当前A 股市场可能继续呈现蓄势震荡的特征，在国内政策预期升温与三季报业绩验证的支撑下，结构性机会依然丰富。投资者宜保持战略定力，在震荡市中 积极寻找下一阶段的优质资产。科技成长仍是市场中长期主线，在良性调整期间宜择优布局。同时关注三季报业绩验证，寻找盈利优势明显的细分方向。操 作上宜均衡配置，在科技成长与红利价值之间寻求平衡，兼顾进攻与防御。预计短期市场以稳步震荡上行为主，仍需密切关注政策面、资金面以及外盘的变 化情况。短线建议关注通信设备、电子元件、半导体以及消费电子等行业的投资机会。 主力净流入行业板块前五：国产软件，半导体，传媒，游戏，手游； 主力净流入概念板块前五：人工智能，大数据，阿里巴巴概念股，区块链，数字经 济； 主力净流入个股前十：利欧股份、北方华创、蓝色光标、新易盛、寒武纪、华胜天成、东芯股份、三六零、中微公司、华夏幸福 今年以来，二级市场上有色股业绩整体亮眼。Wind数据显示，申万一级有色金属行业141家上市公司已经全部公布三季度报告，前三季度，108家公司营收 规模实现同比增长；96家公司归母净利润同比增长，占比接近七成，其中有23家公司同比增幅超过一倍。与此同时，行业上市公司纷纷通过收 ...

Market Performance - The Shanghai Composite Index closed at 3939.81 points, down 0.81%, with a trading volume of approximately 790.9 billion yuan [2] - The Shenzhen Component Index closed at 13080.49 points, down 0.92%, with a trading volume of approximately 113.51 billion yuan [2] - The ChiNext Index closed at 3069.22 points, down 1.16%, with a trading volume of approximately 50.88 billion yuan [2] - The STAR Market Index closed at 1596.41 points, down 0.20%, with a trading volume of approximately 18.69 billion yuan [2] - The North Star 50 Index closed at 1481.82 points, down 2.92%, with a trading volume of approximately 20.1 billion yuan [2] Sector Performance - AI-related sectors, including Sora, Xiaohongshu, ChatGPT, Web3, and AIGC, saw significant gains, indicating a growing investor interest in AI infrastructure [1][3] - The new energy industry chain experienced notable adjustments, with sectors such as sodium batteries, titanium metals, and solid-state batteries facing significant declines [1] Company Developments - The C919 and C909 aircraft made their debut at the Dubai Airshow, showcasing China's advancements in commercial aviation, with C909 having delivered over 170 aircraft and opened over 790 routes [4] - The construction of China's first "Hualong One" nuclear power plant with cooling towers has commenced, with a total planned capacity of approximately 7.2 million kilowatts, sufficient to meet the annual electricity needs of 5 million people [5] - Huawei announced the upcoming launch of the Mate X7 foldable smartphone, set to be unveiled on November 25, featuring a new "super-reliable folding structure" and a redesigned camera [6]

Core Viewpoint - The article discusses the misleading nature of second-hand hardware recommendations, particularly in the context of gaming laptops, highlighting how some media outlets exploit consumer trust to clear out inventory by promoting outdated models at inflated prices [1][2][3]. Group 1: Misleading Recommendations - Many second-hand hardware articles present themselves as "conscientious recommendations" while actually serving to clear out inventory, often targeting inexperienced consumers [2][3]. - The promotion of older gaming laptops, such as a years-old Alienware model, is criticized for being deceptive, as the performance does not justify the high price being asked [3][5]. Group 2: Price and Value Discrepancies - The article points out that a gaming laptop advertised at a significantly reduced price (from 32,999 yuan to 3,299 yuan) is misleading, as the actual performance does not match the expectations set by the original price [3][5]. - The actual market value of similar configurations is much lower, with the article suggesting that such a model would typically not fetch more than 2,500 yuan in the second-hand market [9][10]. Group 3: Consumer Awareness and Caution - Consumers are advised to be cautious when purchasing second-hand products, emphasizing the importance of understanding the product's history and condition before making a purchase [13][14]. - The article suggests three key considerations for evaluating second-hand products: the age and platform of the product, the compatibility of configuration and price, and the reliability of the seller's description [9][10].

东吴证券研报指出，恒铭达依托精密模切技术、精密金属加工等核心工艺平台，聚焦智能终端、数通与 算力基建、新能源三大战略领域。产品现已进入国内外知名品牌客户的供应链体系，持续助推智能终端 设备、通信及新能源产业的技术升级。公司在智能终端、数通与算力基建、新能源三大战略领域协同共 振，既分散单一赛道的周期风险，又能一站式满足不同客户的多维需求，在稳固既有份额的同时，开辟 出第二、第三增长曲线，为长期发展注入持续动能。同时，通过与知名品牌客户的紧密合作，公司持续 抬高技术、品质天花板，进一步夯实精密制造的护城河。此外，公司深度绑定头部客户，产品+客户双 轮驱动构筑可持续增长格局。公司消费电子板块受益AI浪潮，与头部客户深度合作，有望受益行业景 气度复苏及产品单机价值量提升。首次覆盖，给予"买入"评级。 ...

（责任编辑：董萍萍 ） 【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 银河证券表示，2025下半年智能眼镜发展在加速，我们认为核心变化在于AR显示功能的应用，使 智能眼镜从技术上相对简单的音频与拍摄眼镜向技术门槛相对高的AI+AR眼镜进阶。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上 市公司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A 类：018300；C类：018301。 每日经济新闻 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.52%，文化传媒、办公用品、互联网 等板块涨幅靠前，精细化工、化肥农药跌幅居前。消费电子个股活跃，截至13点45分，消费电子ETF （159732）上涨0.19%，其成分股晶晨股份上涨13.09%，风华高科上涨7.48%，顺络电子上涨4.60%，东 山精密上涨3.83 ...

Core Insights - The iPhone 17 series has significantly boosted Apple's smartphone sales in China, with a 37% increase in October, indicating strong growth momentum in this key market [1] - Apple's market share in China's smartphone sales reached 25% in October, the highest level since 2022, reflecting positive consumer response to the annual product upgrade [1] - The overall smartphone market in China saw an 8% growth, driven by the strong sales of the iPhone [1] Group 1: Apple Performance - The iPhone 17 and iPhone 17 Pro Max have achieved double-digit sales growth compared to the previous iPhone 16 series, contributing to Apple's overall sales increase [1] - The new iPhone models account for over 80% of Apple's total shipments, with higher average selling prices expected to further enhance revenue growth [1] Group 2: Supplier Performance - Linyi Intelligent Manufacturing, a key supplier in Apple's supply chain, reported a revenue of 37.59 billion yuan for the first three quarters, a year-on-year increase of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% [1] - Excluding stock incentive amortization, the net profit for the first three quarters reached 2.184 billion yuan, a 52.30% increase [2] Group 3: AI and Innovation - Linyi Intelligent Manufacturing is expected to benefit from the AI innovation cycle, with optimistic prospects for its "human eye convincing" business, which may reshape its growth structure [4] - The company has established a diverse hardware product matrix in robotics and is actively involved in AI glasses and foldable screens, positioning itself to capitalize on market expansion [4] - Linyi has become a core supplier for AMD in cooling products for GPU, CPU, and AI applications, indicating strong collaboration with global clients [4]

Group 1 - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25 in Beijing, aligning with the start of the "14th Five-Year Plan" and emphasizing technological innovation and supply chain security [1] - The rapid development of strategic emerging industries such as digital economy, artificial intelligence, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips, driving technological upgrades and industrial cycles [1] - The semiconductor industry in China is expected to enter a new phase of high-quality development characterized by independent innovation and supply chain security under national strategic guidance during the "14th Five-Year Plan" period [1] Group 2 - The demand for AI continues to be strong, leading to a trend of supply shortages and price increases in storage chips and certain passive components [1] - The current market underestimates the scope and sustainability of demand for domestic computing and storage capabilities driven by AI, suggesting a focus on the electronics sector at this time [1] - The electronic ETF (515260) saw a peak increase of 1.57% on November 18, reflecting positive market sentiment towards the sector with a net inflow of 5.1 million yuan over two days [2] Group 3 - Key stocks in the electronic sector include Northern Huachuang, which rose over 6%, and other companies like Tuo Jing Technology and Zhongwei Company, which also saw significant gains [4][5] - The electronic ETF (515260) tracks the electronic 50 index, heavily investing in semiconductor and consumer electronics industries, and is expected to benefit from national policies supporting the semiconductor industry [6]

银河证券表示，2025下半年智能眼镜发展在加速，我们认为核心变化在于AR显示功能的应用，使智能 眼镜从技术上相对简单的音频与拍摄眼镜向技术门槛相对高的AI+AR眼镜进阶。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A类： 018300；C类：018301。 （文章来源：每日经济新闻） 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.52%，文化传媒、办公用品、互联网等板 块涨幅靠前，精细化工、化肥农药跌幅居前。消费电子个股活跃，截至13点45分，消费电子ETF （159732）上涨0.19%，其成分股晶晨股份上涨13.09%，风华高科上涨7.48%，顺络电子上涨4.60%，东 山精密上涨3.83%。然而，佰维存储、闻泰科技等表现不佳，其涨跌幅分别是-6.22%、-2.92%。 根据IDC数据，2025上半年，全球智能眼镜市场出货量达406.5万台，同比增长64.2%。IDC预计到2029 年全球智能眼镜市场出货量将突破4000万台，2024-2029年5年 ...

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings (688036) [7] Core Views - The company reported a revenue of 49.54 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.33%, and a net profit attributable to shareholders of 2.15 billion yuan, down 44.97% year-on-year [7] - The decline in net profit is attributed to a decrease in gross margin and an increase in operating expenses [7] - The company is actively developing practical AI features to enhance local user experience in Africa and South Asia [7] - The mobile internet business has reached a monthly active user count exceeding 10 million, with significant progress in monetization [7] - The revenue forecast for 2025 has been adjusted down from 74.2 billion yuan to 70.3 billion yuan, and net profit forecast has been reduced from 6.2 billion yuan to 4.1 billion yuan [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 68.72 billion yuan, with a year-on-year growth rate of 10.3% [6] - For 2025, total revenue is expected to be 70.31 billion yuan, with a growth rate of 2.3% [6] - The net profit attributable to shareholders for 2025 is forecasted at 4.1 billion yuan, reflecting a year-on-year decrease of 26.2% [6] - The gross margin is expected to be 20.3% in 2025, slightly recovering from 19.5% in 2025Q1-3 [6] - The return on equity (ROE) is projected to be 16.6% in 2025, up from 10.7% in 2025Q1-3 [6]

更多财经资讯等你来看 11月18日，华为常务董事、产品投资委员会主任、终端BG董事长余承东在其社交平台正式公布华为Mate X7真机，并暗示将有"云锦"配 色。 2025年11月17日，华为常务董事、产品投资委员会主任兼终端BG董事长余承东通过社交平台宣布"它，来了！"，引发广泛关注。其发布 内容的设备标识显示为华为Mate 80 Pro Max，暗示新机即将亮相。同日上午，华为终端官方也正式发布消息，确认华为Mate 80系列、 Mate X7以及多款全场景新品将于11月25日举行发布会。 余承东首次展示了Mate 80系列的实机外观设计。该系列延续了家族标志性的圆形镜头模组布局，整体风格稳健大气。值得注意的是，镜头 模组下方新增了一个尺寸相近的浅色圆环，推测可能为磁吸结构，旨在支持更多磁吸生态配件的扩展与连接，进一步提升设备的使用灵活 性和场景适配能力。 来源：证券时报 关注" 新华网财经 "视频号 往期推荐 曾毓群再谈固态电池 巴菲特最新持仓披露 大全70比个月1日 ■ NCP_ | 扫描二维码,关注新华网财经号 权 威 专 业 快 速 深 度 贝才 ...