（记者 曾健辉） 截至发稿，浪潮信息市值为885亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，浪潮信息（SZ 000977，收盘价：60.11元）11月25日晚间发布公告称，截至2025年11月25 日，公司通过回购专用证券账户以集中竞价交易方式累计回购公司股份约366万股，占公司总股本 0.25%，最高成交价69.8元/股，最低成交价为53.71元/股，成交总金额约2.25亿元。 2025年1至6月份，浪潮信息的营业收入构成为：电子行业占比100.0%。 ...

一、停复牌 1、普冉股份：拟购买珠海诺亚长天存储技术有限公司49%股权，股票停牌。 2、君亭酒店：控股股东吴启元正在筹划公司控制权变更相关事宜，股票停牌。 二、股权变更 1、天普股份：中昊芯英发出全面要约，预定收购股份数量为3352万股。若本次要约收购期届满时，社 会公众股东持有的股票比例低于25%，天普股份将面临股权分布不具备上市条件的风险。 2、山大地纬：控股股东变更为山东高速集团，实控人变更为山东省国资委。 1、国晟科技：拟2.406亿元收购孚悦科技100%股权，标的公司主要从事高精密度新型锂电池结构件的 研产销。 2、鼎通科技：拟1.26亿元收购机器视觉设备公司蓝海视界70%股权。目前蓝海视界产品系列主要聚焦 于消费电子行业，核心产品为全自动视觉检测机。 四、增持回购 1、万润股份：控股股东拟增持不低于人民币3.65亿元、不高于人民币7.30亿元。 2、壹石通：拟以2000万元-4500万元回购股份。 3、世纪华通：取得招商银行不超过9亿元股票回购专项贷款承诺函。 五、投资合作、经营状况 1、华友钴业：与亿纬锂能约定在2026年至2035年期间，成都巴莫匈牙利工厂预计向亿纬锂能匈牙利工 厂供应超高镍三 ...

截至收盘，上证指数收报3870.02点，上涨0.87%，深证成指收报12777.31点，上涨1.53%，创业板指收报2980.93点，上涨1.77%，北证50指数上涨0.78%。 A股市场合计成交18263.21亿元，较上一交易日增加857.47亿元。 1. A股市场全天主力资金净流入88.12亿元 11月25日，A股市场整体上涨。 今日A股市场主力资金开盘净流入60.91亿元，尾盘主力资金净流出1.51亿元，A股市场全天主力资金净流入88.12亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-11-25 | 88. 12 | 60. 91 | -1. 51 | 110. 84 | | 2025-11-24 | -130.24 | -107. 71 | 14. 00 | -22. 38 | | 2025-11-21 | -985. 55 | -392.77 | -143. 68 | -521.53 | | 2025-11-20 | ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 107.73 CNY [7][12]. Core Insights - The company's financial stability is supported by diverse business segments driving growth, with a significant increase in revenue projections for PC and data center businesses [3][11]. - The forecasted net profit attributable to the parent company for 2025-2027 is 41 billion, 52 billion, and 63 billion CNY respectively, reflecting an upward revision from previous estimates [3][12]. - The company is expected to maintain growth in its ODM (Original Design Manufacturer) business, particularly in the smartphone and PC sectors, with a notable increase in shipments and revenue [11][12]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 85,338 million CNY, 109,878 million CNY, 158,374 million CNY, 194,316 million CNY, and 233,809 million CNY, with growth rates of -7.9%, 28.8%, 44.1%, 22.7%, and 20.3% respectively [5][14]. - The operating profit is projected to grow from 2,831 million CNY in 2023A to 6,978 million CNY in 2027E, with corresponding growth rates of 1.0%, 6.7%, 49.7%, 28.0%, and 20.5% [5][14]. - The net profit attributable to the parent company is expected to increase from 2,707 million CNY in 2023A to 6,280 million CNY in 2027E, with growth rates of 5.6%, 8.1%, 39.2%, 28.0%, and 20.5% [5][14]. Business Performance - The company has a strong foothold in the consumer electronics sector, with a solid base that is expected to withstand short-term industry fluctuations [11]. - The PC ODM business is projected to see significant growth, with an expected revenue of over 300 billion CNY in 2025 and a shipment target of 1.8 million units [11]. - The data center business is anticipated to achieve over 40 billion CNY in revenue for 2025, with continued growth expected in AI servers and general servers [11].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expectations for performance exceeding the market index by over 10% [10]. Core Insights - The AI sector continues to show high growth potential, with a recommendation to remain optimistic and patient in investment strategies, particularly in domestic controllable technology and the computing + storage industry chain [1]. - The chip design industry in China is projected to grow by 29.4% year-on-year in 2025, with a compound annual growth rate (CAGR) of 19.6% from 2006 to 2025, suggesting significant investment opportunities in this sector [2]. - Nvidia's quarterly revenue reached a record high of $57.006 billion, with a year-on-year growth of 62.5%, highlighting the rapid expansion of the AI ecosystem [4]. Summary by Sections Market Trends - The electronic industry experienced a decline of 5.89% recently, with sub-sectors like other electronics dropping by 11.95% [11]. - The report notes that the demand for AI computing and storage remains strong, with supply constraints continuing to impact the market positively [1][7]. Key Companies and Recommendations - Recommended companies include: - Chip design firms: 澜起科技, 兆易创新, 圣邦股份, and others [2]. - AI-related companies: 工业富联, 生益科技, and others [4]. - Semiconductor firms: 中芯国际, 翱捷科技, and others [10]. - The report emphasizes the importance of power devices in data centers, predicting significant growth in demand due to AI power architecture upgrades [7]. Price Trends - LCD TV panel prices remained stable in late November, with demand expected to increase as brands prepare for year-end targets [8]. - The report suggests that the LCD industry's evolution has enhanced the competitiveness of domestic TV brands and ODMs in international markets [8].

证券日报网讯电连技术（300679）11月25日在互动平台回答投资者提问时表示，机器人行业目前仍处于 发展早期，其设计及采购尚未完全成熟，使用的连接器类型尚没有统一标准，公司部分消费电子类产品 可用于机器人领域。 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 11 月 25 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 一、市场行情分析 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 科技引领市场反弹 [Table_Summary] 投资要点： 摘要。2025 年 11 月 25 日周二，A 股市场延续反弹，AI 应用概念维持强势；国债 期货市场偏弱震荡；商品指数上涨，碳酸锂和贵金属领涨。 图 1：市场小幅放量反弹 1）股票市场：延续反弹，科技领涨 资料来源：Wind，德邦研究所 市场延续全面反弹，小幅放量。今日市场早盘高开后震荡走强，午后涨幅略有收窄 但整体保持强势。上证指数全天围绕 3870 点波动，收盘报 3870.02 点，上涨 0.87%； 深证成指表现更优，收盘报 12777.31 点，上涨 1.53%；创业板指领涨主要指数， 盘中一度涨超 3%突破 ...

11月25日，A股市场整体上涨。 截至收盘，上证指数收报3870.02点，上涨0.87%，深证成指收报12777.31点，上涨1.53%，创业板指收报2980.93点，上涨1.77%，北证50指数上涨0.78%。A股市场合 计成交18263.21亿元，较上一交易日增加857.47亿元。 1. A股市场全天主力资金净流入88.12亿元 今日A股市场主力资金开盘净流入60.91亿元，尾盘主力资金净流出1.51亿元，A股市场全天主力资金净流入88.12亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-11-25 | 88. 12 | 60. 91 | -1.51 | 110. 84 | | 2025-11-24 | -130. 24 | -107. 71 | 14. 00 | -22. 38 | | 2025-11-21 | -985. 55 | -392. 77 | -143. 68 | -521.53 | | 2025-11-20 | ...

Group 1 - A-shares indices collectively strengthened on November 25, with various sectors experiencing broad gains, particularly in education, gaming, precious metals, energy metals, communication equipment, battery, chemical pharmaceuticals, optical electronics, insurance, and consumer electronics [1] - The main funds in the Shanghai and Shenzhen markets saw a net inflow of 8.812 billion yuan after seven consecutive trading days of outflows, with 18 sectors experiencing net inflows, notably communication, power equipment, and electronics, each exceeding 3.6 billion yuan [2] - Among the 13 sectors with net outflows, defense and military industry, as well as the computer sector, had the highest outflows, each exceeding 2.7 billion yuan [3] Group 2 - Ten stocks received net inflows exceeding 500 million yuan, with 87 stocks seeing net inflows over 100 million yuan [4] - Yangguang Electric Power led with a net inflow of 1.087 billion yuan, as the photovoltaic sector rebounded significantly, with Yangguang Electric Power rising by 4.95% [5] - PCB concept stock Huidian Co. saw a net inflow of 999.8 million yuan, with its stock price hitting the daily limit, driven by a report from HSBC indicating accelerated AI server iterations [5] Group 3 - Hainan Ruize experienced a net inflow of 104 million yuan at the close, leading the market, while N Haian, Industrial and Commercial Bank, ZTE, and Shennong Seed Industry also saw significant inflows [6][7] - N Haian, which just listed, closed with a 74% increase, focusing on the development and production of giant all-steel engineering machinery tires [8] - In terms of outflows, Xinyi Sheng saw over 100 million yuan in net outflows, with other notable stocks like BlueFocus and Shengguang Group also experiencing significant outflows [9]

| 生物经济指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 12.58% | 193.88 | 0.46% | 2350.68 | 医药生物 | | sz000661 | 长春高新 | 4.87% | 99.46 | 0.10% | 405.73 | 医药生物 | | sz002252 | 十肖史上 | 4.74% | 6.62 | -0.15% | 439.43 | 医药生物 | | sz300759 | 康龙化成 | 4.55% | 29.07 | 0.24% S | 516.92 | 医药生物 | | sz300347 | 泰格医药 | 4.54% | 50.86 | 0.32% | 437.92 | 医药生物 | | sz000021 | 深科技 | 4.16% | 23.38 | 1.65% | 367.46 | 电子 | | sz002714 | 牧原股份 | 3.62% | 49. ...