证券研究报告 | 2025年11月14日 热点追踪周报 由创新高个股看市场投资热点（第 219 期） 乘势而起：市场新高趋势追踪：截至 2025 年 11 月 14 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 0.97%、3.71%、2.52%、4.15%、1.90%、 0.66%、6.40%、11.56%。中信一级行业指数中纺织服装、轻工制造、综 合、交通运输、钢铁行业指数距离 250 日新高较近，食品饮料、综合金 融、国防军工、汽车、计算机行业指数距离 250 日新高较远。概念指数 中，HJT 电池、家居用品、林木、万得微盘股日频等权、储能、石油天 然气、锂矿等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 11 月 14 日，共 1080 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是基础化工、机械、电力设备及新能源行业，创新高个股数量占比最高的是 煤炭、钢铁、有色金属行业。按照板块分布来看，本周周期、制造板块创新 高股票数量最多 ...

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]

Core Viewpoint - Trina Solar's stock has shown a significant increase in value this year, with a 12.69% rise, despite a recent decline in the last five trading days [1] Company Overview - Trina Solar, established on December 26, 1997, and listed on June 10, 2020, is located in Changzhou, Jiangsu Province, China. The company operates in three main business segments: photovoltaic products, photovoltaic systems, and smart energy [1] - The revenue composition of Trina Solar includes: photovoltaic products (64.66%), system solutions (21.23%), other (5.54%), digital energy services (4.42%), and energy storage (4.14%) [1] Financial Performance - For the period from January to September 2025, Trina Solar reported a revenue of 49.97 billion yuan, a year-on-year decrease of 20.87%. The net profit attributable to shareholders was -4.20 billion yuan, reflecting a significant year-on-year decline of 396.22% [2] - Since its A-share listing, Trina Solar has distributed a total of 3.49 billion yuan in dividends, with 2.41 billion yuan distributed over the past three years [3] Shareholder Information - As of October 20, 2025, Trina Solar had 46,900 shareholders, an increase of 0.73% from the previous period. The average number of circulating shares per shareholder was 46,472, a decrease of 0.72% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 130 million shares, a decrease of 2.03 million shares from the previous period [3]

Core Viewpoint - Jinchen Co., Ltd. has shown significant stock price growth this year, with a notable increase in trading activity and a strong focus on the photovoltaic equipment sector [1][2]. Group 1: Stock Performance - Jinchen Co., Ltd. has seen a stock price increase of 42.43% year-to-date, with a 22.71% rise in the last five trading days, 38.24% in the last 20 days, and 38.04% in the last 60 days [2]. - The stock reached a price of 38.10 CNY per share, with a market capitalization of 5.278 billion CNY as of November 14 [1]. Group 2: Trading Activity - On November 14, the company experienced a net inflow of 6.5742 million CNY from main funds, with significant buying and selling activity [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on November 12, where it recorded a net buy of -35.5223 million CNY [2]. Group 3: Financial Performance - For the period from January to September 2025, Jinchen Co., Ltd. reported a revenue of 1.958 billion CNY, reflecting a year-on-year growth of 3.11%, while the net profit attributable to shareholders decreased by 26.01% to 50.5114 million CNY [3]. - The company has distributed a total of 180 million CNY in dividends since its A-share listing, with 68.246 million CNY distributed over the past three years [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 3.29% to 31,000, while the average number of circulating shares per person increased by 3.40% to 4,466 shares [3]. - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [4].

Core Viewpoint - JinkoSolar's stock increased by 1.82% on November 13, with a trading volume of 8.22 billion yuan and a market capitalization of 61.732 billion yuan [1] Group 1: Company Operations - JinkoSolar has mass-produced high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and calcium-titanate batteries [2] - The company has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership position in the "N-type era" [2] - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [2] Group 2: Financial Performance - As of September 30, JinkoSolar reported a revenue of 47.986 billion yuan for the first nine months of 2025, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a decrease of 422.67% [6] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [7] Group 3: Market Activity - The main net inflow of funds today was -15.7419 million yuan, with a continuous reduction in main funds over the past three days [3][4] - The average trading cost of JinkoSolar's shares is 5.94 yuan, with the stock price approaching a resistance level of 6.20 yuan, indicating potential for a price correction if this level is not surpassed [5]

Core Viewpoint - TCL Zhonghuan's stock has shown significant growth this year, with a year-to-date increase of 18.94% and a recent surge in trading activity, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of November 13, TCL Zhonghuan's stock price reached 10.55 CNY per share, with a trading volume of 7.39 billion CNY and a market capitalization of 426.55 billion CNY [1]. - The stock has experienced a 7.98% increase over the past five trading days, a 12.00% increase over the past 20 days, and a 29.61% increase over the past 60 days [1]. - The company has appeared on the "龙虎榜" (Dragon and Tiger List) once this year, with a net buy of 229 million CNY on September 25 [1]. Group 2: Financial Performance - For the period from January to September 2025, TCL Zhonghuan reported a revenue of 21.572 billion CNY, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was -5.777 billion CNY, reflecting a year-on-year increase of 4.70% [2]. - Cumulatively, the company has distributed 2.338 billion CNY in dividends since its A-share listing, with 1.373 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, TCL Zhonghuan had 243,600 shareholders, an increase of 0.51% from the previous period, with an average of 16,581 circulating shares per shareholder, a decrease of 0.51% [2]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 119 million shares, an increase of 6.3283 million shares from the previous period [3].

Core Viewpoint - JinkoSolar's stock price has shown fluctuations, with a recent increase of 2.15%, but a year-to-date decline of 12.94%, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14% [2]. - The company experienced a net profit loss of 3.92 billion yuan, representing a significant year-on-year decline of 422.67% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 77,300, up by 4.14% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.97% to 129,456 shares [2]. Dividend Distribution - Since its A-share listing, JinkoSolar has distributed a total of 3.355 billion yuan in dividends, with 3.125 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 306 million shares, a decrease of 132 million shares from the previous period [3]. - E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 Component ETF are also among the top shareholders, with both experiencing reductions in their holdings [3].

Core Viewpoint - Baoxin Technology's stock price has experienced a decline of 11.99% year-to-date, with a recent drop of 2.08% on November 12, 2023, indicating potential challenges in market performance [1]. Group 1: Financial Performance - For the period from January to September 2025, Baoxin Technology reported a revenue of 150 million yuan, representing a year-on-year decrease of 33.80% [2]. - The company recorded a net profit attributable to shareholders of -54.46 million yuan, which is a year-on-year increase of 67.05% [2]. - Cumulative cash dividends since the company's A-share listing amount to 72.08 million yuan, with no dividends distributed in the past three years [3]. Group 2: Stock Market Activity - As of November 12, 2023, Baoxin Technology's stock price was 7.05 yuan per share, with a trading volume of 64.78 million yuan and a turnover rate of 1.64%, leading to a total market capitalization of 5.076 billion yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on September 5 [1]. - The number of shareholders decreased by 3.08% to 75,600 as of October 31, 2023, while the average circulating shares per person increased by 3.18% to 7,330 shares [2]. Group 3: Business Overview - Baoxin Technology, established on October 8, 2001, and listed on December 3, 2010, specializes in the research, design, production, and sales of industrial-grade CNC sheet metal structure products [1]. - The company's revenue composition includes 90.62% from equipment parts, 3.62% from project services, 2.21% from sales of charging and swapping piles and related products, and minor contributions from other services [1]. - The company operates within the mechanical equipment sector, specifically in general equipment and metal products, and is involved in various concept sectors such as wastewater treatment and energy conservation [2].

Core Viewpoint - GCL-Poly Energy has seen a significant increase in stock price and trading volume, indicating strong market interest despite recent financial challenges [1][2]. Group 1: Stock Performance - On November 12, GCL-Poly's stock rose by 5.07%, reaching 3.11 CNY per share, with a trading volume of 1.117 billion CNY and a turnover rate of 6.13%, resulting in a total market capitalization of 18.194 billion CNY [1]. - Year-to-date, GCL-Poly's stock price has increased by 16.48%, with notable gains of 18.70% over the last five trading days, 19.62% over the last 20 days, and 21.01% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, GCL-Poly reported a revenue of 11.693 billion CNY, a year-on-year decrease of 2.48%, and a net profit attributable to shareholders of -555 million CNY, reflecting a significant year-on-year decline of 777.78% [2]. Group 3: Shareholder Information - As of September 30, 2025, GCL-Poly had 206,200 shareholders, a decrease of 7.60% from the previous period, with an average of 28,345 circulating shares per shareholder, an increase of 8.22% [2]. - The company has distributed a total of 158 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Points - TCL Zhonghuan's stock price decreased by 3.07% on November 12, trading at 10.42 CNY per share with a market capitalization of 42.129 billion CNY [1] - The company has seen a year-to-date stock price increase of 17.47%, with significant gains over the past 60 days [1] - As of September 30, 2025, TCL Zhonghuan reported a revenue of 21.572 billion CNY, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was -5.777 billion CNY, an increase of 4.70% year-on-year [2] Company Overview - TCL Zhonghuan was established on December 21, 1988, and listed on April 20, 2007, focusing on the semiconductor and renewable energy industries [2] - The company's main revenue sources include photovoltaic silicon wafers (43.12%), photovoltaic modules (28.70%), and other silicon materials (20.46%) [2] - The company operates within the electric equipment sector, specifically in photovoltaic equipment and silicon materials [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 243,600, with an average of 16,581 circulating shares per shareholder [2] - The company has distributed a total of 2.338 billion CNY in dividends since its A-share listing, with 1.373 billion CNY in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings increasing while others have decreased [3]