Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index up by 0.14%, Shenzhen Component Index up by 1.61%, and ChiNext Index up by 2.76% as of the midday close [2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.1439 trillion yuan, a decrease of 39.2 billion yuan compared to the previous trading day [2] - Over 2,800 stocks in the market experienced gains [2] Sector Performance - The CPO sector continued to strengthen, with Longguang Huaxin hitting the daily limit [3] - The flu sector showed strong performance, with stocks like Yue Wannianqing and Huaren Health also hitting the daily limit, and Haiwang Biological experiencing a rapid surge to the limit within three minutes [3][4] - The pharmaceutical sector saw a collective explosion, driven by flu and innovative drug concepts, with several companies reaching the daily limit [4] Industry Catalysts - The arrival of the flu season has provided a strong catalyst for pharmaceutical stocks, with the China CDC reporting that flu activity is currently at a rising stage, particularly in southern provinces [6] - Companies like Zhenbaodao have responded to investor inquiries regarding their flu treatment drugs, which are currently in production and sale [7] - Shiyao Group announced that its self-developed siRNA drug has received FDA approval for clinical trials in the U.S. and is set to begin trials in China in 2025 [7] Macro Trends - According to Everbright Securities, the global economy is returning to a rate-cutting cycle, which is expected to benefit innovative assets [7] - The aging population globally is driving an increase in healthcare spending, expanding the global demand for pharmaceuticals [7] - China's pharmaceutical innovation is on the rise, with a growing share of the global pharmaceutical market expected to be captured by the Chinese industry [7] AI and Cloud Computing - The computing power hardware sector saw renewed activity, with stocks like Zhongji Xuchuang and Xinyi Sheng experiencing significant gains [8] - Alibaba Group reported a revenue of 247.795 billion yuan for Q2 of fiscal year 2026, exceeding market expectations with a year-on-year growth of 15% [9] - Alibaba's CEO highlighted the synergy between AI to B and AI to C strategies, which are expected to drive continued growth [9] - The AI cloud market in China is led by Alibaba Cloud, which is seen as a core driver of growth in cloud computing [9]

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 谷歌+OCS+CPO，客户包括谷歌、华为等知名企业，创新发布OCS全光交换机，光模块市场份额全球第 六，硅光芯片实现量产自给，这家公司1.6T光模块产品已具备批量交付能力。 前言 ...

记者丨吴桂兴 见习记者张嘉钰 | ( 日 | 中际旭创(300308) | | | | | | --- | --- | --- | --- | --- | --- | | | 休市中 11-26 11:30:00 通 融 | | | | | | | 546.29 额 210亿 股本11.11亿 市盈™ 70.99 +66.63 +13.89% 换 3.72% 市值 6070亿 市净 23.40 | | | 万得 | | | 关羽 | 五日 日K 周K 月K 更多 | | | | | | 叠加 | | 均价: 512.50 | 盘口 | 资金 | | | 549.88 | | -- 14.64% | 卖5 547.77 | | 4 | | | | | 文4 547.35 | | 2 | | | | | 卖3 547.21 | | 18 | | | | | 英2 547.20 | | 11 | | 9.66 | | 0.00% | 546.99 型 | | 2 | | | | | 杀1 546.29 | | ട | | | | | 买2 546.10 | | 2 | | | | | 录3 546.04 | | 1 ...

Market Overview - The market experienced a rebound in the morning session, with the ChiNext Index rising nearly 3% and the Shenzhen Component Index increasing over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, a decrease of 39 billion compared to the previous trading day [1] Sector Performance - Over 2,800 stocks in the market saw an increase, indicating broad market participation [1] - The anti-influenza concept stocks surged, with Guangji Pharmaceutical achieving three consecutive trading limit ups and Peking University Pharmaceutical achieving two consecutive trading limit ups [1] - The computing hardware sector experienced a rapid rise, with Zhongji Xuchuang increasing nearly 14% to reach a historical high, and other stocks like Tefa Information and Xinyisheng also performing well [1] - The AI application sector continued its strong performance, with Shiji Information achieving two trading limit ups in three days [1] Declining Sectors - The military industry sector showed weakness, with Jianglong Shipbuilding declining nearly 10% [1] - Sectors such as pharmaceuticals, CPO, and Hainan saw significant gains, while military equipment and aquaculture sectors faced notable declines [1] Closing Summary - By the end of the trading session, the Shanghai Composite Index rose by 0.14%, the Shenzhen Component Index increased by 1.61%, and the ChiNext Index gained 2.76% [1]

A股三大指数早盘集体上涨，沪指涨0.14%报3875.48点，深成指涨1.61%，创业板指涨2.76%，北证50指 数涨0.4%。沪深京三市半日成交额11439亿元，较上日缩量392亿元，全市场超2800只个股上涨。盘面 上，CPO、半导体、流感概念板块涨幅居前，中船系、军工装备板块集体调整。 ...

Group 1 - The ChiNext Index has shown strong performance, rising by 1.33% as of November 26, 2025, with notable gains in constituent stocks such as Maiwei Co., Ltd. (up 10.59%) and Zhongji Xuchuang (up 9.40%) [1] - The ChiNext ETF by Bosera has increased by 7.80% over the past three months, with a latest price of 2.81 yuan and a turnover rate of 1.63% on November 26, 2025 [1][3] - The optical module (CPO) index rose by 3.01% on November 26, 2025, with institutional funds seeing a net inflow of 34.13 billion yuan [1] Group 2 - The communication industry has performed exceptionally well in 2025, with a year-to-date increase of 55.58%, ranking second among all industries, and institutional holdings have significantly increased [2] - The GB300 platform is expected to ramp up production in Q4, leading to large-scale shipments of 1.6T optical modules, with silicon photonics technology projected to capture nearly 60% of the global optical module market by 2030 [2] - Public fund holdings in the communication sector have surpassed 6.5%, a historical high, while valuations remain relatively low, not fully reflecting the sector's high growth potential [2]

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 领涨行业：互联网、元器件涨幅逾3%； 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净体制与含然翻顺感人 | | | --- | --- | --- | --- | --- | | 1 | 浦银安盛数 ... 0.9823 | | 6.59% 27 | | | | 025421 | 2025-11-25 | | | | 2 | 华商均衡成 ... C | 1.6735 | 6.59% | ਨੇ | | | 011370 | 2025-11-25 | | | | 3 | 华商均衡成 ... A | 1.7206 | 6.58% | 7 | | | 011369 | 2025-11-25 | | | | 4 | 浦银安盛数... C | 0.9817 | 6.58% | 27 | | | 025422 | 2025-11-25 | | | | 5 | 德邦鑫星价值C 3.0889 | | 6.32% | ...

证券研究报告 | 2025年11月25日 金融工程日报 A 股震荡反弹，CPO 概念全线爆发、AI 应用活跃 核心观点 金融工程日报 市场表现：今日(20251125) 市场全线上涨，规模指数中中证 2000 指数表现 较好，板块指数中中小 100 指数表现较好，风格指数中中证 500 成长指数表 现较好。通信、传媒、有色金属、电子、消费者服务行业表现较好，交通运 输、石油石化、食品饮料、农林牧渔、国防军工行业表现较差。光模块(CPO)、 光芯片、光通信、量子材料、光纤等概念表现较好，水产、机场精选、核废 水、深海科技、钢铁股精选等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 95 只股票涨停，有 7 只股票 跌停。昨日涨停股票今日高开高走，收盘收益为 2.77%，昨日跌停股票今日 收盘收益为 1.05%。今日封板率 71%，较前日下降 2%，连板率 24%，较前日 下降 21%。 市场资金流向：截至 20251124 两融余额为 24587 亿元，其中融资余额 24423 亿元，融券余额 164 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 9.5%。 折溢价：2025 ...

科技板块今日集体跳空高开，全天保持上行态势，CPO、PCB、5G通信等概念涨幅居前。截至收盘，中证人工智能主题指数、上证科创板人工智能指数均 上涨2%，人工智能ETF（159819）全天成交额超10亿元，获近2000万份净申购。Wind数据显示，该ETF此前连续4个交易日获资金净流入，合计约3.3亿元。 兴业证券称，11月以来，受美储降息预期回落、"AI泡沫"言论影响，全球风险资产跟随美股同步调整，近期A股与港股的波动也随之加剧。但往后看，海外 冲击影响下中国资产已调整出性价比，随着海外风险释放带来的情绪冲击逐步落地、消化，中国资产有望凭借自身独立逻辑迎来修复。 每日经济新闻 ...