华福证券 国内宏观和产业政策周观察（1117-1123） 策略定期研究 2025 年 11 月 24 日 中电协推出磷酸铁锂成本定期披露制度 投资要点： 本周行业政策聚焦工业提质增效、民生住房保障、科创生态培育与金融 互联互通，全方位夯实经济高质量发展根基。国家及行业层面精准发力，如 商务部等七部门部署茧丝绸产业"东绸西固"、电源行业协会规范磷酸铁锂 市场秩序、财政部提前下达保障性安居工程补助资金，同时芯片设计业保持 高增长态势，中阿跨境支付合作实现突破，为产业升级与开放发展注入动 力。 本周A股各大板块以下跌为主。其中，跌幅前五的是工业贸易与综合 (- 12.10%)、电气设备 (-9.54%)、日常消费零售 (-8.88%)、化工 (-8.53%)、可 选消费零售 (-8.52%)。 本周热门概念中，涨幅排名前十的为水产 (+10.37%)、拼多多合作商 (+7.76%)、中船系 (+5.87%)、操作系统 (+4.94%)、WEB3.0 (+4.20%)、小 红书平台 (+4.16%)、多模态模型 (+2.33%)、虚拟人 (+2.19%)、Kimi (+1.84%)、百度平台 (+1.37%)。跌幅排 ...

Core Viewpoint - The optical module (CPO) index increased by 3% on November 19, with several constituent stocks showing significant gains, indicating a positive trend in the optical module industry [1] Group 1: Industry Performance - The CPO index rose by 3%, reflecting overall growth in the optical module sector [1] - Leading the gains among constituent stocks was LianTe Technology, followed by Changxin Bochuang, Guangku Technology, Dekeli, and Zhongji Xuchuang, which also experienced notable increases [1]

- The report discusses the market performance of various indices, highlighting that the CSI 500 Index performed well among scale indices, and the STAR 50 Index performed well among sector indices[2][7] - The market sentiment is detailed with 72 stocks hitting the daily limit up and 20 stocks hitting the daily limit down, with a sealing rate of 64% and a continuous board rate of 22%[2][14][17] - The report provides data on the financing balance and securities lending balance, with the total margin balance being 24,915 billion yuan as of November 5, 2025[2][19] - The ETF premium and discount rates are discussed, with the STAR Composite Index ETF Xingyin having the highest premium and the Dividend Low Volatility ETF Xinhua having the highest discount[3][23] - The report includes data on large transactions, with the average discount rate over the past six months being 6.32% and the discount rate on November 5, 2025, being 7.81%[3][26] - The annualized discount rates of the main contracts of stock index futures for the SSE 50, CSI 300, CSI 500, and CSI 1000 indices are provided, with the SSE 50 index futures having an annualized discount rate of 0.89% on November 6, 2025[3][28] - The report lists the stocks that have been frequently researched by institutions in the past week, with Sanhua Intelligent Controls being the most researched by 284 institutions[4][30] - The report provides data on the net inflow and outflow of institutional seats and Northbound funds, with Haike New Energy and Weichai Power being the top stocks for net inflow and outflow, respectively[4][36][37]

- The report does not contain any quantitative models or factors for analysis

Core Viewpoint - The article highlights significant movements in the stock market, particularly focusing on the surge in photolithography stocks and the performance of the fine chemical sector, with notable gains in various companies [2][6][13]. Market Overview - On October 27, the A-share market opened with all three major indices rising, with the ChiNext Index increasing by over 2% at one point before experiencing fluctuations [2]. - The Shanghai Composite Index closed at 3981.17, up by 30.86 points or 0.78%, while the Shenzhen Component Index rose by 133.77 points or 1.01% [3]. Sector Performance - The photolithography, storage chip, and computing hardware sectors saw the highest gains, while the education, commercial services, and gaming sectors experienced declines [6]. - In the fine chemical sector, multiple stocks hit the daily limit, with companies like JinHua New Materials and Fangyuan Co. showing significant increases [16][17]. Notable Stocks - Photolithography stocks opened strongly, with Jingrui Electric Materials reaching a 20% limit up, and Tongcheng New Materials hitting a one-word limit up [10][12]. - Zhongji Xuchuang's stock price surpassed 500 CNY for the first time, with a daily increase of nearly 3%, and a total market capitalization of 565.2 billion CNY [20][21]. Industry Insights - A recent study by a team from Peking University revealed a new method to analyze the micro-3D structure of photolithography molecules, which could lead to significant reductions in photolithography defects [12]. - According to a report from Codelco, the copper premium for the European market is set to rise to 345 USD per ton by 2026, indicating concerns over tight copper supply in the future [18]. Conclusion - The overall market sentiment appears positive, particularly in sectors related to technology and fine chemicals, with significant stock movements indicating potential investment opportunities [2][6][13].

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.71% to close at 3950.31 points, while the Shenzhen Component Index rose by 2.02% to 13289.18 points. The Sci-Tech 50 Index saw a significant increase of 4.35%, closing at 1462.22 points, and the ChiNext Index rose by 3.57% to 3171.57 points. Overall, 3025 stocks rose, 2273 fell, and 138 remained unchanged, with a total trading volume of 19742 billion yuan, an increase of 3303 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, the telecommunications, electronics, defense, electric equipment, computer, and non-ferrous metals sectors experienced notable gains. Conversely, the petroleum and petrochemical, coal, food and beverage, real estate, transportation, and steel industries faced declines [1][2]. Sector Highlights - The leading sectors in terms of growth included memory storage, circuit boards, HBM, ASIC chips, optical modules (CPO), semiconductor silicon wafers, GPUs, national big fund, semiconductor selections, wafer industry, semiconductor industry, satellite internet, servers, chips, and optical communication [2].

- The provided content does not include any specific quantitative models or factors, their construction methodology, detailed construction process, evaluations, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 1.36% to close at 3916.33 points, while the Shenzhen Component Index rose by 2.06% to 13077.32 points. The Sci-Tech 50 index saw a gain of 2.81%, closing at 1406.32 points, and the ChiNext Index increased by 3.02% to 3083.72 points. Overall, 4624 stocks rose, 729 fell, and 80 remained unchanged, with a total trading volume of 18739 billion yuan, an increase of 1362.89 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, all sectors except coal experienced gains today. The leading sectors in terms of growth included telecommunications, electronics, construction decoration, comprehensive, real estate, and machinery equipment [1]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), consumer electronics OEM, optical chips, HBM, primary real estate developers, cultivated diamonds, copper-clad laminates, circuit boards, optical communications, excavators, memory storage, urban village renovation, natural gas, oil and gas extraction, and GPU sectors [1].

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index surpassing 3900 points, indicating a strong market performance [1][2] - As of the market close, the Shanghai Composite Index increased by 1.36% to 3916.33 points, the Shenzhen Component Index rose by 2.06% to 13077.32 points, and the ChiNext Index surged by 3.02% to 3083.72 points [1][2] - Over 4600 stocks in the market experienced gains, with a total trading volume of 189.27 billion yuan, showing an increase compared to the previous trading day [1][2] Group 2 - The communication equipment, energy equipment, and electronic components sectors led the market in terms of growth [2] - Notable concept sectors included optical modules (CPO), communication gold stocks, and ultra-wideband technology, which performed exceptionally well [2] - According to a report from Zhongtai Securities, as the third-quarter earnings reports begin to be disclosed, corporate profitability is becoming clearer, which may attract previously cautious funds back into the market, potentially increasing trading volume [2]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.63% to close at 3863.89 points, while the Shenzhen Component rose by 0.98% to 12813.21 points. The ChiNext Index saw a gain of 1.98%, closing at 2993.45 points. Overall, 4064 stocks rose, 1248 fell, and 121 remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 17376 billion, a decrease of 2005.11 million from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as telecommunications, coal, power equipment, machinery, electronics, and transportation showed significant gains. Conversely, industries like non-ferrous metals, agriculture, beauty care, food and beverage, and banking experienced declines [1][2]. Concept Sector Performance - The top-performing concept sectors today included cultivated diamonds, superhard materials, optical modules (CPO), lithium battery electrolytes, selected coal mining, aviation transportation, germanium-gallium-antimony ink, optical chips, optical communications, ice and snow tourism, oil and gas extraction, RF and antennas, 6G, and natural gas [2].