丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 微盘股、中证 2000 指数交易活跃度持续修复— —W132 市场观察 报告要点 [Table_Summary] 当周市场波动较大，科技成长板块持续回落，低贝塔、红利风格相对抗跌。沪指周内震荡回调， 本周最后一个交易日回落收盘点位低于 3900，周中成交额也一度回落至 1.8 万亿以下，避险情 绪主导。风格角度来看，周度内小微盘回调，赚钱效应普遍偏弱；从成交活跃度来看，一级行 业中当周主要是消费板块内农产品、社会服务、商业贸易等周度成交活跃度回暖较多；风格震 荡下，机构重仓系列均有回调。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 微盘股、中证2]2000 指数交易活跃度持续修复— —W132 市场观察 [Table_Summary2] 度量市场情绪：微盘股、中证 2000 指数成交热度持续修复 机构赚钱效应：基金重仓系列 ...

本报讯(记者袁传玺)天眼查App显示，近日，许昌市胖东来梦之城商贸有限公司成立，注册资本1亿元， 经营范围包括日用百货销售、化妆品零售等。股东信息显示，该公司由许昌市胖东来商贸集团有限公司 全资持股。 ...

Group 1 - On November 20, among the 31 primary industries tracked by Shenwan, 11 industries experienced net financing inflows, with the communication industry leading at a net inflow of 1.402 billion yuan [1] - Other industries with significant net financing inflows included banking, defense and military, real estate, coal, and retail [1] Group 2 - A total of 1,593 individual stocks received net financing inflows on November 20, with 111 stocks having inflows exceeding 30 million yuan [1] - Among these, 21 stocks had net inflows exceeding 100 million yuan, with Xinyi Sheng leading at 0.953 billion yuan [1] - Other notable stocks with high net financing inflows included Zhongji Xuchuang, Tianfu Communication, Ningde Times, Bank of China, Aerospace Development, Sunshine Power, Shenghong Technology, and Huatai Securities [1]

又有A股公司提出赴港上市计划。 11月19日，大商集团股份有限公司（以下简称"大商股份（600694）"）披露的公告显示，公司拟在境外 发行股份（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市。《证券日 报》记者根据数据统计，截至11月19日收盘，A股市场今年已有141家公司提出赴港上市或分拆子公司 赴港上市的计划。 赴港上市热潮涌动 11月18日，大商股份召开的董事会会议审议通过相关议案，授权该公司的管理层启动本次H股上市的前 期筹备工作。而较早启动赴港上市的大金重工（002487）股份有限公司（以下简称"大金重工"）已于今 年9月末向香港联交所递交上市申请文件。 A股公司赴港上市案例的不断增多，背后离不开政策层面的支持。深圳咨询行业协会出海服务业委员会 主任郑磊在接受《证券日报》记者采访时表示："这些企业赴港上市得到了内地和香港监管部门的大力 支持，港股上市纳入境外上市备案管理新规，流程更加透明高效。香港联交所对市值≥100亿港元的A股 公司开启快速审批通道，审批周期缩短至30个工作日内。" 公开信息显示，2024年4月份，中国证监会发布资本市场对港合作措施，支持内地行业龙头企业赴 ...

Market Overview - The Shanghai Composite Index closed at 3990.49, experiencing fluctuations throughout the week[1] - The average daily trading volume remained stable above 20 trillion CNY[1] Sector Performance - The consumer sector, particularly social services, agricultural products, and commercial trade, showed significant recovery in trading activity[1] - The healthcare and consumer staples sectors led the weekly gains, with excess returns of 3.78% and 3.38% respectively[26] Investment Style Trends - Small-cap stocks demonstrated sustained activity, while growth stocks generally experienced declines[5] - Institutional heavyweights across various indices saw weekly adjustments, with the fund overlap index down by 1.76%[20] Market Sentiment - The micro-cap stock index's trading heat continued to recover, indicating improved market sentiment[5] - The overall risk appetite in the market remains balanced and defensive, reflecting cautious investor behavior[1] Risk Considerations - The report emphasizes that historical data does not guarantee future performance, highlighting the potential for market volatility due to macroeconomic changes[34]

证券日报网讯 通程控股（000419）11月17日在互动平台回答投资者提问时表示，截至2025年11月10 日，公司股东总户数为23544户。 ...

供销大集11月14日大宗交易平台出现一笔成交，成交量33.60万股，成交金额94.42万元，大宗交易成交 价为2.81元。该笔交易的买方营业部为中国国际金融股份有限公司深圳分公司，卖方营业部为机构专 用。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为1701.68万元。 据天眼查APP显示，供销大集集团股份有限公司成立于1996年12月05日，注册资本1805806.3354万人民 币。（数据宝） 11月14日供销大集大宗交易一览 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | | 业部 | | 33.60 | 94.42 | 2.81 | 0.00 | 中国国际金融股份有限公司 | 机构专 | | | | | | 深圳分公司 | 用 | （文章来源：证券时报网） 证券时报·数据宝统计显示，供销大集今日收盘价为2.81元，上涨1.81%，日换手率为6.28%，成交额为 26.30亿元，全天主力资金净流入1.75亿元 ...

Core Insights - A new company, Bozhou Jinyun Trading Co., Ltd., has been established with a registered capital of 300,000 RMB [1] Company Overview - The legal representative of the company is Yang Wenxiang [1] - The company’s business scope includes a wide range of activities such as sales and maintenance of office equipment, cleaning services, and various retail and wholesale operations [1] Business Activities - The company engages in the sale of office supplies, sports equipment, and daily necessities [1] - It also provides professional cleaning, disinfection services, and home services [1] - The company is involved in the sale of medical devices, personal protective equipment, and health food products [1] - Additionally, it offers internet sales and various other services related to public management and municipal facilities [1]

Core Insights - The first "Super League" in Nanjing concluded successfully, with significant attendance and viewership, contributing to a 19.3% growth in the city's sports industry revenue in the first half of the year [1] - Nanjing's tourism saw a robust increase, with 20.1 million visitors during the National Day and Mid-Autumn Festival holidays, generating a total tourism revenue of 27.94 billion yuan, marking historical highs [1][3] - The city aims to deepen the integration of culture, sports, tourism, and commerce to stimulate economic growth, as emphasized in recent government meetings [3][19] Sports Industry Growth - The "Super League" attracted 2.22 billion online viewers and 2.433 million on-site spectators, showcasing the event's popularity and its impact on local sports revenue [1] - The sports events have been pivotal in driving tourism and related economic activities, with a notable increase in visitor spending [1][7] Cultural and Tourism Integration - The city is focusing on enhancing the synergy between cultural, sports, tourism, and commercial sectors to create a more vibrant economic environment [3][19] - Suggestions include establishing a higher-level integration mechanism and developing themed tourism routes that combine various local attractions [4][6] Economic Development Strategies - Recommendations include creating a "Nanjing Ticket Root" digital platform to unify various ticketing systems and enhance consumer engagement through loyalty programs [7][10] - The establishment of a comprehensive marketing strategy to promote Nanjing's cultural heritage and tourism offerings is also suggested [12][13] Innovation in Consumer Experience - The integration of digital technologies and innovative business models is essential for enhancing visitor experiences and driving economic growth [15][17] - Proposals include developing immersive experiences and leveraging local cultural elements to attract more visitors [12][15] Government and Community Engagement - The local government is actively engaging with community members and stakeholders to gather insights and suggestions for improving the integration of various sectors [18][19] - There is a strong emphasis on collaboration between government, businesses, and cultural institutions to foster a more cohesive economic strategy [19]

Core Viewpoint - Multiple high-performing stocks have issued risk warnings due to significant price fluctuations and potential irrational market behavior, indicating a disconnect from their fundamental performance [1][3][5]. Group 1: Company Risk Warnings - Hezhong China reported a cumulative stock price increase of 200.75% over 11 out of 12 trading days, highlighting a significant deviation from its fundamental performance and ongoing losses [3][4]. - Tianji Co. noted a cumulative price increase of 215.24% over 28 trading days, with the controlling shareholder selling 8.4 million shares during this period, raising concerns about stock volatility [3][4]. - Zhejiang Dongri warned of potential irrational market behavior as its stock price rose significantly, emphasizing the need for cautious investment decisions [4][5]. - Dongbai Group's stock price also saw substantial increases, with static and rolling P/E ratios significantly higher than industry averages, indicating potential speculative trading risks [5][6]. - Aok Co. acknowledged a 31.91% price increase over two trading days, citing uncertainties in the lithium battery and construction chemicals sectors that could impact its performance [6][7]. Group 2: Specific Company Situations - ST Zhongdi's stock experienced a 153.19% price increase over a period of 19 consecutive trading days, leading to a suspension for investigation due to significant price volatility [2][8]. - ST Zhongdi's financial metrics showed a static P/E ratio of -12.83 and a rolling P/E ratio of -15.88, indicating a severe disconnect from industry standards [8][9]. - Three Yuan Co. reported a cumulative price deviation exceeding 20% over three trading days, warning investors of potential risks associated with its stock price volatility [6][7].