Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1668.3 points on December 5, with a 1.95% increase and a trading volume of 32.01 billion yuan, indicating positive market sentiment towards state-owned enterprises [1]. Group 1: Index Performance - The index saw 43 constituent stocks rise, with Electric Power Investment leading at a 6.96% increase, while 6 stocks declined, with China Merchants Shekou leading the decline at 1.91% [1]. - The top ten constituent stocks of the index include BOE Technology Group (9.31% weight, 4.26 yuan, 5.19% increase) and Huatai Securities (3.84% weight, 5.19 yuan, 1.96% increase) [1]. Group 2: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.242 billion yuan, while retail investors experienced a net outflow of 365 million yuan [3]. - Major stocks like BOE Technology Group had a net inflow of 901 million yuan, while other stocks like Tongling Nonferrous Metals saw a net inflow of 205 million yuan [3]. Group 3: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 stocks, reflecting changes in market dynamics [4]. - New additions include Zhongmi Holdings (total market value 7.349 billion yuan) and Gujing Gongjiu (total market value 87.906 billion yuan), while removals include Xinyu Media and Yanghe Brewery [4].

Market Overview - A-shares experienced slight fluctuations, with the Shanghai Composite Index recovering above 3900 points and the Shenzhen Component Index surpassing 13000 points, reaching a new high in half a month [2] - Weekly trading volume shrank to 8.48 trillion yuan, marking a new low in nearly five months [2] Financing Activities - Margin traders increased their positions by 9.989 billion yuan this week, with the electronics sector receiving over 2.9 billion yuan in net buying [4] - Other sectors such as machinery, non-ferrous metals, defense, automotive, and food and beverage also saw net buying exceeding 1 billion yuan [4] - Public utilities faced a net sell-off of 990 million yuan, with sectors like power equipment, basic chemicals, computers, and media also experiencing net outflows exceeding 100 million yuan [4] Sector Performance - The electronics sector attracted over 31.3 billion yuan in net inflow from major funds, while machinery and communications sectors received over 29.6 billion yuan and 21.8 billion yuan, respectively [4] - The defense and military industry has shown a trend of strengthening after over three months of consolidation, particularly in the commercial aerospace sector, which saw its index break historical highs [4] - Notable stocks in the aerospace sector include Hangtian Development, which achieved 10 consecutive limit-up days, and Shunhao Co., which rose for six days, with five days hitting the limit [4] Industry Events - The "2025 Satellite Internet Industry Ecosystem Conference" will be held in Shanghai on December 4-5, where Shanghai Yanjin Satellite and Airbus signed a market cooperation agreement [5] - The "Shanghai Satellite Internet Industry Report (2025)" indicates that China's satellite launch compound annual growth rate has exceeded 27% over the past decade, with major projects like Qianfan Constellation and Honghu Constellation accelerating growth [6] Investment Opportunities - CICC suggests closely monitoring global commercial aerospace developments and domestic reusable rocket R&D progress to seize investment opportunities [6] - The recent listing of Moer Thread, a leading domestic full-function GPU company, was highly anticipated, with its share price soaring over 425% on the first day of trading, setting multiple A-share records [6] Market Outlook - Guolian Minsheng anticipates that the spring market rally typically starts from late December to mid-January, with the median starting point being 11 trading days before the holiday [7] - Recommendations include focusing on sectors with low inventory stabilization, optimized capacity structure, and sustained improvement in prosperity, particularly in high-end manufacturing like defense and power equipment [7]

Core Points - The Sci-Tech Innovation Board (STAR Market) index closed flat at 1326.10 points, with a total trading volume of 3.22 billion shares and a turnover of 173.32 billion yuan, resulting in an average turnover rate of 1.67% [1] - Among the tradable stocks on the STAR Market, 484 stocks closed higher, with 12 stocks rising over 10% and 30 stocks rising between 5% and 10%, while 106 stocks closed lower [1] - The highest turnover rate was recorded by C-More, a newly listed stock, which surged 425.46% with a turnover rate of 85.49% and a trading volume of 15.31 billion yuan, attracting a net inflow of 2.92 billion yuan [1][2] Trading Performance - In the high turnover stocks, C-More, which was newly listed, saw a significant increase of 425.46%, while other notable gainers included Changguang Huaxin, Xinghuan Technology, and Ruihua Tai, with increases of 20.00%, 17.02%, and 16.58% respectively [2] - Conversely, stocks with the largest declines included Zhongke Lanyun, Dongxin Shares, and Yingshi Innovation, which fell by 9.29%, 6.92%, and 6.01% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 22 stocks, followed by the power equipment and machinery equipment sectors with 9 and 8 stocks respectively [2] Capital Flow - Among high turnover stocks, 39 stocks experienced net inflows of main funds, with C-More, Changguang Huaxin, and Guodun Quantum receiving the most significant inflows of 2.92 billion yuan, 320 million yuan, and 317 million yuan respectively [2] - Stocks with the largest net outflows included Dongxin Shares, Baiwei Storage, and Zhongke Lanyun, with outflows of 356 million yuan, 130 million yuan, and 119 million yuan respectively [2] Leverage Fund Movements - A total of 42 stocks in the high turnover category received net purchases from leveraged funds, with Baiwei Storage, Dongxin Shares, and Bolite gaining the most in financing balance, increasing by 315 million yuan, 249 million yuan, and 157 million yuan respectively [3] - Conversely, stocks with the largest reductions in financing balance included Yuanjie Technology, Artes, and Tengjing Technology, decreasing by 347 million yuan, 246 million yuan, and 194 million yuan respectively [3] Top Performing Stocks - The top performing stocks on December 5 included: - C-More (688795): Closed at 600.50 yuan, up 425.46%, turnover rate 85.49%, net inflow 2.92 billion yuan - Aerospace Huanyu (688523): Closed at 43.80 yuan, up 3.03%, turnover rate 35.30%, net inflow 607.60 million yuan - Xinghuan Technology (688031): Closed at 72.96 yuan, up 17.02%, turnover rate 17.30%, net inflow 14.97 million yuan [4] - Other notable stocks included Changguang Huaxin (688048) with a 20.00% increase and a net inflow of 319.89 million yuan [4]

投资者可以在交易所互动平台上通过提问方式了解部分公司更及时（每月10日、20日、月末）的股东户 数信息。证券时报·数据宝统计显示，852家公司公布了截至11月30日最新股东户数，相比之前各期，有 115股股东户数连续减少3期以上，股东户数最多已连降13期。也就是说筹码呈持续集中趋势。 市场表现方面，股东户数连降股中，筹码集中以来股价上涨的有34只，下跌的有81只，累计涨幅较高的 有实朴检测、安联锐视、隆基机械等，分别上涨70.88%、49.53%、19.87%。相对沪指来说，其间股价 跑赢大盘的有34只，占比29.57%，超额收益率较高的有实朴检测、安联锐视、隆基机械等，股东户数 连降以来相对沪指收益率分别为72.19%、47.37%、18.86%。 股东户数连续下降股排行榜 | 000713 | 国投丰 | 62578 | -1.29 | 5 | -0.43 | -0.58 | | --- | --- | --- | --- | --- | --- | --- | | | 乐 | | | | | | | | ST任子 | | | | | | | 30031 1 | 行 | 42683 | -1.26 | 1 ...

高价股一览 以最新收盘价计算，A股平均股价为13.69元，其中股价超过100元的有153只，相比上一个交易日增加4 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12月5日 收盘，沪指报收3902.81点，上涨0.70%，A股平均股价为13.69元，个股股价分布看，股价超过100元的 有153只，股价在50元至100元的有421只，股价在30元至50元的有755只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1430.01元，上涨0.42%，其次是寒武纪、C摩 尔等，最新收盘价分别为1355.00元、600.50元。 市场表现方面，收盘股价超百元股中，今日平均上涨4.20%，跑赢沪指3.50个百分点。今日上涨的有95 只，涨停的有中坚科技、长光华芯等，下跌的有56只，跌幅居前的有中科蓝讯、菲菱科思等。 追溯发现，最新百元股近一个月平均上涨1.80%，其间沪指下跌1.45%，涨幅居前的有长光华芯、天普 股份、常友科技等，涨幅分别为89.78%、54.98%、47.77%，今年以来平均涨幅为116.51%，强于沪指 100.07%，累计涨幅居前的有上纬新材、天普 ...

按申万行业分类，获机构调研的北交所公司分属于14个行业，机械设备、电力设备、汽车等行业较为集 中，分别有9家、5家、5家公司上榜。 根据调研日期截止日统计，近一个月（11月6日至12月5日），共有36家北交所公司获机构调研，其中， 纳科诺尔最受关注，参与调研的机构有91家。 证券时报·数据宝统计显示，近一个月共有36家北交所公司获机构调研，调研机构类型显示，券商共对 36家公司进行调研；基金调研22家；阳光私募调研15家；保险调研8家；海外机构调研6家。 机构调研榜单中，纳科诺尔参与调研的机构合计达91家，最受关注；其次是星图测控、荣亿精密、同惠 电子，参与调研的机构分别有55家、50家、48家。 近一个月机构调研股一览 | 代码 | 简称 | 机构家数 | 调研次数 | 最新收盘价（元） | 其间涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 920522 | 纳科诺尔 | 91 | 1 | 56.00 | -6.18 | 电力设备 | | 920116 | 星图测控 | 55 | 1 | 82.46 | 18.37 | 计算机 | ...

以最新收盘价计算，科创板平均股价为40.31元，其中股价超100元的有67只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有484只，下跌的有106只，以收盘价为基准测算，科 创板平均股价为40.31元，其中，收盘价超过100元的有67只，股价在50元至100元之间的有135只，股价 在30元至50元的有150只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1355.00元，下跌1.02%，其次是C摩尔-U、源杰科技 等，最新收盘价分别为600.50元、598.90元。 科创板百元股中，今日平均上涨7.32%，具体来看，今日上涨的有33只，涨幅居前的有C摩尔-U、长光 华芯、步科股份等。下跌的有32只，跌幅居前的有中科蓝讯、东芯股份、影石创新等。 资金流向方面，科创板百元股今日主力资金合计净流入27.32亿元，净流入资金居前的有C摩尔-U、长光 华芯、国盾量子等，净流入资金分别为{6}；净流出资金居前的有寒武纪-U、东芯股份、海光信息等， 净流出资金分别为44824.31万元、35631.58万元、21828.33万元。 融资融券方面，百元股最新（12月4日）融资余额合计926. ...

一起来回顾下本周市场。 市场回顾 本周A股市场整体震荡上行，主要指数普遍收涨。整体而言，市场进入稳步蓄力状态，成交量略有下 滑，但两融资金仍然活跃，部分资金呈观望态度。 行业上有几条线索： 一是有色金属。美联储降息预期升温、可能的下一任鸽派美联储主席任命以及AI 与电网建设等推升有 色金属需求。 二是通信板块。某芯片设计大厂宣布收购某光互联开发商，此次收购的核心是光子互联技术，它被视为 解决AI算力瓶颈的关键。随着大型语言模型的规模和复杂性不断提升，数据中心需要将成百上千颗芯 片连接成一个协同工作的整体，而传统铜线连接存在局限。此举引起市场对于Scale-up（节点内互联） 领域光互联架构的关注，通信板块表现较好。 风险揭示函（上下） 三是机械设备。人形机器人受行业政策支持推动，长期趋势明朗，成为AI赋能下解放生产力的重要方 向，推动机械设备表现。近期核心催化剂包括特朗普政府拟推出的行政命令、技术突破、某机器人核心 公司上市及产业订单兑现等。 海外关注 海外方面，美国就业数据和PMI数据不及预期，12月降息概率再增加。 ADP的数据显示，美国私营企业11月就业人数减少3.2万人，显著低于预期的增加1万人，加剧 ...

非银金融 近日，广东省多部门联合印发金融支持产业链整合兼并方案，明确支持保险资金扩大股权投资比例参与并购项目，与险资权益投资上限提升等政策形成合 力，助力非银金融发挥"耐心资本"作用。同时，大摩将中国平安纳入重点关注名单并看好其长期业绩。 有色金属 12月5日市场消息显示，已有三家稀土永磁企业获得通用出口许可证。商务部新闻发言人4日表示，中国政府依法依规开展稀土相关物项出口管制工作。只要 是用于民用用途的、合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施，促进两用物项合规贸易，切实维护全 球产供链安全稳定。 长江期货认为，铜铝等有色金属及新能源材料作为支撑现代化产业体系的重要战略资源，"十五五"期间将继续受益于传统产业的优化提升和新兴产业及未来 产业的蓬勃发展，风电光伏、电力投资、新能源汽车、AI数据中心等产业的科技创新引领和核心技术突破将会继续带动有色新能源产业高质量发展。有色 及新能源品种的产业格局将进一步提质优化，价格走势将受到供需端的更多提振。专注聚焦稀土、锂、磁性材料等稀有金属的稀有金属ETF(159608)备受关 注；全市场唯一跟踪中证全指原材料指数的材料ETF ...

证券研究报告 | 策略点评 今日关注 指数涨跌情况：今日 A 股主要指数多数上涨。截止收盘，沪指涨 0.70%，收报 3902.81 点；深证成指涨 1.08%，收报 13147.68 点；科创 50 跌 0.00%，收报 1326.10 点；创业板指涨 1.36%，收报 3109.30 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4384 只个股上涨，974 只个股下跌，93 只个股收 平。沪深两市今日成交额合计 17258 亿元，较上个交易日放量 1768 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，非银金融、有色金属、机械设 备、国防军工和综合等行业涨幅靠前，涨幅分别为 3.50%、2.84%、2.34%、2.21% 和 1.76%，仅银行业领跌，跌幅为 0.58%。 2025 年 12 月 05 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251205 板块涨跌情况：今日涨幅居前概念板块为炒股软件、保险精选、两岸融合、 超导、工业金属精选、核聚变、商业航天、光模块(CPO) ...