每日经济新闻 | | | | 公众环境研究中心 A股缩C围投 11/14 周左 第220期 9家上市公司暴露环境风险 西部矿业控股公司 因未批先建假面 電本期要点 ▷ 项目未取得批复即擅自建设并投入生产 西部矿业控股公司被罚约85.67万元 西部矿业 上市公司名称 571亿元 上市公司市值 宁生罚〔2025〕 1-16号 处罚书文号 2025年度已受罚次数 | 次 超标、超总量、逃避监管排放污染物 巨化股份全资子公司收到24.8万元罚单 上市公司名称 巨化股份 961亿元 上市公司市值 衢环智造罚〔2025〕28号 处罚书文号 2025年度已受罚次数 | 次 ~j本期所涉数据概览 d 家 ← 上市公司 涉及行业 涉及区域 78.3 15.2 F 万元 润景观点:频 分子及 HAR 8 环境风险榜涉及上市公司分布情况 | | 电子 | 广东省 | | --- | --- | --- | | | 电力设备 | | | | 煤炭 | 青海省 | | | | 山西省 | | 环境违法违规 | 有色金属 | 北京市 | | | 汽车 | 河北省 | | | | 辽宁省 | | | 建筑装饰 | 安徽省 | | | 基础 ...

证券研究报告 | 2025年11月14日 热点追踪周报 由创新高个股看市场投资热点（第 219 期） 乘势而起：市场新高趋势追踪：截至 2025 年 11 月 14 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 0.97%、3.71%、2.52%、4.15%、1.90%、 0.66%、6.40%、11.56%。中信一级行业指数中纺织服装、轻工制造、综 合、交通运输、钢铁行业指数距离 250 日新高较近，食品饮料、综合金 融、国防军工、汽车、计算机行业指数距离 250 日新高较远。概念指数 中，HJT 电池、家居用品、林木、万得微盘股日频等权、储能、石油天 然气、锂矿等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 11 月 14 日，共 1080 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是基础化工、机械、电力设备及新能源行业，创新高个股数量占比最高的是 煤炭、钢铁、有色金属行业。按照板块分布来看，本周周期、制造板块创新 高股票数量最多 ...

- The report introduces a quantitative model named "250-day new high distance" to monitor market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, which have been proven effective in previous studies. It calculates the distance between the latest closing price and the highest closing price in the past 250 trading days using the formula: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max}(\text{Close}, 250)$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of pullback [11][19][27] - The model is evaluated positively for its ability to track market trends and identify leading stocks that are consistently reaching new highs. It is inspired by methodologies from notable researchers and practitioners such as George (2004), William O'Neil, and Mark Minervini, who emphasize the importance of monitoring stocks near their 52-week highs [11][18][19] - The report also introduces a screening method for "stable new high stocks," focusing on stocks with smooth price paths and consistent momentum. The screening criteria include analyst attention (at least five buy or overweight ratings in the past three months), relative price strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and trend continuation (average 250-day new high distance over the past 120 days and past five days). Stocks meeting these criteria are ranked, and the top 50% are selected [25][27][28] - The backtesting results show that 1080 stocks reached 250-day new highs in the past 20 trading days. Among them, the highest numbers are in the basic chemicals, machinery, and electric power equipment & new energy sectors. The highest proportions are in coal, steel, and non-ferrous metals sectors. Additionally, 39 stocks were identified as "stable new high stocks," with the majority belonging to cyclical and manufacturing sectors [19][20][28] - Key metrics for indices include the 250-day new high distance for major indices as of November 14, 2025: Shanghai Composite Index (0.97%), Shenzhen Component Index (3.71%), CSI 300 (2.52%), CSI 500 (4.15%), CSI 1000 (1.90%), CSI 2000 (0.66%), ChiNext Index (6.40%), and STAR 50 Index (11.56%) [12][13][32] - Key metrics for industries include the 250-day new high distance for sectors such as textiles & apparel (0.00%), light manufacturing (0.08%), comprehensive (0.06%), transportation (0.14%), and steel (0.36%) [13][15][32] - Key metrics for concepts include the 250-day new high distance for HJT batteries, home furnishings, forestry, equal-weight micro-cap stocks, energy storage, oil & gas, and lithium mining concepts, which are relatively close to their 250-day highs [15][17][32]

Market Overview - The Shanghai Composite Index fell by 0.97% on November 14, with only four industries rising, led by the comprehensive and real estate sectors, which increased by 1.58% and 0.39% respectively [1] - The electronic and communication sectors experienced the largest declines, with drops of 3.09% and 2.46% respectively [1] - Overall, there was a net outflow of 81.32 billion yuan in the main funds across the two markets, with five industries seeing net inflows [1] Industry Performance - The pharmaceutical and biological industry had the highest net inflow of funds, totaling 680 million yuan, while the defense and military industry saw a net inflow of 667 million yuan despite a decline of 0.44% [1] - A total of 26 industries experienced net outflows, with the electronic industry leading at 21.65 billion yuan, followed by the power equipment industry with a net outflow of 10.63 billion yuan [1] Basic Chemical Industry - The basic chemical industry fell by 1.42%, with a net outflow of 7.48 billion yuan in main funds [2] - Out of 404 stocks in this sector, 117 rose, including 2 that hit the daily limit, while 277 fell, with 1 hitting the lower limit [2] - The top three stocks with the highest net inflow were Lianhua Technology (311 million yuan), Anhui Weaving High-tech (73.41 million yuan), and Kangpeng Technology (70.80 million yuan) [2] Basic Chemical Industry Fund Flow - The top stocks with net outflows included Duofluor (1.01 billion yuan), Wanhua Chemical (489.73 million yuan), and Yongtai Technology (479.52 million yuan) [3] - Other notable outflows were from Hesheng Silicon Industry (220.16 million yuan) and Fusheng Technology (208.21 million yuan) [3]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]

长江证券指出，化工行业经历漫长下行及磨底周期，绝大多数子行业景气触底。展望后市，化工产能增 速边际放缓，海外高成本地区产能关停，且国家强调"反内卷"政策下，部分子行业景气有望底部上行。 （文章来源：每日经济新闻） 截至11月14日13点55分，石化ETF（159731）震荡下行，跌1.16%，持仓股兴发集团、联泓新科、和邦 生物、扬农化学等涨幅居前。石化ETF（159731）最新规模为1.71亿元，打开低位布局窗口。 石化ETF（159731）紧密跟踪中证石化产业指数，从申万一级行业分布来看，基础化工行业占比为 60.85%，石油石化行业占比为32.16%。政策针对化工行业的"反内卷"措施持续加码，成为板块走强的 核心支撑。 11月13日，据国家发改委消息，《石油天然气基础设施规划建设与运营管理办法》现予公布，自2026年 1月1日起施行。鼓励符合资质、融资、信用等条件的社会资本特别是民间资本参与石油天然气储备库、 液化天然气接收站等基础设施投资建设。完善产业、金融、政府采购等支持政策，鼓励、引导社会资本 参与基础设施技术创新。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4] Core Viewpoints - The "anti-involution" policies introduced in 2024 are expected to gradually show effects by curbing low-price competition and eliminating outdated production capacity, which may lead to a rebound in industrial product prices, positively impacting PPI and CPI [1][12] - The chemical industry is a key area influencing PPI, with its price fluctuations significantly affecting industrial inflation levels, making it a focal point for boosting inflation [2][17] - The profitability of chemical companies has been under pressure, with a notable decline in net profits in 2023, which strengthens the urgency for "anti-involution" measures [2][17] - The current supply-demand dynamics in the chemical industry are improving, with supply expansion nearing its end and demand gradually stabilizing, creating upward elasticity potential for the industry [2][20] Summary by Sections 1. The Effectiveness of "Anti-Involution" Policies - The "anti-involution" policies have been frequently introduced since 2024, aiming to create a systematic environment to combat disorderly competition [12] - As of October 2025, CPI has increased by 0.2% year-on-year, indicating a shift from negative to positive, while PPI has decreased by 2.1%, with the decline narrowing for three consecutive months [1][15] 2. Importance of "Anti-Involution" in the Chemical Sector - The energy chemical sector accounts for approximately 25%-30% of PPI statistics, making its price changes crucial for industrial inflation [2][17] - Chemical companies are experiencing significant profit declines, with net profits down by 45.3% year-on-year in 2023, indicating a strong motivation for "anti-involution" [2][17] 3. Case Study of Polyester Filament - Polyester filament has been a pioneer in implementing industry self-discipline, with the first round of collaboration in 2024 leading to a price increase and improved profit margins [3][28] - The second round in 2025 adopted a more flexible pricing strategy, which has resulted in a more stable industry operation compared to the previous round [3][30] 4. Potential for Replicating Self-Discipline Models - Other sectors such as polyester bottle chips, PTA, and organic silicon are also exploring self-discipline to improve profitability, sharing common characteristics like high concentration and low profitability [9][35] - The report suggests monitoring specific companies within these sectors that are likely to benefit from the self-discipline model [9][35]

化工板块今日（11月14日）震荡回调，反映化工板块整体走势的化工ETF（516020）开盘后多数时间低 位震荡，截至发稿，场内价格跌0.71%。 成份股方面，锂电、钾肥、聚氨酯等板块部分个股跌幅居前。截至发稿，新宙邦大跌近5%，杭氧股 份、盐湖股份、万华化学跌超2%，新洋丰、云天化、蓝晓科技等多股跌超1%。 | 序号 | 代码 | 名称 | 5日主力净流入额 ▼ | | --- | --- | --- | --- | | 1 | Cl005006 | 基础化工(中信) | 374.32亿 | | 2 | CI005018 医药(中信) | | 281.26亿 | | 3 | CI005019 | 食品饮料(中信) | 136.82亿 | | 4 | CI005003 | 有色全属(中信) | 124.98亿 | | ਦੇ | CI005023 | 房地产(中信) | 118.71亿 | 展望后市，华泰证券指出，2026年基础化工板块有望迎来上行起点，建议关注内外需韧性和格局改善品 种。伴随2025年6月以来行业资本开支增速显著下降，叠加"反内卷"有望助力供给端协同及落后产能出 清，而内需有望进一步复苏及出口亚 ...

（原标题：汇隆新材涨15.75%，股价创历史新高） 汇隆新材股价创出历史新高，截至9:39，该股上涨15.75%，股价报32.19元，成交量232.09万股，成交金 额7242.87万元，换手率2.81%，该股最新A股总市值达37.65亿元，该股A股流通市值26.58亿元。 证券时报•数据宝统计显示，汇隆新材所属的基础化工行业，目前整体跌幅为0.01%，行业内，目前股价 上涨的有198只，涨幅居前的有汇隆新材、宁波色母、凯盛新材等，涨幅分别为15.75%、15.53%、 9.88%。股价下跌的有211只，跌幅居前的有奥克股份、和远气体、科创新源等，跌幅分别为7.64%、 6.44%、5.25%。 两融数据显示，该股最新（11月13日）两融余额为1.69亿元，其中，融资余额为1.69亿元，近10日增加 1868.73万元，环比增长12.45%。 公司发布的三季报数据显示，前三季度公司共实现营业收入6.74亿元，同比增长11.26%，实现净利润 3073.92万元，同比增长25.88%，基本每股收益为0.2600元，加权平均净资产收益率4.04%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需 ...

| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电力设备 | 2230.74 | 32.72 | 1.49 | | 电子 | 3652.23 | 21.26 | 0.59 | | 有色金属 | 1211.41 | 14.99 | 1.25 | | 基础化工 | 1008.91 | 10.52 | 1.05 | | 公用事业 | 529.10 | 4.66 | 0.89 | | 机械设备 | 1291.32 | 4.45 | 0.35 | | 通信 | 1108.26 | 3.98 | 0.36 | | 农林牧渔 | 283.23 | 3.39 | 1.21 | | 环保 | 192.02 | 1.86 | 0.98 | | 建筑装饰 | 394.42 | 1.71 | 0.44 | | 交通运输 | 414.98 | 1.41 | 0.34 | | 纺织服饰 | 81.90 | 1.40 | 1.74 | | 医药生物 | 1679.85 | 1.37 | 0.08 | | 房地产 | 349.74 | 1.08 | ...