【光大研究每日速递】20251118

Group 1 - The A-share market continues to exhibit a wide fluctuation pattern, with major indices experiencing weekly declines and market volume shrinking again. Financing increased slightly compared to the previous week, and stock ETFs saw net inflows, with TMT-themed ETFs being the main contributors [4] - In the fund market, pharmaceutical-themed funds performed well, while TMT-themed funds experienced significant pullbacks. Various ETFs across different investment scopes saw inflows, particularly TMT and sci-tech themed ETFs, with notable inflows into the Hang Seng Internet ETF and gold ETFs [5] - The convertible bond market saw a slight increase, with both the convertible bond and equity markets rising since the beginning of 2025, although the convertible bond market's performance was weaker. The demand for high-quality convertible bonds remains strong, and prices are at relatively high levels, necessitating careful selection [6] Group 2 - The energy storage sector is thriving, leading to price increases in lithium-ion battery materials. Short-term supply and demand are tight, with significant price hikes in lithium hexafluorophosphate. The profitability of iron phosphate is expected to recover, and prices for lithium iron phosphate materials are entering an upward channel [8] - The pharmaceutical sector saw a rise in flu-like cases, prompting attention to flu vaccines, respiratory virus testing, and cold medicine sectors. The pharmaceutical index rose by 3.29%, outperforming the CSI 300 index by 4.37 percentage points [8] - The company U (688220.SH) reported a revenue of 2.88 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.42%. The net profit attributable to shareholders was a loss of 327 million yuan, a reduction in loss by 85 million yuan, with a gross margin of 25.38%, up by 1.92 percentage points year-on-year [8]