Group 1: Financial and Economic Policies - The People's Bank of China and the Ministry of Science and Technology held a meeting to promote the integration of technology and finance, emphasizing the need for effective policy measures and collaboration between central and local governments to support high-level technological self-reliance [1] - The central bank reported that as of the end of October, the top 50 investors in corporate credit bonds held 53.2% of the total, indicating a concentration of holdings among major state-owned commercial banks, public funds, and insurance financial institutions [4] Group 2: Market Indices and Adjustments - The China Securities Index announced the periodic adjustment results for major A-share indices, with changes effective after the market closes on December 12, including the addition of several companies to the CSI 300, CSI 500, and other indices [2] Group 3: Manufacturing and Economic Indicators - The manufacturing Purchasing Managers' Index (PMI) for November was reported at 49.2, reflecting a 0.2 percentage point increase from the previous month, indicating an improvement in economic conditions [5] Group 4: Technological Advancements - The world's first 660-megawatt ultra-supercritical circulating fluidized bed boiler has passed expert evaluation, marking a significant breakthrough in clean power generation technology [6] Group 5: Company News and Developments - *ST Dongyi faces risks of bankruptcy due to failed restructuring efforts [7] - Arctech plans to establish a joint venture with its controlling shareholder to adjust its U.S. market operations [7] - Ulead's board plans to reduce its stake by up to 0.0313% [7] - Huayang Co. has launched a project to produce 200 tons of high-performance carbon fiber annually [7] - Enjie plans to acquire 100% equity of Zhongke Hualian, leading to a stock suspension [7] - ST Tianrui's controlling shareholder is planning a change in company control, resulting in stock suspension [7] - Chuangxin Data reports a strong order backlog and is advancing related order deliveries [8] - Changchuan Technology's shareholders plan to reduce their stake by up to 2.05% [8] - Dongfang Precision plans to sell 100% equity of Fosber Group and two other companies, which is expected to constitute a major asset restructuring [8] - Ugreen Technology is focusing on storage business as a core growth area [8] - Changhong Meiling's subsidiary plans to invest 12.58 million in a technology renovation project [9] - Shandong Highway's subsidiary intends to sell 9.68% equity of Guangdong Highway for 2.435 billion [10]

【导读】私募年内调研超44000次，重点关注硬科技赛道 截至11月27日，今年以来，2579家私募证券机构调研A股上市公司44702次，电子、医药生物和机械设 备等硬科技赛道成为机构关注的重心，此外，计算机、电力设备、汽车等行业被调研次数居前。 受访私募表示，未来将重点关注人工智能、创新药、新消费，以及"反内卷"政策带来的结构性机会。 从管理人规模来看，百亿元级私募高频调研的个股包括立讯精密、联影医疗、汇川技术、九号公司、中 控技术等，景林资产、重阳投资、远信投资、慎知资产等均多次调研上述个股。与此同时，中小私募调 研热情高涨，管理规模在0～10亿元的私募机构年内调研次数占比达54%，其中，尚诚资产年内调研812 次，青骊投资、途灵资产、天猊投资等机构也保持着高频调研节奏。 排排网财富研究总监刘有华表示，电子行业持续领跑源于半导体国产替代加速以及消费电子创新周期启 动，行业内细分赛道成长确定性较强；医药生物行业个股数量多、覆盖领域广，叠加创新药审批加速、 医疗消费复苏等因素，成为私募机构分散布局的优选；电力设备则受益于新能源装机量持续增长，产业 链上下游企业业绩兑现能力稳定，吸引私募机构密集调研。 个股效应正 ...

Group 1 - The market is characterized by a slow bull trend with reduced volatility and improved Sharpe ratios compared to the past, but subjective long positions have limited improvement [1] - The current market structure shows an increase in allocation-type funds, but there is a lack of incremental funds with individual stock pricing power, leading to higher valuation and safety margin requirements for subjective long positions [1] - A significant change in domestic demand is needed to unlock market potential, with recommendations to focus on resource and traditional manufacturing sectors as well as companies expanding overseas [1] Group 2 - December is expected to be a favorable time for "profit-making effects," with a shift in market dynamics from low to high win rates around the Spring Festival and Two Sessions [2] - The average duration of the "spring market" is about 20 trading days, with a focus on sectors with positive earnings forecasts for the upcoming year [2] - Many sectors have already seen adjustments of around 20%, making December a good time to start observing potential investments [2] Group 3 - The cross-year market is supported by easing overseas disturbances and a warming expectation of global liquidity, with a focus on sectors with high growth forecasts for 2026 [3] - Key sectors to watch include AI, advantageous manufacturing, and structural recovery in domestic demand, with an emphasis on policy support and sustainable valuation recovery [3] - The technology sector is expected to lead the market rally, particularly in AI applications and domestic computing power industries [3] Group 4 - December is anticipated to mark the beginning of a cross-year market rally, with a high probability of upward movement following three months of consolidation [4] - Investment opportunities are expected to arise in non-bank financials and sectors influenced by upcoming policy directions from key meetings [4] - The dual focus on the Shanghai 50 and Sci-Tech 50 indices is seen as advantageous for capitalizing on the cross-year market [4] Group 5 - The market is expected to experience a cross-year rally, with a focus on technology growth and resource sectors [6] - Key industries to consider include non-ferrous metals, AI, new energy, and innovative pharmaceuticals [6] - The theme of commercial aerospace is highlighted as a significant area of interest [6] Group 6 - The A-share market is entering a critical policy observation window, with expectations of increased risk appetite and a favorable environment for cross-year market positioning [7] - Key sectors include commercial aerospace, AI applications, and military technology, which are expected to benefit from policy catalysts [7] - The focus on industries related to the "14th Five-Year Plan" is emphasized for investment opportunities [7] Group 7 - The cross-year and spring market strategies are highlighted as key focus areas for December, with policy factors being a core driver [8] - The market is expected to transition from value-driven to growth-driven dynamics, with small-cap stocks showing strong performance in recent years [8] - The upcoming Central Economic Work Conference is anticipated to provide new investment themes if specific industry proposals are introduced [8] Group 8 - The current A-share market is assessed as being in a high-cut-low phase, with expectations of continued volatility until the end of the year [9] - The market's ability to break through the 4000-point level is seen as crucial for future performance, with a need for a transition from liquidity-driven to fundamentals-driven growth [9] - The technology sector is expected to remain sensitive to market conditions, with a focus on resource sectors as potential winners [9] Group 9 - The market is currently in a "slow bull" phase, with significant room for growth, but short-term volatility is expected due to a lack of strong catalysts [10] - Defensive and consumer sectors are recommended for short-term focus, while TMT and advanced manufacturing sectors are highlighted for mid-term investment [10] - The market is anticipated to remain in a consolidation phase, with high-dividend and consumer sectors likely to perform better [10] Group 10 - The foundation supporting the current liquidity-driven bull market remains solid, with potential for improved earnings and capital inflows to extend the bull market [11] - The market may experience volatility due to weak economic data and adjustments in overseas markets, but opportunities for upward movement are expected as policies and funding conditions improve [11] - The focus on clearing capacity and inventory, along with the commercialization of emerging industries like AI, is seen as crucial for market health [11]

Core Insights - The article highlights that private equity firms have conducted over 44,000 research activities on A-share listed companies in China this year, with a strong focus on hard technology sectors such as electronics, biomedicine, and machinery [2][4]. Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research activities, covering 2,184 stocks across 30 primary industries, with 44,702 total research instances [4]. - The top three industries by research frequency are electronics (8,732 times), biomedicine (6,341 times), and machinery (5,437 times) [4]. - Notable stocks in the electronics sector include Luxshare Precision, which was researched 335 times, and other prominent companies in the biomedicine sector such as United Imaging Healthcare and Mindray Medical [4][5]. Group 2: Investment Focus - Private equity firms are increasingly interested in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption trends, as well as structural opportunities arising from "anti-involution" policies [2][9]. - The electronics industry is leading due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [7]. - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, while the power equipment sector benefits from the continuous growth of new energy installations [7]. Group 3: Market Outlook - The article suggests that the market is transitioning from valuation-driven to performance-driven, with a focus on high-growth sectors such as AI, innovative pharmaceuticals, and machinery [9]. - There is an expectation that individual stock performance will become more significant than sector performance in the future, with a focus on areas that show structural growth potential [9]. - Investment strategies are being adjusted to account for market corrections and style rebalancing, with an emphasis on sectors that can maintain profitability without relying on overall economic recovery [9].

Core Insights - Private equity firms have conducted over 44,000 research activities on A-share listed companies in 2023, with a focus on hard technology sectors such as electronics, biomedicine, and machinery [1][2] - The most researched industries include electronics, biomedicine, and machinery, with significant interest in artificial intelligence, innovative pharmaceuticals, and new consumption trends [1][4] Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research, covering 2,184 stocks across 30 primary industries, resulting in 44,702 research instances [2] - The electronics sector was the most researched, with 8,732 instances, followed by biomedicine with 6,341 and machinery with 5,437 [2][4] - Notable companies in the electronics sector include Luxshare Precision, which was researched 335 times, and other leading firms in biomedicine such as United Imaging Healthcare and Mindray Medical [2][3] Group 2: Private Equity Firm Activities - The most active private equity firm, Zhengyuan Investment, conducted 1,002 research activities, while other major firms like Panjing Investment and Gao Yi Asset also showed high engagement [2][3] - Panjing Investment focused on nearly 30 stocks with multiple research instances, including Luxshare Precision and Jiangbolong [3] - Gao Yi Asset showed a preference for biomedicine, electronics, and machinery, conducting six research activities on Zhongkong Technology [3] Group 3: Market Trends and Insights - The electronics industry is thriving due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [4] - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, alongside a recovery in medical consumption [4] - The power equipment sector benefits from the continuous growth of new energy installations, attracting significant research interest from private equity firms [4] Group 4: Future Outlook - The market is expected to shift from valuation-driven to performance-driven, with a focus on high-growth sectors such as artificial intelligence, innovative pharmaceuticals, and machinery [5][6] - Investment strategies will emphasize structural growth potential in emerging sectors and cyclical opportunities arising from "anti-involution" policies [6]

Market Outlook - December is expected to start strong, with a market trend of initial gains followed by potential declines in a volatile environment[2] - The Shanghai Composite Index's 5-day moving average has formed a death cross with the 30-day moving average, indicating short-term resistance[6] Investment Strategy - Focus on mid-cap blue chips, particularly in the consumer sector, which is showing signs of recovery after a prolonged downturn[6] - Key sectors to watch include AI-driven new materials and traditional commodities like live pigs and rubber, which are experiencing improved supply-demand dynamics[6] Risk Factors - Risks include slower-than-expected consumer recovery, unclear demand scenarios, and uncertainties surrounding the sustainability of trade-in subsidy policies[5] ETF Recommendations - Suggested ETFs include cash flow ETFs and sector-specific ETFs for consumer goods, beverages, and home appliances, which are expected to perform well in the current market[6]

Core Viewpoints - The market is expected to remain strong towards the end of the year, but a significant style shift may occur, with mid-cap blue chips likely to rise again, presenting investment opportunities in the consumer, cyclical, and manufacturing sectors of mid-cap blue chips [3][16]. Market Analysis - The market has stabilized and rebounded, with previous adjustments deemed short-term in nature. A recent debt extension plan from a real estate company has drawn market attention, indicating a shift from "potential bottoming" to "value recovery pricing" post-extension. Future debt restructuring and debt-to-equity swaps may occur, with the bond market facing continued negative impacts. If this spreads to the stock market, risk preferences may converge towards mid-cap blue chips, highlighting their stability and growth potential. The stock market is expected to remain strong, but the focus of investment will shift towards mid-range stocks [4][17]. Industry Comparison - From March 2023 to the present, the market has consistently anticipated a tech and dividend-driven trend. Looking ahead, the end of the risk-on style is expected, with future investment opportunities in stocks with moderate risk characteristics. The mid-cap blue chip market, which has been dormant for four years, is poised for a resurgence, and market corrections may present good entry points [5][18]. Industry Allocation - Investment opportunities lie in mid-cap blue chips across three main lines: 1. The consumer sector, which has been quiet for years, is approaching a turning point. Many consumer stocks are undervalued, with supply constraints likely to drive prices up. Focus on mid-sized companies in sectors such as liquor, restaurant supply chains, snacks and beverages, home appliances, hotels, human resources, and beauty care [6][19]. 2. The cyclical sector is experiencing a revaluation driven by technological empowerment and supply constraints. Attention should be given to new materials and strategic minor metals (like antimony and rare earths), as well as industrial metals (copper and aluminum) that are seeing improved supply-demand dynamics, alongside traditional commodities like live pigs and rubber [6][19]. 3. The manufacturing sector is moving away from "dream narratives" to embrace "realization." Investment in manufacturing should shift from mere "story speculation" to verification of orders and revenues. Focus on sectors with ongoing performance verification expectations, such as communications, electronics, power equipment, and machinery [6][19]. Thematic Investments - Key areas of focus include: - **Artificial Intelligence**: Despite some skepticism about AI's future, the market's rational assessment of industry development is expected to lead to upward adjustments in investor expectations. Key areas include edge consumer electronics, robotics, computing power, and software applications [7][20]. - **Semiconductor Expansion and Domestic Substitution**: Domestic wafer fabs are expected to expand next year, and the capitalization of domestic storage chip leaders is progressing. Amid international tensions, domestic semiconductor materials are likely to accelerate development, with a focus on domestic computing power, chip manufacturers, equipment suppliers, and domestic substitutes for semiconductor materials [7][20]. - **Aerospace and Satellites**: There are differing views on the satellite industry’s progress next year. Successful launches of reusable rockets are anticipated to significantly boost industry development. Additionally, the IPO progress of industry leaders is expected to accelerate, with opportunities in satellite constellations, satellite tenders, commercial rockets, and terminal applications [7][20]. - **Solid-State Batteries**: The market remains attentive to the progress of solid-state battery projects. The acceleration of the industrialization process is evident, with the equipment/materials sector entering an order-driven phase, and demonstration vehicle timelines converging to 2025-2027. Focus on core companies in the supply chain [7][20]. - **Upstream Price Increases**: Supply constraints and structural demand growth are expected to provide price elasticity for related products, with attention on price-increasing varieties in the upstream of the new energy industry, chemicals, and non-ferrous metals [8][21].

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 主动型量化基金市场表现 本周（2025.11.24-2025.11.28），根据 Wind，主动型量化基金中位数收益为 3.02%，沪深 300 指数收益为 1.64%，Wind 全 A 指数收益为 2.90%；本年， 主动型量化基金中位数收益为 24.89%，沪深 300 指数收益为 15.04%，Wind 全 A 指数收益为 23.57%。 本周，根据 Wind，收益排名靠前的主动型量化基金的收益率在 6%至 8% 之间，基金的重仓行业集中在计算机、电子行业；收益排名靠后的主动型 量化基金的收益率在-1 ...

多图速览>> 本周（11月24日至28日）沪指累涨1.4%，深成指、创指更为强势，周涨3.56%、4.54%，三大指数集体终结周线两连阴。板块方面，本周通信设备、教育、 半导体、电池板块涨幅居前。 | 指数 | 周五涨跌幅 | | 周五收盘点数 周五成交额（亿元） 近一周涨跌幅 | | | --- | --- | --- | --- | --- | | 上证指数 | 0.34% | 3889 | 6458 | 1.40% | | 深证成指 | 0.85% | 12984 | 9400 | 3.56% | | 北证50 | 0.39% | 1388 | 121 | 0.75% | | 科创20 | 1.25% | 1327 | 496 | 3.21% | | 创业板指 | 0.70% | 3053 | 4567 | 4.54% | | 下班50 | -0.09% | 2970 | 850 | 0.47% | | 沪深300 | 0.25% | 4527 | 3418 | 1.64% | | 证券简称 | 周涨跌幅 | 切毛, 简称 | 后用线喷 | | --- | --- | --- | --- | | 品高股 ...

Core Viewpoint - The market experienced a slight rebound this week, but overall sentiment continues to decline, indicating weak rebound strength and ongoing challenges from resistance levels [1] Market Outlook - Despite potential short-term volatility, the company believes that any downturn could present better investment opportunities [1] - The slow bull market pattern remains unchanged, with expectations for an early spring rally next year under a consensus view [1] Investment Strategy - The company suggests strategically positioning for the year-end market before the key meeting in mid-December to prepare for the cross-year market [1] - Focus areas for investment include technology growth and resource sectors that are currently in favorable conditions [1] Industry Focus - Key industries to watch include non-ferrous metals (copper, silver), AI (communications, computers), new energy, innovative pharmaceuticals, machinery, Hong Kong internet, and chemicals [1] - Thematic focus includes commercial aerospace [1]