2025 年 11 月 26 日 机构关注度环比回升：电子、电力设备、建筑装饰 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 电子、电力设备、建筑装饰的调研热度有所上升 周度：上周，全 A 的被调研总次数环比微微提升，且高于 2024 年同期，调研热 度有所回暖。一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、 电力设备、医药生物和基础化工的关注度较高。 边际变化上，相较前一周，电子、电力设备、建筑装饰、农林牧渔、环保、纺织 服饰、建筑材料、商贸零售、国防军工、家用电器等的调研总次数有所上升。 月度：10 月，或因财报披露期，全 A 的被调研总次数环比大幅下跌，低于 2024 年同期。最新一个月，一级行业中，按机构被调研总次数从高到低排序，机械设 备、电子、医药生 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

Summary of Key Points Core Viewpoint - In the past five trading days, approximately 240 companies have been investigated by institutions, with significant interest in companies like Yutong Optical, Rongbai Technology, and Industrial Fulian, indicating a trend of concentrated institutional research activity [1][2]. Group 1: Institutional Research Activity - A total of 240 companies were investigated by institutions from November 12 to November 18, with 90.83% of these companies being researched by securities firms [1]. - Among the companies, 52 received attention from more than 20 institutions, with Yutong Optical being the most researched, attracting 167 institutions [1][2]. - Other notable companies include Rongbai Technology with 134 institutions and Industrial Fulian with 122 institutions participating in the research [1]. Group 2: Fund Flow and Market Performance - Out of the companies that received attention from more than 20 institutions, 17 experienced net inflows of funds in the past five days, with Dongxin Co. seeing the highest net inflow of 645 million yuan [2]. - The market performance of these companies showed that 17 stocks increased in value, with Fu Xiang Pharmaceutical leading with a rise of 30.36% [2]. - Conversely, 35 stocks declined, with the largest drop seen in World Co. at 22.48% [2]. Group 3: Detailed Company Insights - Yutong Optical (300790) had 1 research instance with 167 institutions, closing at 29.55 yuan with a slight increase of 0.75% [2]. - Rongbai Technology (688005) was researched once by 134 institutions, closing at 33.80 yuan with a significant increase of 14.38% [2]. - Industrial Fulian (601138) was also researched once by 122 institutions, closing at 64.72 yuan with a decrease of 4.87% [2].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]

Market Overview - Major indices opened lower today, with the ChiNext index down by 1.74% and less than 700 stocks rising at the open [1] Sector Performance - The Hainan Free Trade Zone concept stocks showed strong performance, with Hainan Haiyao, Haima Automobile, and Xinlong Holdings hitting the daily limit, while Kangzhi Pharmaceutical rose over 17% [2] - The biopharmaceutical sector was active, particularly in the flu concept stocks, with Jindike hitting the daily limit and companies like Renmin Tongtai and Zhongsheng Pharmaceutical also reaching the limit. The pharmaceutical commercial sector increased by over 3% [2] - The gas sector strengthened, with Changchun Gas, Guo Xin Energy, and Victory Shares hitting the daily limit, and Victory Shares achieving four consecutive daily limits [3] - Real estate stocks surged, with Rongchang Development, Huaxia Happiness, and Yingxin Development hitting the daily limit, while Hualian Holdings and Wantong Development also saw gains [3] - Storage chips and phosphorus chemical sectors experienced significant declines [4] New Stock Offerings - Hai'an Group opened for subscription today, with a total issuance of 46.49 million shares, including 14.88 million shares for online subscription at a price of 48 yuan per share, with a price-to-earnings ratio of 13.94 times. The company is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of giant all-steel engineering machinery radial tires [5] Financing Activities - As of November 13, the total market financing balance reached 2.49 trillion yuan, an increase of 4.069 billion yuan from the previous trading day [6] - On November 13, 38 stocks had net financing purchases exceeding 100 million yuan, with 8 stocks having net purchases over 300 million yuan. Ningde Times led with a net purchase of 1.153 billion yuan, followed by Duofluor and Xiangnong Chip Creation with net purchases of 531 million yuan and 483 million yuan, respectively [7][8] Institutional Research - In the past two trading days (November 12 to November 13), 75 companies announced institutional research records, with 7 companies receiving over 20 institutional visits. Rongchang Bio had the most interest, with 45 institutions focusing on its Q3 performance and core pipeline development [9][10] Shareholder Reduction Plans - On November 14, 21 companies announced share reduction plans, with Changlian Technology, Huarun Pharmaceutical, and Haineng Industrial planning the largest reductions [11]

Core Insights - In the past five trading days, a total of 228 companies were investigated by institutions, with significant interest in companies like Huichuan Technology, BeiGene, and Zhongchuang Zhiling [1] - Among the companies surveyed, 52 received attention from more than 20 institutions, with Huichuan Technology being the most popular, attracting 197 institutions [1][2] - The data indicates that 16 out of the 20 companies with over 20 institutional surveys experienced net capital inflows, with Cambridge Technology seeing the highest net inflow of 872 million yuan [1][2] Institutional Research Summary - A total of 228 companies were surveyed by institutions from November 7 to November 13, with 87.72% of these activities involving securities companies [1] - The top three companies with the most institutional interest were: - Huichuan Technology: 197 institutions [1] - BeiGene: 167 institutions [1] - Zhongchuang Zhiling: 105 institutions [1] - The most frequently surveyed company was Boying Special Welding, which had five institutional surveys [1] Market Performance Overview - Among the companies surveyed, 24 saw price increases, with notable gains from: - Huasheng Lithium: 84.50% increase [2] - Panlong Pharmaceutical: 24.40% increase [2] - Agricultural Products: 21.43% increase [2] - Conversely, 27 companies experienced declines, with the largest drops from: - Su Da Weige: 14.36% decrease [2] - Oulu Tong: 12.42% decrease [2] - Luguan Technology: 9.69% decrease [2] Detailed Company Insights - The following companies were highlighted for their institutional survey activity and market performance: - Huichuan Technology (197 institutions, -2.82% change) [2] - BeiGene (167 institutions, +9.76% change) [2] - Zhongchuang Zhiling (105 institutions, -0.34% change) [2] - Boying Special Welding (97 institutions, +8.32% change) [2] - Huasheng Lithium (37 institutions, +84.50% change) [3] - Agricultural Products (32 institutions, +21.43% change) [3]

Core Insights - Institutional attention has rebounded, particularly in the construction decoration, automotive, and non-bank financial sectors, indicating a shift in market focus [3][8][11] - The report highlights a significant improvement in the profitability of A-shares in Q3 2025, driven by capacity clearance and price stabilization, suggesting a positive outlook for various industries [14][15][16] Institutional Research Tracking - The report notes a decrease in total institutional research activity across all A-shares, with a notable decline in October 2025, likely due to the earnings disclosure period [8][9] - However, specific sectors such as construction decoration, automotive, and non-bank financial services have seen an increase in research activity, indicating growing interest [8][11] Industry Performance - The report provides a detailed analysis of industry performance, with the retail trade sector showing a 1.426% increase, while telecommunications experienced a decline of 2.200% [4][6] - The construction decoration and automotive sectors are highlighted as areas of increased institutional focus, suggesting potential investment opportunities [8][11] Capacity Cycle and Profitability - The report emphasizes the importance of capacity cycles in determining industry profitability, with a focus on sectors that are experiencing capacity clearance and price recovery [14][15][16] - It suggests that industries such as coal, steel, and electrical equipment are likely to benefit from improved profit margins due to ongoing capacity adjustments [16][17] Inflation and Fixed Income - The report discusses the potential for rising inflation, with October 2025 CPI showing a 0.2% increase, which is higher than market expectations [24][25][28] - It highlights the implications of inflation on bond yields, suggesting that if inflation trends upward, bond market dynamics may shift significantly [28][30] Banking Sector Insights - The report analyzes the impact of deposit non-bankization on liquidity risk indicators within the banking sector, noting a trend of increasing non-bank deposits among major banks [32][33] - It concludes that while the impact on liquidity coverage ratios (LCR) and net stable funding ratios (NSFR) is manageable, banks may need to enhance their liquidity management strategies [33][35]

Group 1: Industry Perspective on Institutional Research - The research indicates an increase in institutional research activity in the construction decoration, automotive, and non-bank financial sectors [2][11][19] - Weekly data shows that the total number of institutional research instances for the entire A-share market decreased to 696, lower than 832 in the same period of 2024, indicating a cooling in research interest [12][19] - Monthly data for October shows a significant drop in total research instances to 1713, compared to 1994 in October 2024, attributed to the earnings disclosure period [19][20] Group 2: Individual Stock Perspective on Institutional Research - Notable companies receiving increased market attention include Ice Wheel Environment, Tongyu Communication, and Wanma Technology, with Ice Wheel Environment being the most frequently researched with 6 instances last week [23][26] - In the past month, companies such as Oke Yi, Jiang Bolong, and Fangyuan Co. have also garnered significant research interest, with Oke Yi leading with 25 research instances [27][28] - Focusing on specific companies, Furan Energy has been actively researched, with 3 instances last week, particularly due to its advancements in green methanol projects, achieving a production capacity of 50,000 tons annually [25][26]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 298 companies were investigated by institutions, with notable interest in companies like Aibo Medical, Lankai Technology, and Stone Technology, indicating a trend of concentrated institutional research activity [1]. Group 1: Institutional Research Activity - 90.60% of the companies investigated had participation from securities firms, with 270 companies being researched by them [1]. - Fund companies conducted research on 202 companies, while private equity firms investigated 138 companies [1]. - Aibo Medical received the highest attention with 306 institutions participating in its research, followed by Lankai Technology with 207 institutions [1]. Group 2: Research Frequency and Fund Flow - Ice Wheel Environment had the most frequent institutional research with 6 investigations, while Tongyu Communications and Fuan Energy were also frequently researched with 4 and 3 investigations respectively [1]. - Among the stocks with over 20 institutions researching, 28 saw net fund inflows in the past five days, with Huilv Ecology receiving the highest net inflow of 541 million yuan [1]. Group 3: Market Performance of Investigated Stocks - Out of the stocks investigated, 39 experienced price increases, with notable gains from Zhongfu Circuit (29.41%), World (25.79%), and Dazhong Mining (19.69%) [2]. - Conversely, 43 stocks saw declines, with the largest drops from Jibeier (-10.09%), Fudan Microelectronics (-8.40%), and Honghua Digital Technology (-7.39%) [2]. Group 4: Detailed Stock Performance - Aibo Medical (688050) had 1 investigation, 306 institutions, and a closing price of 63.50 yuan, with a decline of 2.07% [2]. - Lankai Technology (688008) had 1 investigation, 207 institutions, and a closing price of 130.08 yuan, with a decline of 4.56% [2]. - Stone Technology (688169) had 1 investigation, 196 institutions, and a closing price of 154.49 yuan, with a decline of 5.45% [2].

Core Insights - In the past five trading days, a total of 471 companies were investigated by institutions, with notable interest in companies like United Imaging Healthcare and Aibo Medical [1] - Among the companies surveyed, 223 received attention from more than 20 institutions, with United Imaging Healthcare being the most popular, attracting 318 institutions [1] - The data indicates a significant net inflow of funds into 68 of the companies that were heavily researched, with Tianji Co., Ltd. seeing the highest net inflow of 707 million yuan [1][2] Group 1: Institutional Research Activity - A total of 434 companies were surveyed by securities firms, accounting for 92.14% of the research activities [1] - Fund companies conducted research on 373 companies, while private equity firms surveyed 275 companies [1] - The most frequently researched company was Ice Wheel Environment, which was surveyed 7 times [1] Group 2: Market Performance of Surveyed Companies - Out of the companies that were heavily researched, 85 saw an increase in their stock prices, with notable gains from Aibo Medical (43.40%), Tianji Co., Ltd. (30.76%), and Boying Special Welding (20.27%) [2] - Conversely, 138 companies experienced declines, with the largest drops seen in Dekoli (-22.54%), Juguang Technology (-17.67%), and Stone Technology (-16.91%) [2] Group 3: Earnings Forecasts - Among the companies that disclosed annual earnings forecasts, only one company predicted an increase in profits, with Luxshare Precision expecting a net profit of 16.852 billion yuan, representing a year-on-year increase of 26.09% [2]