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].

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market trends, fund flows, and sector performance without detailing any quantitative model construction or factor analysis[4][5][6] - No quantitative backtesting results or specific factor performance metrics are provided in the report[7][8][9]

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]

- The report introduces a **comprehensive impact coefficient model** to measure the impact of multiple index adjustments on individual stocks. The model is defined as follows: $effect\_total_{s}=\sum_{i=1}^{n}\frac{wt\_chg_{s_{i}}\times fund\_size_{i}}{amount\_avg_{s_{i}}20}$ where $effect\_total_{s}$ represents the comprehensive impact coefficient of stock $s$ across sample indices, $wt\_chg_{s_{i}}$ is the estimated weight change of stock $s$ in index $i$, $fund\_size_{i}$ is the tracking scale of index $i$, and $amount\_avg_{s_{i}}20$ is the average trading volume of stock $s$ over the past 20 days[11] - The report highlights the **impact of index sample stock adjustments** on individual stocks, focusing on the December 2025 periodic adjustments of major indices such as CSI 300, CSI A500, and SSE 50. The analysis includes the calculation of the comprehensive impact coefficient for stocks being added or removed from indices, as well as the potential passive trading impact due to weight adjustments[13][14][16] - The report identifies **stocks with significant positive and negative impact coefficients** due to index adjustments. For example, stocks like Tower Group, Jiangzhong Pharmaceutical, and Zhengbang Technology have positive impact coefficients above 2, while stocks like Deep Expressway and Wanhe Electric have significant negative impact coefficients[16][17][18] - The report evaluates the **impact of weight cap adjustments** for stocks like Zhongji Xuchuang and Xinyisheng in thematic indices such as CS Artificial Intelligence and Communication Equipment. Due to exceeding the weight cap, these stocks are expected to experience passive outflows of approximately 6.3 billion yuan and 2.7 billion yuan, respectively. However, the report concludes that the negative impact is limited due to sufficient liquidity and potential inflows from other indices[5][19][20]

Core Points - The One Belt One Road Index (399991) closed at 2752.77 points, up 0.71%, with a trading volume of 98.274 billion yuan and a turnover rate of 0.58% [1] - Among the index constituents, 66 stocks rose, with Jerry Holdings leading at a 10.0% increase, while 19 stocks fell, with Zhongji Xuchuang leading the decline at 1.81% [1] Index Constituents Summary - The top ten constituents of the One Belt One Road Index include: - Zhongji Xuchuang (4.03% weight) at 514.50 yuan, down 1.81% [1] - Yingmei Holdings (3.30% weight) at 28.58 yuan, down 0.07% [1] - Luoyang Jiyie (3.20% weight) at 16.23 yuan, up 1.76% [1] - China Petroleum (3.15% weight) at 9.75 yuan, down 1.02% [1] - TBEA (3.08% weight) at 21.80 yuan, up 1.96% [1] - Xinyi Sheng (3.08% weight) at 347.80 yuan, up 2.05% [1] - ZTE Corporation (2.88% weight) at 42.09 yuan, down 0.50% [1] - SANY Heavy Industry (2.73% weight) at 20.32 yuan, up 0.94% [1] - China Xiongzhu (2.70% weight) at 5.20 yuan, down 0.76% [1] - Wanhua Chemical (2.69% weight) at 67.12 yuan, up 1.85% [1] Capital Flow Analysis - The One Belt One Road Index constituents experienced a net outflow of 173 million yuan from main funds, while retail investors saw a net inflow of 135 million yuan [3] - Notable capital flows include: - Xinyi Sheng with a net inflow of 63.2 million yuan from main funds [3] - Tanfeng Communication with a net inflow of 42.5 million yuan from main funds [3] - Zijin Mining with a net inflow of 15.1 million yuan from main funds [3] - Luoyang Jiyie with a net inflow of 13 million yuan from main funds [3] - China Shipbuilding with a net inflow of 129 million yuan from main funds [3]

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]