Core Insights - The report highlights the ongoing structural opportunities in the market amidst adjustments, with continuous institutional reforms being implemented [5][14] - The North Exchange has released guidelines emphasizing the importance of governance and compliance for listed companies, which is expected to enhance the quality of companies and market confidence [5][14] - Despite short-term market sentiment being weak, there are still localized bright spots, such as the accelerated pace of new stock issuances and significant price increases for certain stocks, indicating ongoing speculative interest in high-volatility assets [5][14] Market Review and Valuation - As of November 27, 2025, the North 50 Index fell by 4.77% in November, with a peak increase of 2.83% during the period. Among individual stocks, 18 rose, 265 fell, and 2 remained unchanged [6][15] - The North 50 Index has increased by 33.20% this year, with a maximum increase of 60.92% during the period. A total of 247 stocks rose, while 38 fell [6][15] - The average PE ratio for the North 50 Index is 69.92 times, with a median of 70.93 times, indicating a relatively high valuation compared to other indices [7][20] New Stock Dynamics - In November, 5 new stocks were listed on the North Exchange, bringing the total to 285 listed companies as of November 27, 2025. During the period from November 1 to November 27, 4 companies were subscribed, and 5 were listed [6][31] - The latest review status shows that 56 companies, including Zuxing New Materials and Langxin Electric, have updated their status to "inquired" [31][32] Key Company Announcements - Tianhong Lithium Battery announced a joint venture to develop energy storage independent power station business with a registered capital of 30 million RMB [37] - Five New Tunnel Equipment plans to acquire 100% of Hunan Zhongtie Wuxin Heavy Industry and 99.9057% of Huaihua Xinzhi Technology, constituting a major asset restructuring [37] - Haineng Technology is investing in Anyi Pu Medical Technology to expand its product matrix in the scientific instrument sector [37][38]

Market Overview - The A-share market experienced a narrow fluctuation on November 28, with trading volume dropping to a near four-month low, indicating a lack of strong market momentum [2] - The Shanghai Composite Index fell by 1.67% in November, ending a six-month streak of gains after reaching a ten-year high mid-month [3] - The ChiNext Index saw a larger decline of 4.23% in November, but showed signs of recovery towards the end of the month, driven by the computing hardware sector [3] Sector Performance - Key market hotspots in November included the battery supply chain, Hainan, Fujian, and computing hardware sectors, with increased activity in these areas [4] - The overall market sentiment improved, with over 4,000 stocks closing in the green, particularly in the commercial aerospace, retail, and electric grid equipment sectors [2][5] Future Outlook - Analysts express a cautiously optimistic view for the market, suggesting it may remain in a bull market but could enter a phase of wide fluctuations in the short term [10] - The focus for short-term investments is on defensive and consumer sectors, while mid-term attention should shift to TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors [10] - The commercial aerospace market is projected to reach a scale of 7.8 trillion yuan by 2030, indicating significant growth potential in this sector [15] Specific Industry Insights - The semiconductor industry is expected to attract new capital, with several AI-focused ETFs launching, indicating a growing interest in technology stocks [17] - The 6G technology sector is in a critical phase of innovation, with over 300 key technologies being developed, which may enhance the integration of AI and communication technologies [18][19]

11月28日，A股三大指数飘红，电网设备板块盘中拉升。截至11:16，全市场唯一的电网设备ETF （159326）涨幅1.02%，成交额达1.34亿元，持仓股金智科技涨停，四方股份、平安电工、伊戈尔、双 杰电气、金盘科技等股跟涨，特变电工涨幅1.22%。 （责任编辑：张晓波 ） 截至11月25日，国网输变电设备集招累计787.47亿元，同比增长19.6%；特高压设备集招累计 203.19亿元，同比增长13.3%，"十五五"特高压规划有望再创新高。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 中信证券表示，"十五五"规划建议进一步明确了新型能源体系的重要地位，针对电力系统建设指引 了消纳、韧性、电气化等中长期的发展重心。该机构认为，政策进一步指引和夯实了特高压、柔性直流 输配电、数智化电网等环节的中长期机遇。同时，中短期来看，输变电设备内外需景气共振，结构性需 求持续显现，特高压、智能电网 ...

Core Viewpoint - The A-share market's three major indices experienced a collective rise, with the power grid equipment sector showing signs of stabilization and rebound after a period of adjustment. The only power grid equipment ETF (159326) saw a 0.94% increase, with a trading volume of 101 million yuan, indicating strong investor interest [1]. Group 1: Market Performance - The power grid equipment ETF (159326) recorded a net inflow of 76 million yuan recently, accumulating a total of 1.535 billion yuan in November, reaching a latest scale of 1.913 billion yuan, making it the largest power grid ETF in the market [1]. - Key stocks in the sector, such as Jinzhitech, Sifang Co., Ping An Electric, Shuangjie Electric, Igor, Yongfu Co., and Jinpan Technology, experienced significant gains, with Jinzhitech hitting the daily limit [1]. Group 2: Industry Outlook - A recent report from Goldman Sachs highlighted that electricity supply has become a major obstacle to AI development, with global data center electricity demand expected to surge by 160% by 2030. This indicates a pressing need for upgrades in aging power grids, particularly in Europe and the U.S. [1]. - Huaxi Securities noted that the large-scale integration of renewable energy sources is significantly increasing the demand for supporting grid construction, which is expected to create vast investment opportunities in the distribution network sector. Leading suppliers of integrated distribution equipment are likely to benefit continuously [1]. - The demand for power equipment is anticipated to remain high due to the need for upgrades and expansions in power systems, driven by increased electricity demand from AI in the U.S. [1]. Group 3: Related Products - The power grid equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment. The ultra-high voltage segment holds a significant weight of 64%, the highest in the market [2]. - The Green Power ETF (562550) and its off-market links (018734/018735) track the CSI Green Power Index, which includes clean energy companies like hydropower, wind power, and solar power, as well as transitional samples from thermal and nuclear power [2].

电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。 11月27日，A股三大指数集体上涨，前期经历阶段回调的电网设备板块企稳迹象明显，截止14点24分， 电网设备ETF（159326）成交额达2.11亿元，持仓股金利华电、安科瑞、平安电工、南网科技、华通线 缆、东材科技等股涨幅居前。 （文章来源：每日经济新闻） 中银证券表示，国内持续推动电力体制改革，特高压及主网建设加快，带动电网设备需求维持高景气。 海外电网改造需求旺盛，建议关注受益于特高压高景气的主网环节相关标的。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，最新规模达18.45亿元，在同 类产品中稳居第一。 AI算力爆发引起的全球缺电、新能源并网需求等，均为电网设备板块提供了中长期支撑，叠加海外电 网老化与新能源转型催生替换需求，我国电网设备具备成本和技术优势，出海势头加速。 ...

Group 1 - The A-share market showed a positive trend with the only electricity grid equipment ETF (159326) rising by 0.65%, and trading volume exceeding 178 million yuan [1] - From January to October, the profits of industrial enterprises above designated size in China increased by 1.9% year-on-year, with the electricity, heat, gas, and water production and supply industry achieving a profit of 732.93 billion yuan, reflecting a robust growth of 9.5% [1] - According to a report by Zhongtai Securities, the demand for data center construction in the U.S. is expected to surge in the next 3 to 5 years, leading to increased load on the power grid due to the continuous operation of AI data centers [1] Group 2 - The electricity grid equipment ETF (159326) is the only ETF tracking the China Securities Electricity Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The index has a high weight of 64% in ultra-high voltage equipment, the highest in the market [2]

中邮证券指出，风光发电量占比15%是系统成本快速上升的临界点，也是电网景气度提升的时点， 20%则是灵活性资源需求提升的拐点。随着新能源渗透率提高，电力系统安全压力持续加大，传统继电 保护理论难以满足"双高"新型电力系统需求，电网事故风险可能因深度互联和高比例新能源而放大。电 网投资进入成长周期，2024年电网投资同比增15.3%，2025年国网计划投资超6500亿元。电力现货市场 建设加速，将推动电价机制从多轨制向单轨制转变，促进新能源消纳。在清洁和安全目标下，终端电价 可能面临上涨压力。电力系统需构建包含核电、煤电改造、储能等多种灵活性资源的生态体系，电网扩 张本身也是一种重要灵活性资源。全国统一电力市场建设是解决风光资源与负荷中心错配问题的关键。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUP ...

Group 1 - Aolide plans to raise no more than 300 million yuan through a simplified procedure for issuing shares to specific targets, with net proceeds allocated to the production base project for OLED display core materials and to supplement working capital [1] - Wanbang's subsidiary has obtained a 10-year exclusive agency for sildenafil oral suspension, which is suitable for patients with swallowing difficulties [2] - Titan Technology and its affiliate plan to jointly invest in increasing capital for its subsidiary, Micro Detection, raising its registered capital from 10 million yuan to 50 million yuan [3] Group 2 - Jindike will not issue new batches of quadrivalent influenza virus split vaccine this year, having produced approximately 1.56 million doses [4] - Aladdin intends to purchase 35% equity of Youke for 61.25 million yuan, funded by its own or raised capital [5] - Gujia Home's application for a private placement of A-shares has been approved by the Shanghai Stock Exchange [7] Group 3 - Honghe Technology's application for a private placement of A-shares has been approved by the China Securities Regulatory Commission [9] - Guangdian Yuntong has won contracts totaling 308 million yuan for the construction of an artificial intelligence application pilot base [10] - Shanghai Mechanical plans to repurchase B-shares worth no more than 278 million yuan [11] Group 4 - Weiling Co. is planning a change of control, with shares representing 7.76% of the total being transferred [14] - Jiugang Hongxing intends to invest 200 million yuan to establish a wholly-owned subsidiary focusing on high-quality special steel materials [16] - Zhongjian Technology has submitted an application for H-share listing [17] Group 5 - Sainuo Medical has received registration approval for its coronary product in Pakistan [18] - Huafeng Aluminum plans to acquire 100% equity of Huafeng Puen for 100 million yuan [20] - Fuda Co. intends to establish a wholly-owned subsidiary with an investment of 30 million yuan [22] Group 6 - Su Yan Jingshen's application for a private placement of shares has been approved by the Shanghai Stock Exchange [24] - Zhongchuang Co. has set the inquiry transfer price at 25.75 yuan per share [25] - Jinpu Garden has had a lawsuit involving 26.557 million yuan accepted by the court [29] Group 7 - ICBC has approved the appointment of Zhao Guid as vice president [30] - Betta Pharmaceuticals has had its drug registration application for ensartinib accepted [32] - Times New Materials plans to invest 6 million euros to establish a wholly-owned subsidiary in Serbia [34] Group 8 - China State Construction has appointed Chen Yong as vice president [36] - Dayang Electric plans to invest 10 million yuan to establish an industrial fund [38] - Advanced Digital has appointed Liu Zhigang as deputy general manager [39] Group 9 - Tianqi Co. plans to transfer 7% equity of Youqi Intelligent for 130 million yuan [40] - Xinguo has submitted an application for H-share issuance and listing [42] - Jinhongshun's shareholder has terminated a share reduction plan [43] Group 10 - Wanrun Co.'s actual controller plans to increase shareholding between 365 million yuan and 730 million yuan [44] - Suzhou High-tech plans to sell 47% equity of its medical device subsidiary for 604 million yuan [45] - Huayou Cobalt's subsidiary has signed a product supply agreement with Yiwei Lithium Energy for approximately 127,800 tons of materials [47] Group 11 - China Communications has won 10 important projects totaling approximately 2.539 billion yuan [49] - Nopushin plans to raise no more than 1.45 billion yuan through a private placement [50] - Yun Aluminum plans to acquire minority stakes in three subsidiaries for a total of 2.267 billion yuan [51] Group 12 - Xiamen Tungsten plans to establish a 500 million yuan merger fund with multiple parties [52] - Aotewei has signed a contract worth approximately 700 million yuan [54] - Hemai Co.'s shareholders plan to reduce their holdings by no more than 3% [56]

Core Insights - The net outflow of main funds in the power equipment sector was 1.357 billion yuan, while retail investors saw a net inflow of 0.965 billion yuan on the same day [2][3] - The overall performance of the power equipment sector showed a decline of 0.95% compared to the previous trading day, with notable declines in specific stocks like Hongxiang Co., which fell by 9.43% [1][2] Market Performance - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] - Key stocks in the power equipment sector included: - Kaifa Electric (300407) with a closing price of 13.35, up 10.79% [1] - Moen Electric (002451) with a closing price of 10.85, up 4.63% [1] - Hongxiang Co. (300427) leading the decline with a closing price of 8.16, down 9.43% [2] Trading Volume and Capital Flow - The trading volume for Kaifa Electric reached 352,800 shares, with a transaction value of 462 million yuan [1] - The capital flow data indicated that: - Jinpan Technology (688676) had a main fund net inflow of 43.6957 million yuan [3] - Luokai Co. (603829) experienced a main fund net inflow of 29.2092 million yuan [3] - The overall capital flow showed a mixed trend with significant retail participation [2][3]

中信建投指出，AIDC配套仍为行业重要方向，短期受资金面波动影响。英伟达明确未来SST产业趋 势，SST概念相关标的关注度较高。北美输变电设备紧缺已成共识，出口北美变压器标的关注度提升。 出海景气度延续，2025年1~8月国内电力变压器出口增速达45%以上，北美及中东市场机会值得关注。 电网设备方面，国内特高压（主网投资）及海外需求延续较高景气，2025年1~9月电网累计投资额同比 增长9.94%，行业整体维持稳健增长态势。 （文章来源：每日经济新闻） 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数选取主营业务涉及电网设 备相关领域的内地上市公司证券作为样本，以反映电网设备行业整体表现。成分股覆盖电力网络建设、 技术升级等关键领域，具有鲜明的行业代表性及专业聚焦特征。 ...