11月25日，以光模块为代表的科技成长板块集体大涨，部分5G、游戏主题ETF涨超4%，多只通信、人工智能主题ETF涨超3%，超千只ETF收涨。 在近期A股宽幅震荡行情下，沪深300、中证500等宽基ETF成为资金的"避风港"。11月24日，跟踪沪深300的ETF净流入超53亿元，跟踪上证50、中证 A500、中证500等宽基指数的ETF均净流入超10亿元。 11月24日至11月25日，华夏基金、易方达基金、广发基金、华泰柏瑞基金、南方基金、鹏华基金、国联安基金上报首批科创创业机器人ETF，招商基金上 报首只科创创业半导体ETF。 11月25日，光模块、光通信等人工智能板块大幅领涨，中际旭创、新易盛分别上涨5%、4%；游戏、有色金属等板块也有亮眼表现，巨人网络涨停，世纪 华通涨超7%；创业板指、科创创业50等核心指数涨幅都在1.5%以上。 5GETF（159994）以及多只游戏主题ETF今日涨超4%，另有多只通信、动漫游戏、人工智能等主题ETF涨超3%。整体来看，超千只ETF收涨。 广发基金基金经理吕鑫认为，海外算力依旧是当前高确定性的方向。随着12月美联储降息概率提升，流动性压力大幅缓解，海外算力链在前期跌幅 ...

行情回顾及主要观点： 上周A股市场整体呈现下跌趋势，主要指数普遍回调：沪深300跌3.77%，中证500跌5.78%，中证1000跌 5.80%，创业板50跌6.04%，科创50跌5.54%。交易面，A股市场上周日均成交额在18700亿元左右，市场 交投活跃。市场热点呈现快速轮动特征，周初以锂电池、AI应用、福建板块及军工为主，随后半导体 （光刻胶）、机器人、水产接力，中后段银行及光刻胶走强。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技术+新能源+金融科技+医药四大新 质生产力赛道，科技成长属性纯粹。 图：创业板50指数四大赛道 数据来源：Wind，华安基金，截至2025-11-21 创业板50指数：追"光"识"新"更掘"金"。横向对比来看，创业板50指数的光模块含量、新能源含量以及 金融科技含量优于创业板指以及主流宽基指数。 创业板50ETF（159949）：汇聚创业板优势领域的成长白马，聚焦于科技成长属性的龙头企业。当前估 值37.44倍，近十年32.83%分位（数据来源：Wind，截至202 ...

（原标题：光模块概念股全面回暖，光库科技20CM涨停） 国盛证券最新研报表示，谷歌通过Gemini3证明了前沿模型技术仍处于快速迭代期，ScalingLaw依然有 效；英伟达则通过创纪录的业绩和指引展现了算力基础设施需求的持续火爆。谷歌与英伟达的强势表 现，共同勾勒出AI产业发展的核心飞轮：模型升级催生算力需求，算力增长为模型创新提供基础。技 术创新、算力基建与产业应用正形成良性循环，算力产业链维持高景气度。综上，我们继续看好算力板 块，坚定推荐算力产业链相关企业如光模块行业龙头。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 11月25日，A股市场震荡拉升，创业板指涨近2%。从板块来看，光模块（CPO）全线回暖，德科立、光 库科技、长光华芯均20CM涨停，长芯博创、炬光科技、凌云光涨超10%，仕佳光子、太辰光、威腾电 气、德福科技等个股跟涨。 消息面上，近期，Alphabet旗下谷歌（Google）发布新一代大型语言模型Gemini3，并从发布当天起将 其部署至谷歌搜索的AI模式、Gemini应用、API接口、VertexAI等核心产品。首席执行官桑达尔·皮查伊 （SundarPi ...

记者丨刘雪莹 编辑丨曾静娇 11月25日，亚太主要股指多数上涨，韩国综合指数、日经225指数均小幅收涨，软银集团逆市大跌近 10%，盘中创11月5日以来最大跌幅。 A股三大指数震荡拉升，创业板指收盘涨近2%，沪深两市成交额1.83万亿元，较上一个交易日放量858 亿元。市场共4297只个股上涨，其中95只个股涨停。截至发稿，港股主要指数飘红。 | 日经225 | 韩国综合 | 新加坡海峡 | | --- | --- | --- | | 48659.52 | 3857.78 | 4481.54 | | +33.64 +0.07% | +11.72 +0.30% | -15.09 -0.34% | | 澳洲标普200 | 印度 | MSCI台湾 | | 8537.00 | 84942.34 | 1055.10 | | -26.70 -0.31% | +41.63 +0.05% | +18.31 +1.77% | | 上证指数 | 深证成指 | 恒生指数 | | 3870.02 | 12777.31 | 25773.03 | | +33.26 +0.87% +192.23 +1.53% | | +56.53 +0. ...

AI应用概念再度爆发， 榕基软件7天6板，实达集团4连板。算力硬件股持续强势，特发信息3 连板，长飞光纤、汇绿生态涨停。 光模块（CPO）指数暴力拉升8.2%，德科立、长光华芯、光库科技20cm涨停。"易中天"三巨 头走强，其中中际旭创涨5%，成交额超211亿元居两市之首。 | | 光模块(CPO)指数(8841258) | | | | --- | --- | --- | --- | | | 6637.60 | 503.60 8.21% | | | 资料 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌 一 | | 德科立 | | 142.56 | 20.00% | | 688205.SH | | | | | 长米华芯 | | 89.29 | 20.00% | | 688048.SH | | | | | 光库科技 | | 147.00 | 20.00% | | 300620.SZ | | | | | 长芯博创 | | 123.00 | 13.87% | | 300548.SZ | | | | | 仕佳光子 | | 75.62 | 9.69% | | 688313.SH | | ...

盘面上，CPO概念、光模块板块爆发，德科立、等多股涨停；F5G概念拉升，涨停；流感季提前到来，流感概念活跃，等多股涨停；游戏板块走高，涨停； 教育股普涨，科德教育20CM涨停；贵金属、激光雷达、海南及通信设备等板块涨幅居前。另外，船舶制造板块下挫，跌近10%；水产养殖板块走低，水中 渔业跌停；航空机场、预制菜、转基因等板块跌幅居前。(格隆汇) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 格隆汇11月25日｜A股三大指数今日集体走高，截至收盘，沪指涨0.87%报3870点，深证成指涨1.53%，指涨1.77%。全市场成交额1.83万亿元，较前一交易 日增量858亿元，4300股上涨。 | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3870.02 | 12777.31 | 1396.8 | | +33.26 +0.87% +192.23 +1.53% +10.80 ...

来源：戴清策略思考 ⭕展望港股后市： 1、源头活水，慢牛在望。从宏观环境和流动性来看，美联储降息周期开启，全球宏观流动性或更为宽松，同时随着国内科技产业政策不断催化，更多增 量资金提升市场活跃度，还有长线资金不断入市，硬科技公司赴港上市，港股大盘或继续走"慢牛"行情。 2、配置方向上：在"十五五"规划政策指导下，在经济新旧动能转换之际，传统地产拉动的经济需求端的波动有所下降，而新质生产力等供给端的影响正 在逐步抬升。1）优质供给创造新增需求：部分新兴的科技产业正凭借技术进步的手段，通过优质供给创造新增需求，AI、机器人等产业正在经 历"0>1"的技术商业化的关键窗口期，当前"AI基建"相关环节景气加速扩散中，上游配套设施和能源设备正在受益中，如光模块、锂电、化工、金属等， 战略性看好AI应用（港股互联网等）。2）稀缺供给应享估值溢价：资源品从传统的经济周期驱动转向能源转型与地缘政治双轮驱动，对长期结构性供需 错配下的稀缺性进行定价，是在为一场确定的能源革命和不确定的全球格局进行定价，关注金属等。3）过剩产能逐步出清带来估值修复：光伏、化工等 部分行业已迎来"反内卷"政策落地，若行业供给加速出清，股票估值或将进 ...

Market Overview - A-shares opened higher on November 25, with the ChiNext Index rising by 3% at one point. The Shanghai Composite Index closed at 3880.22 points, up 1.13%, while the Shenzhen Component Index rose by 2.04% and the ChiNext Index increased by 2.6% [1][3]. Trading Volume and Market Sentiment - The trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, a significant increase of 149.3 billion yuan compared to the previous trading day. A total of 4888 stocks rose, with 77 hitting the daily limit, while only 458 stocks declined [3]. Sector Performance - The technology sector showed strong performance, particularly in computing hardware and AI applications, with significant rebounds in communication equipment and electronic components. The optical module (CPO), optical chip, optical communication, and ASIC chip sectors led the gains [3][4]. - The precious metals and education sectors also performed well, while previously high-performing sectors like aquaculture experienced notable pullbacks [3]. Notable Stocks and Indices - The CPO concept stock surged by 9%, with major players like Dekoli, Changguang Huaxin, and Guangku Technology hitting the daily limit of 20% increase. Other stocks such as Dongshan Precision and Shijia Photon also saw significant gains [5][6]. - The Hang Seng Technology Index rose over 1.4%, with stocks like Bilibili increasing nearly 6% and Xiaomi Group rising over 4% [4]. Precious Metals Sector - The precious metals sector saw a strong rally, with stocks like Huaxi Nonferrous Metals nearing the daily limit and Shengda Resources rising over 6%. Other notable performers included Western Gold and Zhongjin Gold, both up over 5% [12][13]. - Spot gold prices reached a weekly high of $4155.9 per ounce, driven by market expectations of a potential interest rate cut by the Federal Reserve [14]. Aquaculture Sector Decline - The aquaculture sector faced significant declines, with stocks like Zhongshui Fishery and Zangzi Island hitting the daily limit down, and Guolian Aquatic Products dropping nearly 9% [18][19].

Market Overview - The A-share market opened higher on November 25, with the ChiNext Index rising by 3% at one point [1] - By midday, the Shanghai Composite Index was at 3880.22 points, up 1.13%, while the Shenzhen Component rose by 2.04% and the ChiNext Index increased by 2.6% [2] Trading Volume and Market Sentiment - The trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, a significant increase of 149.3 billion yuan compared to the previous trading day [3] - A total of 4888 stocks rose, with 77 hitting the daily limit up, while only 458 stocks declined [3] Sector Performance - The technology growth sector showed strong performance, particularly in computing hardware and AI applications, with significant rebounds in communication equipment and electronic components [3] - The optical module (CPO) sector surged by 9%, with multiple stocks hitting the daily limit up, including Dekoli, Changguang Huaxin, and Guangku Technology [7] - Precious metals and education sectors also saw gains, while the aquaculture sector experienced a notable decline [3][18] Notable Stocks - Key stocks in the optical module sector included: - Dekoli: 20% increase, market cap of 22.6 billion yuan, year-to-date increase of 104.7% [8] - Guangku Technology: 20% increase, market cap of 36.6 billion yuan, year-to-date increase of 203.19% [8] - Changguang Huaxin: 20% increase, market cap of 15.7 billion yuan, year-to-date increase of 129.01% [8] - In the precious metals sector, notable performers included: - Huaxi Nonferrous: 9.33% increase, market cap of 25.6 billion yuan, year-to-date increase of 137.62% [14] - Shengda Resources: 6.25% increase, market cap of 16.3 billion yuan, year-to-date increase of 98.44% [14] Hong Kong Market Performance - The Hang Seng Technology Index rose over 1.4%, with notable increases in stocks such as Bilibili (nearly 6% increase) and Xiaomi Group (over 4% increase) [4]

Market Overview - A-shares opened higher and continued to rise, with the ChiNext Index reaching a gain of 3% at one point. As of the midday close, the Shanghai Composite Index was at 3880.22 points, up 1.13%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index increased by 2.6% [3][4]. Sector Performance - The technology growth sector showed strong performance, with significant rebounds in computing hardware and AI applications. The communication equipment and electronic components sectors led the gains, particularly in optical modules (CPO), optical chips, optical communications, and ASIC chip concepts [5][11]. - Precious metals and education sectors also performed well, with stocks related to cross-strait integration and automotive chips rising [6]. - Conversely, the previously high-performing aquaculture sector experienced a notable pullback, with the shipbuilding and shipping sectors weakening [7][28]. Notable Stocks - The optical module sector saw a surge, with the CPO concept rising by 9%. Several stocks hit the daily limit up, including Dekoli, Changguang Huaxin, and Guangke Technology, all achieving a 20% increase [11][12]. - Precious metals stocks also saw significant gains, with Huaxi Nonferrous Metals nearing the limit up, and Shengda Resources rising over 6%. Other notable performers included Xibu Gold and Zhongjin Gold, both up over 5% [21][22]. - In the photovoltaic equipment sector, Guosheng Technology hit the limit up, while Yangguang Electric Power rose nearly 6% [25][26]. Market Sentiment - The market sentiment was buoyed by expectations of a potential interest rate cut by the Federal Reserve, which contributed to the rise in gold prices, reaching a weekly high of $4155.9 per ounce [23][20].