were Zhongji Xuchuang, Xinyi Sheng, and Sunshine Power, with amounts of 3.076 billion yuan, 1.686 billion yuan, and 1.432 billion yuan respectively [1] - Six stocks had financing purchase amounts accounting for over 30% of the total transaction amount on that day, with Aikesai Bo, Senying Windows, and Qianyuan Power leading at 49.65%, 44.13%, and 37.82% respectively [1] - Seven stocks recorded net financing purchases exceeding 100 million yuan, with Dekeli, Beijing Bank, and Zhongwen Online ranking first, second, and third with net purchases of 156 million yuan, 151 million yuan, and 141 million yuan respectively [1]