南向资金对港股通标的股的整体持股比例为19.38%，244只个股南向资金持股比例超20%。 注：统计范围为港股通标的股，持股量占比来自香港交易所官网。本文系新闻报道，不构成投资建议， 股市有风险，投资需谨慎。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业，分别有56只、37只、34只个股。（数据宝） 南向资金持有比例较高的港股 | | | 持股量 | 占已发行 | 收盘价 | 日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | | 股份比例 | | | 行业 | | | | （万股） | | （港元） | （%） | | | | | | （%） | | | | | 00728 | 中国电信 | 1008296.76 | 72.65 | 5.960 | -0.17 | 电讯业 | | 01635 | 大众公用 | 37713.80 | 70.66 | 4.320 | 13.39 | 公用事业 | | 01330 | 绿色动力环保 | 28104.50 | 69.50 | 5.490 ...

Group 1 - The article predicts that the convertible bond market will continue to experience fluctuations in the next one to two weeks, laying a foundation for the year-end market trend [1] - The recent A-share market has undergone a significant adjustment, influenced by both internal and external factors, with convertible bonds showing relative resilience [1] - External factors include volatility in the market's expectations for a Federal Reserve rate cut in December, which has suppressed risk appetite in the A-share market [1] Group 2 - The article suggests that the market is expected to enter a "spring rally" layout window in December, with institutional investors likely to shift from defensive sectors to those with high growth certainty for 2026 [2] - Key catalysts for market recovery may include the release of policy signals, particularly from the Central Economic Work Conference typically held in mid-December [2] - The article recommends a defensive investment strategy while also considering structural opportunities, with a focus on technology growth sectors, high-end manufacturing, and green energy [2]

具体来看，今日上榜的营业部中，沪股通为第三大买入营业部及第一大卖出营业部，买入金额为 4298.11万元，卖出金额为6870.24万元，合计净卖出2572.13万元。 大众公用(600635)今日涨停，全天换手率7.00%，成交额12.54亿元，振幅10.85%。龙虎榜数据显示，沪 股通净卖出2572.13万元，营业部席位合计净买入9351.43万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.19%上榜，沪股通净卖出2572.13万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.16亿元，其中，买入成交额为1.92亿 元，卖出成交额为1.24亿元，合计净买入6779.30万元。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入46.59亿元，同比下降2.71%，实现 净利润5.20亿元，同比增长205.14%。（数据宝） | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 华泰证券股份有限公司岳阳岳阳大道证券营业部 | 4601.49 | | | 买 ...

Group 1 - The company Binhai Investment (02886) announced a share buyback plan, intending to repurchase 10,000 shares at a total cost of HKD 11.2 million [1] - The buyback is scheduled for November 25, 2025, with a repurchase price of HKD 1.12 per share [1]

Real Estate - In October, the core 30 cities saw a total of 133 residential land transactions, down 33.2% year-on-year, with an average floor price of 9,279 yuan per square meter, a decrease of 4.5% year-on-year [4] - From January to October, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% year-on-year [4] - The total transaction value of residential land in the core six cities reached 541.2 billion yuan, accounting for 44.7% of the total in 100 cities, indicating a further deepening of market differentiation [4] Non-ferrous Metals - Cable manufacturers' operating rates have increased for three consecutive weeks, with tight supply conditions persisting; the Q4 peak season for the power grid is expected to continue [5] - Air conditioning production in October decreased by 28% year-on-year, but there is a continuous improvement in production on a month-on-month basis [5] - The supply-demand balance for copper is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Electric Power and Environmental Protection - The hydrogen ammonia methanol sector is expected to attract more investment as a key direction for new energy consumption and green electricity applications [6] - The ongoing electricity shortage in the U.S. presents opportunities for rebound in underperforming sectors such as overseas energy storage and solid-state batteries [6] - The independent energy storage bidding in China for 2026 is expected to maintain a favorable level compared to 2025 [6] Public Utilities - The domestic thermal coal price remained stable week-on-week, while imported coal prices increased significantly [7] - In October, the total electricity consumption in China reached 8,572 billion kilowatt-hours, a year-on-year increase of 10.4% [7] Pharmaceuticals - The small nucleic acid drug sector is experiencing significant advancements, indicating the onset of a new wave of innovative drugs [8] - The industry is entering a golden development period driven by "technological breakthroughs + commercial realization," with many domestic pharmaceutical companies advancing to clinical research stages since 2025 [8] Company Analysis - Hangyang Co., Ltd. reported a revenue of 11.43 billion yuan for Q1-Q3 2025, a year-on-year increase of 10.4%, and a net profit of 760 million yuan, up 12.1% year-on-year [9] - The gross margin was 20.6%, an increase of 0.2 percentage points year-on-year, while the net margin was 7.4%, up 0.3 percentage points year-on-year [9]

点击注册小程序 本周数据更新： 本周国内动力煤价格周环比平稳，秦皇岛港5500大卡动力煤（中国北方，平仓价）突破830元/吨。进口煤 价格周环比上行显著，其中防城港5500大卡动力煤（印度尼西亚，场地价）本周周环比上涨10元/吨；广 州港5500大卡动力煤（澳洲优混，场地价）本周周环比上涨25元/吨。电价方面，本周（11.17-11.21）广 东（加权平均电价）、山西（出清算数均值，实时市场）现货结算价格周环比均有所下降。，继蒙东、蒙 西、宁夏之后，本月四川、江西和广东系统运行费中新增"136号文"的新能源机制电价差价结算费；本月 广东代理购电价格同比-13%，四川/江西分别同比-5%/-2%，反映"136号文"电价对于广东新增绿电机组影 响较大，整体绿电价格承压。 本周重点事件： 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而 ...

Core Viewpoint - The article highlights a trend of decreasing shareholder accounts among 467 companies, indicating a concentration of shares, with some companies experiencing continuous declines for up to 10 periods [1][2]. Group 1: Shareholder Account Trends - 60 companies have reported a continuous decrease in shareholder accounts for more than three periods, with the most significant decline being 38.45% for Rundou Co., which has seen a decrease for 10 consecutive periods [1]. - Mingpai Jewelry also experienced a 30.49% decline in shareholder accounts over 10 periods, with the latest count at 28,500 [1]. - Other companies with notable declines include Yihua New Materials and *ST Huike, among others [1]. Group 2: Market Performance - Among the companies with decreasing shareholder accounts, 13 have seen their stock prices rise, while 47 have experienced declines, with Allianz Ruishi, Boying Special Welding, and Lijun Thermal Energy showing the highest increases of 30.34%, 14.79%, and 13.84%, respectively [2]. - 15 companies outperformed the Shanghai Composite Index during this period, with Allianz Ruishi achieving a relative return of 29.90% [2]. Group 3: Industry and Sector Analysis - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, automotive, and public utilities, with 8, 6, and 5 companies, respectively [2]. - The distribution of these companies shows that 37 are listed on the main board, 22 on the ChiNext, and 1 on the Sci-Tech Innovation Board [2]. Group 4: Institutional Activity - In the past month, 11 companies with decreasing shareholder accounts have been subject to institutional research, with Boying Special Welding, Shuanghui Development, and Changhua Group receiving the most attention, with 12, 2, and 2 research instances, respectively [2]. - The companies with the highest number of participating institutions in research include Boying Special Welding (164 institutions), Bozhong Precision Engineering (43), and Yingli Co. (36) [2].

债券研究 /[Table_Date] 2025.11.24 压力测试下转债具备韧性 [Table_Authors] 顾一格(分析师) 转债事件点评 债 券 本报告导读： 预计未来一到两周，转债市场预计将延续震荡格局，为年末行情夯实基础。建议利 用市场震荡进行布局，耐心等待"春季躁动"行情的展开。 投资要点： | | 021-38038201 | | --- | --- | | | guyige@gtht.com | | 登记编号 | S0880522120006 | [Table_Report] 相关报告 REIT 打新策略数据跟踪 2025.10.29 买卖国债如何理解：从"长"计议 2025.10.28 把握反击窗口期 2025.10.26 不惧扰动，保持定力 2025.10.20 存款流向非银为何减速——9 月金融数据点评 2025.10.16 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 研 究 事 件 点 评 [Table_Summary] 过去一周（11 月 17 日-11 月 21 日），A 股市场经历了全线深度调 整，转债相对具备韧性。此次调整主要受内外因素交织影响。外部 而言，市 ...

Core Insights - Electrification is a decisive infrastructure challenge and opportunity in the 2020s, with global passenger electric vehicle sales expected to exceed 17 million in 2024 and 20 million by the end of 2025 [1] - The integration of transportation, energy, and digital technologies is reshaping the entire value chain, but profitability remains uncertain, particularly for early movers in electric vehicle infrastructure [1][5] - Investors face a fundamental dilemma in allocating capital to drive transformation while achieving reliable infrastructure-like returns [1][5] Investment Framework - Infrastructure investors typically categorize assets into core and core-enhanced assets, with electric vehicle infrastructure presenting unique challenges due to uncertain demand and evolving technology standards [5][9] - Public charging infrastructure is capital-intensive but faces low average utilization rates, with European public charging stations averaging below 15% [5][9] - The shift from public funding to private capital requires a change in investment logic, emphasizing profitability and cost discipline [9] Emerging Trends - The Electrification-as-a-Service (EaaS) model bundles vehicles, charging, and energy into long-term service agreements, reducing demand risk and aligning incentives among stakeholders [6][15] - The current electric vehicle market is rapidly developing but unevenly, with China leading at nearly 40% penetration, followed by Europe at around 25%, and the U.S. lagging below 10% [9][12] - The integration of oil giants, utility companies, OEMs, and digital solution providers is creating both competitive and collaborative opportunities within the value chain [10] Profitability and Total Cost of Ownership (TCO) - TCO plays a critical role in consumer purchasing decisions, with subsidies significantly influencing sales, as seen in Germany's sharp decline in sales after subsidy cuts [12][13] - For commercial operators, TCO parity has been achieved in some regions for light commercial vehicles, but overall economic viability remains uncertain due to various cost factors [12][13] - Fluctuations in electricity prices and the absence of long-term supply contracts can erode profit margins, complicating the investment landscape [13] Risk Factors - Utilization risk remains a significant concern, with many public charging assets underperforming, necessitating careful contract design to mitigate revenue erosion [17][19] - Technological and reliability risks are heightened due to rapid hardware standard evolution, impacting the long-term viability of assets [17][19] - Structural risks must be managed through diversified revenue streams and resilient project designs to ensure sustainable returns [19][23] Strategic Opportunities - The most attractive investment opportunities lie in areas that can ensure dedicated utilization, such as fleet-based charging and long-term service contracts [28] - A balanced investment strategy should combine current infrastructure-like returns with future growth potential, particularly through EaaS models [15][26] - Collaborations among various stakeholders can enhance resilience and economic viability, as demonstrated by successful projects in the UK bus electrification sector [21][24]

Volatility - A total of 13 stocks in the A-share market experienced a volatility exceeding 20% today, with Meideng Technology, Jianglong Shipbuilding, and Jiuzhiyang leading the list [1] Turnover Rate - There were 7 stocks in the A-share market with a turnover rate exceeding 40% today, with Rongji Software, Southern Road Machinery, and Jianglong Shipbuilding at the forefront [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as defense and military, media, retail, construction decoration, public utilities, and banking, while there was a net outflow from electronics, computers, power equipment, basic chemicals, communications, and biomedicine [1] - The stocks with the highest net inflow included BlueFocus Communication Group, Shengguang Group, Aerospace Development, Dataport, and Midea Group, with net inflows of 1.344 billion, 738 million, 446 million, 397 million, and 347 million respectively [1] - The stocks with the highest net outflow included Xinyi Technology, Zhongji Xuchuang, Industrial Fulian, Rongji Software, and Yidian Tianxia, with net outflows of 1.177 billion, 1.126 billion, 883 million, 878 million, and 835 million respectively [1]