相较于大盘股，小市值品种具备更高的股性以及活跃度，也更容易成为行情中的核心。证券时报·数据 宝统计，截至11月28日收盘，两市共919只个股流通市值低于30亿元，其中356只个股流通市值不足20亿 元。总市值方面，两市共1641只个股总市值低于50亿元，其中514只个股总市值不足30亿元。 具体来看，目前两市流通市值最小的前3只股票分别为*ST元成1.89亿元、坤泰股份6.51亿元、康力源 6.98亿元。总市值最小的前3只股票分别为*ST元成1.89亿元、*ST长药8.13亿元、*ST苏吴8.81亿元。 （数据宝） 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 | 6.51 | 23.56 | 47.32 | 汽车 | | 301287 | 康力源 | 6.98 | 27.33 | 36.15 | 轻工制造 | | 6033 ...

【2025分析师大会】 中国顶级投资盛会丨邢志强、但斌、李蓓等投资大咖谈牛市、谈AI、谈未来…… 全文精修版+现场高清PPT！但斌最新观点：国内对标谷歌的公司只有两家 中国顶流研究天团都有谁？第七届金麒麟最佳分析师荣誉榜出炉 【头条要闻】 贵金属风云又起！白银上演"逼空大战"，再创新高后还有多大上涨空间？ 11月以来，COMEX白银期货累计涨幅达到16%。沪银主力合约夜盘最高触及13239元/千克，内外盘联 动创出新高。沪上一位贵金属分析师对记者分析称，白银价格的大幅上涨并非偶然。近期，全球经济形 势的不确定性以及市场对通胀预期的上升，为白银等贵金属提供了有力的支撑。据芝商所"美联储观 察"最新数据，美联储12月降息25个基点的概率已达85.4%。约一周前，这一概率预计约40%。 11月最牛金股涨超60%！12月金股出炉，科技与消费受青睐（名单） 随着11月交易收官，最新一期的券商金股出炉。从目前已披露的12月金股名单来看，电子、电力设备、 医药生物、食品饮料等行业受到集中关注，国产算力、机器人、消费复苏等主题热度较高。展望12月行 情，券商普遍认为市场仍处牛市，中长期仍看好科技成长。 11月制造业PMI回升 ...

Group 1: Company Insights - The report highlights Ice Wheel Environment (000811) as a leading player in industrial refrigeration equipment, driven by AIDC and nuclear power business growth [5] - The company is experiencing accelerated demand in the data center sector due to a surge in AI computing needs, having served numerous domestic and international data center clients [5] - Revenue projections for Ice Wheel Environment are estimated at 6,959 million, 7,849 million, and 8,637 million yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.9%, 12.8%, and 10.0% [5] Group 2: Industry Trends - The cosmetics industry is characterized by stability and new developments, with a focus on strong brand groups that can enhance market share and profit realization [6] - The medical beauty sector is expected to maintain a favorable outlook, particularly in segments like PDRN, recombinant collagen, and hair loss treatment, which are anticipated to have a better competitive landscape [6] - The light industry is witnessing a trend of companies accelerating their overseas expansion, leading to higher profit margins and improved competitive dynamics in foreign markets [9][10] Group 3: Market Dynamics - The macroeconomic report indicates that recent fluctuations in the US stock market are attributed to a combination of Federal Reserve interest rate expectations and uncertainties in industry outlooks, but the medium-term trend remains positive [7] - The strategy report suggests focusing on large-cap consumer stocks, particularly in food and beverage, travel services, and transportation sectors, as these are expected to perform well in December due to improved liquidity and stable earnings [8] - The light industry report emphasizes the shift from passive to active overseas market exploration, highlighting opportunities in capacity, product, and brand expansion [10]

【导读】私募年内调研超44000次，重点关注硬科技赛道 截至11月27日，今年以来，2579家私募证券机构调研A股上市公司44702次，电子、医药生物和机械设 备等硬科技赛道成为机构关注的重心，此外，计算机、电力设备、汽车等行业被调研次数居前。 受访私募表示，未来将重点关注人工智能、创新药、新消费，以及"反内卷"政策带来的结构性机会。 从管理人规模来看，百亿元级私募高频调研的个股包括立讯精密、联影医疗、汇川技术、九号公司、中 控技术等，景林资产、重阳投资、远信投资、慎知资产等均多次调研上述个股。与此同时，中小私募调 研热情高涨，管理规模在0～10亿元的私募机构年内调研次数占比达54%，其中，尚诚资产年内调研812 次，青骊投资、途灵资产、天猊投资等机构也保持着高频调研节奏。 排排网财富研究总监刘有华表示，电子行业持续领跑源于半导体国产替代加速以及消费电子创新周期启 动，行业内细分赛道成长确定性较强；医药生物行业个股数量多、覆盖领域广，叠加创新药审批加速、 医疗消费复苏等因素，成为私募机构分散布局的优选；电力设备则受益于新能源装机量持续增长，产业 链上下游企业业绩兑现能力稳定，吸引私募机构密集调研。 个股效应正 ...

Core Insights - The article highlights that private equity firms have conducted over 44,000 research activities on A-share listed companies in China this year, with a strong focus on hard technology sectors such as electronics, biomedicine, and machinery [2][4]. Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research activities, covering 2,184 stocks across 30 primary industries, with 44,702 total research instances [4]. - The top three industries by research frequency are electronics (8,732 times), biomedicine (6,341 times), and machinery (5,437 times) [4]. - Notable stocks in the electronics sector include Luxshare Precision, which was researched 335 times, and other prominent companies in the biomedicine sector such as United Imaging Healthcare and Mindray Medical [4][5]. Group 2: Investment Focus - Private equity firms are increasingly interested in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption trends, as well as structural opportunities arising from "anti-involution" policies [2][9]. - The electronics industry is leading due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [7]. - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, while the power equipment sector benefits from the continuous growth of new energy installations [7]. Group 3: Market Outlook - The article suggests that the market is transitioning from valuation-driven to performance-driven, with a focus on high-growth sectors such as AI, innovative pharmaceuticals, and machinery [9]. - There is an expectation that individual stock performance will become more significant than sector performance in the future, with a focus on areas that show structural growth potential [9]. - Investment strategies are being adjusted to account for market corrections and style rebalancing, with an emphasis on sectors that can maintain profitability without relying on overall economic recovery [9].

Core Insights - Private equity firms have conducted over 44,000 research activities on A-share listed companies in 2023, with a focus on hard technology sectors such as electronics, biomedicine, and machinery [1][2] - The most researched industries include electronics, biomedicine, and machinery, with significant interest in artificial intelligence, innovative pharmaceuticals, and new consumption trends [1][4] Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research, covering 2,184 stocks across 30 primary industries, resulting in 44,702 research instances [2] - The electronics sector was the most researched, with 8,732 instances, followed by biomedicine with 6,341 and machinery with 5,437 [2][4] - Notable companies in the electronics sector include Luxshare Precision, which was researched 335 times, and other leading firms in biomedicine such as United Imaging Healthcare and Mindray Medical [2][3] Group 2: Private Equity Firm Activities - The most active private equity firm, Zhengyuan Investment, conducted 1,002 research activities, while other major firms like Panjing Investment and Gao Yi Asset also showed high engagement [2][3] - Panjing Investment focused on nearly 30 stocks with multiple research instances, including Luxshare Precision and Jiangbolong [3] - Gao Yi Asset showed a preference for biomedicine, electronics, and machinery, conducting six research activities on Zhongkong Technology [3] Group 3: Market Trends and Insights - The electronics industry is thriving due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [4] - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, alongside a recovery in medical consumption [4] - The power equipment sector benefits from the continuous growth of new energy installations, attracting significant research interest from private equity firms [4] Group 4: Future Outlook - The market is expected to shift from valuation-driven to performance-driven, with a focus on high-growth sectors such as artificial intelligence, innovative pharmaceuticals, and machinery [5][6] - Investment strategies will emphasize structural growth potential in emerging sectors and cyclical opportunities arising from "anti-involution" policies [6]

Core Insights - The report emphasizes a strategic shift towards large financial and consumer sectors, indicating a rebound opportunity following a period of panic due to tariff impacts [2] - The report highlights a positive performance in the A-share market, with the Shanghai Composite Index rising over 10% to above 3800 points since the mid-year strategy was introduced [2] Overall Assessment - The report suggests a cautious approach, recommending investors to wait for opportunities to buy on dips. It notes that liquidity-driven adjustments have stabilized, with certain asset classes like TMT and precious metals leading the rebound [3][7] - The report anticipates that the upcoming Federal Reserve interest rate cuts will further bolster market confidence, despite short-term investor caution in domestic sectors like lithium batteries and storage [3][7] Configuration Direction - The report advises a gradual investment strategy based on economic expectations and valuation attractiveness, focusing on quality dividends and cyclical opportunities in sectors such as real estate, resource commodities, and consumer sentiment [4][9] - It identifies four key areas for medium-term investment: technology (AI trends), high-end manufacturing (global investment cycle), consumer (high-quality overseas profits), and resource commodities (supply-side dynamics) [4][9] Top Stock Picks - The report lists ten recommended stocks across various sectors, including TCL Electronics, Action Education, Anjuke Food, Petty Co., Chengda Pharmaceutical, Haiguang Information, Lixing Co., Jitu Express, Beibu Gulf Port, and China Resources Mixc Living [4][5]

问：两融账户呈现怎样的态势？ 答：中证数据有限责任公司数据显示，9月份市场新开两融账户达20.54万户，创下今年以来单月最高纪 录。 数据表明，当前的融资增长"更多体现为结构性活跃与风险偏好回暖"，而非全面的杠杆泡沫。从行业分 布来看，医药生物、机械设备、电子、非银金融、电力设备等板块的融资余额增幅较大。 问：两融账户为何激增？ 答：分析认为，近期两融新开账户激增的核心驱动力在于前期政策支持效果释放、宏观经济企稳、企业 盈利改善，投资者对市场长期信心增强，市场情绪转向积极。 近期，两融新开账户呈现激增态势，引发市场广泛关注。两融是指什么？账户为何会激增？投资者该如 何看待？一起来看本期快问快答→ 问：两融是指什么？ 答：在A股市场中，"两融"即融资融券业务，是证券市场重要的信用交易方式。投资者可以通过向券商 借钱购买证券（融资），或者借入证券卖出（融券）来进行杠杆交易。 新开两融账户的大幅增长，意味着大量"活水"涌入市场。据透露，6月下旬以来两融资金净流入超6000 亿元，成为市场向上的重要推力之一。 券商也积极应对，多家头部券商已宣布调高信用业务规模上限，扩大融资融券业务配额。 问：投资者该如何看待？ 答： ...

Core Viewpoint - Several companies are undergoing significant corporate actions, including acquisitions, capital raising, and operational milestones, which may present investment opportunities and market implications. Group 1: Corporate Actions - Enjie Co., Ltd. is planning to acquire 100% equity of Zhongke Hualian and will suspend trading starting December 1, 2025 due to uncertainties surrounding the transaction [3] - ST Tianrui's controlling shareholder is planning a change in company control, leading to a trading suspension from December 1, 2025, expected to last no more than two trading days [4] - Jiarong Technology intends to raise up to 1 billion yuan through a private placement and acquire 100% of Hangzhou Lanran, with the transaction making the latter a wholly-owned subsidiary [5] - Jiangxi Copper is in the process of making non-binding cash offers to acquire shares of SolGold Plc at 26 pence per share, currently holding 12.19% of the company [7] Group 2: Financial Milestones - Baillie Gifford's subsidiary SystImmune received a milestone payment of $250 million from Bristol-Myers Squibb related to a collaboration agreement, with potential future payments totaling up to $7.1 billion [6] Group 3: Operational Developments - China Shenhua's subsidiary successfully completed a 168-hour trial run of its 3rd unit at the Beihai Phase II project, which is a key energy development project in Guangxi [8] - Huayang Co., Ltd. has launched a 200-ton annual production project for high-performance carbon fiber, which is expected to serve various high-tech industries [11] Group 4: Shareholder Actions - Zhongwei Company’s major shareholder plans to reduce its stake by up to 1% through block trading [14] - Yulide's directors plan to collectively reduce their holdings by no more than 0.0313% of the company's total shares [15] - Saint Noble Bio's executives plan to reduce their holdings by no more than 0.024% of the company's total shares [16] Group 5: Contracts and Agreements - Aoride plans to sign a comprehensive technical service agreement with Company X, with a total contract value of approximately 635 million yuan [18]

Group 1 - The new stock sector experienced a rebound after a short-term emotional low, but the cycle change point may still need observation [1][14] - The average increase of new stocks listed since 2024 is approximately 3.5%, with about 91.4% of new stocks achieving positive returns [1][7] - The current market consensus may not have formed yet, and the rebound may not be sufficient to drive a change in the ongoing adjustment cycle [2][14] Group 2 - The focus remains on technology sectors, particularly in areas like AI and robotics, which have significant long-term development potential [3][14] - The report suggests monitoring sectors that have undergone sufficient adjustment, including innovative pharmaceuticals, aerospace and military, new energy, new consumption, and non-ferrous chemicals [3][14] Group 3 - Upcoming new stocks include Jingchuang Electric, China Uranium Industry, and Moer Thread, with varying industry focuses [4][33] - The average issuance price-earnings ratio for new stocks expected to be listed this week is 25.4X, indicating a relatively restrained pricing strategy [8][33] Group 4 - The report highlights specific companies such as Moer Thread, which is involved in GPU development, and Baiaosaitou, which focuses on gene editing technology [40][41] - The projected revenue growth for Baiaosaitou in 2025 is 37.75%, with a significant increase in net profit expected [41][42]