Market Sentiment Tracking - As of November 28, 2025, the proportion of rising stocks in the CSI 300 has slightly decreased month-on-month, remaining above 50%, indicating a cooling market sentiment [4] - The momentum sentiment indicators show a downward trend, with the fast line below the slow line, suggesting a cautious outlook in the near term [4] - The short-term CSI 300 index is in a non-prosperous sentiment zone [4] Fund Separation Tracking - As of November 28, 2025, the degree of fund separation has slightly declined, indicating a strengthening of fund clustering [5] - The excess returns of clustered stocks and funds have seen a slight decrease over the past month [5] PB-ROE-50 Strategy Tracking - In November 2025, the PB-ROE-50 strategy yielded negative excess returns across various stock pools [6] - The excess return for the CSI 500 stock pool was -0.08%, for the CSI 800 stock pool was -1.09%, and for the overall market stock pool was -3.26% [6] Institutional Research Strategy Tracking - In November 2025, the public fund research stock selection strategy achieved positive excess returns [7] - This strategy outperformed the CSI 800 by 3.49%, while the private fund research tracking strategy underperformed by -1.36% [7] Negative List - As of November 28, 2025, several stocks with high interest-bearing debt ratios, such as Guiding Compass and Huaying Technology, ranked below 100 in traditional metrics [8] - Stocks with high financial cost burdens include Langjin Technology and Delixi Shares, with metrics exceeding 10 times [8]