市场早盘红盘震荡，深成指、创业板指双双涨近1%。板块方面，消费电子板块强势领涨，豪声电子涨 超20％，龙头中兴通讯涨停；有色金属板块大幅高开，罗平锌电、白银有色等多股涨停；商业航天板块 震荡走强，雷科防务、利君股份等多股涨停；下跌方面，保险板块弱势震荡，中国人保领跌；软件开发 板块调整，国投智能跌幅居前。总体来看，个股涨多跌少，上涨个股超3600只。截至午间收盘，沪指报 3904.90，涨0.42%；深成指报13106.95点，涨0.95%；创指报3080.16点，涨0.90%。盘面上，消费电子、 金属锌、金属铅板块涨幅居前，互联网电商、保险、钛白粉概念跌幅居前。 ...

瑞财经 王敏 11月28日，深交所发布关于终止对欣强电子（清远）股份有限公司（以下简称"欣强电 子"）首次公开发行股票并在创业板上市审核的决定。 股权方面，公司实际控制人为俞孝璋、俞宛伶及俞金炉。通过直接和间接方式共同持有公司95.04%股 份，持股比例较高。俞孝璋系公司董事长，俞宛伶、俞金炉系公司董事。同时，俞金炉系俞孝璋、俞宛 伶的父亲，俞宛伶系俞孝璋的姐姐。 公开资料显示，父子/女三人均为中国台湾籍，俞金炉作为创一代，出生于1950年，先后在2004年和 2005年创建了诠脑机电设备（深圳）有限公司（以下简称"诠脑机电"）和欣强电子，分别担任这两家公 司的董事长、董事长兼总经理。 日前，欣强电子向深交所提交了《欣强电子（清远）股份有限公司关于撤回首次公开发行股票并在创业 板上市申请文件的申请》，保荐人国联民生证券承销保荐向深交所提交了《国联民生证券承销保荐有限 公司关于撤回欣强电子（清远）股份有限公司首次公开发行股票并在创业板上市申请文件的申请》。根 据有关规定，深交所决定终止对欣强电子首次公开发行股票并在创业板上市的审核。 据悉，欣强电子深交所创业板IPO于2025年6月30日获受理，于今年7月已问询 ...

11月28日，上海仙工智能科技股份有限公司（下称"仙工智能"）递表港交所，拟主板上市，独家保 荐人为中金公司。这是公司继今年5月递表失效后的再一次申请。 IPO日报注意到，这家由浙大学霸赵越"弃医从工"创立的公司，近三年营收复合年增长率达 35.8%，科沃斯机器人参投。 营收复合年增长率达35.8% 招股书显示，仙工智能成立于，是一家以控制系统为核心的智能机器人公司，为客户提供机器人开 发、获得、使用的一站式解决方案。仙工智能的控制系统包括内置于机器人本体的控制器和运行于云端 的软件。 2025年2月，仙工智能推出全地形机器人，此机器人支援在室内外复杂地面运行。2025年4月，仙工 智能推出SRC-1000系列控制器，该控制器扩展了对更广泛机器人类型的支持。仙工智能亦推出配备 SRC-5000控制器的新型具身智能机器人系列，包括轮式人形机器人。2025年5月，仙工智能将视觉语义 地图、VLA和端到端导航模型整合到仙工智能的智能叉车和轮式人形机器人中。 根据咨询机构灼识咨询，按2024年的收入计，仙工智能在全球工业智能机器人市场排名第八，在中 国市场排名第五，市场份额分别为1.1%、2.7%；按搭载相关机器人公 ...

Group 1 - The A-share market showed a strong performance on December 1, 2025, with the ChiNext 50 ETF (Hua Xia, 159367) rising by 0.92%, and notable gains in stocks such as Beijing Junzheng (over 5%), Zhongji Xuchuang (over 3%), and Changchuan Technology (over 2%) [1] - According to CME's "Fed Watch," there is an 87.4% probability that the Federal Reserve will cut interest rates by 25 basis points in December, with a 12.6% chance of maintaining the current rate. By January, the cumulative probability of a 25 basis point cut is 67.5%, while the probability of no change is 9.2%, and a 50 basis point cut is at 23.2% [1] - Industrial and technological development will remain a priority for high-quality transformation in China, driven by the backdrop of major power competition. The focus on technology growth is expected to be a key factor in the market's performance, especially with the anticipated Fed rate cuts [1] Group 2 - The ChiNext 50 ETF (Hua Xia, 159367) has two main advantages: a 20% price fluctuation limit, providing greater trading flexibility compared to traditional broad-based indices, and low management fees of 0.15% and custody fees of 0.05%, which effectively reduce investment costs [2]

11月28日，首批科创创业人工智能ETF迎来发售。 科创创业人工智能ETF华泰柏瑞（159139）是跟踪中证科创创业人工智能指数（简称"科创创业AI"， 932456）的ETF基金，于2025年11月28日至2025年12月5日进行发售。 据经济参考报，11月21日，首批科创创业人工智能ETF获准发行。从时间线来看，这批ETF产品获批节 奏很快，部分产品甚至实现了"当日受理、当日获批"。科创创业人工智能ETF华泰柏瑞（159139）跟踪 的科创创业AI发布于今年5月14日，是人工智能主题指数首次横跨双创板块，"科创板+创业板"属性将 科创板的硬科技实力与创业板的高成长性和应用活力融为一体，进一步传递出监管部门支持战略性新兴 产业的积极信号。 据中证公司，截至11月末，科创创业AI前十大权重股包括中际旭创、新易盛、寒武纪、澜起科技、金 山办公、芯原股份、昆仑万维、协创数据、石头科技、润泽科技，前十大权重股之和达72.27%。从指 数行业分布来看，主要集中在信息技术（49.15%）和通信服务（47.45%）。 政策方面，据央广网，今年8月，国务院发布了《关于深入实施"人工智能+"行动的意见》，对人工智能 与各行各 ...

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.14% and the ChiNext Index up 0.26%, led by the non-ferrous metals and military sectors, while e-commerce stocks weakened [1] - Hong Kong stocks also opened higher, with the Hang Seng Index rising 0.34% and the Hang Seng Tech Index up 0.21%, notable gainers included New World Development up over 6% and China Metallurgical Group up over 5% [1][5] Commodity Performance - Most commodities opened higher, with silver rising 6.98%, the shipping index (European line) up 3.67%, and international copper up 2.39% [1] - The precious metals sector saw significant gains, with silver stocks hitting the daily limit, including Hunan Silver and Jiangxi Copper, both up over 6% [1] Bond Market - The bond market opened mostly lower, with the 30-year main contract down 0.01%, while the 5-year contract saw a slight increase of 0.01% [1][2] Stock Index Performance - The Shanghai Composite Index opened at 3894.21 points, up 0.14%, while the Shenzhen Component Index opened at 13038.16 points, up 0.42% [4] - The ChiNext Index opened at 3060.56 points, up 0.26%, and the CSI 300 opened at 4539.19 points, up 0.28% [4] Notable Stock Movements - Silver-related stocks showed strong performance, with Silver Holdings up 9.96% and Jiangxi Copper up 7.51% [2] - In the Hong Kong market, Meituan fell over 2% following its earnings report, while NetEase rose 1.3% and Alibaba increased nearly 1% [5]

【产品亮点】 预计后续资本市场活跃度维持高位，深市规模最大、流动性最好的证券ETF(159841)备受关注，把握证券 板块投资机遇。 截至2025年11月28日收盘，证券ETF(159841)成交2.28亿元。跟踪的中证全指证券公司指数(399975)上涨 0.45%，成分股中银证券(601696)上涨1.97%，东北证券(000686)上涨1.77%，湘财股份(600095)上涨1.53%， 兴业证券(601377)上涨1.50%，华西证券(002926)上涨1.36%。 截至11月28日，证券ETF(159841)近1周规模增长7459.89万元，实现显著增长。证券ETF(159841)最新份额 达98.77亿份，创成立以来新高。 从资金净流入方面来看，证券ETF(159841)近6天获得连续资金净流入，最高单日获得2.06亿元净流入，合 计"吸金"2.44亿元。 创业板ETF天弘(159977)成交1.49亿元。跟踪的创业板指数(399006)上涨0.70%，成分股长盈精密(300115)上 涨11.19%，湖南裕能(301358)上涨11.01%，迈为股份(300751)上涨5.94%，鼎龙股份(30 ...

Core Points - The periodic adjustment of major indices such as CSI 300, CSI A500, SSE 50, and others will take place in December, with significant changes in constituent stocks attracting market attention [1][3] - The adjustments will officially take effect on December 12 or December 15, with corresponding ETF rebalancing occurring around the same time [3] Group 1: Index Adjustments - The CSI 300 index will replace 11 constituent stocks, including the addition of Shenghong Technology and Dongshan Precision, while stocks like Foster and TCL Zhonghuan will be removed [4] - The CSI A500 index will see 20 new additions, including Guiding Compass and Yongtai Energy, with 20 stocks such as Zhangqu Technology being removed [4] - The SSE 50 index will change 5 stocks, adding SAIC Motor and Northern Rare Earth, while removing China Mobile and Poly Development [4] Group 2: Market Impact - The total scale of ETFs tracking these indices is substantial, with the CSI 300 ETF reaching 1,168.3 billion yuan, indicating a significant potential impact on market liquidity [9][10] - The market representation of these indices is strong, with the CSI 300 covering 51.92% of total market capitalization, making them critical for market stability [10][11] - The adjustments are expected to influence investor sentiment and may lead to increased passive fund inflows into newly added stocks [14] Group 3: Selection Criteria - The selection criteria for index adjustments include average daily trading volume, total market capitalization, free float market capitalization, and ESG evaluation results [9] - The adjustments reflect a shift towards a more balanced industry representation, particularly in technology and communication sectors [13]

Core Insights - The article highlights the journey of Fusheng Asset over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan, driven by a philosophy of performance-driven investment and risk management through a "weakness mindset" [4][5][6]. Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management increasing from zero to over 10 billion yuan [4]. - The name "Fusheng" signifies "compounding success," reflecting the company's commitment to integrity and performance in investment [4]. - The core investment team, consisting of three key fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure [4]. Investment Philosophy - The company adheres to a clear "performance-driven investment" philosophy, focusing on companies with projected revenue and profit growth exceeding 20% over three years [6][7]. - A distinction is made between growth stocks and value stocks, with a cautious approach to companies in the "gray area" of growth rates between 13% and 18% [7]. - The investment strategy emphasizes the importance of adapting to market conditions and maintaining discipline in position management [5][6]. Challenges and Adaptation - The most significant challenge faced by Fusheng Asset was in the first quarter of 2020, where the company's product net value fell nearly 20%, lagging behind competitors by approximately 40 percentage points [5]. - In response to this crisis, the team refocused on performance-driven investment, successfully identifying high-performing sectors such as new energy and medical protection [5][6]. Future Vision - Looking ahead, the company aims to establish itself as a competitive player in the private equity sector, attracting top talent from public fund backgrounds [8]. - The focus remains on achieving superior and stable performance, with growth in scale being a natural outcome of this commitment [8][9]. - The company emphasizes the principle of "consistency" in its investment approach, aligning the interests of the management team with those of its clients [9]. Conclusion - Fusheng Asset's story illustrates a commitment to long-term compounding success through focused investment strategies, adaptability to market changes, and a principled approach to management [9].

Core Insights - The article reveals that the AI startup Fireflies.ai initially operated by having its founders impersonate an AI, demonstrating a unique approach to validating their business idea [1][4] - This practice of "pretending to be AI" is not isolated, as many founders in Silicon Valley employ similar tactics to create the illusion of advanced technology while relying on human labor behind the scenes [5][6] - The narrative highlights a broader trend in the AI industry where founders engage in extreme measures, including self-sacrifice and manual labor, to survive and thrive in a competitive landscape [20][26] Group 1: Business Validation Strategies - Fireflies.ai's founders initially posed as an AI named "Fred" to take meeting notes, successfully completing over 100 meetings to generate revenue [4] - Other startups have employed similar strategies, such as hiring numerous workers to manually handle tasks that are marketed as automated [5][6] - The article discusses the "Wizard of Oz technique," where human operators perform tasks that are later intended to be automated, serving as a training ground for AI models [10][12] Group 2: Extreme Work Culture - A culture of extreme work ethics is prevalent among AI founders, with many adopting a "no sleep, no fun" mentality to demonstrate commitment to their ventures [14][20] - Founders often live in substandard conditions, such as cramped sleeping pods, to save costs and maximize work efficiency [17][19] - This "performative suffering" is seen as a strategic signal to investors, showcasing dedication and a willingness to sacrifice personal comfort for business success [20][26] Group 3: Manual Efforts in Growth - Founders often resort to brute force tactics, relying on personal effort rather than automation to drive early growth [21][25] - Fireflies.ai's growth strategy involved the founders personally engaging with customers and handling feedback, which built trust and facilitated organic growth [25][26] - The article emphasizes that effective early growth strategies often involve manual, labor-intensive efforts rather than relying solely on technology [26][27]