上海证券近日发布计算机行业周报：过去一周（11.03-11.07）上证综指上涨1.08%，创 业板指上涨0.65%，沪深300指数上涨0.82%，计算机（申万）指数下跌2.54%，跑输上证综 指3.62个百分点，跑输创业板指3.19个百分点，跑输沪深300指数3.36个百分点，位列全行业 第30名。 以下为研究报告摘要： 市场回顾 过去一周（11.03-11.07）上证综指上涨1.08%，创业板指上涨0.65%，沪深300指数上涨 0.82%，计算机（申万）指数下跌2.54%，跑输上证综指3.62个百分点，跑输创业板指3.19个 百分点，跑输沪深300指数3.36个百分点，位列全行业第30名。 周观点 国外英伟达引领超节点潮流。超节点，即Superpod，是一种用于构建大规模算力集群的 技术架构，最早由英伟达提出，指将数千张GPU集成在一个逻辑单元内，形成类似"超级计 算节点"的系统。与传统架构不同的是，超节点可以通过高速互联技术，弥补原先服务器间 带宽不足以及高时延等问题，以期实现算力效率的优化。历经多年的发展，NVLINK已经迭 代到第五代。每块GPU拥有18个NVLink连接，Blackwell GPU ...

市场分析 关注民营企业发展。国内方面，国家发改委主任郑栅洁主持召开民营企业座谈会，围绕"十五五"规划 《纲要》编制，听取关于加快发展服务业的意见建议。参加座谈会的既有工业自动化控制、软件和信息 化服务、工业互联网及综合生产性服务企业，也有餐饮类生活性服务企业。海外方面，美国参议院投票 通过了《持续拨款与延期法案》，为结束政府停摆迈出关键一步。美国众议院将于当地时间周三将就参 议院通过的临时拨款法案进行投票，该法案旨在结束停摆状态。 指数调整。现货市场，A股三大指数高开低走，沪指跌0.39%收于4002.76点，创业板指跌1.4%。行业方 面，板块指数涨跌互现，商贸零售、房地产、钢铁、基础化工行业领涨，通信、电子、计算机、煤炭行 业跌幅居前。当日沪深两市成交额不足2万亿元。海外方面，美国三大股指涨跌互现，道指回到历史最 高水平，隔夜涨1.18%报47927.96点。 来源：市场资讯 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何 ...

市场持续震荡，科技板块11月11日再度回调，相关ETF中，计算机ETF（159998）昨日收跌1.61%，成 分股中，存储龙头江波龙逆市涨超6%；云计算ETF天弘（517390）收跌2.08%。 如果拉长时间来看，从10月28日以来（截至11月11日），云计算ETF天弘（517390）已回调超7%，计 算机ETF（159998）10月30日以来也跌超5%。 兴业证券指出，三季报已披露完毕，整体来看，（计算机行业）营业收入、归母利润、扣非利润增速分 别为5.04%、27.31%、25.96%，持续验证今年以来的业绩回暖趋势。当前，板块持仓处于低位，11月为 业绩真空期，建议大力加仓计算机板块。 此外，全球云大厂业绩加速，关注云计算产业链。海外云巨头披露了最新的云业务收入增速，均明显提 速。云业务增速的提升重点受益于AI拉动，且云大厂均加大了资本开支力度，展现对未来发展信心， 建议持续重点关注云计算产业链。 计算机ETF（159998，场外C类001630）跟踪的中证计算机主题指数，软硬件兼备，软件开发、计算机 设备、IT服务行业，能全面反映计算机行业整体表现，是布局数字经济发展机遇的高效工具。 消息面上，我科研 ...

Core Insights - Institutional attention has rebounded, particularly in the construction decoration, automotive, and non-bank financial sectors, indicating a shift in market focus [3][8][11] - The report highlights a significant improvement in the profitability of A-shares in Q3 2025, driven by capacity clearance and price stabilization, suggesting a positive outlook for various industries [14][15][16] Institutional Research Tracking - The report notes a decrease in total institutional research activity across all A-shares, with a notable decline in October 2025, likely due to the earnings disclosure period [8][9] - However, specific sectors such as construction decoration, automotive, and non-bank financial services have seen an increase in research activity, indicating growing interest [8][11] Industry Performance - The report provides a detailed analysis of industry performance, with the retail trade sector showing a 1.426% increase, while telecommunications experienced a decline of 2.200% [4][6] - The construction decoration and automotive sectors are highlighted as areas of increased institutional focus, suggesting potential investment opportunities [8][11] Capacity Cycle and Profitability - The report emphasizes the importance of capacity cycles in determining industry profitability, with a focus on sectors that are experiencing capacity clearance and price recovery [14][15][16] - It suggests that industries such as coal, steel, and electrical equipment are likely to benefit from improved profit margins due to ongoing capacity adjustments [16][17] Inflation and Fixed Income - The report discusses the potential for rising inflation, with October 2025 CPI showing a 0.2% increase, which is higher than market expectations [24][25][28] - It highlights the implications of inflation on bond yields, suggesting that if inflation trends upward, bond market dynamics may shift significantly [28][30] Banking Sector Insights - The report analyzes the impact of deposit non-bankization on liquidity risk indicators within the banking sector, noting a trend of increasing non-bank deposits among major banks [32][33] - It concludes that while the impact on liquidity coverage ratios (LCR) and net stable funding ratios (NSFR) is manageable, banks may need to enhance their liquidity management strategies [33][35]

分组1 - Midea Group announced a cash dividend distribution plan for the 2025 mid-term A-shares, distributing 5 yuan per 10 shares, totaling 3.448 billion yuan [1] - Huayuan Communication is planning a change in control and will suspend trading of its stock starting November 12, 2025, for up to two trading days [2] - Shangwei New Materials reported a significant stock price increase of 1573.52% from July 9 to November 11, 2025, but its new intelligent robot business is still in the development stage and has not generated revenue [3] 分组2 - Shannon Chip announced that shareholder Shenzhen Xinlianpu pledged 1.27 million shares, accounting for 5.55% of its holdings and 0.27% of the total share capital [4] - Tianji Co., Ltd. reported that its controlling shareholder pledged 39.965 million shares for its own production and operation, representing 64.79% of its holdings and 7.97% of the total share capital [5] - ST Zhengping completed its stock trading situation review and will resume trading on November 12, 2025, with no significant changes in its production and operation [6] 分组3 - Furi Co. reported that its subsidiary Furi New Energy is facing risks of losses despite a 47.78% year-on-year increase in revenue to 168.3981 million yuan for the first three quarters of 2025 [7] - Wentai Technology announced that major shareholders reduced their holdings by 12.4443 million shares, completing the reduction plan [8] 分组4 - Anke Biotech signed a framework agreement for exclusive agency of PA3-17 injection, a CAR-T cell therapy product, in Greater China [9] - Tongxing Technology plans to invest approximately 3.2 billion yuan in a project to produce 100,000 tons of sodium-ion battery cathode materials and 6 GWh of battery cells [10] - Redik plans to establish a joint venture for the development of robotic components, with a registered capital of 100 million yuan [11] 分组5 - Haike New Source signed a strategic cooperation agreement with Kunlun New Materials for the purchase of 596,200 tons of electrolyte solvent over three years [12] - World announced that its diamond micro-drill products for PCB processing are still in the R&D phase and have not generated revenue [13] 分组6 - Xiamen Airport reported a 1.56% year-on-year increase in passenger throughput for October [14] - New City Holdings reported a 7.65% year-on-year increase in total commercial operating revenue for October [15] - Huadong Holdings announced a 0.65% year-on-year decrease in pig sales revenue for October [15] 分组7 - Keykai Technology's controlling shareholder plans to transfer 3% of its shares [15] - Zhongyou Engineering won a joint bid for a project worth approximately 3 billion yuan in Kazakhstan [15] - Weiteng Electric plans to raise no more than 300 million yuan through a private placement for smart manufacturing projects [15]

- The report constructs an industry congestion monitoring model to monitor the congestion of Shenwan first-level industry indices on a daily basis[3] - The ETF product screening signal model is built based on the premium rate Z-score model, which provides potential arbitrage opportunities through rolling calculations[4] - The industry congestion monitoring model indicates that the congestion levels of the power equipment, basic chemicals, and environmental protection industries were high, while the congestion levels of the computer, automotive, and machinery equipment industries were low[3] - The premium rate Z-score model is used to identify potential arbitrage opportunities in ETF products, while also warning of potential pullback risks[4]

Group 1 - Multiple stocks, including Shangwei New Materials, Shengkong Co., and Furui Co., have issued announcements regarding stock price fluctuations, indicating potential trading risks [2][4][5] - Shangwei New Materials reported a cumulative stock price increase of 1573.52% from July 9, 2025, to November 11, 2025, with the stock hitting the limit up again on November 11, significantly outpacing relevant indices [2][4] - The company emphasized that its recent developments in embodied intelligent robotics are still in the product development stage and have not yet generated revenue or profit, indicating no positive impact on the 2025 annual performance [4] Group 2 - Shengkong Co. noted that its closing price on November 11, 2025, was 73.43 yuan per share, with a rolling P/E ratio of 122.84, significantly higher than the industry average of 52.31, suggesting potential price correction risks [5][7] - The company confirmed that its daily operations are normal and there are no undisclosed significant matters, but it highlighted risks related to raw material price fluctuations and the cyclical nature of the semiconductor industry [7] Group 3 - Furui Co. reported that its subsidiary, Shandong Furui New Energy Materials Co., achieved revenue of 168.4 million yuan in the first three quarters of 2025, a year-on-year increase of 47.78%, but still faced a net loss of 30.32 million yuan [8][10] - The company acknowledged uncertainties in the recovery of the downstream lithium battery industry, which may continue to pose risks of losses [8][10] Group 4 - Zhejiang Dongri announced that its stock price has seen significant short-term increases, with a current P/E ratio of 151.42, far exceeding the industry average of 30.84, indicating potential market overheating and irrational speculation risks [10] - The company confirmed that there are no undisclosed significant matters and that its operational situation remains normal [12]

Core Viewpoint - Multiple stocks have issued announcements regarding stock price fluctuations, indicating potential trading risks and significant price increases that may not align with their fundamental performance [2][4][5]. Group 1: Stock Price Movements - Upward price movement of Upwind New Materials has been significant, with a cumulative increase of 1573.52% from July 9, 2025, to November 11, 2025, leading to concerns about a potential rapid decline [2][4]. - Shen Gong Co., Ltd. reported a closing price of 73.43 yuan per share, with a rolling P/E ratio of 122.84, significantly higher than the industry average of 52.31, indicating potential for price correction [5][7]. - Zhuo Yi Dong Ri's stock has seen a substantial short-term increase, with a current P/E ratio of 151.42, far exceeding the industry average of 30.84, suggesting possible irrational market behavior [10][12]. Group 2: Company Announcements and Business Updates - Upwind New Materials is in the product development stage for its embodied intelligent robot business, which has not yet generated revenue or profit, and does not expect a positive impact on its 2025 performance [4]. - Shen Gong Co., Ltd. has confirmed that its daily operations are normal, with no undisclosed significant matters, but it faces risks from raw material price fluctuations and the cyclical nature of the semiconductor industry [7]. - Furi Co., Ltd. reported a revenue of 168.4 million yuan for its lithium battery electrolyte additive project, a 47.78% increase year-on-year, but still faces losses due to uncertainties in the downstream lithium industry [8][10].

（编辑 任世碧） 证券日报网讯 11月11日晚间，神工股份发布公告称，公司股票交易连续三个交易日内（2025年11月7 日、11月10日和11月11日）收盘价格涨幅偏离值累计达到30%，属于股票交易异常波动。经公司自查， 公司目前日常经营情况正常，未发生重大变化。截至本公告日，公司不存在应披露而未披露的重大事 项。截至2025年11月11日，公司收盘价为73.43元/股，公司最新滚动市盈率为122.84倍，公司所处的计 算机、通信和其他电子设备制造业最近一个月平均滚动市盈率为52.31倍，公司市盈率显著高于同行业 市盈率水平。公司特别提醒广大投资者，公司股价可能存在回调的风险，请广大投资者注意投资风险， 理性决策，审慎投资。 ...

Market Overview - A-shares exhibited a weak consolidation pattern with major indices under pressure, as the Shanghai Composite Index fluctuated around 4000 points, closing down 0.39% at 4002.76 points [1] - The Shenzhen Component and ChiNext Index fell by 1.03% and 1.40% respectively, while the Sci-Tech 50 Index dropped 1.42%, indicating significant adjustment pressure in growth sectors [1] - In contrast, the Hong Kong market showed relative stability, with the Hang Seng Index rising 0.18% to 26696.41 points, and both the Hang Seng Tech Index and the China Enterprises Index increasing by 0.15% and 0.19% respectively [1] Sector Performance - The A-share market displayed notable structural characteristics, with policy-driven sectors performing well, particularly the photovoltaic equipment sector leading the gains, and the diamond cultivation (superhard materials) sector maintaining strength [2] - In the Shenwan first-level industries, retail (+1.43%), real estate (+0.81%), and steel (+0.62%) were among the top gainers, benefiting directly from consumer finance support and real estate policy expectations [2] - Conversely, the technology sectors, including telecommunications (-2.20%), electronics (-1.74%), and computers (-1.41%), experienced significant adjustments, with the computing hardware industry chain undergoing deep corrections [2] Driving Logic of Sector Movements - The driving logic behind sector movements can be interpreted through policy, capital, and market sentiment [3] - Policy measures such as "moderately loose" monetary policy and targeted initiatives for new energy consumption and affordable housing loans directly catalyzed the strength of photovoltaic, energy storage, and real estate sectors [3] - A-shares saw active capital shifting from high-volatility tech sectors to undervalued areas like consumption and real estate, while Hong Kong stocks focused more on policy benefits and stable returns, as reflected in the rise of the REITs index (+1.79%) and consumer index [3] Investment Strategy - The recent market environment has seen rapid rotation of hotspots, making it challenging for investors chasing short-term trends [4] - Investors are advised to maintain calm and patience, focusing on long-term opportunities rather than chasing every short-term hotspot [4] - Emphasizing the importance of holding quality assets with solid mid-to-long-term logic, even if purchased at temporary high points, is crucial for achieving returns [4]