Choice统计显示，11月18日，沪深两市可交易A股中，上涨个股有1246只，下跌个股有3858只，平盘个 股有54只。不含当日上市新股，共有63只个股涨停，37只个股跌停。从所属行业来看，涨停个股主要集 中在计算机、纺织服饰、建筑装饰、机械设备、传媒等行业。 （文章来源：证券时报网） ...

Group 1 - Five companies announced private placement plans on November 18 [1] - Haomei New Materials (002988) plans to issue up to 74.93 million shares to no more than 35 specific investors, aiming to raise approximately 1.897 billion yuan for projects related to automotive lightweight aluminum profiles and components, R&D innovation center, and working capital [1] - Yaxing Chemical (600319) intends to acquire 100% equity of Tianyi Chemical from 24 shareholders through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring [1] - Huayin Power (600744) plans to issue up to 250 million shares to no more than 35 specific investors, with an expected fundraising of 1.5 billion yuan for various wind power projects and working capital [1] Group 2 - Shengyi Electronics plans to issue up to 125 million shares to no more than 35 specific investors, with an expected fundraising of 2.6 billion yuan for AI computing HDI production base and smart manufacturing projects [2] - Runong Irrigation intends to raise no more than 84.51 million yuan through a private placement to its controlling shareholder, Hubei Xiangtou Group, at an issue price of 6.26 yuan per share, issuing 13.5 million shares [2]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 17, there are 847 stocks with a circulating market value below 3 billion yuan, and 322 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,573 stocks have a total market value below 5 billion yuan, with 452 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 682 million yuan - *ST Su Wu: 697 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Su Wu: 697 million yuan - *ST Chang Yao: 809 million yuan [1] Selected Small-Cap Stocks Overview - A table lists various small-cap stocks with their circulating market values, total market values, price-to-earnings ratios, and industry classifications, highlighting: - Kuntai Co., Ltd. with a circulating market value of 682 million yuan and a P/E ratio of 49.63 in the automotive sector - *ST Chang Yao with a total market value of 809 million yuan in the pharmaceutical sector [1][2]

从行业分布来看，这些公司广泛分布于18个行业，机械设备、电力设备、建筑装饰、汽车行业的公司数 量居前，其中机械设备、电力设备行业均有10余家。 证券时报·数据宝根据公告统计，四季度以来（10月份以来），A股上市公司签订战略合作协议，或签订 重大合同（含经营合同）的数量接近70家。 人民财讯11月18日电，当上市公司经营有"大动作"，如签订重大合同，或与知名企业开展战略合作等， 市场会将其视为经营发展的利好消息，股价也会有所反应。 ...

Core Viewpoints - The issuance of new convertible bonds has been relatively low this year, with less than 50 bonds issued and a total scale of less than 500 billion, leading to a scarcity that has attracted market attention [12][14] - New bonds listed since July have closed above 140, indicating strong market demand, and the pricing strategy for new bonds is crucial for obtaining returns [2][12] - Two main strategies for institutions to gain returns from new bonds include buying on the second day after listing and participating in rights offerings [2][27] Market Review - The stock market has been experiencing fluctuations, with the Shanghai Composite Index and ChiNext Index showing declines of 0.18% and 3.01% respectively, indicating a technical pressure around the 4000-point mark [34] - The consumer sector has shown strength, while technology stocks have faced significant pullbacks, influenced by CPI/PPI data and external market conditions [34][55] - The convertible bond market has seen a rise in the index, with the average transaction volume increasing, reflecting a high valuation environment [44][47] Convertible Bond Investment Strategy - The current valuation of convertible bonds is at a high level, with the average premium rate for bonds priced between 90-110 at approximately 30.06%, indicating limited upward momentum [47][55] - A neutral overall view is suggested, with a focus on trading opportunities as the premium rate approaches around 26% [55] - Specific sectors to watch include high-growth areas such as non-ferrous metals, electronics, battery storage, and military industries, as well as themes like AI computing and solid-state batteries [55] Primary Market Tracking - Recently, one new bond was issued, and several companies have received approvals for bond issuance, indicating ongoing activity in the convertible bond market [56][58]

Core Viewpoint - 亚厦股份 (002375) reported a total of 30,280 shareholders as of November 10, 2025, according to data from China Securities Depository and Clearing Corporation Limited [1] Group 1 - The company engaged with investors on an interactive platform regarding shareholder statistics [1] - The secondary market is noted to have uncertainties, prompting caution regarding investment risks [1]

Core Viewpoint - The average stock price of A-shares is 13.89 yuan, with 19 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Stock Price Distribution - As of November 17, the Shanghai Composite Index closed at 3972.03 points, with a relatively small proportion of high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 19 are priced below 2 yuan, with *ST Yuan Cheng being the lowest at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.48 yuan [1] Characteristics of Low-Priced Stocks - Of the stocks priced below 2 yuan, 8 are ST stocks, accounting for 42.11% of this group [1] - In terms of market performance, 3 of the low-priced stocks increased in price, with *ST Su Wu, Liao Port Co., and Greenland Holdings rising by 1.03%, 0.57%, and 0.53% respectively [1] - Conversely, 10 stocks declined, with *ST Jin Ke, Rongsheng Development, and ST Yigou experiencing declines of 3.90%, 3.59%, and 3.30% respectively [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

（文章来源：证券时报网） Choice统计显示，11月17日，沪深两市可交易A股中，上涨个股有2510只，下跌个股有2521只，平盘个 股有125只。不含当日上市新股，共有100只个股涨停，13只个股跌停。从所属行业来看，涨停个股主要 集中在计算机、电力设备、房地产、机械设备、建筑装饰、农林牧渔等行业。 ...

截至收盘，上证指数报收3972.03点，下跌0.46%；深证成指收于13202.00点，下跌0.11%；创业板指下 跌0.20%；科创50指数下跌0.53%。 | 001203 | 大中矿业 | 30.89 | 5.42 | 407.56 | 12589.51 | 钢铁 | | --- | --- | --- | --- | --- | --- | --- | | 002738 | 中矿资源 | 69.08 | 6.00 | 169.74 | 11725.75 | 有色金属 | | 603909 | 建发合诚 | 13.52 | 6.70 | 866.11 | 11709.84 | 建筑装饰 | | 601566 | 九牧王 | 13.84 | 3.51 | 801.26 | 11089.44 | 纺织服饰 | | 000620 | 盈新发展 | 3.83 | 11.60 | 2793.90 | 10700.62 | 房地产 | | 603232 | 格尔软件 | 25.62 | 19.42 | 410.72 | 10522.60 | 计算机 | | 002326 | 永太科技 | 31.03 | 21.97 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the construction industry [4]. Core Viewpoints - Infrastructure investment in October showed a month-on-month decline, with a focus on the high prosperity of the western region and cleanroom sector [1][2]. - The overall fixed asset investment (excluding rural households) from January to October reached 40.89 trillion yuan, a year-on-year decrease of 1.7%, with October's investment down by 1.62% [1][16]. - The report suggests that despite the decline in investment growth rates, the construction sector is expected to benefit from policy catalysts and marginal improvements in fundamentals, particularly in Q4, which is traditionally a peak construction season [2][10]. Summary by Sections Industry Dynamics Analysis - From January to October, narrow and broad infrastructure investments recorded year-on-year changes of -0.10% and 1.51%, respectively, with a continuous month-on-month decline since April [1][16]. - In the three major infrastructure categories, investment in electricity, heat, gas, and water maintained a double-digit growth rate, increasing by 12.50% year-on-year [1][16]. Market Performance - The construction industry rose by 0.35% this week, underperforming compared to major indices like the Shenzhen Composite Index and the CSI 300 [19][20]. - The report highlights that 60.98% of companies in the construction sector recorded gains, with notable performers including Guosheng Technology and Dongyi Risheng [20][26]. Key Investment Targets - The report recommends focusing on undervalued construction enterprises, particularly state-owned enterprises in the western region and those involved in coal chemical projects [2][10]. - Specific recommendations include low-valuation central construction enterprises such as China State Construction, China Communications Construction, and China Railway Construction [10][11]. Company Announcements - Significant contract announcements include China Railway's new contracts totaling 8,450.7 billion yuan from January to October, reflecting a year-on-year decrease of 11.8% [29]. - The report also notes that several companies have secured major contracts, indicating ongoing project activity in the sector [28]. Industry News - The report discusses the government's measures to promote private investment in major engineering projects, aiming to enhance participation from private capital [30]. - It also highlights the importance of optimizing project reviews and enhancing collaboration among departments to support infrastructure development [30].