Market Strategy - The market is experiencing a volume contraction and fluctuation, with the computing hardware sector leading the gains [5][7] - The overall A-share market saw a decline of 0.55%, with the Shanghai Composite Index down by 0.37% and the Shenzhen Component Index down by 0.39% [7][8] - The innovation growth sector, represented by the ChiNext Index, increased by 0.61%, while the North Star 50 Index, representing small and medium-sized enterprises, fell by 1.72% [7][8] Industry Dynamics - In November 2025, the brand television market in China saw a shipment volume of approximately 3.22 million units, a year-on-year decrease of 15.7% [25] - In the first eleven months of 2025, China's crude oil imports increased by 3.2%, while natural gas imports decreased by 4.7% [27] - The overall trade value of goods in China for the first eleven months reached 41.21 trillion yuan, a year-on-year growth of 3.6% [28] Company Tracking - Midea Group (000333.SZ) announced that the total amount of share repurchase has reached 10 billion yuan, completing the repurchase plan [29][30] - Yuanli Co., Ltd. (300174.SZ) plans to acquire 49% of Clarimex to expand its presence in the American activated carbon market [31][33] - Zhengtai Electric (601877.SH) intends to purchase photovoltaic components from related parties, with a total amount not exceeding 3.5 billion yuan [34] - Yisheng Industrial (002458.SZ) reported a 10.27% year-on-year decline in the sales of white feather broiler chicks in November, while sales of breeding pigs increased by 203.74% [36] - Jingji Zhino (000048.SZ) sold 2.11 million pigs from January to November 2025, a year-on-year increase of 8.27% [38]

晨会纪要（R3） 晨会纪要 2025 年 12 月 09 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3924.08 | 0.54 | | 深证成指 | 13329.99 | 1.39 | | 创业板指 | 3190.27 | 2.60 | | 科创 50 | 1350.80 | 1.86 | | 北证 50 | 1426.25 | 1.27 | | 沪深 300 | 4621.75 | 0.81 | 上证指数-沪深 300 走势图 -10% 0% 10% 20% 30% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | 晨会聚焦 | 一、财信研究观点 | | --- | | 【市场策略】多重利好提振市场，大盘出现回暖信号 | | 【基金研 ...

证券研究报告 行业点评（R3）- 无重点股票 房地产 二手房销售降幅扩大，深圳放宽公积金提取 房地产周报 20251208 2025 年 12 月 08 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 房地产 -4.63 2.84 -7.60 沪深 300 -0.74 5.02 16.64 -24% -14% -4% 6% 16% 26% 2024-12 2025-03 2025-06 2025-09 房地产 沪深300 陈刚 分析师 执业证书编号:S0530525110001 chengang48@hnchasing.com 相关报告 投资要点： 新房销售持续低迷，二手房销售降幅扩大。我们认为，高频销售数据 表明，新房及二手房市场均面临着较大的下行压力，市场信心的全面 修复仍需时日。我们认为，随着楼市的量价表现进一步下探，政策出 台概率正在加强。 42 城新房年内累计销售面积(1/1-12/06)同比增速为-5.5%，前值 (1/1-11/29)为-7.0%。当月累计销售面积同比增速为-34.2%，上个月整月 为-36.1%。 20 城二手房年内累计销售面积(1/1-12/06 ...

证券研究报告 公司点评（R3） 维信诺(002387.SZ) 执业证书编号:S0530525090001 zhoujian64@hnchasing.com 相关报告 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万 | 5,925.73 | 7,928.66 | 8,063.00 | 8,508.00 | 8,940.00 | | 元) | | | | | | | 归母净利润(百 | -3,726.12 | -2,505.34 | -2,104.26 | -1,934.62 | -1,737.11 | | 万元) | | | | | | | 每股收益（元） | -2.67 | -1.79 | -1.51 | -1.39 | -1.24 | | 每 股 净 资 产 | 5.83 | 3.97 | 2.47 | 1.08 | -0.16 | | （元） | | | | | | | P/E | -3.36 | -5.00 | -5.95 | -6.48 | -7.21 | ...

Market Strategy - The market indices are stabilizing, with a gradual shift towards technology investments [5][9] - The overall A-share market saw a 1.14% increase, with the Shanghai Composite Index rising by 0.70% and the ChiNext Index increasing by 1.36% [8][9] - Small and micro-cap stocks outperformed larger stocks, while the hard technology sector lagged behind [8][9] Economic Insights - The People's Bank of China has increased its gold reserves for the 13th consecutive month, with November reserves reported at 7.412 million ounces [17][18] - Fund managers with performance below the benchmark by over 10% and negative profit margins will face a 30% salary cut [19][20] - The Financial Regulatory Bureau has adjusted risk factors for insurance companies investing in the CSI 300 index and other stocks based on holding periods [21][22][23] Industry Dynamics - Major PC manufacturers like Lenovo, Dell, and HP are planning price increases of up to 20% due to rising storage costs [28][29] - The 2025 National Medical Insurance Drug List has been released, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are no longer clinically relevant [30][31] - The consumption upgrade program has driven over 2.5 trillion yuan in sales from old-for-new exchanges in consumer goods from January to November 2025 [33][34] Company Updates - Beijing Saiwei Electronics plans to reduce its shares by up to 152,172 shares, representing 0.021% of its total share capital, due to personal financial needs [35][36] - Daodaquan's major shareholder has increased its stake, reaching a 1% threshold, with a total investment of approximately 58.23 million yuan [37][38]

证券研究报告 策略点评（R2） 指数震荡企稳，逐步低吸科技方向 财信证券宏观策略周报（12.8-12.12） 2025 年 12 月 07 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 -1.45 3.64 15.99 沪深 300 -0.74 5.02 16.64 -10% 0% 10% 20% 30% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 投资要点 请务必阅读正文之后的免责声明 大势研判。指数方面，在宏观及政策面暂时缺乏催化、市场成交额仍待提升、 日本加息预期扰动下，上周市场延续低位震荡走势，A 股各大指数移动平均 线形态从分散走向收敛，指数出现初步企稳信号，静待新一轮市场趋势性行 情。风格方面，近期市场盘面热点题材快速轮动，暂时缺乏明确领涨主线。 我们仍维持之前判断，在 12 月中旬前后，随着机构资金重新布局明年方向、 中央经济工作会议召开、美联储降息靴子落地、"AI 投资泡沫"担忧阶段性 消退，届时 A 股市场将迎来新一轮做 ...

晨会纪要（R3） 晨会纪要 2025 年 12 月 05 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3875.79 | -0.06 | | 深证成指 | 13006.72 | 0.40 | | 创业板指 | 3067.48 | 1.01 | | 科创 50 | 1326.16 | 1.36 | | 北证 50 | 1387.29 | -0.37 | | 沪深 300 | 4546.57 | 0.34 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 周舒鹏 | 研究助理 | | zhoushupeng@hnchasing.com | | 晨会聚焦 证券研究报告 | 【市场策略】市场活跃度偏低迷，大盘延续缩量震荡 | | --- | | 【基金研 ...

晨会纪要（R3） 晨会纪要 2025 年 12 月 04 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3878.00 | -0.51 | | 深证成指 | 12955.25 | -0.78 | | 创业板指 | 3036.79 | -1.12 | | 科创 50 | 1308.37 | -0.89 | | 北证 50 | 1392.49 | -0.40 | | 沪深 300 | 4531.05 | -0.51 | 上证指数-沪深 300 走势图 -9% 1% 11% 21% 31% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 一、财信研究观点 【行业动态 ...

晨会纪要（R3） 晨会纪要 2025 年 12 月 03 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3897.71 | -0.42 | | 深证成指 | 13056.70 | -0.68 | | 创业板指 | 3071.15 | -0.69 | | 科创 50 | 1320.16 | -1.24 | | 北证 50 | 1398.13 | -0.76 | | 沪深 300 | 4554.33 | -0.48 | 上证指数-沪深 300 走势图 -9% 1% 11% 21% 31% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | | 晨会聚焦 | | --- | | 一、财信 ...

晨会纪要（R3） 晨会纪要 2025 年 12 月 02 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3914.01 | 0.65 | | 深证成指 | 13146.72 | 1.25 | | 创业板指 | 3092.50 | 1.31 | | 科创 50 | 1336.76 | 0.72 | | 北证 50 | 1408.79 | 1.52 | | 沪深 300 | 4576.49 | 1.10 | 上证指数-沪深 300 走势图 -9% 1% 11% 21% 31% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | | 晨会聚焦 | | | --- | --- | | 一、财信研究观点 | | | 【市场策略】市场活跃度提升，大盘放量上 ...