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]

问：两融账户呈现怎样的态势？ 答：中证数据有限责任公司数据显示，9月份市场新开两融账户达20.54万户，创下今年以来单月最高纪 录。 数据表明，当前的融资增长"更多体现为结构性活跃与风险偏好回暖"，而非全面的杠杆泡沫。从行业分 布来看，医药生物、机械设备、电子、非银金融、电力设备等板块的融资余额增幅较大。 问：两融账户为何激增？ 答：分析认为，近期两融新开账户激增的核心驱动力在于前期政策支持效果释放、宏观经济企稳、企业 盈利改善，投资者对市场长期信心增强，市场情绪转向积极。 近期，两融新开账户呈现激增态势，引发市场广泛关注。两融是指什么？账户为何会激增？投资者该如 何看待？一起来看本期快问快答→ 问：两融是指什么？ 答：在A股市场中，"两融"即融资融券业务，是证券市场重要的信用交易方式。投资者可以通过向券商 借钱购买证券（融资），或者借入证券卖出（融券）来进行杠杆交易。 新开两融账户的大幅增长，意味着大量"活水"涌入市场。据透露，6月下旬以来两融资金净流入超6000 亿元，成为市场向上的重要推力之一。 券商也积极应对，多家头部券商已宣布调高信用业务规模上限，扩大融资融券业务配额。 问：投资者该如何看待？ 答： ...

Group 1 - The new stock sector experienced a rebound after a short-term emotional low, but the cycle change point may still need observation [1][14] - The average increase of new stocks listed since 2024 is approximately 3.5%, with about 91.4% of new stocks achieving positive returns [1][7] - The current market consensus may not have formed yet, and the rebound may not be sufficient to drive a change in the ongoing adjustment cycle [2][14] Group 2 - The focus remains on technology sectors, particularly in areas like AI and robotics, which have significant long-term development potential [3][14] - The report suggests monitoring sectors that have undergone sufficient adjustment, including innovative pharmaceuticals, aerospace and military, new energy, new consumption, and non-ferrous chemicals [3][14] Group 3 - Upcoming new stocks include Jingchuang Electric, China Uranium Industry, and Moer Thread, with varying industry focuses [4][33] - The average issuance price-earnings ratio for new stocks expected to be listed this week is 25.4X, indicating a relatively restrained pricing strategy [8][33] Group 4 - The report highlights specific companies such as Moer Thread, which is involved in GPU development, and Baiaosaitou, which focuses on gene editing technology [40][41] - The projected revenue growth for Baiaosaitou in 2025 is 37.75%, with a significant increase in net profit expected [41][42]

Group 1 - The North Exchange 50 index increased by 0.75%, while trading volume decreased by 25.68% compared to the previous week [6][22][30] - The adjustment plan for the North Exchange 50 and the specialized index will take effect on December 15, with three companies entering the North Exchange 50 index: Kai Fa Technology, Ge Bi Jia, and Wan Tong Hydraulic [11][22] - The market sentiment for the North Exchange has significantly weakened, reflected in the declining trading share and reduced correlation with the Shanghai and Shenzhen indices [11][14][15] Group 2 - This week, one new stock, Nan Te Technology, was listed with a first-day price increase of 183.03%, bringing the total number of listed companies on the North Exchange to 285 [37][38] - The North Exchange's PE (TTM) average is 82.18 times, with a median of 40.60 times, indicating a valuation adjustment in the market [28][29] - The North Exchange's trading volume was 30.36 billion shares, a decrease of 26.14% from the previous week, with a total trading value of 665.70 billion yuan [30][34] Group 3 - In the North Exchange, 137 stocks rose while 144 fell, resulting in a decline ratio of 0.95, with Tianrun Technology and Tietuo Machinery leading the gains [43][45] - The top five stocks by weekly turnover included Dapeng Industrial and Tietuo Machinery, with significant fluctuations in their trading performance [50][51] - The new third board saw eight new listings and 71 delistings this week, with a total of 5,995 companies currently listed [56][58]

Core Conclusions - The market has experienced wide fluctuations since November, primarily due to entering an earnings and policy vacuum period, making it sensitive to uncertain events and negative factors. Weak economic data and overseas market disturbances may exacerbate market volatility. Additionally, the slowdown in resident capital inflows has extended the time for market consolidation after reaching a high turnover rate during the bull market [2][10][11]. Conditions for Index Breakthrough Condition 1: Incremental Policy Catalysts - The potential for unexpected stable growth policies to be implemented ahead of schedule could advance the spring market. The focus should be on the policy direction set by the Central Economic Work Conference in December. Historically, the probability of market success increases as the conference date approaches, with a significant rise expected post-conference [3][19][22]. Condition 2: Improvement in Economic Data (Earnings) - For a bull market driven by earnings, continuous improvement in economic data is essential. Current PMI is below the threshold, and other economic indicators such as industrial production and real estate data are weak. Significant improvements in economic data may not be seen until early 2026, as social financing and credit data typically peak at the beginning of the year [3][20][25]. Condition 3: Significant Inflows of Resident Capital - A breakthrough in a bull market, especially during a liquidity-driven phase, is often accompanied by substantial inflows of resident capital. Recent months have shown a slowdown in the inflow of funds, indicating that the current capital environment is not robust. The potential for increased capital inflows may be catalyzed by a December interest rate cut by the Federal Reserve, but improvements are more likely in Q1 2026 due to typically higher liquidity and activity levels at the start of the year [3][25][27]. Market Changes - The A-share market has seen all major indices rise, with notable gains in the ChiNext 50 and ChiNext Index. The communication and electronics sectors led the gains, while oil and banking sectors faced declines. Global markets also showed positive trends, with significant increases in major indices like the S&P 500 and Nikkei 225 [35][36]. Investment Strategy - The report suggests a tactical approach where the foundation of the bull market remains solid, with potential for earnings improvement and capital inflows to extend the bull market duration. Strategic positioning should consider the upcoming policy and capital changes that may present upward opportunities [29][32]. Sector Allocation - Recommended sectors for investment include non-bank financials, electric equipment, and machinery, with a focus on low-valuation value stocks. The report emphasizes the importance of monitoring policy catalysts and the potential for significant performance in low-valuation sectors as the market outlook evolves [34][33].

Core Insights - The report indicates a significant adjustment in the market during November 2025, with the North Exchange 50 Index declining by 12.32% and the North Exchange Specialized and New Index falling by 13.44%, underperforming compared to major indices like the ChiNext and STAR Market [8][10][12] - Looking ahead to December, the report emphasizes the importance of focusing on trading opportunities related to companies included in the North Exchange 50 and Specialized and New Indexes, particularly after the resolution of certain uncertainties [3][21] - The report anticipates a speeding up of reforms in the North Exchange in 2026, suggesting that recent market adjustments may have led to the undervaluation of quality assets, creating potential investment opportunities [3][21] Market Performance - The North Exchange A-share overall PE ratio remains at 44X, while the daily average trading volume has decreased to 139 billion [28][31] - In November 2025, the North Exchange saw a trading volume increase to approximately 376.6 billion, with a monthly turnover rate of 53%, up from 44% in October [20][23] - The report notes that only 10 companies had a price increase exceeding 5% in November, with notable performers in the power equipment and machinery sectors [17][18] Company Focus - Companies such as Tongli Co., Development Technology, and others are highlighted as potential investment targets due to their solid fundamentals and valuation attractiveness [3][21] - The report suggests focusing on companies with stable long-term performance and market scarcity, such as Guangxin Technology and Lin Tai New Materials [3][21] - Sectors with high policy support and growth certainty, including robotics, energy storage, and AI power, are recommended for investment, with specific companies like Hai Xi Communications and Xingtu Measurement Control being noted [3][21] New Listings and IPOs - From January 1, 2024, to November 28, 2025, a total of 46 companies have been newly listed on the North Exchange, with the average issuance PE ratio being 13.80X and an average first-day price fluctuation of 287% [37][45] - Recent updates indicate that two companies have registered and two have passed the review process, with ongoing normalization in new stock issuance [43][44]

证券研究报告 | 2025年11月28日 2025年11月29日 金融工程日报 沪指窄幅震荡上行，两市成交额创近 4 个月以来新低 核心观点 金融工程日报 市场表现：20251128 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 成长指 数表现较好。农林牧渔、国防军工、商贸零售、有色金属、基础化工行业表 现较好，银行、煤炭、非银、医药、通信行业表现较差。两岸融合、钛白粉、 海南自贸港、锂矿、磷酸铁锂电池等概念表现较好，游戏出海、拼多多合作 商、央企银行、维生素、中药精选等概念表现较差。 市场情绪：20251128 收盘时有 82 只股票涨停，有 6 只股票跌停。昨日涨停 股票今日收盘收益为 1.04%，昨日跌停股票今日收盘收益为-3.35%。今日封 板率 71%，较前日提升 10%，连板率 21%，较前日提升 6%。 市场资金流向：截至 20251127 两融余额为 24720 亿元，其中融资余额 24550 亿元，融券余额 170 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.4%。 折溢价：2 ...

Core Points - The 18th round of Free Trade Agreement (FTA) negotiations between Vietnam and the European Free Trade Association (EFTA) took place in Da Nang, Vietnam from November 25 to 28 [1] - The goal of both parties is to make every effort to complete consultations in this round and to adopt necessary flexible measures to ensure a balanced agreement beneficial to both sides [1] - The negotiations are progressing smoothly, with efforts to narrow remaining differences highlighted by the Vietnamese delegation [1] Trade Relations - As of the end of 2024, trade between Vietnam and EFTA is expected to exceed $3.5 billion, maintaining stable growth over the years [1] - Major exports from Vietnam to EFTA member countries include footwear, textiles and garments, machinery and equipment, mobile phones and components, as well as agricultural products like coffee and cashews [1] - In return, Vietnam primarily imports high-tech and high-value-added products from EFTA member countries, such as pharmaceuticals, precision machinery, medical devices, and chemical products [1]

天眼查App显示，近日，武汉市武汉开发区（汉南区）卓凌设备经营部（个体工商户）成立，法定代表 人为方世星，注册资本1万人民币，经营范围为一般项目：机械设备销售，机械设备租赁，普通机械设 备安装服务，机械零件、零部件销售，塑料制品销售，五金产品批发，五金产品零售，模具销售，工业 自动控制系统装置销售，工业机器人销售，劳务服务（不含劳务派遣），工业设计服务，工业工程设计 服务。（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

天眼查App显示，近日，日照领域机械有限公司成立，法定代表人为张作奎，注册资本20万人民币，经 营范围为一般项目：机械设备销售；机械设备租赁；土石方工程施工；通用设备制造（不含特种设备制 造）；建筑工程用机械销售；环境保护专用设备制造；机械零件、零部件加工；矿山机械制造；建筑工 程机械与设备租赁；普通机械设备安装服务；矿山机械销售；装卸搬运；普通货物仓储服务（不含危险 化学品等需许可审批的项目）。（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：道路货物运输（不含危险货物）；建设工程施工。（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）。 ...