财信证券晨会纪要-20251121

Group 1: Market Overview - The A-share market showed a decline, with the Shanghai Composite Index down by 0.40% closing at 3931.05 points, and the Shenzhen Component Index down by 0.76% closing at 12980.82 points [8][9] - The overall market sentiment remains cautious, with a total market turnover of 17226.35 billion, a decrease of 200.31 billion from the previous trading day [9][10] Group 2: Industry Dynamics - In the first three quarters of 2025, China's smart wearable market achieved sales of 52.6 million units, reflecting a year-on-year growth of 23.2% [25][26] - The export of electric multiple units and electric locomotives for the Malaysia East Coast Railway project was successfully completed by CRRC Dalian [27][28] - The "Zhuolun·Lingou" large model was launched, aiming to explore new paths for intelligent design in transportation and energy equipment [29][30] - NVIDIA reported a revenue of 57 billion USD for FY26 Q3, marking a year-on-year increase of 62% [32][33] Group 3: Company Updates - Taiankang (301263.SZ) received a notice of acceptance for clinical trials of CKBA cream for treating non-segmental vitiligo in children aged 2-12 [34] - Wenkang Capital (600390.SH) announced plans to establish a joint venture with an affiliate, with a registered capital of 1 billion yuan [36]