Market Overview - A-shares opened lower on November 28, with the Shenzhen Component Index and ChiNext Index showing gains [1] - Strong sectors included combustible ice, shale gas, superconductors, satellite navigation, and commercial aerospace, while coal, real estate, aquatic products, and organic silicon sectors experienced pullbacks [1] Commercial Aerospace Sector - The commercial aerospace concept saw significant strength, with stocks like Qianzhao Optoelectronics hitting the daily limit, and Tongyu Communication achieving two consecutive limit-ups [2] - Other companies such as Shunhao Co., Putian Technology, and Leike Defense also reached their daily limit [2] Data Center Development - Beijing plans to construct and operate large-scale data center systems with over 1 GW capacity in the 700-800 km dawn-dusk orbit to support AI computing in space [4] - The National Space Administration issued an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, aiming for significant advancements in innovation, resource utilization, industry growth, management services, and safety regulation [4] Lithium Battery Sector - The lithium battery electrolyte concept gained traction, with companies like Haike New Source and Tianli Lithium Energy showing notable gains [4] - Battery-grade electrolyte prices rose by 13.5% from 5200 CNY/ton to 5900 CNY/ton this week, marking a cumulative increase of 25% for the month [4] Solid-State Battery Development - Solid-state batteries are identified as a key driver for the future of the electric vehicle industry, with the first large-capacity solid-state battery production line in China currently undergoing small-scale testing [5] - Solid-state batteries offer advantages over traditional lithium-ion batteries, including increased safety and longer range for electric vehicles [5] Stock Performance and Risk Alerts - Maoye Commercial achieved a four-day limit-up streak, with the company confirming normal operations and no significant changes in its main business [7] - Jinfeng Technology also reached a five-day limit-up, currently planning to acquire at least 51% of Lanyuan Technology's shares [7][9] - ST Asia Pacific received a court ruling for restructuring, marking its fourth consecutive limit-up [9]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Company Movements - Wahaha Group has completed a core personnel change, with Zong Fuli officially stepping down as legal representative, chairman, and general manager, succeeded by Xu Simin [8] - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and continuously optimizes performance through high-difficulty samples [8] - After 12 years of listing, Joy City Property officially delisted from the Hong Kong Stock Exchange on November 27, due to its privatization plan [8] - Jinfutech announced that its existing business and Blue Origin Technology's business belong to different industries, presenting certain industry integration risks [8] - Toyota reported a 2.1% year-on-year increase in global sales for October, reaching 922,700 units, with a significant 26.4% increase in U.S. sales, while sales in China declined by 6.6% to 160,900 units [8] - Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CITIC Securities and CICC. The prospectus shows that Avita's revenue for the first half of this year was 12.208 billion yuan, a year-on-year increase of 98.52%, with vehicle sales revenue of 11.49 billion yuan [8] Investment News - On November 27, the A-share market experienced a pullback, with the Shanghai Composite Index closing up 0.29% at 3,875.26 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44%, respectively, with a market turnover of 1.72 trillion yuan [7] - Vanke's stock and bonds saw further declines, with "21 Vanke 02" closing down over 57%, "21 Vanke 06" down over 46%, and "22 Vanke 02" down over 42%, leading to temporary suspensions of six Vanke bonds due to significant declines. H-shares of Vanke fell nearly 8%, hitting a historical low, while Vanke A shares dropped over 7%, marking an 11-year low [7] - JPMorgan has upgraded its investment rating for the Chinese stock market to "overweight," suggesting a greater likelihood of substantial gains next year due to multiple supporting factors, including the implementation of AI applications, consumer stimulus measures, and governance reforms [7] - The Asset Management Association of China reported that by the end of October, the scale of private equity funds reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September, setting a historical high. In October, 1,389 new private equity funds were registered, with a new registered scale of 67.01 billion yuan [7]

Market Overview - On November 27, 15 stocks had a closing order amount exceeding 100 million yuan, with Snow Qi Electric leading at over 600 million yuan [1] - The top five stocks by closing order volume were Jialong Co., Maoye Commercial, Snow Qi Electric, Hai Xin Food, and Annie Co., with respective volumes of 605,900; 457,100; 364,400; 221,200; and 217,000 hands [1] - Snow Qi Electric's stock reached a limit-up, closing with a total of 364,400 hands [1] Company Developments - Snow Qi Electric is focusing on vertical integration and international expansion, primarily in the "large-volume refrigerator + commercial cold chain" sector [1] - The company reported a net purchase of 7.8964 million yuan from institutional trading seats between November 26 and 27 [1] - Snow Qi Electric confirmed that the acquisition of Hefei Shengbang Electric Co., Ltd. is progressing as planned, aimed at enhancing its supply chain and core competitiveness [2] Industry Trends - The solid-state battery sector saw a surge in stock prices, with companies like Mingguan New Materials, Lian De Equipment, and Huazi Technology experiencing limit-ups [3] - Mingguan New Materials has completed small-batch verification of its solid-state battery aluminum-plastic film project and is advancing customer integration [3] - Lian De Equipment is increasing R&D investments in lithium battery packaging and solid-state battery automation equipment, achieving product breakthroughs [3] Other Notable Stocks - In the organic silicon sector, Hongbai New Materials and Chenguang New Materials also saw stock price increases [4][5] - Hongbai New Materials has established a green circular industry chain, enhancing production capacity post-investment [4] - Chenguang New Materials specializes in functional silanes and is recognized as one of the most complete functional silane enterprises in China [5] Institutional Activity - Five stocks on the Dragon and Tiger list had net purchases exceeding 100 million yuan, including Haike New Source, Lian De Equipment, Te Yi Pharmaceutical, Annie Co., and Aerospace Power, with respective amounts of 214 million, 180 million, 159 million, 135 million, and 113 million yuan [7] - Among stocks with institutional participation, Haike New Source and Leike Defense led in net purchases [7]

A股复盘 | 轮动 / 2025.11.27 今天有没有站岗的？这资金也太坏了 你们这样，沪指怎么收复３９００点？ 整体来看，谷歌链有点涨不动了，电池链又开始蠢蠢欲动了，严格来说应该是涨价链，有机硅、CCL、EC等等。 自从上周五大跌以来，A股缩量修复，今天成交额都缩至１.７万亿了！主要还是量能欠缺，短线资金只能轮动。 各位，耗子尾汁！哈哈哈哈 今天看到彭博一个报道，给我笑死。知情人士称，万科公司在试图获得短期贷款以平息违约担忧时， 至少遭到了两家当地大型银行的拒绝。 万科已与多家银行就获取流动资金贷款进行磋商，以帮助偿还两笔总额达57亿元人民币（约合8.05亿美元）的债券，这两笔债券将于下月到 期。 知情人士透露，其中一家银行在万科寻求延长债券发行期限之前就已拒绝，另一家银行则在周四债券发行公告发布后也拒绝了这一请求。其 他知情人士表示，另有两家银行不愿继续推进此事。 | Key Dates | Ticker | Event | Principal (Yuan) | | --- | --- | --- | --- | | 12/15/2025 | VANKE 3 12/15/25 | Maturity | ...

宏 观 及 期 指 点 评 2025 年 11 月 27 日 前 10 个月工业企业利润同比增长 1.9% 股指期货偏强震荡 陶金峰 投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构成 具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行作 出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【行情前瞻要点】 11 月 27 日，股指期货主力合约 IF2512、IH2512、IC2512 和 IM2512 小幅高开；开盘后，冲高遇阻回 落，偏强震荡。1—10 月份，全国规模以上工业企业实现利润总额 59502.9 亿元，同比增长 1.9%，自今年 8 月份以来累计增速连续三个月保持增长，工业经济高质量发展稳步推进，将有助于股指期货短线反弹。 预计日内 IF2512 大概率将偏强震荡，并将上攻阻力位 4550 和 4565 点，45 ...

近日，俄乌地缘摩擦趋于缓和，美联储降息预期再起，全球市场担忧情绪有所缓解，或将对全球风险偏 好形成支撑。国内重点领域利好政策频发，A股长期向好的核心支撑逻辑未变，仍然看好后市发展。 今日市场冲高回落，截至收盘，上证指数收涨0.29%，报3875.26点，深证成指跌0.25%，创业板指收跌 0.44%，早盘一度涨超2%。板块方面，锂电池、消费电子涨幅居前，游戏、软件等承压。个股涨跌各 半，A股全天成交额1.72万亿元，较上日1.8万亿元小幅缩量。 (1)消费电子板块受政策利好及新品发布催化，今日涨幅居前。政策面上，工信部等六部门联合印发 《关于增强消费品供需适配性进一步促进消费的实施方案》，将消费电子与智能穿戴产品分别纳入"万 亿级"与"千亿级"重点消费领域，为相关行业注入了一剂政策强心剂。消息面上，今日阿里巴巴推出了 首款自研旗舰双显AI眼镜，理想汽车也披露了AI眼镜"Livis"的最新动向，智能穿戴设备领域热度持续 攀升。此前受存储成本上涨预期影响，消费电子板块经历了短期回调，当前估值水平较为适中。投资者 可适当关注消电ETF(561310)相关机会。 (2)今日锂电池产业链大幅拉升，固态电池概念领涨。供需 ...

Market Overview - A-shares experienced a day of fluctuations, with the Shanghai Composite Index closing up by 0.29%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44% respectively [2] - A total of 2,790 stocks rose in the market, with 63 hitting the daily limit up, while 2,447 stocks declined [3] Sector Performance - The organic silicon sector showed strength, with companies like Hongbai New Materials and Chenguang New Materials hitting the daily limit up [4] - Solid-state battery stocks surged, with Haike New Energy and Huazi Technology also reaching the daily limit up [5] - The consumer electronics sector was active, with companies such as HiVi Technology and Furi Electronics hitting the daily limit up, following the announcement of a new implementation plan by the Ministry of Industry and Information Technology aimed at enhancing consumer goods supply and demand adaptability [5] Declines - The AI application sector faced adjustments, with companies like Kaichun Co., Ltd. dropping over 10% [6] - CPO concept stocks saw a narrowing of gains, contributing to a decline in technology stocks and a drop in the ChiNext Index [7] International Market Insights - The Indian stock market reached new highs, with the Nifty 50 index touching 26,284.2 points and the BSE Sensex index rising to 86,055 points, marking a significant milestone [8] - The Nikkei 225 index in Japan increased by 1.23%, while the Korean Composite Index rose by 0.66% [9] - Analysts noted that the Nifty index is currently one of the least volatile global markets, with a record of 77 consecutive trading days with intraday fluctuations below 1.2% [10]

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 603626 | 科森科 技 | 9.97 | 17.65 | 28685.29 | 22.83 | | 002709 | 天赐材 料 | 2.70 | 7.37 | 26440.08 | 5.98 | | 300545 | 联得装 备 | 20.01 | 19.65 | 22809.02 | 29.92 | | 301292 | 海科新 源 | 20.00 | 39.89 | 20178.37 | 8.58 | | 002632 | 道明光 学 | 10.02 | 4.87 | 18529.13 | 57.86 | | 000559 | 万向钱 潮 | 5.83 | 6.18 | 18264.88 | 7.20 | | 300438 | 鹏辉能 | 14.64 | 15.48 | 16938.54 | 5.04 | | --- | --- | --- | --- | -- ...

Market Overview - A-shares experienced a day of fluctuations, with the Shanghai Composite Index closing up by 0.29%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44% respectively [4][6] - A total of 2,790 stocks rose, with 63 hitting the daily limit up, while 2,447 stocks declined [5][6] Sector Performance - The organic silicon sector showed strength, with stocks like Hongbai New Materials and Chenguang New Materials hitting the daily limit up [6] - Solid-state battery concept stocks surged, with Haike New Source and Huazi Technology also reaching the daily limit up [7] - The consumer electronics sector was active, with stocks such as HiVi Technology and Furi Electronics hitting the daily limit up, following a new implementation plan from the Ministry of Industry and Information Technology aimed at enhancing consumer goods supply and demand adaptability [8][9] Notable Stocks - Notable gainers included: - Huasheng Lithium Battery, up 15.54% at 115.86 - Jinyinhai, up 12.96% at 51.08 - Yuanchuang New Materials, up 11.03% at 47.21 [7] - Decliners included: - Pinming Technology, down 12.10% at 153.38 - Kaichun Co., down 12.02% at 36.46 - Sanwei Tiandi, down 10.69% at 42.21 [10] International Market Insights - The Indian stock market reached new highs, with the Nifty 50 index touching 26,284.2 points and the BSE Sensex reaching 86,055 points, driven by expectations of interest rate cuts and a rebound in tech stocks [13] - The Nikkei 225 index rose by 1.23%, while the Korean Composite Index increased by 0.66% [16]