Core Insights - The article highlights a trend of decreasing shareholder accounts among 519 companies, indicating a concentration of shares. Notably, 66 companies have seen a decline in shareholder accounts for more than three consecutive periods, with some experiencing a drop for up to 11 periods [1][2]. Group 1: Shareholder Account Trends - ST Renzihang has the highest decline in shareholder accounts, with a total of 43,956 accounts, marking a cumulative decrease of 21.54% over 11 periods [1] - Yihua New Material has seen a decline for 8 periods, with the latest count at 15,337 accounts, reflecting a cumulative drop of 33.91% [1] - Other companies with significant declines include Kaidi Co., Huahua Co., and Hesheng Co., with decreases of 23.09%, 13.64%, and 12.15% respectively [1][2]. Group 2: Market Performance - Among the companies with decreasing shareholder accounts, 34 have seen their stock prices rise, while 32 have experienced declines. Notable gainers include Taihe Technology, Shangtai Technology, and Ximai Food, with increases of 39.06%, 38.93%, and 28.90% respectively [2] - 27 companies, or 40.91%, outperformed the Shanghai Composite Index during this period, with Shangtai Technology, Taihe Technology, and Ximai Food achieving relative returns of 35.53%, 33.36%, and 25.50% respectively [2]. Group 3: Institutional Interest - In the past month, 14 companies with decreasing shareholder accounts have been subject to institutional research, with frequent inquiries directed at Shuanghui Development, Jinhui Co., and Henghui Security, each receiving two rounds of institutional research [2] - The companies with the highest number of institutional participants include Ximai Food, Henghui Security, and Kairun Co., with 74, 47, and 47 institutions involved in their research respectively [2].

Core Viewpoint - The Shanghai Composite Index rose by 0.73% on November 13, with 27 out of the 28 sectors in the Shenwan classification experiencing gains, particularly in the power equipment and non-ferrous metals sectors, which increased by 4.31% and 4.01% respectively [1]. Industry Summary Basic Chemical Industry - The basic chemical industry saw an increase of 2.62% with a net inflow of 5.15 billion yuan in capital. Out of 404 stocks in this sector, 341 rose, 11 hit the daily limit up, while 55 fell, and 1 hit the daily limit down [1]. - Among the stocks with net capital inflow, 193 experienced inflows, with 21 stocks receiving over 100 million yuan. The top inflow stock was Dofluorid, with a net inflow of 961 million yuan, followed by Foshan Plastics and Hesheng Silicon Industry with inflows of 495 million yuan and 333 million yuan respectively [1]. - The outflow list included 9 stocks with net outflows exceeding 50 million yuan, led by Zhenhua Co., Yongtai Technology, and Xiangyuan New Materials, with outflows of 241 million yuan, 193 million yuan, and 123 million yuan respectively [2]. Capital Inflow and Outflow Rankings - **Top Gainers in Basic Chemical Industry**: - Dofluorid (10.01% increase, 961.28 million yuan inflow) - Foshan Plastics (10.03% increase, 495.32 million yuan inflow) - Hesheng Silicon Industry (7.90% increase, 333.02 million yuan inflow) [1]. - **Top Losers in Basic Chemical Industry**: - Zhenhua Co. (-3.70% decrease, 241.45 million yuan outflow) - Yongtai Technology (9.99% increase, 192.86 million yuan outflow) - Xiangyuan New Materials (-11.99% decrease, 123.22 million yuan outflow) [2].

Core Viewpoint - The average stock price in the A-share market is 14.08 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Summary by Category Stock Price Distribution - As of November 13, the Shanghai Composite Index closed at 4029.50 points, with the average A-share price at 14.08 yuan [1] - There are 20 stocks priced below 2 yuan, with *ST Yuan Cheng being the lowest at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.47 yuan [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Market Performance - Out of the low-priced stocks, 16 saw an increase today, with the highest gains from ST Yi Gou (5.29%), *ST Jin Ke (5.00%), and Rongsheng Development (4.73%) [1] - Only 2 stocks experienced a decline, with ST Ling Nan and *ST Hui Feng dropping by 1.03% and 0.53%, respectively [1] Low-Priced Stock Rankings - A detailed ranking of low-priced stocks includes: - *ST Yuan Cheng: Latest closing price 0.58 yuan, market-to-book ratio 0.27, industry: construction decoration [1] - *ST Su Wu: Latest closing price 0.98 yuan, daily turnover rate 1.97%, industry: pharmaceutical [1] - *ST Jin Ke: Latest closing price 1.47 yuan, daily increase 5.00%, industry: real estate [1] - Other notable stocks include Chongqing Steel (1.59 yuan), Yongtai Energy (1.63 yuan), and Shandong Steel (1.65 yuan) [1]

Market Overview - The A-share market indices all rose last week, with the CSI 500 showing the largest increase of 1.12% and the ChiNext Index showing the smallest increase of 0.01% [2] - As of November 11, the margin trading balance in the Shanghai and Shenzhen markets was 2,497.40 billion yuan, an increase of 137.51 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading decreased by 7.02% compared to the previous week, totaling 455,268 [2] Industry Insights - In October, excavator sales reached 18,096 units, representing a year-on-year growth of 7.77% [5][6] - Sales of loaders in October were 10,673 units, showing a significant year-on-year increase of 27.7% [6] - The machinery equipment sector's performance lagged behind the overall market, with the Shenwan Machinery Equipment Index rising only 0.22% compared to the CSI 300 Index's 0.72% increase [5][7] Valuation Metrics - As of November 11, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment sector was 31.64 times, with a valuation premium of 135.82% relative to the CSI 300 [7] Future Outlook - The demand for construction machinery is expected to continue growing due to ongoing projects in hydropower and urban renewal, which will support the sector's recovery [7] - The recent advancements in humanoid robots have garnered significant attention, suggesting potential investment opportunities in the related supply chain [7] - The report maintains a "positive" outlook for the industry, with specific recommendations to increase holdings in companies such as Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [7]

Group 1 - The Shenzhen Growth 40 Index has shown strong performance, with a 2.50% increase, and key stocks such as Upstream Electric and Zhongcai Technology have risen significantly, indicating a robust growth trend in the market [1][3] - The top three industries represented in the Shenzhen Growth 40 Index are Power Equipment and New Energy (31.10%), Basic Chemicals (13.74%), and Communications (12.51%), highlighting the sectors driving growth [1] - Domestic power battery installation volume reached 578 GWh from January to October this year, a year-on-year increase of 42.4%, while global energy storage battery shipments grew by 90.7% in the same period, indicating a strong upward trend in the battery industry [1] Group 2 - Citic Securities predicts that global energy storage installations will reach approximately 290 GWh by 2025 and could reach 1.17 TWh by 2030, showcasing significant growth potential in the energy storage sector [2] - The domestic energy storage industry chain is gaining a competitive edge, with increasing global market share in battery cells and storage systems, supported by favorable policies that are accelerating marketization [2] - The basic chemicals sector is expected to experience a cyclical recovery driven by profit improvements, with factors such as capacity cycle recovery and policy support contributing to this trend [2] Group 3 - The top ten weighted stocks in the Shenzhen Growth 40 Index account for 69.02% of the index, with leading companies including CATL and Xinyu Technology, indicating concentrated investment in key growth firms [3]

Group 1 - The chemical sector is experiencing a significant rally, with stocks like Tianqi Lithium and Lianhong New Materials hitting the daily limit, and New Zobon rising over 15% [1] - The Chemical ETF (516020) reflects this trend, showing a price increase of 2.96% [1] - Major inflows into the basic chemical sector reached 11.632 billion, with a total of 50.034 billion over the past five days, leading among 30 sectors [5] Group 2 - New Zobon has announced its strategic investment in Shilei Fluorine Materials, which produces lithium hexafluorophosphate, a key material for lithium-ion battery electrolytes, with current production capacity at 24,000 tons per year, expected to increase to 36,000 tons by the end of 2025 [2] - The rising price of lithium hexafluorophosphate is gradually being reflected in electrolyte pricing, with new contracts set to consider the latest raw material prices, enhancing transmission efficiency [2] Group 3 - Analysts suggest that the chemical sector is currently undervalued, with potential for upward movement due to oil price rebounds and ongoing efforts to reduce "involution" competition [3] - The Chemical ETF (516020) tracks the CSI sub-industry index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Potash [3] - The ETF provides a more efficient way to invest in the chemical sector, with options for investors to access through linked funds [3]

Core Insights - The latest financing balance of the ChiNext market is 525.968 billion yuan, with a week-on-week decrease of 0.203 billion yuan, while 34 stocks saw a financing balance increase of over 10% [1] - On November 12, the ChiNext index fell by 0.39%, and the total margin balance for ChiNext stocks decreased by 0.236 billion yuan compared to the previous trading day [1] - Among the stocks with increased financing balances, Zhonglai Co., Ltd. had the highest increase of 24.85%, with a financing balance of 306 million yuan and a stock price increase of 4.36% [1][3] Financing Balance Overview - The total margin balance for ChiNext stocks is 527.822 billion yuan, with a financing balance of 525.968 billion yuan and a securities lending balance of 1.854 billion yuan [1] - A total of 376 stocks experienced an increase in financing balance, with 34 stocks showing an increase of over 10% [1] - The average increase for stocks with over 10% financing balance growth was 1.86%, with 20 stocks rising, including Kexiang Co., Ltd. which hit the daily limit [1] Stocks with Increased Financing Balance - Zhonglai Co., Ltd. (300393): Financing balance of 305.5289 million yuan, increase of 24.85%, closing price of 8.37 yuan, increase of 4.36% [3] - Yingjie Electric (300820): Financing balance of 289.1718 million yuan, increase of 22.11%, closing price of 55.69 yuan, decrease of 2.26% [3] - Aok Co., Ltd. (300082): Financing balance of 207.8706 million yuan, increase of 20.86%, closing price of 12.46 yuan, increase of 8.92% [3] Stocks with Decreased Financing Balance - Qing Shui Yuan (300437): Financing balance of 97.1295 million yuan, decrease of 27.41%, closing price of 17.12 yuan, decrease of 9.89% [4] - Tianyi Medical (301097): Financing balance of 51.7204 million yuan, decrease of 24.51%, closing price of 65.30 yuan, increase of 11.34% [4] - Southeast Electronics (301359): Financing balance of 28.9730 million yuan, decrease of 18.20%, closing price of 20.62 yuan, increase of 1.48% [4]

Group 1 - The chemical sector continues to show strong performance, with the Chemical ETF (516020) rising by 1.97% as of the latest report, reaching a peak intraday increase of 2.1% [1][2] - Lithium battery stocks have surged, with notable gains from companies such as Lianhong Xinke, which hit the daily limit, and others like Xinzhou Bang and Tianci Materials, which rose by over 15% and 9% respectively [1][2] - The price of lithium hexafluorophosphate has skyrocketed, with some market quotes reaching 150,000 CNY per ton, doubling since mid-October due to a mismatch between supply and demand [2][3] Group 2 - The price increase of lithium hexafluorophosphate is affecting the electrolyte segment, creating a positive feedback loop within the industry, with a short-term expectation of a tight supply-demand balance [3] - As of November 12, the Chemical ETF (516020) has a price-to-book ratio of 2.41, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] - Looking ahead, the basic chemical sector is expected to see an upward trend starting in 2026, driven by improved domestic and external demand, alongside a reduction in capital expenditure growth since June 2025 [4] Group 3 - The Chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong market leaders [4] - Investors can also consider the Chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [4]

Summary of Key Points Core Viewpoint - The latest financing balance of the ChiNext market is 525.968 billion yuan, showing a slight decrease of 0.203 billion yuan compared to the previous period, with 34 stocks experiencing a financing balance increase of over 10% and 12 stocks seeing a decrease of over 10% [1]. Financing Balance Overview - As of November 12, the total margin balance of ChiNext stocks is 527.822 billion yuan, down by 0.236 billion yuan from the previous trading day, with a financing balance of 525.968 billion yuan and a securities lending balance of 1.854 billion yuan [1]. - A total of 376 stocks saw an increase in financing balance, with 34 stocks having an increase of over 10% [1]. Notable Stocks with Increased Financing Balance - The stock with the highest increase in financing balance is Zhonglai Co., Ltd. (300393), with a latest financing balance of 30.55289 million yuan, reflecting a 24.85% increase and a stock price increase of 4.36% [3]. - Other notable stocks with significant financing balance increases include Yingjie Electric (300820) and Aoke Co., Ltd. (300082), with increases of 22.11% and 20.86%, respectively [3]. Market Performance of Stocks with Increased Financing - Among the stocks with a financing balance increase of over 10%, the average increase in stock price was 1.86%, with 20 stocks rising, including Kexiang Co., Ltd. (300903) which hit the daily limit, and Jianfa Zhixin (301584) and Aoni Electronics (301189) with increases of 14.64% and 12.70% respectively [2]. - Conversely, stocks with notable declines include Meichang Co., Ltd. (300861) and Taotao Automotive (301345), with declines of 6.96% and 5.83% respectively [2]. Stocks with Decreased Financing Balance - A total of 570 stocks experienced a decrease in financing balance, with 12 stocks showing a decline of over 10%. The stock with the largest decrease is Qingshuiyuan (300437), with a financing balance of 9.71295 million yuan, down by 27.41% [4]. - Other significant declines were observed in Tianyi Medical (301097) and Southeast Electronics (301359), with decreases of 24.51% and 18.20% respectively [4].

报告要点 丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 低波转债表现正逐渐走强 ——可转债周报 20251108 [Table_Summary] 当周转债市场整体回暖，低波品种走势相对稳健，市价震荡抬升且转股溢价率有所压缩，周期 制造类板块热度延续，电力设备等板块成交占比较高。当周中高价标的估值压缩，隐含波动率 维持高位。资金面情绪边际改善，条款博弈频现，叠加一级市场节奏较平稳，转债短期内"供 不应求"或将延续。整体建议在兼顾估值性价比基础上，关注正股逻辑明确、波动较低的标的。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 当周观点摘要 丨证券研究报告丨 cjzqdt11111 2025-11-12 固收资产配置丨点评报告 相关研究 1 [Table_Title 低波转债表现正逐渐走强 2] ——可转债周报 20251108 [Table_Summary2 ...