Group 1 - The A-share market experienced a decline on November 18, with major indices falling: Shanghai Composite Index down 0.56%, Shenzhen Component Index down 0.43%, and ChiNext Index down 0.43%. The market's half-day trading volume exceeded 1.29 trillion yuan [1] - AI-related sectors showed strong performance, particularly in the "AI + e-commerce" direction, with stocks like Sora, multi-modal AI, and others seeing significant gains. Notable stocks such as Xuan Ya International, Zhi De Mai, Fu Shi Holdings, and Guangyun Technology hit the "20CM" limit up [1] - Ant Group launched a multi-modal AI assistant named "Lingguang," which supports natural language generation of small applications in 30 seconds and is the first in the industry to generate multi-modal content, including 3D models, audio, icons, animations, and maps. The assistant has three main functions and is available on both Android and Apple app stores [1] Group 2 - CITIC Securities indicated that the breakthrough in the multi-modal industry lies in the understanding rather than the generation aspect. The mainstream models are shifting from "modular" to "native multi-modal" architecture, which is expected to address AI understanding bottlenecks and drive industry value transitions. The firm recommends focusing on both "infrastructure" and "application" sectors [2] - The new energy sector is experiencing a pullback, particularly in the lithium battery supply chain, with significant declines in stocks like Huasheng Lithium Battery, Zhongyi Technology, and Tianli Lithium Energy. CATL's stock also fell by 1% following an announcement regarding a share transfer by a major shareholder [2] - Rising battery material prices are strengthening the lithium battery supply chain, driven by improved supply-demand dynamics in the energy storage industry. The demand for lithium iron phosphate, a mainstream technology for energy storage batteries, is increasing, while the supply of lithium hexafluorophosphate remains tight due to cautious expansion [2] - CITIC Jiantou expressed optimism about the excess profits in the downstream investment and operation of energy storage, which will be passed upstream through price increases in materials, batteries, and integration. The lithium battery supply chain shows significant elasticity, with opportunities in lithium hexafluorophosphate, lithium iron phosphate, anode materials, and separators [3]

风光储电力政策频出，预计估值有望提升 本报告导读： 苏粤两省呼吁电力交易签约减少恶性竞争，政策引导有利于市场化，预计估值有望 提升。 投资要点： 股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 业 周 股票研究 /[Table_Date] 2025.11.17 [table_Authors] 2025-11-18 [Table_Summary] 电力政策频出，预计估值有望提升：1、核电等能源行业也在鼓励民 企进入。电力市场逐渐完善，电力开放必然趋势，国企逐渐退出光 伏制造业。2、江苏广东呼吁电力交易签约减少恶性竞争，行业应有 合理盈利。3、压低售电侧盈利空间，避免用户和电厂受损。以上政 策全部有利市场化，预计估值有望提升。 《关于促进新能源消纳和调控的指导意见》：每年新增保底 2 亿新 能源装机来满足用电需求增量。1、持续保障新能源顺利接网，新增 用电量需求主要由新增新能源发电满足，全国每年新增 2 亿千瓦以 上新能源合理消纳需求。2、通过新能源集成发展、东部地区产业梯 度转移、西部地区挖掘消纳潜力等方式，促进"沙戈荒"新能源基地 实现规模化就地消纳。3、修订分布式新能源接网承载 ...

国泰海通晨报 2025 年 11 月 18 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【军工研究】佳驰科技：航空航天装备放量进度加快，带动隐身材料需求快速提升，公司作为 航空航天隐身材料材料核心供应商，业绩有望持续增长。我们预计公司 2025~2027 年归母净利润 为 5.35/7.73/9.94 亿元，EPS 分别为 1.34/1.93/2.48 元，综合 PE 及 PB 相对估值法，给予公司目标 价 83.68 元，给予"增持"评级。 2、【公用事业研究】公用事业：苏粤两省呼吁电力交易签约减少恶性竞争，政策引导有利于市场 化，预计估值有望提升。 3、【交通运输研究】皖通高速：2025 年 Q1 收购集团路产显著增厚业绩，Q3 宣广改扩建完工释 放通行需求，驱动盈利加速增长。公司拟收购山东高速股权有望继续增厚业绩，股息确定，维持 增持。 依托技术优势，持续开拓市场。1）公司特种产品持续向下游超材料结构件及其他军兵种需求拓 展。积极开拓舰船、航天、兵器等领域市场，为各类隐身武器装备提供高性能指标产品和服务，取得 良好进展。2）公司依托特种领域先进技术，拓展新一代电波暗室等民用 ...

Core Viewpoint - The company's performance in Q3 2025 met expectations, with significant revenue growth driven by increased sales and an optimized product matrix [1][2]. Performance Review - For the first three quarters of 2025, the company's revenue increased by 43% year-on-year to 239.5 billion yuan, while net profit attributable to shareholders remained flat at 13.1 billion yuan [1]. - In Q3 2025, operating revenue rose by 48% quarter-on-quarter and 15% year-on-year to 89.2 billion yuan, with net profit attributable to shareholders increasing by 56% quarter-on-quarter and 6% year-on-year to 3.82 billion yuan [1]. Development Trends - Sales volume surged by 46% year-on-year to 2.1702 million vehicles in the first three quarters of 2025, with Q3 2025 sales increasing by 43% quarter-on-quarter and 8% year-on-year to 761,000 vehicles [1]. - By brand, sales in Q3 2025 were 53,000 for Zeekr, 87,000 for Lynk & Co, and 327,000 for Galaxy, with quarter-on-quarter increases of 7%, 7%, and 13% respectively [1]. - The company is focusing on overseas markets, with Q3 2025 export sales increasing by 19% quarter-on-quarter to 112,000 vehicles [1]. Profitability and Quality Improvement - The gross profit margin in Q3 2025 improved by 1 percentage point year-on-year to 16.6%, benefiting from economies of scale and enhanced profitability of new energy vehicles [2]. - The company effectively managed expenses, with the combined sales, management, and research expense ratio decreasing by 0.7 percentage points quarter-on-quarter to 12.4% [2]. Shareholder Returns and Product Upgrades - The company announced a large-scale share buyback plan in Q3 2025, demonstrating a commitment to shareholder returns [2]. - The product strategy focuses on full-domain intelligence, with new models like the Galaxy A7 and Zeekr 9X set to launch in the second half of the year [2]. Profit Forecast and Valuation - Due to a strong new car cycle and the ramp-up of models like Galaxy M9 and Lynk & Co 900, the company raised its net profit forecasts for 2025 and 2026 by 4.5% and 11.9% to 16.9 billion yuan and 19.7 billion yuan respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 9.4 times for 2025 and 8.0 times for 2026, with a target price of 26.00 HKD, indicating a potential upside of 51.2% from the current price [2].

Core Viewpoint - The A-share bull market is experiencing distinct sector rotation characteristics, with previously popular sectors like AI and new energy undergoing adjustments, while the food and beverage sector, which has underperformed, is becoming a key target for capital seeking safe havens and rebound opportunities [1] Sector Analysis - The AI hardware sector is currently in a sideways consolidation phase due to concentrated profit-taking [1] - The new energy sector leaders have also shown signs of profit-taking, prompting some funds to seek new value opportunities [1] - The food and beverage sector has seen a nearly 5% decline this year, significantly underperforming the broader market, establishing itself as a low-valuation sector with high safety margins [1] Investment Trends - The food and beverage sector, characterized by essential consumption attributes, is expected to continue benefiting from capital inflows as a core asset for risk-averse investors [1] - On November 17, the food and beverage ETF (515170) recorded a net inflow of over 360 million yuan, marking three consecutive days of net inflows [1] ETF Insights - The food and beverage ETF (515170) tracks the CSI segmented food and beverage industry index, focusing on high-barrier and resilient sectors such as liquor, beverages, and seasoning products [1] - The top ten constituent stocks include major brands like "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," providing investors with a convenient way to access core assets in the food and beverage sector [1] - Compared to the high minimum investment thresholds of individual constituent stocks, the ETF serves as an accessible investment tool for smaller capital [1]

截至11月9日，沧州炼化当月就已完成5000吨高附加值石油焦的生产任务，产品陆续发往河南、山西、 山东等地区的下游客户。 创新管理 持续改进撬动大效益 "储能焦不是终点，我们会持续攻关，向更优指标迈进。"储能专用炭材料优化项目负责人张加锋说。石 油焦的核心竞争力在于产品品质，经过实际验证，该公司生产的储能专用炭材料克容量指标达359.6毫 安时/克，实现了性能新突破，可满足新能源汽车超快充电池对高端储能焦材料的需求。 为提升储能焦性能，沧州炼化优化团队动态响应，依托客户实测反馈，与石科院及下游客户深度协作攻 关，通过精准工艺调控，实现产品性能阶梯式提升，部分指标达到动力焦水平。 从"守着传统产品"到"瞄准高端市场"，沧州炼化加快推动石油焦产品转型升级，目前已研发生产储能专 用炭材料、预焙阳极石油焦这两种高附加值石油焦。前10个月，该公司高附加值石油焦产品出厂量近12 万吨，实现量效双升，为企业高质量发展注入新动能。 精准攻坚 产品稳定性大幅提升 近年来，随着新能源行业迅猛发展，储能专用材料应用前景及创效空间广阔。为此，沧州炼化组建由管 理、技术、操作人员组成的优化攻关团队，围绕"提品质、增效益"展开全链条攻关 ...

消息面上，行业龙头赣锋锂业预测，若2026年需求增速超过30%，碳酸锂市场短期内可能出现供需失 衡，价格或突破15万元/吨甚至冲击20万元/吨，提振市场信心。 今日（11月18日）揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格一度跌近 2%，现跌0.99%，回踩20日线。 技术分析人士指出，上升趋势中，回踩20日线，大概率是健康回调，或为低吸机会。20 日线反映了近 一个月投资者的平均持仓成本，回调到该位置，前期获利盘的抛压基本释放，而看好后续走势的资金会 认为这是"趋势未破"的安全买点，容易在此抄底形成支撑。若回踩时还伴随成交量萎缩，说明抛压已经 枯竭，是调整到位的强势信号。 值得关注的是，深交所数据显示，有色龙头ETF（159876）近2日连续吸金，合计金额1.8亿元，反映资 金大举进场布局，埋伏板块后市行情！ 成份股方面，盛新锂能盘中触板，现涨超8%，国城矿业涨超3%，中矿资源涨逾2%，涨幅居前。另一方 面，立中集团跌超10%，云铝股份、白银有色等个股跌逾3%，跌幅居前，拖累指数表现。 | | me 四大驱动!推升有色金属价格中枢! | | --- | --- | | | 1美联 ...

【导读】A股三大股指低开，盐湖提锂、房地产板块竞价活跃， 胜利股份1分钟封涨停 中国基金报记者 张舟 大家好，基金君和你一起关注今天早盘的市场行情！ 11月18日早盘，A股三大股指集体低开，沪指开盘报3962.44点，跌0.24%；深证成指跌0.31%，创业板指跌0.51%。 从板块看，盐湖提锂、房地产板块竞价活跃，海南自贸区、光伏设备板块拉升，而煤炭、航天军工板块出现回调。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 锂矿 | 盐湖提锂 | 维生素 | 近期定增 | SPD | 日用化工 | 石油天然气 | 石油化工 | 食品 | 工程机械 | | 2.80% | 1.16% | 0.57% | 0.47% | 0.42% | 0.47% | 0.35% | 0.35% | 0.26% | 0.26% | | 锂电负极 0.37% | 银行 0.21% | 白色家电 0.19% | 疫苗 0.17% | 保险 0.15% | 纺织服装 0 ...

巴基斯坦汽车展由巴基斯坦汽车零部件及配件制造商协会主办，是巴国内最大汽车展会。 2025年巴基斯坦汽车展在卡拉奇举行。贾迈勒·阿里摄 2025年巴基斯坦汽车展在卡拉奇举行。贾迈勒·阿里摄 人民网伊斯兰堡11月18日电 （记者赵益普）卡拉奇消息：11月14日至16日，2025年巴基斯坦汽车展在巴基斯 坦南部城市卡拉奇举行。本次汽车展吸引了巴基斯坦国内外超过300家车企参加，包括乘用车、商用车、摩托车及 汽车零部件企业，共同展出最新汽车产品并探索汽车行业的发展趋势。中国车企长安、奇瑞、长城、比亚迪等亮 相本次展览，并根据巴基斯坦市场需求推出多款全新新能源车型，受到参观者及客商广泛关注。 ...

格隆汇11月18日丨卫星化学(002648.SZ)在投资者互动平台表示，公司现有碳酸酯产能15万吨，含6万吨 碳酸二甲酯（DMC）、5万吨碳酸乙烯酯（EC）、4万吨碳酸二乙酯（DEC）和碳酸甲乙酯（EMC）。 下游可用于新能源、储能系统等。公司碳酸酯具有全产业链优势、产品布局全面，涵盖4种锂电池电解 液溶剂的主流产品，可为下游电解液客户提供整体解决方案。 ...