证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20251117-20251121） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研家数前二十的热门公司有联影医疗、蓝思科技、爱博医疗、 三花智控和兆易创新等。近5天机构调研家数前二十的热门公司有九号公司- WD、容百科技、蓝思科技、英唐智控和英联股份等。近30天机构调研家数前 二十的热门公司中评级机构家数大于或等于10家的有19家。骄成超声、澜起 科技和联影医疗2025年Q1-Q3归母净利润相较2024年同期实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年11月17日至2025年11月21日，共5家上市公司发布重要股东增持进 展情况公告，其中常熟银行增持股份占总股本比例大于1%，皇台酒业、龙利 得、福光股份和飞沃科技拟增持金额上下限均值占公告日市值比例大于1%。 ➢ 本周A股上市公司回购情况 2025年11月17日至2025年11月21日，共计65家公司发布回购进展情况公 告，评级机构家数大于10家（含10家）的共16家，预计回购金额上下限均值 占预案日市值比例大于1%的共5家，按拟回购金额上下限均值占最新公告日 市值比例由 ...

从资金流向上来看，当日低空经济板块主力资金净流入24.83亿元，游资资金净流出18.38亿元，散户资金 净流出6.45亿元。低空经济板块个股资金流向见下表： 证券之星消息，11月24日低空经济板块较上一交易日上涨2.67%，招标股份领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。低空经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301136 | 指标股份 | 16.32 | 20.00% | 19.77万 | 3.15亿 | | 301232 | 飞沃科技 | 58.15 | 11.46% | 9.71万 | 5.51亿 | | 600855 | 航天长峰 | 16.68 | 10.03% | 46.93万 | 7.67亿 | | 002413 | 雷科防务 | 6.37 | 10.02% | 122.16万 | 7.65亿 | | 000547 | 航天发展 | 13.64 | 10.00% | 533.86 ...

证券之星消息，11月24日风电设备板块较上一交易日上涨2.94%，飞沃科技领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 58.15 | 11.46% | 9.71万 | | 5.51亿 | | 688660 | 电气风电 | 16.69 | 6.71% | 37.89万 | | 6.31亿 | | 300904 | 威力传动 | 69.20 | 5.94% | + 1.78万 | | 1.22亿 | | 002487 | 大全重丁 √ | 48.74 | 5.93% | 31.88万 | | 15.75亿 | | 300443 | 金雷股份 | 26.34 | 5.57% | 13.68万 | | 3.57亿 | | 688186 | 广大特材 | 21.65 | 3.49% | 6.55万 | | 1.41亿 ...

商业航天板块持续走强，斯瑞新材、上海港湾、飞沃科技盘中创新高，航天动力、雷科防务、航天环 宇、中天火箭、天箭科技、航天长峰、久之洋、招标股份涨停，新雷能、航天软件、超捷股份、中国海 防、四创电子跟涨。相关ETF方面，航空ETF（159392）涨2.7%，成交额273.39万元，航空航天ETF （159227）涨3.83%，成交额2.15亿元。 ...

数据显示，我国商业航天市场规模从2015年的约0.38万亿元增长至2024年的2.3万亿元，年均复合增长率 约22%。若按25%增速计算，2030年我国商业航天市场规模有望逼近10万亿元，展现出巨大的增长潜 力。 11月24日，商业航天概念板块反复活跃，成为市场关注焦点。截至记者发稿，板块内多只个股强势涨 停，包括招标股份（301136.SZ）、航天环宇（688523.SH）、航天长峰（600855.SH）、雷科防务 （002413.SZ）、上海港湾（605598.SH）、中天火箭（003009.SZ）、天箭科技（002977.SZ）等。同 时，光库科技（300620.SZ）、飞沃科技（301232.SZ）、斯瑞新材（688102.SH）等个股也表现亮眼， 涨幅位居板块前列。 数据来源：东方财富choice 发射和星座补网方面具备优势。下一阶段，我国有望研发出对标猎鹰9号的可回收中型运载火箭，将参 与到中国星网、千帆星座以及算力卫星的发射服务中，火箭运力和发射成本瓶颈或将迎来突破。 资本市场方面，火箭公司IPO绿色通道已经开启，科创板第五套标准支持亏损阶段的商业航天企业上 市。当前，国内六大商业火箭头部企业已 ...

（文章来源：每日经济新闻） 每经AI快讯，11月24日，A股风电设备板块震荡走强，飞沃科技涨超14%，大金重工涨超9%，电气风电 涨超6%，威力传动、运达股份跟涨。 ...

Group 1: Trade and Economic Development - He Lifeng emphasized the need to continuously promote the quality and efficiency of foreign trade, improve high-standard logistics systems, and support high-quality development in manufacturing [1] - The Ministry of Commerce aims to guide localities in transitioning second-hand car exports from "scale growth" to "value growth," enhancing product diversity for global consumers [1] - The Ministry of Housing and Urban-Rural Development highlighted the importance of urban renewal to support high-quality living and new industries [1] Group 2: Market and Financial Updates - The initial public offering (IPO) price for Moer Technology is set at 114.28 yuan per share, with a total market value of approximately 53.715 billion yuan [1] - The Asian Infrastructure Investment Bank (AIIB) has approved Colombia's membership, increasing its total membership to 111, covering 81% of the world's population and 65% of global GDP [1] - The Guangzhou Futures Exchange announced adjustments to trading fees and limits for lithium carbonate futures starting November 24, 2025 [1] Group 3: Corporate Announcements - Yiwei Lithium Energy signed a procurement framework agreement with Simor International [6] - Chuangyin High-Tech received a tender offer from Zhongzhong Group to acquire 20% of its shares at 11.85 yuan per share [6] - Lek Electric plans to transfer 90% of its precision machinery shares for 235 million yuan [6]

Group 1: New Stock Offerings - China Uranium Industry (001280) will begin subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [1] Group 2: Semiconductor Industry - Chinese Commerce Minister Wang Wentao held a video meeting with UK Trade Minister Peter Kyle to discuss the ASML semiconductor issue, emphasizing that the responsibility lies with the Netherlands [3] - The Netherlands' recent suspension of an administrative order is seen as a positive step towards resolving the global semiconductor supply chain crisis [3] Group 3: Trade Relations - The Chinese Foreign Ministry reiterated that Japanese seafood products currently have no market in China due to public sentiment against Japan's leadership statements on Taiwan [2] - The Ministry of Commerce is working with relevant departments to guide localities in implementing policies to enhance the quality and value of used car exports [9] Group 4: Technological Development - Guangdong Province is focusing on developing cutting-edge technology, particularly in areas like "AI+" and "robotics+" to drive innovation and economic growth [3][4] - The Guangdong government aims to expand new scenarios for terminal industries and promote the development of consumer-level smart terminal products [3] Group 5: International Cooperation - The China-EU Investment Trade and Technology Cooperation Conference opened in Chengdu, with EU representatives expressing optimism about future cooperation with Chinese enterprises [7] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to support the construction of an international science and technology innovation center [5]

Key Points - The core viewpoint of the announcements highlights various corporate actions including stock repurchases, project investments, and significant contracts awarded to companies in different sectors [1]. Group 1: Hot Topics - China Resources (合富中国) may apply for a trading suspension if its stock price continues to rise abnormally [1] - Huarong Chemical (华融化学) has not yet introduced customers in the photolithography or photolithography machine sectors [1] Group 2: Project Investments - Zhongnan Media (中南传媒) plans to use raised funds for the upgrade and renovation of Hunan Book City [1] - Shanghai Airport (上海机场) is transferring assets related to the third phase expansion of Pudong Airport to the airport group [1] Group 3: Contract Awards - *ST Weihai (围海) signed a major contract worth 313 million yuan [1] - Qinglong Pipe Industry (青龙管业) won bids for the Pengyang County Wangwa area water supply project and another project worth 294 million yuan [1] - Huakang Clean (华康洁净) is expected to win the bid for the purification system project at Keqiao Future Medical Center [1] Group 4: Equity Acquisitions - Huadian Electric (沪电股份) intends to purchase a 15% stake in Shengweice along with its patents and technical assets [1] - Dongfang Yuhong (东方雨虹) plans to acquire 60% of Novakem to strengthen its presence in Brazil and expand into the Latin American market [1] - Lek Electric (莱克电气) plans to transfer 90% of its precision machinery stake to Chuangyuan Resources [1] Group 5: Stock Buybacks - Tianhe Solar (天合光能) has repurchased 2.1715% of its shares [4] - Hangcai Co. (航材股份) plans to spend 50 million to 100 million yuan on share buybacks [4] - Aidi Precision (艾迪精密) intends to repurchase shares worth 100 million to 200 million yuan [4] Group 6: Shareholding Changes - Longxun Co. (龙迅股份) plans to reduce its holdings by no more than 1.8623% [4] - Huaya Intelligent (华亚智能) shareholders plan to collectively reduce their holdings by no more than 2.98% [4] - Wenkai Co. (文峰股份) has its deputy general manager under investigation and subjected to detention measures [4] - EVE Energy (亿纬锂能) signed a procurement framework agreement with Smoore International [4]

Key Points - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [2] - The Ministry of Commerce is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [4] - The Minister of Commerce discussed the ASML semiconductor issue with the UK Trade Minister, emphasizing that the responsibility lies with the Netherlands [5] - The Ministry of Foreign Affairs stated that Japanese seafood has no market in China due to recent political tensions [6] - The China Securities Regulatory Commission is enhancing capital market functions to support high-quality development [7] - Guangdong Province is focusing on developing cutting-edge technology and addressing key technological challenges [8] - Guangdong is promoting innovation in artificial intelligence and robotics, launching initiatives to expand new industrial scenarios [9] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to enhance the city's innovation capabilities [10] - The Ministry of Commerce is guiding localities to improve second-hand car export policies, shifting focus from scale to value [11] - The Guangzhou Futures Exchange adjusted trading fees and limits for lithium carbonate futures contracts [12] - The 18th China-EU Investment Trade and Technology Cooperation Fair opened, with EU representatives optimistic about the Chinese market [13] Company News - Gree Electric has developed core components for humanoid robots [15] - Pingtan Development's stock will resume trading on November 21 after completing a suspension review [15] - Vanke A approved a shareholder loan from Shenzhen Metro Group [15] - Qianjin High-Tech is set to acquire 20% of the company's shares from Zhongzhong Group [15] - Fulede's executives plan to reduce their holdings by up to 85,000 shares [15] - Xidian New Energy identifies Tesla as its largest end customer [15] - Lian Micro's VCSEL chips are now used in smart driving applications with large-scale shipments [15] - New Yichang's semiconductor business has secured orders worth several million yuan [15] - Haohua Technology is expanding into electrolyte and lithium hexafluorophosphate products [15] - Huaya Intelligent's shareholders plan to reduce their holdings by up to 2.98% [15] - Wajinke's controlling shareholder intends to reduce holdings by up to 3% [15] - Oriental Yuhong's subsidiary plans to acquire 60% of Brazil's Novakem to enhance overseas operations [15] - Hefei China has seen its stock price deviate significantly from fundamentals, posing risks for investors [15] - Tuojing Technology's national integrated circuit fund plans to reduce holdings by up to 3% [15] - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan [15] - Jiumuwang's stock trading shows signs of market overheating and irrational speculation [15] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan [15] - Qinglong Pipe Industry won a procurement project worth 294 million yuan [16] - Feiwo Technology's actual controller plans to increase holdings by 40 million to 70 million yuan [16] - China Nuclear Construction signed new contracts worth 123.84 billion yuan as of October [16]