11月A股主要指数普遍下跌。受海外预期波动、市场风险偏好回落等因素影响，11月(截至26日)，A股 主要指数普遍下跌，其中科创50跌幅最大，11月份累计下跌了7.1%，而上证50跌幅最小，累计下跌 1.3%。行业端分化明显，综合、银行、传媒涨幅居前。 11月港股市场走势震荡。11月受美联储降息预期波动、AI泡沫担忧加剧等因素影响，港股市场整体走势 较为震荡。截至2025年11月26日，恒生香港35、恒生指数、恒生中国企业指数、恒生综合指数、恒生科 技的涨幅分别为1.1%、0.1%、-0.1%、-0.7%、-4.9%。 A股观点：市场仍处牛市，但短期或宽幅震荡 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然有相当大 的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要。不过短 期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势 为主。 智通财经APP获悉，光大证券发布研报称，A股市场大方向或仍处在牛市中，不过短期或进入宽幅震荡 阶段。与往年牛市相比，当前指数仍然有相当大的上涨空间，但是在国家对于"慢牛"的 ...

央视网消息：国家知识产权局11月28日召开新闻发布会介绍，"十四五"期间，我国知识产权综合实力得到全面提升。 国家知识产权局战略规划司司长 梁心新：我国在关键核心技术领域的高价值专利储备不断增强，正在加快从"量的积累"向"质的 提升"转变。 国家知识产权局介绍，我国知识产权转化运用效益显著提升。目前，我国专利密集型产业增加值占GDP比重已经超过13%，知识 产权使用费年进出口总额接近4000亿元。全球前5000个品牌中我国品牌价值达1.81万亿美元，位居全球第二。 截至2025年6月底，我国每万人口高价值发明专利拥有量达到15.3件，超额实现规划设定的预期目标；其中，战略性新兴产业发明 专利有效量超过140万件，保持较快增长。人工智能、先进制造、集成电路、生物医药、新能源等重点领域涌现出一大批原创性、引 领性创新成果。 ...

中基协最新发布的公募基金市场数据显示，截至2025年10月底，我国公募基金总规模为36.96万亿元， 这是我国公募基金总规模今年以来第七次创下历史新高。分类型来看，今年10月货币基金规模增长超 3800亿元，贡献最大规模增量，此外QDII基金规模也小幅增长。而股票基金和混合基金规模在10月分 别小幅下降289亿元和548亿元，债券基金规模下降超千亿元。 随着2025年度收官临近，基金发行也进入冲刺阶段，从全年数据来看，今年新发基金市场延续火热态 势，以基金成立日为统计口径，截至11月23日，全年新成立基金达到1340只，发行总规模达到10445.98 亿元。这标志着国内新基金年度发行规模自2019年以来，已连续第七年稳定在万亿元规模之上。 公募基金总规模年内七度刷新历史纪录，最新达到36.96万亿元，这一数字直观体现了资本市场的活 力。随着2025年即将进入最后一个月，新发基金年内达到了万亿级的规模，主动权益类产品成为绝对主 力。展望12月，A 股市场被多家机构看作是"牛市第二阶段"的整固期。 公募总规模达36.96万亿元，年内第七次创历史新高 12月展望：处于"牛市第二阶段"的整固期 2025年即将进入最后 ...

二是知识产权高效益运用对经济的贡献度持续提升。目前，我国专利密集型产业增加值占GDP比重已经 超过13%，版权产业增加值占GDP比重接近7.5%，地理标志产品直接产值接近9700亿元，知识产权使用 费年进出口总额接近4000亿元，银行业金融机构"十四五"以来累计发放知识产权质押贷款超6500亿元， 知识产权转化运用效益显著提升，有力支撑了经济高质量发展。 三是知识产权高标准保护助力营造良好营商环境。"十四五"以来，我国知识产权司法保护、行政保护、 协同保护和源头保护水平持续提高，知识产权保护社会满意度稳步提升到82分以上，知识产权民事案件 一审服判息诉率维持在90%的较高水平，对经营主体稳预期、强信心、增活力具有重要激励作用，为更 好推动高标准市场体系建设，营造一流营商环境打下坚实基础。 梁心新表示，面向"十五五"，我国知识产权工作将围绕党的二十届四中全会部署，进一步突出知识产权 规划指标质量导向，优化知识产权规划指标体系结构，推动知识产权高质量创造、高效益运用、高标准 保护、高品质服务和高水平国际合作，为2035年基本建成知识产权强国奠定更加坚实的基础。 结合"十四五"规划各项指标的完成情况，梁心新介绍了现 ...

Company Overview - The company is a leading global professional electronic manufacturing enterprise, consistently ranked among the top in the Electronic Manufacturing Service (EMS) industry by MMI [1] - It focuses on providing one-stop electronic product manufacturing services, including R&D, process design, production, supply chain management, logistics, and sales [1] - The company has established a development strategy centered on three main businesses: storage semiconductors, high-end manufacturing, and intelligent metering terminals [1] Semiconductor Industry Insights - As of June 2025, the global semiconductor industry sales reached $59.9 billion, a year-on-year increase of 19.6%, with the Chinese market growing by 13.1% [2] - In the packaging and testing sector, the top ten global testing companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a 3% annual growth [2] - The advanced packaging market is expected to reach $56.9 billion in total revenue by 2025, with a year-on-year growth of 9.6% [2] Technical Barriers and Future Plans - The company possesses high technical barriers in storage chip packaging, supported by an experienced R&D and engineering team, and advanced multi-layer stacking packaging capabilities [2] - Future plans for the high-end manufacturing sector include focusing on high-barrier, high-value-added businesses, enhancing digital transformation, and leveraging smart manufacturing and digital operations [2] - The company aims to transition from "Made in China" to "Created in China," emphasizing lean management, smart manufacturing, and the cultivation of new productive forces [2] Information Disclosure Compliance - The company adheres strictly to the information disclosure management regulations, ensuring that all disclosed information is true, accurate, complete, timely, and fair [2]

Investment Rating - The report indicates a positive investment outlook for sectors aligned with the "14th Five-Year Plan," highlighting a focus on emerging industries with significant policy support [1][5][6]. Core Insights - The report emphasizes that active investment strategies outperform passive ones, with the past decade's performance of the Chinese Embassy Index at an annualized return of only 2.2%, significantly lower than GDP growth [1][3]. - Emerging industries supported by the Five-Year Plan have yielded an average return of 40% over the past five years, surpassing the CSI 300 Index, which remained flat during the same period [3][5]. - The report identifies 35 sub-industries with a total market capitalization of $13 trillion as investment targets under the "14th Five-Year Plan," based on a detailed analysis of 400 policy-related statements [5][6]. Summary by Sections Investment Strategy - A flagship investment portfolio has been constructed, consisting of 50 stocks across 21 sectors, including artificial intelligence, advanced manufacturing, and clean energy, with a growth of 36% over the past year, outperforming the MSCI China Index by 13 percentage points [1][6][8]. - The selection criteria for stocks include growth expectations of over 20% in sales or earnings within two years, a PEG ratio below 2.5, and a focus on high-quality companies [6][7]. Market Opportunities - The report highlights that the Asian market is more susceptible to policy support, with a focus on small to medium-sized tech hardware and semiconductor companies in the onshore market, while offshore markets are directed towards large internet companies and undervalued firms [7][8]. - Domestic consumption is a key priority in the Five-Year Plan, with significant potential in sectors like tourism, entertainment, and new consumption themes, which are expected to benefit from policy backing [9][10]. Policy Impact - The inclusion of anti-pollution measures in the Five-Year Plan is projected to enhance corporate earnings by approximately 1.5% over the next five years, particularly benefiting heavily impacted sectors such as chemicals and metals [11][12]. - The report suggests that the next significant policy clarity will emerge during the March meetings, which will be crucial for adjusting investment strategies [12].

长江商报消息 ●长江商报记者 徐靓丽 由科技部和湖北省人民政府共同主办的2025中非创新合作与发展论坛近日在武汉开幕，来自中国、非 洲、美洲、欧洲等43个国家（地区）的政要、外交官、外宾代表，以及国家有关部委和20个省（区、 市）代表，中非知名专家以及高等院校、科研机构、企业等代表约800位嘉宾参加。论坛签署合作协议 39项、集中授（挂）牌成立平台23个。 主旨论坛发布《非洲粮食-水资源-环境保护与发展科学行动计划（2026-2030）》《中国农业科技减贫经 验案例及国际合作（英文版）》《非洲工业化蓝皮书（2024）-聚焦新能源产业》等3项重磅成果。同 时，论坛组织了中—坦疾病预防与公共卫生联合实验室、中国—埃及天然活性多肽资源发掘与利用联合 实验室、芝麻育种与产业化开发合作等科研合作、人才培养、产业对接项目，签署合作协议39项；集中 授（挂）牌成立"非洲智能建造推广中心""武汉市（中国—埃及）植物生物安全'一带一路'联合实验 室"等服务平台23个。 开幕式举行了第四届中非青年创新创业大赛决赛颁奖仪式。大赛面向中非40岁以下青年创新创业者，聚 焦数字经济、人工智能、生命健康、现代农业、绿色低碳、先进制造等领域 ...

Market Overview - The A-share market experienced a pullback this week due to a decline in market risk appetite, with major indices generally falling. The Shanghai Stock Exchange 50 Index had the best performance with a decline of -2.7%, while the ChiNext Index saw the worst performance with a decline of -6.2%. The overall valuation of the Wind All A Index is at the 83rd percentile since 2010 [4]. Industry Performance - In terms of industry performance, the banking, media, and food and beverage sectors experienced relatively smaller declines, with changes of -0.9%, -1.3%, and -1.4% respectively. Conversely, the power equipment, comprehensive, and basic chemicals sectors lagged behind with declines of -10.5%, -9.2%, and -7.5% respectively [4]. Important Events - Key events this week included China's stern diplomatic response to Japan's Prime Minister's erroneous remarks, the Netherlands' suspension of an administrative order against ASML, and President Putin's announcement regarding visa-free policies for Chinese citizens. Additionally, the November LPR rates were published, remaining unchanged at 3.0% for the 1-year and 3.5% for the 5-year, marking the sixth consecutive month of stability [5]. Market Sentiment - The market remains in a bull phase, but short-term fluctuations are expected due to overseas market volatility. Factors such as increased uncertainty regarding the Federal Reserve's potential rate cuts in December, high valuations in tech stocks, and concerns over an AI bubble have contributed to a turbulent week for U.S. stocks, with the Nasdaq index falling by 2.74% [6][7]. Investment Strategy - In the current market environment, the focus should be on defensive and consumer sectors in the short term, while maintaining attention on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term. The market is likely to experience a period of consolidation, with previously lagging sectors such as high-dividend and consumer stocks expected to perform better [7].

2025 年 11 月 23 日 策略研究 海外波动加剧，拖累国内市场 ——策略周专题（2025 年 11 月第 3 期） 要点 本周重要事件 政策及会议方面，中方就日方错误言论提出严正交涉、荷兰暂停对安世半导体行 政令等。中方就日本首相高市早苗错误言论向日方提出严正交涉，严肃敦促日方 收回错误言论；荷兰政府宣布暂停对安世半导体的行政令；俄罗斯总统普京表示， 针对中国公民的免签政策将于近期生效。 经济数据方面，本周国内 11 月 LPR 利率公布、美国 9 月非农数据公布。11 月 1 年期与 5 年期以上 LPR 分别为 3.0%、3.5%，连续第六个月维持不变；美国 9 月非农数据超预期，新增非农就业 11.9 万人，预期 5.0 万人，前值由 2.2 万人 修正为-0.4 万人，9 月失业率 4.4%，预期 4.3%，前值 4.3%，12 月降息或暂缓。 产业方面，阿里巴巴正式官宣"千问"项目、华为将于 11 月 25 日举行新品发 布会、摩尔线程 IPO 发行价出炉。阿里巴巴正式官宣"千问"项目，全力进军 "AI to C"市场；华为宣布于 11 月 25 日举行新品发布会；"国产 GPU 第一股" ...

近年来，随着国家大力发展新质生产力与战略性产业投资基金体系，金融机构与地方政府投资平台正在加速形成 协同机制。此次企航基金的成立，预计将重点投向先进制造、绿色能源、数字经济及科技创新等方向，为相关产 业链上下游企业提供资本助力与资源支持。 金融资本与产业投资再度联手布局实体经济。近日，上海浦创企航私募投资基金合伙企业（有限合伙）正式成 立，基金出资总额达33.34亿元人民币。根据天眼查公开信息，该基金的执行事务合伙人为农银资本管理有限公司 与上海浦东私募基金管理有限公司。 工商登记资料显示，该基金经营范围包括以私募基金形式开展股权投资、投资管理、资产管理等活动。合伙人结 构显示，基金由农银金融资产投资有限公司、上海浦东创新投资发展（集团）有限公司（简称"浦东创投集 团"）、农银资本管理有限公司以及上海浦东私募基金管理有限公司共同出资。 业内人士指出，农银投资与浦东创投的联合发起，体现了金融资本与地方产业资本在推动科技创新、先进制造和 战略性新兴产业发展中的协同意图。作为政策性金融机构旗下的重要投资平台，农银金融资产投资有限公司长期 聚焦支持优质企业资本结构优化和重点项目投资；浦东创投集团则在区域科技金融和产业 ...