沪指本周下跌0.18%，深成指下跌1.40%，创业板指下跌3.01%，沪深300指数下跌1.08%。可交易A股 中，上涨的有3059只，占比56.20%，下跌的2337只。 资金面上，本周主力资金合计净流出2034.17亿元。其中，创业板主力资金净流出593.82亿元；科创板主 力资金净流出204.35亿元；沪深300成份股主力资金净流出763.25亿元。 本周主力资金流向概况（单位：亿元） | 日期 | 深沪两市 | 创业板 | 科创板 | 沪深300 | | --- | --- | --- | --- | --- | | 一周合计 | -2034.17 | -593.82 | -204.35 | -763.25 | | 11月14日 | -813.21 | -237.31 | -65.90 | -330.24 | | 11月13日 | 244.71 | 56.69 | -7.82 | 111.98 | | 11月12日 | -588.97 | -140.42 | -38.87 | -150.04 | | 11月11日 | -562.42 | -137.25 | -34.33 | -272.00 | | 1 ...

Report Information - Report Title: Big Asset Morning Report - Research Team: Macroeconomic Team of the Research Center - Report Date: November 14, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On November 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.120%, 4.437%, 3.415% respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.050, and the one - year change was - 0.153 [3]. 2 - Year Treasury Yields of Major Economies - On November 13, 2025, the 2 - year Treasury yields of the UK, Germany, Japan, etc. were 3.760%, 2.026%, 0.927% respectively. There were also different changes in different time periods. For instance, the latest change in the UK was 0.037, and the one - year change was - 0.746 [3]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On November 13, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.299, 17.043 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the US dollar against the Brazilian real was 0.13%, and the one - year change was - 7.78% [3]. Stock Indices of Major Economies - On November 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6737.490, 47457.220, 22870.360 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the S&P 500 was - 1.66%, and the one - year change was 16.51% [3]. Credit Bond Indices - There were different performance changes in different time periods for US investment - grade credit bonds, euro - zone investment - grade credit bonds, etc. For example, the latest change of US investment - grade credit bonds was - 0.37%, and the one - year change was 5.99% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 4029.50, 4702.07 respectively, with corresponding percentage changes [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 14.41, 12.13 respectively, with corresponding环比 changes [5]. Risk Premium - The risk premium of S&P 500 was - 0.55, with a环比 change of 0.01; the risk premium of German DAX was 2.66, with a环比 change of 0.27 [5]. Fund Flows - The latest values of A - shares, the main board, etc. were 496.42, 272.41 respectively, and there were corresponding 5 - day average values [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 20419.62, 5100.61 respectively, with corresponding环比 changes [5]. Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 25.07, - 4.87, - 86.29 respectively, with corresponding percentage changes [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.410, 105.885 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.3887%, 1.5005%, 1.5800% respectively, with corresponding daily changes in basis points [6]

Group 1 - The stock price of Zhejiang Haizheng Biomaterials Co., Ltd. (688203) closed at 13.5 yuan on November 13, 2025, with an increase of 1.28% and a turnover rate of 2.76% [1] - The trading volume on that day was 34,300 shares, with a total transaction amount of 46.89 million yuan [1] - The net inflow of main funds was 1.9858 million yuan, accounting for 4.23% of the total transaction amount, while retail investors had a net outflow of 5.0205 million yuan, representing 10.71% of the total transaction amount [1][3] Group 2 - China Petroleum & Chemical Corporation Capital Co., Ltd., a major shareholder with over 5% stake, reduced its holdings in Haizheng Biomaterials by 2,026,700 shares, which is 1% of the total share capital, between October 28 and November 11, 2025 [2] - The reduction price range was between 12.84 and 13.49 yuan per share, totaling approximately 26.73 million yuan [2] - After the reduction, China Petroleum Capital holds 10,788,194 shares, representing 5.32% of the total share capital [2][3]

证券之星消息，截至2025年11月13日收盘，泰山石油(000554)报收于7.1元，下跌0.56%，换手率 6.72%，成交量24.38万手，成交额1.72亿元。 11月13日的资金流向数据方面，主力资金净流出3500.9万元，占总成交额20.38%，游资资金净流入 714.86万元，占总成交额4.16%，散户资金净流入2786.04万元，占总成交额16.22%。 | 指标 | 泰山石油 | 石油行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 34.14亿元 | 2131.87亿元 | وي ويورو ويو | | 净资产 | 1 11.63亿元 | 1921.21亿元 | 6191 | | 净利润 | 1.13亿元 | 136.37亿元 | 6119 | | 市盈率(动) | 22.62 | 33.88 | 5 19 | | 市净率 | 2.95 | 2.69 | 14 19 | | 毛利率 | 16.41% | 18.66% | ə 19 | | 净利率 | 4.75% | 4.47% | 6 19 | | ROE | 10.33% | 1.3% | ...

Core Viewpoint - Tianchen Medical (688013) has shown a positive stock performance with a closing price of 57.21 yuan, reflecting a 1.72% increase on November 13, 2025, amidst varying capital flows [1][2]. Financial Performance - For the first three quarters of 2025, Tianchen Medical reported a main revenue of 244 million yuan, a year-on-year increase of 20.66% [3]. - The net profit attributable to shareholders reached 71.95 million yuan, up 68.29% year-on-year, while the non-recurring net profit was 66.20 million yuan, increasing by 71.85% [3]. - In Q3 2025, the company achieved a quarterly main revenue of 87.66 million yuan, a 26.4% year-on-year growth, with a quarterly net profit of 23.73 million yuan, up 70.74% [3]. Market Position - Tianchen Medical's total market capitalization stands at 4.643 billion yuan, ranking 77th in the medical device industry [3]. - The company has a net asset of 600 million yuan, with a net profit of 71.95 million yuan, indicating a competitive position in terms of profitability with a net profit margin of 29.51% [3]. - The company's price-to-earnings ratio (P/E) is 48.4, which is lower than the industry average of 60.24, suggesting a relatively favorable valuation [3]. Capital Flow Analysis - On November 13, 2025, the net inflow of main funds was 21.04 million yuan, accounting for 13.19% of the total transaction volume, while retail investors experienced a net outflow of 16.68 million yuan, representing 10.45% of the total [1][2]. - Over the past five days, the stock has seen fluctuations in capital flow, with notable net inflows and outflows from different investor categories [2].

Core Viewpoint - As of November 13, 2025, Xianheng International (605056) closed at 18.78 yuan, marking a 1.73% increase, with a trading volume of 142,200 hands and a transaction value of 265 million yuan [1] Financial Performance - For the first three quarters of 2025, Xianheng International reported a main business revenue of 2.695 billion yuan, a year-on-year increase of 35.47% [3] - The net profit attributable to shareholders was 128 million yuan, up 32.45% year-on-year, while the net profit after deducting non-recurring gains and losses was 126 million yuan, reflecting a 36.94% increase [3] - In Q3 2025, the company achieved a single-quarter main business revenue of 1.111 billion yuan, a 38.02% year-on-year increase, and a net profit of 66.56 million yuan, up 22.71% year-on-year [3] Market Position - Xianheng International's total market value is 7.705 billion yuan, which is higher than the industry average of 5.319 billion yuan, ranking 14th in the industry [3] - The company's net asset stands at 1.708 billion yuan, also above the industry average of 1.5 billion yuan, ranking 18th [3] - The company has a price-to-earnings ratio of 45.08, which is significantly higher than the industry average of -41.29, ranking 22nd [3] Profitability Metrics - The gross profit margin for Xianheng International is 22.16%, which is lower than the industry average of 41.74%, ranking 70th [3] - The net profit margin is 4.97%, compared to the industry average of 7.28%, ranking 51st [3] - The return on equity (ROE) is 7.55%, which is above the industry average of 3.29%, ranking 12th [3] Recent Trading Activity - On November 13, 2025, the net inflow of main funds was 20.7061 million yuan, accounting for 7.81% of the total transaction value, while retail investors saw a net outflow of 4.1833 million yuan, representing 1.58% of the total [1][2] - Over the past five days, the stock has experienced fluctuations in fund inflows and outflows, with notable changes in retail and speculative fund activities [2]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.070, UK 4.397, France 3.376, Germany 2.642, Italy 3.370, Spain 3.139, Switzerland 0.140, Greece 3.251, Japan 1.684, Brazil 6.157, China 1.802, Australia 4.379, New Zealand 4.103 [3] - The latest yields of 2 - year government bonds in major economies: US 3.570, UK 3.723, Germany 1.995, Japan 0.933, Italy 2.174, China (1Y yield) 1.406, Australia 3.638 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.292, South Africa zar 17.084, South Korean won 1471.050, Thai baht 32.507, Malaysian ringgit 4.134 [3] - The latest exchange rates of the RMB: on - shore RMB 7.111, off - shore RMB 7.113, RMB central parity 7.083, RMB 12 - month NDF 6.967 [3] - The latest values of major economies' stock indices: S&P 500 6850.920, Dow Jones Industrial Average 48254.820, NASDAQ 23406.460, Mexican stock index 63190.660, UK stock index 9911.420, French CAC 8241.240, German DAX 24381.460, Spanish stock index 16615.800, Japanese Nikkei 51063.310, Hong Kong Hang Seng Index 26922.730, Shanghai Composite Index 4000.140, Taiwan stock index 27947.090, South Korean stock index 4150.390, Indian stock index 8388.566, Thai stock index 1284.810, Malaysian stock index 1631.610, Australian stock index 9079.362, emerging - economy stock index 1407.730 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3532.910, euro - zone investment - grade credit - bond index 266.387, emerging - economy investment - grade credit - bond index 289.760, US high - yield credit - bond index 2883.920, euro - zone high - yield credit - bond index 408.350, emerging - economy high - yield credit - bond index 1800.294 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price 4000.14, down 0.07%; CSI 300 closing price 4645.91, down 0.13%; SSE 50 closing price 3044.30, up 0.32%; ChiNext closing price 3122.03, down 0.39%; CSI 500 closing price 7243.25, down 0.66% [4] - Valuation: PE (TTM) of CSI 300 is 14.31 with a 0.04环比 change, SSE 50 is 12.08 with a 0.10环比 change, CSI 500 is 33.14 with a - 0.15环比 change, S&P 500 is 28.44 with a - 0.02环比 change, German DAX is 20.17 with a 0.24环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.55 with a 0.05环比 change, German DAX is 2.32 with a - 0.04环比 change [4] - Fund flow: A - share latest value - 812.64, 5 - day average - 604.07; Main - board latest value - 611.85, 5 - day average - 412.64; ChiNext latest value - 166.55, 5 - day average - 149.18; CSI 300 latest value - 19.37, 5 - day average - 61.59 [4] Group 3: Transaction Data and Other Information - Transaction amount: The latest value of Shanghai and Shenzhen stock markets is 19450.34, CSI 300 is 4923.09, SSE 50 is 1368.90, small - and medium - sized board is 4021.64, ChiNext is 4878.35. The环比 changes are - 485.52, 146.80, 188.29, - 38.86, - 188.60 respectively [5] - Main contract basis and spread: IF basis - 17.91, amplitude - 0.39%; IH basis - 1.50, amplitude - 0.05%; IC basis - 88.05, amplitude - 1.22% [5] - Treasury futures trading data: T2303 closing price 108.52, up 0.04%; TF2303 closing price 105.97, up 0.03%; T2306 closing price 108.29, up 0.05%; TF2306 closing price 105.94, up 0.04% [5] - Fund interest rates: R001 is 1.4662% with a - 4.00 BP daily change, R007 is 1.5050% with a 0.00 BP daily change, SHIBOR - 3M is 1.5800% with a 0.00 BP daily change [5]

Core Viewpoint - The stock of Heshun Petroleum (603353) has shown a decline in both stock price and financial performance, indicating potential challenges in the company's operations and market position [1][2]. Financial Performance - As of November 12, 2025, Heshun Petroleum's stock closed at 24.45 yuan, down 0.37%, with a trading volume of 61,800 hands and a transaction value of 153 million yuan [1]. - For the first three quarters of 2025, the company's main revenue was 2.126 billion yuan, a year-on-year decrease of 0.13%, while the net profit attributable to shareholders was 21.81 million yuan, down 49.44% [2]. - The third quarter of 2025 saw a single-quarter main revenue of 670 million yuan, a decline of 11.23%, and a net profit of 7.76 million yuan, down 50.65% [2]. Market Position and Ratios - Heshun Petroleum's total market capitalization is 4.203 billion yuan, ranking 14th in the industry, while the industry average is 215.072 billion yuan [2]. - The company's price-to-earnings ratio (P/E) stands at 144.56, significantly higher than the industry average of 33.61, indicating potential overvaluation [2]. - The gross margin is 7.64%, compared to the industry average of 18.66%, reflecting lower profitability [2]. Capital Flow - On November 12, 2025, the net inflow of main funds was 5.6213 million yuan, accounting for 3.66% of the total transaction value, while retail investors experienced a net outflow of 2.6002 million yuan, representing 1.69% of the total transaction value [1]. - Over the past five days, the stock has seen fluctuating capital flows, with notable net inflows and outflows from different investor categories [1].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

Core Viewpoint - Tongyuan Petroleum (300164) has shown a significant increase in stock price, closing at 6.34 yuan with a rise of 5.32% on November 12, 2025, indicating positive market sentiment towards the company [1] Financial Performance - For the first three quarters of 2025, Tongyuan Petroleum reported a main revenue of 860 million yuan, a year-on-year decrease of 0.82% [3] - The net profit attributable to shareholders was 56.22 million yuan, reflecting a year-on-year increase of 16.84% [3] - The company's third-quarter results showed a single-quarter main revenue of 308 million yuan, down 2.31% year-on-year, while the single-quarter net profit rose by 31.16% to 17.59 million yuan [3] - The company’s gross profit margin stands at 25.04%, which is higher than the industry average of 21.54% [3] Market Activity - On November 12, 2025, the net inflow of main funds was 46.29 million yuan, accounting for 3.98% of the total transaction amount [1][2] - The trading volume was 1.8084 million hands, with a total transaction amount of 1.164 billion yuan [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with notable net outflows from retail investors [2] Company Positioning - Tongyuan Petroleum's total market capitalization is 3.731 billion yuan, ranking 17th in the industry [3] - The company has a price-to-earnings ratio of 49.77, which is significantly higher than the industry average of 27.33, indicating a premium valuation [3] - The return on equity (ROE) is 3.96%, outperforming the industry average of -0.17% [3]