展望后市，平安证券指出，当前市场仍在高位震荡阶段，在短期回调之后整体安全边际有所提升，12月 关注国内重要会议释放的政策信号。配置上建议保持相对均衡，重点关注：一是内外需共振景气向上的 科技成长板块；二是有望受益于行业需求回暖和技术升级的先进制造板块；三是受益于产品涨价预期的 周期板块；四是红利资产仍具配置价值。 光大证券认为，市场大方向或仍处在牛市中，与往年牛市相比，当前指数仍然有上涨空间。短期来看， 市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 本周，A股探底回升，创业板指重回3000点以上，科创50也再度站上1300点，深证成指则频频冲击 13000点大关，上证指数、沪深300等也均有所上涨。全周成交缩小至8.68万亿元，创4个多月来最低 （完整周）。 融资客本周加仓A股逾98亿元，其中电子行业获得逾56亿元融资净买入，通信获得逾45亿元净买入，国 防军工、传媒均获得超10亿元净买入，机械设备、交通运输、房地产、计算机等也获得超亿元净买入。 非银金融则遭融资净卖出近17亿元，医药生物、电力设备、家用电器等也被净卖出超亿元。 数据显示，主力资金出现大幅抄底现象， ...

Core Viewpoint - The launch of the first batch of seven ETFs tracking the CSI Innovation and Entrepreneurship Artificial Intelligence Index marks a significant influx of capital into the "hard technology" sector, particularly artificial intelligence, providing new investment tools for investors and directing social capital towards quality enterprises in this field [1][3]. Group 1: ETF Launch and Fundraising - Seven public fund institutions, including E Fund and ICBC Credit Suisse, have launched the first batch of ETFs tracking the CSI Innovation and Entrepreneurship Artificial Intelligence Index, with rapid issuance from approval to launch [1]. - The ETFs adopted a short fundraising cycle, with most products raising funds within six trading days, indicating a swift influx of capital into the A-share market, especially in the AI sector [1][2]. Group 2: Fundraising Limits and Management Fees - Among the six public institutions with set fundraising caps, E Fund, Invesco Great Wall, and Morgan Asset Management set the highest cap at 8 billion, while other funds had caps ranging from 1 billion to 5 billion [2]. Group 3: Industry Opportunities and Index Composition - The CSI Innovation and Entrepreneurship Artificial Intelligence Index, launched on May 14, 2023, includes 50 stocks from the Sci-Tech Innovation Board and the ChiNext, focusing on companies involved in AI foundational resources, technology, and applications [3]. - The index is heavily concentrated in the communication, electronics, and computer sectors, with these three industries accounting for approximately 90% of the index's weight [3]. Group 4: Policy Support and Industry Outlook - Continuous positive signals from policy, including the inclusion of "artificial intelligence" in the 2025 Government Work Report and various government initiatives, indicate significant development opportunities for the AI industry [3][4]. - The AI sector is viewed as a critical area for China to seize technological competition and future development, with multiple favorable factors converging to potentially lead a new cycle of technological growth [4].

2025年末，外资机构对中国科技股的态度出现标志性转变。 瑞银、高盛、摩根士丹利、摩根大通等顶级投行近期密集发布报告，不约而同地看多中国科技板块。与 此同时，一批外资有限合伙人(LP)加速重返中国一级市场，聚集于科技赛道。一场基于中国科技硬核创 新与估值优势的资金配置潮正悄然兴起。 （资料图） 作者丨庞华玮 编辑丨包芳鸣 看多中国科技股 近期，多家外资机构发布2026年展望报告，集体看好中国股市中长期配置价值。 瑞银在11月最新发布的2026年展望中，将恒生科技指数目标位设定在7100点。值得一提的是，该目标较 11月28日收盘价5599点高出近27%，显示出强劲的上涨预期。瑞银将明晟（MSCI）中国指数的2026年 年末目标设定为100点，较当前水平存在较大上涨空间。 瑞银财富管理投资总监办公室大中华区股票主管李智颖表示，中国科技公司明年盈利增幅或高达37%， 且强调当前"中国科技股仍不贵"。 这一判断得到多家机构共鸣。富达国际全球多元化资产投资主管Matthew Quaife表示，展望2026年，对 中国的股票市场更为乐观，尤其看好科技股板块。而富达国际首席投资官（股票投资）Niamh Brodie- M ...

Market Overview - The Shanghai Composite Index fell by 1.67% this month, with 171 stocks reaching historical highs [1] - Among the tradable A-shares this month, 1,961 stocks increased in price, accounting for 35.96%, while 3,468 stocks decreased, making up 63.60% [2] Historical Highs - A total of 171 stocks reached historical highs this month, with 93 from the main board, 43 from the ChiNext, 27 from the Sci-Tech Innovation Board, and 8 from the Beijing Stock Exchange [2] - The average increase for stocks that reached historical highs was 14.63%, with the largest increase being 143.31% for HeFu China [2] Sector Performance - The sectors with the most stocks reaching historical highs included power equipment (29 stocks), electronics (25 stocks), and machinery (23 stocks) [2] - The average closing price of stocks that reached historical highs was 57.25 yuan, with 22 stocks priced over 100 yuan and 35 stocks priced between 50 and 100 yuan [2] Market Capitalization - The average total market capitalization of stocks reaching historical highs was 64.42 billion yuan, with an average circulating market capitalization of 59.44 billion yuan [3] - Major companies with high total market capitalization included Agricultural Bank of China (256.67 billion yuan), Industrial and Commercial Bank of China (218.66 billion yuan), and Bank of China (144.82 billion yuan) [3] Institutional Activity - 60 stocks that reached historical highs saw institutional involvement, with 30 stocks experiencing net purchases [3] - The top net purchase was for Saiwei Electronics, amounting to 1.207 billion yuan, followed by Sanxiang New Materials and Shikong Technology [3] Notable Stocks - Notable stocks that reached historical highs include: - HeFu China: Closing price 23.82 yuan, monthly increase 143.31%, turnover rate 323.96% [2] - Hua Sheng Lithium: Closing price 111.80 yuan, monthly increase 132.48%, turnover rate 283.67% [2] - Ping Gao Co.: Closing price 81.83 yuan, monthly increase 132.47%, turnover rate 140.44% [2]

11月28日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在机器人、航空航 天等方面最新情况： 【机器人】 好上好：今年业绩涨幅明显，主要原因是半导体行业整体需求上行等 晶盛机电：SiC是第三代半导体材料的核心代表，SiC正逐步成为推动技术突破的关键材料 国芯科技：参股公司正在开展光量子计算芯片及光量子计算机的研发和应用 昂立教育：计划将银发经济业务培育为公司的第二增长曲线 牧原股份：后续生猪养殖成本仍会有所下降 金禄电子：公司PCB有应用于养老领域的相关硬件设施 安泰科技：难熔金属3D打印粉末已实现小批量供货 (本文来自第一财经) 【半导体】 【其他】 怡合达：公司有向人形机器人厂商提供部分零部件，但占比较低 美芯晟：公司的DToF技术能够实现测距与避障，可适配多种类型的机器人应用场景 格力博：与智元机器人关于商用清洁机器人的合作目前已进入实施阶段 格力博：商用清洁机器人正进行量产前测试 【电子】 澜起科技：根据行业报告，DDR6内存模组有望在2029年前后实现商业化 超声电子：公司部分PCB产品有在AR/VR眼镜领域配套应用 京东方A：将继续加大研发投入，进一步提升钙钛矿组件的转换效率 ...

电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 金 金融工程点评 [Table_Title] [Table_Message]2025-11-28 金工 ETF 点评：宽基 ETF 单日净流出 31.50 亿元；建筑装饰、军工拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日通信、电子靠前，相比较而言，汽车、非银的拥挤度水平较低， 建议关注。此外，建筑装饰、军工拥挤度变动较大。从主力资金流动来看， 前一交易日主力资金流入轻工、食饮、地产；流出计算机、传媒。近三个交 易日主力资金减配传媒、计算机；增配通信、电子。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ETF 产品筛选信号模型，通过滚动测算提 供存在潜在套利机会的标的，此外需警惕标的回调风险。 一、资金流向 二 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 A股三大指数今日（11月28日）集体上涨。沪深两市成交额达15977.31亿元，较昨日缩量超1250亿元。 收盘上涨个股超4100只，其中，收盘股价涨停的有82只。 从一周表现来看，沪指本周累计上涨1.4%，深证成指累计上涨3.56%，创业板指累计上涨4.54%。 一周牛熊股出炉 个股方面，本周超4500股上涨，35股涨幅均超30%。其中，涨幅最大的是品高股份，本周累计上涨 66.93%；金富科技、昀冢科技本周累计涨幅均超60%。 本周涨超30%的个股中，按所属行业统计，电子行业有10股上榜；其次是医药生物行业，有4股上榜。 本周累计下跌的个股中，30股跌幅在10%以上，大鹏工业、ST立方（维权）累计跌幅均在30%及以上。 9股获机构大手笔净买入 龙虎榜数据显示，本周机构专用席位共现身112股的龙虎榜，净买入50股，净卖出62股。其中，9股获机 构净买入超1亿元，赛微电子、长光华芯获机构净买入金额超2亿元。 | | | 哥牛股 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 最新收盘价 | 本周涨幅 | 行V ...

Core Viewpoint - Foreign institutions are showing a significant shift in attitude towards Chinese technology stocks, with major investment banks like UBS, Goldman Sachs, Morgan Stanley, and JPMorgan expressing bullish views on the sector [1][3][4]. Group 1: Market Outlook - UBS has set a target for the Hang Seng Tech Index at 7100 points for the end of 2026, representing a nearly 27% increase from the closing price of 5599 points on November 28 [3]. - Morgan Stanley has raised its target for the CSI 300 Index to 4840 points by December 2026, indicating a stable growth outlook for Chinese stocks amid moderate earnings growth [4]. - JPMorgan has upgraded its rating on Chinese stocks to "overweight," suggesting a higher likelihood of significant gains in the coming year, particularly driven by AI adoption and consumption stimulus [4]. Group 2: Foreign Capital Inflow - In the first ten months of 2025, foreign capital inflow into the Chinese stock market reached $50.6 billion, significantly surpassing the $11.4 billion for the entire year of 2024, marking an increase of over three times [5]. - The technology sector has become a focal point for foreign investment, with foreign holdings in the electronics sector increasing, reaching a market value of 391.5 billion yuan by September 30, 2025 [5]. - Notable increases in foreign investment have also been observed in the new energy sector, with holdings in CATL rising to 265.66 billion yuan, an increase of over 100 billion yuan from the previous quarter [5]. Group 3: Investment Strategies - Foreign investors are focusing on structural allocations in the technology sector, particularly in semiconductors, AI applications, and communication equipment [5][6]. - The trend of foreign limited partners (LPs) returning to the Chinese primary market is evident, with significant investments being made in the hard technology sector, especially in AI [6][7]. - AI has emerged as a core investment focus, with various funds targeting early-stage AI projects and related sectors, indicating a long-term strategic shift rather than short-term speculation [7][8]. Group 4: Future Expectations - Experts believe that the trend of increasing foreign allocation to Chinese technology stocks is likely to continue, driven by ongoing economic recovery and innovation momentum in China [8]. - The focus on AI applications, semiconductors, and electronic components is expected to attract further foreign investment, as China develops its autonomous computing ecosystem [8].

证券研究报告 | 2025年11月28日 金融工程专题研究 更全面的创业板投资标尺——创业板综合指数投资价值分析 均衡布局 A 股创新和成长型公司 定位"三创四新"，聚焦创新与成长：创业板定位于"三创四新"，自开板 以来，上市公司数量逐年提升，截至 2025 年 11 月 21 日，创业板共有 股票 1390 只，总市值 16.49 万亿，近一月日成交额平均达 5230.01 亿 元人民币。 政策持续支持，专精特新含量高：截至 2025 年 11 月 21 日，上市的专精特 新"小巨人"公司共 1117 家，其中 420 家在创业板上市，占比达到 37.60%， 占比最高。从已在创业板上市的专精特新公司行业分布来看，数量占比较高 的行业分别为机械、电子、计算机。 机构资金关注度高，场内资金持续流入：主动股基持有创业板成分股的 总市值整体呈现上升趋势，近年来持有创业板市值占比超过 17%；此外， 创业板相关 ETF 自 2022 年以来份额持续大幅增长，2024 年触及高点 后虽有回落，但近期再度回升，最新份额超过 800 亿份，最新规模超过 1700 亿元，在所有宽基类 ETF 中排名前列。 创业板综合指数（ ...

11月28日，A股市场整体上涨。 截至收盘，上证指数收报3888.6点，上涨0.34%，深证成指收报12984.08点，上涨0.85%，创业板指收报3052.59点，上涨0.7%，北证50指数上涨0.39%。A 股市场合计成交15978.6亿元，较上一交易日减少1254.57亿元。 1. A股市场全天主力资金净流入68.25亿元 今日A股市场主力资金开盘净流出61.72亿元，尾盘主力资金净流入40.1亿元，A股市场全天主力资金净流入68.25亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-11-28 | 68. 25 | -61.72 | 40. 10 | 92. 02 | | 2025-11-27 | -186. 22 | -37.77 | -49.42 | -81. 47 | | 2025-11-26 | -110. 12 | -71. 22 | -15.41 | 20. 13 | | 2025-11-25 | 88. 12 ...