2025 年 11 月 6 日 A 股在全球市场的波动中展现韧性 分析师：惠祥凤 英大证券研究所证券研究报告 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周三日韩等亚太股市大跌，但 A 股在全球市场的波动中展现韧性。可能有以 下原因：首先，从市场结构看，保险资金、养老金等长期资金的持续入场，与上 市公司回购形成合力，为市场构筑了坚实的压舱石。这些具备逆周期属性的资金 有效平滑了外部影响。其次，产业升级与政策红利的双轮驱动，也给市场带来支 撑和提振。在政策层面，年末重要会议窗口催生了稳增长预期。与此同时，产业 层面的微观变革正在累积：新能源汽车渗透率持续突破、半导体国产化取得实质 进展，这些转型升级的切实成果正在重塑上市公司盈利预期。这种基本面的积极 变化，与资金结构改善形成共振，共同构筑了 A 股独立行情的坚实基础。 不过，节奏上看，市场仍需警惕潜在风险。近期成交逐步萎缩，显示投资者 热情尚未完全恢复。科技板块的分化也可能制约指数回升高度，盲目追涨风险较 高。短期来看，内外因素交织下市场 ...

据天眼查APP显示，厦门厦工机械股份有限公司成立于1997年02月26日，注册资本177409.448万人民 币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至09:52，厦工股份成交额12.56亿元，创2015年6月10日以来新高。最新股价上涨 5.66%，换手率17.91%。上一交易日该股全天成交额为7.41亿元。 ...

Core Insights - On November 5, 2023, brokerage firms issued target prices for listed companies, with notable increases for Weigao Orthopedics, Gree Electric Appliances, and Sany Heavy Industry, showing target price increases of 46.70%, 40.99%, and 37.03% respectively, across the medical device, white goods, and engineering machinery sectors [1][2]. Target Price Increases - Weigao Orthopedics (688161) received a target price of 42.63 yuan with a target increase of 46.70% from Dongfang Securities [2] - Gree Electric Appliances (000651) has a target price of 56.00 yuan, reflecting a 40.99% increase from CITIC Securities [2] - Sany Heavy Industry (600031) was assigned a target price of 29.90 yuan, indicating a 37.03% increase from Nomura Orient International Securities [2] - Other companies with significant target price increases include: - Perchaya (603605) with a 36.61% increase - FAW Jiefang (000800) with a 32.09% increase - Oppein Home Group (603833) with a 31.60% increase [2] Brokerage Recommendations - The number of brokerage recommendations for companies on November 5 includes: - Heng Rui Medicine (600276) with 2 recommendations - Platinum New Materials (300811) with 2 recommendations - Kweichow Moutai (600519) with 2 recommendations [3] - Upgrades in ratings include: - Trina Solar (688599) upgraded from "Hold" to "Buy" by CITIC Securities - Nengke Technology (603859) upgraded from "Hold" to "Buy" by Industrial Securities [4] Downgrades and New Coverage - Shanghai Yanpu (605128) was downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [5] - New coverage includes: - Salt Lake Co. (000792) rated "Buy" by Tianfeng Securities - Haoyang Co. (300833) rated "Hold" by Industrial Securities [6]

新华财经北京11月6日电四大证券报内容精华摘要如下： 中国证券报 ·风格再平衡引发热议公募再拾"哑铃型配置" 近期A股市场震荡幅度加大，风格再平衡成为市场热议的焦点。值得注意的是，多位知名均衡型基金经 理三季度在持仓上已经未雨绸缪。中国平安、万华化学、徐工机械、三一重工及洛阳钼业、兴业银锡等 标的陆续进入重仓股名单或是被持续增持。多位基金经理在三季报中提示，除AI带来的变革性机会 外，工程机械、化工、有色金属等行业都出现了投资机会，部分细分领域的产品量价均处于底部区间， 未来几年随着海外需求的逐步复苏，其收入有望保持持续增长。在前期市场充分定价科技成长高景气度 后，部分机构认为，近期市场轮动预期有所增强，周期板块走强背后是市场基于业绩表现和估值性价比 权衡的结果，因此哑铃型配置仍是当前平衡风险与收益的核心策略。 ·股票回购增持贷款业务落地一年试点银行有望扩围上市公司态度分化 股票回购增持贷款业务的参与机构范围有望扩容至城商行。此前，该业务仅限21家全国性金融机构参 与。据上市公司公告，北京银行、上海银行已与部分上市公司签署了有关股票回购增持贷款的贷款承诺 函。记者日前获悉，除了北京银行、上海银行外，宁波银行、 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) experienced a significant decrease in IPO activity in October 2025, with a total of 12 new listings raising a combined total of HKD 277.11 billion, marking a 20% decrease in the number of listings and a 47.9% decrease in fundraising compared to September 2025 [1][2]. IPO Activity - In October 2025, 12 new stocks were listed on the HKEX, raising a total of HKD 277.11 billion, which is a notable decline from the previous month [2]. - From January to October 2025, a total of 80 new stocks were listed, accumulating over HKD 2,150 billion in total fundraising [2]. - The largest fundraising in October was by Sany Heavy Industry, which raised HKD 134.53 billion, followed by Cambridge Technology with HKD 46.16 billion [2][5]. IPO Pipeline - As of November 4, 2025, there are 300 companies in the IPO queue on the HKEX, with 10 having passed the hearing process [6]. - Among the 300 companies, 293 are on the main board and 7 on the Growth Enterprise Market (GEM) [6]. - Companies such as Sairus and others are expected to list in November 2025 [6]. Notable New Listings - Sany Heavy Industry's IPO on October 28, 2025, had an issue price of HKD 21.3 per share, with the stock reaching a peak of HKD 22.3 on its first day of trading [5]. - Jin Ye International Group, which specializes in HVAC systems, saw its stock price increase over 300% on its first trading day, making it the highest first-day gainer among new listings in October [5]. Upcoming IPOs - Companies like Le Shushi, which focuses on baby and women's hygiene products, are planning to go public, with a global offering price not exceeding HKD 26.2 per share, aiming for a listing on November 10, 2025 [9].

2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03%，环比增长3.62%。其中：挖 掘机68.6小时；装载机98小时；汽车起重机103小时；履带起重机91.4小时；塔式起重机49.9小时；压路 机31.9小时；摊铺机45.8小时；旋挖钻机65.9小时；非公路矿用自卸车161小时；混凝土泵车41.5小时； 混凝土搅拌车65.9小时；叉车106小时。 11月5日，中国工程机械工业协会发布2025年10月工程机械市场指数快报。据中国工程机械工业协会统 计，2025年10月工程机械主要产品月开工率为55%，同比下降10.1个百分点，环比下降0.16个百分点。 其中：挖掘机55.1%；装载机58.2%；汽车起重机69.7%；履带起重机56.9%；塔式起重机39.9%；压路机 42.4%；摊铺机57%；旋挖钻机40.1%；非公路矿用自卸车45.9%；混凝土泵车36.1%；混凝土搅拌车 30.9%；叉车58.5%。 ...

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes. Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges, suggesting potential for revenue growth as overseas demand recovers in the coming years [1][5]. - Notable stocks like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy holdings list or continuously increased in holdings by several fund managers [1][2]. Group 2: Fund Manager Actions - China Ping An has gained favor among several well-known balanced and growth fund managers, with significant increases in holdings across multiple funds, totaling a market value of 794 million yuan and 358 million yuan in different funds [2]. - The chemical sector has also seen increased attention, with funds like China Europe Era Pioneer and China Europe New Blue Chip significantly increasing their positions in Wanhua Chemical, with total holdings exceeding 1 billion yuan [2][4]. Group 3: Market Trends - The cyclical and value-style stocks have gained traction, becoming key drivers of market performance, as the technology growth sector enters a high volatility phase [2][7]. - The non-ferrous metals sector has attracted considerable investment, with funds increasing their positions in stocks like Zijin Mining and Huaxi Nonferrous, with total holdings exceeding 1 billion yuan [4][5]. Group 4: Performance Metrics - As of November 4, several funds have managed to maintain positive returns despite market fluctuations, with some controlling net value drawdowns within 2% [4]. - The ETF market reflects this trend, with significant net inflows into various indices, indicating a shift towards value and dividend-paying assets [7][8]. Group 5: Future Outlook - Fund managers are optimistic about the potential for recovery in traditional industries, with low valuations and high dividend yields making certain stocks attractive for future investment [6][9]. - The market is expected to continue its focus on balanced strategies to navigate upcoming volatility, while still recognizing the long-term value in technology and growth sectors [8][9].

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes [1] Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges [1][4] - Notable companies like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy stock lists or continuously increased in holdings by various fund managers [1][2] - The resource sector, particularly non-ferrous metals, has attracted significant attention, with funds increasing their positions in companies like Zijin Mining and Huaxi Nonferrous [3] Group 2: Fund Manager Actions - China Ping An has gained favor among several balanced and growth fund managers, with total holdings in various funds reaching significant values, such as 794 million yuan and 358 million yuan [2] - Fund managers like Zhou Weiwen have increased allocations to non-ferrous metals, engineering machinery, and chemicals, anticipating revenue growth as overseas demand recovers [4] - The mechanical sector has also seen increased interest, with funds like Morgan Emerging Power adding XCMG to their top holdings [2] Group 3: Market Trends and Strategies - The recent shift towards value and cyclical stocks is seen as a response to the high valuation of technology growth stocks, leading to a balanced investment strategy to mitigate risks [1][7] - ETFs tracking various indices have seen significant net inflows, indicating a market trend towards lower valuation and dividend-paying assets [6] - The market is expected to undergo a style switch, with institutions likely to adjust their portfolios in November to prepare for the upcoming spring market [6][7]

Core Points - The company, Shaanxi Construction Machinery Co., Ltd., is convening its 2025 seventh extraordinary general meeting of shareholders on November 21, 2025, at 14:00 [1] - The meeting will be held at the company's conference room located at 418 Jinhua North Road, Xi'an [1] - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [2][4] Meeting Details - The meeting is called by the board of directors and will include both on-site and online voting options [1][2] - The online voting will be available on the day of the meeting from 9:15 to 15:00, with specific trading time slots for the voting platform [2] - Shareholders must register to attend the meeting, with personal shareholders required to present identification and proof of shareholding [11][12] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's network voting system, either via trading terminal or internet platform [6][8] - Multiple accounts held by a shareholder can be combined for voting rights, but repeated votes will be counted only once [6][7] - The meeting will not involve any public solicitation for voting rights [4] Agenda Items - The meeting will review and vote on various proposals, including the appointment of the new general manager, Huang Aimin, who replaces the previous general manager, Che Wanli [18][19][27] - There are no special resolutions or related party transactions requiring abstention from voting [6][30] - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation expenses [13]

Core Insights - Caterpillar hosted an analyst event in Texas, prompting reactions from Wall Street [1] Company Summary - The event provided insights into Caterpillar's strategic direction and operational performance [1] - Analysts are evaluating the implications of the information shared during the event for future investment opportunities [1] Industry Summary - The event highlights the ongoing interest in the construction and mining equipment sector, particularly in relation to market trends and economic indicators [1] - Wall Street's response may influence investor sentiment and market dynamics within the industry [1]