| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.42 | 1664.50 | 20.13 | N南特 | 206.24 | | 有色金属 | 1.41 | 390.53 | 6.74 | 贵研铂业 | 6.56 | | 电力设备 | 1.35 | 872.38 | 24.42 | 壹石通 | 20.00 | | 通信 | 1.28 | 781.64 | 10.61 | 万隆光电 | 11.47 | | 基础化工 | 1.04 | 386.07 | 2.92 | 东岳硅材 | 11.39 | | 美容护理 | 0.96 | 20.02 | 21.12 | 科思股份 | 6.01 | | 轻工制造 | 0.62 | 96.85 | -3.65 | 金富科技 | 10.03 | | 环保 | 0.55 | 67.25 | -4.35 | 圣元环保 | 9.11 | | 机械设备 | 0.53 | 441.57 | -7.86 | 新美星 | 16.22 | | ...

Group 1: Industry Overview - The A-share communication equipment industry index saw a significant increase, with a peak rise of over 8%, primarily driven by the surge in stock prices of optical module companies like Zhongji Xuchuang. This increase is attributed to reports of Google placing a large number of urgent orders for optical modules in the supply chain, particularly focusing on 800G/1.6T high-speed optical modules [2] - Dell's Q3 FY2026 earnings call indicated a notable acceleration in AI growth, with a record backlog of $18.4 billion and a continuous increase in project reserves over the next five quarters, suggesting robust demand growth in the industry [2] - The upcoming Central Economic Work Conference and the Federal Reserve's December meeting are expected to create a favorable market environment, with an 85% probability of interest rate cuts, which could support a sustained rebound in the A-share market [2] Group 2: Consumer Sector Insights - Sanya City launched the sixth phase of duty-free consumption vouchers on November 19, 2025, which will run until December 31, 2025. The vouchers offer discounts ranging from "6000 minus 300" to "50000 minus 4000," aimed at stimulating consumer spending among eligible travelers and residents [6] - Historical data indicates that duty-free consumption vouchers have a significant leverage effect, often leading to multiple times increase in consumption and a notable rise in average transaction value. The vouchers can be combined with in-store promotions, further enhancing consumer spending potential [6] - The issuance of consumption vouchers and the resulting increase in foot traffic are expected to strengthen the price rebound logic post-price hikes, making local retail and service enterprises in Hainan well-positioned to benefit from this trend [6]

| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 3535.32 | 28.58 | 0.82 | | 通信 | 1106.17 | 25.74 | 2.38 | | 电力设备 | 2166.50 | 13.62 | 0.63 | | 有色金属 | 1167.20 | 5.42 | 0.47 | | 医药生物 | 1648.38 | 4.47 | 0.27 | | 房地产 | 357.18 | 3.00 | 0.85 | | 计算机 | 1785.80 | 1.63 | 0.09 | | 银行 | 750.44 | 1.60 | 0.21 | | 商贸零售 | 271.78 | 1.14 | 0.42 | | 公用事业 | 525.48 | 0.91 | 0.17 | | 农林牧渔 | 288.03 | 0.90 | 0.31 | | 建筑装饰 | 393.67 | 0.70 | 0.18 | | 建筑材料 | 135.45 | 0.52 | 0.39 | | 基础化工 | 1006.33 | 0.51 | ...

Group 1 - The core viewpoint of the articles indicates that the ChiNext 50 Index is primarily concentrated in the technology growth sector, including industries such as electronics, communications, and power equipment. Although there was a short-term rebalancing in Q4 2025, the relative profit growth between technology and value has not reversed in the medium to long term, suggesting a potential return to a technology growth focus in the market [1] - The ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily price fluctuation limit of 20%. This index selects 50 securities with high average daily trading volumes from the ChiNext market, reflecting the overall performance of well-known, large-cap, and liquid listed companies [1] - The index components are mainly distributed across high-growth industries such as power equipment and biomedicine, showcasing the characteristics of technology-driven innovation and sustained growth potential [1] Group 2 - Certain industries within the ChiNext 50 are expected to benefit from the "anti-involution" policy, which is anticipated to improve the industry fundamentals and restore profit levels as the policy is implemented [1] - The overall trading congestion in the TMT (Technology, Media, and Telecommunications) sector remains low, indicating that the valuation differentiation between growth and value is not extreme [1]

ABSTRACT 摘 要 择时展望： （ 1 ）从信用通胀的宏观角度，估值、风险溢价、情绪等微观视角观察， 2026 年 A 股总 体有望继续迎来慢牛回升。（ 2 ）本轮杠杆率上行主要为债务稳定，产出走弱，不同于以往，在见到 产出走强之前，宽松周期预期将大概率维持，自上而下看，权益市场上行弹性更大。（ 3 ）风险溢价 目前处于均衡区域，创业板指风格估值相对历史总体处于中位数水平。（ 4 ）情绪视角看，股价处于 200 日均线以上的个股占总体的比例，反应市场高低热度，该指标目前处于均衡区域。（ 5 ）使用卷 积神经网络对图表化的价量数据与未来价格进行建模，最新配置主题关注能源、高股息等。 风格与行业配置展望： （ 1 ）积极关注宏观政策环境变化，挖掘利好的方向及板块。我们预计随着宏 观经济环境的不断向好，明年市场宏观环境上可能迎来通胀改善上行趋势。 PPI 筑底上行趋势阶段， 小市值成长风格表现明显占优。小票及成长、消费等板块表现较为占优。按照风格指数表现上看，中信 消费及成长风格指数表现最佳，行业的表现中，靠前的行业分别为社会服务、美容护理、电力设备、医 药生物、电子等。（ 2 ）挖掘目前相对及绝对估值较低且 ...

Market Overview - On November 26, the Shanghai Composite Index fell by 0.15%, while the total margin balance in the market reached 24,693.55 billion yuan, an increase of 6.32 billion yuan compared to the previous trading day [1] - The margin balance in the Shanghai Stock Exchange was 12,542.51 billion yuan, up by 2.67 billion yuan; in the Shenzhen Stock Exchange, it was 12,076.25 billion yuan, increasing by 3.67 billion yuan; the North Exchange saw a decrease of 0.15 billion yuan, bringing the total margin balance to 24,693.55 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 20 sectors saw an increase in margin balances, with the electronics sector leading with an increase of 2.86 billion yuan, followed by the communication and power equipment sectors with increases of 2.57 billion yuan and 1.36 billion yuan, respectively [1] Stock Performance - A total of 1,768 stocks experienced an increase in margin balances, accounting for 47.16% of the market, with 200 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin balance was Sanwei Tiandi, which saw a margin balance of 159 million yuan, an increase of 88.79%, and its stock price rose by 20.01% [1] - Other notable stocks with significant margin balance increases included C Hai'an and Jindike, with increases of 59.28% and 53.80%, respectively [1][2] Top Gainers and Losers - Among the top 20 stocks with the largest margin balance increases, the average increase in stock prices was 3.22%, with Sanwei Tiandi, Jindike, and Pinggao Co. leading with increases of 20.01%, 20.00%, and 18.99%, respectively [2] - Conversely, stocks with the largest declines included Fuchun Co., C Hai'an, and Dadi Ocean, with declines of 11.11%, 4.21%, and 3.06%, respectively [2] Margin Balance Decrease - A total of 1,981 stocks saw a decrease in margin balances, with 155 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease in margin balance was Aerospace Development, which saw a margin balance of 831.26 million yuan, a decrease of 32.13% [4][5] - Other stocks with significant declines included Xueqi Electric and Shengjing Micro, with decreases of 31.67% and 30.84%, respectively [4][5]

| ● 国内金融市场 ● | | | | ● 股指期货 · | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 3864.18 | -0.15% | 上证当月连续 | 2964.60 | 0.14% | | 深证成指 | 12907.83 | 1.02% | 沪深当月连续 | 4493.00 | 0.42% | | 创业板指 | 3044.69 | 2.14% | 恒生期货指数 | 33496.27 | 0.20% | 宏观消息汇总 1。工业和信息化部发布关于组织开展卫星物联网业务商用试 验的通知 我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年11月27日 2. AI需求强劲成长半导体产业有望步入"需求复苏+技术创新"周 期,相关个股:南大光电(300346)、江丰电子(300666)等 3. 鼓励政府部门扩大商业航天服务采购 商业航天板块近期迎密 集催化,相关个股:航天智装(300455)、北化股份(002246)等 1。甘李药业(603087):博凡格鲁肽注射液正式启 ...

Policy and Economic Outlook - The implementation plan aims for a significant optimization of consumer goods supply structure by 2027, targeting three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots[2] - By 2030, a high-quality development pattern with positive interaction between supply and consumption is expected to be established, with consumption's contribution to economic growth steadily increasing[2] Market Performance - The Shanghai Composite Index closed at 3864.18 points, down 0.15%, while the Shenzhen Component Index rose 1.02% to 12907.83 points, with total trading volume of 17833.46 billion yuan, a decrease of 288 billion yuan from the previous trading day[4] - The ChiNext Index increased by 2.14%, and the Sci-Tech 50 Index rose by 0.99%[4] Sector Analysis - Leading sectors included telecommunications, comprehensive services, electronics, and retail, while defense, social services, media, and oil and petrochemicals lagged behind[4] - The top three sectors for net capital inflow were telecommunications, electronics, and retail, indicating strong investor interest in these areas[25] Interest Rates and Exchange Rates - The latest yield on the 10-year government bond is 1.8588%, with a change of +3 basis points[5] - The US dollar index closed at 99.5885, down 0.22%, while the offshore RMB appreciated by 238 basis points against the dollar, with an exchange rate of 7.0691[5]

| 全部股票 | Wind概念板块 | Wind主题行业 | 申万一级行业 | 申万二级行业 | | --- | --- | --- | --- | --- | | 代码 | 名称 | 涨跌幅 | 主力净流入额 ▼ | 5日主力净流入额 | | 801080 | 电子(申万) | 2.26% | 111.25亿 | 407.83亿 | | 801730 | 电力设备(申万) | 1.33% | 45.17亿 | -15.20亿 | | 801770 | 通信(申万) | 1.93% | 32.80亿 | 368.93亿 | | 801030 | 基础化工(申万) | 0.84% | 16.84亿 | -4.48亿 | 热门ETF方面，荟聚电子板块核心龙头的电子ETF（515260）早盘表现强势，场内价格现涨3.04%，收 复10日均线，冲击日线3连涨，技术面显示上行动能强劲！ | 序号 | 名称 | 流時幅 ▼ | 两日图 | 申万一 | -级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交顯 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - As of November 26, the A-share margin balance reached 24,693.55 billion yuan, an increase of 6.32 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1] - The margin trading volume on the same day was 186.77 billion yuan, a decrease of 1.21 billion yuan from the previous trading day, representing 10.38% of the A-share transaction volume [1] - Among the 31 primary industries, 20 experienced net financing inflows, with the electronics industry leading at a net inflow of 2.86 billion yuan [1] Group 2 - A total of 26 individual stocks had net financing inflows exceeding 1 billion yuan, with Zhongji Xuchuang at the top with a net inflow of 1.37 billion yuan [2] - Other notable stocks with significant net financing inflows included Xinyi Sheng, Yangguang Electric, Hanwujing, Luxshare Precision, Huhua Electric, and Industrial Fulian [2] - Guojin Securities reported that AI-driven storage demand is rapidly increasing, while capital expenditures from storage manufacturers have not yet entered an expansion phase [2]