当前，数字经济已成为推动全球经济复苏、重塑国家竞争优势的关键引擎，知识产权与自主创新能力已从 企业"软实力"升级为产业核心竞争力的"硬指标"。 11月28日，"2025中国向上·向'新'出发"网络主题宣传活动走进视联动力信息技术股份有限公司重庆公司 （以下简称"视联动力"）。 近日，在全国工商联"2025中国民营企业发明专利500家"榜单中，视联动力凭借"V2V视联网"协议技术脱颖 而出，不仅为重庆构建了国内首个全光纤非IP安全网络底座，更以千余项发明专利、全国27万个终端部署 的规模，成为数字时代安全通信领域的标杆。 视联动力信息技术股份有限公司重庆公司副总经理梅宇介绍"V2V视联网"协议技术。 十年攻坚 重庆实践 全域安全网络底座赋能多领域发展 2024年7月，视联动力将总部落户重庆，在重庆"1361"数字建设框架下，开启了技术与城市深度融合的新 篇章。 目前，视联动力已通过重庆渝中区大数据局数字经济产业发展专项（算力网络）科研项目、2025年度技术 创新与应用发展重大专项项目等，直接推动了企业的技术创新迭代与商业成果转化。 企业以"V2V视联网"协议为基石，在重庆构建了国内首个全光纤非IP安全网络底座， ...

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

Core Viewpoint - The stock of Dongfang Electric (01072) has seen a significant increase, rising nearly 7% at the close, with a current price of HKD 21.26 and a trading volume of HKD 237 million. This surge is attributed to the commencement of a 50 MW combined cycle power project in Kazakhstan, where Dongfang Turbine Co., Ltd. is supplying three domestically developed G50 heavy-duty gas turbines, marking a milestone for China's F-class gas turbines in international markets [1]. Company Developments - Dongfang Electric's G50 heavy-duty gas turbine has successfully entered commercial operation and is now being exported, indicating a successful international expansion of its technology [1]. - The global market for gas turbines is experiencing tight supply, positioning Dongfang Electric to potentially benefit significantly from this demand [1]. Analyst Insights - Huatai Securities has issued a report expressing optimism about the profit elasticity contributed by the G50 heavy-duty gas turbine's international sales, maintaining a "buy" rating for both A and H shares of Dongfang Electric [1].

消息面上，近日，哈萨克斯坦江布尔州50兆瓦联合循环发电项目举行开工仪式。东方汽轮机有限公司为 项目提供了3台自主研制的50兆瓦重型燃机(代号G50)作为项目核心设备。这标志着我国自主研制的F级 重型燃机正式迈出国门，实现F级重型燃机出海。 智通财经APP获悉，东方电气(01072)尾盘涨近7%，截至发稿，涨6.19%，报21.26港元，成交额2.37亿港 元。 华泰证券发布研报称，东方电气自主研发的G50重型燃气轮机已经实现了商运和出海；全球燃气轮机排 产紧张，东方电气有望充分受益。该行表示，看好未来自主可控的G50重型燃机出海贡献利润弹性， A/H股均维持"买入"评级。 ...

Core Viewpoint - Dongfang Electric (600875) has seen a significant stock price increase, rising nearly 7% at the close, with a current price of 21.26 HKD and a trading volume of 237 million HKD, following the commencement of a 50 MW combined cycle power project in Kazakhstan [1] Group 1: Project Development - The project in Kazakhstan's Zhambyl region features three domestically developed 50 MW heavy-duty gas turbines (G50) provided by Dongfang Steam Turbine Co., marking the first international deployment of China's self-developed F-class heavy-duty gas turbines [1] Group 2: Market Outlook - Huatai Securities has released a report indicating that Dongfang Electric's G50 heavy-duty gas turbine has achieved commercial operation and international deployment; the global gas turbine production is under pressure, suggesting that Dongfang Electric is poised to benefit significantly [1] - The report expresses optimism regarding the profit elasticity contributed by the G50 heavy-duty gas turbine's international sales, maintaining a "buy" rating for both A and H shares of Dongfang Electric [1]

11月28日，A股市场表现疲软，中证石化产业指数逆势上行，现涨约0.35%，成分股恒逸石化、兴 发集团、川发龙蟒等领涨。相关ETF方面，石化ETF（159731）近10个交易日有9个交易日获得资金净 流入，合计"吸金"2575万元。 国信证券提示，投资方向上可留意三大结构主线：一是宏观中期趋势下的资源和出海链；二是强产 业趋势下的科技"AI+"；三是政策驱动的"反内卷"及自主可控。同时，阶段性关注估值相对低位、存在 困境反转预期的食品饮料、化工和地产链上的优质公司。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行 业分布来看，基础化工行业占比为60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结 构和淘汰落后产能等政策。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]

Core Viewpoint - The semiconductor equipment sector is experiencing significant upward movement, driven by rising demand for storage chips and the overall growth in the semiconductor market, particularly influenced by AI and domestic technology needs [1][4]. Group 1: Semiconductor Equipment Performance - The semiconductor equipment ETF (561980) saw a notable increase of 1.79% in early trading on November 28, with a trading volume exceeding 100 million [1]. - Key stocks within the ETF, such as Jingyi Equipment, TuoJing Technology, and TianYue Advanced, experienced substantial gains, with increases of 9.53%, over 7%, and over 6% respectively [1]. Group 2: Market Trends and Data - The average spot prices for DDR4 and DDR5 chips increased by 75.93% and 101.77% month-over-month as of October 31, with year-to-date increases of 430.08% and 230.80% respectively [3]. - NAND product prices also rose significantly, with 256GB and 512GB SSDs increasing by 29.73% and 33.33% month-over-month, and year-to-date increases of 57.89% and 60.31% [3]. Group 3: Industry Outlook - The AI-driven demand for DRAM and NAND is expected to significantly boost the market, with a projected global storage supercycle emerging due to supply-demand imbalances [3]. - China's advanced storage capabilities are anticipated to become a core growth area in global storage capacity, with potential production capacity expansion exceeding tenfold [3]. Group 4: Import and Sales Growth - China's semiconductor manufacturing equipment imports reached $5.757 billion as of September 2025, marking a year-over-year increase of 35.20%, with October imports at $3.855 billion, up 25.90% [4]. - The global semiconductor sales have shown consistent growth since early 2023, with a year-over-year increase of 25.13% globally and 14.94% in China as of September 2025 [4]. Group 5: ETF Performance and Composition - The semiconductor equipment ETF (561980) has achieved a year-to-date increase of over 47%, with the maximum increase exceeding 80% during the period [6]. - The index primarily focuses on midstream and upstream companies in the semiconductor supply chain, with the top five stocks accounting for approximately 57% of the index weight [7].

Group 1 - Google's narrative continues to gain traction, with the AI sector experiencing ongoing growth, particularly in the upstream semiconductor equipment field, as evidenced by the semiconductor equipment ETF (159516) rising over 2.3% during trading [1][3] - The semiconductor equipment ETF (159516) has seen a significant increase in shares, growing over 150% year-to-date, with a current scale of nearly 6 billion, making it the largest among similar products [1][10] - The optical circuit switch (OCS) technology, which allows direct transmission of data using light without converting signals to electrical form, is being deployed by Google in its data centers, showcasing its advantages in energy efficiency and speed [3][4] Group 2 - The demand for advanced computing power driven by the global AI wave is boosting the high-end chip and related manufacturing sectors, with domestic semiconductor industry "domestic substitution" becoming a necessity rather than an option [7] - The semiconductor equipment ETF (159516) is highlighted as a key investment opportunity, reflecting the strong growth momentum in the semiconductor industry chain amid complex global dynamics [7][9] - The ETF tracks the CSI Semiconductor Materials and Equipment Theme Index, representing the fundamental progress in the equipment and materials sector, making it a focus for investors [9][10]

Core Viewpoint - The report from Guosheng Securities suggests a strategic and tactical bullish outlook on A-share assets, driven by the anticipated rise of new economic drivers and forces in China during the "14th Five-Year Plan" period, particularly in advanced manufacturing and technology [2][3] Group 1: Investment Strategy - The report emphasizes the importance of investing in China, highlighting that each era has its core assets that reflect the macroeconomic environment, with the upcoming period expected to attract global resources and create a bull market in equities [2] - The focus is on four main investment themes: "All in AI, new productive forces, self-control, and going global" [1][2] Group 2: Asset Allocation - A-shares are viewed positively, with a focus on a "dumbbell strategy" where investments are concentrated at both ends: technology growth and dividend stocks, while rotating through mid-range assets [3] - The report identifies key sectors for investment, including technology related to self-control and domestic substitution, as well as long-duration low-yield assets like dividend stocks [3] Group 3: Market Conditions - The domestic bond market is expected to experience fluctuations, with the 10-year government bond yield projected to range between 1.5% and 1.9% due to various economic factors [4] - In the U.S. market, the report anticipates volatility in U.S. stocks, with a downward trend in U.S. Treasury yields and a weakening dollar, influenced by AI narratives and fiscal policies [5][6] Group 4: Commodity Outlook - The report notes a broad presence of bullish options in commodities, with precious metals like gold and silver benefiting from trends such as "de-dollarization" and "debt monetization" [6] - Specific commodities such as copper, aluminum, and rare earths are expected to gain from energy transition and technological advancements, as well as geopolitical tensions [6]