Core Insights - The A-share market opened higher with the Shanghai Composite Index up 0.14%, Shenzhen Component Index up 0.42%, and ChiNext Index up 0.26. The precious metals and film sectors led the gains, while insurance, internet e-commerce, and software development sectors lagged behind [1] Group 1: AI Developments - Zhiyu AI released Qingying 2.0, capable of generating 1080P HD videos with a maximum length of 10 seconds, showing significant improvements in image quality and stability compared to OpenAI Sora. The upgrade reduces reasoning costs by 30% and has already generated over one million videos in its first month [1] - CITIC Securities analysis indicates that the focus of AI model development is shifting from sheer parameter scale to achieving higher "capability density" and better architectural efficiency. This transition is expected to lower the computational threshold, enabling more small and medium-sized enterprises to access AI technology at reduced costs, thus creating broader industrial applications and investment opportunities [1] Group 2: AI ETF Overview - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting stocks that provide technology, basic resources, and applications in the AI sector, focusing on the midstream of the AI industry chain. The top ten weighted stocks include leading domestic tech companies such as Zhongji Xuchuang, Xinyisheng, and others [2] - Related products include the AI ETF (515070), the Huaxia ChiNext AI ETF (159381), and the Huaxia Sci-Tech AI ETF (589010) [2]

Group 1: Market Performance - The cloud computing sector saw a significant rise, with Hong Kong's Alibaba and A-shares "Yizhongtian" both surging [1] - The Huatai Securities report indicates that the demand for domestic computing power is rapidly expanding, driving further investment growth [5] - The cloud computing ETF Huatai (159273) experienced a strong increase of over 2%, with a trading volume exceeding 25 million yuan [1][3] Group 2: Company Developments - Alibaba's cloud revenue for FY2Q26 reached 39.824 billion yuan, a year-on-year increase of 34%, indicating strong customer demand [5] - The introduction of the Doubao mobile assistant, developed in collaboration with mobile manufacturers, showcases the integration of AI capabilities in mobile technology [2] - Alibaba has raised its AI investment guidance, suggesting additional investments beyond the previously announced 380 billion yuan [5] Group 3: Industry Trends - The U.S. market is anticipating a potential interest rate cut by the Federal Reserve, with a probability of 85%-86% for a 25 basis point reduction [1] - The shift in Singapore's AI project to utilize Alibaba's open-source model reflects the growing influence of Chinese AI models globally [2] - The capital expenditure (CAPEX) of major cloud service providers (CSPs) is expected to continue increasing, driven by revenue and profit growth [6]

两融余额持续回升，最新市场两融余额24735.77亿元，连续4个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至11月28日，沪深北两融余额为24735.77亿元，较上一交易日增加15.32 亿元，其中融资余额24565.00亿元，较上一日增加14.84亿元。分市场来看，沪市两融余额为12548.36亿 元，较上一日增加0.96亿元，深市两融余额12112.14亿元，较上一日增加13.98亿元。北交所两融余额 75.27亿元，较上一日增加3878.76万元。值得注意的是，这已经是两融余额连续4个交易日持续增加，其 间两融余额合计增加149.09亿元。 分行业看，两融余额连续增加的态势下，申万所属的31个行业中，融资余额增加的共有18个行业，电子 行业融资余额增加最多，其间融资余额增加81.51亿元，融资余额增加居前的行业还有通信、电力设备 等；融资余额减少的行业有非银金融、家用电器等。以幅度进行统计，通信行业融资余额增幅最高，达 6.47%，其次是电子、房地产，增幅分别为2.33%、1.64%。 融资余额行业变动 | 行业 | 最新融资余额（亿元） | 融资余额增加额（亿元） | ...

Group 1 - As of November 28, the total market financing balance reached 2.46 trillion yuan, an increase of 1.48 billion yuan from the previous trading day, marking four consecutive days of growth in financing balance [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 17.44 million yuan; in the Shenzhen market, it was 1.21 trillion yuan, increasing by 1.43 billion yuan; and in the Beijing Stock Exchange, it was 7.53 billion yuan, rising by 38.84 million yuan [1] - On November 28, a total of 1,680 stocks received net financing purchases, with 387 stocks having net purchases exceeding 10 million yuan, and 20 stocks with net purchases over 100 million yuan [1] Group 2 - The top net financing purchase on November 28 was NewEase, with a net purchase of 1.17 billion yuan, followed by Zhongji Xuchuang and Xiangnong Xinchuan with net purchases of 860 million yuan and 463 million yuan, respectively [2] - In terms of industry, the highest concentration of stocks with net purchases exceeding 100 million yuan was in the electronics, communications, and power equipment sectors, with 6, 3, and 3 stocks respectively [1][2] - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.74%, with Yongtai Technology having the highest ratio at 8.02% [2]

（文章来源：证券时报网） 个股方面，11月28日，有1680只个股获融资净买入，净买入金额在3000万元以上的有120股。其中，20 股获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入11.71亿元；融资净买入金额居前的还 有中际旭创、香农芯创、德明利、东山精密、永太科技、工业富联、恩捷股份、湖南裕能等股。 Wind统计显示，11月28日，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净 买入额居首，当日净买入15.26亿元；获融资净买入居前的行业还有通信、银行、电力设备、化工、交 通运输等。 ...

从融资净买入金额来看，有20只个股获融资净买入超亿元。其中，新易盛、中际旭创、香农芯创融资净 买入金额排名前三，分别获净买入11.71亿元、8.6亿元、4.63亿元。 从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中珍宝岛、华西证 券、鸿日达融资买入额占成交额比重排名前三，分别为40.63%、38.18%、33.37%。 A股11月28日共有3736只个股获融资资金买入，有299股买入金额超亿元。其中，中际旭创、新易盛、 阳光电源融资买入金额排名前三，分别获买入32.31亿元、28.22亿元、16.5亿元。 ...

Group 1 - The core viewpoint is that the computing power industry is in a high prosperity cycle, driven by the rapid growth of demand due to continuous innovation in AI models [1] - Major companies like Google and NVIDIA have reported earnings that exceeded expectations, indicating a positive feedback loop between model innovation and computing power construction [1] - North American giants are increasing capital expenditures significantly, with Meta raising its forecast for capital spending from $66-72 billion to $70-72 billion, Google from $85 billion to $91-93 billion, and Amazon's expected capital expenditure around $125 billion for the year [1] Group 2 - Leading optical module manufacturers are expanding production capacity both domestically and internationally to meet explosive demand for computing power [2] - Companies like NewEase and Zhongji Xuchuang are establishing production bases in Thailand to optimize cost structures and mitigate geopolitical risks, with significant expansions planned for 2025-2026 [2] - Financial data supports the intensity of capacity expansion, with Zhongji Xuchuang reporting a 1765.7% increase in construction projects compared to the beginning of the year [2] Group 3 - A new round of concentrated capacity release is expected in Q1 2026, which will open up growth opportunities for the industry [3] - The optical module industry is facing supply bottlenecks due to rapidly growing demand, prompting leading manufacturers to adopt a dual-line expansion strategy in mainland China and Thailand [3] - The industry is transitioning from "capacity release" to "performance climb," with expectations of steady performance growth as production scales up and processes mature [3] Group 4 - Companies to watch in the computing power sector include leading optical module firms like Zhongji Xuchuang and NewEase, as well as other key players in the optical device market [4] - The focus is also on domestic computing power supply chains, including liquid cooling segments and edge computing platforms [5]

Investment Rating - The report maintains a "Buy" rating for the optical module industry, specifically recommending companies like Zhongji Xuchuang and Xinyi Sheng [5][13]. Core Views - The optical module industry is entering a high prosperity cycle driven by the explosive demand for AI computing power, with supply becoming the core issue. Major manufacturers are accelerating capacity expansion in both mainland China and Thailand, with a significant capacity release expected in Q1 2026, leading to a new growth phase for performance [1][3][4][22]. Summary by Sections Investment Strategy - The report emphasizes the importance of the optical module sector and suggests focusing on companies involved in computing power, particularly in optical communication, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [10][16]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth rates [18][21]. Supply and Demand Dynamics - The report highlights a supply gap in the optical module industry due to rapidly growing computing power demands, with structural shortages in upstream optical chips and slow capacity ramp-up being critical constraints [26][24]. Financial Data and Capacity Expansion - Financial data supports the intensity of capacity expansion, with Zhongji Xuchuang reporting a 1765.7% increase in construction projects compared to the beginning of the year, indicating strong order demand and confidence in long-term industry prosperity [3][24][25]. Future Outlook - The report anticipates a gradual process from "capacity release" to "performance realization," with initial challenges in yield improvement and cost control, but expects scale effects to drive steady performance growth as production scales up [9][25].

资金面趋于谨慎，观望情绪浓厚 —— 量化市场追踪周报（2025W48） [Table_ReportTime] 2025 年 11 月 30 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 8 证券研究报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W48)：资金面趋于谨慎， 观望情绪浓厚 [Table_ReportDate] 2025 年 11 月 30 日 [Table_Summary] ➢ 本周市场复盘：上证指数结束月 ...

Core Insights - A-shares trading volume has declined again, with an average daily trading volume of 1.74 trillion yuan for the week, down nearly 128.1 billion yuan or about 6.9% from the previous week's average of 1.87 trillion yuan, marking the lowest level since October 20 [1][3] Group 1: Trading Volume and Key Stocks - A total of 130 stocks had an average daily trading volume exceeding 2 billion yuan this week, slightly down from 139 stocks the previous week [2] - Zhongji Xuchuang, Xinyi Sheng, Industrial Fulian, Sunshine Power, and BlueFocus were highlighted with average daily trading volumes of 23.144 billion yuan, 17.318 billion yuan, 15.005 billion yuan, 11.517 billion yuan, respectively [2][4] - Zhongji Xuchuang recorded a peak trading volume of 32.975 billion yuan on November 26, marking its second-highest historical trading volume, with a daily increase of 13.25% [4][6] Group 2: Sector Performance - Among the 26 stocks with an average daily trading volume above 5 billion yuan, the electronics sector had the highest representation with 11 stocks, followed by the communications sector with 6 stocks, together accounting for nearly 65.4% [7] - The turnover rate data indicates that 58 stocks had a turnover rate exceeding 100%, with Rongji Software, Southern Road Machinery, and Jianglong Shipbuilding exceeding 200% [7][8]