记者 杨帆 尽管近期A股市场整体表现震荡，但公募机构依旧维持较高的调研热情。投资快报记者从公募排排网数 据显示梳理出，上周（2025年11月17日-11月23日）共有128家公募机构积极参与A股调研活动，覆盖22 个申万一级行业中的118只个股，合计调研次数达513次，展现出公募机构对市场结构性机会的持续挖 掘。 33只个股获高频调研 从个股调研热度来看，上周33只个股获得公募机构调研关注，被调研次数均不少于5次，其中13只个股 更是被调研不下10次，前十名被调研次数均不少于12次。 汽车行业成调研"黑马"，九号公司领跑个股榜单。汽车行业个股九号公司被调研39次成为上周最受公募 青睐的标的，博时基金、华夏基金、汇添富基金等头部公募机构均出现在调研名单中。公募机构重点关 注国补对公司业务的实际影响，以及明年电动两轮车业务的发展展望。该行业另一只个股斯菱股份同样 表现亮眼，不仅以17次调研跻身前十，更在上周逆势大涨5.97%，在调研热度前十个股中涨幅领跑，其 与战略投资公司的产业合作方向成为公募机构关注焦点。 电力设备多点开花，3只个股入围前十。电力设备行业延续此前关注度，共有3只个股进入调研热度前 十：容百科技 ...

Group 1: Chain Expo - The Fourth Chain Expo will be held in Beijing from June 22 to June 26, 2026, focusing on high-level opening-up and modern industrial system construction [2] - The expo aims to integrate technological and industrial innovation, fostering new productive forces [2] - Over 300 companies have signed up to participate, indicating strong recognition of the expo platform [2] Group 2: International Cultural Exchange - The China Council for the Promotion of International Trade (CCPIT) emphasizes its role in international exhibitions, particularly the Milan Triennale [3] - The Milan Triennale, established in 1923, is a significant global exhibition in the field of art and design [3] - CCPIT has organized participation from renowned domestic design institutions and enterprises to enhance China's design competitiveness globally [3] Group 3: Milan Triennale Participation - The 24th Milan Triennale will take place from May 13 to November 9, 2025, with a Chinese exhibition area themed "Dynamic Balance - The Law of Civilization Development" [4] - The exhibition will showcase creative designs reflecting China's modernization achievements across five themes [4] - The Chinese exhibition area received positive feedback from the Triennale organizers and attendees, highlighting its role in cross-cultural exchange [4] Group 4: Global Trade Friction Index - The global trade friction index was recorded at 106 in September, remaining at a high level, with trade friction measures' monetary involvement increasing by 7.9% year-on-year [5] - The United States, India, and Russia have the highest trade friction indices among 20 monitored countries, with the U.S. leading for 15 consecutive months [5] - Key industries affected by trade friction include electronics, transportation equipment, pharmaceuticals, machinery, and chemicals, with electronics being the most impacted [5] Group 5: Trade Relief Measures - Trade relief measures are the most significant among five categories of trade friction measures, indicating a trend towards protecting domestic industries [6] - The trade friction index concerning China remains high at 115, with India having the highest index related to semiconductor, battery, and copper cable industries [6] - In September, the monetary involvement of trade friction measures concerning China decreased by 36.6% year-on-year but increased by 9.6% month-on-month [6]

进入2025年最后两个月，持续数年的物价上涨曲线或将迎来转折。与民生息息相关的食用油、卫生纸、洗护用品等商品，在经历了一轮又一轮的价格上调 后，不少消费者明显感受到生活成本的增加——以往超市采购一两百元就能装满购物车，如今随便选购些日用品就要三四百元。不过这种状况可能在年末出 现转变，据市场观察，从11月起，五大消费领域有望迎来一波价格回调，这或许能为普通家庭的月度开支减轻不少负担。 与此同时，消费习惯的改变也在影响猪肉市场。随着健康意识提升，部分消费者开始调整膳食结构，适当减少猪肉摄入，转而增加牛羊肉、禽肉等替代品的 选择，这种结构性变化也在一定程度上影响了猪肉的市场需求。 2025年下半年的二手房市场延续了此前的调整态势。根据最新统计，9月份全国百城二手住宅平均价格已降至每平方米13381元，同比下跌7.38%。这标志着 二手房价格已连续41个月保持下行趋势。目前多地房东为促成交易，普遍愿意在挂牌价基础上再让利15%-20%，部分优质房源甚至出现更大幅度的价格调 整。 市场分析人士指出，此轮二手房价格持续回调主要受三大因素影响：首先，经过长达数年的市场调整，部分地区房价较高点已回落超30%，房地产的投资属 ...

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping investment logic in cyclical industries [1][4] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [1] - The technology sector has experienced a substantial cumulative increase, with the electronics industry rising by 45% and the communication equipment sector by over 38%, significantly outperforming the CSI 300 index's 14.7% [4] - The concentration of institutional holdings in the technology sector has reached nearly historical peaks, with TMT sector holdings exceeding 40.16%, indicating a risk of overcrowding [4] Group 2: Policy Impact - The Ministry of Industry and Information Technology has proposed three major measures for the chemical industry in 2026, signaling a shift from mere advocacy to substantial implementation of the "anti-involution" policy [4] - The "anti-involution" policy has extended to industry self-discipline, with products like long silk, PTA, and urea achieving industry collaboration through "production limits to maintain prices + price alliances + punitive agreements" [10] Group 3: Chemical Industry Insights - The chemical industry is experiencing a supply-side improvement driven by "downward capacity cycles + policy-guided elimination," with fixed asset investments in the chemical raw materials and products manufacturing sector decreasing by 5.6% year-on-year from January to September 2025 [5][6] - The demand side is supported by both domestic recovery and overseas improvement, with textile and apparel exports increasing by 8.7% year-on-year from January to October 2025 [12] Group 4: Investment Opportunities - Investment opportunities in the chemical industry under the "anti-involution" wave include selecting leading companies with strong management systems and cost advantages [14] - Specific sectors to focus on include: 1. Petrochemicals: Expected to see a turning point due to supply contraction and demand upgrades [15] 2. Coal chemicals: Benefiting from policy catalysts and cost advantages, with potential for profit recovery [16] 3. Polyester filament and PTA: Leading sectors in the implementation of the "anti-involution" policy, currently entering an inventory digestion phase [17]

Group 1 - The core viewpoint indicates that the current liquidity easing environment is beneficial for the performance of small and micro-cap stocks, with the CSI 2000 Index being a key target for capturing the benefits of technological transformation and industrial upgrades [1] - The CSI 2000 Index has shown good long-term annualized returns and Sharpe ratios, suggesting its growth potential may continue to be released under the backdrop of the explosion in AI, green energy sectors, and increased policy support [1] Group 2 - The CSI 2000 Index consists of 2000 stocks that are smaller in scale and have good liquidity, focusing on the overall performance of small and micro-cap stocks in the Chinese A-share market [6] - The index comprehensively covers 11 first-level industries in the CSI, reflecting the performance of a range of small-cap companies [4][6]

中信建投证券认为，当前市场或处于"三期叠加"阶段：牛市中段整固期，景气验证关键期，业绩政策空 窗期，市场震荡轮动和资金年底止盈等特征也会进一步放大。策略层面，短期考虑以择机布局为主，时 点上等待12月中上旬的美联储议息会议和中央经济工作会议落地，期间若调整较充分也可逢低吸筹。 【ETF全知道热点收评】下面重点聊聊化工、银行、电子等几个板块的交易和基本面情况。 周四（11月27日），大盘全天冲高回落，沪指微涨0.29%报收3875.26点，创业板指回吐逾2%收跌 0.44%。个股整体涨跌参半，全市场成交额1.72万亿元，连续2日小幅缩量。 | | 序号 代码 | 类型 名称 | 现价 | 涨跌幅 ▼ | 提慣 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 516020 | 主 化工ETF | 0.782 c | 1.30% | 2.07% | 1.13亿 | | 2 | 562060 | 策 标普红利ETF | 0.605 c | 0.50% | 0.83% | 3173.13万 | | 3 | 512800 | 行 银行ETF | 0.84 ...

以最新收盘价计算，A股平均股价为13.50元，其中股价超过100元的有149只，相比上一个交易日增加3 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至11月27 日收盘，沪指报收3875.26点，上涨0.29%，A股平均股价为13.50元，个股股价分布看，股价超过100元 的有149只，股价在50元至100元的有418只，股价在30元至50元的有749只。 所属板块来看，百元股中，主板有29只、创业板有52只、北交所有3只，另有65只来自科创板，占百元 股的比例为43.62%。（数据宝） 高价股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1447.30 | -0.13 | 0.18 | 食品饮料 | | 688256 | 寒武纪 | 1317.36 | 0.21 | 0.02 | 电子 | | 688498 | 源杰科技 | 553.00 | -5.81 | 0.09 | 电子 | | 300308 ...

Core Viewpoint - The overall market sentiment has improved significantly, but there remains a notable divergence in various sentiment indicators, indicating a complex market environment [3]. Group 1: Market Risk Assessment - The risk score for the stock market, as per the Zhongtai Asset Management risk system, is 52.77, an increase from 45.79 last month, driven by marginal improvements in market sentiment [2]. - The valuation of the CSI 300 index has slightly decreased to 60.68 from 64.74, remaining in a relatively high range over the past six months, with significant valuation disparities across different sectors [2]. - The market expectation score has decreased to 52.00 from 55.00, reflecting weaker macroeconomic data, particularly in fixed asset investment growth [2]. Group 2: Sector Performance - Among the 28 Shenwan first-level industries, sectors such as steel, electronics, real estate, and defense continue to have valuations above the historical 60th percentile, while agriculture and non-bank financials remain below the 10th percentile [2]. - The consumer market showed a slight rebound in October, with retail sales growing by 4.28%, although this was a decrease of 0.22% from the previous month [8]. Group 3: Economic Indicators - Fixed asset investment growth has declined to -1.7%, with significant weakness in real estate and building materials, while industrial value-added growth remains stable at 4.9% year-on-year [7][8]. - The overall liquidity in the market is under pressure, with social financing and M2 growth rates declining, indicating a need for close monitoring of these trends [10][11].

11月27日，国家发展改革委召开月度新闻发布会。国家发展改革委政策研究室副主任李超透露，下一步，国家 发展改革委将会同有关方面持续加力，为储能和氢能等新兴产业健康发展创造良好环境。一是深化电力市场改 革，鼓励储能项目结合自身特点参与电能量市场和调频、调峰、备用等辅助服务市场，获取合理收益；二是统 筹规划布局，有效衔接绿色氢氨醇供给和需求，在重点领域推动绿色氢氨醇规模化发展，适度超前推动产运储 等环节基础设施建设，有效降低系统运行成本；三是突破技术瓶颈，组织实施产业创新工程，支持领军企业联 合产业链上下游、高校科研院所，围绕不同应用场景，一体推进设施集群建设、技术研究开发、产品升级迭代 和应用推广，鼓励多种新型储能和氢能技术路线有序发展，为构建新型电力系统提供有力支撑。 REITs发行范围已涵盖12大行业52个资产类型 11月27日，国家发展改革委政策研究室副主任李超在新闻发布会上回答证券时报记者提问。李超表示，自2020 年基础设施领域不动产投资信托基金（REITs）启动以来，国家发展改革委会同证监会，持续推动基础设施 REITs市场扩围扩容。在工作开展初期，将仓储物流、收费公路、市政设施、产业园区等纳入发行 ...

证券日报网讯蓝箭电子11月27日在互动平台回答投资者提问时表示，公司积极进行客户资源的拓展，努 力进入到更多国内外知名科技公司的供应链体系中。美的与格力是公司多年以来的重要客户。 （文章来源：证券日报） ...