市场早盘下挫，双创板块高开低走延续调整，截至11点20分，科创板50指数下跌0.8%，创业板指 数下跌0.7%。虽然近期科技成长风格震荡，但相关ETF却持续获资金加码，Wind数据显示，科创板 50ETF（588080）昨日获1亿元资金净流入，创业板ETF（159915）则连续4个交易日"吸金"，合计超20 亿元。 科创板50ETF（588080）、创业板ETF（159915）均实行ETF中最低一档0.15%/年的管理费率，可 助力投资者低成本布局科技成长板块。 每日经济新闻 （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 消息面上，谷歌近日正式发布其新一代人工智能模型Gemini3，该模型在编程、应用开发与图像生 成等复杂任务方面能力显著增强，能够更精准理解用户意图，以更少提示生成高质量结果，此次发布或 意味着全球AI竞赛进一步升级，科技巨头持续加大投入，有望为算力基础设施及AI ...

Group 1 - A-shares opened higher with all three major indices rising, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 1.03%, and the ChiNext Index up by 1.79% [1] - The announcement of a merger between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities led to a strong opening in the securities sector [1] - Nvidia's latest earnings report exceeded expectations, contributing to an active start in AI hardware sectors such as copper cable high-speed connections and CPO [1] Group 2 - The gold, oil and gas, and coal sectors opened lower [1]

Macro Research - The "14th Five-Year Plan" emphasizes a strategic upgrade in high-level opening-up, transitioning from factor-driven to rule-based openness, enhancing China's voice and rule-making power in global economic governance [1] - Key focus areas during the "14th Five-Year" period include steady progress in RMB internationalization, diverse regional opening layouts, increased openness in the service sector, deepening institutional opening, and differentiated cooperation in multilateral trade [1] Company Research Zhejiang Dingli (603338.SH) - Zhejiang Dingli achieved operating revenue of 6.67 billion yuan in Q1-Q3 2025, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.59 billion yuan, up 9.2% year-on-year [2] - The company maintains profit forecasts for 2025-2027 at 2.07 billion, 2.41 billion, and 2.75 billion yuan, with corresponding EPS of 4.08, 4.75, and 5.44 yuan [2] - The high-altitude machinery market has significant growth potential, with a recovery in overseas shipments expected to boost profit margins [2] Xunwei Communication (300136.SZ) - Xunwei Communication has entered the North American AI hardware supply chain, maintaining a leading position in commercial satellites [3] - The company is optimistic about its competitive edge in mature businesses and the growth potential in satellite communication, AI hardware, LCP, BTB, and automotive connectivity [3] - Current market valuation corresponds to PE ratios of 38X, 34X, and 30X for 2025-2027, maintaining a "buy" rating [3] Baidu Group-SW (9888.HK) - Baidu's AI ecosystem value is expected to be re-evaluated, with AI native advertising enhancing traditional search ad monetization [4] - The company has a healthy net cash flow, and its "Luo Bo Kuaipao" business model has been validated with accelerating order growth [4] - Profit forecasts for 2025-2027 are set at 18.2 billion, 20.5 billion, and 23 billion yuan, with current PE ratios of 15x, 14x, and 12x [4] Xiaomi Group (1810.HK) - Xiaomi's automotive business achieved its first quarterly profit, but the mobile and automotive gross margins may face pressure due to rising upstream costs and intensified market competition [5] - The company maintains a Non-IFRS net profit forecast of 42.6 billion yuan for 2025, while lowering 2026-2027 forecasts to 43.8 billion and 51 billion yuan [5] - Xiaomi's long-term growth logic is supported by its multi-device strategy in the AI era, high-end positioning, and overseas expansion [5]

家人们听说了么？AI硬件赛道最近杀出一匹"黑马"。灵宇宙刚刚宣布完成2亿元PreA轮系列融资，投资方阵容堪称豪华，既有国方创新、国泰海通这样的头 部金融机构，也有滴滴出行、拉卡拉这样的产业巨头。 更让人意外的是它的市场表现，双十一期间，核心产品"灵宇宙小方机"拿下京东AI玩具双榜第一，销售额同比618暴涨230%。 这家专注于消费级AI机器人的公司，成立不久就连续完成多轮融资，还能快速实现商业化爆发，背后藏着一套"硬件+系统+生态"的组合拳，更预示着人机 交互的新范式正在崛起。 资本疯抢：2亿融资背后的产业共识 灵宇宙的融资之路堪称"开挂"。成立半年内就完成三轮连续融资，三七互娱、商汤科技、线性资本等知名机构纷纷押注。这次2亿元PreA轮，更是吸引了国 资机构、头部券商、互联网战投和产业巨头集体入局，老股东还主动超额追投。 国泰海通则看好它成为行业重要基础设施，这些评价足以说明资本对其长期价值的认可。 市场爆发：双十一暴涨230%的产品密码 资本之所以如此疯狂，核心是看好它的赛道和底层逻辑。国方创新直言，投资灵宇宙不是看中单一AI硬件，而是下一代人机交互的底层范式。 在资本眼里，灵宇宙找到的不仅是一条务实的商 ...

Core Viewpoint - The global capital markets are undergoing complex changes, with uneven economic recovery, frequent geopolitical disturbances, and an imminent shift in monetary policy, making investment strategies more challenging. Focusing on high-quality sectors characterized by "strong logic, high barriers, and stable demand" is essential for institutional investors to navigate macroeconomic fluctuations [3]. Group 1: Non-ferrous Metals - The Shenwan Non-ferrous Metals Index has increased by 77.71% since 2025, leading all primary industries, driven by a combination of monetary environment, demand structure, and supply rigidity [4]. - The onset of a monetary easing cycle and the deepening trend of de-dollarization are reshaping global asset allocation, with gold's strategic significance as a "anti-dollar" asset becoming more pronounced [5]. - Copper is benefiting from the green transition and digital economy, with a projected global copper supply-demand gap expected to widen from 2025 to 2027 [6]. - Supply rigidity is evident as global mining capital expenditure has lagged behind demand growth, leading to insufficient production capacity [7]. - The non-ferrous metals sector, particularly precious metals, rare earths, and industrial metals, is expected to remain a core investment focus due to sustained demand and constrained supply [8]. Group 2: Power Equipment - The Shenwan Power Equipment Index has risen by 51.14% since 2025, positioning it third among industries, with expectations for a full economic cycle in 2026 driven by the recovery of the energy storage and midstream electric vehicle sectors [10]. - The domestic energy storage market is experiencing significant growth, with a projected 220GWh of new installations in 2026, a year-on-year increase of approximately 47% [11]. - China dominates the global energy storage manufacturing sector, holding over 93% of the market share in energy cells and 76% in systems [12]. - The midstream electric vehicle sector is expected to see a recovery in profitability, with global lithium battery shipments projected to grow by 20%-25% [13]. - Global grid investment is anticipated to reach $390 billion in 2024, with significant growth expected in the Southeast Asia and Middle East regions [14]. Group 3: Aerospace - The aerospace industry is entering a strategic opportunity period driven by domestic demand, foreign trade expansion, and civil-military integration [15]. - Domestic demand is supported by a stable 7.2% growth in defense budgets over three years, focusing on advanced weaponry and AI-enabled systems [16]. - China's special equipment is rapidly expanding into international markets due to significant cost advantages amid rising global military expenditures [17]. - The integration of cutting-edge military technology is creating new growth opportunities, with the commercial aerospace sector entering a phase of rapid application [18]. Group 4: Biopharmaceuticals - The biopharmaceutical sector is expected to present a dual-track investment opportunity in 2026, characterized by innovation-driven internationalization and improved domestic demand [19]. - The internationalization of innovative drugs is accelerating, with a 77% year-on-year increase in License-out transactions in 2025 [20]. - Global pharmaceutical R&D investment is projected to grow at a compound annual growth rate of 9.4%, indicating a recovery in the CXO sector [21]. - The medical device sector is witnessing breakthroughs in brain-computer interfaces and high-end equipment, with domestic companies increasing their market penetration [22]. - Domestic policy optimization and diversified payment structures are providing a safety net for the biopharmaceutical market [23]. Group 5: AI Hardware - The AI hardware industry is entering a new phase of growth driven by the AI computing revolution and terminal innovation [25]. - The demand for AI computing chips is accelerating domestic production, with significant growth in the storage chip sector [26]. - The server market is experiencing explosive growth, with a 10-fold increase in computing power per cabinet driven by large model training [27]. - AI glasses are projected to become a major market highlight, with global shipments expected to exceed 10 million units in 2026 [28]. - The commercialization of L3-level autonomous driving systems is approaching a critical point, with significant advancements in key components [29]. Conclusion - The five highlighted sectors are expected to exhibit clear investment logic in 2026, driven by industrial cycles, policy support, and technological breakthroughs. These sectors not only hold annual allocation value but also represent the core of China's transition from "scale expansion" to "high-quality development" [30][31].

Market Overview - The A-share market experienced a decline across the board, with the Shanghai Composite Index falling by 0.46% to close at 3972.03, the Shenzhen Component Index down by 0.11% at 13202.00, and the ChiNext Index decreasing by 0.20% to 3105.20 [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 19,303 billion, a decrease of 501 billion from the previous day [1] Sector Performance - The military, energy metals, and Fujian sectors showed gains, while precious metals and photovoltaic sectors underwent adjustments [1] - The rare metals sector led the gains, with ETFs such as the Jiashi Fund Rare Metals ETF and the Guangfa Fund Rare Metals ETF both rising by 3.6% [3] - The software sector also performed well, with the Huazhang Fund Software ETF and the Southern Computer ETF increasing by 2.56% and 2.42%, respectively [3] - AI hardware stocks rebounded, with various AI ETFs rising by 2.2% [3] - Conversely, the innovative drug sector declined, with the Guotai and Huitianfu ETFs dropping by 2.7% and 2.58% [3] - Gold stocks experienced a broad pullback, with gold stock ETFs falling by 2.57% and 2.4% [3]

Core Insights - The 27th China International High-tech Achievements Fair opened in Shenzhen, showcasing Huqiangbei as a "future city experimental field" with a focus on new productive forces [1][3] Group 1: Low-altitude Economy - The exhibition featured a "city sky" panoramic display, highlighting a low-altitude economy operational network with smart air routes and emergency rescue capabilities [3] - A high-altitude drone demonstrated cleaning and firefighting tasks, showcasing the future safety standards for urban operations [3] Group 2: Robotics - Robots are becoming integral to urban life, with welcoming robots and inspection robots demonstrating advanced capabilities in customer service and complex terrain navigation [4][5] - A robot band performed, illustrating the artistic potential of robotics and their role as new urban participants [5] Group 3: Artificial Intelligence - AI applications were prominently displayed, including health monitoring devices and customizable laser engraving machines, emphasizing the practical capabilities of AI in various sectors [6] - The exhibition showcased a vision of AI as a "second brain" for future cities, integrating into public safety, healthcare, and retail [6] Group 4: Future Transportation - The exhibition presented a vision of integrated transportation with water planes, flying cars, and vertical take-off drones, indicating a shift towards multi-dimensional mobility [7] - Huqiangbei's display was not merely an exhibition but a demonstration of a functioning future, highlighting the rapid iteration and deployment of new technologies [7]

Core Viewpoint - The A-share market indices opened lower on November 14, with the ChiNext index experiencing a decline, while the Shanghai Stock Exchange International Investor Conference has commenced, emphasizing reforms in the Sci-Tech Innovation Board and the ChiNext market [1] Market Performance - Major A-share indices collectively opened lower, with the Sci-Tech Innovation Board 50 index down by 0.8% and the ChiNext index down by 1.4% as of 9:53 AM [1] - The ChiNext ETF (159915) saw a net subscription exceeding 150 million units during the session [1] Policy and Reform Initiatives - The Vice Chairman of the China Securities Regulatory Commission, Li Ming, highlighted the importance of advancing reforms in the two innovation boards and implementing the "1+6" policy measures for the Sci-Tech Innovation Board [1] - There is a focus on promoting the stable operation of the Sci-Tech growth sector and accelerating the implementation of reforms in the ChiNext market [1] Investment Insights - From a medium-term perspective, the market is stabilizing after previous emotional releases, while the long-term view suggests that the Sci-Tech Innovation Board, representing new productive forces and the trend of domestic production, still holds significant investment value [1] - The Sci-Tech Innovation Board 50 index consists of 50 stocks with high market capitalization and liquidity, with over 65% representation from the semiconductor industry [1] - The ChiNext index comprises 100 stocks with high market capitalization and liquidity, with over 90% representation from strategic emerging industries, and a combined weight of approximately 60% from the new energy and AI hardware supply chains [1] Cost Efficiency for Investors - The management fee rates for the Sci-Tech Innovation Board 50 ETF (588080) and the ChiNext ETF (159915) are both set at 0.15% per year, facilitating low-cost investment in the technology growth sector [1]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index barely holding above the 4000-point mark, closing down 0.07% [1] - The total trading volume in the Shanghai and Shenzhen markets was 19,450 billion, a decrease of 486 billion from the previous day [1] - The number of rising stocks was 1,758, while 3,563 stocks declined, with a median decline of 0.66% [1] Index Performance - The market exhibited a "strong at both ends, weak in the middle" characteristic, with the Shanghai 50 and micro-cap stocks performing relatively well, while the Sci-Tech 50 and ChiNext indices were weaker [1] - Despite a lack of strong profit-making effects recently, the Shanghai Composite Index showed stable performance, recovering easily from intraday declines [1] Sector Analysis - Technology stocks, which had previously led the market, are currently undergoing adjustments, impacting overall market profitability [1] - Key sectors such as electric grid equipment, photovoltaics, energy storage, and lithium batteries have remained active but have had minimal impact on the index [1] - The performance of AI hardware stocks, particularly Zhongji Xuchuang, has been pivotal in driving market sentiment and could influence future index movements [2][3] Notable Stocks and Sectors - Zhongji Xuchuang has previously acted as a market leader, contributing to a rebound in AI hardware stocks and pushing the index to new highs [2] - The banking sector has shown strong performance, with the banking index reaching a historical high and Agricultural Bank of China hitting a new record [3] - The textile and apparel sector has reached a new high not seen in over seven years, while the home appliance sector is currently consolidating near its previous highs [5][6] Investment Strategies - Companies in the home appliance sector are highlighted for their defensive attributes, with stable profitability and low valuations [10] - The AI and growth trend is emphasized, particularly for companies with advantages in smart home appliances and AI content ecosystems [10] - The lithium battery sector is noted for its strong performance among upstream material stocks, although caution is advised due to recent significant price increases [10] Market Sentiment and Future Outlook - The market is currently in a state of uncertainty, prompting funds to seek defensive positions [4] - The AI industry chain is identified as a key focus for the current bull market, with attention on when AI hardware stocks will conclude their adjustments [12] - The upcoming 27th High-Tech Fair is expected to showcase significant developments in the aerospace sector, potentially influencing market dynamics [11]

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, with the Shanghai Composite Index down by 0.39%, the Shenzhen Component Index down by 1.03%, and the ChiNext Index down by 1.4% [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion yuan, a decrease of 180.9 billion yuan compared to the previous trading day [1] Market Sentiment - There was a lack of momentum in the market, as the expected volume increase during the opening period did not materialize, indicating that more market participants were unwilling to initiate a rally [3] - The overall sentiment in the Asia-Pacific region reflected a similar trend of "high open, low close," influenced by external factors [4] External Influences - Concerns regarding the U.S. government "shutdown" and its potential economic implications have affected market sentiment, with expectations of a stronger U.S. dollar leading to capital outflows from other markets [8] - The U.S. Senate passed a temporary funding bill, but the market remains wary of the economic data that will be released once the government reopens [9] Sector Performance - AI hardware stocks showed a notable decline, mirroring the overall index performance, which contributed to the ChiNext Index's downturn [10][12] - The CPO sector, representing computing power hardware stocks, faces two negative factors: ongoing concerns about the AI sector's potential bubble and a shift in institutional fund styles in the domestic market [14][17] Emerging Opportunities - The cultivated diamond sector emerged as a leading performer, with a closing increase of over 6%, driven by industrial market demand and recent technological advancements [18] - Research from Xi'an University of Electronic Science and Technology highlighted the potential of cultivated diamonds in enhancing semiconductor performance, leading to a reevaluation of their value in high-end chip manufacturing [21]