Core Insights - The Guangdong Free Trade Zone sector experienced significant fluctuations, with Hongmian Co., Ltd. hitting the daily limit up, indicating strong investor interest and market activity [1] Company Performance - Hongmian Co., Ltd. reached its daily trading limit, reflecting positive market sentiment and potential growth prospects [1] - Other companies such as Guanghong Holdings, Huanlejia, Guangzhou Port, Yaowang Technology, and Yue Media also saw increases in their stock prices, suggesting a broader rally within the sector [1]

每日经济新闻 每经AI快讯，11月26日，海南自贸区板块盘初下跌，京粮控股跌超6%，广晟有色、神农种业、欣龙控 股、凯撒旅业跟跌。 ...

从资金流向上来看，当日综合板块主力资金净流入4878.01万元，游资资金净流出1189.26万元，散户资金 净流出3688.75万元。综合板块个股资金流向见下表： 证券之星消息，11月25日综合板块较上一交易日上涨2.55%，东阳光领涨。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。综合板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600673 | 东阳光 | 21.90 | 5.80% | 59.67万 | 12.96ZZI | | 000753 | 漳州发展 | 8.13 | 2.78% | 50.42万 | 4.08亿 | | 000421 | 南京公用 | 7.14 | 2.15% | 13.78万 | 9790.18万 | | 600881 | 亚泰集团 | 2.13 | 0.95% | 138.07万 | 2.91亿 | | 600051 | 宁波联合 | 7.77 | 0.91% | 6.51万 | 50 ...

Core Viewpoint - The investment outlook for the A-share market in 2026 highlights the integration of policy dividends and industrial opportunities, with a focus on two main lines and two auxiliary lines [1] Group 1: Main Lines of Investment - Main Line 1: The unprecedented global changes are accelerating, with a shift in domestic economic logic towards new productive forces, emphasizing key areas such as artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace [1] - Main Line 2: The gradual implementation of anti-involution policies, combined with supply-demand structure optimization and price recovery expectations, is expected to lead to a clear profit recovery path in the manufacturing and resource sectors [1] Group 2: Investment Environment for 2026 - Overseas Perspective: The Trump administration may refocus on economic growth amid midterm election pressures, with a cooling labor market and persistent inflationary pressures in the U.S. The Federal Reserve is expected to remain in a rate-cutting cycle throughout 2026, with higher expectations for cuts in the second half of the year [2] - Domestic Perspective: China's macro policies are anticipated to maintain continuity and stability, with resilient economic growth and inflation expected to recover from low levels under the influence of expanding domestic demand and anti-involution policies [2] Group 3: Market Sentiment and Trends - The beginning of the "14th Five-Year Plan" is expected to strengthen reform policy expectations, with supportive price factors like the upward trend of the RMB exchange rate enhancing liquidity and boosting market confidence [3] - A-share valuations are currently in a relatively reasonable range, and the improvement in the fundamentals of listed companies is expected to become a key focus for the market in 2026, driven by the deepening of economic transformation and the continuous development of emerging industries [3] Group 4: Style Judgments - Small-cap stocks are expected to perform well, particularly in the first three quarters of 2026, as the Fed's rate cuts and the upward trend of emerging industries enhance market risk appetite [4] - Growth stocks are projected to continue leading in earnings growth compared to value stocks, with favorable conditions for equity asset valuations due to anticipated Fed rate cuts [4]

Core Points - The application for the 2025 "Four Up" enterprises has officially started, with the first batch of applications due by November 20, 2023 [1] - The city will conduct a comprehensive survey of local units to ensure accurate reporting of statistical data [1] - The "Four Up" enterprises are crucial for national economic accounting and high-quality economic development in Hangzhou [1] Group 1 - The second batch of "Four Up" enterprise applications is in its final stage, with a deadline of December 31, 2025 [2] - Enterprises that have not yet completed their applications are urged to act quickly to avoid missing out on policy benefits and inclusion in the city's economic statistical monitoring system [2] - The Hangzhou Statistical Bureau emphasizes the importance of data sharing and joint review to ensure the quality of the applications [2] Group 2 - A comprehensive list of consultation phone numbers for various districts in Hangzhou is provided to assist enterprises with their applications [3]

Core Insights - The Hubei state-owned enterprise reform sector saw a rise of 0.58% on November 24, with Guangji Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance Summary - Guangji Pharmaceutical (000952) closed at 7.83, with a gain of 9.97% and a trading volume of 66,800 shares, amounting to a transaction value of 50.81 million yuan [1] - Santer Cableway (002159) closed at 15.45, up 2.66%, with a trading volume of 31,200 shares and a transaction value of 47.85 million yuan [1] - LIGONG Optical Science (300557) closed at 27.78, up 2.58%, with a trading volume of 24,400 shares and a transaction value of 67.45 million yuan [1] - Xianglong Electric (600769) closed at 12.90, up 2.54%, with a trading volume of 75,400 shares and a transaction value of 96.24 million yuan [1] - Hubei Broadcasting (000665) closed at 5.97, up 1.88%, with a trading volume of 400,200 shares and a transaction value of 237 million yuan [1] Capital Flow Analysis - The Hubei state-owned enterprise reform sector experienced a net outflow of 303 million yuan from main funds, while retail investors saw a net inflow of 300 million yuan [2] - The main funds showed a significant net inflow in Guangji Pharmaceutical, amounting to 19.41 million yuan, while retail investors had a net outflow of 11.25 million yuan [3] - Hubei Energy (000883) had a net inflow of 16.12 million yuan from main funds, but a net outflow of 20.48 million yuan from retail investors [3]

证券之星消息，11月24日天津国企改革板块较上一交易日上涨0.88%，七一二领涨。当日上证指数报收 于3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。天津国企改革板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603712 | t-二 | 20.25 | 3.42% | 11.20万 | 2.24亿 | | 600468 | 百利电气 | 6.09 | 2.01% | 22.25万 | + 1.34亿 | | 600322 | 津投城开 | 2.50 | 1.21% | 26.16万 | 6539.61万 | | 300334 | 津膜科技 | 7.51 | 1.21% | - 11.29万 | 8510.80万 | | 000652 | 泰达股份 | 4.16 | 0.97% | 14.38万 | 5987.30万 | | 000965 | 天保基建 | 4.18 | 0.97% | 32.94万 | 1.37亿 | | 600082 | ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 2.40 | 425.36 | 35.85 | 航天环宇 | 19.99 | | 综合 | 1.70 | 23.55 | -22.80 | 南京新百 | 5.01 | | 通信 | 1.28 | 473.69 | -0.98 | 光库科技 | 14.46 | | 社会服务 | 1.05 | 64.17 | -17.07 | 国义招标 | 12.32 | | 传媒 | 1.02 | 376.17 | 10.75 | 值得买 | 11.60 | | 房地产 | 0.94 | 141.27 | -13.54 | 世联行 | 10.10 | | 建筑装饰 | 0.84 | 143.67 | -6.41 | 招标股份 | 20.00 | | 医药生物 | 0.75 | 366.57 | -27.71 | 中源协和 | 10.02 | | 农林牧渔 | 0.57 | 186.71 | -25.90 | 永安林业 | 1 ...

[2025]第 215 号 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 马丽明 贺钰偲 汪炜 聂孟依 整理记录：汪炜 研究所今日晨会要点如下: 一、宏观策略 （1）宏观政策（仇华） 晨 会 纪 要 宏观数据方面，11 月 LPR 继续保持不变 据 Wind 数据，近期公布的重要宏观数据是 LPR。11 月的 LPR 继续保持 1 年期贷款市场 报价利率 3.00%、5 年期贷款市场报价利率 3.50%。由于 1 年期和 5 年期 LPR 自 5 月份分别下 调 10 个 BP 以来，已经是第六个月保持不变，我们认为这表现了我国近期货币政策整体保持 稳定，虽然我国 10 月的宏观数据依然整体偏弱，但在全年经济增速大概率能够保持在 5%左 右的状况下，短期货币政策保持稳定符合市场预期。 （2）沪深股市（仇华） 2025.11.17-2025.11.21 日，A 股指数大幅下行 据 Wind 数据，2025.11.17-2025.11.21 日，我们关注的 6 个 A 股指数大幅下行，最终：上 证指数下跌 3.90%、深证成指下跌 5.13%，创业板指下跌 6.15%、沪深 300 下跌 3.77%、科创 ...

| 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3834.89 | -2.45% | -96.16 | | 深证成指 | 12538.07 | -3.41% | -442.75 | | 沪深 300 | 4453.61 | -2.44% | -111.34 | | 创业板 | 2920.08 | -4.02% | -122.26 | | 科创 50 | 1285.83 | -3.19% | -42.36 | | 北证 50 | 1377.39 | -4.71% | -68.15 | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 证券研究报告 2025 年 11 月 24 日 星期一 【A 股市场大势研判】 沪指失守 3900 点 市场表现： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | -0.32% | 综合 | -5.50% | ...