证券研究报告 | 策略点评 2025 年 11 月 26 日 投资要点 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 投资策略研究 粤开市场日报-20251126 今日关注 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指下跌 0.15%，收 报 3864.18 点；深证成指涨 1.02%，收报 12907.83 点；创业板指涨 2.14%， 收报 3044.69 点；科创 50 指数涨 0.99%，收报 1315.04 点。总体上，全天个 股涨少跌多，Wind 数据显示，全市场仅 1689 只个股上涨，3591 只个股下跌， 168 只个股收平。沪深两市今日成交额合计 17833 亿元，较上个交易日缩量 288 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、综合、电子、商贸零售 等行业涨幅靠前，涨幅分别为 4.64%、1.79%、1.58%、1.11%，国防军工、社 会服务、传媒、石油石化等行业领跌，跌幅分别为 2.25%、0.97%、0.82%、0.80%。 概念板块涨跌情况：今日涨幅居前概念板块为光模块(C ...

截至收盘，沪指涨0.87%报3870.02点，深成指涨1.53%报12777.31点，创业板指涨1.77%报2980.93点。 中新网11月25日电(记者谢艺观)11月25日，A股三大股指集体上涨，创业板指一度涨超3%。 全市场近4300只个股上涨，市场全天成交额约1.83万亿元，较前一交易日有所放量。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3870.02 | 12777.31 +33.26 +0.87% +192.23 +1.53% +10.80 +0.78% | 1396.84 | | 科创50 | 创业板指 | 万得全A | | 1302.17 +5.56 +0.43% | 2980.93 +51.89 +1.77% +75.51 +1.24% | 6143.63 | | 沪深300 | 中证500 | 中证A500 | | 4490.40 | 6954.60 +42.36 +0.95% +85.64 +1.25% +58.60 +1.10% | 5392.91 | | 中证1000 | 深证100 | 中证红利 | | 7249.95 +93.54 ...

证券研究报告 | 策略点评 2025 年 11 月 25 日 投资要点 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 投资策略研究 粤开市场日报-20251125 今日关注 指数涨跌情况：今日 A 股主要指数全线收涨。截止收盘，沪指上涨 0.87%，收 报 3870.02 点；深证成指涨 1.53%，收报 12777.31 点；创业板指涨 1.77%， 收报 2980.93 点；科创 50 指数涨 0.43%，收报 1302.17 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 4297 只个股上涨，仅 991 只个股下跌， 160 只个股收平。沪深两市今日成交额合计 18121 亿元，较上个交易日放量 844 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，通信、传媒、有色金属、综合、 电子等行业涨幅靠前，涨幅分别为 3.54%、2.85%、2.42%、2.21%、2.14%，仅 有国防军工、交通运输行业下跌，跌幅分别为 0.32%、0.11%。 概念板块涨跌情况：今日涨幅居前概念板块为光模块(CPO)、光芯片、光通 ...

Group 1 - Wuhan Yunling Optoelectronics Co., Ltd. has submitted an application for listing guidance to the Hubei Securities Regulatory Bureau on November 11, aiming to go public on the Beijing Stock Exchange, with ShenGang Securities as the advisory institution [1] - Established in January 2018, the company focuses on mid-to-high-end optical communication semiconductor chip products and is an IDM optical chip enterprise with complete independent intellectual property rights and full-process production capabilities [1] - The registered capital of the company is 308 million yuan, and the largest shareholder is Wuhan Fengchuang Weiyuan Technology Partnership (Limited Partnership), holding a 21.74% stake [1] Group 2 - Wuhan Huagong Technology Investment Management Co., Ltd. holds a 14.09% stake in Yunling Optoelectronics, indicating significant investment interest from established technology firms [1] - Huagong Technology disclosed in an investor relations activity record that its subsidiary has formed a multi-layered investment matrix, investing in several technology companies that have important industrial chain and supply chain collaborative value [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by the scaling of its silicon photonic CW light source chips, which have entered both domestic and international supply chains, leading to a substantial increase in demand from downstream module companies and cloud service providers [7] - The revenue structure has been optimized, resulting in a notable increase in gross margin, with a quarter-on-quarter improvement of 9.91 percentage points due to the higher proportion of high-margin products [7] - Continuous product iteration is evident, with successful performance and reliability validation of the 100G EML product and the launch of the 200G EML product, alongside breakthroughs in core technologies for the 300mW high-power CW light source [7] - The company is projected to achieve revenues of 5.83 billion, 9.92 billion, and 14.45 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.57 billion, 3.27 billion, and 5.34 billion yuan, maintaining a PE ratio of 290.3, 139.3, and 85.3 respectively [7] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [7] - The company’s revenue is expected to grow significantly, with a forecasted revenue increase of 131.1% in 2025, followed by 70.3% in 2026 and 45.6% in 2027 [6][8] - The projected EPS for 2025 is 1.82 yuan, increasing to 3.80 yuan in 2026 and 6.21 yuan in 2027 [6][8]

Group 1: Company Research - Ruifeng Fund's Investigation - Ruifeng Fund recently conducted research on two listed companies, Zhongji Xuchuang and Nasda, highlighting their performance and strategic developments [1][2] - Zhongji Xuchuang reported a significant revenue of 10.216 billion yuan for Q3 2025, with a gross margin of 43% and a net profit of 3.137 billion yuan, indicating substantial growth [1] - The company is experiencing increased shipments of 800G products and has begun deploying 1.6T products, with expectations for large-scale production in 2026-2027 [1] - Nasda is responding to new regulations emphasizing the importance of printer security, which may affect user purchasing decisions due to concerns over data leakage [2] Group 2: Financial Performance and Market Position - Ruifeng Fund's total asset management scale is 73.335 billion yuan, ranking 75th out of 211 in the public fund category [2] - The fund's best-performing product in the past year is Ruifeng Growth Value Mixed A, with a net value of 1.9 and a growth rate of 57.52% [2] - The fund manages a total of 10 public funds, ranking 153rd out of 211 [2]

Market Overview - On October 23, the A-share market opened lower and continued to decline, with the Shanghai Composite Index down 0.66%, Shenzhen Component down 0.87%, and ChiNext down 1.1% [3] - The total market turnover for the half-day was 1.06 trillion yuan, showing a slight decrease compared to the previous day, with over 3,800 stocks declining [5] Sector Performance - The coal sector continued its recent upward trend, with a rise of 2.02%, while the oil and chemical sector increased by 1.77% and the port sector by 1.65% [6] - Conversely, the communication, electronics, real estate, and construction materials sectors experienced declines, with the communication and electronics sectors leading the downturn [8][9] Individual Stock Movements - In the Hong Kong market, Pop Mart saw a significant drop of over 9%, leading the decline among Hang Seng Index constituents [7] - The stock of Longi Green Energy fell over 8%, with other related stocks like Tianfu Communication and Changying Tong also experiencing declines [10][11] - Agricultural Bank of China initially rose over 2% but later fell to 7.98 yuan per share, marking a decline of 1.36% [14][15] New Consumption Sector - The new consumption sector in Hong Kong saw a collective decline, with Pop Mart's stock price dropping to a low of 228.6 HKD, a decrease of 10.84% [18] - Despite Pop Mart's third-quarter earnings exceeding market expectations with a revenue growth rate of 245% to 250% compared to the same period in 2024, investor concerns about future growth may have contributed to the stock's decline [18]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 1.36% to close at 3916.33 points, while the Shenzhen Component Index rose by 2.06% to 13077.32 points. The Sci-Tech 50 index saw a gain of 2.81%, closing at 1406.32 points, and the ChiNext Index increased by 3.02% to 3083.72 points. Overall, 4624 stocks rose, 729 fell, and 80 remained unchanged, with a total trading volume of 18739 billion yuan, an increase of 1362.89 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, all sectors except coal experienced gains today. The leading sectors in terms of growth included telecommunications, electronics, construction decoration, comprehensive, real estate, and machinery equipment [1]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), consumer electronics OEM, optical chips, HBM, primary real estate developers, cultivated diamonds, copper-clad laminates, circuit boards, optical communications, excavators, memory storage, urban village renovation, natural gas, oil and gas extraction, and GPU sectors [1].

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.63% to close at 3863.89 points, while the Shenzhen Component rose by 0.98% to 12813.21 points. The ChiNext Index saw a gain of 1.98%, closing at 2993.45 points. Overall, 4064 stocks rose, 1248 fell, and 121 remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 17376 billion, a decrease of 2005.11 million from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as telecommunications, coal, power equipment, machinery, electronics, and transportation showed significant gains. Conversely, industries like non-ferrous metals, agriculture, beauty care, food and beverage, and banking experienced declines [1][2]. Concept Sector Performance - The top-performing concept sectors today included cultivated diamonds, superhard materials, optical modules (CPO), lithium battery electrolytes, selected coal mining, aviation transportation, germanium-gallium-antimony ink, optical chips, optical communications, ice and snow tourism, oil and gas extraction, RF and antennas, 6G, and natural gas [2].

Group 1 - Major indices such as Chuangzhang, ChiNext 50, ChiNext Index, and Sci-Tech Innovation 50 showed leading gains in the afternoon of October 20, with sectors like telecommunications, coal, electronics, and power equipment performing well [1] - Concept sectors including cultivated diamonds, optical module CPO, lithium battery electrolyte, optical chips, and 6G were notably active [1] - The Sci-Tech Innovation 50 ETF (159783) rose over 1.5%, with top holdings like Tianfu Communication, Zhongji Xuchuang, and Huayun Micro leading the gains [1] Group 2 - The recent pullback in the technology sector is analyzed through wave theory, suggesting that the adjustment of the Sci-Tech Innovation 50 may be in the A wave phase of a larger fourth wave adjustment [1] - A significant drop below the high point from late August during last Friday's adjustment is a key reason for classifying the current adjustment as a fourth wave [1] - The high-frequency temperature index for the Sci-Tech Innovation 50 has fallen below 20, indicating that the current adjustment may be nearing its end [1] Group 3 - The Sci-Tech Innovation 50 ETF (159783) tracks the CSI Sci-Tech Innovation 50 Index, which selects 50 leading companies with the largest market capitalization and pure technology attributes from the ChiNext and Sci-Tech boards [2] - This index combines the advantages of both the Sci-Tech and ChiNext boards, selecting high-tech stocks from the Sci-Tech board and growth-oriented, profitable stocks from the ChiNext board [2]