Core Events Schedule - November 17: 2025 Photovoltaic and Energy Storage Industry Conference; priority on energy storage over photovoltaic, with a high probability of low opening and high closing [1] - November 17: Guangzhou Home Appliance Consumption Innovation Conference; limited impact on consumer sector [1] - November 18: China Data and Storage Conference; expected strong opening due to US stock rebound [1] - November 19: China Energy Industry Development Conference; favorable policies expected to boost the new energy sector [1] - November 19: Taiwan Affairs Office press conference; focus on short-term sentiment, with potential for preemptive positioning [1] - November 20: Quantum Technology Development Conference; cautious outlook [2] - November 21: Rare Earth New Materials and Equipment Exhibition; limited impact without strong policy support [2] Key Sector Analysis 1. **New Energy Chain (Photovoltaic + Energy Storage + New Energy)** - Core investment theme for the upcoming week driven by favorable policies and clear industry trends [2] - Energy storage prioritized due to high growth potential, while photovoltaic should be approached cautiously to avoid high-risk scenarios [2] 2. **Short-term Sentiment Chain (Cross-Strait Concepts + Beautiful China)** - Catalyzed by the Taiwan Affairs Office press conference, with potential for preemptive positioning [2] - Historical caution advised due to potential for disappointment post-event [2] 3. **Storage Sector** - Passive opportunities linked to US market movements and conference catalysts, with a strong opening expected [2] - Recommended light participation without long-term holding [2] 4. **Quantum Technology + Rare Earth** - Weak catalysts observed, with a cautious approach recommended for both sectors [2] Overall Strategy for Next Week - Focus on the new energy chain as the core investment theme for Q4, particularly around policy announcements [3] - Target short-term opportunities around the Taiwan Affairs Office press conference, with a strategy to buy on dips [3] - Avoid sectors with weak catalysts or lacking independent logic, such as the storage sector and high-level rare earths [3] - Be aware of quantitative fund movements in photovoltaic and storage sectors, monitoring for potential volatility [3]

2025年上半年，公司实现营收3.68亿元，同比减少23.53%；归母净利润同比由正转负，亏损733.82万 元，同比下降132.58%。今年前三季度，合富中国实现营收5.49亿元，归母净利润亏损1239万元，继续 同比下降22.8%、146.65%。 合富中国认为，如果将来公司不能在产品布局、销售与服务网络等方面持续提升，激烈的市场竞争环境 可能会对公司生产经营和盈利能力造成不利影响。此外，若未来集中采购全面实施，且公司上游供应商 未能入围集中采购目录，同时公司未能持续增强与原厂和终端医疗机构的合作并将集中采购产品纳入体 外诊断产品集约化业务范围，则可能导致公司的供应商数量及供应产品品类受到限制，使得公司业务模 式的竞争优势减弱，并对公司的经营业绩产生不利影响。 合富中国11月13日公告称，公司股价累计涨幅已严重偏离基本面，投资者参与交易可能面临较大风险。 如公司股价进一步异常上涨，公司可能申请停牌核查。自2025年10月28日至2025年11月13日，公司股票 连续十三个交易日中有十二个交易日以涨停价收盘，并5次触及股价异常波动、3次触及严重异常波动情 形，期间累计涨幅达230.84%。截至11月13日收 ...

Core Viewpoint - The article discusses the recent trends in the A-share market, highlighting a shift in investment focus from previously popular sectors to undervalued ones, particularly in the Hainan and Straits regions, amidst a backdrop of declining trading volumes and net capital outflows [3][11]. Market Performance - On November 4, 2025, the A-share market opened lower and experienced a downward trend, with the three major indices showing a rebound towards the end of the trading day, closing in the green [2]. - The trading volume decreased to approximately 1.9 trillion yuan, with a net capital outflow of 106.6 billion yuan, indicating a cautious sentiment among investors [3]. Sector Analysis - The Hainan and Straits region stocks saw significant activity, with stocks like Hezhong China achieving a six-day consecutive rise and Pingtan Development hitting seven boards in eight days, reflecting strong market sentiment in these sectors [3][5][6]. - The banking sector played a stabilizing role in the market, ensuring the stability of the Shanghai Composite Index [3]. Stock Highlights - Pingtan Development emerged as the leading stock in the market, quickly rebounding after an initial drop, which helped boost the morale of the entire Straits sector [5]. - Hezhong China, associated with both the Straits and medical concepts, showed unexpected strong performance, contributing to the overall market dynamics [6]. - Other stocks such as Zhongneng Electric and Zhaobiao Co. also experienced significant gains, with both achieving a 20% limit-up [7]. Investment Sentiment - The recent surge in the Straits sector is attributed to patriotic sentiments following media coverage on cross-strait unification, indicating a strong emotional investment from the public [10]. - The article suggests a broader market rotation, moving away from previously favored sectors like AI and robotics towards more traditional and undervalued sectors, reflecting a natural market cycle [11].