Core Viewpoint - The A-share market continues to show weakness, with the ChiNext New Energy ETF experiencing a decline, while the storage industry is poised for growth driven by policy support and market demand [1][2]. Group 1: Market Performance - The A-share indices continued to decline in the afternoon session, with the ChiNext New Energy ETF (159368) falling over 4% [1]. - The ChiNext New Energy ETF (159368) saw a net inflow of 37.43 million yuan yesterday, leading comparable funds, with its share surpassing 480 million [1]. - The trading volume of the ChiNext New Energy ETF (159368) exceeded 60.7 million, ranking first among similar products [1]. Group 2: Policy and Industry Outlook - The State Council issued an implementation opinion to accelerate the cultivation of new scenarios and promote large-scale applications, focusing on the demand for new productive forces [1]. - The stability and greening of energy supply for Artificial Intelligence Data Centers (AIDC) are increasingly important, with storage technology being a key support [1]. - CITIC Securities predicts a high prosperity development period for the storage industry, driven by both policy and market factors, particularly in the context of power shortages in the U.S. due to AIDC integration and manufacturing return [1]. Group 3: Company and Product Details - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2]. - The ETF has the highest elasticity, with a potential increase of up to 20%, and the lowest fee rate, with a total management and custody fee of only 0.2% [2]. - As of October 31, 2025, the ETF's scale reached 829 million yuan, with an average daily trading volume of 90.05 million over the past month, and it contains 59% storage and 32% solid-state battery components [2].

信用周期见顶下行，10 月金融信贷数据验证了这一趋势，结构性收入预 期及成本回报倒挂是主因，若政策对冲不及时，市场震荡或将持续，港 股乐观情形下年内点位在 26,000 左右，建议关注分红配置及低价股机 会。 AI 产业短期估值和预期较高，对利空敏感，会导致波动，但生成式 AI 在 企业和居民端普及率高，降本增效显著，美国各行业应用 AI 可使单位成 本平均下降 10%，因此 AI 产业仍有较大发展空间。 预计短期内标普 500 指数在 6,700 点左右震荡，若明年基本面、信用周 期和盈利趋势向上，短期波动反而是介入机会。预计 2026 年美国信用 周期将走向修复甚至过热，叠加美联储扩表和 TGA 提供流动性，将支撑 美股走势。 借鉴日本 90 年代地产泡沫破裂后三轮牛市经验，仅靠流动性驱动难以 支撑长期牛市，需关注基本面改善和政策支持力度。当前 A 股和港股估 值较高，总量政策驱动但基本面尚未好转，需警惕政策力度不及预期、 AI 泡沫及内部债务风险。 Q&A "被忽略"的牛市 20251117 摘要 当前国内外市场的宏观环境如何，主要面临哪些挑战和机遇？ 近期，国内外市场都处于政策的真空期，并且受到了多种 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 手机用存储芯片非常紧缺、且大涨价 在回答投资者提问时，中芯国际透露，当前手机用存储芯片特别紧缺，还涨价很多。 11月17日，A股存储芯片概念再度走强，时空科技涨10%，普冉股份、佰维存储等盘中一度涨超 10%。 "虽然指引看起来比较平，但我们的产线实际上还是非常满的。 三季度产能利用率都到95.8%了， 产线是供不应求的状态。"中芯国际表示，之所以四季度指引没有大的跃升，主要有两个原因： 消息面上，三星对存储芯片继续涨价，或有力支撑了市场走势。但上证报记者注意到，中芯国际于 11月17日晚间披露的投资者调研纪要，则透露了更多存储行业趋势的信息。 一是手机市场现在存储器特别紧缺，价格也涨得非常厉害。客户担心，就算其他芯片都备齐了，万 一存储器不够，整机也组装不起来，这也导致客户控制其他芯片的成本。为此，手机厂商都在为这 个事谈判和观望。 二是在网通行业，客户在四季度下单就比较谨慎，怕自己货拿多了，总体比较谨慎，所以公司在四 季度并没有给出一个非常高的增长数值。 "存储大周期对制造业是正面影响，但对终端 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 事件： 公司发布2025年三季报：公司2025年前三季度实现营收28.80亿元（同比+13.42%），实现归母净利润-3.27亿元 （同比减亏0.85亿元），实现毛利率25.38%（同比+1.92pct）。其中，公司2025Q3实现营收9.82亿元（同比 +11.07%，环比-0.59%），实现归母净利润-0.82亿元（同比减亏0.66亿元，环比减亏0.41亿元），实现毛利率 26.65%（同比+4.71pcts，环比+3.44pcts）。 点评： 发布日期： 2025-11-17 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有 ...

因此，业界对来年前两个季度的看法都比较保守。但（实际市场走势）也很可能像今年一样，年初预测 保守，但半年后越看越乐观。 11月17日，A股存储芯片概念再度走强，时空科技涨10%，普冉股份、佰维存储等盘中一度涨超10%。 消息面上，三星对存储芯片继续涨价，或有力支撑了市场走势。但上证报记者注意到，中芯国际于11月 17日晚间披露的投资者调研纪要，则透露了更多存储行业趋势的信息。 手机用存储芯片非常紧缺、且大涨价 在回答投资者提问时，中芯国际透露，当前手机用存储芯片特别紧缺，还涨价很多。 "虽然指引看起来比较平，但我们的产线实际上还是非常满的。 三季度产能利用率都到95.8%了，产线 是供不应求的状态。"中芯国际表示，之所以四季度指引没有大的跃升，主要有两个原因： 一是手机市场现在存储器特别紧缺，价格也涨得非常厉害。客户担心，就算其他芯片都备齐了，万一存 储器不够，整机也组装不起来，这也导致客户控制其他芯片的成本。为此，手机厂商都在为这个事谈判 和观望。 二是在网通行业，客户在四季度下单就比较谨慎，怕自己货拿多了，总体比较谨慎，所以公司在四季度 并没有给出一个非常高的增长数值。 "存储大周期对制造业是正面影响，但 ...

Core Points - The company, Wantong Development, has announced a restricted stock incentive plan to grant 94.52 million shares to key management and technical personnel at its subsidiary, Shudao Technology, at a price of 6.25 yuan per share [1] - The incentive plan aims to align the interests of core talents with the long-term development goals of the company, enhancing innovation and market dynamics in the AI industry [3] - Shudao Technology is expected to achieve breakthroughs in internationally leading technology products and explosive revenue growth over the next three years [4] Summary by Sections Incentive Plan Details - The plan involves granting 79.40 million shares to 106 initial recipients, representing 84% of the total shares to be granted and 4.2% of the total share capital [1] - The remaining 15.12 million shares are reserved, accounting for 16% of the total shares to be granted and 0.8% of the total share capital [1] - The initial recipients include 17 core management personnel and 89 technical/business backbone employees, covering 63% of Shudao Technology's total workforce as of September 2025 [1] Performance Targets - The incentive plan includes dual assessment indicators based on product development, production progress, and annual revenue targets for Shudao Technology [2] - Revenue targets for the assessment years are set at no less than 600 million yuan, 1.2 billion yuan, and 1.6 billion yuan, with a compound growth rate of 63.3% [2] - Specific product development milestones include achieving product standards and mass production for PCIe5.0, PCIe6.0, and PCIe7.0/CXL4.0 switch chips [2] Strategic Goals - The incentive plan is designed to attract and retain core technical talents in chip design and high-speed interconnect fields, promoting a focus on long-term goals and reducing short-term behaviors [3] - The company aims to increase market share for its PCIe5.0/6.0 switch chips and achieve strategic transformation [3]

Core Viewpoint - The AI industry is currently occupying a significant amount of capacity, leading mainstream suppliers to gradually exit fragmented and niche markets, creating important opportunities for many small to medium-sized suppliers, many of whom are clients of the company [1] Group 1: Market Dynamics - The company continues to invest in the AI sector and has taken on related orders, including those in the memory market [1] - A slight imbalance in supply and demand in the memory market can lead to dramatic price fluctuations, with a 5% shortage or surplus potentially causing prices to double [1] - There is currently a supply gap in the industry, and high price levels are expected to persist [1] Group 2: Product Characteristics - Products such as NOR Flash, NAND Flash, and MCU have long validation cycles and high barriers to entry for replacements [1] - Even if new manufacturers attempt to enter the market, it will take at least 16 months from wafer fabrication to mass production, indicating that the market positions of existing suppliers will remain stable for the foreseeable future [1]

Group 1 - The market has entered a high-level fluctuation phase since early October, with significant industry rotation observed [2] - The consumer sector has shown strong performance recently, while resource sectors previously led the gains, indicating rapid style and industry switching [2] - The adjustment in the AI industry may present a better opportunity for investment positioning [2] Group 2 - Huabao Fund has launched three major broad-based ETFs tracking the China A-share market, providing diverse investment options for investors [2] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of 500 companies [2] - The total trading volume in the two markets reached 1.91 trillion yuan, a decrease of 473 billion yuan from the previous day [1]

Market Overview - The A-share market experienced weak fluctuations, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.11%, and ChiNext Index down 0.2% [1][2] - The total market turnover exceeded 1.9 trillion yuan, a decrease of over 40 billion yuan compared to the previous trading day, with more than 2,700 stocks declining [1] Lithium Sector Performance - The lithium mining sector showed strong performance, with multiple stocks such as Tianhua New Energy and Rongjie Co. hitting the daily limit of 20% increase [1][3] - The price of lithium carbonate futures reached 95,200 yuan per ton, indicating a bullish trend in the lithium market [3] - The demand for lithium is expected to grow significantly, with predictions of a 30% increase in lithium carbonate demand by 2026, potentially pushing prices above 150,000 yuan per ton [3] Battery Materials and Technology - The lithium battery sector continued its strong performance, with companies like Rongbai Technology and Fengyuan Co. nearing daily limit increases [4] - Rongbai Technology signed a supply agreement with CATL, committing to supply at least 60% of its total procurement volume, which is expected to exceed 500,000 tons annually [4] Electrolyte Market Dynamics - The lithium battery electrolyte sector also saw a rebound, with companies like Huasheng Lithium Battery experiencing significant price increases [6] - The average transaction price for VC reached 132,500 yuan per ton, reflecting a 25,000 yuan increase from the previous week [8] Industry Trends - The storage market is emerging as a new growth direction for the lithium battery sector, driven by increasing demand and supply chain optimization [8] - The recent price increases in the midstream materials of the lithium battery supply chain are attributed to short-term supply-demand mismatches and growing storage needs [8]

11月17日，三大指数弱势震荡，截至午间收盘，上证指数跌0.43%，深证成指跌0.35%，创业板指跌 0.80%。 盘面上，市场延续震荡调整态势。国防军工板块、福建板块集体走强，长城军工、江龙船艇等多股涨 停；华为昇腾、算力国产化概念表现强势，直真科技等涨停；AI语料、多模态等AI应用概念纷纷反 弹，三六零、宣亚国际等涨停；锂资源概念震荡走高，孚日股份、大中矿业等涨停；存储芯片板块再度 上扬，时空科技一度涨停；石油概念盘中活跃，和顺石油等涨停；量子科技、海南、民爆、煤炭等板块 均有所表现。 跌幅方面，黄金、工业金属板块再度领跌市场。创新药、减肥药、中药等医药股大幅回调，海辰药业跌 幅居前；保险、银行、券商板块大面积飘绿。 焦点个股方面，宁德时代跌超4%，公司重要股东、联合创始人黄世霖因自身资金需求，拟通过询价转 让方式出让公司4563.24万股股份，占公司总股本的1%；21天13板平潭发展回应再度涨停，公司目前生 产经营一切正常，若后续有停牌计划将及时履行信息披露义务。 展望后市，华安证券认为，市场内部扩散降温、高切低现象继续突出，这种情况预计仍将持续到中央经 济工作会议的预期交易前。短期轮动增多加快、但难以 ...