市场策略丨点评报告 丨证券研究报告丨 [Table_Title] 1217 A 股日评：市场情绪修复，创业板指领涨 报告要点 [Table_Summary] 今日 A 股市场三大指数全部上涨，通信、有色金属板块全线爆发，创业板指涨幅超 3 个点。长 江一级行业中电信业务、金属材料及矿业、电子与保险等行业领涨。从指数表现来看，上证指 数上涨 1.19%，深证成指上涨 2.40%，创业板指上涨 3.39%，上证 50 上涨 1.25%，沪深 300 上涨 1.83%，科创 50 上涨 2.47%，中证 1000 上涨 1.49%，市场成交额为 1.83 万亿元，全市 场 3623 家上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 1217 A 股日评：市场情绪修复，创业板指领涨 [Table_Summary2] 事件描述 今日 A 股市场三大指数全部上涨，通信、有色金属板块全线爆发，创业板指涨幅超 3 个点。长 江一级 ...

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 1.19% to close at 3870.28 points, the Shenzhen Component Index increasing by 2.4% to 13224.51 points, the ChiNext Index up by 3.39% to 3175.91 points, and the STAR 50 Index gaining 2.47% to 1325.33 points [1] - Overall, 3623 stocks rose while 1634 stocks fell, with 198 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 181.11 billion yuan, an increase of 87 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, non-ferrous metals, electronics, basic chemicals, and power equipment, with respective gains of 5.07%, 3.03%, 2.48%, 2.15%, and 2.09%. The only sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, national defense and military industry, and coal, with losses of 0.54%, 0.20%, and 0.11% respectively [1] Concept Sector Performance - The top-performing concept sectors today included optical modules (CPO), lithium mining, lithium battery electrolytes, optical communication, liquid cooling servers, optical chips, lithium extraction from salt lakes, selected rare metals, copper-clad laminates, copper industry, high-speed copper connections, selected industrial metals, stock trading software, and circuit boards. In contrast, sectors such as Hainan Free Trade Port, cross-strait integration, satellite internet, commercial aerospace, and satellite navigation experienced pullbacks [2]

Market Performance - The A-share market opened lower but rebounded, with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index up 0.57%, the ChiNext Index up 0.6%, and the Northern Stock 50 up 1.12% [1] - The total market turnover reached 1.26 trillion yuan, an increase of 91.2 billion yuan compared to the previous day's turnover [1] Sector Performance - Active sectors included electric grid equipment and precious metals, while commercial aerospace stocks showed repeated activity [1] - Concepts such as nuclear fusion, CPO, ultra-high voltage, superconductors, charging piles, and photolithography stocks saw significant gains [1] - The lithium battery electrolyte, cross-strait integration, and banking sectors weakened [1] ETF Performance - The ultra-high voltage and smart grid sectors experienced rapid increases, with ETFs from Huaxia, Guotai, and GF rising by 3.07%, 2.64%, and 2.63% respectively [1] - The overnight Dow Jones index rose, leading to a 2.68% increase in the Penghua Dow Jones ETF [1] - Gold stocks rose for the second consecutive day, with the Ping An Fund Gold Stock ETF and Huaxia Fund Gold Stock ETF increasing by 2.16% and 1.89% respectively [1] - The smart driving sector was active, with the Fuguo Fund Smart Car ETF and Huitianfu Fund Smart Car ETF rising by 1.93% and 1.83% respectively [1] Weak Sectors - The lithium battery sector declined, with ETFs such as Invesco's battery ETF, leading new energy vehicle ETFs, and new energy vehicle ETFs all dropping by 1% [2] - The rare metals sector weakened, with the rare metals ETF also falling by 1% [2] - Chemical stocks showed poor performance, with the chemical ETF down by 0.76% [2]

Core Viewpoint - The stock market showed mixed performance with the Shanghai Composite Index slightly down by 0.04%, while the Shenzhen Component Index and the ChiNext Index increased by 0.57% and 0.6% respectively [1] Group 1: Market Performance - The Shanghai Composite Index decreased by 0.04% [1] - The Shenzhen Component Index increased by 0.57% [1] - The ChiNext Index rose by 0.6% [1] Group 2: Sector Performance - Commercial aerospace concept stocks were notably active [1] - Sectors such as nuclear fusion, CPO, ultra-high voltage, superconductors, charging piles, and photolithography machines saw significant gains [1] - Lithium battery electrolyte, cross-strait integration, and banking sectors experienced weakness [1]

Group 1 - The lithium battery electrolyte index has strengthened, indicating a positive trend in the sector [1] - Component stocks have shown active performance, with notable increases in share prices [1] - Companies such as Huasheng Lithium Battery, Haike New Source, Tianji Shares, Aoke Shares, and Shida Shenghua have all experienced significant gains, with Huasheng Lithium Battery rising over 7% [1]

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48]

Domestic Market Overview - The market experienced a mixed performance on November 28, with the Shanghai Composite Index closing at 3875.26 points, up 0.29%, while the Shenzhen Component Index closed at 12875.19 points, down 0.25% [1][3][7] - The total trading volume of the A-share market was 17232 billion, continuing to decline from the previous day [1][3][7] - Among the 30 CITIC first-level industries, 11 saw an increase, with basic chemicals, petroleum and petrochemicals, and light industry manufacturing leading the gains, while media, retail, and consumer services experienced significant declines [1][3][7] Key Economic Indicators - The National Bureau of Statistics reported that from January to October, the total profit of industrial enterprises above designated size increased by 1.9% year-on-year, amounting to 59502.9 billion [13] - In October, the profits of these enterprises decreased by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [8][13] Industry Highlights - The first batch of 15 leading intelligent factories was announced, marking a significant step in China's transition from digitalization and networking to intelligence in manufacturing [14][15][16] - The intelligent factories span various key industries, including equipment manufacturing, raw materials, electronics, and consumer goods, representing the highest standards of intelligent manufacturing in China [15][16] News Highlights - The State Council Information Office released a white paper on China's arms control, disarmament, and non-proliferation, emphasizing China's commitment to international security and cooperation [9][10] - The China Council for the Promotion of International Trade will organize a delegation of Chinese entrepreneurs to visit the United States in early December, covering various sectors including agriculture, machinery, finance, and logistics [12]

- The report does not contain any quantitative models or factors - The report focuses on market performance, market sentiment, and capital flow analysis - The report includes detailed statistics on market indices, industry performance, and concept themes[2][6][7][9] - The report provides data on daily limit-up and limit-down stocks, as well as the sealing rate and continuous board rate[12][15] - The report includes information on financing and securities lending balances, ETF premiums and discounts, and block trading discounts[17][21][24] - The report also covers institutional attention and the Dragon and Tiger list, detailing the net inflow and outflow of institutional seats and Northbound funds[28][34][35]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.29% to close at 3875.26 points, while the Shenzhen Component Index fell by 0.25% to 12875.19 points. The ChiNext Index decreased by 0.44% to 3031.3 points, and the Sci-Tech 50 Index dropped by 0.33% to 1310.7 points. Overall, 2786 stocks rose, 2445 fell, and 217 remained unchanged, with a total trading volume of 17098 billion yuan, down by 736 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, light industry manufacturing, basic chemicals, petroleum and petrochemicals, and coal sectors led the gains, with increases of 1.09%, 1.01%, 0.90%, and 0.80% respectively. Conversely, the comprehensive, media, retail, and computer sectors experienced the largest declines, with decreases of 2.34%, 1.40%, 1.20%, and 0.82% respectively [1][2]. Concept Sector Performance - The concept sectors that performed well today included lithium battery electrolytes, consumer electronics OEM, solid-state batteries, sodium-ion batteries, HBM, lithium battery cathodes, power batteries, TWS headsets, optical modules (CPO), lithium batteries, lithium iron phosphate batteries, lithium battery anodes, phosphorus chemicals, analog chips, and copper-clad laminates. In contrast, sectors such as cultivated diamonds, Hainan Free Trade Port, Xiaohongshu platform, SPD, and cross-strait integration saw corrections [2].

Group 1: Core Insights - The report highlights a focus on enhancing industrial quality and efficiency, ensuring housing security, fostering a technology innovation ecosystem, and promoting financial connectivity to solidify the foundation for high-quality economic development [12][14][19] - The report indicates that the A-share market experienced a downward trend across major sectors, with the largest declines seen in industrial trade and comprehensive (-12.10%), electrical equipment (-9.54%), and daily consumer retail (-8.88%) [23][26] Group 2: Industry Policy Tracking - The Ministry of Commerce and six other departments have initiated the "East Silk West Solid" project to optimize the silk industry layout, aiming to establish around 10 leading enterprises with over 10 billion yuan in revenue by 2028 [13] - The China Chemical and Physical Power Industry Association is set to implement a cost disclosure system for lithium iron phosphate, addressing the industry's ongoing losses and promoting fair pricing practices [14] - The Ministry of Finance has announced early budget allocations for housing security projects, emphasizing the importance of effective fund management and oversight [15] Group 3: Sector Performance - In the automotive sector, sales of various types of truck-mounted cranes reached 1,907 units in October 2025, marking a year-on-year increase of 10.2%, with domestic sales growing by 2.41% [18] - The semiconductor design industry in China has maintained a compound annual growth rate of 19.6% from 2006 to 2025, indicating robust growth potential driven by advancements in artificial intelligence and electric vehicles [19] - The consumer market for collectible toys has seen significant growth, with retail sales projected to reach 55.83 billion yuan in 2024, highlighting a new economic growth point within the toy industry [20]