天眼查App显示，近日，南昌县恒曜商贸商行（个体工商户）成立，法定代表人为晏文彬，注册资本1 万人民币，经营范围为一般项目：鞋帽零售，互联网销售（除销售需要许可的商品），制鞋原辅材料销 售，鞋和皮革修理，皮革制品销售，箱包销售，服装服饰零售，日用百货销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

晨 会 纪 要 [2025]第 216 号 整理记录：聂孟依 研究所今日晨会要点如下: 一、行业与公司 1、商贸零售行业（聂孟依） 2025 年双十一全网电商销售总额同比增长 14.2% 根据星图数据显示，2025 年"双十一"购物节，全网电商销售总额为 16950 亿元，同比 增长 14.2%。其中综合电商销售总额为 16191 亿元，同比增长 12.3%，即时零售销售额为 670 亿元，同比增长 138.4%，社区团购销售额为 90 亿元，同比减少 35.3%。分品类表现来看，综 合电商平台销售额 TOP5 品类分别为：TOP1 家用电器，销售额占比为 16.5%；TOP2 手机数 码，销售额占比为 14.6%；TOP3 服装，销售额占比为 14.0%；TOP4 个护美妆，销售额占比 为 8.2%；TOP5 女鞋/男鞋/箱包，销售额占比为 6.5%。消费趋势也呈现出一定的变化，本次 双十一，消费者更理性，愿为真正价值付费，呈现"按需分级"特点，此外品牌带给消费者 的价值共鸣也越来越重要，国产品牌、新生代原创品牌通过原创设计和内容创新，获得消费 者青睐。 主 题：对近期重要经济金融新闻、行业事件、公司公告等 ...

Strong Stocks - As of November 24, the Shanghai Composite Index rose by 0.05% to 3836.77 points, the Shenzhen Component Index increased by 0.37% to 12585.08 points, and the ChiNext Index went up by 0.31% to 2929.04 points [1] - A total of 79 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Guosheng Technology (603778), Aerospace Development (000547), and Guofeng New Materials (000859) [1] - The top 10 strong stocks showed significant trading activity, with Guosheng Technology achieving 11 consecutive trading days with 7 limit ups and a turnover rate of 19.73%, while Aerospace Development had 7 consecutive days with 6 limit ups and a turnover rate of 33.61% [1] Strong Concept Sectors - The top three concept sectors based on A-share performance were the China Shipbuilding System, Xiaohongshu Concept, and Military Information Technology, with respective increases of 6.63%, 4.76%, and 4.63% [2] - The China Shipbuilding System had 30% of its component stocks hitting the daily limit up, while 100% of its component stocks were in the rising category [2] - The Military Information Technology sector had 6.54% of its component stocks hitting the daily limit up, with 94.39% of its stocks showing an increase [2]

2025 年 11 月 24 日 一周市场回顾 证券研究报告-一周市场回顾 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一 周 市 场 回 顾 （ 2025.11.10 — 2025.11.14） 2025.11.19 一 周 市 场 回 顾 （ 2025.11.03 — 2025.11.07） 2025.11.14 一周市场回顾 （2025.11.17—2025.11.21） A 股市场： ◼ 本周 A 股上证指数下跌 3.90%，收于 3834.89 点，深证成指下跌 5.13%，收于 12538.07 点，创业板指下跌 6.15%，收于 2920.08 点。 一周市场回顾 （ 2025.10.27 — 2025.10.31） 2025.11.03 融资融券： 请务必阅读报告正文后各项声明 1 / 7 市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别下跌 2.72%、下跌 3.88%、下跌 3.77%，成长风格类板块代表指 ...

Volatility - A total of 13 stocks in the A-share market experienced a volatility exceeding 20% today, with Meideng Technology, Jianglong Shipbuilding, and Jiuzhiyang leading the list [1] Turnover Rate - There were 7 stocks in the A-share market with a turnover rate exceeding 40% today, with Rongji Software, Southern Road Machinery, and Jianglong Shipbuilding at the forefront [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as defense and military, media, retail, construction decoration, public utilities, and banking, while there was a net outflow from electronics, computers, power equipment, basic chemicals, communications, and biomedicine [1] - The stocks with the highest net inflow included BlueFocus Communication Group, Shengguang Group, Aerospace Development, Dataport, and Midea Group, with net inflows of 1.344 billion, 738 million, 446 million, 397 million, and 347 million respectively [1] - The stocks with the highest net outflow included Xinyi Technology, Zhongji Xuchuang, Industrial Fulian, Rongji Software, and Yidian Tianxia, with net outflows of 1.177 billion, 1.126 billion, 883 million, 878 million, and 835 million respectively [1]

Core Viewpoints - Current risk release provides an opportunity for reallocating A-shares and Hong Kong stocks by year-end and planning for 2026 [2] - The AI sector is experiencing a "darkest hour," but long-term confidence remains unwavering [4] - The adjustment phase is merely a "doubtful bull market level" [11] Industry Insights - Focus on resource and traditional manufacturing opportunities, particularly in chemicals, non-ferrous metals, and new energy [3] - The AI industry is expected to continue its growth trajectory, with significant valuation growth potential for A-share companies [8] - The market is likely to experience a style switch, with increasing attention on low-valued sectors [6] Investment Recommendations - Emphasize sectors benefiting from physical asset consumption, such as upstream resources (copper, aluminum, lithium, oil, coal) and midstream industries [5] - Maintain a balanced allocation between growth sectors and undervalued value industries, particularly in the consumer sector as year-end approaches [10] - Focus on AI applications and sectors closely related to the "14th Five-Year Plan," such as hydrogen energy, nuclear energy, and quantum technology [14]

Investment Rating - The report maintains an "Increase" rating for the industry [6] Core Viewpoints - The report indicates signs of recovery in the retail sector, particularly in high-end consumption and new retail, supported by recent quarterly performance disclosures from consumer companies [1] - The recovery is attributed to both low base effects from the previous year and the resilience of specific market segments, suggesting a strengthening foundation for domestic consumption [1] Summary by Sections Brand Performance - Richemont Group reported a 14% revenue increase in Q3 2025, with a 7% growth in mainland China, driven primarily by jewelry sales [2] - Burberry's same-store sales turned positive for the first time since 2024, with a 3% increase in China, benefiting from a low base effect [2] Property Performance - Swire Properties reported retail sales growth of 41.9% in Shanghai and 7.8% in Beijing for the first three quarters of 2025, indicating improving retail performance [3] - China Resources Land's total contract sales in October 2025 were approximately 15.2 billion yuan, a decrease of 51%, but recurring income showed a 3% increase [3] New Retail Developments - Walmart's Q3 2026 revenue reached $179.5 billion, a 5.8% year-on-year increase, with a 21.8% growth in China and a 32% increase in e-commerce sales [4] - Miniso reported a 28% revenue growth in Q3 2025, with a net profit increase of 12% and a total of 8,138 stores globally [5] Industry Trends - The retail index showed a decline of 7.24% recently, underperforming the Shanghai Composite Index by 3.34 percentage points [14] - The report highlights the importance of new consumption trends and the potential for growth in sectors like duty-free shopping and cross-border e-commerce [10] Company Dynamics - Yum China announced a new strategic plan aiming for significant growth in store numbers and profitability over the next three years [21] - Huitongda Network plans to acquire a 57% stake in Cognition Boundary, enhancing its market position [21] Industry Developments - Good Sale has introduced coffee sales in select stores, maintaining a low-price strategy [23] - JD's discount supermarket is set to open a new location, expanding its market coverage [23] - Hema's new discount community supermarket model is entering the Guangdong market, indicating strategic expansion [24]

- The report includes multiple quantitative models for market timing, categorized into short-term, mid-term, and long-term models, such as the "Volume Model," "Feature Volume Model," "Smart Algorithm Model," "Up-Down Return Difference Model," "Calendar Effect Model," and "Long-Term Momentum Model" [1][11][12][13][63][64] - The "Volume Model" is constructed based on trading volume data to predict market trends, while the "Feature Volume Model" incorporates specific volume characteristics to enhance prediction accuracy [11][63] - The "Smart Algorithm Model" uses machine learning techniques to analyze historical data and generate market timing signals [11][63] - The "Up-Down Return Difference Model" calculates the difference between upward and downward returns to assess market sentiment [12][63] - The "Calendar Effect Model" leverages historical seasonal patterns to predict market movements [12][63] - The "Long-Term Momentum Model" focuses on long-term price trends to identify potential upward movements [13][64] - The report evaluates the models as effective tools for market timing, emphasizing their simplicity and universality, aligning with the principle of "大道至简" (great simplicity) [8][63] - The models are tested across various indices, including the Shanghai Composite Index, CSI 300, and CSI 500, with signals ranging from neutral to bearish for short-term models and bullish for long-term models [11][63][64] - The "Volume Model" shows neutral signals across all broad-based indices [11][63] - The "Feature Volume Model" indicates bearish signals for the CSI 500 and All-A indices [11][63] - The "Smart Algorithm Model" provides neutral signals for the CSI 300 and bearish signals for the CSI 500 [11][63] - The "Up-Down Return Difference Model" transitions from bullish to neutral for the CSI 2000 and All-A indices [12][63] - The "Long-Term Momentum Model" maintains bullish signals for long-term market trends [13][64]

证券研究报告 | 2025年11月23日 港股市场速览 优于大市 全球流动性压力下，各风格与行业承压 股价表现：全风格与行业承压 本周，恒生指数-5.1%，恒生综指-5.4%。风格方面，大盘（恒生大型股-5.2%） ＞中盘（恒生中型股-6.0%）＞小盘（恒生小型股-6.1%）。 主要概念指数均显著回调。下跌幅度较大的是恒生汽车（-9.6%）。 国信海外选股策略均显著回调。下跌幅度较大的是 ROE 策略进攻型（-7.2%）。 全部 30 个行业下跌。下跌幅度较大的主要有：电力设备及新能源（-11.6%）、 钢铁（-10.0%）、有色金属（-8.9%）、汽车（-8.7%）、电子（-8.3%）。 估值水平：多数行业同步回落 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-4.8%至 11.6x； 恒生综指估值-5.0%至 11.5x。 主要概念指数估值全部回撤。估值下降幅度较大的是恒生汽车（-9.2%至 13.1x）。 国信海外选股策略估值全部下降。估值下降幅度较大的是 ROE 策略进攻型 （-5.0%至 14.8x）。 1 个行业估值上升，29 个行业估值下降。估值上升的主要有：基础化工 （+8.3% ...

Group 1 - The core point of the article is that Lishang Guochao (SH 600738) announced a share buyback plan executed by Yuanming Holdings, which acquired approximately 15.13 million shares, representing 1.99% of the company's total equity, for a total amount of 75.92 million yuan [1] - The share buyback plan was completed within the specified period from December 11, 2024, to November 20, 2025 [1] - As of the report, Lishang Guochao has a market capitalization of 3.8 billion yuan [1] Group 2 - For the fiscal year 2024, Lishang Guochao's revenue composition is as follows: property and leasing business accounts for 62.94%, retail trade accounts for 18.44%, other businesses account for 8.34%, commercial management accounts for 6.31%, and new retail business accounts for 3.96% [1]