人民财讯11月24日电，华图山鼎11月21日在机构调研中表示，未来AI将承担大量基础教学和模考批改工 作，而老师则更专注于核心讲解，更有利于提升效率。公司计划2026年推出会员制的AI产品包，面向 更广泛的市场，定价策略是普惠和战略性的，公司AI产品的核心优势是经线下学员，在"人机协同"环境 下高频使用和验证过的，构成了最高的数据和反馈壁垒。因此，面向C端的会员产品，定位是用户体验 入口，旨在扩大品牌影响力并为线下基地引流。 转自：证券时报 ...

Core Viewpoint - The recent market correction in A-shares is attributed to external factors, including declining expectations for a Federal Reserve rate cut and rising concerns over an AI bubble, which have transmitted pessimistic sentiment from overseas markets to China [3][8][9]. Market Performance - On November 21, A-shares experienced a significant decline, with the Shanghai Composite Index dropping 2.45% to close at 3834.89 points, while the Shenzhen Component and ChiNext Index fell 3.41% and 4.02%, respectively. Nearly 5100 stocks in the market declined, particularly in high-performing sectors like AI, chips, and lithium batteries [3][4]. - Over the week from November 17 to November 21, the Shanghai Composite Index fell 3.9%, and the Shenzhen Component dropped 5.03%. High-growth sectors such as coke, photovoltaic equipment, electronics, batteries, and chemicals saw declines exceeding 10% [4]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips. Notable ETFs like the Southern CSI 500 ETF and E Fund ChiNext ETF saw net inflows exceeding 30 billion yuan each during the week [5][6]. - On the day of the market drop (November 21), over 400 billion yuan was invested in ETFs, with the Huatai-PB CSI 300 ETF alone receiving about 40 billion yuan in net inflow [5]. External Factors - Multiple fund companies attribute the market correction primarily to external disturbances, particularly the unclear direction of the Federal Reserve's monetary policy and heightened concerns over an AI bubble. The U.S. job market data showed strong job growth but an unexpected rise in unemployment, complicating the Fed's decision-making [8][9]. - The sentiment from U.S. markets, particularly regarding tech stocks, has amplified the pressure on A-shares, with concerns about liquidity tightening affecting growth stock valuations [10]. Future Outlook - Several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend. They believe that while short-term volatility may occur, the underlying fundamentals remain strong [11]. - The market is expected to benefit from supportive policies in the tech sector and a potential stabilization in the real estate market, which could lead to a gradual recovery in stock valuations [12].

智通财经APP获悉，随着11月接近尾声，在投资者继续消化英伟达(NVDA.US)财报并面对整个市场信心 减弱的现实之际，本个交易周将因感恩节假期缩短。在未来一周，随着政府本月早些时候停摆结束后处 理积压数据，投资者将迎来众多重要的经济数据——美国9月零售销售及PPI数据、11月谘商会消费者信 心指数将于美东时间周二公布，截至11月22日当周初请失业金人数及美联储褐皮书则将于美东时间周三 公布。与此同时，本周财报相对清淡，阿里巴巴(BABA.US)、戴尔科技(DELL.US)、柯尔百货(KSS.US) 和百思买(BBY.US)将成为投资者关注的焦点。 美股于上周五当日以收涨结束了动荡的一周。上周，在市场对AI泡沫的担忧情绪升温、对美联储降息 预期降温以及比特币重挫引发恐慌情绪蔓延等因素的拖累下，以科技股为主的纳斯达克综合指数累跌超 2%，标普500指数和道琼斯工业平均指数则均累跌约1.5%。 尽管英伟达和沃尔玛都公布了亮眼的第三季度财报，且美国9月非农就业数据也超出预期，但上周四美 股却经历了十年来最大的一次盘中反转——标普500指数在开盘上涨超过1.5%后走势逆转，到收盘时下 跌超1.5%，纳指的波动则更为剧 ...

Core Insights - The Chinese Liquid Crystal Elastomers (LCEs) industry is experiencing rapid growth, with a projected market size of approximately 12.58 million yuan in 2024, representing a year-on-year increase of 21.43% [1][9] - Significant technological advancements have been made in LCEs, particularly in areas such as shape-changing responses to stimuli, self-repair capabilities, and flexible characteristics [1][9] - The industry is characterized by a collaborative innovation model between universities and research institutions, leading to a complete ecosystem from basic research to technology transfer and industrial application [10][11] Industry Overview - LCEs are intelligent polymer materials that combine liquid crystal properties with elastomer characteristics, allowing for reversible phase changes under external stimuli, which results in macroscopic shape changes [2] - They are widely used in fields such as soft robotics, smart actuators, and optical devices, and can be classified based on the type of stimulus response, including thermal, optical, electrical, magnetic, and humidity responses [2][3] Market Size - The LCEs market in China is projected to reach approximately 12.58 million yuan in 2024, with a growth rate of 21.43% compared to the previous year [1][9] - The industry is supported by advancements in technology, such as the development of flexible actuators and stable performance across a wide temperature range [1][9] Key Institutional R&D Progress - Collaborative innovation is evident in the LCEs sector, with notable contributions from various universities and research institutions [10][11] - Research teams are focusing on multi-modal driving mechanisms and applications in fields such as information encryption and display technologies [10][11] Industry Development Trends 1. **Durability Breakthroughs**: The industry faces challenges related to the durability of materials under multi-stimulus applications, necessitating innovations in material design to enhance longevity [11] 2. **Precision Improvement**: Innovations in processing techniques are required to maintain high orientation degrees in LCEs, which directly affect their driving performance [12] 3. **Domestic Material Supply**: The industry is pushing for increased domestic production rates of high-end liquid crystal monomers and crosslinking agents, with a focus on reducing reliance on foreign suppliers [13][14]

Group 1 - The report highlights that the macroeconomic environment is shifting towards a new growth paradigm, focusing on productivity enhancement, moderate inflation, and currency appreciation, which will lead to a systematic revaluation of equity markets [8][9] - The report indicates that the profitability of companies is expected to improve due to policies aimed at enhancing nominal GDP, which will directly translate into increased revenues and profits for listed companies [8][9] - The report notes that the relative attractiveness of various asset classes is changing, with equities showing significant potential for growth compared to bonds and real estate, which are under pressure [9] Group 2 - The report discusses the performance of the U.S. stock market, noting that the S&P 500 and Nasdaq experienced declines of 1.9% and 2.7% respectively, with most sectors under pressure [28][30] - The report mentions that the semiconductor sector saw a significant upward revision in earnings expectations, indicating a positive outlook despite recent market volatility [30] - The report highlights that the Hong Kong stock market faced significant pressure, with the Hang Seng Index declining by 5.1%, reflecting a broader trend of market pullbacks across various styles and sectors [28][30] Group 3 - The report emphasizes that the lithium battery industry is progressing steadily towards solid-state battery commercialization, despite ongoing internal competition [3] - The report notes that the wind power gearbox manufacturer, Delijia, is benefiting from industry prosperity and is experiencing high growth in performance [3] - The report indicates that the agricultural sector, particularly the pig farming industry, is undergoing orderly progress in reversing internal competition, with a positive outlook for the broader livestock cycle [3] Group 4 - The report highlights that the AI-driven growth in companies like Kuaishou and Baidu is significant, with Kuaishou's revenue exceeding 300 million RMB in a single quarter, and Baidu's new AI business revenue growing over 50% year-on-year [3] - The report discusses the recovery of recruitment demand in BOSS Zhipin, with stable growth in profit margins, indicating a healthy labor market [3] - The report mentions that the financial engineering sector is seeing substantial inflows into U.S. stock ETFs, with net inflows exceeding 100 billion USD, reflecting strong investor interest [3] Group 5 - The report indicates that the REITs market is experiencing a general decline, with the index down 1.0% for the week, although it remains relatively stable compared to equity assets [17] - The report notes that the infrastructure REITs are gaining traction, with significant support from government initiatives aimed at boosting consumption through REITs [19] - The report highlights that the turnover rate for REITs has decreased, indicating a potential slowdown in trading activity within this sector [17] Group 6 - The report discusses the performance of the convertible bond market, which has shown resilience amid stock market declines, with the index only down 1% compared to larger drops in equities [20] - The report highlights that certain convertible bonds are exhibiting strong defensive characteristics, particularly those with underlying stocks that are experiencing downward pressure [20] - The report emphasizes the importance of monitoring the supply-demand dynamics in the convertible bond market, which could provide opportunities for investors [20]

Group 1: Market Overview - Recent global market turmoil is attributed to multiple factors, including the Federal Reserve's mixed signals on interest rate cuts, leading to increased volatility across asset classes [3][4][5] - The adjustment in various asset classes is not fundamentally driven but rather a result of emotional disturbances in the market [6][7] Group 2: Investment Outlook for A-shares and H-shares - A-shares and H-shares are viewed as having long-term strategic opportunities, with current adjustments seen as a window for positioning [6][8] - The valuation of A-shares and H-shares remains attractive compared to other global markets, with expectations of foreign capital inflow continuing [7][8] Group 3: Gold Market Analysis - Gold is expected to benefit from a global environment of loose fiscal and monetary policies, although its risk-return profile may decline by 2026 [9][10] - The long-term outlook for gold remains positive due to factors such as rising sovereign debt and central bank purchases [10][11] Group 4: Global Stock Market Trends - Short-term fluctuations in global stock markets are anticipated, with emerging markets expected to underperform compared to U.S. markets [11][12] - The overall sentiment remains cautious, with potential upward movement in global stock markets contingent on improved liquidity and risk appetite [11][12] Group 5: Oil Market Projections - The oil market is expected to experience a range-bound trading pattern, with prices projected to fluctuate between $60 and $70 per barrel [13][14] - Factors influencing oil prices include geopolitical events and OPEC's production strategies, with a general expectation of weak demand recovery [13][14] Group 6: Investment Opportunities and Risks - A-shares are highlighted as having superior investment value, with a focus on sectors like technology and high-end manufacturing [15][16] - Attention is drawn to potential risks, including U.S. economic data releases and geopolitical developments, which could impact market sentiment [18][19]

905 基地的投产作为公司推进多基地协同布局的重要组 成部分，预计在明年1月中旬前投产。公司近期已加快905基地 一期的投产准备工作，目前基建完成90%，机电安装60%，第一 批投产的设备调试70%，顺德基地已完成905基地一期投产人员 报名选拔工作，正在加强技能培训工作。 2、公司主营业务目前的需求和订单情况？ 证券代码：002625 证券简称：光启技术 光启技术股份有限公司投资者关系活动记录表 编号：2025-009 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | ☑ | 现场参观 | | | 其他: | | 参与单位名称 | 永安保险、中信证券、浙商证券、金元证券等 68 位机构及个 | | | 人投资者。 | | 时间 2025 | 年 11 月 22 日 14：00-17：30 | | 地点 709 | 基地 | | 上市公司接待人 | 董事长：刘若鹏博士 | | 员姓名 | 董事会秘书：周建林先生 | | | 公司董事长刘若鹏博士向各位来宾介绍了中美航空航天 | | | 实 ...

证券代码：301526 证券简称：国际复材 重庆国际复合材料股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑ 现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 中信建投证券股份有限公司：曹语桐 东北证券股份有限公司：庄嘉骏 时间 2025 年 11 月 21 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 董事会办公室相关人员 投资者关系活动 主要内容介绍 一、公司副总经理、董事会秘书黄敦霞介绍公司基本情况： 公司成立于 1991 年，是一家以研发、生产、销售玻璃纤 维及制品为核心业务的高新技术企业。玻璃纤维作为复合材料 的增强材料，具有轻质、高强、耐久、绿色环保等特点，广泛 运用于风电叶片、汽车及轨道交通、电子电器、航空航天等重 要领域。 经过 30 多年的砥砺奋进，公司现已在国内外多个国家和 地区建有生产基地，玻纤纱年产能超过 120 万吨，玻纤布年产 能达到 2 亿米，居全球前三。在清洁能源、5G 通讯、节能减 排等核心领域居于全球领先 ...

Group 1 - The article discusses the potential AI bubble and the implications for the Federal Reserve's interest rate policies, highlighting the uncertainty surrounding rate cuts [2] - It examines the evolution of the real estate market, particularly the direct supply of housing by banks, and its impact on the sector [2] - The article also reflects on the implications of large banks merging with smaller banks, providing insights into the banking sector's future [2] Group 2 - The macroeconomic outlook suggests a stable global economy with a continued cycle of interest rate cuts by the Federal Reserve, emphasizing the shift towards "big fiscal" policies in major economies [5] - It indicates that while China's economy faces short-term pressures, the long-term outlook remains positive, with expectations of a slow bull market in Chinese stocks and a cautious approach to the bond market [5] - The article predicts a long-term upward trend in commodity prices, particularly in the context of a weakening US dollar [5] Group 3 - The discussion on precious metals highlights the fluctuating expectations for Federal Reserve rate cuts and the potential turning point for cyclical demand in gold and silver [7] - It also addresses the structural opportunities in the precious metals market arising from the macroeconomic reordering [7] Group 4 - The focus on AI and large models reveals investment opportunities within the internet and data center industries, emphasizing the growth potential in these sectors [9] - The article identifies five key questions for investors regarding the development trends in AI [9] Group 5 - The report on the technology sector indicates that the AI industry revolution is driving high growth in demand for computing power and hardware, alongside accelerating commercialization in application sectors [11] - It highlights critical growth directions such as 6G, quantum technology, and domestic semiconductor production [11]

2、 公司选择下沉地市建立基地的背景是什么？ 答：当前非学历培训行业客户需求发生了很大的变化， 此前大量的学员在一线城市、省会大城市进行复习备 考。近两年里，随着平均培训周期的拉长，返乡备考成 为多数学员的选择，主要课程交付场景正向三、四线城 市倾斜，能否在地市区域覆盖足量的高标准的交付基 地，就成了行业决胜的关键因素。为此，公司转向高质 量"产品＋交付"投入，大力推进区域运营改革，积极 推动地市高标准基地建设。在公司"交付下沉"战略的 指引下，莫干山基地被定位为湖州地市的分校基地，辐 射周边的杭州市、绍兴市和嘉兴市学员。同时，公司在 浙江省温州、宁波、金华的同类基地目前均在积极筹备 中，预计将于 2026 年 1 月前后正式投入使用。 股票代码：300492 股票简称：华图山鼎 华图山鼎设计股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动类 别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 （请文字说明其他活动内容） 参会人员 万家基金、中信证券、天风证券、兴业证券、中信证券、 方正证券、方正证券、广发证券、华安基金、信达证券 ...