重点公司方面，沐曦股份为国内高性能GPU产品的主要领军企业 一； 昂瑞微专注于射频、模拟领域的集成电路设计，打破了国际l 对L-PAMiD模组产品的垄断。 | 沐曦股份 (科创板，688802) | | | | | --- | --- | --- | --- | | 申购日期 | 12月5日 周五 | 申购代码 | 787802 | | 所属行业 | 计算机、通信和 其他电子设备制 | 总市值 | | | 造业 | | | | | 公司发行市盈率 | | 行业平均市盈率 | 59.1 | | 目业可比公司 | | 寒武纪、海光信息、景嘉微 | | | 一句话亮点 | | 公司为国内高性能GPU产品的主要领军企业之一 | | | 昂瑞微 (科创板, 688790) | | | | | 申购日期 | 12月5日 周五 | 申购代码 | 787790 | | 所属行业 | 计算机、通信和 | 总市值 | | | 其他电子设备制 | | | | | 造业 | | | | | 公司发行市盈率 | 行业平均市盈率 | 59.1 | | --- | --- | --- | | 同业可比公司 | 唯捷创芯、泰凌微、慧智微 | ...

Group 1: Macro Strategy and Industry Selection - In 2026, AI is expected to significantly drive growth in the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - The advancement of industrial software into a "deep water zone" is anticipated to support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could collectively promote both performance and valuation recovery in the industry [2] Group 2: Real Estate Strategy for 2026 - The real estate sector is projected to transition from "scale expansion" to a new phase of "quality efficiency" in 2026 [5] - Policy tools are expected to achieve a "bottom line + quality improvement" dual drive through affordable housing and urban renewal [5] - Core cities' improved residential properties may become new anchors for capital amidst differentiated demand [5] - Following supply clearance, the increase in industry concentration is likely to reshape the competitive landscape of real estate companies [5] - REITs and light asset models are anticipated to initiate a new investment logic characterized by "low volatility and stable returns" [5] Group 3: Oil and Gas Outlook for 2026 - The article discusses when the oversupply of oil may reach an inflection point and the marginal shifts in supply and demand expected next year, along with the equilibrium price of oil [7] - A global LNG expansion wave is anticipated, with ongoing interest in gas turbines, presenting opportunities in the European and American natural gas markets [7] Group 4: AI and Market Strategy - The article explores concerns regarding the AI bubble and how traditional macro strategy frameworks may fail to capture AI's impact [9] - Beyond the "bubble theory," the debt-driven growth associated with AI is expected to create various opportunities [9]

Core Viewpoint - The article emphasizes the heightened risk of delisting in 2025 due to stricter regulations, urging investors to check their holdings to avoid potential losses from stocks that may be delisted [1][2]. Group 1: 2025 Delisting Regulations - The new delisting rules effective from January 1, 2025, lower the thresholds and shorten the procedures for delisting, making it harder for companies to evade penalties [1]. - Four categories of delisting triggers have been identified: 1. Financial delisting for main board companies with two consecutive years of revenue below 300 million and losses, leading to ST designation, and potential delisting if standards are not met in the third year [1]. 2. Regulatory delisting for companies with significant issues such as fund occupation exceeding 30% of net assets or 200 million, and failure to rectify within four months [2]. 3. Major violations leading to immediate delisting for fraudulent issuance or significant information disclosure violations [2]. Group 2: Risk Warning List - As of November 2025, multiple exchanges have published lists of stocks under delisting risk warnings, with a significant number of companies from various sectors including computer, biomedicine, and construction [4]. - Investors are advised to check their holdings against these official lists to identify any stocks that may be at risk of delisting [4]. Group 3: Self-Check Methods - Three reliable official channels for investors to check their holdings include: 1. The official websites of the Shanghai, Shenzhen, and Beijing stock exchanges, which have dedicated sections for delisting risk warnings [5]. 2. The National Equities Exchange and Quotations (NEEQ) website, which provides information on delisted stocks [5]. 3. The Giant Tide Information Network, which aggregates risk announcements from listed companies [5]. - Key self-check tips include avoiding low-priced small-cap stocks, focusing on revenue and net profit in financial reports, and being cautious of companies with fund occupation or financial fraud issues [5]. Group 4: Investor Rights and Remedies - In case investors hold stocks at risk of delisting, there are established channels for seeking compensation, such as applying for "advance compensation" if the company is found guilty of information disclosure violations [6]. - Investors can initiate collective lawsuits through registered law firms for cases involving financial fraud or deceptive issuance [6]. - It is crucial for investors to handle share rights confirmation promptly after delisting to recover some capital [6].

Group 1 - The market is characterized by a slow bull trend with reduced volatility and improved Sharpe ratios compared to the past, but subjective long positions have limited improvement [1] - The current market structure shows an increase in allocation-type funds, but there is a lack of incremental funds with individual stock pricing power, leading to higher valuation and safety margin requirements for subjective long positions [1] - A significant change in domestic demand is needed to unlock market potential, with recommendations to focus on resource and traditional manufacturing sectors as well as companies expanding overseas [1] Group 2 - December is expected to be a favorable time for "profit-making effects," with a shift in market dynamics from low to high win rates around the Spring Festival and Two Sessions [2] - The average duration of the "spring market" is about 20 trading days, with a focus on sectors with positive earnings forecasts for the upcoming year [2] - Many sectors have already seen adjustments of around 20%, making December a good time to start observing potential investments [2] Group 3 - The cross-year market is supported by easing overseas disturbances and a warming expectation of global liquidity, with a focus on sectors with high growth forecasts for 2026 [3] - Key sectors to watch include AI, advantageous manufacturing, and structural recovery in domestic demand, with an emphasis on policy support and sustainable valuation recovery [3] - The technology sector is expected to lead the market rally, particularly in AI applications and domestic computing power industries [3] Group 4 - December is anticipated to mark the beginning of a cross-year market rally, with a high probability of upward movement following three months of consolidation [4] - Investment opportunities are expected to arise in non-bank financials and sectors influenced by upcoming policy directions from key meetings [4] - The dual focus on the Shanghai 50 and Sci-Tech 50 indices is seen as advantageous for capitalizing on the cross-year market [4] Group 5 - The market is expected to experience a cross-year rally, with a focus on technology growth and resource sectors [6] - Key industries to consider include non-ferrous metals, AI, new energy, and innovative pharmaceuticals [6] - The theme of commercial aerospace is highlighted as a significant area of interest [6] Group 6 - The A-share market is entering a critical policy observation window, with expectations of increased risk appetite and a favorable environment for cross-year market positioning [7] - Key sectors include commercial aerospace, AI applications, and military technology, which are expected to benefit from policy catalysts [7] - The focus on industries related to the "14th Five-Year Plan" is emphasized for investment opportunities [7] Group 7 - The cross-year and spring market strategies are highlighted as key focus areas for December, with policy factors being a core driver [8] - The market is expected to transition from value-driven to growth-driven dynamics, with small-cap stocks showing strong performance in recent years [8] - The upcoming Central Economic Work Conference is anticipated to provide new investment themes if specific industry proposals are introduced [8] Group 8 - The current A-share market is assessed as being in a high-cut-low phase, with expectations of continued volatility until the end of the year [9] - The market's ability to break through the 4000-point level is seen as crucial for future performance, with a need for a transition from liquidity-driven to fundamentals-driven growth [9] - The technology sector is expected to remain sensitive to market conditions, with a focus on resource sectors as potential winners [9] Group 9 - The market is currently in a "slow bull" phase, with significant room for growth, but short-term volatility is expected due to a lack of strong catalysts [10] - Defensive and consumer sectors are recommended for short-term focus, while TMT and advanced manufacturing sectors are highlighted for mid-term investment [10] - The market is anticipated to remain in a consolidation phase, with high-dividend and consumer sectors likely to perform better [10] Group 10 - The foundation supporting the current liquidity-driven bull market remains solid, with potential for improved earnings and capital inflows to extend the bull market [11] - The market may experience volatility due to weak economic data and adjustments in overseas markets, but opportunities for upward movement are expected as policies and funding conditions improve [11] - The focus on clearing capacity and inventory, along with the commercialization of emerging industries like AI, is seen as crucial for market health [11]

报告导读： 中美加速布局太空算力，美国发布基础科研新计划，"千问"一周内下载突破 1000 万次， DeepSeek 在数学推理领域取得突破，国内外 AI 竞争格局持续深化。 投资建议： 中美太空算力竞争加速，马斯克提出太空AI卫星计划，北京同步启动千兆瓦级太空数据中心建设；美国"创世纪计划"整合17个国家实验室资源攻 坚基础科研；中国企业实现应用与理论双突破，阿里千问App下载破千万，DeepSeek开源数学模型达国际金牌水平。我们维持计算机板块"增持"评级。 太空计算正成为全球科技竞争的新前沿，中美两国相继公布太空算力部署计划。 马斯克提出在未来四到五年内将AI计算中心部署至太空的愿景，其核心是每 年部署100吉瓦的太阳能AI卫星，规模相当于美国全国电力的四分之一，并计划利用月球基地进一步扩大制造规模。与此同时，北京市正式发布在700-800公 里晨昏轨道建设千兆瓦级太空数据中心的规划，该体系由空间算力、中继传输和地面管控三大分系统组成。根据中国方案，项目建设将分三个阶段推进： 2025-2027年突破能源与散热等关键技术并研制试验星；2028-2030年突破在轨组装技术以降低成本；2031-2035年实 ...

Group 1 - The median return of active quantitative funds for the week of November 24-28, 2025, was 3.02%, outperforming the CSI 300 index at 1.64% and the Wind All A index at 2.90% [3][8] - For the year, the median return of active quantitative funds was 24.89%, compared to 15.04% for the CSI 300 index and 23.57% for the Wind All A index [3][8] - The top-performing active quantitative funds this week had returns between 6% and 8%, with a focus on the computer and electronics sectors [3][8] Group 2 - The "Super Expected Stock Selection Strategy" constructs a stock pool based on net profit exceeding expectations and analyst expectations, using the Wind All A index as the base stock pool [5][14] - For the week of November 24-28, 2025, the selected strategy yielded a return of 3.00%, exceeding the benchmark index by 0.09% [5][16] - For the year, the selected strategy achieved a return of 43.91%, significantly outperforming the benchmark index by 20.34% [5][19] Group 3 - The top 30 selected stocks for November 2025 were concentrated in the machinery sector, with the highest return from Joyoung Co., Ltd. (002242.SZ) at 8.63% [6][20] - The highest-performing active quantitative funds for the year had returns ranging from 58% to 119%, primarily focused on the electronics and machinery sectors [11][12] - The lowest-performing active quantitative funds for the year had returns between -11% and 0%, with a concentration in the food and beverage sector [11][13]

Market Review - The A-share market is expected to maintain resilience in the long term, but potential mid-term risks may increase due to factors such as valuation shifts, institutional settlement cycles, and high market sentiment indices [2] - In November, the market experienced a mid-term adjustment after reaching new highs in the first half of the month, with major indices declining in the latter half [2][10] Economic Environment - In October, several economic indicators, including fixed asset investment and retail sales, showed slower growth than expected, with CPI rising and PPI continuing to decline [3][29] - The manufacturing PMI remained below the prosperity range, indicating that the economy requires sustained efforts for improvement [3] Policy Environment - The government is focusing on boosting consumption and effective investment, with plans to develop three trillion-level consumption sectors by 2027 [4] - The overall stability of major country relations is maintained, with a tactical easing in China-US economic relations, although geopolitical tensions persist [4] Investment Strategy - The market is currently in a phase of valuation consolidation, with a dynamic balance between profit-taking and short-selling sentiment [7] - Investors are advised to focus on fundamental research and gradually position themselves for the upcoming year, maintaining a "barbell" strategy that emphasizes dividend assets and technological innovation [7] Industry Performance - As of November 28, 90.3% of the 28 Shenwan first-level industries have seen year-to-date increases, with non-ferrous metals and communications industries rising over 50% [15] - In November, the comprehensive and banking sectors outperformed, while sectors like computers and automobiles faced declines [15][19] Fund Flow - As of November 28, southbound funds recorded a cumulative net inflow of 50,797 million HKD, with a monthly net inflow of 1,218.9 million HKD [25] - Margin financing balances have decreased, indicating a potential cooling in market sentiment after reaching historical highs [27] Economic Indicators - The GDP growth forecast for Q4 is 4.5%, with various economic indicators showing signs of slowing down, including fixed asset investment and manufacturing PMI [30][29] - The CPI rose by 0.2% in October, while PPI continued to decline, reflecting ongoing challenges in the industrial sector [33][36]

多图速览>> 本周（11月24日至28日）沪指累涨1.4%，深成指、创指更为强势，周涨3.56%、4.54%，三大指数集体终结周线两连阴。板块方面，本周通信设备、教育、 半导体、电池板块涨幅居前。 | 指数 | 周五涨跌幅 | | 周五收盘点数 周五成交额（亿元） 近一周涨跌幅 | | | --- | --- | --- | --- | --- | | 上证指数 | 0.34% | 3889 | 6458 | 1.40% | | 深证成指 | 0.85% | 12984 | 9400 | 3.56% | | 北证50 | 0.39% | 1388 | 121 | 0.75% | | 科创20 | 1.25% | 1327 | 496 | 3.21% | | 创业板指 | 0.70% | 3053 | 4567 | 4.54% | | 下班50 | -0.09% | 2970 | 850 | 0.47% | | 沪深300 | 0.25% | 4527 | 3418 | 1.64% | | 证券简称 | 周涨跌幅 | 切毛, 简称 | 后用线喷 | | --- | --- | --- | --- | | 品高股 ...

Core Insights - The report emphasizes a strategic shift towards large financial and consumer sectors, indicating a rebound opportunity following a period of panic due to tariff impacts [2] - The report highlights a positive performance in the A-share market, with the Shanghai Composite Index rising over 10% to above 3800 points since the mid-year strategy was introduced [2] Overall Assessment - The report suggests a cautious approach, recommending investors to wait for opportunities to buy on dips. It notes that liquidity-driven adjustments have stabilized, with certain asset classes like TMT and precious metals leading the rebound [3][7] - The report anticipates that the upcoming Federal Reserve interest rate cuts will further bolster market confidence, despite short-term investor caution in domestic sectors like lithium batteries and storage [3][7] Configuration Direction - The report advises a gradual investment strategy based on economic expectations and valuation attractiveness, focusing on quality dividends and cyclical opportunities in sectors such as real estate, resource commodities, and consumer sentiment [4][9] - It identifies four key areas for medium-term investment: technology (AI trends), high-end manufacturing (global investment cycle), consumer (high-quality overseas profits), and resource commodities (supply-side dynamics) [4][9] Top Stock Picks - The report lists ten recommended stocks across various sectors, including TCL Electronics, Action Education, Anjuke Food, Petty Co., Chengda Pharmaceutical, Haiguang Information, Lixing Co., Jitu Express, Beibu Gulf Port, and China Resources Mixc Living [4][5]

Core Insights - The report suggests a high probability of an upward breakout in the market, leading to a cross-year rally, particularly due to anticipated positive economic policy adjustments from the upcoming political meetings [2][3] - The report emphasizes the importance of December as a strategic month for investment, with increased demand for equity funds expected due to the influx of new insurance premiums and favorable currency conditions [2][3] - The report identifies three main investment directions: infrastructure and real estate, service consumption, and self-sufficiency, with a focus on policy-driven adjustments [2][3] Investment Recommendations - The report lists a "golden stock" combination including companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, China Merchants Bank, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology [2][4] - Specific insights into Luxshare Precision highlight its strong position in the Apple supply chain and its potential for robust growth across various sectors, including automotive [8][9] - Shengyi Technology is noted for its leading position in the CCL market, with expectations for continued high-end product upgrades and significant growth potential [12][13] - Century Huatong is recognized for its innovative gaming strategies and strong market position, particularly with its successful game releases [17] - Zhongji Xuchuang is positioned to benefit from increasing overseas demand for optical modules, with a strong production capacity [17] - Haiguang Information is expected to see growth in its DCU chip business due to domestic project implementations [24] - China Merchants Bank is highlighted for its prudent management and strong asset quality, with expectations for recovery in performance as economic conditions improve [24] - Alibaba's cloud business is projected to grow significantly, driven by AI demand and a strong competitive position in the market [24] - Zijin Mining is anticipated to benefit from favorable commodity price trends, particularly in gold and copper [24] - Xingye Silver Tin is positioned as a leading silver producer with significant growth potential [20] - XGIMI Technology is expected to see revenue growth driven by market recovery and product innovation [20] Earnings Forecasts - Companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology are projected to achieve over 30% stable growth in earnings this year [5] Financial Metrics - Luxshare Precision is projected to have an EPS of 1.85 in 2024, with a net profit growth rate of 22.03% [6] - Shengyi Technology's EPS is expected to rise from 0.72 in 2024 to 2.03 in 2026, with a net profit growth rate of 49.37% in 2024 [7] - Century Huatong's EPS is forecasted to increase from 0.16 in 2024 to 1.11 in 2026, with a net profit growth rate of 131.51% in 2024 [7] - Zhongji Xuchuang is expected to see significant growth in EPS from 4.61 in 2024 to 17.24 in 2026, with a net profit growth rate of 137.93% in 2024 [7] - Haiguang Information's EPS is projected to grow from 0.83 in 2024 to 2.01 in 2026, with a net profit growth rate of 52.87% in 2024 [7] - Alibaba's EPS is expected to rise from 3.91 in 2024 to 5.82 in 2026, with a net profit growth rate of 9.93% in 2024 [7] - Zijin Mining's EPS is forecasted to increase from 1.21 in 2024 to 2.24 in 2026, with a net profit growth rate of 51.76% in 2024 [7] - Xingye Silver Tin's EPS is projected to grow from 0.86 in 2024 to 1.39 in 2026, with a net profit growth rate of 57.82% in 2024 [7] - XGIMI Technology's EPS is expected to rise from 1.72 in 2024 to 5.20 in 2026, with a net profit growth rate of -0.3% in 2024 [7]