《报告》显示，民营企业境外经营规模进一步扩大，2024年国际化民企境外收入总额52149.66亿 元，增长11.93%。国际化民企涉足的84个行业中，有80个行业实现盈利。同时，出口贸易额显著增 长，2024年，国际化民企出口额达32839.04亿元，增长11.21%。从行业来看，电子、汽车、化工等优势 行业出口额增长10.51%，高端制造业增长41.63%。2024年，国际化民企对外直接投资额1593.54亿元， 其中，传统行业、新能源汽车行业、锂电池行业等保持较高水平。 经济日报北京11月29日讯(记者曾诗阳)今年，全国工商联对4022家有境外资产、出口贸易、对外投 资、对外工程承包、对外劳务合作等国际业务的民营企业(以下称"国际化民企")开展了问卷调研，调研 形成的《2025中国民营企业国际化发展研究报告》28日发布。 ...

（文章来源：经济日报） 本报北京11月29日讯（记者曾诗阳）今年，全国工商联对4022家有境外资产、出口贸易、对外投资、对 外工程承包、对外劳务合作等国际业务的民营企业（以下称"国际化民企"）开展了问卷调研，调研形成 的《2025中国民营企业国际化发展研究报告》28日发布。 《报告》显示，民营企业境外经营规模进一步扩大，2024年国际化民企境外收入总额52149.66亿元，增 长11.93%。国际化民企涉足的84个行业中，有80个行业实现盈利。同时，出口贸易额显著增长，2024 年，国际化民企出口额达32839.04亿元，增长11.21%。从行业来看，电子、汽车、化工等优势行业出口 额增长10.51%，高端制造业增长41.63%。2024年，国际化民企对外直接投资额1593.54亿元，其中，传 统行业、新能源汽车行业、锂电池行业等保持较高水平。 ...

天眼查App显示，近日，东莞市江禾科技有限公司成立，法定代表人为陆超军，注册资本20万人民币， 经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；软件开发； 电子专用材料研发；电子专用材料制造；电子专用材料销售；家用电器研发；家用电器制造；家用电器 销售；智能家庭消费设备制造；智能家庭消费设备销售；电子产品销售；照明器具制造；照明器具销 售；新材料技术研发；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）。 ...

刚出炉的 2024 年亚洲城市 GDP20 强榜单，悄悄改写了区域经济的竞逐格局 —— 在这份汇聚东亚核心城市的名单里，中国城市以 14 席的绝对占比领跑，背 后是京津冀、长三角、粤港澳三大城市群的区位红利与国家战略持续赋能。东京以 66773 亿元守住榜首，但上海 53927 亿元的体量已大幅缩小差距；而北京 近 5 万亿的规模、广州对首尔的反超、宁波跻身前 20 的进位，更藏着城市经济增长的差异化密码。 | 排名 | 城市 | GDP(亿元) 国家 | | --- | --- | --- | | | 1 东京 | 66,773日本 | | | 2 上海 | 53,927中国 | | | 3 北京 | 49,843 中国 | | | 4新加坡 | 38,987 新加坡 | | | 5深圳 | 36,802中国 | | | 6重庆 | 32,193中国 | | | 7 广州 | 31,033中国 | | | 8首尔 | 29,561 韩国 | | | 9香港 | 28,993 中国 | | | 10 苏州 | 26,727中国 | | | 11爱知县 | 23,838 日本 | | | 12成都 | 23,5 ...

来源：市场资讯 （来源：大公馆） 源自：睿知睿见 11月最后一周，科技板块大幅反弹，行情能持续吗？ 1. 成交额 本周成交额缩量到1.7万亿左右。周五是1.6万亿。 距离地量的1.5万亿还差一些。 2. 换手率 中证全指的换手率下降到1.75%左右，周五是1.72%，距离1.5%还差一些。 3. 波动率 回顾一下本周的行情：从一级行业来看，本周上涨最多分别是通信8.7%；电子6.05%；传媒4.23%。 而表现不好的是偏红利的石油石化，煤炭，交运和银行。 很明显，本周是科技大幅反弹！但市场调整不会一蹴而就！所以还是要保持耐心。 一、指标跟踪 我们先看看一些数据指标处于调整的什么阶段。 波动率下降的速度比较快，今天已经达到15.68。 随着波动率的下降，市场的轮动会明显加速，追涨杀跌很容易连续亏损。因为这个时候是量化掌握主动 权。频繁操作很容易被量化收割。 市场往往会维持较长时间的低波状态才会开启下一轮行情。 4. 两融买入额占比 本周在10%左右震荡。 虽然有所下降，但距离情绪低点还有距离。 5. TMT成交额占比 当下仍然没有有效降低到30%以下。 正所谓多头不死，空头不止。 这种拥挤度，短期内不大容易再次 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][39] Core Views - Alibaba's AI product revenue continues to grow significantly, with a quarterly revenue increase of 5% to 247.795 billion yuan, and a 15% increase on a same-store basis [8][9] - The adjusted EBITA for Alibaba decreased by 78% to 9.073 billion yuan, primarily due to investments in instant retail, user experience, and technology [8] - The cloud intelligence group's revenue grew by 34% to 39.824 billion yuan, driven by an increase in public cloud business and AI-related product adoption [9] - Dell Technologies reported a quarterly revenue of $27 billion, an 11% year-on-year increase, with significant growth in its infrastructure solutions group [10] Summary by Sections Industry Dynamics - Alibaba's revenue from its international digital commerce group increased by 10% to 34.799 billion yuan, while its cloud intelligence group saw a 34% revenue increase [9] - The AI-related product revenue for Alibaba maintained strong momentum, achieving triple-digit year-on-year growth [9] - Dell's infrastructure solutions group revenue reached $14.1 billion, a 24% increase, with server and networking business revenue growing by 37% [10] Market Review - The electronic industry saw a weekly increase of 6.05% from November 24 to November 28, with the communication sector leading the gains [10][13] - The Philadelphia Semiconductor Index rose from 6,703.20 points to 7,025.15 points during the same period [16] Investment Recommendations - The report suggests a positive outlook for the AI PCB industry chain, recommending stocks such as Shenghong Technology, Huitian Technology, and others [37] - It also highlights a favorable view on the entire storage industry chain, with key stocks including Zhaoyi Innovation and Demingli [37] - The report emphasizes the transformative potential of general artificial intelligence over the next decade, predicting a 100,000-fold increase in total computing power by 2035 [37]

Group 1: A-Share Market - The A-share market experienced an overall increase, with small-cap stocks outperforming large-cap stocks. The CSI 2000 index and the ChiNext index rose by 4.99% and 4.54% respectively, while the SSE 50 index only increased by 0.47% [6] - The market's structural rise was primarily driven by positive developments in the technology sector, particularly a significant partnership between Google and Meta, which is expected to enhance the performance of core hardware suppliers like Zhongji Xuchuang [6][7] - Looking ahead, the technology growth sector is anticipated to remain a market focus due to strong government support for technological self-reliance. However, a decrease in trading volume may indicate reduced investor enthusiasm for high-priced stocks, leading to potential rapid rotations and short-term volatility in specific sectors [7] Group 2: Hong Kong Market - The Hong Kong market also saw gains, with the Hang Seng Technology Index leading the way with a 3.77% increase, while the Hang Seng Index rose by 2.53%. The materials, discretionary consumer, and healthcare sectors performed well, whereas the energy sector declined [8] - The positive performance in the Hong Kong market was largely influenced by sentiment and policy expectations from the mainland, particularly a new implementation plan aimed at enhancing the adaptability of supply and demand for consumer goods [8] - Future trends in the Hong Kong market are expected to closely align with mainland policies and market sentiment. The technology and healthcare sectors are likely to benefit from ongoing policy support, while investors should remain vigilant regarding the Federal Reserve's policy direction and its impact on global liquidity [8]

Core Insights - The overall market rebounded this week, with all major indices closing higher, but none managed to recover the 5-week moving average, indicating that the current range-bound oscillation is not yet fully resolved [1][3][50] - The Shanghai Composite Index and the ChiNext Index are in their 3rd and 5th weeks of decline from their yearly highs, suggesting that the recent adjustments may not be sufficient [1][3][53] - The Hang Seng Tech Index and the Sci-Tech 50 Index have been adjusting for 8 weeks, with a clearer downward space visible [1][3][53] Market Overview - Major indices saw an overall rebound, with the Shanghai Composite Index, Shanghai 50, and CSI 300 rising by 1.40%, 0.47%, and 1.64% respectively, while growth indices like CSI 500, CSI 1000, and National CSI 2000 increased by 3.14%, 3.77%, and 4.50% respectively [11][50] - The ChiNext Index and Sci-Tech 50 showed significant activity, rising by 4.54% and 3.21% respectively, while the North Star 50 saw a slight increase of 0.75% [11][50] Sector Analysis - The market exhibited a trend of "technology strength and defensive weakness," with 25 sectors rising and 5 falling. Notably, the "TMT Four Giants" (Telecommunications, Electronics, Media) saw increases of 8.74%, 6.17%, and 4.16% respectively, while the Computer sector rose by 2.97% [14][51] - Defensive sectors such as Oil & Petrochemicals, Coal, Transportation, and Banking experienced declines of 0.62%, 0.54%, 0.53%, and 0.5% respectively [14][51] Market Sentiment - The average daily trading volume in the Shanghai and Shenzhen markets was 1.85 trillion yuan, slightly lower than the previous week's 2.02 trillion yuan [17] - The main futures contracts (IF, IH, IC) were mostly in backwardation, indicating a bearish sentiment in the market [17] Fund Flow - The margin trading balance slightly increased to 2.46 trillion yuan, with a financing buy ratio of 10.4%, up from 9.4% the previous week [26] - The consumer ETF saw a net inflow of 1.7 million yuan, while the electronic ETF experienced a net outflow of 10.3 million yuan [26] Quantitative Analysis - The valuation levels of major market indices are generally in the medium to high range, with the ChiNext Index showing a slightly lower valuation percentile [45] - The current downward energy model indicates that the market's downward energy is at a normal level, without triggering any sell signals [45][48] Future Outlook - Despite the recent rebound, the market remains below the 5-week moving average, and some indices have not yet repaired last week's downward gaps, suggesting that the current range-bound oscillation is not fully resolved [3][53] - The broker index is currently at a critical point, having increased from approximately 70 billion yuan to over 150 billion yuan in the past three months, indicating a potential focus for future directional choices [53][54] Investment Strategy - It is recommended to hold positions during the range-bound oscillation and avoid chasing prices or increasing costs [54] - Specific targets should be set based on the "left foot" of different major indices, with a focus on sectors that are lagging but expanding in market share, such as brokerage firms, pharmaceuticals, consumer goods, and AI applications [54]

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.05, with a historical average of 25.38[6] - The Shanghai Composite Index has a PE (TTM) of 16.27, while the Shenzhen Component Index stands at 29.87[12] - The growth in earnings per share (EPS) has contributed positively to the index performance, with the Shanghai Composite Index showing a year-to-date increase of 13.94%[12] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.89, with a historical maximum of 22.67[58] - The Hang Seng Technology Index has a PE (TTM) of 23.38, indicating a significant valuation compared to other sectors[60] - The Hang Seng Index's valuation has fluctuated, with a minimum PE of 7.36 recorded historically[58] US Market Valuation - The S&P 500 Index currently has a PE (TTM) of 29.24, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.04, reflecting a high valuation relative to historical data[90] - The Dow Jones Industrial Average has a current PE (TTM) of 30.49, indicating strong market performance[94] Sector-Specific Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors in A-shares are currently at historically low PE levels[23] - The technology sector, including computing and electronics, is experiencing high PE valuations, indicating potential overvaluation risks[23] - In Hong Kong, the healthcare sector shows a high PE (TTM) of 52.47, suggesting strong investor interest[68]

市场周度评论 本周（2025年11月24日至11月28日），全球主要股指普遍上扬，风险偏好持续改善。美股表现强劲，纳 斯达克指数以4.91%的涨幅领跑，标普500与道琼斯工业指数分别上涨3.73%和3.18%，科技板块情绪显 著回暖。亚太市场同步反弹，日经225指数上涨3.35%。 A股市场整体反弹，成长风格占优。创业板指大涨4.54%，深证成指与科创50分别上涨3.56%和3.21%， 上证指数与沪深300涨幅相对温和，分别为1.40%和1.64%。市场呈现普涨格局，超84%个股上涨，但日 均成交额略有萎缩，显示部分资金观望情绪仍存。 行业方面，科技主线突出。通信、电子、传媒板块领涨，涨幅均超4%，而银行、石油石化等传统板块 承压。港股市场同步走强，恒生科技指数上涨3.77%，卖空金额大幅下降，显示空头情绪明显缓解。 然而，分散本身并非目的。若没有谨慎选股作为根基，多元化可能沦为平庸化的分散，甚至因持有质地 不佳的标的而拖累整体收益。真正的风险控制，需要在市场喧嚣中保持冷静，敢于在过热时卖出高估标 的，在低估时买入优质资产。 谨慎选股要求投资者深入理解企业的商业模式、竞争优势与财务状况。它关注的是企业的内在 ...