建"机"行事：机械周观点 20251130 该行业在未来 3 至 5 年内将持续保持较高增速。 达意隆公司的发展情况如何？ 达意隆公司作为液态产品智能工厂整线设备供应商，主要提供 PET 瓶吹瓶机、 灌装封口设备等整线解决方案。目前其订单非常饱满，并且产能持续扩张，以 应对需求增长。达意隆前三季度合同负债同比增长 46%，主要来自海外订单需 求。今年（2025 年）达意隆国内与海外收入结构从年初的 55%比 45%转变为 全年五五开，预计明年（2026 年）海外收入占比将提升至 60%。 达意隆在性 价比和服务方面具有优势，其设备价格较国外品牌低两到三成，同时服务速度 更快。在新兴市场中，其出口结构以南亚、东南亚为主，占整体海外营收的一 半左右。此外，公司还接到了印度某大型饮料集团的大额订单，这些订单将在 2 至 3 年内交付完毕，并可能带来更多后续订单。 达意隆今年（2025 年）的 产值大约为 17 亿元，自建产能每月可达到 2 亿元以上规模。预计 2026 年至 2027 年的扩产计划每年将释放约 5 亿元产值，到 2027 年底长期满产时自建 产能将达到 27 亿元。同时，公司还租赁外部厂房以增加生产 ...

一、停复牌 东方精工：拟现金方式出售Fosber集团等三家公司100%股权，预计构成重大资产重组。 三、增持回购 中国巨石：振石集团拟5.5亿元-11亿元增持公司股份。 1、华锋股份：控股股东和实控人拟均变更为陈运，股票复牌。 2、超卓航科：实控人将变更为湖北省国资委，股票复牌。 3、ST天瑞：公司控股股东、实际控制人筹划控制权变更，股票停牌。 4、凯众股份：拟购买安徽拓盛汽车零部件股份有限公司60%股权，股票复牌。 5、嘉戎技术：拟购买杭州蓝然100%股份，股票复牌。标的公司以电渗析技术研发与应用为核心，主要 从事离子交换膜及膜组件、电渗析相关设备的研发、生产、销售及技术服务，构建了一条涵盖"膜材料- 离子交换膜-膜组件-电渗析设备-控制系统-电渗析应用技术-电渗析应用集成设备"的电渗析产业链。 6、恩捷股份：拟购买中科华联100%股权，股票停牌。 二、并购重组 5、江西铜业：拟收购境外上市公司SolGold Plc股份，目前仍处非正式要约阶段，且已被目标公司董事 会拒绝。公司保留提出正式要约的权利。 6、吉峰科技：拟5000万元投资设立全资子公司吉峰低空科技（盐城）有限公司。 7、长安汽车：拟以自有资金出 ...

来源：市场资讯 风险提示：政策低于预期风险、流动性收紧风险、产业进展不及预期风险、数据统计存在误差等 1、本周修复为主，全月市场轮动较快 上周周报我们指出回调是布局良机，本周市场如期走出修复行情，结构明显分化。全周来看，申万一级 行业中收跌的仅偏避险方向，强劲上涨的方向集中在科技成长方向。往后看，美联储12月降息落地与 否，以及在明年两会前能够为市场提供重要指引的中央经济工作会议预计是市场核心关注点。 来源：陈果投资策略 摘要 上周周报我们指出回调是布局良机，本周市场如期走出修复行情，科技成长领涨，但成交量偏低迷，显 示资金观望情绪偏高。后续美联储12月利率决定和指引，以及中央经济工作会议预计是12月市场核心关 注宏观事件。11月全月行业轮动速度较快，避险和科技成长轮番接力。历史经验表明，行业轮动加速期 后市场未必进入系统性调整，其走势更多取决于估值水平、前期涨幅涨速以及后续主线能否形成有效接 续。924行情以来，有3个阶段出现"量缩价稳"，这是牛市中的震荡整固期特征。在市场快速修复后，短 期投资者也需要一些耐心。 近期值得注意的是，11月以来人民币对美元汇率呈现稳中偏强态势，美联储降息预期再升温、中美关系 ...

周末要闻 | 下周策略 | 下周新股 工信部：加快推出针对性政策举措；依法依规治理动力和储能电池产业非理性竞争； 央行：继续坚持对虚拟货币的禁止性政策；持续打击虚拟货币相关非法金融活动； 全球存储芯片短缺加剧；研究机构预测存储芯片价格预计再涨50%； 我国成全球最大绿色债券市场； 未来10年全球算力或超70倍； 01.周末要闻 特朗普：将永久暂停来自"第三世界国家"的移民； 财政部：1-10月国有企业营业总收入683529.3亿元；同比增长0.9%； 国家统计局：11月份制造业PMI为49.2%；非制造业商务活动指数为49.5%； 国家航天局设立商业航天司；持续推动商业航天高质量发展； 现房销售制度改革提速；多地谋划现房销售支持政策； 太空数据中心有望形成新型产业链； A股11月收官！沪指本月跌1.67%；终结月线六连阳； 上期所：自2026年1月1日起；期货公司会员、境外特殊经纪参与者和境外中介机构不执行限仓； 上交所：本周（2025年11月24日至2025年11月28日）对*ST苏吴、*ST亚振等异常波动退市风险警示股票；以及合富中国、天普股份等波动幅度较大的股 票进行重点监控； 11月迄今（11.1-1 ...

（1）上周新股次新板块出现反弹；假设以 2024 年以来上市的新股次新板块比较 来看，期间板块平均涨幅 3.5%，实现正收益占比约 91.4%。 2025 年 11 月 30 日 策略类●证券研究报告 （2）在此前交易周新股次新二级交投触及短线冰点之后，上周板块交投意愿回升 或是应有之义；但需要注意的，从涨幅居前的新股次新标的来看，可能主题和行业 线索相对散乱，不排除此前交易周剧烈休整之后资金博弈反弹或占据主因，当前市 场共识可能尚未形成。而回到当前新股周期指标，正如我们上一期周报所述，新股 定价指标和部分情绪指标可能尚未阶段性见底，短线情绪遇冷之后出现的反弹可能 暂时难以驱动本轮休整周期变盘。因此，短期来看，虽然本轮休整周期自 9 月以来 持续时间已经足够，我们依然倾向于认为当前可能仍处于休整周期尾端，新一轮活 跃周期开启或需等待更多的周期指标共振回到阶段性低位、又或是更加强有力的外 部催化形成，总体还是建议保持适度谨慎；但与此同时，考虑到本轮休整周期已经 较长，对于休整相对充分且具备一定稀缺性的局部新股次新标的，或可加大跟踪， 灵活阶段性博弈或适度提前布局。 （3）具体方向上，略微拉长，一方面，资金长期聚 ...

◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 证 券 研 究 报 告 行业周报 锂电产业链持续景气，电解液涨幅显著 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年11月30日 投 资 要 点 需求旺盛，继续看好产业链优质企业。根据中汽协数据，10月，我国新能源汽车月产销分别完成177.2万辆和171.5万辆，同 比分别增长21.1%和20%。1~10月，我国新能源汽车产销累计完成1301.5万辆和1294.3万辆，同比分别增长33.1%和 32.7% 。供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行， 资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言， 产业链价格处于底部，价格企稳回升，部分环节如碳酸锂、六氟磷酸锂、电解液需求强劲，供给偏紧，价格进入上升阶段，看 好产业链优质公司。 行业评级及投资策略： 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好机器人阿尔法品种 ...

各位朋友，最近是不是发现身边做投资的朋友都在聊机构调研？就拿$立讯精密 sz002475$ 来说，11月 居然被576家机构围着问东问西，这里面有基金、券商、私募，还有外资机构，场面跟赶大集似的。作 为做了20年财经的帮主，今天就用聊天的方式，跟大家扒一扒这只被机构和外资同时盯上的股票，中长 线机会到底在哪。 那中长线怎么布局呢？帮主给大家两个思路。一是盯着AI终端的核心部件，比如智能眼镜的光学模 组、耳机的声学元件，这些立讯都有布局。二是关注机器人的核心部件，像伺服电机、减速器这些，立 讯现在就在参与行业标准制定，提前卡位很关键。 不过也得提醒大家，机构扎堆的票波动可能也大，得耐住性子做中长线。就像养孩子一样，得看长期成 长，不能因为一时涨跌就慌了神。立讯这只票，就像一辆在新赛道上加速的车，能不能跑到终点，咱们 得盯着它的技术布局和产能落地，慢慢看。 另外还有个细节很有意思，立讯虽然大部分产品卖国外，但三分之二的产能还留在国内，通过拆解不同 国家的产地要求来控制成本。这就跟咱们平时买菜砍价似的，得摸清楚对方的底牌，才能把成本降到最 低。这种精细化运营的能力，也是它能被这么多机构看中的原因之一。 当然，咱们也 ...

Core Viewpoint - The article discusses the recent performance of NVIDIA and its implications for the AI industry, emphasizing that the demand for GPUs is just beginning and that NVIDIA's ecosystem is crucial for its dominance in the market [4][19]. Financial Performance - NVIDIA's Q3 revenue reached $57 billion, a 62% year-over-year increase, with net profit at $31.9 billion, up 65% [6]. - The outlook for Q4 is even more optimistic, with projected revenue of $65 billion, representing an 85% year-over-year growth [7]. AI Market Dynamics - The article questions whether AI is a bubble, suggesting that the real issue is the ongoing and increasing demand for GPUs, which is far from reaching its peak [8]. - Three accelerating trends are identified that will drive GPU demand: 1. Non-AI software migrating from CPU to GPU, indicating a significant shift in data processing needs [9]. 2. Generative AI replacing traditional machine learning, leading to substantial changes in advertising effectiveness, with Meta's ad conversion rates increasing by 5% on Instagram and 3% on Facebook [10]. 3. The imminent explosion of autonomous driving, robotics, and intelligent agents, which are expected to grow at a rate ten times faster than current expectations [11]. Competitive Advantage - NVIDIA's competitive edge lies in its CUDA ecosystem, which supports a wide range of applications and is continuously evolving due to active developer engagement [15][16]. - The article argues that without software support, even the best hardware is ineffective, highlighting the importance of NVIDIA's established software ecosystem [16]. Strategic Investments - NVIDIA's investments in companies like OpenAI and Anthropic are not merely for chip sales but to integrate these companies into the CUDA ecosystem, enhancing its market position [18]. - The strategy aims to optimize AI models using NVIDIA's chips, thereby expanding the CUDA ecosystem and solidifying NVIDIA's dominance [18]. Future Outlook - The article posits that NVIDIA's true value lies in the anticipated $3-4 trillion annual investment in AI infrastructure, positioning the company as a foundational player in the AI era [19]. - The narrative suggests that the future of AI will be defined by those who successfully implement AI across various industries, indicating a significant opportunity for growth and innovation [21].

Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].

Group 1: Overall Market Insights - The report highlights the focus on the Federal Reserve's potential interest rate cuts, liquidity recovery, and AI chip competition in December, predicting a volatile recovery in the US stock market with opportunities for low-cost investments [4][14][15] - Domestic PMI shows slight improvement, with attention on policy signals from the Political Bureau and Central Economic Work Conference, indicating a cautious but positive outlook for the A-share market [4][19][21] - The report anticipates a range-bound movement in the A-share market, with a focus on low-consumption sectors, price recovery cycles, and technology themes driven by industrial catalysts [4][22] Group 2: Key Stock Recommendations - The report lists ten key stocks, including Luxshare Precision (002475.SZ) in electronics, Rui Ming Technology (002970.SZ) in new energy, and Zhongmin Resources (002738.SZ) in non-ferrous metals, among others, with no specific ranking [5][12] - Luxshare Precision is expected to benefit from AI-enabled consumer electronics, with a projected revenue growth from 265.32 billion to 358.63 billion RMB from 2024 to 2026 [23][26] - Rui Ming Technology is positioned as a leader in commercial vehicle AI solutions, with revenue forecasts of 26.7 billion to 41.5 billion RMB from 2025 to 2027, driven by policy support and safety requirements [30][34] Group 3: Industry-Specific Insights - The electronics sector, particularly Luxshare Precision, is experiencing growth due to AI integration in consumer electronics, with significant revenue increases expected [23][24] - The storage market is recovering, with companies like Zhaoyi Innovation (603986.SH) benefiting from rising demand and prices for niche DRAM products, projecting revenues of 73.83 million to 107.37 million RMB from 2024 to 2026 [27][28] - The new energy sector, represented by Rui Ming Technology, is set for high growth due to increasing demand for intelligent driving solutions and supportive regulations, with revenue forecasts indicating substantial growth [30][34] Group 4: Financial Performance and Projections - Luxshare Precision reported a revenue of 177.18 billion RMB for the first three quarters of 2024, with a year-on-year growth of 13.67% [23] - Zhaoyi Innovation's revenue for Q1 2024 showed a year-on-year increase of 21.32%, reflecting a recovery in the consumer market [27] - Zhongmin Resources is enhancing its lithium salt self-sufficiency and expanding its copper mining projects, with projected revenues of 56.91 billion to 97.27 billion RMB from 2024 to 2026 [49][50]