【11月25日A股三大指数集体走高，市场成交额增加】11月25日，A股三大指数集体上扬。收盘时，沪 指涨0.87%，报3870点；深证成指涨1.53%；创业板指涨1.77%。全市场成交额达1.83万亿元，较前一增 加858亿元，4300只股票上涨。 盘面上，CPO概念、光通信模块板块爆发，德科立、永鼎股份等多股涨 停；F5G概念拉升，特发信息涨停。流感季提前，流感概念活跃，特一药业等多股涨停；游戏板块走 高，巨人网络涨停；教育股普涨，科德教育20CM涨停。 贵金属、激光雷达、海南及通信设备等板块涨 幅居前。不过，船舶制造板块下挫，江龙船艇跌近10%；水产养殖板块走低，水中渔业跌停；航空机 场、预制菜、转基因等板块跌幅居前。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 扫码查看原文 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 FUL hexun.con 和而不同 迅达天下 ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3870.02 points, up by 0.87%, and a total trading volume of 722.79 billion yuan [1] - The Shenzhen Component Index closed at 12777.31 points, up by 1.53%, with a trading volume of 1089.36 billion yuan [1] - The ChiNext Index closed at 2980.93 points, up by 1.77%, with a trading volume of 522.45 billion yuan [1] Sector Performance Top Performing Sectors - The gaming sector led the gains with an increase of 3.89%, totaling a trading volume of 205.98 million hands and a net inflow of 31.15 billion yuan [1] - The communication equipment sector rose by 3.66%, with a trading volume of 196.87 million hands and a net inflow of 3.65 billion yuan [1] - The education sector increased by 3.10%, with a trading volume of 54.45 million hands and a net inflow of -0.69 billion yuan [1] Underperforming Sectors - The airport and shipping sector declined by 0.98%, with a trading volume of 108.54 million hands and a net outflow of -0.35 billion yuan [1] - The military equipment sector fell by 0.53%, with a trading volume of 242.96 million hands and a net outflow of -3.76 billion yuan [1] - The aquaculture sector decreased by 0.48%, with a trading volume of 150.85 million hands and a net outflow of -0.16 billion yuan [1]

| 涨幅榜 | 资金净流入 | ５日 涨幅を | | --- | --- | --- | | 教育 | 通信设备 | 电子元器 | | +3.84% | +3.69% | +2.879 | | 贵金属 | 基本金属 | 燃气 | | +2.49% | +2.32% And Van and | +2.229 | 盘面上，CPO概念、光通信模块板块爆发，德科立、永鼎股份等多股涨停；F5G概念拉升，特发信息涨停；流感季提前到来，流感概念活跃，特一药业等多 股涨停；游戏板块走高，巨人网络涨停；教育股普涨，科德教育20CM涨停；贵金属、激光雷达、海南及通信设备等板块涨幅居前。另外，船舶制造板块下 挫，江龙船艇跌近10%；水产养殖板块走低，水中渔业跌停；航空机场、预制菜、转基因等板块跌幅居前。(格隆汇) 格隆汇11月25日｜A股三大指数今日集体走高，截至收盘，沪指涨0.87%报3870点，深证成指涨1.53%，创业板指涨1.77%。全市场成交额1.83万亿元，较前 一交易日增量858亿元，4300股上涨。 | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3870.02 | 127 ...

盘面上，CPO概念、光模块板块爆发，德科立、等多股涨停；F5G概念拉升，涨停；流感季提前到来，流感概念活跃，等多股涨停；游戏板块走高，涨停； 教育股普涨，科德教育20CM涨停；贵金属、激光雷达、海南及通信设备等板块涨幅居前。另外，船舶制造板块下挫，跌近10%；水产养殖板块走低，水中 渔业跌停；航空机场、预制菜、转基因等板块跌幅居前。(格隆汇) 【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 格隆汇11月25日｜A股三大指数今日集体走高，截至收盘，沪指涨0.87%报3870点，深证成指涨1.53%，指涨1.77%。全市场成交额1.83万亿元，较前一交易 日增量858亿元，4300股上涨。 | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3870.02 | 12777.31 | 1396.8 | | +33.26 +0.87% +192.23 +1.53% +10.80 ...

| 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 3870.02 | 12777.31 | 1396.8 | | +33.26 +0.87% +192.23 +1.53% +10.80 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1302.17 | 2980.93 | 6143.6 | | +5.56 +0.43% +51.89 +1.77% +75.51 +1 | | | | 沪深300 | 中证500 | 中证A5( | | 4490.40 | 6954.60 | 5392.9 | | +42.36 +0.95% +85.64 +1.25% +58.60 +1 | | | | 中证1000 | 中证2000 | 中证红和 | | 7249.95 | 3051.71 | 5554.2 | | +93.54 +1.31% +52.45 +1.75% +27.05 +0 | | | | 涨幅榜 | 资金净流入 | 5日涨幅* | | --- | --- | --- | | 教育 | 通信设备 | 电子元器 | | +3.84% | +3.69% | ...

Core Points - The collaboration between Beijing Tongrentang Century Advertising Co., Ltd. and Beijing Technology and Business University aims to enhance industry innovation through a joint mechanism established by the signing of the "Party Building Leading Industry Innovation Joint Construction Intent Agreement" [1][2] - The initiative focuses on organizational collaboration, talent cultivation, and the integration of industry, academia, and research [1][2] Group 1 - The first "Party Building Joint Construction" activity was held following the signing of the agreement, emphasizing the importance of enhancing the sense of responsibility and mission among party members [1] - The event included a visit to the China First Historical Archives, where participants engaged with the exhibition "Narrating the Community - Interactions and Integration of Various Ethnic Groups in the History of Beijing" [2] Group 2 - The partnership will provide internship opportunities in advertising media, exhibition display, and big data analysis for students at Beijing Technology and Business University, enhancing their professional experience [2] - Both parties plan to hold seminars on innovation and design of cultural products and advertising strategies, leveraging the expertise of university faculty to support the professional development of company employees [2] Group 3 - The university will invite industry experts to serve as external mentors, integrating real-world case studies into the curriculum and providing students with practical training and employment opportunities [2] - The collaboration aims to transition from activity-based cooperation to platform and ecological cooperation, establishing a model for school-enterprise collaboration in revitalizing time-honored brands in Beijing [2]

①美国三大股指全线收涨，道指涨0.44%报46448.27点，标普500指数涨1.55%报6705.12点，纳指涨 2.69%报22872.01点； ④欧洲三大股指收盘涨跌不一，德国DAX指数涨0.71%报23255.92点，法国CAC40指数跌0.29%报 7959.67点，英国富时100指数跌0.05%报9534.91点； ⑧伦敦基本金属全线上涨，LME期镍涨1.90%报14730.00美元/吨，LME期锡涨1.44%报37425.00美元/ 吨，LME期铝涨0.97%报2813.00美元/吨，LME期锌涨0.47%报3003.00美元/吨，LME期铅涨0.33%报 1992.00美元/吨，LME期铜涨0.04%报10781.50美元/吨； ⑨美债收益率集体下跌，2年期美债收益率跌1.06个基点报3.495%，3年期美债收益率跌1.68个基点报 3.480%，5年期美债收益率跌2.62个基点报3.593%，10年期美债收益率跌3.66个基点报4.027%，30年期 美债收益率跌4.13个基点报4.670%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌0.8个基点报4.536%，法国10年期国债收益率跌 ...

Investment Rating - The report maintains a "Recommended" rating for the hotel and duty-free industries, indicating a positive outlook for operational improvements in these sectors [1]. Core Viewpoints - Despite the overall pressure on consumption in the current macro environment, a structural recovery trend in certain consumer service sectors is becoming increasingly evident. Operational improvements are being observed, suggesting a gradual exit from the bottom range [4]. - The hotel industry is experiencing an optimization in supply-demand dynamics, with core operational data showing marginal improvements, indicating a mild upward trend in industry prosperity supported by sustained travel demand [4]. - The duty-free industry is expected to benefit from policy incentives, particularly with the upcoming operational phase in Hainan and the continued rollout of related policies, which are anticipated to catalyze new growth opportunities [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services sector experienced a decline of 4.86% this week, while the overall A-share market fell by 5.14%. The CSI 300 index decreased by 3.77% [7][23]. - Notable stocks in the consumer services sector that performed well include Dalian Shengya, Chuangye Heima, and Shangri-La (Asia) [4]. Important Announcements - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, reaching 30.6 billion yuan, with net profit of 1.5 billion yuan [30]. - Ctrip Group's Q3 net operating revenue was approximately 18.3 billion yuan, reflecting a 16% year-on-year growth, with a net profit increase of 192.6% [30]. - Wanwu Xingsheng achieved a total revenue of 5.15 billion yuan in Q3 2025, marking a 27.1% year-on-year increase [30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Bubu Gao on December 11, Guilin Tourism on December 5, and Guangzhou Restaurant on November 28 [31].

Core Viewpoint -卓越教育集团 announced the purchase of a total of 50,000 shares on the open market by the trustee of its restricted share unit plan on November 24, 2025 [1] Group 1 - The company is engaging in a share buyback as part of its restricted share unit plan [1] - The transaction is set to take place on November 24, 2025 [1]

Core Viewpoint - The report from Open Source Securities maintains a "Buy" rating for NetEase-S (09999), highlighting robust third-quarter performance with both revenue and net profit showing year-on-year growth, particularly a significant net profit increase of 31.8% driven by core games and AI technology applications [1] Group 1: Performance Overview - In Q3 2025, the company achieved revenue of 28.4 billion yuan, representing an 8.2% year-on-year increase and a 1.7% quarter-on-quarter increase, with net profit reaching 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [1] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, while the net margin was 31.0%, up 5.4 percentage points year-on-year, indicating improved profitability driven by fair value changes in stock investments and lower foreign exchange losses [1] - The company forecasts net profits for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current price-to-earnings ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related value-added services in Q3 reached 23.3 billion yuan, reflecting an 11.8% year-on-year increase and a 2.3% quarter-on-quarter increase, driven by titles like "Dream of the Red Chamber" and new games [2] - The gross margin for this segment was 69.3%, up 0.5 percentage points year-on-year, with "Dream of the Red Chamber" achieving record high concurrent users [2] - The company is expanding its overseas product offerings, with "Destiny: Stars" topping iOS download charts in multiple regions and new titles like "Yanyun Sixteen Sounds" performing well internationally [2] Group 3: AI and Music Business - Cloud Music reported a revenue of 1.96 billion yuan in Q3, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of the "AI Tuning Master" [3] - Youdao's revenue reached 1.63 billion yuan in Q3, primarily due to over 40% growth in online marketing services, with a user retention rate exceeding 75% [3] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a year-on-year increase of over 40%, indicating strong growth potential in music and education sectors [3]