11月27日，国家发展改革委召开月度新闻发布会。国家发展改革委政策研究室副主任李超透露，下一步，国家 发展改革委将会同有关方面持续加力，为储能和氢能等新兴产业健康发展创造良好环境。一是深化电力市场改 革，鼓励储能项目结合自身特点参与电能量市场和调频、调峰、备用等辅助服务市场，获取合理收益；二是统 筹规划布局，有效衔接绿色氢氨醇供给和需求，在重点领域推动绿色氢氨醇规模化发展，适度超前推动产运储 等环节基础设施建设，有效降低系统运行成本；三是突破技术瓶颈，组织实施产业创新工程，支持领军企业联 合产业链上下游、高校科研院所，围绕不同应用场景，一体推进设施集群建设、技术研究开发、产品升级迭代 和应用推广，鼓励多种新型储能和氢能技术路线有序发展，为构建新型电力系统提供有力支撑。 REITs发行范围已涵盖12大行业52个资产类型 11月27日，国家发展改革委政策研究室副主任李超在新闻发布会上回答证券时报记者提问。李超表示，自2020 年基础设施领域不动产投资信托基金（REITs）启动以来，国家发展改革委会同证监会，持续推动基础设施 REITs市场扩围扩容。在工作开展初期，将仓储物流、收费公路、市政设施、产业园区等纳入发行 ...

Group 1: ETF Market - The number of billion-yuan ETFs has reached a historical high of 119, with bond ETFs being the mainstream among new entrants [1] - The total market size of ETFs has reached 5.69 trillion yuan, with 1,368 funds in total, and the scale of ETFs above 100 billion yuan accounts for 75% of the total market size [1] Group 2: Robotics Industry - The market for six-dimensional force sensors in humanoid robots is experiencing explosive growth, with a projected shipment of 12,300 units this year, a year-on-year increase of 510.1% [1] - The market is becoming increasingly concentrated, with leading companies holding over 70% market share, specifically Blue Dot Touch Control at 72.6% [1] Group 3: AI/AR Market - The domestic consumer-grade AI/AR market is thriving, with sales increasing by 186% year-on-year in Q3 2025 [2] - The AR market continues to grow, surpassing 129,000 units sold, with all-in-one AR glasses showing a remarkable growth rate of 355% [2] Group 4: Automotive Industry - The automotive industry's sales profit margin dropped to 3.9% in October 2025, the lowest in five years, reflecting a 0.5 percentage point decrease from September [2] - The average sales profit margin for the automotive industry from January to October 2025 is 4.4%, which is better than in 2024 but still at a historical low [2] Group 5: Corporate Developments - ByteDance is reportedly in talks to sell its subsidiary, Shanghai Mutong Technology, to Saudi Arabia's Savvy Games Group, although the deal is not guaranteed [2] - KUKA Group is undergoing bankruptcy restructuring, facing allegations of asset transfer and reliance on high-interest loans [3] - Anta Sports has been rumored to consider acquiring Puma, with potential collaboration with a private equity firm [3] - Vanke's decision to extend debt repayment is seen as a significant shift, indicating a likely move towards debt restructuring [3][4] Group 6: Financial Updates - SoftBank's credit default swap (CDS) has risen to its highest level since April, reflecting investor caution regarding the company's debt-driven growth strategy [4] - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries, aiming to expand its global strategy in the intelligent robotics and electronic manufacturing sectors [13]

转自：智通财经 【中国化学：自主研发的超高分子量聚乙烯树脂项目可用于锂电池隔膜】智通财经11月27日电，中国化 学在互动平台表示，在锂电池技术上：1.中国化学自主研发的超高分子量聚乙烯（UHMWPE）树脂项 目可应用于锂电池隔膜；2.所属公司在盐湖提锂技术上取得了省级科技进步奖。 在储能方面：1.公司参 与多项储能工程项目，具有丰富的工程经验；2.公司生产的气凝胶产品用于电池热管理和储能系统保温 具有良好的经济效应；3.公司在氢储能、CCUS（碳捕集）技术研发上持续推进。 ...

Market Overview - The Shanghai Composite Index closed at 3875.26 points, with an increase of 0.29% and a trading volume of 698.519 billion [1] - The Shenzhen Component Index closed at 12875.20 points, down by 0.25% with a trading volume of 1011.275 billion [1] - The ChiNext Index closed at 3031.30 points, decreasing by 0.44% and a trading volume of 494.735 billion [1] Sector Performance - The consumer electronics sector showed strength, with stocks like Yunzhong Technology and Liande Equipment hitting the daily limit [1] - The lithium battery sector was active, with companies such as Haike New Source and Shida Shenghua also reaching the daily limit [1] - Chip stocks performed well, with multiple stocks including Electronic Science and Technology Chip hitting the daily limit [1] - The short drama game sector weakened, with Huanrui Century hitting the daily limit down [1] - Other sectors with notable performance included organic silicon, CPO, and robotics, while cultivated diamonds and Hainan Free Trade Zone concepts saw declines [1]

格隆汇11月27日丨中国化学(601117.SH)在投资者互动平台表示，在锂电池技术上：1.中国化学自主研发 的超高分子量聚乙烯（UHMWPE）树脂项目可应用于锂电池隔膜；2.所属公司在盐湖提锂技术上取得 了省级科技进步奖。 在储能方面：1.公司参与多项储能工程项目，具有丰富的工程经验；2.公司生产的 气凝胶产品用于电池热管理和储能系统保温具有良好的经济效应；3.公司在氢储能、CCUS（碳捕集） 技术研发上持续推进。 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.29% to close at 3875.26 points, while the Shenzhen Component Index fell by 0.25% to 12875.19 points. The ChiNext Index decreased by 0.44% to 3031.3 points, and the Sci-Tech 50 Index dropped by 0.33% to 1310.7 points. Overall, 2786 stocks rose, 2445 fell, and 217 remained unchanged, with a total trading volume of 17098 billion yuan, down by 736 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, light industry manufacturing, basic chemicals, petroleum and petrochemicals, and coal sectors led the gains, with increases of 1.09%, 1.01%, 0.90%, and 0.80% respectively. Conversely, the comprehensive, media, retail, and computer sectors experienced the largest declines, with decreases of 2.34%, 1.40%, 1.20%, and 0.82% respectively [1][2]. Concept Sector Performance - The concept sectors that performed well today included lithium battery electrolytes, consumer electronics OEM, solid-state batteries, sodium-ion batteries, HBM, lithium battery cathodes, power batteries, TWS headsets, optical modules (CPO), lithium batteries, lithium iron phosphate batteries, lithium battery anodes, phosphorus chemicals, analog chips, and copper-clad laminates. In contrast, sectors such as cultivated diamonds, Hainan Free Trade Port, Xiaohongshu platform, SPD, and cross-strait integration saw corrections [2].

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, as the lithium battery sector surged while AI application concepts showed continued divergence [1] - The Brazilian ETF rose approximately 3%, and ETFs related to chemicals and innovative new energy increased by over 1% [1][2] Sector Performance - The software and film-related ETFs saw declines of over 1%, indicating a downturn in these sectors [3] - The market is expected to stabilize around the 4000-point mark for the Shanghai Composite Index, with a continued rebalancing of market styles, suggesting alternating performances between cyclical and technology sectors [3] Investment Insights - Institutions are locking in annual returns and rankings due to fluctuating expectations around Federal Reserve interest rate cuts, leading to increased market volatility [3] - In the context of rising global technological competition, the need for self-sufficiency in foundational software is emphasized as both a national security requirement and a necessity for sustainable industrial development [5] - Domestic software companies are anticipated to transition from "catching up" to "keeping pace" and eventually to "leading," providing essential technological support for China's new industrialization and high-quality development [5]

Core Viewpoint - Shifeng Culture's stock price has shown fluctuations, with a recent decline of 2.01%, and the company has experienced a mixed performance in terms of trading volume and net capital flow [1][2]. Group 1: Stock Performance - As of November 27, Shifeng Culture's stock price is 21.50 CNY per share, with a market capitalization of 3.612 billion CNY [1]. - Year-to-date, the stock price has increased by 3.19%, with a 1.13% rise over the last five trading days, a 22.79% increase over the last 20 days, and a 6.54% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 5, where it recorded a net buy of -72.1672 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Shifeng Culture reported a revenue of 328 million CNY, reflecting a year-on-year growth of 5.81%, while the net profit attributable to shareholders was -58.7881 million CNY, a decrease of 1399.85% compared to the previous year [2]. - The company's main business revenue composition includes toys (59.57%), games (35.58%), photovoltaic products (4.69%), and others (0.15%) [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shifeng Culture is 25,500, a decrease of 21.97% from the previous period, with an average of 4,954 circulating shares per shareholder, an increase of 28.16% [2]. - The company has distributed a total of 18 million CNY in dividends since its A-share listing, with 3.6 million CNY distributed over the last three years [3].

11月27日，恒力石化盘中上涨2.07%，截至13:30，报18.74元/股，成交1.86亿元，换手率0.14%，总市值 1319.13亿元。 资金流向方面，主力资金净流入907.40万元，特大单买入357.45万元，占比1.93%，卖出935.22万元，占 比5.04%；大单买入3771.96万元，占比20.32%，卖出2286.79万元，占比12.32%。 恒力石化今年以来股价涨26.45%，近5个交易日跌1.73%，近20日涨5.16%，近60日涨9.08%。 截至9月30日，恒力石化股东户数6.73万，较上期减少9.54%；人均流通股104566股，较上期增加 10.55%。2025年1月-9月，恒力石化实现营业收入1574.67亿元，同比减少11.46%；归母净利润50.23亿 元，同比减少1.61%。 分红方面，恒力石化A股上市后累计派现261.36亿元。近三年，累计派现76.02亿元。 机构持仓方面，截止2025年9月30日，恒力石化十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2.04亿股，相比上期减少3558.18万股。华泰柏瑞沪深300ETF（510300）位居第十大流通 ...

Core Viewpoint - The stock of Mannester has experienced a decline in price this year, with a notable drop in recent trading days, while the company continues to face challenges in revenue and profit margins [1][2]. Group 1: Stock Performance - As of November 27, Mannester's stock price increased by 2.09% to 53.36 CNY per share, with a trading volume of 63.125 million CNY and a turnover rate of 2.06%, resulting in a total market capitalization of 7.678 billion CNY [1]. - Year-to-date, Mannester's stock price has decreased by 1.53%, with a 5-day drop of 5.37%, a 20-day drop of 5.47%, and a 60-day drop of 14.07% [1]. Group 2: Financial Performance - For the period from January to September 2025, Mannester reported a revenue of 949 million CNY, reflecting a year-on-year decrease of 8.05%, and a net profit attributable to shareholders of -35.466 million CNY, a significant decline of 155.28% [2]. - Since its A-share listing, Mannester has distributed a total of 89.8063 million CNY in dividends [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Mannester had 22,400 shareholders, a decrease of 9.22% from the previous period, with an average of 2,588 circulating shares per shareholder, an increase of 10.16% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 1.2538 million shares, an increase of 858,400 shares from the previous period [3].