11月最后一个交易日，A股以缩量反弹收尾，上证指数收涨0.34%，深证成指涨0.85%，创业板指涨0.7%。全 市场成交额1.59万亿元，较上日成交额缩量1254亿元，创8月4日以来新低，成交额连续三日缩量。 11月A股继续震荡回调，成长风格指数跌幅居前，科创50、创业板指、中证500分别跌6.24%、4.23%和 4.08%，中证A500、沪深300分别跌2.55%和2.46%。 | 序号 | 指数代码 | 指数名称 | 区间涨跌幅% | | --- | --- | --- | --- | | 1 | 000688.SH | 科创20 | -6.24 | | 2 | 399673.SZ | 创业板50 | -4.44 | | 3 | 399006.SZ | 创业板指 | -4.23 | | 4 | 000905.SH | 中证500 | -4.08 | | ﻣ | 000680.SH | 科创综指 | -4.03 | | 6 | 000698.SH | 科创100 | -3.68 | | 7 | 399001.SZ | 深证成指 | -2.95 | | 8 | 000510.SH ® | 中证A500 = ...

（文章来源：证券时报网） 证券时报·数据宝统计显示，真爱美家所属的纺织服饰行业，目前整体涨幅为0.17%，行业内，目前股价 上涨的有59只，涨幅居前的有真爱美家、华生科技、ST尔雅等，涨幅分别为8.10%、4.29%、3.40%。股 价下跌的有40只，跌幅居前的有欣龙控股、泰慕士、古麒绒材等，跌幅分别为5.23%、3.70%、3.39%。 公司发布的三季报数据显示，前三季度公司共实现营业收入7.24亿元，同比增长16.16%，实现净利润 2.30亿元，同比增长310.28%，基本每股收益为1.5994元，加权平均净资产收益率15.95%。（数据宝） 真爱美家股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至09:35，该股目前上涨8.10%，股价报63.80元，成交417.36万股，成交金额2.62亿元，换手率 3.05%，该股最新A股总市值达91.87亿元，该股A股流通市值87.29亿元。 ...

Group 1 - The A-share market showed mixed performance on November 26, with major indices fluctuating, while sectors like pharmaceuticals and semiconductors saw gains, whereas shipbuilding and aerospace sectors faced declines [1] - The net outflow of main funds in the Shanghai and Shenzhen markets reached 11.01 billion yuan, with 15 sectors experiencing net inflows, particularly automotive, textile and apparel, and comprehensive industries, each exceeding 300 million yuan [1] - The basic chemical industry led the net outflow with 1.13 billion yuan, followed by social services, real estate, and non-bank financial sectors, each exceeding 600 million yuan [1] Group 2 - Five stocks recorded net inflows exceeding 1 billion yuan, with a total of 63 stocks seeing net inflows above 100 million yuan [2] - The CPO concept stocks continued to strengthen, with New Yisheng and Zhongji Xuchuang attracting net inflows of 1.646 billion yuan and 1.306 billion yuan, respectively [3] - Yangguang Power saw a net inflow of 1.243 billion yuan, while Inspur Information reported a net inflow of 1.128 billion yuan, with the company announcing a share buyback of 2.25 billion yuan [4] Group 3 - At the market close, the main funds experienced a net outflow of 1.541 billion yuan, with retail and food and beverage sectors leading in net inflows [5] - Three stocks, including Yaowang Technology and Dongxin Co., saw net inflows exceeding 100 million yuan at the close, with Dongxin Co. hitting the daily limit [6]

Company Performance - The stock price of Zhenai Meijia has reached a new historical high, with the stock showing a continuous upward trend, having set new records on 10 trading days in the past month [1] - As of 14:11, the stock is up 1.02%, priced at 60.45 yuan, with a trading volume of 13.5 million shares and a transaction value of 768 million yuan, resulting in a turnover rate of 9.87% [1] - The latest total market capitalization of the company in A-shares is 8.705 billion yuan, with a circulating market capitalization of 8.271 billion yuan [1] Industry Overview - The textile and apparel industry, to which Zhenai Meijia belongs, has an overall increase of 0.51%, with 44 stocks rising and 4 stocks, including Qianmu Wang and Mengjie Shares, hitting the daily limit [1] - Conversely, 62 stocks in the industry have declined, with the largest drops being 7.55% for Qianmu Wang, 4.90% for Huasheng Technology, and 4.21% for Taimushi [1] Financial Results - According to the company's third-quarter report, it achieved a total operating revenue of 724 million yuan in the first three quarters, representing a year-on-year growth of 16.16% [1] - The net profit for the same period was 230 million yuan, showing a significant year-on-year increase of 310.28% [1] - The basic earnings per share are reported at 1.5994 yuan, with a weighted average return on equity of 15.95% [1]

晨会纪要（2025/11/25） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.25） 基金研究 ETF 简称迎统一规范，宽基指数获得资金净流入——公募基金周报 公司研究 传统主业稳健向前，复合集流体放量已在途——英联股份（002846）公司深 度报告 行业研究 人形机器人量产路线清晰，关注主要企业量产节奏——机械设备行业 2026 年 度投资策略报告 证 四季度服装出口预计向好，关注家居相关政策催化——轻工制造&纺织服饰 行业周报 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/11/25） 基金研究 ETF 简称迎统一规范，宽基指数获得资金净流入——公募基金周报 宋 旸（证券分析师，SAC NO：S1150517100002） 张笑晨（证券分析师，SAC NO：S1150525070001） 1、本周市场回顾 上周统计区间为 2025 年 11 月 17 日至 2025 年 11 月 21 日，权益市场 ...

Group 1 - Market sentiment score has slightly decreased to 3.8 as of November 21, down from 3.9 the previous week, indicating a bearish outlook [7][11] - The consistency between price and volume has weakened significantly, showing a decline in market engagement and a drop in risk appetite, particularly reflected in the decreasing trading volume of the Sci-Tech 50 index [11][18] - The total trading volume for the entire A-share market has decreased by 8.74% week-on-week, with an average daily trading volume of 18650.36 billion yuan [15][17] Group 2 - The banking, textile and apparel, defense, petrochemical, and comprehensive sectors have shown an upward trend in short-term scores, with the petrochemical sector leading at a score of 83.05 [40][41] - The correlation between sector crowding and weekly price changes is negative at -0.24, indicating that sectors with high crowding, such as electric power equipment and basic chemicals, have experienced significant declines [44][46] - The current model indicates a preference for small-cap and value styles, with strong signals for both, although the strength of these signals may need further observation [50][52]

Core Insights - The report highlights the significant growth potential of the electronic skin industry, projecting a market size of $756 million by 2030, driven by the demand for humanoid robots [6][7] - The report emphasizes the competitive landscape, noting that leading companies in the flexible tactile sensor market are predominantly based in Europe, the US, and Japan, holding 57.1% of the market share [6][7] - The report discusses the technological barriers in the electronic skin industry, focusing on materials, manufacturing processes, and algorithms as critical areas needing breakthroughs [6][7] Industry Overview - The electronic skin technology is categorized into five main types, with resistive, capacitive, and piezoelectric sensors being the most common [6] - The report indicates that the demand for humanoid robots is expected to drive the growth of the electronic skin market, with a long-term potential reaching trillions in the domestic humanoid robot market [6][7] - The report identifies key companies in the electronic skin sector, including Fulei New Materials, Hanwei Technology, and others, highlighting their technological advancements and market strategies [6][7] Company Analysis - The report provides an analysis of Zhongji Xuchuang (300308.SZ), noting a revenue of 25 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.4% [8] - The company’s gross margin and net margin have shown continuous improvement, indicating a shift towards higher-end product offerings [8] - The report mentions the company's plans for an H-share listing to enhance its international strategy and financing capabilities [8]

Core Points - The Shanghai Composite Index fell by 2.45% today, with 9 stocks reaching historical closing highs [1] - Among the tradable A-shares, 354 stocks rose (6.50%) while 5072 stocks fell (93.17%), with 33 stocks hitting the daily limit up and 107 stocks hitting the limit down [1] Group 1: Historical Highs - A total of 9 stocks reached historical closing highs today, with 4 from the main board, 1 from the ChiNext, and 2 from the Sci-Tech Innovation Board [1] - The industries with the most stocks reaching historical highs include computer, electric equipment, and banking, with 2, 2, and 1 stocks respectively [1] - The average price of stocks that reached historical highs was 47.68 yuan, with one stock priced over 100 yuan and another between 50-100 yuan [1] Group 2: Stock Performance - Stocks that reached historical highs saw an average increase of 7.00%, with notable gainers including Pingao Co., Yidian Tianxia, and Luokai Co. [1] - The highest closing price was for Pinming Technology at 148.56 yuan, which increased by 4.77%, followed by Zhenai Meijia and Pingao Co. at 57.00 yuan and 49.02 yuan respectively [1] Group 3: Capital Flow - The total net inflow of main funds into stocks reaching historical highs was 658 million yuan, with the highest net inflows seen in Yidian Tianxia, Luokai Co., and Pingao Co. [2] - The average total market capitalization of stocks reaching historical highs was 174.197 billion yuan, with the highest market capitalizations belonging to China Bank, Yidian Tianxia, and Pinming Technology [2] Group 4: Recent Performance - Among the stocks that reached historical highs, Zhenai Meijia recorded 9 new highs in the past month, while Kunong Technology, Shanghai Port, and China Bank recorded 6, 5, and 4 new highs respectively [2]

Core Viewpoint - The recent CPI and PPI data indicate a potential recovery in traditional consumption, with slight positive changes in both indices suggesting an improving economic environment [2][3]. CPI and PPI Analysis - In October, the CPI showed a year-on-year increase of 0.2%, compared to a previous value of -0.3%, and a month-on-month increase of 0.2%. The PPI, on the other hand, recorded a year-on-year decrease of -2.1%, an improvement from -2.3%, with a month-on-month increase of 0.1% [2]. - PPI serves as a leading indicator reflecting changes in the costs of upstream raw materials and intermediate goods, while CPI is a lagging indicator that reflects changes in the prices of consumer goods and services [2]. Economic Implications - A positive trend in PPI, especially if it turns positive on a month-on-month basis, indicates a recovery in industrial product prices and an improvement in corporate profit margins, which could lead to better financial reports for companies [2]. - Conversely, a negative CPI often signals deflation, while a positive CPI suggests inflation. Continuous positive month-on-month growth in CPI indicates a likely recovery in consumer demand [2]. Investment Opportunities - The slight positive changes in both PPI and CPI can be viewed as signals of economic improvement, with moderate inflation being beneficial for investors, potentially leading to increased corporate profits and stock price appreciation [3]. - The performance of the Shenwan Consumption Industry Index shows that the overall consumption sector has underperformed compared to the CSI 300 index, with some sub-sectors being relatively undervalued [4]. Sector Performance - As of November 7, 2025, the performance of various sectors is as follows: - CSI 300: +18.90% - Agriculture, Forestry, Animal Husbandry, and Fishery: +17.35% - Home Appliances: +7.23% - Food and Beverage: -6.05% - Textile and Apparel: +11.97% - Light Industry Manufacturing: +14.34% - Retail: +4.20% - Social Services: +9.12% [3][4]. Recommendations - It is suggested to consider tracking ETFs related to consumption, food and beverage, agriculture, and home appliances, as these sectors may experience growth in the near future [4].

Core Viewpoint - The latest financing balance of the ChiNext market is 526.192 billion yuan, with a week-on-week increase of 1.328 billion yuan, indicating a mixed performance among individual stocks in terms of financing balance changes [1] Financing Balance Overview - The total margin balance of ChiNext stocks reached 527.977 billion yuan, an increase of 1.306 billion yuan from the previous trading day [1] - Among 394 stocks with increased financing balances, 21 stocks saw increases exceeding 10% [1] - The stock with the highest increase in financing balance is Hengguang Co., with a balance of 98.0518 million yuan, reflecting a 52.57% increase, despite a 6.90% drop in stock price [1][3] Stocks with Increased Financing Balances - Notable stocks with significant financing balance increases include: - Hengguang Co.: 98.0518 million yuan, +52.57%, closing price 29.40 yuan, -6.90% [3] - Rongmei Co.: 55.9407 million yuan, +20.55%, closing price 16.40 yuan, -2.61% [3] - Yike Food: 73.2230 million yuan, +18.48%, closing price 13.29 yuan, -5.41% [3] - The average increase for stocks with over 10% financing balance growth was 0.53%, with 10 stocks rising, including Zhangguang Co. with a 20.01% increase [1][2] Stocks with Decreased Financing Balances - A total of 553 stocks experienced a decrease in financing balance, with 13 stocks seeing declines over 10% [4] - The stock with the largest decrease is Honggong Technology, with a financing balance of 14.83671 million yuan, down 24.32% [4][5] - Other notable declines include: - Beijiete: 20.9823 million yuan, -18.08% [4] - Zhixin Precision: 4.15438 million yuan, -17.86% [4] Capital Flow Insights - On November 20, among stocks with increased financing balances, 12 stocks saw net inflows of main funds, with Zhangguang Co. leading at 101 million yuan [2] - Conversely, 9 stocks experienced net outflows, with Yaguang Technology seeing the largest outflow of 303 million yuan [2]