| HSTECH | 恒生科技 | Val | 5684.81 c | -72.07 | -1.25% | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 45 | 26172.27 | -212.01 | -0.80% | 盘面上，厨卫电器、能源金属、房地产、盐湖提锂板块涨幅居前。 09:27 碳酸锂期货主力合约涨超4%，现报96560元/吨。 09:27 房地产板块竞价活跃，中国武夷、ST中田、*ST阳光高开涨停，盈新发展涨超6%，合肥城建、华 夏幸福等跟涨。 盘面上，厨卫电器、能源金属、房地产、盐湖提锂板块涨幅居前，煤炭、贵金属、有机硅概念走低。 09:21 港股开盘丨恒生指数低开0.8% 恒生指数低开0.8%，恒生科技指数跌1.25%。新能源车概念股走低，小鹏汽车跌逾7%；创新药概念股回 调。能源储存、机器人板块走强。 09:25 A股开盘丨三大指数集体低开 沪指低开0.24%，深成指低开0.31%，创业板指低开0.51%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | ...

证券研究报告 | 2025年11月17日 金融工程日报 沪指震荡下跌，锂矿题材逆势爆发 核心观点 金融工程日报 市场表现：今日(20251117) 规模指数中中证 2000 指数表现较好，板块指数 中北证 50 指数表现较好，风格指数中中证 500 价值指数表现较好。计算机、 国防军工、煤炭、基础化工、房地产行业表现较好，医药、银行、非银、建 材、电新行业表现较差。锂矿、两岸融合、盐湖提锂、操作系统、水产等概 念表现较好，CRO、创新药、CAR-T 疗法、猴痘、疫苗等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 100 只股票涨停，有 13 只股 票跌停。昨日涨停股票今日收盘收益为 2.47%，昨日跌停股票今日收盘收益 为-2.56%。今日封板率 76%，较前日提升 10%，连板率 36%，较前日提升 6%。 市场资金流向：截至 20251114 两融余额为 24927 亿元，其中融资余额 24747 亿元，融券余额 180 亿元。两融余额占流通市值比重为 2.5%，两融交易占市 场成交额比重为 10.0%。 折溢价：20251114 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是 ...

Macro Dynamics - The Ministry of Finance reported that from January to October, the stamp duty on securities transactions reached 162.9 billion yuan, a year-on-year increase of 88.1% [2] - The total stamp duty collected during the same period was 378.1 billion yuan, reflecting a year-on-year growth of 29.5% [2] Automotive Industry - The China Automobile Industry Association called for industry peers to actively maintain the normal export order and interests of the Chinese automotive industry, emphasizing the importance of recent policies issued by various government departments [3] Gold Export Tax - Indonesia is finalizing a plan to impose an export tax of 7.5% to 15% on gold products, aimed at encouraging domestic processing of gold [5] Real Estate Market - According to Centaline Property, mainland buyers accounted for 24% of private residential transactions in Hong Kong in the first ten months, with 11,290 transactions totaling approximately 109.7 billion HKD (about 14.1 billion USD), marking a year-on-year increase of over 20% [6] Cosmetics Industry - The National Medical Products Administration issued opinions to deepen cosmetic regulation reform, aiming to foster internationally competitive domestic cosmetic brands through supportive policies [7] Financial Institutions - CITIC Securities is reducing its business categories as part of the follow-up to its acquisition of Guangzhou Securities, with applications submitted to the China Securities Regulatory Commission [8] Market Data - The Shanghai Composite Index fell by 0.46%, while the lithium mining sector showed strong performance with several stocks hitting the daily limit [10][11] - The Hang Seng Index decreased by 0.71%, with notable declines in major tech companies [12] Semiconductor Sector - The semiconductor index in A-shares has seen a year-to-date increase of 40.63%, with a total market value of 5.76 trillion yuan, reflecting a growth of 1.86 trillion yuan since the beginning of the year [13] Company Dynamics - XPeng Motors reported third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with a net loss of 380 million yuan [15] - Kexin Information is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [16] - Haiguang Information indicated that price fluctuations in storage chips could increase costs for server manufacturers, driven by surging demand for AI servers [17] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics, although there are risks associated with the development [18] - COMAC participated in the Dubai Airshow, showcasing the C919 and C909 aircraft, marking its first appearance at the event [19]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.46% closing at 3972.03 points, the Shenzhen Component down 0.11% at 13202.00 points, the Sci-Tech 50 down 0.53% at 1354.04 points, and the ChiNext Index down 0.20% at 3105.20 points [1][10] - Overall, the number of stocks that rose and fell was nearly balanced, with 2582 stocks rising and 2724 stocks falling, while 138 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 19108 billion, a decrease of 473 billion from the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included Computer (up 1.67%), National Defense and Military Industry (up 1.59%), Coal (up 1.32%), Telecommunications (up 1.10%), and Real Estate (up 1.00%). Conversely, the sectors that experienced the largest declines were Pharmaceutical and Biological (down 1.73%), Banking (down 1.31%), Non-Bank Financials (down 1.11%), Building Materials (down 0.93%), and Home Appliances (down 0.84%) [1][10] Concept Sector Performance - The concept sectors that performed well today included Lithium Mining, Cross-Strait Integration, Salt Lake Lithium Extraction, Operating Systems, Aquaculture, WEB 3.0, Pinduoduo Partners, Lithium Battery Electrolyte, Lithium Battery Cathode, Multi-Modal Models, AIGC, Cybersecurity, Virtual Humans, Power Batteries, and Baidu Platform [2]

Core Viewpoint - Wanli Stone's stock price has shown a significant increase this year, with a year-to-date rise of 19.24%, and a notable performance in recent trading days, indicating positive market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, Wanli Stone achieved a revenue of 936 million yuan, reflecting a year-on-year growth of 2.74%. However, the net profit attributable to shareholders decreased by 17.41%, amounting to 2.01 million yuan [2]. - Cumulative cash dividends since the company's A-share listing total 7.20 million yuan, with no dividends distributed in the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Wanli Stone increased to 17,300, up by 4.21% from the previous period. The average number of circulating shares per shareholder decreased by 4.04% to 11,158 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 2.81 million shares as a new shareholder [3]. Market Activity - On November 17, Wanli Stone's stock price fell by 2.03% to 39.05 yuan per share, with a trading volume of 361 million yuan and a turnover rate of 4.69%. The total market capitalization stands at 8.849 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on October 9 [1]. Business Overview - Wanli Stone, established on December 18, 1996, and listed on December 23, 2015, is located in Xiamen, Fujian Province. The company specializes in the research, design, production, and sales of architectural decorative stone and landscape stone [1]. - The main revenue sources for Wanli Stone include architectural decorative materials (41.53%), engineering construction (28.21%), landscape stone (15.25%), and other products (15.01%) [1].

11月14日，西藏珠峰盘中上涨2.06%，截至09:37，报16.35元/股，成交4.02亿元，换手率2.72%，总市值 149.47亿元。 截至10月20日，西藏珠峰股东户数11.33万，较上期减少3.50%；人均流通股8072股，较上期增加 3.63%。2025年1月-9月，西藏珠峰实现营业收入17.24亿元，同比增长46.08%；归母净利润4.37亿元，同 比增长99.13%。 分红方面，西藏珠峰A股上市后累计派现11.47亿元。近三年，累计派现5028.16万元。 机构持仓方面，截止2025年9月30日，西藏珠峰十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1736.76万股，相比上期增加38.59万股。南方中证1000ETF（512100）位居第五大流通股 东，持股835.69万股，相比上期减少7.88万股。华夏中证1000ETF（159845）位居第六大流通股东，持 股496.89万股，为新进股东。广发中证1000ETF（560010）位居第九大流通股东，持股385.94万股，为 新进股东。申万宏源证券有限公司退出十大流通股东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流入 ...

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3][5]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 德邦乐享生活混合A with a net value of 1.9413 and a growth of 10.98% 2. 德邦乐享生活混合C with a net value of 1.9084 and a growth of 10.97% 3. 泰信现代服务业混合 with a net value of 2.2020 and a growth of 8.31% 4. 东方阿尔法瑞享混合发起C with a net value of 1.0481 and a growth of 8.06% 5. 东方阿尔法瑞享混合发起A with a net value of 1.0482 and a growth of 8.06% 6. 浙商汇金先进制造混合 with a net value of 1.1248 and a growth of 7.88% 7. 先锋聚元灵活配置混合C with a net value of 1.4272 and a growth of 7.73% 8. 先锋聚元灵活配置混合A with a net value of 1.4649 and a growth of 7.73% 9. 先锋聚优C with a net value of 1.1950 and a growth of 7.62% 10. 先锋聚优A with a net value of 1.1742 and a growth of 7.62% [2]. - The bottom 10 funds with the lowest net value growth include: 1. 南方原油(QDII-FOF)C with a net value of 1.1037 and a decline of 2.14% 2. 南方原油(QDII-FOF-LOF) with a net value of 1.1404 and a decline of 2.14% 3. 嘉实原油(QDII-LOF) with a net value of 1.3445 and a decline of 1.78% 4. 华宝油气 with a net value of 0.7359 and a decline of 1.54% 5. 华宝油气C with a net value of 0.7176 and a decline of 1.54% 6. 易方达原油A类人民币 with a net value of 1.1056 and a decline of 1.53% 7. 广发道琼斯石油指数人民币A with a net value of 2.2919 and a decline of 1.31% 8. 广发道琼斯石油指数人民币C with a net value of 2.2576 and a decline of 1.31% 9. 广发道琼斯石油指数(QDII-LOF)人民币E with a net value of 2.2660 and a decline of 1.31% 10. 汇添富积极回报一年持有混合(FOF)C with a net value of 1.0850 and a decline of 1.14% [3]. Market Trends - The Shanghai Composite Index showed a rebound with a trading volume of 2.06 trillion, indicating a positive market sentiment with a ratio of advancing to declining stocks at 3953:1330 [5]. - Leading sectors included electrical equipment, non-ferrous metals, and chemicals, all showing gains exceeding 3%, while telecommunications and power sectors lagged [5]. Fund Strategy Analysis - The fund with the fastest net value growth, 德邦乐享生活混合A, has a concentrated holding of 60.72% in its top ten stocks, indicating a strategic shift towards lithium mining and related sectors [6]. - Conversely, the 南方原油(QDII-FOF)C fund, which tracks overseas crude oil prices, has underperformed due to a significant drop in oil prices, reflecting its focus on energy commodities [7].

截至11月13日收盘，盐湖提锂概念上涨4.14%，位居概念板块涨幅第6，板块内，40股上涨，盛新锂 能、*ST正平等涨停，富临精工、天齐锂业、新化股份等涨幅居前，分别上涨11.11%、9.98%、9.50%。 跌幅居前的有倍杰特、国机通用等，分别下跌1.63%、1.56%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 氟化工概念 | 4.50 | 芬太尼 | -0.31 | | 有机硅概念 | 4.47 | 同花顺果指数 | -0.29 | | 钠离子电池 | 4.47 | 深圳国企改革 | -0.24 | | 金属铅 | 4.27 | 高压氧舱 | -0.21 | | 磷化工 | 4.25 | F5G概念 | 0.06 | | 盐湖提锂 | 4.14 | 培育钻石 | 0.10 | | 金属锌 | 4.05 | DRG/DIP | 0.14 | | 石墨电极 | 4.01 | 太赫兹 | 0.17 | | 金属镍 | 3.93 | 青蒿素 | 0.23 | | 固态电池 | 3.86 | 血氧仪 | 0 ...

Core Insights - The stock price of Jiuwu Hi-Tech has increased by 43.26% year-to-date, with a recent decline of 0.76% over the last five trading days [1] - The company reported a significant year-on-year revenue growth of 24.37% and a net profit increase of 139.09% for the first nine months of 2025 [2] Financial Performance - As of November 13, Jiuwu Hi-Tech's stock price was 29.97 CNY per share, with a market capitalization of 3.748 billion CNY [1] - The company achieved a revenue of 374 million CNY and a net profit of 48.53 million CNY for the period from January to September 2025 [2] Shareholder Information - The number of shareholders increased by 24.63% to 25,100 as of September 30, with an average of 4,801 circulating shares per shareholder, a decrease of 19.83% [2] Business Overview - Jiuwu Hi-Tech specializes in membrane separation technology, focusing on ceramic membranes and providing integrated solutions for process separation and specialty water treatment [1] - The revenue composition includes 65.68% from materials and components, 32.89% from integrated membrane technology solutions, and 1.43% from other sources [1] Dividend Information - The company has distributed a total of 149 million CNY in dividends since its A-share listing, with 53.6 million CNY paid out in the last three years [3]

Core Viewpoint - Wanli Stone's stock has shown significant growth this year, with a notable increase in trading activity and a positive outlook on its financial performance despite a slight decline in net profit [1][2]. Group 1: Stock Performance - As of November 12, Wanli Stone's stock price increased by 2.00%, reaching 38.76 CNY per share, with a trading volume of 1.51 billion CNY and a turnover rate of 2.04%, resulting in a total market capitalization of 8.784 billion CNY [1]. - Year-to-date, Wanli Stone's stock price has risen by 18.35%, with a 5-day increase of 11.60%, a 20-day increase of 6.16%, and a 60-day increase of 23.83% [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on October 9 [1]. Group 2: Financial Performance - For the period from January to September 2025, Wanli Stone reported a revenue of 936 million CNY, reflecting a year-on-year growth of 2.74%, while the net profit attributable to shareholders was 2.0116 million CNY, showing a decline of 17.41% compared to the previous year [2]. - The company has distributed a total of 7.2 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Wanli Stone increased to 17,300, marking a rise of 4.21%, while the average circulating shares per person decreased by 4.04% to 11,158 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 2.8139 million shares as a new shareholder [3]. Group 4: Company Overview - Wanli Stone, established on December 18, 1996, and listed on December 23, 2015, is located in Xiamen, Fujian Province. The company specializes in the research, design, production, and sales of architectural decorative stone and landscape stone [1]. - The main revenue sources for Wanli Stone include architectural decorative materials (41.53%), engineering construction (28.21%), landscape stone (15.25%), and other products (15.01%) [1].