科创板融资余额环比前一日减少4.63亿元，其中，51股融资余额环比增加超1000万元，融资净买入居前 的有生益电子、佰维存储、传音控股等股。 证券时报·数据宝统计显示，截至12月2日，科创板两融余额合计2584.02亿元，较上一交易日减少4.60亿 元，其中，融资余额合计2575.26亿元，较上一交易日减少4.63亿元。 科创板股中，最新融资余额超亿元的有486只，其中，融资余额在10亿元以上的有47只，融资余额在 5000万元至1亿元的有80只，融资余额低于5000万元的有21只。 上述融资客大手笔净买入的科创板股中，从最新融资余额占流通市值比例看，算术平均值为5.20%，融 资余额占比最高的是双元科技，该股最新融资余额为1.87亿元，占流通市值的比例为12.82%，融资余额 占比较高的还有中科蓝讯、影石创新、阳光诺和，占比分别为11.10%、10.63%、9.60%。（数据宝） | 代码 | 简称 | 最新融资余额（万 | 环比增减金额（万 | 环比增减 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | 元） | 元） | （%） | （%） | ...

Core Insights - Despite a cautious market sentiment in November, public fund research enthusiasm remains strong, with 154 public funds participating in 4,298 research instances covering 506 stocks across 30 industries [1][2] - The stocks under research showed significant resilience, outperforming the CSI 300 index by 1.89 percentage points, with 186 stocks achieving positive returns, and 66 stocks rising over 10% [1][2] - Leading the gains was Huasheng Lithium with a monthly increase of 132.48%, while the electric equipment sector performed strongly, with Hai Lu Heavy Industry and Fengyuan Co. also making the top gainers list [1][4] Industry Focus - The electronic industry led the research activities with 974 instances covering 88 stocks, with Luxshare Precision, Industrial Fulian, and Aobi Zhongguang being the most researched [2][3] - The mechanical equipment sector followed closely with 819 research instances covering 71 stocks, focusing on companies like Huichuan Technology and Bo Ying Special Welding [2][3] - The pharmaceutical and biological sector ranked third with 403 research instances covering 38 stocks, highlighting companies like BeiGene and Ruimai Technology [2][3] Research Frequency and Performance - The top researched stocks included Luxshare Precision (142 instances), Huichuan Technology (81 instances), and Bo Ying Special Welding (71 instances) [4][7] - Notably, the stocks with the highest price increases also included multiple companies from the electronic and electric equipment sectors, indicating a correlation between research frequency and stock performance [5][6] - The research data reflects a trend where public funds are increasingly focusing on companies with potential technological breakthroughs and favorable market conditions [8][9] Institutional Activity - A total of 85 public funds conducted at least 20 research instances, with 25 funds exceeding 50 instances, indicating strong interest from leading institutions [6][7] - The top three funds by research frequency were Bosera Fund (111 instances), Huaxia Fund (101 instances), and Guotai Fund (93 instances) [6][7] - The research paths of these leading institutions showed a high degree of overlap, particularly focusing on Luxshare Precision, Huichuan Technology, and Bo Ying Special Welding [7][8] Trends and Insights - The research data reveals two key trends: a strong interest from top public funds in the electronic and mechanical equipment sectors, and an increasing resonance between research activities and market performance [9] - The focus of research is shifting towards more detailed and refined insights, emphasizing industry dynamics and technological innovations [9]

个股方面，12月2日，有1844只个股获融资净买入，净买入金额在3000万元以上的有139股。其中，22股 获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入5.88亿元；融资净买入金额居前的还有 领益智造、生益电子、胜宏科技、宁德时代、贵州茅台、招商轮船、航天发展、佰维存储等股。 Wind统计显示，12月2日，申万31个一级行业中有16个行业获融资净买入，其中，汽车行业获融资净买 入额居首，当日净买入9.53亿元；获融资净买入居前的行业还有通信、国防军工、计算机、机械设备、 医药生物等。 ...

Core Insights - The report indicates that China has significantly increased its market share in Cameroon’s machinery and equipment imports, rising from 23.8% in 2016 to 52.5% in 2024, marking a growth of 28.7 percentage points [1][2] - In contrast, the European Union's market share has decreased from 50.1% in 2016 to 29.3% in 2023, before recovering slightly to 32.3% in 2024, representing a decline of nearly 20 percentage points over eight years [1][2] Market Dynamics - The decline in the EU's market share is attributed to the competitive pricing of Chinese equipment, which is perceived as more affordable and easier to maintain due to the availability of spare parts [2] - The Cameroon Competitiveness Committee reports that the import value of industrial equipment in Cameroon has more than doubled from 243.7 billion CFA francs in 2010 to 512.8 billion CFA francs in 2024 [2] Policy Impact - The Economic Partnership Agreement (EPA) between Cameroon and the EU, which began in 2016, aimed to gradually eliminate 80% of tariffs on European imports over 15 years, with industrial machinery included in the tariff reductions [1] - As of August 4, 2023, industrial machinery and equipment imported from the EU are exempt from tariffs, intended to strengthen the position of European manufacturers in Cameroon [1]

11月份，公募机构调研步伐持续加快，其中硬科技与先进制造赛道成为布局焦点。公募排排网数据显 示，11月份，共有154家公募机构累计参与上市公司调研超4200次，覆盖电子、机械设备、医药生物等 30个行业的500余只个股。 聚焦长期价值 11月份，公募调研呈现"头部集中、赛道聚焦"特征。85家公募机构调研均超20次，博时基金以111次密 集调研次数居首，重点覆盖电子、机械设备、电力设备行业，与全市场调研热点形成呼应。此外，华夏 基金、国泰基金、南方基金等公募机构均调研不少于70次。 从行业分布看，17个行业获公募机构重点关注，其中，7个行业被调研次数超100次。电子行业共获公募 机构974次调研，位居首位，该行业88只个股被纳入机构视野，立讯精密（002475）以142次调研成为11 月份"最受关注个股"，工业富联（601138）、奥比中光紧随其后，机构重点关注企业三季度经营韧性与 技术迭代进展等。机械设备行业以819次调研位列第二，覆盖71只个股。医药生物行业以403次调研排名 第三，38家企业被关注。 当前，公募机构的调研重心持续向企业的长期价值倾斜，聚焦具备核心竞争力与成长确定性的细分领 域。例如，在高端 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2227.58 points, down 0.36%, with a trading volume of 18.448 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 18 stocks rose while 31 stocks fell, with XCMG Machinery leading the gainers at 3.44% and Yanghe Brewery leading the decliners at 2.43% [1] Group 1: Index Performance - The Shenzhen State-Owned Enterprises Shareholder Return Index reported a decline of 0.36% on the trading day [1] - The total trading volume for the index was 18.448 billion yuan, indicating a relatively low turnover rate of 0.74% [1] Group 2: Stock Performance - The top-performing stock was XCMG Machinery, which increased by 3.44% [1] - The worst-performing stock was Yanghe Brewery, which decreased by 2.43% [1] - The index's top ten constituents included major companies such as BOE Technology Group, Hikvision, and Wuliangye, with varying weightings and market capitalizations [1] Group 3: Capital Flow - The index constituents experienced a net outflow of 769 million yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [3] - XCMG Machinery had a net inflow of 118 million yuan from institutional investors, despite overall negative trends in capital flow for many stocks [3] Group 4: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 existing stocks, reflecting changes in market dynamics [4] - Notable additions included companies from various sectors such as machinery, transportation, and food and beverage [4]

Group 1 - The overall performance of upstream resource products remains low, but internal structure continues to differentiate, with coal industry stability and slight price increases in thermal coal [4] - The manufacturing sector shows an overall recovery, with notable performance in machinery and equipment, while the automotive industry is experiencing marginal improvements [4] - Downstream consumption sectors exhibit varied recovery dynamics, with significant improvements in social services and entertainment, while the real estate sector shows signs of marginal recovery [4] Group 2 - The banking system maintains ample liquidity, with stable growth in M2 and social financing, indicating marginal improvements in the funding environment [4] - The transportation sector shows continued differentiation, with significant growth in port container throughput, while comprehensive freight rates face slight pressure due to geopolitical and supply-demand factors [4] - The environmental sector is experiencing a recovery in performance, with improved air quality rates and sustained high levels of related infrastructure investment [4] Group 3 - The chemical industry is under pressure, with prices of PVC and methanol continuing to decline, while the performance of the basic chemical sector is closely linked to fuel oil and methanol futures prices [5][10] - The steel industry shows a correlation between excess returns and various operational metrics, including iron ore operating rates and steel production inventories [21][25] - The non-ferrous metals sector maintains relative stability, with slight increases in copper and aluminum prices, and its performance is linked to the LME base metals index [27][32] Group 4 - The construction materials sector is facing weak demand, with cement and glass prices remaining in negative territory, and its performance is correlated with cement price indices [38][39] - The coal industry shows a correlation between excess returns and thermal coal closing prices, indicating a relationship with market dynamics [39][43] - The oil and petrochemical sector continues to experience weak performance, with expanding year-on-year declines in gasoline and natural gas prices [44] Group 5 - The electric equipment sector's performance is linked to the prices of photovoltaic components and polysilicon, indicating a recovery phase [46][52] - The automotive sector shows a correlation between excess returns and tire operating rates, with daily average sales of passenger vehicles also being a significant indicator [54][60] - The machinery sector's performance is associated with the BPI and machinery price indices, reflecting its recovery trajectory [61][62] Group 6 - The retail sector's performance is linked to the Yiwu order price index, indicating a recovery in trade activities [89] - The agricultural sector shows a correlation between excess returns and the food price index, with specific attention to the dynamics of vegetable prices and pig feed ratios [92][93] - The food and beverage sector's performance is associated with various agricultural product price indices, reflecting market trends [94][98]

报告导读： 中国股市进入击球区， 2025 年 12 月 -2026 年 2 月是中国政策、流动性、 基本面向上共振的窗口期。布出先手棋，增持中国市场，做多跨年行情。看好科技 / 券商 / 消费。 市场风险已大幅释放，中国股市进入击球区。 与当下谨慎共识不同的是，国泰海通策略坚决看好中国市场前景，股指进入击球区： 1 ）市场调整的时间和空 间已与历次牛市主线回调相当，恐慌抛售杀出交易风险释放。 2 ）市场对年末经济工作会议讨论不多，考虑眼下走弱的增长现实和十五五开年经济增速的重 要性，政策窗口期临近市场有望建立新预期。 3 ）中金公司合并标志资本市场改革加快纵深， 11 月 21 日 16 只硬科技 ETF 迅速获批隐含监管层稳定市场 的决心与行动部署。机会总在恐慌中出现，我们认为，中国股市将逐步企稳与展开跨年攻势，上升的空间还很大，眼下是增持的良机。 中国资本市场处于大发展的周期，股指向上还有很大空间。 过去造成股市估值折价的因素已消解（担忧中美冲突 / 经济能见度下降 / 资产负债收缩）， 2025 年以来对外更自信 / 对内更稳定、尾部风险下降 / 人民币资产逐步企稳，意味着中国资本市场处于估值回升和大 ...

na[Table_Main] 行业研究|工业 证券研究报告 工业行业周报 2025 年 12 月 2 日 [Table_Title] 低空发展稳健，看好工程机械未来发展 [Table_Summary] 报告要点： 周度行情回顾 2025 年 11 月 23 日至 11 月 28 日,上证综指上涨 1.40%，深证成指上 涨 3.56%，创业板指上涨 4.54%。其中申万机械设备上涨 3.91%，相 较沪深 300 指数跑赢 2.26pct,在 31 个申万一级行业中排名第 7。细分 子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化设 备分别涨 4.70%/4.28%/1.20%/3.27%/3.61%。 资料来源：Wind [Table_ 相关研究报告 DocReport] 重点板块跟踪 低空经济板块：本周，低空经济在完善顶层管理体系与拓展消费新供 给方面取得重要进展。中央空管办制定出台《国家级和省、市级低空 飞行综合监管服务平台功能要求（1.0 版）》等信息交互规范，通过统 一接口、强化动态监管与数据共享，致力于构建全国一体化的低空管 理系统，为产业安全有序发展筑牢根基。与此同时，工信部等六 ...

天眼查App显示，近日，成都富祥嘉瑞科技有限公司成立，法定代表人为康玲，注册资本100万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；塑料制 品制造；塑料制品销售；塑料加工专用设备销售；食品用塑料包装容器工具制品销售；塑料包装箱及容 器制造；塑料加工专用设备制造；包装材料及制品销售；包装专用设备制造；新型膜材料销售；新型膜 材料制造；金属加工机械制造；机械零件、零部件加工；机械设备销售；信息咨询服务（不含许可类信 息咨询服务）；信息技术咨询服务；组织文化艺术交流活动；包装专用设备销售；包装服务。（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）许可项目：食品用塑料包装容器工具制品生 产。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）。 ...