报告导读： ①北向资金：最近一周可能小幅净流入，其中灵活型外资可能小幅净流入。② 港股：最近一周稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 港元。③亚太市场：外资本周流出日本，11月外资流出印度。④美欧市场：10月资金流出 欧洲，流入美国。 北向资金：最近一周北向资金可能小幅净流入。 最近一周（2025/12/1-2025/12/5，下同）交易日期间北向资金估算净流入11亿元，前一周（2025/11/24- 2025/11/28，下同）估算净流入37亿元。最近一周交易日期间灵活型外资估算净流入33亿元，前一周估算净流入66亿元。此外，我们汇总最近一周陆股通每日 前十大活跃个股，其中中际旭创（本周陆股通双向成交总金额为186亿元，占个股当周交易金额比重的11%，下同）、新易盛（120亿元、8%）、宁德时代 （111亿元、15%）成交较为活跃。 港股： 长线外资连续5周流入港股有色金属。 根据港交所中央结算系统持股明细数据，最近一周（2025/11/26-2025/12/2）各类资金合计流出港股市场31亿港 元，其中稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 ...

报告共计：17页 2025年中国国际进口博览会媒体舆情报告：科技赋能、全球联动与创新场景成焦点 2025年中国国际进口博览会在上海圆满落幕，本届进博会以"新时代，共享未来"为主题，吸引了全球155个国家和地区的4108家 境外企业参展，展览面积超过43万平方米，累计进场人次达92.2万，意向成交金额达834.9亿美元，较上届增长4.4%。作为全球 首个以进口为主题的国家级展会，进博会持续彰显其作为中国高水平对外开放平台的影响力，成为观察全球经贸合作与创新趋 势的重要窗口。 本届进博会在传播层面呈现出"科技赋能全流程、全场景覆盖"的鲜明特色。新闻中心首次引入"远征A2""灵犀X2"等多款人形交 互机器人作为"AI志愿者"，提供导览、咨询与物品分发服务，打造具身机器人服务场景。同时，新闻中心联合智通财经、 MiniMax等机构设立"媒体岛"，为记者提供数字人播报、AI海报生成等智能创作支持，实现新闻采编分钟级处理。传播矩阵方 面，构建了"大屏+小屏+户外屏"融合生态，覆盖家庭用户与通勤人群，并通过新媒体账号矩阵实现社交互动引流，形成"观看— 了解—购买"闭环。馆内设置450个媒体工位、10间免费演播间及16条主题 ...

证券研究报告|北交所专题报告 2025年12月5日 五载风劲，掘"稀"向"新" —北交所2026年度投资策略 证券分析师 姓名：赵昊 资格编号：S1350524110004 邮箱：zhaohao@huayuanstock.com 证券分析师 姓名：万枭 资格编号：S1350524100001 邮箱：wanxiao@huayuanstock.com 证券分析师 姓名：王宇璇 资格编号：S1350525050003 邮箱：wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 1 报告要点 n 总结2025年："十四五"收官，四秩筑基 Ø 成果来看，2025年作为"十四五"规划收官之年，北交所市场迎来多重突破，总市值突破8200亿元，开户数达950万户，日均成交额迈向300亿元，流动性实现质 的飞跃。市场"专精特新"特色更加鲜明，国家级"小巨人"占比达61%，已培育一批高成长、稀缺性企业，在新能源、机器人、AI等产业链构建优质企业矩阵。 企业质量持续提升，新上市企业2024年归母净利润均值实现三年稳步增长，从0.3亿元提升至1.1亿元。2025年前三季度，北交所营收/归 ...

Core Insights - The Ministry of Industry and Information Technology and five other departments have announced the first batch of 15 leading smart factories, covering key industries such as equipment manufacturing, raw materials, electronics, and consumer goods, providing a clear path for the intelligent transformation of manufacturing enterprises [1] - Leading smart factories represent the pinnacle of smart manufacturing in China, serving as benchmarks for future manufacturing models and global competitiveness [1][2] - The cultivation of smart factories follows a gradient approach, categorized into four levels: basic, advanced, excellent, and leading, allowing enterprises at different stages to set achievable goals [1][2] Group 1 - Leading smart factories have an intelligent penetration rate exceeding 80% and are accelerating integration into high-value upstream and downstream supply chain segments [1] - The gradient cultivation strategy aims to prevent ecological imbalance by fostering a broad base of basic smart factories, enabling small and medium-sized enterprises to keep pace with technological advancements [2] - Advanced and excellent smart factories act as a core force, disseminating experiences from leading factories to specialized fields, creating a ripple effect [2] Group 2 - To enhance global competitiveness, leading smart factories must leverage artificial intelligence, with a requirement for at least 60% of their applications to involve AI technology [2] - Small and medium-sized enterprises face challenges in transformation due to high costs, risks, and a lack of technology and talent, necessitating low-cost transformation solutions and shared service platforms [3] - The evolution of smart manufacturing in China has progressed from isolated breakthroughs to systemic collaboration, indicating a significant historical leap towards becoming a manufacturing powerhouse [3]

想让智能工厂的尖子生更具全球竞争力，要用好人工智能技术。卓越级智能工厂要求应用人工智能技术 场景比例不低于20%，领航级智能工厂则不低于60%。作为智能制造塔尖，需突破传统制造瓶颈，探索 未来模式。人工智能是实现此目标的有效手段，从研发端仿真提速到生产端柔性制造，再到全链条协同 优化，人工智能技术都能实现深度赋能。 工业和信息化部等6部门日前公布首批15家领航级智能工厂名单，涵盖装备制造、原材料、电子信息、 消费品等多个关键行业。这为制造业企业指明了清晰的智能化转型路径，从基础级到领航级的梯度设 计，不同发展阶段的企业有各自的明确目标。 领航级智能工厂是智能工厂的金字塔塔尖。按照工业和信息化部的表述，领航级智能工厂代表着我国当 前制造业发展的最高水平，为行业探索未来制造模式，打造全球领先的发展标杆。入选领航级智能工厂 的门槛很高，企业要在本行业本领域居于领军地位，核心产品具有全球竞争力，智能制造达到全球领先 水平。目前，15家领航级智能工厂建设场景中的智能渗透率已超80%，并向上下游高价值链环节加速渗 透。 培育智能工厂的思路是梯度有序。根据《智能工厂梯度培育要素条件（2025年版）》，我国智能工厂分 为基础 ...

培育智能工厂不是一场只选拔尖子生的竞赛。领航级智能工厂作为产业标杆，承担着探索前沿技术应 用、突破关键瓶颈的使命。但仅有塔尖是不够的，可能会出现断层风险和生态失衡。广泛培育基础级智 能工厂，正是为制造业智能化筑牢底座，推动大量中小企业与传统工厂，通过数字化改造跟上新一轮技 术革命的潮流。先进级、卓越级智能工厂作为中坚力量，能承接领航级经验并向细分领域扩散，形 成"以点带面"的传导效应。最终打造出根基稳固、层级分明、活力充沛的智能工厂金字塔。 想让智能工厂的尖子生更具全球竞争力，要用好人工智能技术。卓越级智能工厂要求应用人工智能技术 场景比例不低于20%，领航级智能工厂则不低于60%。作为智能制造塔尖，需突破传统制造瓶颈，探索 未来模式。人工智能是实现此目标的有效手段，从研发端仿真提速到生产端柔性制造，再到全链条协同 优化，人工智能技术都能实现深度赋能。 工业和信息化部等6部门日前公布首批15家领航级智能工厂名单，涵盖装备制造、原材料、电子信息、 消费品等多个关键行业。这为制造业企业指明了清晰的智能化转型路径，从基础级到领航级的梯度设 计，不同发展阶段的企业有各自的明确目标。 领航级智能工厂是智能工厂的金字塔塔 ...

花旗发布研报称，将恒安国际(01044)2025至2027年各年净利润预测分别上调12.1%、18.8%及19.7%，主 要因为销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从近期的中国会议中得出的关 键要点，包括预计公司今年下半年将从低基数复苏，2026年展望稳定。因估值基准从2025年滚动至2026 年，花旗基于分类加总估值法，将公司目标价从23.1港元升至27港元，意味着其未来一年前瞻市盈率维 持11倍不变;又认为恒安未现重大结构性提升情况下，仍是一家收益型公司(收益率5.4%)，维持"中性"评 级。 ...

Core Viewpoint - China's economy is showing a steady and progressive development trend, with various sectors indicating positive growth and stability in recent months [1]. Group 1: Logistics Industry - In November, China's logistics industry prosperity index was reported at 50.9%, reflecting a month-on-month increase of 0.2 percentage points [4]. - The business volume index across eastern, central, and western regions of China is relatively balanced, indicating stable demand in the logistics sector [4]. - The postal and express delivery industry saw a business volume index of 70.2%, with growth driven by offline entities, social e-commerce platforms, and comprehensive e-commerce platforms [4]. Group 2: Service Trade - From January to October, China's total service trade import and export amounted to 65,844.3 billion yuan, marking a year-on-year growth of 7.5% [6]. - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while the service trade deficit decreased by 2,693.9 billion yuan compared to the previous year [6]. - Knowledge-intensive service trade maintained growth, with imports and exports totaling 25,121.5 billion yuan, an increase of 6.4% [6]. Group 3: Consumer Goods - From January to November, the "old-for-new" consumption policy led to sales exceeding 25,000 billion yuan, benefiting over 360 million people [9]. - The program included over 11.2 million vehicles, 12.8 million home appliances, and 9.015 million digital products being replaced under the initiative [9]. Group 4: Telecommunications Industry - The telecommunications industry in China has shown overall stability in the first ten months of 2025, with significant growth in user numbers for 5G, gigabit broadband, and the Internet of Things [10]. - By the end of October, the number of 5G mobile phone users reached 1.184 billion, accounting for 64.7% of mobile phone users [12]. - Mobile internet traffic has also seen rapid growth, exceeding 3,200 billion GB, with a year-on-year increase of 16.8% [12].

Macro Environment - Economic data for November shows weak recovery in investment and consumption, with exports declining due to high base effects and holiday impacts. However, CPI has turned positive year-on-year, and the decline in PPI has narrowed, indicating signs of mild recovery in prices. The export structure has improved, with high-tech product exports showing strong resilience [6][10][12] - The central bank's third-quarter monetary policy report emphasizes maintaining relatively loose social financing conditions and supporting "stable growth" through counter-cyclical and cross-cyclical adjustments. Various government departments have introduced policies to stimulate domestic demand and private investment [6][11][67] Market and Industry Performance Bond Market Review - In November, the bond futures market faced pressure, with the ten-year main contract falling by 0.67% and the thirty-year bond dropping by 1.84%. This decline was influenced by three factors: cooling expectations for rate cuts, credit concerns stemming from the Vanke bond incident, and a weakening of the traditional "stock-bond seesaw" effect. The outlook for December suggests a stabilization in the ten-year bond futures, transitioning into a slight oscillation pattern [6][45][67] Stock Market Review - The equity market in November continued to favor value over growth, with the performance of various sectors showing mixed results. The consumption sector rose by 1.02%, while technology and advanced manufacturing sectors saw declines of 3.5% and 3.41%, respectively. The overall market sentiment indicates a cautious approach among investors [6][51][57] Industry Performance - The top-performing industries in November included comprehensive (4.07%), banking (2.99%), and textile and apparel (2.95%). Conversely, the worst performers were pharmaceutical biology (-3.62%), non-bank financials (-3.81%), and electronics (-5.04%) [57][64] Monthly Allocation Recommendations - Looking ahead to December, the easing of US-China trade relations and key policy meetings are expected to influence market risk appetite. A balanced investment strategy is recommended, focusing on high-dividend defensive assets like banks and utilities, while also considering the improved valuation attractiveness of TMT and AI sectors following November's adjustments [6][67]

12月3日，港股主要指数持续下跌，恒指跌1.12%，国指跌1.34%，恒生科技指数跌1.5%。科网股集体下 挫，小鹏汽车跌超4%，蔚来、网易、哔哩哔哩跌超3%。港股消费板块午后持续震荡，港股消费ETF （513230）现跌超1%。从持仓股表现来看，小鹏汽车、巨子生物、哔哩哔哩、新秀丽、名创优品、快 手等跌幅居前，创科实业、老铺黄金、中国儒意、万洲国际、古茗等涨幅居前。 国金证券表示，预计到2030年，我国将基本形成供给与消费良性互动的高质量发展格局，消费对经济增 长的贡献稳步提升。实施方案明确四大方向：一是推动AI等新技术全面赋能消费品行业，促进功能化 与健康化创新；二是加快发展宠物、潮玩、户外运动等情绪价值驱动的新兴消费；三是支持国潮品牌通 过国际展会等方式加速出海；四是鼓励首发经济、即时零售、直播电商等新业态发展，并利用AI实现 精准供需匹配。整体来看，消费正朝着技术融合、情感链接、全球拓展和渠道创新的方向持续升级，结 构机遇显著。 华泰证券指出，2025年，新旧消费延续分化表现，"人货场"的变革与科技进步，正推动消费行业的快速 迭代创新与结构性成长机会，潮玩IP、美妆个护、现制饮品等新消费赛道涌现一批优 ...