Report Information - Report Name: Information Morning Report - Release Date: November 21, 2025 Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and the performance of various financial markets including futures, stocks, bonds, and foreign exchange. It also provides information on upcoming economic data releases and events. Summary by Category Overnight Market Trends - **Energy Futures**: US WTI crude oil was at $58.76 per barrel, Brent crude futures fell 0.63% to $63.11 per barrel [4]. - **Precious Metals**: COMEX gold futures dropped 0.15% to $4076.7 per ounce, COMEX silver futures declined 0.98% to $50.355 per ounce [5]. - **Base Metals**: LME nickel, copper, and lead fell, while zinc, tin, and aluminum rose [5]. - **Domestic Futures**: Fuel oil, asphalt, rubber, and 20 - number rubber rose, while pulp, palm oil, and glass fell [6]. Important Information Macroeconomic News - **Monetary Policy**: China's central bank kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively for six consecutive months [9]. - **Gold Exchange**: Shanghai Gold Exchange warned of market instability and asked members to take risk - control measures [9]. - **Trade and Economy**: China is implementing the consensus of the China - US Kuala Lumpur economic and trade consultations. The source of the global semiconductor supply chain chaos is in the Netherlands [9][12]. - **Stock Market Policy**: The CSRC will strengthen system construction, risk prevention, and investor protection [10]. - **Interest Rate Expectations**: Morgan Stanley no longer expects a Fed rate cut in December, now forecasting three cuts in January, April, and June next year [10]. - **International Politics**: Ukraine's President Zelensky agreed to work on a peace plan, and Iran's military raised its combat readiness [12][13]. Energy and Chemical Futures - **Soda Ash**: Total domestic soda ash inventory decreased by 3.68% to 164.44 million tons as of November 20 [14]. - **Pulp**: China's pulp port inventory rose 3.0% to 217.3 million tons [16]. - **Methanol**: East China port methanol inventory decreased by 1.57 million tons, and China's methanol production increased [17][18]. - **Fuel Oil and Distillates**: Singapore's fuel oil inventory dropped, while middle and light distillate inventories rose [17]. - **Float Glass**: National float glass inventory increased slightly, production hit a four - month low, and production profits declined [17][18]. Metal Futures - **Alumina and Aluminum**: Alumina inventory increased, and global and Chinese aluminum production data were reported [22]. - **Other Metals**: There were supply - demand imbalances in refined lead, nickel, and copper. China's imports of lithium carbonate and alumina changed [22]. - **Lithium Price**: BMI expects higher average prices for lithium carbonate and hydroxide in China in 2025 [23]. - **Futures Policy**: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [23][24]. Agricultural Futures - **Pork**: The central reserve of frozen pork will have an auction of 6500 tons [28]. - **Palm Oil**: Malaysian palm oil exports decreased, and China's palm oil import costs rose [29][30][32]. - **Soybeans and Wheat**: US private exporters reported sales of soybeans and wheat to China [33]. - **Sugarcane**: Thailand expects its 2025/26 sugarcane crushing volume to exceed 93 million tons [34]. - **Tariffs**: Trump modified tariffs on some Brazilian agricultural products [34]. Financial Markets Stocks - **A - shares**: The Shanghai Composite Index fell 0.4%, with solid - state battery and photovoltaic concept stocks dropping, and banks rising [36]. - **Hong Kong Stocks**: The Hang Seng Index rose 0.02%, while the Hang Seng Tech Index fell 0.58% [38]. - **IPO**: Moore Threads' IPO price was set at 114.28 yuan per share [39]. - **Corporate News**: NetEase's Q3 net income increased 8.2% [40]. Industries - **Digital Economy**: Guangdong aims to have the digital economy core industry's added - value account for over 16% of GDP by 2027 [41]. - **Battery Industry**: The battery industry is promoting anti - cut - throat competition [43]. - **Semiconductor**: China's chip design industry is expected to grow 29.4% in 2025 [43]. - **Salt Lake**: Qinghai will strengthen salt lake resource management [43]. - **Mobile Phones**: China's mobile phone shipments in September increased 10.1% year - on - year [44]. Overseas Markets - **US Economy**: US September non - farm payrolls increased, but unemployment rose. The probability of a Fed rate cut in December is low [45]. - **US Policy**: Trump may delay semiconductor tariffs and will launch an AI plan [45]. - **US Real Estate**: US existing home sales in October increased 1.2% [46]. International Stock Markets - **US Stocks**: The three major US stock indexes fell, with Cisco and Boeing leading the decline [48]. - **European Stocks**: European stock indexes rose, driven by risk sentiment and corporate profit expectations [48]. - **Investment Advice**: It's not a good time to short large - cap tech stocks, and the S&P 500 is expected to rise [48][49]. - **Stock Exchange**: Singapore and Nasdaq will launch a "Global Listing Board" in mid - 2026 [49]. - **Corporate Earnings**: Walmart's Q3 revenue increased, and it will move its listing to Nasdaq [49]. Commodities - **Lithium Carbonate**: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [51]. - **Precious Metals**: International precious metals futures fell due to a stronger dollar and reduced rate - cut expectations [52]. - **Oil Warning**: Saudi Aramco warned of future oil supply shortages [52]. Bonds - **Domestic Bonds**: The domestic bond market was volatile, and the central bank conducted 300 billion yuan of reverse repurchases [54]. - **Central Bank Bills**: The central bank will issue 45 billion yuan of central bank bills in Hong Kong on November 24 [54]. - **US Bonds**: US Treasury yields fell across the board [54]. Foreign Exchange - **Renminbi**: The on - shore RMB against the US dollar fell, and the RMB's global payment ranking was sixth in October [55][56]. - **Dollar Index**: The dollar index rose, and most non - US currencies fell [56]. - **Yen**: The yen against the dollar reached its weakest level since January, and the Japanese government expressed concern [58]. Upcoming Economic Data and Events - **Economic Data**: A series of economic data such as Japan's CPI, UK's retail sales, and US PMI are to be released [60]. - **Events**: Fed, ECB, and other central bank officials will make speeches, and there are important conferences and exhibitions [62].

来源：新浪证券-红岸工作室 11月18日，禾迈股份跌3.53%，成交额1.65亿元，换手率1.19%，总市值137.10亿元。 异动分析 光伏概念+储能+专精特新+人民币贬值受益+回购增持再贷款概念 1、杭州禾迈电力电子股份有限公司主营业务是光伏逆变器相关产品、储能相关产品、电气成套设备及 相关产品的研发、制造与销售业务。主要产品有微型逆变器及监控设备、分布式光伏发电系统、模块化 逆变器及其他电力变换设备、电气成套设备及元器件。 2、杭州禾迈电力电子股份有限公司的主营业务是光伏逆变器相关产品、储能相关产品、电气成套设备 及相关产品的研发、制造与销售业务。公司的主要产品是微型逆变器及监控设备、关断系统、组串式逆 变器、光伏发电系统、储能逆变器、储能系统。 3、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 公司简介 (免责声明：分析内容来源于互联网，不构成投资建议， ...

数据宝统计，截至14:52，清源股份成交额10.10亿元，创2024年11月4日以来新高。最新股价上涨 0.25%，换手率22.99%。上一交易日该股全天成交额为4.27亿元。（数据宝） （文章来源：证券时报网） ...

来源：新浪证券-红岸工作室 11月17日，禾迈股份跌1.52%，成交额1.99亿元，换手率1.40%，总市值142.11亿元。 异动分析 光伏概念+储能+专精特新+人民币贬值受益+回购增持再贷款概念 1、杭州禾迈电力电子股份有限公司主营业务是光伏逆变器相关产品、储能相关产品、电气成套设备及 相关产品的研发、制造与销售业务。主要产品有微型逆变器及监控设备、分布式光伏发电系统、模块化 逆变器及其他电力变换设备、电气成套设备及元器件。 2、杭州禾迈电力电子股份有限公司的主营业务是光伏逆变器相关产品、储能相关产品、电气成套设备 及相关产品的研发、制造与销售业务。公司的主要产品是微型逆变器及监控设备、关断系统、组串式逆 变器、光伏发电系统、储能逆变器、储能系统。 3、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 4、根据2024年年报，公司海外营收占比为64.25%，受益 ...

Core Viewpoint - The Asia-Pacific stock markets experienced a collective downturn influenced by a significant drop in the US stock market, with major indices in Hong Kong falling sharply [1] Group 1: Market Performance - The Hang Seng Technology Index plummeted by 3.1% at one point, ultimately closing down 2.83% [1] - The Hang Seng Index and the China Enterprises Index declined by 1.85% and 2.09%, respectively, with the Hang Seng Index losing 500 points and falling below the 27,000 mark [1] Group 2: Sector Performance - Major sectors such as large technology stocks, financials (including banks, insurance, and brokerages), and state-owned enterprises contributed to the market decline [1] - Baidu's stock dropped over 7% following its earnings report, while CITIC Securities fell more than 5%, China Life Insurance declined nearly 3%, and Agricultural Bank of China decreased by nearly 2% [1] - Bitcoin fell below $97,000, leading to a broader decline in cryptocurrency-related stocks, while semiconductor, automotive, photovoltaic, aviation, military, and precious metal stocks also experienced losses [1] Group 3: Resilient Sectors - Conversely, the biopharmaceutical sector saw gains, with Gilead Sciences rising over 15%, and both Lai Kai Pharmaceutical and Saint Noble Pharmaceutical increasing by over 12% [1] - JD Health led the internet healthcare stocks with a rise of over 6% [1] - Citigroup noted favorable prospects for pork prices in the China-US market, contributing to a historical high for the leading pork stock, WH Group [1]

Market Overview - The three major A-share indices opened lower and closed down, with the Shanghai Composite Index falling by 0.97%, the Shenzhen Component Index down by 1.93%, and the ChiNext Index decreasing by 2.82% [1] - The total trading volume in the Shanghai and Shenzhen markets was 19,804 billion yuan, a decrease of 853 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced declines [1] Sector Performance - The Hainan and Fujian sectors showed strong performance throughout the day, with several stocks hitting the daily limit [1] - Pharmaceutical stocks related to influenza saw significant gains, while gas and photovoltaic equipment sectors also performed well [1] - The storage chip sector experienced a pullback, with stocks like Baiwei Storage dropping over 10% [1] - The CPO and food and beverage sectors faced adjustments, with San Yuan shares hitting the daily limit down [1] Notable Stocks - Stocks such as Kangzhi Pharmaceutical, Hainan Haiyao, Hainan Development, and Haima Automobile reached the daily limit up [1] - Gas stocks like Changchun Gas and Victory Shares also hit the daily limit up [1] - The photovoltaic concept saw a brief surge before retreating, with Zhongxin Bo rising over 10% [1] - Medical stocks led the market, with companies like Yuyuan Pingmin and Renmin Tongtai hitting the daily limit up [1]

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down 0.24%, the Shenzhen Component Index down 1.07%, and the ChiNext Index down 1.58% [1] - Over 3,800 stocks in the two markets fell, with a total trading volume of 1.257 trillion [1] Sector Performance - The superhard materials sector experienced a significant drop of 4.65%, with Wald down 12.04% and other stocks like Hengsheng Medical Energy and Huifeng Diamond also seeing declines over 8% [3] - The photovoltaic sector faced heavy losses, with Tongwei Co. and Longi Green Energy reporting substantial declines [3] - The insurance sector opened strong, rising 2.45%, with China Pacific Insurance and New China Life Insurance both increasing over 3% [3] - The banking sector showed resilience, with Agricultural Bank of China and Industrial and Commercial Bank of China reaching historical highs [3] - The oil and gas sector strengthened, with PetroChina Oilfield Services and Jun Oil Co. both hitting the daily limit [3] - The food and beverage sector performed well, with Sanyuan Foods and Zhongrui Co. achieving consecutive gains [3] News Impact - SanDisk, a leader in flash memory, announced a significant price increase of up to 50% for NAND flash contracts in November [3] - The Ministry of Industry and Information Technology (MIIT) announced plans to promote the large-scale application of new technologies, particularly in industrial and humanoid robots [3] - MIIT emphasized strict control over new low-technology printed circuit board projects aimed solely at capacity expansion [3]

Group 1: Market Overview - The Shanghai Composite Index closed at 4000.13 points, with a slight decline of 0.06% [2] - The Shenzhen Component Index and the CSI 300 Index also experienced declines of 0.36% and 0.13% respectively [2] - The total trading volume across the markets was approximately 8404.67 billion CNY [2] Group 2: Mechanical Industry Insights - The mechanical industry report highlights significant events such as Elon Musk's $1 trillion compensation plan being approved, which received over 75% support [6] - Xiaopeng Motors launched its new humanoid robot, IRON, featuring advanced capabilities including 82 degrees of freedom and a height of no more than 170 cm [6][7] - The report emphasizes the potential for long-term investment opportunities in humanoid robots, particularly focusing on companies with strong supply chains and technological capabilities [7][8] Group 3: AI Infrastructure and Energy Supply - The report identifies AI computing power as a key growth area, with increasing demand for energy supply to support AI data centers [8] - Gas turbines are highlighted as a critical energy source for overseas data centers, benefiting from the surge in AI infrastructure needs [8] - Companies such as Yingliu Co., Haomai Technology, and Liande Co. are recommended for their strategic positioning in the energy supply for AI data centers [8] Group 4: Textile and Apparel Sector - The textile and apparel sector saw a 4.7% year-on-year growth in retail sales for September, with October showing pressure on textile exports [15][16] - The report notes that brand apparel outperformed textile manufacturing in November, with notable stock performances from Jiangnan Buyi and Semir Apparel [15] - The report suggests a positive outlook for textile manufacturing orders in Q4, driven by easing tariff impacts and recovery in major brands like Nike [17][18] Group 5: Investment Recommendations - For humanoid robots, the report recommends focusing on companies with strong supply chains and technological advancements, such as Hengli Hydraulic and Weiman Sealing [10] - In AI infrastructure, key investment targets include Yingliu Co. and Haomai Technology, which are positioned to benefit from the growing energy demands of AI data centers [10] - The textile sector is advised to focus on companies like Shenzhou International and Huayi Group, which are expected to benefit from recovering orders and improving market conditions [17][18]

Group 1 - The A-share market is currently in the early stages of a new bull market driven by policy and industry trends [2] - Short-term market fluctuations around the 4000-point level are beneficial for solidifying the market foundation and accumulating strength for future trends [2] - The computing power sector remains in a performance realization phase with relatively moderate valuation levels, and there is continued optimism for related industries such as PCB, domestic computing power, IP licensing, and chips [2] Group 2 - Huabao Fund has launched three major broad-based ETFs tracking the China A-share market, providing investors with diverse options for exposure [2] - The A50 ETF focuses on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of 500 stocks [2]

Market Overview - The market experienced fluctuations in the early session, with major indices initially turning positive before retreating again, leading to a decline in the ChiNext index by over 1% [1] - By the end of the morning session, the Shanghai Composite Index fell by 0.24%, the Shenzhen Component Index dropped by 1.07%, and the ChiNext index decreased by 1.58% [1] Sector Performance - The banking sector showed resilience, with Agricultural Bank of China and Industrial and Commercial Bank of China both reaching historical highs [2] - The robotics sector saw some activity, with Shoukai Co., Ltd. hitting the daily limit up [2] - The oil and gas sector strengthened, with PetroChina and Junyi Co., Ltd. also reaching the daily limit up [2] - The food and beverage sector performed well, with Sanyuan Foods and Zhongrui Co., Ltd. achieving three consecutive limit ups, while COFCO Sugar had two consecutive limit ups [2] Declining Stocks - The superhard materials sector faced a collective downturn, with World Co., Ltd. dropping over 12% [3] - The photovoltaic sector experienced significant declines, with Tongwei Co., Ltd. and Longi Green Energy both suffering substantial losses [3] Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 1.26 trillion yuan, an increase of 9 billion yuan compared to the previous trading day [4] Individual Stock Highlights - Sunshine Power had a trading volume exceeding 11.8 billion yuan, leading the market, followed by Zhongji Xuchuang and Xinyi Sheng with high trading volumes [5]