③中信证券：未来可能需要内需的重大变化打开市场高度 中信证券表示，市场呈现出低波慢牛的特征，主要宽基的波动率有所下降，回撤以及夏普比率亦好于过 往；但主观多头的体感改善相对有限，今年以来依旧跑输量化策略，仅略微跑赢万得全A，同时择时的 作用明显弱化。从市场微观流动性结构来看，保险和固收+为代表的配置型资金增量富裕，配置型资金 和量化资金定价权持续抬升，但主观选股型产品增量有限，具有个股定价能力的增量资金欠缺；定价权 削弱的背景下，出于控制回撤的考量，主观多头对于个股和板块的估值和安全边际反而会提出更高的要 求，风险偏好始终难以有效提升，"蹲、打、撤"成为主流策略。打破僵局只能是大超预期的基本面变 化，今年是外需和出海，未来可能还是需要内需的重大变化打开市场高度。在超预期的变化出现前，配 置上建议延续资源/传统制造业定价权的重估以及企业出海两个方向。 东吴证券：成长风格业绩持续修复，科技仍是主要驱动力；中信证券：未来可能需要内需的重大变化打 开市场高度。 沪指本周累计上涨1.4%，深证成指涨3.56%，创业板指涨4.54%。A股后市怎么走？看看机构怎么说： 中国银河证券表示，11月市场行情呈现出高低切换特征，资 ...

新华社北京11月30日电 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提 出："强化科学研究、技术开发原始创新导向"。这是全面增强自主创新能力，加快推进高水平科技自立 自强的重要举措。 科技强国的基本要素之一就是拥有强大的基础研究和原始创新能力，持续产出重大原创性、颠覆性科技 成果。历史发展进程表明，世界科技强国都是科学基础雄厚的国家，在重要科技领域处于领先行列，特 别是在解决人类面临的重大挑战、基本科学问题上，能够开辟新的领域方向、构建新的科学理论体系。 只有掌握原创基础理论、底层技术原理，才能筑牢科技创新根基和底座。实现高水平科技自立自强、建 设科技强国，必须把基础研究摆在突出位置，从源头和底层解决关键核心技术问题。只有进一步强化原 始创新导向，才能让科技创新之树更加枝繁叶茂。 世界百年变局加速演进，科技成为大国博弈主战场。集成电路、生物科技等是竞争最激烈的领域，也是 我国"卡脖子"问题突出的领域。只有瞄准世界科技前沿，下好"先手棋"，打好基础、储备长远，不断取 得重大原创性成果，才能筑牢国家安全底座，夯实发展的根基。 当前，科学研究向极宏观拓展、向极微观深入、向极端条件迈进、向极综合交叉 ...

Core Insights - The research team from the University of Science and Technology of China, in collaboration with Shanxi University, achieved a significant breakthrough by realizing and detecting higher-order non-equilibrium topological phases using the programmable superconducting quantum processor "Zuchongzhi 2" [1] Group 1: Research Achievements - The research marks an important advancement in quantum simulation, laying the groundwork for achieving quantum advantage in quantum simulation problems [1] - The team proposed static and Floquet quantum circuit design schemes for higher-order topological phases, addressing the critical challenge of constructing higher-order balanced and non-equilibrium topological Hamiltonians in a two-dimensional superconducting qubit array [1] - A universal framework for dynamical topological measurement was developed, enhancing the understanding of complex topological states [1] Group 2: Experimental Results - Researchers established a systematic processor optimization scheme, achieving dynamic control of qubit frequency and coupling strength through precise calibration [1] - In a 6×6 qubit array, the team successfully executed up to 50 Floquet periods of evolution operations, marking the first successful realization of four different types of non-equilibrium second-order topological phases [1] - The study systematically explored the energy spectrum, dynamical behavior, and topological invariants of the identified topological phases [1]

Core Viewpoint - Guofu Quantum (00290) reported a significant increase in revenue and profit for the six months ending September 30, 2025, driven by growth in trade and supply chain operations, as well as securities brokerage and financing business [1] Financial Performance - The company achieved a revenue of HKD 1.027 billion, representing a year-on-year increase of 4564.52% [1] - Profit attributable to shareholders was HKD 207 million, with basic earnings per share of HKD 0.029 [1] - The net fair value gains from investments, included in profit or loss, amounted to approximately HKD 1.181 billion, a 31.76-fold increase compared to HKD 37.174 million for the same period in 2024 [1] Business Drivers - The increase in revenue and net fair value gains was primarily due to higher income from trade and supply chain operations, as well as increased revenue from securities brokerage and margin financing [1] - The company also benefited from gains from cryptocurrency sales and increased operating profit from its main business, including securities brokerage and margin financing [1] Future Outlook - The company plans to leverage its traditional financial advantages, focusing on "quantum technology + digital assets" as dual engines for growth, aiming to innovate in financial infrastructure [1]

Core Viewpoint - The company is actively exploring development opportunities brought by cutting-edge technologies such as quantum technology and is engaged in the research and development of quantum computing cloud platforms and related software applications, although there is currently no significant impact on the company's performance [1] Group 1 - The company is focusing on quantum technology and its potential applications [1] - The company is developing a quantum computing cloud platform and related software [1] - There is no major impact on the company's performance at this time [1]

格隆汇11月28日丨科大国创(300520.SZ)在互动平台表示，公司积极与量子科技领域合作伙伴，共同探 索量子计算云平台等相关软件的研发及场景应用，但目前对公司业绩暂无重大影响。公司未参与量子计 算机的研发。 ...

量子概念自提出以来，始终备受关注，如今量子科技已成全球科技竞争高地，量子通信作为重要分支， 正逐步走出实验室，融入日常生产生活。它凭借独特加密优势，为信息传输保驾护航，重塑通信安全格 局。 （文章来源：证券日报） 目前，量子通信产业化进程正在稳步推进，量子通信已融入日常场景，业内企业中电信量子信息科技集 团有限公司与科大国盾量子技术股份有限公司已有量子密话、密信、量子云印章等科技成果落地。量子 信息技术正在向着万亿级市场跨越，为产业升级注入澎湃科技动能。 ...

Core Insights - The report highlights the importance of identifying investment opportunities in emerging technologies such as AI, quantum technology, and renewable energy, which are expected to drive market growth in the coming years [7] - It emphasizes the potential for structural recovery in manufacturing and resource sectors due to policy support and demand-supply optimization [7] - The report suggests that the A-share market is currently in a relatively reasonable valuation range, with earnings expected to take over from valuation as a key driver by 2026 [7] Domestic Financial Market - The Shanghai Composite Index closed at 3875.26, up by 0.29%, while the Shenzhen Component Index fell by 0.25% to 12875.19 [2] - The ChiNext Index decreased by 0.44%, indicating a mixed performance across major indices [2] Macro News Summary - The National Development and Reform Commission held a meeting to address issues related to price competition and cost recognition [4] - The Ministry of Industry and Information Technology is promoting supply-side adjustments to maximize consumer potential [4] - The National Bureau of Statistics is focused on expanding domestic demand and optimizing structure to enhance industrial economic quality and new momentum [4] Industry Developments - Huawei launched its first conversational robot, indicating potential growth in the AI toy market, with related stocks such as Tom Cat and Guanghe Tong [5] - OpenAI anticipates reaching 220 million paid users within five years, suggesting significant growth in AI applications, with related stocks including Hongsoft Technology and Focus Technology [5] - Hesai Technology has delivered over 2 million laser radars, marking a golden period for the industry with both volume and price increases, related stocks include Guangpu Co. and Crystal Optoelectronics [5] Company Focus - Longping High-Tech is collaborating with Beijing Academy of Agriculture and Forestry Sciences on the cultivation and industrialization of dwarf resistant corn varieties [6] - Aikang Co. is strategically acquiring Dongguan Silicon Xiang to strengthen its new energy supply chain [6] - Kaishan Co. plans to establish a joint venture to advance geothermal power project construction and operation in Hungary [6] - Yinxin Technology offers a variety of 3D printing materials, including consumer-grade PLA and modified PETG [6] Market Review and Outlook - On November 27, the market experienced a pullback after an initial rise, with the A-share market benefiting from upward liquidity trends [7] - The report notes that over 2700 stocks rose, with significant gains in lithium battery concepts and consumer sectors [7] - The report recommends focusing on two main lines: emerging technologies and the recovery of manufacturing and resource sectors, alongside two auxiliary lines related to consumer sector opportunities and international expansion [7]

Core Insights - China's high-end manufacturing industry has achieved historic breakthroughs in innovation, digital transformation, and modernization of the industrial chain during the "14th Five-Year Plan" period, transitioning from "catching up" to "keeping pace" and then to "leading" [1] Group 1: Scale and Profitability Growth - The number of high-end manufacturing listed companies in China reached 2,503 by the end of 2024, a growth of over 50% from 1,661 in 2020, with a compound annual growth rate (CAGR) of 10.80%, significantly higher than the overall A-share market growth of 6.52% [2] - The total market value of these companies increased to 32.47 trillion yuan, and total assets reached 27.24 trillion yuan, representing a 68.79% growth over five years, with an annual CAGR of 13.98%, surpassing the A-share average of 9.40% [2] - Revenue for high-end manufacturing companies grew from 9.36 trillion yuan in 2020 to 15.41 trillion yuan in 2024, with a CAGR of 13.27%, while net profit maintained a high CAGR of 12.28%, indicating strong internal growth momentum [2] Group 2: Contributions to Tax and Employment - In 2024, tax contributions from high-end manufacturing companies reached 253.90 billion yuan, with a five-year CAGR of 10.85% [3] - The number of employees in this sector reached 10.35 million, with a five-year CAGR of 9.00%, highlighting its role in absorbing technical talent and stabilizing the job market [3] Group 3: High-Quality Development Achievements - R&D intensity in high-end manufacturing companies increased, with R&D spending as a percentage of revenue rising from 5.06% in 2020 to 6.06% in 2024, totaling 934.12 billion yuan in annual R&D expenditure, with a CAGR of 18.51% [4] - The number of R&D personnel grew from 1.17 million to 1.84 million, with a CAGR of 12.07%, providing continuous intellectual support for technological iteration and industrial upgrading [4] - Overseas revenue for high-end manufacturing companies increased from 2.09 trillion yuan to 4.31 trillion yuan from 2020 to 2024, with a CAGR of 19.81%, indicating a rising internationalization level [4] Group 4: Market Value Management and Shareholder Returns - The total market value of the industry increased by 3.36 trillion yuan in 2024, with significant growth in sectors like semiconductors, communication equipment, and electronics, all exceeding 15% [5] - Total dividends for the year reached 362.95 billion yuan, with a dividend payout ratio of 52.59%, an increase of 14.68 percentage points from 2023 [5] - Share buybacks totaled 83.93 billion yuan, with high activity in sectors such as power equipment, electronics, and pharmaceuticals [5] Group 5: Future Outlook - The high-end manufacturing sector is positioned to play a crucial role in China's transition from a "manufacturing giant" to a "manufacturing power," focusing on strategic emerging industries and enhancing the self-sufficiency of supply chains [5][6] - The sector is expected to occupy a more central position in the global industrial landscape, supporting long-term economic growth and contributing to China's modernization efforts [6]

Group 1: Computer Industry Insights - In 2026, AI is expected to deeply drive the growth of the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - Industrial software is moving into a "deep water zone," which will support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could jointly promote the industry's dual recovery in performance and valuation [2] Group 2: Debt Market Opportunities - Current divergences in the stock market may create a rare allocation window for the bond market [5] - The yield of ten-year government bonds is suggested to have significant value [5] - The bond market may return to a fundamental pricing logic under the "low interest rate + high volatility" scenario in 2026 [5] Group 3: Deep Sea Technology Outlook - Deep sea technology is projected to release trillion-level opportunities by 2026 [7] - The acceleration of deep-sea mining by the U.S. and its inclusion in China's government work report may reshape the global competitive landscape [7] - There is potential for deep-sea mining to achieve cost parity by 2033, sparking a new wave of equipment investment [7] - Investors are advised to consider short-term FPSO supply chain opportunities and long-term underwater robotics [7] Group 4: Meituan Q3 Performance Review - Meituan's Q3 takeaway business reported a nearly 20 billion loss, raising questions about whether this is the peak [9] - Management's guidance on profitability recovery for Q4 following intense price competition is under scrutiny [9] - The in-store travel business is facing challenges with slowing growth and declining profit margins [9] - The expansion pace and investment efficiency of the new overseas engine, Keeta, in markets like Brazil are being evaluated [9]