A股复盘 | 小登返场 / 2025.11.25 隔夜纳指一个反弹，我们的小登也"限时返场"！ 今天的主角是谷歌链，从光通信到PCB到液冷，谁从巴菲特买入谷歌开始就布局了的？说出来让我们炫耀下哇！ 谷歌近期老扔"炸"，从Gemini 3系列模型发布到Nano Banana Pro图像模型上线，再到自研TPU性能提升，最后是"每6个月算力容量翻 倍"。光交换（OCS）、液冷等新技术规模化部署，拉动硬件产业链需求。 英伟达盘前已经跌了，明天谷歌链继续嗨！ 昨天，A股弱势反弹，一是美股没企稳，二是中日关系不利于风险偏好修复。如今，这两大影响因素有所缓解。隔夜美股科技大涨，纳指涨超 2%，一扫AI泡沫阴霾。其次，就是突如其来的通话， 根据特朗普的披露，两人还要互访！ 不知道这些增量信号能不能支撑情绪修复一段时间。 另外，万科咋了？忽然就债券大跌了！ 找了下，今天就一条消息，深交所互动易披露， 万科回应投资者询问，确认已全部出售所持有的贝壳股票。 万科并未透露减持贝壳股份的 具体细节，包括时间节点、减持节奏和收益情况。 年内万科还有3笔境内债陆续到期，待偿本金总额为73亿元；2026年一季度还有11亿元境内债需要兑付。 ...

点评：国金证券认为，低空经济市场规模空间巨大，基础设施和飞行器制造两大领域将核心受益。目前低空经济整体处于发展初期，所需要的基础设施建设 既脱胎于传统的通用航空基础设施，又在其基础上对信息感知和信息处理能力做了较大的提升。无人机是低空经济主导产业， eVTOL是低空经济重要载 体，新型飞行器场景快速拓展空间广阔。技术成熟度提升下产品研发及取证周期有望缩短，多款产品有望迎来取证，商业化运营落地在即，应用场景逐步拓 展打开市场空间。 明日主题前瞻 1、华为手机 | "华为Mate 80系列|Mate X7及全场景新品发布会"，将于11月25日举行，届时将发布华为Mate 80系列、 Mate X7及多款全场景新品。从官方海 报看，此次新品在命名方面也有全新升级，华为Mate80 Pro Max将登场，或预示本代新品将迎来大幅升级，有望在性能、影像、创新黑科技以及智慧体验等 方面带来全方位革新。 点评：华为Mate X系列作为折叠屏赛道的开创者与引领者，在屏幕技术、铰链、性能等关键领域持续突破，推动折叠屏手机从"小众尝鲜"走向"主力机"。据 IDC统计，2025年三季度，中国折叠屏手机市场出货量已达263万台，同比 ...

Key Findings - The global Generation Z perceives the United States and China as the two most influential countries in international affairs, with this view remaining stable across different countries and educational backgrounds [8][34] - Nearly half (49.07%) of the respondents believe that China will be the leading force in the world economy over the next decade, followed by the United States at 29.27%, indicating a significant decline in the perceived economic influence of traditional developed countries like the EU, Japan, and the UK [8][44] - Generation Z anticipates a future dominated by technological advancements led by both China and the United States, with China expected to excel in fields such as renewable energy, artificial intelligence, 6G communication, and electric vehicles, while the U.S. maintains a lead in aerospace technology [8][47] Global Influence Perception - The ranking of countries by international influence among Generation Z is as follows: United States, China, Russia, EU, UK, and Japan, with the U.S. and China significantly ahead of the others [8][34] - The perception of influence varies by region, with North America viewing the U.S. as superior in multiple areas, while regions like Africa and South America show a high level of recognition for China [8][40] Economic Leadership Prediction - The belief in China's future economic leadership is particularly strong in Africa (59.01%) and South America (53.99%), while North America shows a preference for the U.S. (46.07%) but still acknowledges China's potential [8][46] - The survey indicates a marked decline in confidence towards the economic influence of traditional powers like the EU and Japan among Generation Z [8][44] Technological Leadership Outlook - Generation Z expects a dual dominance in technology between China and the U.S., with China leading in various application technologies and the U.S. retaining its edge in aerospace [8][47]

Core Insights - The UAE and South Korea have signed multiple cooperation agreements in various sectors, including AI, aerospace, nuclear energy, biomedicine, economic collaboration, and intellectual property, to strengthen their "special strategic partnership" [1] Group 1: Cooperation Areas - Agreements cover high-tech sectors, energy, innovation, and economic collaboration [1] - The partnership aims to enhance cooperation in advanced technologies and sustainable development [1] Group 2: Strategic Importance - The signing of these agreements signifies a deepening of ties between the UAE and South Korea, reflecting their commitment to mutual growth and development [1] - The collaboration is expected to drive significant advancements in both nations' economies and technological capabilities [1]

你对着流星许过愿吗？ 先别急着浪漫。你在夜空中看到的炫目流星，不一定是浪漫的星体碎片，而可能是一坨……正在燃烧 的……航天员粑粑。 没错，就是你想的那个"粑粑"。 所以，下次看到流星，先别急着许愿——你许愿的对象，没准儿正是一坨燃烧的粑粑。 你对太空生活还有多少好奇？ 太空中怎么喝水？怎么吃饭？ 第一位美国宇航员为什么升空时尿了裤子？ 宇航员生病了怎么办？能给自己做手术吗？ 这些看似"不正经"却超有趣的问题，答案都在《人类上天那些事儿》与《太空生存那些事儿》里。 那你有没有想过，太空粑粑都去哪里啦？ 人有三急，航天员也不例外。但太空没有下水道，这些粑粑该如何处理？ 直接扔出窗外当然不行，外太空温度零下二百多摄氏度，扔出去的便便会瞬间变身硬硬的冰坨子，万一 撞上空间站，后果不堪设想。 那怎么办？答案是：让粑粑坐飞船。 每隔一段时间，货运飞船会为空间站送来补给，返程时则装满积攒的垃圾，粑粑也放在里边。这些飞船 通常不会返回地球，而是进入大气层，与空气摩擦燃烧解体。随着飞船化为灰烬，那些飘散的内容物四 散而出，在夜空中划出闪亮的光芒，成为我们眼中的流星。 那意义就太大了，也许有一天，粑粑将成为人类移民火星甚至飞出太 ...

Market Overview - The U.S. government shutdown lasted 43 days, raising concerns about the sustainability of U.S. Treasury bonds and increasing uncertainty regarding the Federal Reserve's interest rate decisions[2] - In October, multiple financial and economic indicators in China showed a decline, but the long-term positive trend of the economy remains intact, supporting the achievement of annual targets[6] PPI Trends - Since June 2025, the PPI year-on-year growth rate has shown a bottoming recovery trend, indicating a potential economic recovery phase[10] - The report identifies two phases of PPI growth: the recovery from the bottom to the pre-positive peak and the return to overall peak levels, with various industries showing different performance in these phases[14] Investment Opportunities - The report suggests focusing on industries that are likely to benefit from the "anti-involution" policy, including small household appliances, paper, chemical products, and cosmetics, which have shown significant improvement since the policy's implementation[18] - The analysis indicates that cyclical sectors such as non-ferrous metals, construction materials, and machinery have outperformed during the recovery phase of PPI[19] Market Sentiment - The overall market sentiment has improved, with an increase in average daily trading volume to 20,438.27 billion yuan, up by 314.77 billion yuan from the previous week[5] - The A-share market's overall price-to-earnings ratio stands at 22.22, reflecting a slight decrease of 0.16% from the previous week, indicating a stable valuation environment[5] Strategic Recommendations - Investors are advised to maintain a balanced portfolio and focus on sectors aligned with the "anti-involution" and new demand trends, while monitoring key policy meetings and changes in the Federal Reserve's interest rate outlook[3] - The report emphasizes the importance of tracking the performance of industries with low capacity utilization and profitability that are expanding capacity, as these are expected to benefit from ongoing policy support[18]

Core Viewpoint - The stock market experienced a strong rally, with the Shanghai Composite Index reaching a new high not seen in over a decade, indicating positive investor sentiment and potential shifts in investment strategies as the year-end approaches [1] Market Performance - The Shanghai Composite Index rose by 0.73% to 4029.50 points, the Shenzhen Component Index increased by 1.78% to 13476.52 points, and the ChiNext Index surged by 2.55% to 3201.75 points [1] - The Northbound 50 Index saw a rise of 2.62%, with total trading volume across the Shanghai, Shenzhen, and North exchanges amounting to 20,659 billion yuan [1] Sector Performance - Key sectors such as non-ferrous metals, chemicals, coal, and steel collectively surged, while real estate, pharmaceuticals, and semiconductors also saw gains [1] - Emerging concepts like lithium batteries, organic silicon, and energy storage experienced significant upward movement [1] Investment Strategy Insights - Zhonghang Securities highlighted the market's focus on whether there will be a shift in investment themes as the year ends, with an emphasis on reallocating funds towards the next year [1] - The upcoming Central Economic Work Conference in December is expected to set the tone for macroeconomic policies and key tasks for the following year, influencing annual investment themes and stock valuations [1] - Institutions, driven by year-end assessments, may further encourage market trend shifts, with a balanced allocation strategy recommended, focusing on intelligent technology, aerospace, new demands, and "anti-involution" themes as per the 14th Five-Year Plan [1]

Core Points - The successful launch of Shenzhou-21 took place on October 31, with a large crowd gathering to witness the event [1][2] - The launch was marked by excitement from attendees, including children expressing their interest in space exploration [1] - Security personnel played a crucial role in ensuring safety during the launch, highlighting the importance of their duties [2] Group 1 - The Shenzhou-21 spacecraft was launched from the Jiuquan Satellite Launch Center, with a significant public turnout for the event [1] - Attendees included families and children, showcasing a strong public interest in space missions and future exploration [1] - The launch was celebrated as a moment of national pride, with local residents expressing their feelings of honor and excitement [1][2] Group 2 - Security measures were implemented during the launch, including personnel checks and crowd management to ensure safety [2] - Young police officers, such as Wang Ling, expressed pride in their role as part of the "space guardians" during the launch [2] - The serene environment of the Gobi Desert post-launch reflects the significance of the Shenzhou missions in pursuing space exploration [2]

Core Viewpoint - The successful launch of the Shenzhou 21 spacecraft marks a significant achievement in China's space exploration efforts, showcasing the enthusiasm and pride of the public and participants involved in the event [1][2]. Group 1: Launch Event - The Shenzhou 21 spacecraft was launched from the Jiuquan Satellite Launch Center on October 31, with a large crowd gathering to witness the event [1]. - Attendees included families and children, with many expressing excitement and curiosity about space exploration, particularly regarding the small mice onboard the spacecraft [1]. - The launch was marked by a countdown and a dramatic ignition, with the rocket lifting off amidst cheers from the crowd [1]. Group 2: Security and Support - Security personnel played a crucial role during the launch, conducting checks, patrolling, and ensuring the safety of the surrounding areas [2]. - Young police officers, such as Wang Ling, expressed pride in their role as part of the "space guardians," highlighting the honor of supporting the Shenzhou mission [2]. - The atmosphere post-launch returned to tranquility, with the natural landscape symbolically representing the ongoing journey of space exploration [2].

Core Viewpoint - The launch of Shenzhou 21 is a significant event for China's space program, coinciding with the 16th anniversary of the death of Qian Xuesen, a foundational figure in Chinese aerospace history [1][16]. Group 1: Historical Context - Qian Xuesen, upon learning of the founding of the People's Republic of China in 1949, began planning his return from the United States, where he was a prominent figure at the California Institute of Technology [3]. - Despite facing significant obstacles from the U.S. government, including wrongful imprisonment, Qian Xuesen remained determined to return to China, ultimately succeeding in 1955 [5][6]. Group 2: Contributions to Aerospace - After returning to China, Qian Xuesen played a crucial role in establishing and planning the country's rocket and space programs, significantly contributing to the development of aerospace talent in China [8]. - He was instrumental in the successful launch of China's first missile, Dongfeng-1, in 1960, marking the beginning of China's missile program [11]. - Qian Xuesen introduced the term "aerospace" in 1967, standardizing the terminology for China's space exploration activities [11][12]. Group 3: Legacy and Recognition - The successful launch of Shenzhou 5 in 2003, which carried China's first astronaut Yang Liwei, was a milestone that Qian Xuesen had anticipated, as he was honored by astronauts upon their return [13][14]. - The Shenzhou missions continue to honor Qian Xuesen's legacy, with each returning astronaut visiting his home to report their success, reflecting the ongoing impact of his contributions to China's space endeavors [16].