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]

Group 1 - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index increasing by 0.14% to 3875.48 points, the Shenzhen Component Index rising by 1.61%, and the ChiNext Index up by 2.76% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.1439 trillion yuan, a decrease of 39.2 billion yuan compared to the previous day, with over 2800 stocks in the market experiencing gains [1] - Sectors such as CPO, semiconductors, and influenza concepts saw significant gains, while the China Shipbuilding Industry Corporation and military equipment sectors experienced collective adjustments [1]

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]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1]. Group 1: Top Performing Funds - The top 10 funds with the highest net value growth on the 27th include: -浦银安盛数字经济混合A (0.9823, +6.59%) -华商均衡成长混合C (1.6735, +6.59%) -华商均衡成长混合A (1.7206, +6.58%) -浦银安盛数字经济混合C (0.9817, +6.58%) -德邦鑫星价值灵活配置混合C (3.0889, +6.32%) -德邦鑫星价值灵活配置混合A (3.2137, +6.32%) -华商致远回报混合A (1.4618, +6.29%) -华商致远回报混合C (1.4586, +6.29%) -广发新兴成长混合A (1.4286, +6.24%) -广发新兴成长混合C (1.4039, +6.24%) [2][4]. Group 2: Bottom Performing Funds - The bottom 10 funds with the lowest net value growth include: -国泰优选领航一年持有(FOF) (1.1742, -4.83%) -汇添富积极回报一年持有混合(FOF)C (1.0221, -3.40%) -汇添富积极回报一年持有混合(FOF)A (1.0373, -3.40%) -易方达养老2055五年持有混合(FOF)Y (1.2210, -3.37%) -汇添富核心优势三个月混合(FOF) (1.2565, -3.37%) -易方达养老2055五年持有混合(FOF)A (1.2166, -3.37%) -财通资管博宏积极6个月持有混合发起式(FOF)A (1.1625, -3.36%) -财通资管博宏积极6个月持有混合发起式(FOF)C (1.1510, -3.36%) -平安盈诚积极配置6个月持有混合(FOF)C (1.0595, -3.35%) -平安盈诚积极配置6个月持有混合(FOF)A (1.0722, -3.34%) [3][4]. Group 3: Market Trends - The market showed a mixed performance with the Shanghai Composite Index opening high but later retreating, closing with a small gain. The total trading volume reached 1.82 trillion, with a stock advance-decline ratio of 4300:993 and a limit-up-limit-down ratio of 95:5. - Leading sectors included internet and components, both rising over 3%, while the shipping industry lagged behind [6].

- The report discusses the market performance on November 25, 2025, highlighting that the market saw a general rise with the CSI 2000 index performing the best among scale indices, and the CSI 500 Growth index performing the best among style indices[2][6] - The report mentions that the communication, media, non-ferrous metals, electronics, and consumer services industries performed well, while the transportation, petrochemical, food and beverage, agriculture, forestry, animal husbandry, and fishery, and national defense industries performed poorly[2][7] - The report provides data on market sentiment, noting that 95 stocks hit the daily limit up and 7 stocks hit the daily limit down, with a sealing rate of 71% and a continuous board rate of 24%[2][13][15] - The report includes information on the flow of market funds, stating that as of November 24, 2025, the balance of margin trading was 24,587 billion yuan, with a financing balance of 24,423 billion yuan and a securities lending balance of 164 billion yuan[2][17][20] - The report discusses the premium and discount rates of ETFs, noting that the G60 Innovation ETF had the highest premium at 2.42%, while the China Life 500 ETF had the highest discount at 0.62% on November 24, 2025[3][22][23] - The report provides data on block trading, stating that the average daily transaction amount of block trading in the past six months was 2 billion yuan, with a discount rate of 10.62% on November 24, 2025[3][24][26] - The report includes information on the annualized discount rates of stock index futures, noting that the annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures were 4.21%, 5.38%, 10.90%, and 14.93% respectively on November 25, 2025[3][26][29] - The report provides data on institutional attention and the Dragon and Tiger list, noting that the stocks with the most institutional research in the past week were Nine Company-WD, Mailande, Taienkang, Boying Special Welding, Sanyuan Biology, Hongchang Technology, Siling Shares, and Changan Automobile[4][28][30] - The report includes data on the net inflow and outflow of institutional seats and Northbound funds, noting that the top ten stocks with the highest net inflow of institutional seats were Aerospace Development, Guofeng New Materials, Beifang Changlong, Giant Network, Qingshuiyuan, Tianji Shares, Xuanya International, Jiayuan Technology, Worth Buying, and Southern Network Digital[4][34][35]

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 ...

Group 1: Stock Market Performance - The total trading amount for Shanghai Stock Connect today was 97.983 billion, while Shenzhen Stock Connect totaled 117.324 billion [1] - The top traded stocks in Shanghai included Industrial Fulian (24.14 billion), Kweichow Moutai (14.38 billion), and Lightway Innovation (13.07 billion) [2] - In Shenzhen, the leading stocks were Sungrow Power (38.84 billion), Zhongji Xuchuang (36.02 billion), and New Yisheng (25.88 billion) [3] Group 2: Sector Performance - Sectors with notable gains included gaming, AI applications, CPO, and precious metals, while military equipment and aquaculture sectors experienced declines [4] - The new energy sector led with a net inflow of 5.457 billion, followed by communication (5.202 billion) and materials (5.109 billion) [5] - The computer sector saw the highest net outflow at -4.768 billion, followed by defense and military (-4.444 billion) and securities (-1.521 billion) [6] Group 3: ETF Trading Activity - The top ETFs by trading amount included Hong Kong Securities ETF (8.1185 billion), Hong Kong Innovative Drug ETF (6.6457 billion), and ChiNext ETF (6.4857 billion) [7] - The ETF with the highest growth in trading amount compared to the previous trading day was Gold Stock ETF, which increased by 209.47% [7] Group 4: Futures Market - In the futures market, the main contracts for IH, IF, and IM saw both long and short positions decrease, with IM experiencing a more significant reduction in long positions [8] Group 5: Institutional Activity - Institutional activity was high, with Aerospace Development receiving 1.47 billion from two institutions, while Giant Network saw a significant buy and sell activity [10][11] - The lithium stock Shengxin Lithium Energy faced a sell-off of 1.81 billion from three institutions, despite also receiving some buying interest [11] Group 6: Retail and Quantitative Trading - Retail trading was active, particularly in Guangku Technology, which saw significant buying from multiple retail trading desks [12] - Quantitative trading showed mixed activity, with notable selling in Giant Network and significant buying and selling in Guofeng New Materials [13]

Group 1 - The A-share market saw all three major indices rise, supported mainly by financial and consumer sectors, while technology sectors like electronics, computers, and media showed active performance, leading to an expanded increase in the Shenzhen Component Index [4] - A total of 4,297 stocks rose, with a rise-fall limit ratio of 96:7, indicating a broad market rally and improved profitability, with significant structural differentiation [5] - The trading volume in both markets reached over 1 trillion yuan, an increase of 4.9%, reflecting a high level of market activity driven by sector rotation, funding support, and policy expectations [5] Group 2 - Institutional investors focused on core technology assets, with significant capital inflows into communication equipment, electronic components, semiconductors, and photovoltaic equipment, while cultural media sectors faced selling pressure due to short-term valuation concerns [7] - Retail investor sentiment was recorded at 75.85%, indicating a generally optimistic outlook among individual investors [8] - The proportion of investors increasing their positions was 25.40%, while 21.82% reduced their holdings, with 52.78% choosing to maintain their current positions [10]