Market Sentiment Tracking - As of November 28, 2025, the proportion of rising stocks in the CSI 300 has slightly decreased month-on-month, remaining above 50%, indicating a cooling market sentiment [4] - The momentum sentiment indicators show a downward trend, with the fast line below the slow line, suggesting a cautious outlook in the near term [4] - The short-term CSI 300 index is in a non-prosperous sentiment zone [4] Fund Separation Tracking - As of November 28, 2025, the degree of fund separation has slightly declined, indicating a strengthening of fund clustering [5] - The excess returns of clustered stocks and funds have seen a slight decrease over the past month [5] PB-ROE-50 Strategy Tracking - In November 2025, the PB-ROE-50 strategy yielded negative excess returns across various stock pools [6] - The excess return for the CSI 500 stock pool was -0.08%, for the CSI 800 stock pool was -1.09%, and for the overall market stock pool was -3.26% [6] Institutional Research Strategy Tracking - In November 2025, the public fund research stock selection strategy achieved positive excess returns [7] - This strategy outperformed the CSI 800 by 3.49%, while the private fund research tracking strategy underperformed by -1.36% [7] Negative List - As of November 28, 2025, several stocks with high interest-bearing debt ratios, such as Guiding Compass and Huaying Technology, ranked below 100 in traditional metrics [8] - Stocks with high financial cost burdens include Langjin Technology and Delixi Shares, with metrics exceeding 10 times [8]

Core Viewpoint - The automotive and parts sector in A-shares has seen significant net buying in financing, ranking among the top five, while sectors such as steel II, pharmaceuticals, telecommunications services, medical devices, and non-bank financials have ranked among the bottom five in net buying [24]. Market Overview - As of November 28, 2025, the financing net buying amounts for various sectors have shown a clear disparity, with 23 out of 35 Wind secondary industry sectors experiencing net buying [24][25]. - The major indices in A-shares have all risen, with the Wind All A Index increasing by 2.90%, the Shanghai Composite Index by 1.40%, the Shenzhen Component Index by 3.56%, the ChiNext Index by 4.54%, the North 50 Index by 0.75%, and the Sci-Tech 50 Index by 3.21% [23]. Financing Net Buying Rankings - The top five sectors for net buying in the past week include: - Industrial Trade and Comprehensive: 94.90 billion - Semiconductor: 33.84 billion - Automotive and Parts: 7.81 billion - Hardware Equipment: 6.82 billion - Transportation: 6.57 billion [31] - The bottom five sectors for net buying in the past week include: - Medical Devices and Services: -1.31 billion - Steel II: -1.99 billion - Pharmaceuticals: -3.89 billion - Telecommunications Services: -4.90 billion - Non-Bank Financials: -24.50 billion [32]. Financing Balance Rankings - The top five sectors by financing balance are: - Hardware Equipment: 3,446.36 billion - Non-Bank Financials: 1,827.97 billion - Semiconductors: 1,800.99 billion - Electrical Equipment: 1,791.24 billion - Software Services: 1,500.74 billion [33].

| 其中 涨停 | | | | --- | --- | --- | | 涨幅 > 7% | | 67 | | 张唱 5-7% | | 52 | | 涨幅 3-5% | | 146 | | 涨幅 0-3% | | 1279 | | 跌幅 | 0-3% | 3405 | | 跌幅 | 3-5% | 282 | | 跌幅 5-7% | | 35 | | 跌幅 | > 1% | 18 | | 其中 跌停 | | 7 | | 上张家数 | | 1544 | | 下跌家数 平盘停止 总品种数 | | 3740 | | | | 171 | | | | 5455 | | 总成交额 | | 16072.70 乙 | | 总成交量 | | 110515.37 | | 张家增减 | | -1184 | | 张家增幅 | | -43.40% | | 指数量比 | | 0.96 | 海峡两岸概念逆势爆发，海欣食品等涨停。消费股走强，同庆楼等涨停。商业航天概念表现活跃，航天发展等涨停。 一、板块异动 二、涨跌停温度 三、涨跌家数 截至收盘，沪指跌0.42%，报3897.71点，深成指跌0.68%，报13056.7点，创业板指跌0.69% ...

Core Viewpoint - As of December 2, a total of 459 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow Duration - Wantai Biological Pharmacy has the longest net outflow duration at 25 days, followed by Zhongyou Capital at 24 days [1]. - The stocks with the highest net outflow amounts include Dongfang Caifu with a total outflow of 6.068 billion yuan over 13 days and BlueFocus with 3.668 billion yuan over 6 days [1]. Group 2: Stocks with Significant Net Outflow Amounts - Dongfang Caifu (300059) has a net outflow of 6.068 billion yuan, with a net outflow ratio of 9.65% and a cumulative decline of 10.03% [1]. - BlueFocus (300058) has a net outflow of 3.668 billion yuan, with a net outflow ratio of 6.22% and a cumulative decline of 6.98% [1]. - Longi Green Energy (601012) has a net outflow of 2.710 billion yuan, with a net outflow ratio of 9.42% and a cumulative decline of 13.63% [1]. Group 3: Stocks with Notable Net Outflow Ratios - Guanghui Energy (600256) has the highest net outflow ratio at 23.41% over 5 days, with a cumulative decline of 0.99% [1]. - Zhongyou Capital (000617) has a net outflow ratio of 13.93% over 24 days, with a cumulative decline of 17.25% [1]. - Shanghai Electric Power (600021) has a net outflow ratio of 13.53% over 9 days, with a cumulative decline of 17.54% [1].

Market Overview - The market experienced fluctuations with the Shenzhen Composite Index and the ChiNext Index both dropping over 1% at one point. The total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion, a decrease of 280.5 billion from the previous trading day. Over 3,700 stocks fell across the market [1][6]. Sector Performance - The Fujian sector surged against the trend, with stocks like Hai Xin Food and Rui Neng Technology achieving consecutive gains. The food sector showed localized strength, with stocks such as Tong Qing Lou and Hui Fa Food hitting the daily limit. The commercial aerospace sector was also active, with Hang Tian Fa Zhan achieving 9 gains in 13 days [1][2][4]. - The battery sector experienced a decline, with Shi Da Sheng Hua dropping by 7%. The shipping sector was weak, with Zhaoshang Shipping hitting the daily limit down [1][2]. Individual Stock Highlights - Short-term speculative trading was active, with Jin Fu Technology expanding to 7 consecutive gains. Hai Xin Food reached 5 consecutive gains, while Hang Tian Fa Zhan achieved 9 gains in 13 days. Other notable stocks included Lei Ke Defense and Rong Ji Software, which also performed well [4][5]. - The market saw a concentration of trading in stocks with Fujian local attributes, indicating a trend of "map" stock speculation. The previous high-performing stocks, such as Hai Xia Chuang Xin and Ping Tan Fa Zhan, continued to show strength, with gains exceeding 270% over the past 30 trading days [4][5]. Policy and Economic Context - Fujian Province has implemented 12 new policy measures to support cross-strait integration and development, which includes enhancing land and sea guarantees for Taiwanese enterprises and encouraging Taiwanese investment in local industries [2][10]. - The recent implementation plan by six departments aims to enhance the adaptability of supply and demand in consumer goods, targeting three trillion-level consumption sectors by 2027, which is expected to boost market expectations for consumer recovery [2][5]. Market Sentiment and Future Outlook - The market is currently in a phase of adjustment, with a significant number of stocks declining but without panic selling. The ability of the major indices to maintain above the 5-day moving average will be crucial for sustaining a short-term upward rebound [6]. - The market is expected to continue oscillating between speculative trading and weight trends, making it essential to manage investment rhythm effectively [6].

Core Viewpoint - The IPO of卓越睿新 is facing challenges in market enthusiasm, with subscription rates falling short of expectations compared to previous offerings [1] Group 1: IPO Information - Company Name: 卓越睿新 (02687.HK) [2] - Industry: Software Services [2] - Offering Period: November 28 to December 3 [2] - Total Shares Issued: 666.67 million shares, with 10% for public offering and 90% for international placement [2] - Price Range: HKD 62.26 to 76.1 [2] - Market Capitalization: HKD 41.51 billion to 50.73 billion [2] - P/E Ratio: 43 times [2] - Minimum Subscription Amount: HKD 7,687 [2] - Listing Date: December 8 [2] - Underwriter: Agricultural Bank of China [2] - Green Shoe Option: Yes [2] Group 2: Company Overview -卓越睿新 was established in 2008, focusing on digital solutions for higher education [3] - The company ranks second in China's higher education digital market with a 4.0% market share and first in digital content production with a 7.3% market share [3] - The client base primarily consists of higher education institutions, with 251 service centers across 95 cities [3] Group 3: Financial Performance - Revenue increased from RMB 400.11 million in 2022 to RMB 848.20 million in 2024, with RMB 275.42 million in the first half of 2025 [4][5] - Net profit fluctuated significantly, with losses of RMB 59.11 million in 2022, profits of RMB 81.42 million in 2023, and RMB 105.07 million in 2024 [5] - The company recorded a net loss of RMB 98.96 million in the first half of 2025, widening from a loss of RMB 88.86 million in the same period last year [5] Group 4: Business Segments - The main revenue source is digital teaching content services, contributing RMB 709.96 million in 2024, accounting for 83.7% of total revenue [7] - Knowledge graph services have seen explosive growth, increasing from RMB 6 million in 2022 to RMB 340.40 million in 2024, representing 40.1% of total revenue [8] Group 5: Market Outlook - The digital education market in China is rapidly growing, with a projected increase from RMB 111 billion in 2019 to RMB 400 billion by 2028, reflecting a CAGR of 14.8% [9] - The market is highly fragmented, with around 2,000 participants and the top five companies holding only 12.6% of the market share [9] Group 6: Competitive Positioning - Compared to A-share listed companies in the same sector,卓越睿新 has a relatively low valuation of 43 times, while competitors have significantly higher valuations [10] - The IPO shares represent 10% of total shares, raising approximately HKD 5.07 billion, with no cornerstone investors [10] Group 7: Subscription and Market Sentiment - The current subscription rate is 1,010 times, with expectations of exceeding 1,500 times [11]

Core Insights - The article highlights a significant increase in the number of stocks hitting the daily limit up, with 47 stocks achieving this feat, and a total of 16 stocks classified as consecutive limit-up stocks, indicating a strong market sentiment [1] - The "炒地图" (speculative regional stocks) trend is gaining momentum, particularly with stocks from Fujian province, where several stocks have either hit the limit up or increased by over 10% [1] - The overall trading volume in the market has decreased by over 280 billion, suggesting a potential challenge for further speculative activities in sectors like AI [1] Group 1: Market Performance - A total of 16 consecutive limit-up stocks were recorded, with an advancement rate of 61.11% among these stocks, excluding ST and delisted stocks [1] - Notable stocks include 航天发展 (Aerospace Development) achieving 9 limit-ups in 13 days, 榕基软件 (Rongji Software) with 7 limit-ups in 12 days, and 海欣食品 (Haixin Food) with 5 consecutive limit-ups [1] Group 2: Sector Trends - The "炒名字" (speculative name stocks) trend has resurfaced, with stocks like 合富中国 (HeFu China), 华夏幸福 (Huaxia Happiness), 安泰集团 (Antai Group), and 人民同泰 (Renmin Tongtai) experiencing significant price increases [1] - The commercial aerospace sector remains active, with 通宇通讯 (Tongyu Communication) achieving a limit-up and advancing to 4 consecutive limit-ups, while 航天发展 (Aerospace Development) continues to perform strongly [1]

个股表现方面，宏微科技涨15.85%，领涨成分股；昀冢科技跌20%，跌幅居首。 新华财经北京12月2日电 （王媛媛）科创50指数12月2日低开低走，午后跌幅扩大至1%以上。至收盘 时，科创50指数报1320.16点，跌幅1.24%，指数振幅为1.52%，总成交额约470.8亿元，较上一交易日有 所萎缩。 从盘面上看，科创板个股多数下跌，上涨个股102只。高价股和低价股均多数下跌。 细分领域中，半导体、IT设备类个股表现活跃，元器件、软件服务、生物制药类个股下跌。 经新华财经统计，12月2日，剔除3只停牌股，科创板剩余595只个股平均跌幅1.29%，平均换手率 2.27%，合计成交额1415亿元，平均振幅为3.38%。 成交额方面，寒武纪成交额62.4亿元，位居首位；ST帕瓦成交额580.4万元，位居末位。 换手率方面，航天环宇换手率为30.24%，位居首位；威高骨科换手率为0.18%，位居末位。 （文章来源：新华财经） ...

Market Overview - The A-share market showed a decline at midday, with the Shanghai Composite Index down 0.55%, the Shenzhen Component down 0.77%, and the ChiNext Index down 0.88% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion, a decrease of 179.6 billion compared to the previous trading day, with nearly 4,000 stocks declining [6] Sector Performance - Local stocks in Fujian experienced a surge, with companies like Zhaobiao Co. and Pingtan Development hitting the daily limit [4] - The pharmaceutical, Hainan Free Trade Zone, tourism and hotel, and AI mobile phone sectors showed strong performance, while energy metals, gaming, and education sectors weakened [4] Notable Stocks - Significant gainers included: - Jiarong Technology (+20.01% to 47.57) - Zhaobiao Co. (+20.00% to 19.92) - Hengfeng Information (+11.66% to 19.53) - Haixia Innovation (+11.07% to 18.06) - Hai Xin Food (+10.05% to 8.76) [6] Bond Market - Most government bond futures weakened, with the 30-year main contract down 0.46%, the 10-year main contract down 0.06%, and the 5-year main contract down 0.03% [7] Trading Dynamics - The commercial aerospace sector remained active, with Tongyu Communication achieving a four-day limit up, and Lijun Co. rising over 8% [8] - The retail sector showed some unusual activity, with Maoye Commercial hitting the limit up and several other companies following suit [8] Currency Exchange - The central parity rate of the RMB against the USD was reported at 7.0794, a depreciation of 35 basis points from the previous trading day [13]

港股红利逆势上涨，港股红利低波ETF、港股通红利低波ETF、恒生红利低波ETF、港股通红利ETF广 发、恒生红利ETF、港股央企红利50ETF、港股央企红利ETF、港股红利低波ETF、港股通红利低波 ETF、港股红利指数ETF、港股通央企红利ETF南方、港股通红利低波ETF基金涨超1%。 广发证券指出，港股红利在岁末年初日历效应最强，12月-次年1月中旬的阶段获得绝对收益/超额收益 的概率较大、收益率较高。 外资加仓科技，内资加仓红利。根据港交所中央结算系统持股明细数据，最近一周（2025/11/5- 2025/11/11）各类资金合计流入港股市场164亿港元，其中稳定型外资流出139亿港元，灵活型外资流入 69亿港元，港股通流入336亿港元，中国香港或大陆本地资金流出107亿港元。行业层面，最近一周外资 流入软件服务、电气设备、医药生物等较多，港股通流入银行、石油石化、非银金融等较多。 华福证券表示，利率下行周期下，红利高股息的防御性，从资产配置角度而言，红利资产的高股息、低 波动属性能够有效降低投资组合的整体风险水平，优化风险收益比。国内降息周期下的低利率环境、经 济弱复苏的背景均利好红利策略，其中港股红 ...