盘面上，人形机器人概念股多数爆发，恒而达、海昌新材、龙溪股份、睿能科技、日发精机等近10股涨停。商业航天板块 延续活跃，华伍股份20cm封板，中国卫星、达华智能、和而泰等股涨停。半导体板块同样表现积极，宏微科技、拓荆科技、华 虹公司多股上扬。另一方面，食品饮料、旅游、零售等大消费板块集体走弱，海欣食品、罗牛山、同庆楼盘中跌停，品渥食 品、熊猫乳品、祥源文旅、东百集团、赫美集团跌幅居前。 板块题材上，人形机器人、商业航天、半导体、风电设备、影视院线、证券、福建本地股涨幅居前；海南自贸区、食品饮 料、培育钻石、零售等大消费板块跌幅居前。 A股三大指数今日涨跌不一，截至收盘，上证指数跌0.06%，深证成指涨0.4%，创业板指涨1.01%，北证50跌0.37%。沪深 京三市全天成交额15617亿元，较上日缩量1219亿元。全市场超3800只个股下跌。 ...

Core Viewpoint - The A-share market showed a collective rise in the morning session, with the Shanghai Composite Index slightly up by 0.04% and the ChiNext Index increasing by 0.76, indicating a positive market sentiment despite a significant number of stocks declining [1] Market Performance - The three major indices in the A-share market all experienced gains, with the Shanghai Composite Index at 3879.52 points, the Shenzhen Component Index up by 0.35%, and the ChiNext Index rising by 0.76% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 10,402 billion yuan, which is a decrease of 354 billion yuan compared to the previous day [1] - Nearly 3,500 stocks in the market saw declines, reflecting a mixed performance among individual stocks [1] Sector Analysis - The humanoid robot concept saw a significant surge, indicating strong interest and potential growth in this sector [1] - The Fujian sector remained active, suggesting regional strengths or specific company performances driving interest [1] - Conversely, the consumer sector showed weak performance, particularly in food, dairy, tourism, and hotel industries, which experienced notable declines [1]

记者丨刘雪莹 编辑丨曾静娇 开源证券表示，人形机器人板块调整趋近尾声，风险释放较为充分，对行业预期更加理性且一致；同时海外特斯拉和国内产业进展持续加速， 后续强催化较多。展望2026年，"趋势走强、景气上行"的布局窗口已然开启。 12月4日，A股市场早盘探底回升，创业板指盘中下跌0.5%，而后翻红一度涨超1%。沪深两市半日成交额1.04万亿，较上个交易日缩量555亿。 全市场近3500只个股下跌。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3879.52 | 13000.88 | 1395.62 | | +1.52 +0.04% +45.63 +0.35% +3.14 +0.23% | | | | 科创50 | 创业板指 | 万得全A | | 1320.44 | 3059.76 | 6187.44 | | +12.08 +0.92% +22.97 +0.76% +8.15 +0.13% | | | | 沪深300 | 中证500 | 中证A500 | | 4543.93 | 7021.22 | 5458.54 | | ...

| | | A股市值 | 较2025年以 | 2025年レ | | --- | --- | --- | --- | --- | | 代码 | 简称 | (亿元) | 来高点回撤 | 来机构调研 | | | | | (%) | 次数 | | 301236 | 软通动力 | 437.88 | -42. 81 | 6 | | 002664 | 信质集团 | 92. 78 | -36. 21 | 6 | | 300607 | 拓斯达 | 134. 32 | -35. 26 | 7 | | 603009 | 北特科技 | 135.72 | -34. 26 | 18 | | 603662 | 柯力传感 | 169.68 | 33.24 | 3 | | 002881 | 美格智能 | 127.29 | -33.19 | 1 | | 300680 | 降盛科技 | 104. 89 | 32. 94 | 2 | | 688077 | 大地能 | 34. 92 | -32. 88 | 4 | | 001339 | 智微智能 | 130. 99 | -32. 79 | 12 | | 603583 | 捷昌驱动 | 136. 22 ...

12月2日，Wind数据显示，A股市场共计55只个股涨停。其中医药商业板块海王生物收获5连板；商业航 天概念多股连板，通宇通讯4连板，雷科防务、顺灏股份、航天发展均3连板。一图速览今日连板股>> 医药商业板块海王生物收获5连板，商业航天概念通宇通讯4连板。 | 连板股 12.2 | | 截至收盘斩获连板个股 | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | 金富科技 | 7 | 包装 | | *ST亚太 | 6 | 精细化工 | | 海王生物 | 5 | 医药商业 | | 海欣食品 | 5 | 食品 | | 道明光学 | 4 | Al手机 | | 通宇通讯 | ব | 商业航天 | | 睿能科技 | 4 | 人形机器人 | | 雷科防务 | 3 | 商业航天 | | 顺灏股份 | 3 | 商业航天 | | 瑞玛精密 | 3 | 汽车零部件 | | 苏豪汇鸿 | 3 | 跨境电商 | | ST超步 | 3 | 服装 | | 航天发展 | 3 | 商业航天 | | 冰山冷热 | 2 | 冰雪经济 | | 嘉戎技术 | 2 | 盐湖提锂 | | ST信通 | 2 | Al ...

Core Viewpoint - The recent surge in stock price of Xiangyang Bearing is attributed to a combination of market sentiment and the company's inclusion in the humanoid robot concept, rather than a singular act of benevolence from major investors [1][2]. Group 1: Stock Performance - Xiangyang Bearing's stock price reached a limit up on November 28, with a price of 14.66 yuan and a market capitalization of 6.738 billion yuan [1]. - The stock experienced a price increase of over 20% within six trading days prior to the limit up, indicating high volatility and investor interest [2]. Group 2: Investor Behavior - Retail investors often seek explanations for stock price movements, which can lead to misguided beliefs about the influence of "main forces" or major investors [2][4]. - Emotional stories, such as the one shared by a retail investor seeking help for a sick child, can temporarily boost stock prices but may ultimately lead to losses for those who chase these trends [3][4]. Group 3: Market Dynamics - The concept of "main forces" in the market is increasingly challenged as the market grows and regulatory measures tighten, making it difficult for any single entity to manipulate stock prices significantly [2]. - The reliance on emotional narratives can distract from the underlying market logic, which is complex and not easily explained by simple stories [4].

Core Viewpoint - The company clarifies its business focus on industrial automation control products and IC product distribution, rather than being classified as a humanoid robot concept stock [1] Group 1: Business Overview - The company primarily engages in the research, development, production, and sales of industrial automation control products and IC product distribution [1] - The industrial automation control products are mainly applied in sectors such as textiles, machine tool processing, metallurgy, and energy power [1] Group 2: Financial Performance - For the first three quarters of 2025, the revenue from applications in the robotics sector amounted to approximately 16.78 million yuan, accounting for about 1.02% of the company's total revenue [1] - The company indicates that there is significant uncertainty regarding the future performance growth of its industrial control products in the robotics application field, which will not have a major impact on overall company performance [1]

Core Viewpoint - The company clarifies its position regarding media classification as a humanoid robot concept stock, emphasizing that its primary business is in industrial automation control products, with limited revenue from robotics applications [1] Group 1: Company Operations - The company's industrial automation control products are mainly used in textiles, machine tool processing, metallurgy, and energy power sectors [1] - Revenue from robotics applications for the first three quarters of 2025 is approximately 16.78 million yuan, accounting for about 1.02% of total revenue [1] - The company indicates that future performance growth in the robotics application sector is highly uncertain and will not have a significant impact on overall company performance [1] Group 2: Shareholder Activity - The shareholder, Pingtan Jierun Equity Investment Management Partnership (Limited Partnership), has reduced its stake by selling 1.5 million shares through centralized bidding [1] - The shareholder is still within the period of the reduction plan [1]

Core Viewpoint - The company, Ruineng Technology, has experienced a significant stock price fluctuation, with a cumulative increase of 20% over three consecutive trading days, prompting a clarification regarding its business focus and revenue sources [1] Group 1: Stock Performance - The company's stock trading showed an abnormal fluctuation, with a cumulative closing price increase of 20% over the trading days of November 26, 27, and 28, 2025 [1] - This fluctuation falls under the category of abnormal stock trading as per the Shanghai Stock Exchange regulations [1] Group 2: Business Clarification - The company clarified its primary business focus, stating that its industrial automation control products are mainly used in sectors such as textiles, machine tool processing, metallurgy, and energy power [1] - The revenue from the robotics sector for the first three quarters of 2025 amounted to approximately 16.78 million yuan, accounting for about 1.02% of the company's total revenue [1] - The company indicated that there is significant uncertainty regarding future revenue growth from its industrial control products in the robotics application area, asserting that it does not have a major impact on overall company performance [1]

Core Viewpoint - Despite a significant increase in revenue and a substantial reduction in net loss, Xiaopeng Motors' stock price has dropped approximately 15% since the earnings report, indicating market concerns despite positive financial results [1] Financial Performance - Xiaopeng Motors reported a revenue increase of 101.76% year-on-year for Q3 2025, with a notable reduction in net loss [1] - The gross margin for Q3 2025 reached 20.14%, up 4.88 percentage points year-on-year and 2.81 percentage points quarter-on-quarter, marking a historical high [2][3] - However, the automotive business's gross margin was only 13.1%, showing a year-on-year increase of 4.5 percentage points but a quarter-on-quarter decline of 1.2 percentage points [3] Sales and Pricing Dynamics - Xiaopeng's vehicle sales volume for Q3 2025 was 116,000 units, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.43% [4] - The average selling price (ASP) of Xiaopeng vehicles decreased to 155,600 yuan, down 8,000 yuan from the previous quarter, while the average cost per vehicle was 135,200 yuan, a decrease of approximately 5,000 yuan [4][5] - The decline in ASP is attributed to increased competition and a strategic decision to clear old inventory through targeted promotions [5] Cost and Material Concerns - The recent surge in lithium battery material prices has raised concerns about profitability, with lithium carbonate prices rising from 73,500 yuan/ton to 91,300 yuan/ton and hexafluorophosphate lithium increasing from 61,000 yuan/ton to 175,000 yuan/ton [6] - Xiaopeng's reliance on low-priced models makes it more sensitive to cost fluctuations, further complicating its profitability outlook [6] R&D Expenditure and Future Outlook - Xiaopeng's R&D expenses have significantly increased, reaching 2.4 billion yuan in Q3 2025, nearly double from previous levels, reflecting a strong focus on innovation [7][8] - The company aims to balance high R&D spending with profitability, as it prepares for a product launch year in 2026 [8] - Market sentiment is cautious regarding Xiaopeng's ability to sustain its growth strategy while managing costs and maintaining cash flow stability [11][12]