【导读】ST中迪复牌一字涨停，走出20连板 牛股复牌，继续暴涨！ 11月18日，ST中迪（000609）开盘涨停，上午保持一字涨停状态。截至午间收盘，ST中迪报11.25元/股，总市值为34亿元。今日涨停后，ST中迪成功实现 20连板的战绩。 此前，深圳天微投资合伙企业（有限合伙）于10月17日通过司法拍卖以2.55亿元拿下ST中迪控制权。由于市场对ST中迪抱有成为半导体概念股的预期， 导致ST中迪股价一路走高。 网友纷纷吐槽："连着六天挂单买不到！""有人进去了吗？" 据悉，天微投资成立于今年7月，由门洪达、张伟各持股50%。门洪达、张伟是深圳市天微电子股份有限公司的共同创始人，该公司成立于2003年，是国 11月12日晚间，ST中迪公告表示，公司股票股价波动较大，触发异常波动，将于11月13日起停牌进行核查。 11月17日晚间，ST中迪宣布将于今日复牌消息。ST中迪称，截至目前，天微投资不存在未来12个月内改变公司主营业务或者对公司主营业务作出重大调 整的具体计划。如公司因其发展需要，或因市场、行业情况变化导致需要对主营业务进行调整的，将严格遵照上市公司治理规则及法律法规要求履行相应 程序，并及时履行信息 ...

【导读】ST中迪复牌一字涨停，走出20连板 中国基金报记者 晨曦 牛股复牌，继续暴涨！ 11月18日，ST中迪开盘涨停，上午保持一字涨停状态。截至午间收盘，ST中迪报11.25元/股，总市值为34亿元。今日涨停后，ST中迪成 功实现20连板的战绩。 此前，深圳天微投资合伙企业（有限合伙）于10月17日通过司法拍卖以2.55亿元拿下ST中迪控制权。由于市场对ST中迪抱有成为半导体 概念股的预期，导致ST中迪股价一路走高。 网友纷纷吐槽："连着六天挂单买不到！""有人进去了吗？" 据悉，天微投资成立于今年7月，由门洪达、张伟各持股50%。门洪达、张伟是深圳市天微电子股份有限公司的共同创始人，该公司成立于 2003年，是国家级高新技术企业、专精特新"小巨人"企业，主要从事集成电路设计、封装测试及半导体设备制造。 11月12日晚间，ST中迪公告表示，公司股票股价波动较大，触发异常波动，将于11月13日起停牌进行核查。 值得一提的是，券商也对ST中迪等近期热门股票作出交易风险提示。深交所对ST中迪等证券重点监控，将对相关证券的异常交易行为进行 从严监管，并视情况从重采取列为重点监控账户、暂停投资者账户交易、限制投资者账 ...

市场早盘震荡调整，深成指、创业板指翻红后再度回落，中证A500指数下跌0.36%。 每日经济新闻 有券商表示，当前A股市场处于震荡蓄势、布局来年的重要阶段，上证指数围绕4000点蓄势整固的可能性较大，市场风格再平衡仍将延续。10月金融数据显 示居民资产配置向金融资产转移的长期趋势未变，为市场提供增量资金。预计短期市场以稳步震荡上行为主，密切关注宏观经济数据、海外流动性变化以及 政策动向。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 512050 A500ETF基金 | | 1.159 | -0.43% | 1.1586 0.03% 17.55% | 33.92亿 | | 563360 | A500ETF华泰柏瑞 | 1.232 | -0.32% | 1.2309 0.09% 12.77% | 33.00亿 | | 159361 | A500ETF易方达 | 1.187 | -0.34% | 1.1860 0.08% 12.94% | 29.49亿 | | 159338 | 中证A500 ...

今日A股早盘震荡调整，深成指、创业板指翻红后再度回落。沪深两市半日成交额1.28万亿，较上个交易日放量166亿。盘面上热点较为杂乱，全市 场超4000只个股下跌。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 从板块来看， AI应用概念大涨， 榕基软件、浪潮软件2连板，宣亚国际等10余股涨停。半导体概念表现活跃，同益股份20cm涨停，龙迅股 份涨停。机器人概念股局部走强，首开股份5天3板。 下跌方面， 福建、锂电池等热门板块集体下挫。 其中福建板块重挫，福建金森、福建水泥等多股跌停。锂电池板块震荡走弱，石大胜华跌 停。板块方面，AI应用、半导体等板块涨幅居前，煤炭、电池、钢铁等板块跌幅居前。截至收盘，沪指跌0.56%，深成指跌0.43%，创业板 指跌0.43%。 ...

========= Content: --------- <doc id='1'>量化周报 科创 50 即将确认日线下跌，风格切换正在进行 科创 50 即将确认日线下跌，风格切换正在进行。本周（11.10-11.14）， 大盘横盘震荡，上证指数全周收跌 0.18%。在此背景下，汽车确认日线级 别下跌，农林牧渔、消费者服务迎来日线级别上涨。市场的本轮上涨自 4 月 7 日以来，日线级别反弹已经持续了 7 个多月，反弹幅度也基本在 30% 左右，各大指数和板块的上涨基本都轮动了一遍，超 2/3 的行业日线级别 上涨处于超涨状态，几乎所有的规模指数及一半以上的行业更是走出了复 杂的 9-17 浪的上涨结构，而食品饮料、医药、商贸零售、汽车也已经形成 了日线级别下跌，军工、传媒也有较大概率将确认日线级别下跌。因此我 们认为本轮日线级别上涨大概率已临近尾声。此外，创业板、科创 50 自 6 月份以来的上涨短期内已基本见到顶部，科创 50 即将迎来日线级别下 跌，未来科技板块大概率会是震荡调整的态势，风格切换正在进行。中期 来看，上证指数、上证 50、沪深 300、中证 500、深证成指、创业板指、 科创 50 纷纷确认周线级别上涨，而且在日线上只走出了 3 浪结构，中期 牛市刚刚开始；此外，已有 27 个行业处于周线级别上涨中，且 19 个行业 周线上涨走了 1-3 浪结构，因此我们认为本轮牛市是个普涨格局。中期对 于投资者而言，仍然可以逆势布局。</doc> <doc id='2'>A 股景气指数观察。截至 2025 年 11 月 14 日，A 股景气指数为 20.94， 相比 2023 年底上升 15.51，当前处于上升周期中。 A 股情绪指数观察。当前 A 股情绪见底指数信号：空，A 股情绪见顶指数 信号：空，综合信号为：空。 指数增强组合本周表现尚可。中证 500 增强组合跑赢基准 0.66%，沪深 300 增强组合跑输基准 0.58%。 风格上，当前残差波动率因子占优。从纯因子收益来看，本周保险、医药、 有色金属等行业因子相对市场市值加权组合跑出较高超额收益，计算机、 汽车等行业因子回撤较多；风格因子中，残差波动率因子超额收益较高， 市值呈较为显著的负向超额收益。从近期因子表现来看，高杠杆股表现优 异，市值、成长等因子表现不佳。 风险提示：量化周报观点全部基于历史统计与量化模型，存在历史规律与 量化模型失效的风险。</doc> <doc id='3'>作者 分析师 刘富兵 执业证书编号：S0680518030007 邮箱：liufubing@gszq.com 分析师 沈芷琦 执业证书编号：S0680521120005 邮箱：shenzhiqi@gszq.com 分析师 张国安 执业证书编号：S0680524060003 邮箱：zhangguoan@gszq.com 分析师 赵博文 执业证书编号：S0680524070004 邮箱：zhaobowen@gszq.com 分析师 汪宜生 执业证书编号：S0680525070003 邮箱：wangyisheng@gszq.com 研究助理 阮俊烨 执业证书编号：S0680124070019 邮箱：ruanjunye@gszq.com 相关研究 1、《量化分析报告：择时雷达六面图：本周基本面改善， 拥挤度下降》 2025-11-08 2、《量化分析报告：六周期框架下的多资产 ETF 配置》 2025-11-05 3、《量化点评报告：十一月配置建议：关注小盘+价值 的均衡配置》 2025-11-03</doc> <doc id='4'> | 1. 市场走势分析 4 | | | --- | --- | | 1.1 科创 即将迎来日线下跌，风格切换正在进行 50 4 | | | 1.2 创业板短期或已基本见顶 5 | | | 2. 市场行业分析 6 | | | 2.1 中期看多煤炭、房地产、石油石化、消费者服务 6 | | | 2.2 汽车确认日线下跌，农林牧渔、消费者服务迎来日线上涨 7 | | | 3. 市场景气与情绪观察 8 | | | 3.1 A 8 | 股景气指数观察 | | 3.2 A 股情绪指数观察 9 | | | 4. 情绪指标择时和主题投资机会 11 | | | 4.1 半导体概念股机会 11 | | | 4.2 中证 500 增强组合 11 | | | 4.3 沪深 300 增强组合 14 | | | 5. 市场风格分析 15 | | | 5.1 风格因子表现 15 | | | 5.2 市场主要指数收益风格归因 17 | | | 风险提示 18 | | | 附录： 19 | | | 指数分析及投资建议 19 | | | 行业分析及投资建议 19 | |</doc> <doc id='5'> | 图表 | 1： | 上证综指走势结构图 | | 4 | | --- | --- | --- | --- | --- | | 图表 | 2： | 上证 50 | 走势结构图 | 4 | | 图表 | 3： | 沪深 300 | 走势结构图 | 5 | | 图表 | 4： | 中证 500 | 走势结构图 | 5 | | 图表 | 5： | 中证 1000 | 走势结构图 | 5 | | 图表 | 6： | 深证成指走势结构图 | | 5 | | 图表 | 7： | 创业板指走势结构图 | | 6 | | 图表 | 8： | | 消费者服务中期走势结构图 | 6 | | 图表 | 9： | 煤炭中期走势结构图 | | 6 | | 图表 | 10： | | 石油石化中期走势结构图 | 7 | | 图表 | 11： | | 房地产中期走势结构图 | 7 | | 图表 | 12： | | 当前下行周期与历史平均趋势（横坐标： 持续天数） | 8 | | 图表 | 13： | A 股景气度指数 | | 9 | | 图表 | 14： | | 波动-成交情绪时钟收益统计（沪深 300） | 9 | | 图表 | 15： | A | 股情绪指数（见底预警指数） 10 | | | 图表 | 16： | A | 股情绪指数（见顶预警指数） 10 | | | 图表 | 17： | A | 股情绪指数系统择时表现 11 | | | 图表 | 18： | 半导体概念股 | 11 | | | 图表 | 19： | 中证 500 | 增强组合表现 12 | | | 图表 | 20： | 中证 500 | 增强组合持仓明细 12 | | | 图表 | 21： | 沪深 300 | 增强组合表现 14 | | | 图表 | 22： | 沪深 300 | 增强组合持仓明细 14 | | | 图表 | 23： | | 近一周十大类风格因子暴露相关性 16 | | | 图表 | 24： | | 近一周十大类风格纯因子收益率 16 | | | 图表 | 25： | | 近一周行业纯因子收益率 16 | | | 图

- The non-bank financial sector confirmed an upward trend on the daily chart, while the retail sector experienced a downward trend on the daily chart[1][8][28] - The A-share prosperity index stood at 20.44 as of October 31, 2025, up 15.01 from the end of 2023, indicating an upward cycle[2][31] - The A-share sentiment index signals for bottom and top were both empty, with the overall signal being empty[2][39] - The CSI 500 enhanced portfolio underperformed the benchmark by 0.54%, while the CSI 300 enhanced portfolio outperformed the benchmark by 0.59%[2] - The Beta factor showed higher excess returns among style factors, while growth exhibited significant negative excess returns[2][58] - High-leverage stocks performed well recently, while factors such as residual volatility and non-linear market capitalization performed poorly[2][58] - The CSI 500 enhanced portfolio achieved a relative excess return of 51.82% since 2020, with a maximum drawdown of -5.73%[47] - The CSI 300 enhanced portfolio achieved a relative excess return of 39.01% since 2020, with a maximum drawdown of -5.86%[53] - The market's preference for high Beta stocks led to better performance in indices like CSI 500 and ChiNext, while indices like SSE Composite and SSE 50 performed poorly in style factors[65]

Core Viewpoint - The A-share market saw a significant number of stocks hitting the daily limit up, with 66 stocks closing at the limit, indicating strong investor interest and market momentum [1] Group 1: Market Performance - A total of 66 stocks hit the daily limit up, with 60 stocks after excluding 6 ST stocks, resulting in an overall limit-up rate of 66.67% [1] - Among the stocks, 33 attempted to hit the limit but failed, showcasing a competitive market environment [1] Group 2: Notable Stocks - Shanzi Gaoke (000981) had the highest limit-up order volume at 1.191 million hands, followed by Pingtan Development (000592) and Fangda Carbon (600516) with 1.1003 million and 324,500 hands respectively [2] - Shanzi Gaoke reported a net profit of 219 million yuan for the first three quarters, marking a turnaround from losses, and saw an increase in holdings from both Stock Connect and QFII [2] - The company is involved in the semiconductor sector and has investments in advanced packaging technology for integrated circuits [2] Group 3: Continuous Limit-Up Stocks - ST Zhongdi (000609) achieved a 9-day consecutive limit-up, while other stocks like Time Space Technology (605178) and Yashichuangneng (603378) had 5 and 4 consecutive limit-ups respectively [3] - 23 stocks had limit-up order amounts exceeding 100 million yuan, with Pingtan Development, Shanzi Gaoke, and Longi Green Energy (601012) leading in order amounts of 665 million, 512 million, and 441 million yuan respectively [3] Group 4: Sector Highlights - In the photovoltaic sector, stocks such as Zhongtung High-tech, Tongrun Equipment, and Longi Green Energy saw limit-ups, with companies focusing on enhancing production and technology in solar energy [4] - Aluminum sector stocks like Chang Aluminum, Zhongfu Industrial, and Nanshan Aluminum also hit the limit, with companies emphasizing innovation and high-end manufacturing [5][6] - In the Hainan Free Trade Port sector, stocks like Hainan Development and Haikou Group are leveraging new opportunities from the region's economic policies [7] Group 5: Institutional Activity - Institutional investors showed strong interest, with Sunshine Power (300274) receiving over 1 billion yuan in net purchases, followed by Shanzi Gaoke and Keda Guokai (300520) [8] - Nanshan Aluminum, Artis, and Shanzi Gaoke were among the top net purchases by institutions, indicating confidence in these stocks [9]

- The report mentions the construction of the **A-share prosperity index**, which is based on the year-on-year net profit of the Shanghai Composite Index as the Nowcasting target. The index is currently in an upward cycle, with a value of 20.44 as of October 24, 2025, showing an increase of 15.02 compared to the end of 2023[29][32][33] - The report discusses the **A-share sentiment index**, which is constructed using market volatility and trading volume changes. The index divides the market into four quadrants based on the direction of volatility and trading volume changes. Among these quadrants, only the "volatility up-trading volume down" quadrant shows significant negative returns, while the others show significant positive returns. The sentiment index includes bottom warning and top warning signals. Currently, the bottom signal indicates bearishness, the top signal also indicates bearishness, and the overall sentiment signal is bearish[33][36][38] - The report analyzes **style factors** using the BARRA factor model, which includes ten categories: size (SIZE), beta (BETA), momentum (MOM), residual volatility (RESVOL), non-linear size (NLSIZE), valuation (BTOP), liquidity (LIQUIDITY), earnings yield (EARNINGS_YIELD), growth (GROWTH), and leverage (LVRG). Recent market trends show that liquidity factors are positively correlated with beta, momentum, and residual volatility, while valuation factors are negatively correlated with beta, residual volatility, and liquidity. Among style factors, beta factors have shown high excess returns, while non-linear size factors have shown significant negative excess returns. High-leverage stocks have performed well recently, while residual volatility and non-linear size factors have underperformed[57][58][60] - The report evaluates the **performance of enhanced index portfolios**. The CSI 500 enhanced portfolio achieved a weekly return of 2.06%, underperforming the benchmark by 1.39%. Since 2020, the portfolio has generated an excess return of 52.33% relative to the CSI 500 index, with a maximum drawdown of -5.73%. The CSI 300 enhanced portfolio achieved a weekly return of 3.24%, underperforming the benchmark by 0.01%. Since 2020, the portfolio has generated an excess return of 38.28% relative to the CSI 300 index, with a maximum drawdown of -5.86%[46][52][53] - The report highlights the **performance of industry factors**. Industry factors such as oil and petrochemicals, communication, and electronics have achieved relatively high excess returns compared to the market capitalization-weighted portfolio. On the other hand, industry factors such as non-ferrous metals, food and beverages, and retail have experienced significant pullbacks[58][61][63]

Core Viewpoint - ST Zhongdi continues to face significant financial challenges, with a sharp decline in revenue and increased net losses, yet its stock price has surged due to market speculation surrounding a change in control and the entry of a semiconductor background investor [2][3][6][7]. Financial Performance - For the first three quarters of 2025, ST Zhongdi reported total revenue of 135 million, a year-on-year decrease of 52.64%, and a net loss of 151 million, compared to a loss of 107 million in the same period last year [3]. - The company's cash flow from operating activities was 19.27 million, down 37.76% year-on-year [3]. - Quarterly performance shows worsening losses: Q1 revenue was only 28,050, down 99.26%, with a net loss of 29.01 million; Q2 revenue was 1.34 billion, down 45.11%, with a net loss of 55.84 million; Q3 revenue was 80,840, down 74.30%, with a net loss of 66.50 million [3][4]. Stock Price Movement - Despite poor financial results, ST Zhongdi's stock price has seen a remarkable increase, with six consecutive trading days of price limits, totaling a rise of approximately 34% since October 17 [2][5]. - On October 24, the stock closed at 5.68, with a total market capitalization of 1.7 billion [5]. Change in Control - On October 17, ST Zhongdi announced that its controlling shareholder, Guangdong Runhong Fuchuang Technology Center, would auction 71.14 million shares, representing 23.77% of the total shares, leading to a change in control [6]. - The shares were acquired by Tianwei Investment at a starting price of 255 million, which was about 20% lower than the initial auction price [6]. Future Prospects and Transformation - ST Zhongdi has expressed intentions to transition away from real estate development, focusing on new materials and technologies, although concrete progress has yet to be reported [8][9]. - The company has recently made several personnel changes, including the appointment of a new general manager and financial director, indicating a potential shift in strategy [9].

Market Performance - The Hong Kong stock market indices showed a slight narrowing of gains in the afternoon but maintained a strong upward trend, continuing the rebound from the previous day [1] - The Hang Seng Index rose by 0.65%, closing above 26,000 points, while the Hang Seng China Enterprises Index increased by 0.76%, and the Hang Seng Tech Index gained 1.26%, reaching 6,007 points [1] Sector Performance - Major technology stocks experienced a collective narrowing of gains in the afternoon, with Alibaba rising by 2%, while JD, Tencent, and Baidu had gains within 0.7%. Meituan turned negative, and Xiaomi fell by 1.44% [1] - Apple’s stock price reached a historical high overnight, which stimulated a collective rise in Apple-related stocks, with Gawe Electronics increasing by nearly 6%, and Hong Teng Precision and Lens Technology rising by 5% [1] - Semiconductor stocks, insurance stocks, paper stocks, Chinese brokerage stocks, and heavy machinery stocks maintained a generally upward trend despite narrowing gains in the afternoon [1] Commodity and Other Stocks - Gold and silver prices experienced significant corrections, leading to a decline in gold stocks, with China Silver Group dropping over 6% and Zijin Mining International falling over 4% [1] - Domestic retail stocks, consumer electronics concept stocks, gas stocks, and coal stocks showed weak performance [1] New Listings - The stock of Jushuitan surged by 23.86% on its first day of listing, with the Hong Kong public offering receiving nearly 1,953 times subscription [1]