晨会纪要（R3） 晨会纪要 2025 年 11 月 26 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3870.02 | 0.87 | | 深证成指 | 12777.31 | 1.53 | | 创业板指 | 2980.93 | 1.77 | | 科创 50 | 1302.17 | 0.43 | | 北证 50 | 1396.83 | 0.78 | | 沪深 300 | 4490.40 | 0.95 | 上证指数-沪深 300 走势图 晨会聚焦 | 一、财信研究观点 | | --- | | 【市场策略】大盘延续反弹势头，算力硬件方向领涨 | | 【基金研究】基金数据日跟踪 | | 【债券研究】债券市场综述 | | 二、重要财经资讯 | | 连续 个月加量续做 【宏观经济】MLF 9 | | 【宏观经济】国家主席习近平同美国总统特朗普通电话 | | 【宏观经济】央行公开市场开展 3021 亿元 7 天期逆回购操作 | | 【财经要闻】1-10 月全国完成电力市场交易电量同比增长 7.9% | | 【财经要闻】商务部公布再次延长对进 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 11 月 25 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 一、市场行情分析 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 科技引领市场反弹 [Table_Summary] 投资要点： 摘要。2025 年 11 月 25 日周二，A 股市场延续反弹，AI 应用概念维持强势；国债 期货市场偏弱震荡；商品指数上涨，碳酸锂和贵金属领涨。 图 1：市场小幅放量反弹 1）股票市场：延续反弹，科技领涨 资料来源：Wind，德邦研究所 市场延续全面反弹，小幅放量。今日市场早盘高开后震荡走强，午后涨幅略有收窄 但整体保持强势。上证指数全天围绕 3870 点波动，收盘报 3870.02 点，上涨 0.87%； 深证成指表现更优，收盘报 12777.31 点，上涨 1.53%；创业板指领涨主要指数， 盘中一度涨超 3%突破 ...

2025.11. 25 A股市场三大指数集体收涨。上证指数主要受金融、消费等权重板块支撑,电子、计算机、传媒 等科技板块表现活跃,推动深证成指涨幅扩大,CPO、游戏、锂电池等概念板块走强,拉动创 业板指涨幅领先。 4297家上涨 涨跌停比 96:7 市场呈现普涨格局,赚钱效应提升,结构性分化 显著,科技主线CPO、算力硬件、AI应用等板块 爆发,政策预期升温下海南板块尾盘拉升,贵金 属、游戏与传媒表现突出,前期涨幅较大的板块 (如水产、中船系)出现回调。 餐金情绪 两市成交额 机构聚焦科技核心资产,结构性分化显著,资金流入通信设备、电子元件、半导体、光伏设备,因短期估值 压力及资金轮动需求抛售文化传媒板块。散户抄底与止盈博弈,超跌反弹仓位（如前期低估值蓝筹）被散 户止盈,资金小幅流入通信、半导体等科技领域。 散户情绪 75.85% 6 2 8 客服 商品 新宿 新宿 新宿 美 智能 美 旅 信 美 旅 信 商 信 今天你冲了还是撤了? 加仓 25.40% 减仓 21.82% 11/25 按兵不动 52.78% 5.40% 个百分点 加 仓 球 万亿元 ▲ 4.9% 两市成交额放量,延续高位运行态势。放量是 板 ...

Market Overview - Major stock indices in the Asia-Pacific region mostly rose, with the South Korean Composite Index and Nikkei 225 both experiencing slight gains, while SoftBank Group saw a significant decline of nearly 10%, marking its largest drop since November 5 [1] - The A-share market showed a strong upward trend, with the ChiNext Index closing up nearly 2% and total trading volume in the Shanghai and Shenzhen markets reaching 1.83 trillion yuan, an increase of 858 billion yuan from the previous trading day [1] Sector Performance - The AI application concept surged again, with Rongji Software hitting the limit up for six consecutive days and Shida Group achieving four consecutive limit ups [2] - Computing hardware stocks remained strong, with TeFa Information hitting the limit up for three consecutive days, and Changfei Optical Fiber and Huilv Ecology also reaching their daily limit [2] - The optical module (CPO) index saw a significant increase of 8.2%, with Dekoli, Changguang Huaxin, and Guangku Technology all hitting the limit up [3] Pharmaceutical Sector - Stocks related to flu prevention experienced substantial movements, with companies like Beijing Medical and Guangji Pharmaceutical seeing their shares surge to the limit up [4] - Recent data indicated a dramatic increase in sales of Oseltamivir by 237% and a rise of 180% for Mabalawe [4] Regional Highlights - The Fujian sector rapidly rose, with stocks such as Fujian Expressway and China Wuyi hitting the limit up [5] Hong Kong Market - In the Hong Kong market, Bilibili rose approximately 5%, Baidu Group increased over 4%, and Xiaomi rebounded nearly 4%, regaining a market capitalization of over 100 billion HKD [6] - Xiaomi's stock price had previously dropped over 35% since reaching a yearly high on June 27, but recent announcements of significant stock buybacks and personal investments by CEO Lei Jun have positively impacted its stock [6] Investment Insights - According to Goldman Sachs' chief China equity strategist, the rise of Chinese stocks led by AI is not a bubble, and there is still room for technology companies to enhance their valuations and profits through a focus on AI applications [6]

盘面热点 盘面上，AI应用概念再度爆发，算力硬件概念延续强势，特发信息、长飞光纤、汇绿生态涨停。福建 板块快速拉升，福建高速、中国武夷等多股涨停。抗流感概念表现活跃，海南海药、特一药业、北大医 药、金迪克涨停。 新华财经北京11月25日电 （王媛媛）周二A股三大指数集体走强，创业板指领涨，盘中一度涨超3%。 截至收盘，沪指报3870.02点，涨0.87%，成交7228亿元；深证成指报12777.31点，涨1.53%，成交10894 亿元；创业板指报2980.93点，涨1.77%，成交5282亿元。沪深两市成交额达到18121亿元，较上一交易 日放量844亿元。 板块方面，行业板块呈现普涨态势，教育、游戏、贵金属、能源金属、通信设备、电池、化学制药、光 学光电子、保险、消费电子板块涨幅居前，船舶制造板块逆市大跌。 中金公司：面对中国基建市场庞大的运维需求，无人机正重构工程运维服务新生态。从赋能电网自动化 巡检、破解铁路、公路高危巡检难题，到支撑能源管道智能监测、保障电信基站高效运维，无人机正打 破传统基建巡检的空间限制与效率瓶颈，降低人力成本与安全风险，推动基建运维智能化。建议重点关 注低空经济与基建建设战略协 ...

市场震荡拉升，创业板指涨近2%，此前一度涨超3%。盘面上，市场热点快速轮动，全市场4300只个股 上涨，95只个股涨停。截至收盘，沪指涨0.87%，深成指涨1.53%，创业板指涨1.77%。 中际旭创成交额居首，为211亿元。其后是蓝色光标、新易盛、阳光电源、工业富联，成交额分别为150 亿元、143亿元、135亿元、129亿元。 从板块来看，AI应用概念再度爆发，榕基软件7天6板，实达集团4连板。 下跌方面，养殖板块震荡调整，獐子岛、中水渔业跌停。 军工概念多股走弱，江龙船艇跌近10%。 沪深两市成交额合计1.81万亿元，较上一交易日放量约843.74亿元。其中，沪市成交额7227.89亿元，深 市成交额1.09万亿元。 算力硬件概念延续强势，特发信息3连板，长飞光纤、汇绿生态涨停。 福建板块快速拉升，福建高速、中国武夷等多股涨停。 抗流感概念表现活跃，海南海药、特一药业、北大医药、金迪克涨停。 ...

【收评：创业板指震荡反弹涨近2% 全市场近百股涨停】智通财经11月25日电，市场震荡拉升，创业板 指涨近2%，此前一度涨超3%。沪深两市成交额1.81万亿，较上一个交易日放量844亿。盘面上，市场热 点快速轮动，全市场4300只个股上涨，95只个股涨停。从板块来看，AI应用概念再度爆发，榕基软件7 天6板，实达集团4连板。算力硬件概念延续强势，特发信息3连板，长飞光纤、汇绿生态涨停。福建板 块快速拉升，福建高速、中国武夷等多股涨停。抗流感概念表现活跃，海南海药、特一药业、北大医 药、金迪克涨停。下跌方面，养殖板块震荡调整，獐子岛、中水渔业跌停。军工概念多股走弱，江龙船 艇跌近10%。板块方面，游戏、AI应用、CPO、贵金属等板块涨幅居前，军工装备、养殖等板块跌幅居 前。截至收盘，沪指涨0.87%，深成指涨1.53%，创业板指涨1.77%。 转自：智通财经 ...

今日A股市场震荡拉升，创业板指涨近2%，此前一度涨超3%。沪深两市成交额1.81万亿，较上一个交易日放量844亿。 盘面上，市场热点快速轮动， 全市场4300只个股上涨，95只个股涨停。 从板块来看， AI应用概念再度爆发 ，榕基软件7天6板，实达集团4连板。算 力硬件概念延续强势，特发信息3连板，长飞光纤、汇绿生态涨停。福建板块快速拉升，福建高速、中国武夷等多股涨停。抗流感概念表现活跃，海 南海药、特一药业、北大医药、金迪克涨停。下跌方面，养殖板块震荡调整，獐子岛、中水渔业跌停。军工概念多股走弱，江龙船艇跌近10%。 上证指数 创业板指 深证成指 -3870.02 -12777.31 -2980.93 +33.26 +0.87% +192.23 +1.53% +51.89 +1.77% 市场概况 2913 939 858 249 160 119 95 80 96 25 4 10 5 小于 大于 涨停 +4% -2% -4% -6% -8% 跌停 +8% +6% +2% 0% +8% -8% 993家 上涨 4300家 持平 160家 下跌 跌停 涨停 95家 停牌 15家 5家 两市成交额:1.81万亿 市 ...

凤凰网财经讯 11月25日，市场震荡拉升，创业板指涨近2%，此前一度涨超3%。截至收盘，沪指涨 0.87%，深成指涨1.53%，创业板指涨1.77%。沪深两市成交额1.81万亿，较上一个交易日放量844亿。 2913 939 858 249 160 85 119 80 96 25 4 10 5 大于 小于 涨停 0% -6% -8% +8% +6% +4% +2% -2% -4% 跌停 +8% -8% 4300家 下跌 上涨 持平 160家 993家 跌停 涨停 95家 停牌 15家 5家 市场热度： 72 ◎ 50 100 0 两市成交额:1.81万亿 较上一日:+844亿 今日预测量能: 1.81万亿 | +844亿 涨停表现 | | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 咸新 | 张幅% | | 涨跌 涨跌家数 | | 息手 | 现手 金额 | | 上证指数 | 3870.02 | 0.87 | 33.26 | 1780/468 | -0.03 | 4.79 7. | 129万 ...

Market Overview - The A-share market opened higher on November 25, with the ChiNext Index rising by 3% at one point [1] - By midday, the Shanghai Composite Index was at 3880.22 points, up 1.13%, while the Shenzhen Component rose by 2.04% and the ChiNext Index increased by 2.6% [2] Trading Volume and Market Sentiment - The trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, a significant increase of 149.3 billion yuan compared to the previous trading day [3] - A total of 4888 stocks rose, with 77 hitting the daily limit up, while only 458 stocks declined [3] Sector Performance - The technology growth sector showed strong performance, particularly in computing hardware and AI applications, with significant rebounds in communication equipment and electronic components [3] - The optical module (CPO) sector surged by 9%, with multiple stocks hitting the daily limit up, including Dekoli, Changguang Huaxin, and Guangku Technology [7] - Precious metals and education sectors also saw gains, while the aquaculture sector experienced a notable decline [3][18] Notable Stocks - Key stocks in the optical module sector included: - Dekoli: 20% increase, market cap of 22.6 billion yuan, year-to-date increase of 104.7% [8] - Guangku Technology: 20% increase, market cap of 36.6 billion yuan, year-to-date increase of 203.19% [8] - Changguang Huaxin: 20% increase, market cap of 15.7 billion yuan, year-to-date increase of 129.01% [8] - In the precious metals sector, notable performers included: - Huaxi Nonferrous: 9.33% increase, market cap of 25.6 billion yuan, year-to-date increase of 137.62% [14] - Shengda Resources: 6.25% increase, market cap of 16.3 billion yuan, year-to-date increase of 98.44% [14] Hong Kong Market Performance - The Hang Seng Technology Index rose over 1.4%, with notable increases in stocks such as Bilibili (nearly 6% increase) and Xiaomi Group (over 4% increase) [4]