市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 11 月 25 日 星期二 [Table_Summary] 概览 核心观点 [Table_MeetContact] 主持人: 宫慧菁 Email: gonghj@wlzq.com.cn 券 研 究 报 告 【市场回顾】周一 A 股三大指数集体收涨，截至收盘，上证综指涨 0.05%，深证成指涨 0.37%，创业板指涨 0.31%。沪深京三市全天成交 额 17403 亿元，较上日减少 2433 亿元。全市场超 4200 只个股上涨。 板块题材上，AI 应用、军工装备、商业航天板块活跃，锂、海南板块 调整。 【重要新闻】 【习近平同美国总统特朗普通电话】11 月 24 日晚，国家主席习近平 同美国总统特朗普通电话。习近平指出，上个月我们在韩国釜山成功 举行会晤，达成很多重要共识，为中美关系这艘巨轮稳健前行校准航 向、注入动力，也向世界传递积极信号。釜山会晤以来，中美关系总 体稳定向好，受到两国和国际社会普遍欢迎，事实再次说明，中美"合 则两利、斗则俱伤"是经过实践反复验证的常识，中美"相互成就、共 同繁 ...

新京报贝壳财经讯 11月24日，A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨 0.37%，创业板指涨0.31%，北证50涨0.63%。沪深京三市全天成交额17403亿元，较上日缩量2433亿 元。全市场超4200只个股上涨。板块题材上，AI应用、军工装备、商业航天板块活跃，锂、海南板块 调整。盘面上，AI应用午后全线走强，光云科技20CM涨停封板，蓝色光标涨超15%，思美传媒、省广 集团涨停。军工装备板块走高，江龙船艇、航天环宇20CM涨停，中天火箭、中船防务等数十只个股涨 停封板，晨曦航空、北方长龙、天海防务等涨超10%。商业航天板块走强，航天长峰、上海港湾等数只 个股涨停。锂板块全线走弱，盛新锂能、融捷股份连续两个交易日跌停，天齐锂业、赣锋锂业、西藏矿 业跌近8%。海南板块冲高回落，海马汽车跌停，凯撒旅业、海南瑞泽跌超8%。 ...

Market Overview - The A-share market experienced a mixed performance with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.32%, and the ChiNext Index up 0.12% as of midday trading [1] - The North China 50 Index fell by 1.52%, with total trading volume across the Shanghai and Shenzhen markets at 1,115.7 billion yuan, a decrease of 180.4 billion yuan from the previous day [1] - Over 4,500 stocks in the market declined [1] Sector Performance - Lithium mining stocks showed repeated activity, while military equipment, CPO, and oil sectors strengthened [1] - Conversely, sectors such as Hainan Free Trade Zone, photovoltaic, AI applications, innovative pharmaceuticals, and stablecoin themes saw declines [1] ETF Performance - The Nasdaq Biotechnology ETF led gains with a rise of 3.92%, while WTI December crude oil futures increased by 1.39% [1] - Both the Harvest Fund S&P Oil & Gas ETF and the Franklin Templeton S&P Oil & Gas ETF rose by 2% [1] - Gold prices rebounded, with the Yongying Fund Gold Stock ETF increasing by 1.78% [1] - Japanese stocks rose, with the Huaan Fund Nikkei 225 ETF up 1.7% [1] Declining Sectors - The innovative energy sector declined, with the Innovative Energy ETF down 2.83% [1] - The AI application sector also fell, with the Film and Television ETF, Cultural and Entertainment Media ETF, and Film ETF all decreasing by 2.8% [1]

Market Performance - A-shares experienced a mixed performance with the Shanghai Composite Index down 0.04%, Shenzhen Component Index down 0.32%, and the ChiNext Index up 0.12% as of midday [1] - The Northbound 50 Index fell by 1.52%, and the total trading volume in the Shanghai and Shenzhen markets reached 1,115.7 billion yuan, a decrease of 180.4 billion yuan from the previous day [1] - Over 4,500 stocks in the market declined, indicating a broad market weakness [1] Sector Performance - Lithium mining stocks showed repeated activity, while military equipment, CPO, and oil sectors strengthened [1] - Conversely, sectors such as Hainan Free Trade Zone, photovoltaic, AI applications, innovative pharmaceuticals, and stablecoin themes experienced declines [1] - The technology innovation sector saw a downturn, with the Science and Technology Innovation New Energy ETF dropping by 2.83% [4] - The AI application sector also faced setbacks, with entertainment-related ETFs declining by 2.8% [4] ETF Performance - The Nasdaq Biotechnology ETF led gains with a rise of 3.92%, while WTI crude oil for December increased by 1.39% [3] - Both the Harvest Fund S&P Oil & Gas ETF and the Franklin Templeton S&P Oil & Gas ETF rose by 2% [3] - Gold prices rebounded, leading to a 1.78% increase in the fund's gold stock ETF [3] - Japanese stocks rose, with the Huaan Fund Nikkei 225 ETF gaining 1.7% [3]

Market Overview - The three major indices collectively rose in early trading, with the Shanghai Composite Index up 0.21%, the Shenzhen Component Index up 0.52%, and the ChiNext Index up 1.35%, while the North Exchange 50 fell by 0.27% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.3595 trillion yuan, a decrease of 216.5 billion yuan compared to the previous day [1] - Over 3,000 stocks in the market experienced gains [1] Sector Performance - Leading sectors included Fujian stocks, cloud office, CPO, military equipment, airports, port shipping, and quantum technology, which saw significant gains [1] - Conversely, sectors such as coal mining and processing, Shenzhen state-owned enterprise reform, precious metals, wind power equipment, beauty care, and steel experienced declines [1] Notable Stocks - Fujian local stocks continued their strong performance, with stocks like Dahua Intelligent and Pingtan Development achieving four consecutive trading limit ups, while Fujian Cement and Haixia Innovation saw two consecutive limit ups [1] - CPO computing hardware stocks surged, with companies like Zhongji Xuchuang, Xinyi Sheng, and Industrial Fulian reaching historical highs [1] - Quantum technology stocks remained active, with Western Superconducting hitting new highs and stocks like Electronic City and Geer Software reaching trading limits [1] Declining Stocks - The coal sector saw multiple stocks adjust, with Dayou Energy hitting the trading limit down, and Yunmei Energy, Haohua Energy, and Shaanxi Black Cat also experiencing declines [1] - The precious metals sector also faced adjustments, with stocks like Zhaojin Gold, Hunan Silver, and Xiaocheng Technology declining [1]

Summary of the Conference Call for Wantong Hydraulic Industry and Company Overview - The conference call pertains to Wantong Hydraulic, a company specializing in hydraulic cylinders, particularly in the medium and high-pressure segments, with applications in automotive, energy extraction, construction machinery, and military equipment [2][4]. Key Points and Arguments - **Financial Performance**: In 2025, despite a significant reduction in government subsidies, the company's non-GAAP net profit grew by 36%, indicating robust profitability. The net profit growth was 26.13%, with total revenue increasing by 14% year-on-year [3][2]. - **Product Development**: Wantong Hydraulic is focusing on high-end, intelligent, and green product iterations in the hydraulic cylinder sector. The company has seen growth in its three main products: dump truck cylinders, machinery cylinders, and gas springs, with all three experiencing year-on-year revenue growth for the first time in four accounting years [2][8][9]. - **Market Expansion**: The company has successfully issued a targeted convertible bond of 150 million yuan, attracting strategic investors like Pangu Intelligent and SAIC Group, which will help expand into new sectors such as wind power and new energy vehicles [2][6]. - **Order Growth**: The company reported a 50% year-on-year increase in orders on hand, with optimistic expectations for the fourth quarter due to strong demand across various business segments [31]. Additional Important Insights - **Product Revenue Breakdown**: In Q3, the revenue share of the three main products was 25% for dump truck cylinders, 53% for machinery cylinders, and 18% for gas springs, consistent with mid-year reports [11]. - **Oil Gas Spring Growth**: The oil gas spring segment saw over 30% growth in Q3, primarily driven by overseas market demand, with its revenue share approaching 20% [13]. - **Military Equipment Orders**: The military equipment business is performing well, with a faster order confirmation rate than initially expected [14]. - **Future Plans**: The company aims to maintain an annual growth rate of no less than 30% and is focusing on potential products in robotics, wind power, and passenger vehicles to enhance profitability [7]. - **Technological Advancements**: Wantong Hydraulic has made significant progress in developing oil gas suspension systems, which are being applied in advanced projects, including the global first KN95 autonomous driving fleet [17][16]. - **Market Penetration**: The penetration rate of oil gas springs in the wide-body dump truck sector is currently around 30%, with lower penetration in other logistics vehicles due to reliance on aftermarket modifications [20]. Conclusion Wantong Hydraulic is positioned for growth with a strong financial foundation, innovative product development, and strategic partnerships. The company is optimistic about future market opportunities, particularly in new energy and advanced automotive applications.

Core Viewpoint - A-shares experienced a positive morning session with significant gains across major indices, driven by strong performances in specific sectors such as storage chips and CPO concepts [1] Market Performance - The Shanghai Composite Index rose by 0.42% - The Shenzhen Component Index increased by 1.3% - The ChiNext Index saw a rise of 2.09% [1] Sector Highlights - The storage chip sector saw explosive growth, with companies like Purun Co., Ltd. hitting a 20% limit up, and others such as Xiangnong Chip and Huahong Semiconductor rising over 10% - The CPO concept also surged, with Shengyi Electronics reaching a 20% limit up, alongside Huanxu Electronics and Guanghe Technology also hitting their limits - Other sectors with notable gains included semiconductors, commercial aerospace, satellite internet, and military equipment [1] Market Activity - The total market turnover exceeded 1.2 trillion yuan, an increase of over 180 billion yuan compared to the previous day - More than 2,900 stocks experienced price increases during the session [1]

Market Performance - The three major indices collectively rose in early trading, with the Shanghai Composite Index up 0.42%, the Shenzhen Component Index up 1.3%, and the ChiNext Index up 2.09% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.2393 trillion yuan, an increase of 181.3 billion yuan compared to the previous day [1] - Over 2900 stocks in the market experienced gains [1] Sector Performance - The storage chip, commercial aerospace, computing hardware, and quantum technology sectors saw significant gains [1] - The storage chip sector had a collective surge, with companies like Kexiang Co., Puran Co., and Dawi Co. hitting the daily limit, while Xiangnong Chip Innovation rose over 15% to reach a historical high [1] - The commercial aerospace sector also experienced a breakout, with Aerospace Intelligent Equipment hitting the daily limit and companies like Dahua Intelligent, China Satellite, and Zhongtian Rocket also reaching the daily limit [1] - The computing hardware stocks performed strongly, with Zhongji Xuchuang hitting a new high and Shengyi Electronics reaching the daily limit, alongside other companies like Huilv Ecology and Shenghong Technology showing upward movement [1] - Other active sectors included quantum technology, military equipment, and brain-computer interface [1] Declining Sectors - The coal mining and oil and gas extraction sectors collectively retreated, with companies like Yunmei Energy and Antai Group hitting the daily limit down, while companies like Quanyou Co., Beiken Energy, and Tongyuan Petroleum saw significant declines [1] - Shenzhen local stocks experienced a substantial pullback, with Shen Shui Guiyuan dropping over 10%, and companies like Shen Property A and Shen Textile A leading the decline [1]

Market Overview - The total trading volume in the two markets reached 2.36 trillion yuan, with over 4,500 stocks declining and only 822 stocks rising [1][2] - The Shanghai Composite Index closed at 3,813.56 points, down 1.16%; the Shenzhen Component Index closed at 12,472.00 points, down 0.65%; and the ChiNext Index closed at 2,899.37 points, up 0.95% [1][2] Sector Performance - The photovoltaic equipment, precious metals, and gaming sectors showed the highest gains, while small metals, brokerage, and genetically modified sectors declined [4] - Specific gains included: - Photovoltaic equipment up 1.21%, with stocks like Sunpower Electric hitting a 20% limit up and Airo Energy rising over 19% [5] - Precious metals up 1.15%, with Western Gold hitting the limit up and Zhaojin Gold rising nearly 7% [5] Individual Stock Highlights - Zhongji Xuchuang saw a 10% increase, with a total market value exceeding 470 billion yuan, surpassing Dongfang Caifu to become the second largest in the ChiNext [5] - Industrial Fulian rose 0.67% with a trading volume close to 12 billion yuan, while Ningde Times increased over 2% with a trading volume exceeding 15 billion yuan [5] Capital Flow - Main funds saw a net inflow into sectors such as electric power equipment, electronics, and media, while there was a net outflow from defense, non-bank financials, and non-ferrous metals [6] - Notable net inflows included: - Yanshan Technology with 3.067 billion yuan - Unisplendour with 1.75 billion yuan - Ningde Times with 1.691 billion yuan [6] - Significant net outflows were observed in: - Dongfang Caifu with 3.482 billion yuan - Guiding Compass with 1.367 billion yuan - Shanzigao Technology with 1.317 billion yuan [6]

Market Overview - The A-share market experienced a collective adjustment in the morning session, with total market turnover reaching 1.93 trillion yuan, an increase of 840 billion yuan compared to the previous day [1] - Major indices showed declines: the CSI 500 index fell by 1.3%, the CSI 300 index decreased by 0.9%, the ChiNext index dropped by 2.9%, the STAR Market 50 index declined by 2.4%, and the Hang Seng China Enterprises Index fell by 0.4% [1] Sector Performance - Sectors such as computing hardware, military equipment, consumer electronics, and digital currency concepts saw significant declines [1] - Conversely, sectors including precious metals, banking, and tourism & hotels performed relatively well [1] Index Details - The CSI 300 index, composed of 300 large and liquid stocks, recorded a rolling P/E ratio of 14.1 times, with a valuation percentile of 64.4% since its inception in 2005 [2] - The CSI 500 index, covering 500 securities from various industries, had a rolling P/E ratio of 16.6 times and a valuation percentile of 71.4% since its inception in 2004 [2] - The ChiNext index, which tracks 100 large and liquid stocks in the ChiNext market, reported a rolling P/E ratio of 10.4 times since its inception in 2010 [3] - The STAR Market 50 index, consisting of 50 large and liquid stocks with a significant focus on technology, had a rolling P/E ratio of 186.8 times and a valuation percentile of 99.9% since its inception in 2020 [3] - The Hang Seng China Enterprises Index, which includes 50 large and actively traded stocks listed in Hong Kong, had a rolling P/E ratio of 10.4 times and a valuation percentile of 63.2% since its inception in 2002 [4]