| 建筑材料 | | | | 国统股份 | | | --- | --- | --- | --- | --- | --- | | 传媒 | -0.39 | 436.88 | -24.40 | 欢瑞世纪 | -9.95 | | 商贸零售 | -0.46 | 180.58 | 22.34 | 凯淳股份 | -11.20 | | 综合 | -0.96 | 35.25 | 5.30 | 三木集团 | -4.36 | 证券时报·数据宝统计，截至上午收盘，今日沪指涨0.49%，A股成交量684.66亿股，成交金额10970.18 亿元，比上一个交易日减少4.06%。个股方面，3338只个股上涨，其中涨停53只，1884只个股下跌，其 中跌停9只。从申万行业来看，电子、美容护理、轻工制造等涨幅最大，涨幅分别为1.75%、1.26%、 1.00%；综合、商贸零售、传媒等跌幅最大，跌幅分别为0.96%、0.46%、0.39%。（数据宝） （文章来源：证券时报网） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- ...

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]

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 ...

| 代码 | 简称 | 上市日期 | 发行价 | 发行市盈率 | 首日开盘涨跌幅 | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | | | | （元） | （倍） | （%） | | | 001233 | N海安 | 2025.11.25 | 48.00 | 13.94 | 81.38 | 汽车 | | 920091 | 大鹏工业 | 2025.11.21 | 9.00 | 14.52 | 289.89 | 机械设备 | | 920160 | 北矿检测 | 2025.11.18 | 6.70 | 14.99 | 360.90 | 社会服务 | | 688727 | 恒坤新材 | 2025.11.18 | 14.99 | 71.42 | 286.92 | 电子 | | 301638 | 南网数字 | 2025.11.18 | 5.69 | 32.22 | 261.51 | 计算机 | | 920003 | 中诚咨询 | 2025.11.07 | 14.27 | 9.69 | 194.32 | 建筑装饰 | | 603092 | 德力佳 | 2025.1 ...

流通市值低于20亿元部分个股一览 | 证券代码 | 证券简称 | 流通市值（亿元） | 总市值（亿元） | 市盈率（倍） | 申万行业 | | --- | --- | --- | --- | --- | --- | | 603388 | *ST元成 | 1.89 | 1.89 | - | 建筑装饰 | | 001260 | 坤泰股份 | 6.38 | 23.11 | 46.42 | 汽车 | | 301287 | 康力源 | 6.85 | 26.81 | 35.46 | 轻工制造 | | 301314 | 科瑞思 | 6.97 | 23.70 | 170.46 | 通信 | | 603307 | 扬州金泉 | 7.11 | 28.49 | 24.84 | 纺织服饰 | | 301309 | 万得凯 | 7.33 | 28.86 | 25.90 | 机械设备 | | 301105 | 鸿铭股份 | 7.34 | 22.32 | - | 机械设备 | | 301636 | 泽润新能 | 7.75 | 31.00 | 43.90 | 电力设备 | | 001366 | 播恩集团 | 7.93 | 22.90 | - ...

Core Insights - Recent policies in multiple regions focus on financial support to expand consumption, particularly emphasizing the listing of consumer enterprises and guiding financial institutions to utilize consumption and elderly re-loan services effectively [1][2] Group 1: Support for Quality Consumer Enterprises - Supporting the listing of quality consumer enterprises is a key focus of financial policies in various regions, which aims to enhance corporate credibility, expand quality supply, and optimize consumption structure to meet diverse demands [1][2] - As of November 24, 2023, 18 consumer enterprises have been listed domestically this year, including 13 automotive companies, 2 light manufacturing companies, 1 machinery equipment company, 1 textile and apparel company, and 1 electronics company [2] Group 2: Increased Credit Support - In addition to leveraging capital markets, regions are increasing credit support for consumer enterprises, with initiatives encouraging financial institutions to enhance credit allocation in key consumption sectors such as accommodation, dining, cultural and entertainment, and tourism [2][3] - Experts believe that increasing credit support for consumer enterprises will promote healthy development in service consumption and elderly re-loan sectors, injecting momentum into the recovery of the consumption market [3] Group 3: Tailored Financial Strategies - The financing needs of consumer enterprises are diverse, necessitating precise financial support strategies tailored to different types of enterprises, such as enhancing trade-in financing services for goods consumption enterprises and increasing credit support for service consumption enterprises [3] - Recommendations include expanding the scale of service consumption re-loans, focusing on sectors like cultural tourism and elderly care, and adjusting subsidy structures to favor upgraded consumption such as smart terminals and green appliances [4]

Strong Stocks - As of November 24, the Shanghai Composite Index rose by 0.05% to 3836.77 points, the Shenzhen Component Index increased by 0.37% to 12585.08 points, and the ChiNext Index went up by 0.31% to 2929.04 points [1] - A total of 79 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Guosheng Technology (603778), Aerospace Development (000547), and Guofeng New Materials (000859) [1] - The top 10 strong stocks showed significant trading activity, with Guosheng Technology achieving 11 consecutive trading days with 7 limit ups and a turnover rate of 19.73%, while Aerospace Development had 7 consecutive days with 6 limit ups and a turnover rate of 33.61% [1] Strong Concept Sectors - The top three concept sectors based on A-share performance were the China Shipbuilding System, Xiaohongshu Concept, and Military Information Technology, with respective increases of 6.63%, 4.76%, and 4.63% [2] - The China Shipbuilding System had 30% of its component stocks hitting the daily limit up, while 100% of its component stocks were in the rising category [2] - The Military Information Technology sector had 6.54% of its component stocks hitting the daily limit up, with 94.39% of its stocks showing an increase [2]

（文章来源：证券时报网） Choice统计显示，11月24日，沪深两市可交易A股中，上涨个股有4008只，下跌个股有1048只，平盘个 股有103只。不含当日上市新股，共有79只个股涨停，35只个股跌停。从所属行业来看，涨停个股主要 集中在国防军工、计算机、传媒、建筑装饰、轻工制造等行业。 ...

Core Insights - The article emphasizes the importance of dividend strategies in the current volatile investment environment, highlighting their role in providing stable cash flow and long-term compounding potential [1][3]. Summary by Categories Investment Strategy - Dividend strategies focus on high-dividend, cash flow-stable quality companies, serving as a foundational asset for wealth building [1]. - The S&P Dividend ETF (562060) exemplifies this strategy with its unique characteristics of "dividend + small-cap + industry diversification," making it stand out in uncertain markets [1][3]. Performance Metrics - The S&P Dividend ETF boasts a leading dividend yield of 5.18% among mainstream dividend indices, with a year-to-date increase of 14.95%, ranking first in performance [1][3]. - The ETF's median market capitalization is 21 billion, providing growth elasticity, while its industry diversification (top three sectors: banking 16.58%, machinery 11.02%, light industry manufacturing 8.68%) enhances its defensive qualities [1][3]. Cash Flow and Risk Management - The ETF's linked funds (Class A: 501029; Class C: 005125) have consistently paid dividends for four consecutive quarters, averaging approximately 1.25% per quarter, ensuring predictable cash flow [1]. - This combination of features allows the S&P Dividend ETF to withstand downside risks while being poised for rapid gains during market recoveries, making it a strong choice for investors seeking a balanced approach [1][3].

Strong Stocks - As of November 21, the Shanghai Composite Index fell by 2.45% to 3834.89 points, the Shenzhen Component Index decreased by 3.41% to 12538.07 points, and the ChiNext Index dropped by 4.02% to 2920.08 points [1] - A total of 33 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Zhongshui Fishery (000798), Rongji Software (002474), and Huaci Co., Ltd. (001216) [1] - Zhongshui Fishery recorded a 6-day consecutive limit up with a turnover rate of 26.46% and a transaction amount of 1.416 billion yuan, while Rongji Software achieved a 5-day consecutive limit up with a turnover rate of 39.35% and a transaction amount of 2.538 billion yuan [1] - The top 10 strong stocks are detailed in a table, highlighting their consecutive limit up days, turnover rates, transaction amounts, net buying amounts, and industry classifications [1] Strong Concept Sectors - The top three concept sectors with the highest increase in A-shares are the China Shipbuilding System, Sora Concept (Wensheng Video), and Kuaishou Concept [2] - The China Shipbuilding System increased by 3.24%, with 60% of its constituent stocks rising, while the Sora Concept saw a slight increase of 0.31% with 39.02% of its stocks rising [2] - The Kuaishou Concept experienced a decline of 0.43%, with 35.42% of its constituent stocks rising, indicating a mixed performance across the sectors [2]