【金工】新股募资规模环比回落，网下询价账户持续扩容——打新市场跟踪月报20251201 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 2025年11月，共11只新股上市，募集金额共计101.88亿元，新股发行规模环比走弱，但单月募资仍维持百 亿元水平。网下询价账户数量继续增长，新股认购需求保持高位。主板和双创板块新股首日平均涨幅分别 为177.8%和267.7%，初步询价配售对象分别为主板9614家、双创板块8371家。5亿规模账户当月打新收益 率约为A类：0.14%，B类0.14%。 （祁嫣然/陈颖） 2025-12-01 您可点击今日推送内容的第1条查看 【金工】市场情绪降温，基金抱团程度加强——金融工程量化月报20251201 截至2025年11月28日，沪深300上涨家 ...

Core Insights - The industrial output value of Dangwan Town in Xiaoshan District, Hangzhou, Zhejiang Province reached 8.33 billion yuan from January to October 2025, marking a year-on-year growth of 4.8% [1] - Dangwan Town aims to become a "comprehensive quality student" in high-quality development and is working towards building the "Urban East Garden · Bay Area Intelligent Innovation Valley" [1] Group 1: Project Development - Dangwan Town emphasizes project prioritization, launching 33 industrial investment projects with a total investment of 677 million yuan, reflecting a year-on-year increase of 33.5% [2] - Key projects include a 250 million yuan energy efficiency upgrade by Sanyuan Holdings and a 244 million yuan intelligent manufacturing project by Zhongjing New Materials, which is expected to generate an annual output value of 350 million yuan upon reaching full capacity [2] - The town is actively attracting major projects in modern transportation, intelligent manufacturing, and high-end equipment sectors, targeting six projects over 100 million yuan and one project over 1 billion yuan [2] Group 2: Innovation and Industry Ecosystem - Dangwan Town has 59 enterprises above designated size, including 22 provincial-level specialized and innovative enterprises and 19 billion-yuan industrial enterprises [3] - The establishment of a technology enterprise cultivation database aims for comprehensive coverage of national high-tech enterprises within three years [3] - Traditional enterprises are innovating, such as Sanyuan Electronics transitioning from textiles to electronic materials, achieving top-tier product technology [3] Group 3: Rural Development and Urban-Rural Integration - The town is enhancing rural development through a "1+4+N" model, promoting integrated development of rural industries [4] - The Baosheng Intelligent Central Kitchen project has created 37 jobs for villagers, increasing their annual income by 6,000 yuan [4] - Dangwan Town is implementing 24 modern beautiful town projects and promoting a civilized rural culture through various initiatives [4] Group 4: Social Welfare and Infrastructure - In 2025, Dangwan Town is focusing on improving public services and infrastructure, investing 6 million yuan to upgrade educational facilities [5] - Major infrastructure projects include the completion of the Liming Road expansion and the successful construction of new housing [5] - The town is also creating a model for youth protection and is recognized as a national demonstration community for elderly-friendly initiatives [5] Group 5: Cultural and Social Governance - The town has developed a high-quality cultural supply, establishing two new quality cultural life circles and receiving accolades for its public cultural spaces [6] - The "Wanshihe" peace governance brand promotes a multi-party governance system to effectively resolve grassroots conflicts [6] - Dangwan Town is committed to advancing high-quality development and building the "Urban East Garden · Bay Area Intelligent Innovation Valley" [6]

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。长江证券建材分析师范超出席会议并发表获奖感言。他在发言中指出，"万物皆周 期"，当前建筑建材行业无论是预期还是持仓都已处于"冰点"，但已能看到一些公司正逐步走出独立行 情。 范超分析，市场普遍关注需求端的地产下行周期，却可能忽略了供给端正在发生的深刻变化。一些竞争 格局上的改善，集中度的提升以及头部企业的商业模式的变化，都在顺应产业趋势悄然演进。 范超认为"在当下这个时点，这些经历风雨生存下来的'老登企业'，特别是其中的优质公司，应该被重 新关注。"范超认为，供给侧出清带来的集中度提升，使得幸存企业的经营环境和定价能力得到改善。 这种行业内部的质变，正为下一阶段的发展奠定基础。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。长江证券建材分析师范超出席会议并发表获奖感言。 ...

Core Viewpoint - In November, the high dividend sector continued to perform relatively well, driven by its defensive attributes amid declining market risk appetite due to factors such as overseas AI debates, tightening liquidity, and geopolitical disturbances [2][3] Market Overview - The current all-A ERP is near the rolling 5-year average, indicating a potential stabilization in market conditions [1] - High dividend sectors, particularly banks and oil & petrochemicals, showed strong performance this month [1] Investment Strategy - Looking ahead to December, there is an expectation for a recovery in market risk appetite, supported by a decline in long-term U.S. Treasury yields and the U.S. dollar index [1][3] - The marginal value of high dividend sector allocation has decreased compared to November, suggesting a need for selective investment in "anti-involution" cyclical high dividend stocks and some potential high dividend varieties [1][3] Sector-Specific Insights - **Insurance Sector**: The insurance dividend strategy is transitioning to a 2.0 phase, focusing on selective investments due to declining cash yields and challenges from rising valuations and falling dividend yields [4] - **Transportation**: The sector has seen a recovery in truck demand since Q3, with recommendations for stocks that have experienced significant declines [5] - **Banking**: The stability of LPR rates is beneficial for banks, and recent stock purchases by executives have boosted market confidence [6] - **Telecommunications**: Despite slowing revenue growth, operators are improving operational efficiency and capital expenditures, positioning them well for AI-related opportunities [7] - **Oil & Petrochemicals**: The sector is expected to benefit from a recovery in raw material prices and improved demand for chemical products [8] Conclusion - The overall sentiment indicates a cautious optimism for December, with a focus on high dividend stocks that are undervalued and have strong fundamentals, particularly in cyclical sectors and essential consumer goods [3][5][6]

Core Insights - The Saudi Industrial and Automotive Equipment Exhibition was recently held in Riyadh, showcasing over 130 Chinese companies from various provinces [1] - The exhibition highlighted China's strengths in core technology research and development, as well as its advantages in the entire industrial chain [1] - Two industry cooperation meetings were held during the exhibition to facilitate collaboration between Chinese provinces and the Saudi market [1] Group 1 - The exhibition featured products from sectors such as automotive equipment, machine tools, new energy, electronic communications, and construction materials [1] - The event served as a platform to match local industrial characteristics with Saudi market demands, promoting Sino-Saudi industrial cooperation [1] - The participating provinces included Shandong, Henan, Jiangsu, Hubei, Jiangxi, Hunan, and Shaanxi, indicating a broad representation of Chinese manufacturing capabilities [1]

Core Viewpoint - The company, Oriental Yuhong, announced the acquisition of a 60% stake in Brazilian company Novakem for approximately 1.08 billion Brazilian Reais (around 144 million RMB) to enhance its presence in the Latin American market and strengthen its overseas business development [1] Group 1 - The acquisition will be funded through the company's own capital [1] - After the transaction, Oriental Yuhong Brazil will hold a 60% stake in Novakem [1] - The deal aligns with the company's vision of becoming the most valuable enterprise in the global construction materials industry [1] Group 2 - The acquisition aims to leverage Novakem's comprehensive advantages in the field of additives [1] - The move is part of the company's strategy to establish a foothold in Brazil and expand its operations in the Latin American market [1] - This transaction is expected to enhance the company's overseas business layout and promote its international growth [1]

Core Insights - The Saudi Industrial and Automotive Equipment Exhibition commenced in Riyadh, showcasing over 130 Chinese enterprises from various provinces, enhancing Sino-Saudi industrial cooperation [1][2] - The exhibition highlighted China's manufacturing strengths in core technology research and industrial chain integration across multiple sectors, including automotive equipment, machine tools, new energy, electronics, and construction materials [1][2] Group 1: Exhibition Overview - The exhibition serves as a platform for deepening economic and trade relations between China and Saudi Arabia, injecting new momentum into high-quality development [1] - Chinese enterprises displayed their capabilities through diverse formats such as product exhibitions and specialized matchmaking sessions [1] Group 2: Matchmaking Activities - Two significant matchmaking events were held: the 2025 China (Henan) - Saudi Industry Cooperation Matchmaking Conference and the 2025 China (Shandong) - Saudi Passenger Car Economic and Trade Matchmaking Conference [2] - The Henan event focused on smart manufacturing, food industry, new energy, and electrical equipment, facilitating direct dialogue between Henan enterprises and Saudi business sectors [2] - The Shandong event aligned with the trends in the Saudi automotive market, integrating resources from Shandong's used car export industry and establishing multiple cooperation agreements with Saudi buyers [2] Group 3: Strategic Implications - The successful execution of the exhibition underscores the international competitiveness of Chinese manufacturing and solidifies the grassroots foundation for Sino-Saudi industrial cooperation [2] - As the comprehensive strategic partnership between China and Saudi Arabia deepens, practical cooperation in more fields is expected to continue, contributing to the high-quality development of the Belt and Road Initiative [2]

Core Insights - The "14th Five-Year Plan" outlines China's development blueprint for the next five years, emphasizing the importance of understanding it to identify future investment opportunities [2][16]. Group 1: Emerging Industries and Investment Opportunities - The plan aims to cultivate and expand emerging and future industries, potentially creating several trillion-level markets [7]. - The next decade could see the scale of new industries equivalent to recreating China's high-tech industry [7]. Group 2: Key Focus Areas for Technological Advancement - The plan emphasizes the need for breakthroughs in critical core technologies across various sectors, including integrated circuits, industrial mother machines, and high-end instruments [8]. - It highlights the role of enterprises in driving technological innovation and supporting the growth of high-tech and technology-oriented SMEs [9]. Group 3: Domestic Market Development - The strategy includes measures to strengthen the domestic market and facilitate a smooth domestic circulation, focusing on expanding consumption and developing international consumer center cities [10][11]. - It calls for a shift from price competition to quality competition among enterprises to establish a healthy market order [11]. Group 4: National Security and Emerging Fields - The plan addresses the need to enhance security capabilities in traditional areas like food and energy, as well as emerging fields such as artificial intelligence and biotechnology [12]. - This focus on security is expected to create new development opportunities in sectors like cybersecurity, national defense, and energy resources [12]. Group 5: Investment Themes in A-Share Market - Five key investment themes are identified: hard technology sectors such as artificial intelligence, integrated circuits, industrial mother machines, new energy, and biomanufacturing [14]. - The plan aims to rectify disorderly competition, which may benefit leading companies in solar energy, lithium batteries, and new energy vehicles [14]. - There is a strong emphasis on boosting consumption in sectors like automotive, housing, and tourism, indicating potential growth in these areas [14]. - The implementation of major national strategies and the enhancement of security capabilities are expected to drive growth in industries like construction materials, machinery, new energy, and cybersecurity [14]. - The financial sector is also highlighted, with banks, securities, and insurance institutions currently valued at historical lows, suggesting potential for recovery [14].

Group 1: Fund Research on Advanced Manufacturing - The report constructs a pool of actively managed advanced manufacturing theme funds, categorizing them into balanced and focused single-track funds, including themes like robotics, military, automotive, new energy, smart driving, and batteries [1][6][9] - Recommended funds in the robotics theme include Yongying Advanced Manufacturing Smart Selection, Penghua Carbon Neutral, Ping An Advanced Manufacturing, and AVIC Trend Navigation [1][6][9] - Recommended funds in the military theme include Changxin National Defense Military Industry, Huaxia Military Security, Yongying High-end Equipment Smart Selection, and others [1][6][10] Group 2: Securities Industry Strategy for 2026 - The report indicates a positive economic outlook, suggesting that the capital market's upward trend remains intact, with the brokerage sector being relatively undervalued and showing high year-on-year growth [2][12][14] - Recommended brokerage firms include Guotai Junan, Haitong Securities, Huatai Securities, Guosen Securities, and GF Securities, with a focus on companies benefiting from an active equity market [2][12][14] - The report anticipates a 23.5% year-on-year increase in net profit for the industry in 2026, driven by sustained inflows of incremental capital [2][14] Group 3: Communication Industry Report - The report highlights the rise of Scale-up network architecture, driven by the demand for high bandwidth and low latency in communication components [16][17] - The Scale-up switch market is projected to grow rapidly, with an estimated market size of nearly $6 billion by 2025 and a CAGR of 26% from 2025 to 2030 [16][17] - Key beneficiaries of the Scale-up network demand include high-end switching chips, integrated delivery of communication hardware, and short-distance high-speed copper connections [18][19] Group 4: Macroeconomic Data Analysis - The report notes a slowdown in industrial and service sector growth, with industrial value-added growth at 4.9% year-on-year in October, down from 6.5% in September [21][22] - Fixed asset investment saw a year-on-year decline of 12.2% in October, with significant drops in real estate development investment [22][23] - The government is increasing investment stabilization policies to achieve a 5% growth target for the year, including new policy financial tools and special bond quotas [23] Group 5: Solid-State Battery Industry Insights - The solid-state battery industry is expected to accelerate due to key policy drives, with significant funding allocated for research and development [29][30] - Major players like CATL and Zhongxin Innovation plan to achieve mass production of solid-state batteries by 2027, with safety improvements over liquid batteries [30][31] - Equipment manufacturers are likely to benefit first from the solid-state battery industry's growth, as they provide essential technology for production [31]

Group 1: Market Strategy and Economic Outlook - The report indicates that the Hong Kong stock market is poised for a rebound, driven by the easing of US dollar liquidity, which is expected to benefit major asset classes [5][8][9] - The report recommends an overweight position in Hong Kong stocks, A-shares, and commodities, while maintaining a neutral position in Chinese bonds and increasing exposure to US stocks and bonds [9] Group 2: Transportation Industry Insights - The express delivery sector is anticipated to benefit from anti-involution policies, with prices starting to rise since September 2025, indicating a positive trend for future growth [11] - The oil shipping industry faces challenges due to an aging fleet, with the average age of large oil tankers reaching a historical high of 13 years, while new orders are insufficient to meet future capacity needs [12] - The aviation sector is expected to enter a supply-demand resonance cycle, with a low growth rate in aircraft supply and a positive outlook for passenger volume growth in 2025 [13] Group 3: Construction and Building Materials Sector - The construction and building materials industry is at a bottoming phase, with a need for transformation due to insufficient domestic demand and increasing uncertainties from overseas [2][15] - The report highlights the importance of mergers and restructuring among state-owned enterprises to address excess capacity in the construction sector [2] - Recommendations include focusing on major construction blue-chip stocks and international engineering firms, as well as domestic cyclical stocks that are expected to benefit from demand recovery [2] Group 4: Macro Financial Data - In October, loan growth slowed, with new loans amounting to 220 billion yuan, significantly lower than the previous year's 500 billion yuan, reflecting ongoing challenges in the real estate market [18] - The report notes a decrease in social financing growth, with new social financing at 814.9 billion yuan, down from 1.41 trillion yuan in the previous year [19] - The M1 and M2 money supply growth rates have also declined, indicating tighter liquidity conditions [19] Group 5: Company-Specific Developments - Meili Tianyuan Medical Health's acquisition of Siyuanli for 1.25 billion yuan is expected to solidify its position as a leader in the high-end beauty sector, with the integration projected to enhance overall performance [21][22] - The report anticipates that the acquisition will lead to a significant increase in the number of active members and improve operational efficiency through resource synergies [22][23] - The company plans to utilize 1.2 billion HKD for dividends and buybacks over the next three years, highlighting its commitment to shareholder returns [23]