证券研究报告 | 策略点评 2025 年 11 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251124 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指微涨 0.05%，收 报 3836.77 点；深证成指涨 0.37%，收报 12585.08 点；科创 50 指数涨 0.84%， 收报 1296.6 点；创业板指涨 0.31%，收报 2929.04 点。总体上，全天个股涨 多跌少，Wind 数据显示，全市场 4228 只个股上涨，仅 1100 只个股下跌，120 只个股收平。沪深两市今日成交额合计 17406 亿元，较上个交易日缩量 2379 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，国防军工、传媒、计算机、社 会服务等行业涨幅靠前，涨幅分别为 4.31%、3.49%、2.41%、2.22%，石油石 化、煤炭、银行、食品饮料等行业领跌，跌幅分别为 1.21%、1.09%、0.79%、 0.56%。 概念板块涨跌情况：今日涨幅居前概念板块为中船系、航母、商业航天、 ...

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沪深两市主力资金净流出633.91亿元 4个行业主力资金呈现净流入 （原标题：数据复盘丨传媒、计算机等行业走强 57股获主力资金净流入超1亿元） 11月18日，上证指数全天震荡走低；深证成指、创业板指早盘窄幅震荡，午后震荡下探，尾盘有所回升；科创50指数早盘冲高回落，午后持续回 落，尾盘有所回升。截至收盘，上证指数报3939.81点，跌0.81%，成交额7909亿元；深证成指报13080.49点，跌0.92%，成交额11351.19亿元；创 业板指报3069.22点，跌1.16%，成交额5088.41亿元；科创50指数报1357.93点，涨0.29%，成交额612亿元。沪深两市合计成交19260.19亿元，成交 额较上一交易日增加152.61亿元。 传媒、计算机等行业走强 ST中迪20连板 盘面上来看，行业板块、概念跌多涨少。其中，传媒、计算机、教育、电子等行业涨幅靠前；Kimi、AI语料、拼多多、盲盒经济、短剧互动游戏 等概念走势活跃。电力设备、煤炭、有色金属、钢铁、化工、房地产、环保、石油石化等行业跌幅居前；钛白粉、刀片电池、有机硅、氟化工、 固态电池、低碳冶金、统一大市场、黄金、复合集流体等概念走势较弱 ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.81% to close at 3939.81 points, and the Shenzhen Component Index dropping by 0.92% to 13080.49 points. The ChiNext Index decreased by 1.16% to 3069.22 points. Overall, there were 1274 stocks that rose while 4103 stocks fell, with a total trading volume of 19261 billion yuan, an increase of 153 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the media, computer, and electronics sectors showed positive performance with increases of 1.60%, 0.93%, and 0.12% respectively. Conversely, the coal, electric equipment, steel, non-ferrous metals, and basic chemicals sectors faced declines, with decreases of 3.17%, 2.97%, 2.85%, 2.80%, and 2.67% respectively [1][10]. Concept Sector Performance - The concept sectors that performed well today included Pinduoduo partners, Xiaohongshu platform, WEB3.0, Kimi, Douyin Doubao, multimodal models, internet celebrity economy, operating systems, virtual humans, intelligent entities, ChatGPT, AIGC, medical payment reform, live streaming sales, and Chinese corpus. In contrast, the lithium battery positive electrode, lithium battery negative electrode, and lithium iron phosphate battery sectors experienced a pullback [2][12].

- The report does not contain any quantitative models or factors for analysis

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.22% to close at 3922.41 points, and the Shenzhen Component Index also increasing by 0.22% to 13025.45 points. However, the Sci-Tech 50 Index fell by 0.30% to 1401.26 points, while the ChiNext Index saw a slight increase of 0.09% to 3062.16 points. Overall, 2991 stocks rose, 2301 fell, and 143 remained unchanged, with a total trading volume of 16439 billion yuan, a decrease of 239.47 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, coal, oil and petrochemicals, social services, non-ferrous metals, non-bank financials, and media sectors experienced the highest gains. Conversely, the telecommunications, real estate, building materials, electronics, pharmaceutical biology, and national defense industries faced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included ice and snow tourism, lithium mining, central enterprise coal, near-term new stocks, short drama games, lithium extraction from salt lakes, quantum technology, selected chemical fibers, cybersecurity, operating systems, cross-strait integration, selected coal mining, Kimi, aluminum industry, and lithium battery electrolyte sectors [2].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.01% closing at 3853.30 points, while the Shenzhen Component Index increased by 0.67% to 13445.90 points. The Sci-Tech 50 Index rose by 1.24% to 1474.49 points, and the ChiNext Index gained 1.58% to 3235.76 points. Overall, there were 3875 stocks that declined, 1474 that rose, and 80 that remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 23,711 billion yuan, an increase of 443.06 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, sectors such as media, telecommunications, non-ferrous metals, electric equipment, computers, and pharmaceuticals showed notable gains. Conversely, textiles and apparel, comprehensive sectors, agriculture, household appliances, transportation, and real estate experienced significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included servers, semiconductor silicon wafers, copper industry, nuclear fusion, Kimi, internet celebrity economy, optical modules (CPO), optical communication, partnerships with Pinduoduo, superconductors, online games, AIPC, short drama games, rare metals selection, and DeepSeek [2].

Market Performance - The ChiNext Index surged nearly 2%, reaching 2581.45 points, marking a new high since the "9·24" market rally last year [2] - The Shenzhen Component Index increased by over 1%, while the North Stock 50 Index rose over 2%, surpassing the 1500-point mark for the first time [2] - In the Hong Kong market, the Hang Seng Technology Index rose by 1.45% to 5623.32 points [4] Sector Performance - The consumption electronics sector experienced a short-term rally, with industries such as communication equipment, computer hardware, software, internet, and electronic components leading the market [6] - Innovative drug stocks in Hong Kong showed strong performance, with companies like Ascentage Pharma rising over 10% [5] Notable Stocks - Yidong Electronics surged over 18%, while Nanya New Materials increased by over 17% [7] - The stock of Ying Shi Innovation hit the daily limit up for two consecutive days, reaching a historical high with a total market value of 108 billion [7] - Eastern Fortune reported a 37% year-on-year increase in net profit for the first half of the year, with brokerage business stock trading volume reaching 16.03 trillion yuan [9] Market Trends - The semiconductor sector is under scrutiny due to potential new tariffs announced by Trump, which could increase the tax rate significantly [8] - The tourism sector saw a rise, with companies like Tibet Tourism and Caesar Travel hitting the daily limit up [9]

Market Overview - The ChiNext Index surged nearly 2%, reaching 2581.45 points, marking a new high since the "9·24" market rally last year [2] - The Shenzhen Component Index rose over 1%, while the North Stock 50 Index increased by more than 2%, surpassing the 1500-point mark for the first time [3] Stock Performance - Over 4000 stocks in the market experienced gains, with 61 stocks hitting the daily limit up, while 1100 stocks declined [4] - In the Hong Kong market, the Hang Seng Technology Index rose by 1.45% to 5623.32 points [5] Sector Highlights - The consumer electronics sector saw a short-term rally, with significant gains in communication equipment, computer hardware, software, internet, and electronic components [7] - Notable individual stock performances included: - Yidong Electronics up over 18% - Nanya New Materials up over 17% - Hai Neng Technology and Jing Sai Technology hitting the daily limit up [9][10] Investment Trends - The innovative drug sector in Hong Kong showed strength, with companies like Ascentage Pharma rising over 10% [6] - The tourism sector also saw a rise, with companies like Tibet Tourism and Caesar Travel hitting the daily limit up [10]

Market Overview - The A-share market opened higher with all three major indices rising, with the ChiNext Index increasing by 2%, reaching a new high since the "9.24" market rally last year, reported at 2581.45 points [2][3] - The Shenzhen Component Index rose over 1%, indicating strong market sentiment [3] Sector Performance - The consumer electronics sector experienced a short-term surge, leading the market alongside industries such as communication equipment, computer hardware, software, internet, and electronic components [11] - Over 4,000 stocks in the market saw gains, with 61 stocks hitting the daily limit up, while 1,100 stocks declined [6] Hong Kong Market - The Hong Kong stock market also opened positively, with the Hang Seng Index up by 0.09%, the Hang Seng China Enterprises Index up by 0.21%, and the Hang Seng Tech Index rising by 0.4% [8] - The Hang Seng Tech Index further increased by 1.45%, reaching 5623.32 points [8] Notable Stocks - Innovative drug stocks in Hong Kong showed strong performance, with companies like Ascentage Pharma rising over 10% and others like Zai Lab and Sinopharm also seeing significant gains [9] - The stock of Yidong Electronics surged over 18%, while Nanya Technology rose over 17%, indicating strong investor interest in these companies [12] Regulatory Impact - The semiconductor sector is facing potential regulatory changes, as former President Trump indicated plans to impose tariffs on semiconductor products, which could significantly impact the industry [13] Brokerage Sector - Brokerage stocks continued to rise, with Changcheng Securities recording four consecutive trading limit ups, and other firms like Western Securities and Dazhihui also seeing gains [14] - Dongfang Caifu reported a 37% year-on-year increase in net profit for the first half of the year, with brokerage business trading volume reaching 16.03 trillion yuan [14]