变局蕴机遇，聚势盈未来 ——2026 年 A 股市场投资展望 分析师：杨超 分析师：王雪莹 分析师：周美丽 分析师：孔玥 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 策略研究 · 年度策略 变局蕴机遇，聚势盈未来 ——2026 年 A 股市场投资展望 2025 年 11 月 22 日 核心观点 分析师 杨超 ：010-80927696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 王雪莹 ：wangxueying_yj@chinastock.com.cn 分析师登记编码：S0130525060003 周美丽 ：zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 孔玥 ：kongyue_yj@chinastock.com.cn 分析师登记编码：S0130525100001 相关研究 2025-11-06，A 股三季报业绩有哪些看点？ 2025-10-30，公募基金三季度持仓有哪些看点？ 2025-10-30，2025 年 11 ...

由中国科协科普部、新疆科协联合举办的新疆科普专家报告团活动近日在乌鲁木齐、昌吉等地陆续 举办。 在此期间，中国科学院生物物理研究所研究员卫涛涛以《探微生命奥秘，造福人类健康——新时代 的生物物理学》为题，用通俗语言和详实案例，解读这门物理与生物交叉的前沿学科，让现场听众直观 感受生命科学的魅力；中国科学院心理研究所认知与发展心理学研究室副研究员张兴利带来《从焦虑到 福流：协同思维模式促进心理健康——基于脑，保护脑，促进脑》主题报告，她通过理论解读、现场互 动和实用技巧传授，向听众传递"大脑可塑、情绪有价值、协同促健康"的科学理念。 报告团活动旨在充分汇聚院士专家等科普力量，扶持边疆地区的科普工作，并进一步强化对新疆地 区领导干部的前沿科普资源供给。截至目前，乌鲁木齐、昌吉两地已顺利举办三场科普报告。 据了解，新疆科普专家报告团还将继续围绕新一代信息技术、人工智能、航空航天、新能源、新材 料、高端装备、生物医药、量子科技等8大前沿领域，赴多地开展科普报告活动。(记者 马帅莎) 11月17日、18日，中国科学院院士雒建斌先后在新疆科技会堂、新疆昌吉职业技术学院以《影响制 造业发展的新技术》为题，解析制造业现状与前 ...

格隆汇11月19日丨锡装股份(001332.SZ)在投资者互动平台表示，公司主业聚焦非标金属压力容器产品 的研发、设计、制造、销售及相关技术服务，目前暂无相关产品直接应用在军工或航空航天领域。 ...

证券日报网讯 飞亚达11月18日在互动平台回答投资者提问时表示，公司精密科技业务所产精密零部件 当前主要应用于激光器、光通讯等市场领域，同时积极向航空航天、医疗器械、机器人等市场领域拓展 （相关业务目前占公司收入比重较小）。 （编辑 楚丽君） ...

据介绍，拟入选郑州市中小学科学顾问专家库的265人，分别来自全市范围内的高校、科研院所、科技 馆、青少年宫、博物馆、文化馆、图书馆、规划展览馆、医院、科创平台、科技企业、工农企事业等单 位科技（科普）工作者。入选者分别在人工智能、机器人、中微子、"双碳"、航空航天、生物技术、海 洋科技、新一代信息技术、新材料、新能源、未来能源、医药健康、食品安全、农业技术等科学技术领 域拥有扎实的理论功底、丰富的实践经验以及较高的行业影响力，具备较高的科学素养和科普工作经 验，熟悉所属领域前沿技术发展动态。 按照计划，首批拟入选专家库成员名单公示时间从2025年11月17日起至11月21日。专家库成员确定后， 全市各中小学将可依照"就近就地、双向择优"原则，从专家库选择1名或多名专家，协商聘任为学校科 学副校长。（记者王红） 记者2025年11月17日从河南省郑州市教育局获悉，首批265名来自各行各业的科技工作者拟入选郑州市 中小学科学顾问专家库。 为进一步推动郑州市作为国家中小学科学教育试验区工作高质量发展，充分发挥科技人才在科学教育中 的引领作用，郑州市教育局联合市科技局、市科协组建"郑州市中小学科学教育顾问专家库"，经 ...

(原标题：飞亚达(000026.SZ)：精密科技业务所产精密零部件当前主要应用于激光器、光通讯等市场领域) 格隆汇11月18日｜飞亚达(000026.SZ)在互动平台表示，公司精密科技业务所产精密零部件当前主要应用于激光器、光通讯等市场领域，同时积极 向航空航天、医疗器械、机器人等市场领域拓展（相关业务目前占公司收入比重较小）。 相关ETF 食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -0.67% 市盈率： 21.16倍 资金流向: 最新份额为105.4亿份,增 加了3600.0万份,主力资金 净流出1121.6万元。 估值分位:23.56% 游戏ETF (产品代码：159869) ★ 跟踪：中证动漫游戏指数 近五日涨跌: -2.67% 市盈率： 35.36倍 资金流向: 最新份额为81.6亿份,增加 了2500.0万份,主力资金净 流出473.3万元。 估值分位:50.43% 科创50ETF (产品代码: 588000) ★ 跟踪：上证科创板50成份指数 近五日涨跌: -3.78% 市盈率:151.88倍 资金流向: 最新份额为507.3亿份, 增 加 ...

站在新的历史起点上，习近平主席与泰国国王哇集拉隆功会见，为中泰关系的下一个50年擘画宏伟蓝 图，指明合作方向和路径："稳步推进中泰铁路等大项目合作，扩大进口泰国优质农产品，拓展人工智 能、数字经济、航空航天等新兴领域合作""促进人文交流""积极支持泰国王室公益项目"……观看视 频》》 联播+11月14日上午，习近平主席在北京人民大会堂会见来华进行国事访问的泰国国王哇集拉隆功。此 次访问是哇集拉隆功就任国王以后首次出访大国，也是中泰建交以来泰国国王首次访华。对此，习主席 表示，这"充分表达了'中泰一家亲'深厚的友好情谊，充分表达了国王陛下对发展中泰关系的重视，这 次的访问具有重要意义"。 今年是中泰建交50周年。半个世纪以来，中泰两国始终并肩携手、守望相助，是真正的好亲戚、好朋 友、好伙伴。特别是新时代以来，中泰两国深化发展战略对接，推进产供链深度交融，赋能各自现代化 进程，密切人文交流合作，为两国人民带来了实实在在的福祉。 总监制丨骆红秉 魏驱虎 监 制丨王敬东 主 编丨李璇 编 辑丨李珊珊 剪 辑丨李雪菲 视 觉丨颜妮 校 对丨李丹 孙晓媛 毛长志 任佳 出 品丨中央广播电视总台央视网 [ 责编：杨煜 ] ...

Core Insights - Foreign public funds are increasingly optimistic about the Chinese market, as evidenced by Fidelity Fund's recent capital increase, which raised its registered capital from $1.82 billion to $2 billion, marking a nearly 10% increase [2][3][4] - Fidelity Fund has completed two capital increases in 2023 alone, reflecting a 25% growth in registered capital since the beginning of the year [3][4] - The total registered capital of Fidelity Fund has grown over five times since its establishment in May 2021, from an initial $30 million to the current $2 billion [4][5] Company Developments - Fidelity Fund has completed six rounds of capital increases since its inception, with significant increments in 2022 and 2023, including a 30% increase in July 2023 [3][4] - The fund has launched 10 products since starting its public offering in December 2022, with a total management scale of 3.571 billion yuan [4][5] - The majority of Fidelity Fund's products are bond funds, which account for over 70% of its total management scale [5] Market Context - The trend of foreign public funds increasing capital in China is indicative of a broader confidence in the potential of the Chinese market, with other foreign institutions like Morgan Stanley and Legg Mason also increasing their registered capital [6][9] - The competitive landscape for foreign public funds in China is characterized by significant scale differentiation, with leading firms like Morgan Fund and Manulife Fund holding substantial market shares [6][8] - The ongoing capital market opening in China presents both opportunities and challenges for foreign public funds, necessitating a focus on localization and understanding of local investor behavior [9]

Core Points - The visit of Thai King Vajiralongkorn to China is a historic milestone, marking the first visit by a Thai monarch since the establishment of diplomatic relations 50 years ago, reflecting the importance of Sino-Thai relations and the deep friendship between the two nations [1][5][6] - The visit is seen as a strategic opportunity to redefine the future trajectory of Sino-Thai relations amidst changing geopolitical dynamics in the region and globally [1][6][7] - The Thai King expressed admiration for China's modernization and significant achievements in economic and social development, emphasizing the close and mutually beneficial cooperation between Thailand and China [3][8] Summary by Sections Diplomatic Significance - The visit is characterized as a significant diplomatic event, with the Thai King being accompanied by high-ranking officials, reinforcing political trust and stability in bilateral relations [4][5] - The visit is viewed as a response to the evolving geopolitical landscape, highlighting the necessity for Southeast Asian countries to maintain constructive relationships with China while balancing other partnerships [7][8] Economic Cooperation - China aims to enhance strategic alignment with Thailand, focusing on high-quality development and expanding cooperation in key areas such as infrastructure, agriculture, artificial intelligence, and digital economy [2][3] - The two countries are expected to explore collaboration in emerging fields like space technology and smart equipment, which could strengthen their roles in regional development [6][8] Cultural and Humanitarian Exchange - Both leaders emphasized the importance of cultural exchange and humanitarian cooperation, with China expressing support for Thai royal charitable projects and sharing poverty alleviation experiences [2][3] - The visit is anticipated to deepen people-to-people connections and enhance mutual understanding between the two nations [3][4] Regional Implications - The visit sends a strong message about the importance of regional stability and cooperation, particularly in the context of rising global tensions and the need for dialogue and balanced diplomacy [7][9] - It reinforces the belief that the rise of Asia depends on unity rather than division, with Sino-Thai relations serving as a model for cooperation among ASEAN countries [8][9]

Group 1 - The meeting between Chinese President Xi Jinping and Thai King Vajiralongkorn highlights the importance of China-Thailand relations, marking the first state visit by a Thai king to China since the establishment of diplomatic ties [1][2] - Xi Jinping expressed condolences for the recent passing of Queen Sirikit and emphasized the deep historical ties between the Thai royal family and China, which have significantly contributed to the friendship between the two nations [1] - The year marks the 50th anniversary of China-Thailand diplomatic relations, with both countries committed to furthering their partnership in the next 50 years [1] Group 2 - Xi Jinping mentioned the approval of the "14th Five-Year Plan" focusing on high-quality development and high-level opening up, indicating a willingness to strengthen strategic alignment with Thailand [2] - China aims to enhance cooperation on major projects like the China-Thailand railway, expand imports of high-quality Thai agricultural products, and collaborate in emerging fields such as artificial intelligence and digital economy [2] - King Vajiralongkorn expressed his pleasure in visiting China and acknowledged the significant changes and achievements in China's economic and social development [2]