国家能源局：10月份全社会用电量8572亿千瓦时同比增长10.4% 国家能源局消息，10月份，全社会用电量8572亿千瓦时，同比增长10.4%。分产业看，第一产业用电量 120亿千瓦时，同比增长13.2%；第二产业用电量5688亿千瓦时，同比增长6.2%，其中，工业用电量同 比增长6.4%；第三产业用电量1609亿千瓦时，同比增长17.1%，其中，充换电服务业以及信息传输、软 件和信息技术服务业用电量增长较快；城乡居民生活用电量1155亿千瓦时，同比增长23.9%。 截至收盘，沪指报3834.89点，跌幅2.45%，成交额约8249亿元；深成指报12538.07点，跌幅3.41%，成 交额约11407亿元；创业板指报2920.08点，跌幅4.02%，成交额约5374亿元；科创综指报1503.36点，跌 幅3.75%，成交额约1726亿元；北证50指数报1377.39点，跌幅4.71%，成交额约182亿元。 机构观点 巨丰投顾：周五市场震荡调整，中船系板块涨幅居前。从目前趋势看，市场整体趋势依然向上，但短期 阶段性调整已然展开。三季报行情结束，但红利板块与科技股反复拉锯的局面没有结束，投资者仍需重 点关注前期热 ...

Market Overview - On November 21, A-shares experienced a collective decline across the three major indices, with the Shanghai Composite Index falling by 2.45%, the Shenzhen Component Index down by 3.41%, and the ChiNext Index decreasing by 4.02% [2][3]. Sector Performance - The lithium battery industry chain led the decline, with lithium mining stocks experiencing a wave of limit downs. Other sectors such as computing hardware, semiconductor, consumer electronics, photovoltaic, and fintech also saw significant drops [3]. - Conversely, the military industry sector showed strong performance, with stocks like Pinggao Group, Longxi Co., and TeFa Information hitting the daily limit, while JiuZhiYang and JiangLong Shipbuilding rose over 10% [3][4]. Stock Movements - Notable gainers included: - Pinggao Group: +20.00% at 49.02 - JiuZhiYang: +15.63% at 48.60 - JiangLong Shipbuilding: +14.50% at 22.42 - TeFa Information: +10.00% at 10.45 - Longxi Co.: +10.00% at 25.20 [4]. - Lithium mining stocks such as Tianqi Lithium, Ganfeng Lithium, and Shengxin Lithium Energy faced significant declines, with over ten stocks hitting the limit down [4]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion yuan, an increase of 257.5 billion yuan compared to the previous trading day, with nearly 5,100 stocks declining [4]. Capital Flow - Main capital inflows were observed in sectors like media, agriculture, and shipbuilding, while outflows were noted in non-ferrous metals, power equipment, and electronics [6][7]. - Specific stocks with net inflows included: - Kaimete Gas: 767 million yuan - Yidian Tianxia: 641 million yuan - Vision China: 546 million yuan [6]. - Stocks facing significant net outflows included: - Industrial Fulian: 2.064 billion yuan - Shenghong Technology: 1.760 billion yuan - Xinyi Sheng: 1.729 billion yuan [7]. Analyst Insights - Qianhai JuZhen Capital indicated that the market is expected to continue its volatile adjustment phase, but the medium to long-term positive trend remains supported by capital, policy, and fundamentals [8]. - CITIC Securities suggested that the securities industry is likely to enter a new upward cycle, aligning with the core directive of enhancing the inclusiveness and adaptability of the capital market [8]. - Zhongyuan Securities projected a steady upward trend for the market in the short term, advising investors to maintain reasonable positions and avoid chasing highs or selling lows [9].

据凯美特气2025年10月30日披露的2025年三季报，前三季度营收4.85亿元，同比增长13.19%，归母净利 润7539.81万元，同比扭亏为盈。据了解，公司控股子公司凯美特电子特种稀有气体有限公司光刻气产 品已获ASML子公司Cymer合格供应商认证，公司电子特气可用于半导体、航天、医疗等领域。 另外，消息面上，定档11月25日的华为Mate80系列发布会将通过麒麟9030芯片、3D人脸大直屏等创新 技术，推动消费电子产业链订单放量，预计带动折叠屏、AI硬件需求爆发。 华声在线11月21日讯（全媒体记者 仝若楠）11月21日，A股开盘后三大指数集体调整，截至午盘，沪指 跌1.88%，深成指跌2.72%，创业板指跌3.18%，沪深京三市半日成交额13174亿元，较上日放量2004亿 元。 全市场超4900只个股下跌，仅有百余只个股上涨。值得注意的是，有28只个股逆势涨停，这其中包含两 家湘企，芯片概念、光刻胶板块的凯美特气10%涨停。消费电子、华为概念龙头股华瓷股份再度涨停， 同花顺数据显示该股已收获6天5板。 来源：华声在线 作者：仝若楠 责编：欧小雷 一审：欧小雷 二审：印奕帆 三审：谭登 ...

存储芯片概念持续走弱，德明利、时空科技跌停。 沪深两市成交额合计1.97万亿元，较上一交易日放量约2574.72亿元。其中，沪市成交额8249.31亿元， 深市成交额1.14万亿元。 中际旭创成交额居首，为194.79亿元。其后是新易盛、宁德时代、阳光电源、工业富联，成交额分别为 134.07亿元、118.51亿元、117.56亿元、117.08亿元。 | 还原 字代码 | | 名称 名称 | 深幅 | 嚴高 | 最低 | 现代 | 我题: | 昨收 | 开盘 | 涨速 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300308 中医期创 | 3 | -5.69% | 483.00 | 460.00 | 464.01 | 194.8 Z | 492.00 | 472.99 | -0.10% 通信设备 | | 2 | 300502 新易盛 | R | -8.46% | 314.00 | 299.85 | 300.00 | 134.1亿 | 327.74 | 313.90 | +0.00% 通信设备 ...

Core Insights - Lenovo Group reported a record high revenue of 146.4 billion yuan for Q2 of FY2025/26, marking a 15% year-on-year increase, with adjusted net profit rising 25% to 3.66 billion yuan [2] - The company's IDG smart device business generated 108.1 billion yuan, a 12% increase, while the ISG infrastructure solutions business saw a 24% rise to approximately 29.3 billion yuan [2] - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, indicating AI as a significant growth driver for Lenovo [3] Revenue Breakdown - IDG smart device business revenue: 108.1 billion yuan, up 12% [2] - ISG infrastructure solutions business revenue: approximately 29.3 billion yuan, up 24% [2] - SSG solutions and services business revenue: nearly 20% year-on-year growth [2] AI and Market Trends - AI's growth is expected to be sustainable, with significant demand for memory, flash, and solid-state drives, leading to rising storage chip prices [3][4] - Morgan Stanley indicates that the AI-driven memory supercycle is real, with potential for stronger and longer-lasting impacts than anticipated [4] - The global traditional PC market is projected to grow by 5% to 10%, driven by AI PC demand, which is expected to account for 31% of global PC shipments by 2025 [6][8] Supply Chain and Pricing - Lenovo has secured optimal contracts with key component suppliers, ensuring sufficient supply despite rising prices [5][6] - The company is well-positioned to manage supply shortages and price increases better than competitors due to strong supplier relationships [5] Future Outlook - Lenovo plans to focus on personal and enterprise intelligence, with expectations of continued growth in both areas [7] - The global server market is projected to grow by approximately 44.6% by 2025, with AI servers expected to see a 46.7% increase, driving overall market expansion [8]

Core Insights - Lenovo's PC market share reached a historic high of 25.6%, up from 23.7% in the previous fiscal year, driven by strong performance in high-margin segments and AI PCs contributing 33% of total shipments [1][2] - The company's Intelligent Devices Group (IDG) reported a 12% year-over-year revenue increase to $15.1 billion, with operating profit rising 11% to $1.1 billion [2] - Lenovo's AI PCs are expected to drive a market upgrade, with an estimated 10% of PCs being replaced by AI PCs this year [5] Market Position - Lenovo is the leading global PC manufacturer, with a shipment increase of 17.3% year-over-year, maintaining a significant lead over competitors like HP, Dell, Apple, and ASUS [2][3] - The company has evolved from being the sixth-largest PC vendor in 2001 to a dominant player, with quarterly shipments nearing 20 million units [2] AI Integration - Lenovo is positioning itself as a technology company that integrates hardware, software, and services, focusing on Hybrid AI that combines public and private intelligence [4] - The average weekly active rate of AI features in Lenovo's AI PCs reached 42% in the second fiscal quarter [3] Future Developments - Lenovo plans to launch a personal super-intelligent assistant at the CES in January 2026, enhancing device capabilities significantly [7] - The company is investing in a new factory in Saudi Arabia, expected to start production in mid-2026, which will reduce import tariffs and logistics costs, potentially increasing EBITDA by 2%-3% [6] Strategic Vision - Lenovo's mission for the next decade includes leading the AI transformation, with a focus on creating a unified ecosystem across various devices [4] - The company emphasizes innovation, rapid product launches, and a unique "global + localization" business model as key structural advantages for future growth [6]

美团龙珠合伙人王新宇 整理编辑丨小龙 "我们不是钱投得太多，而是远远不够。" 在资本对具身智能赛道"估值泡沫"的争议声中，美团龙珠合伙人王新宇——这位兼具技术功底与投资 视野的 投资人，用一句掷地有声的判断，展现出了穿越周期的定力与长期主义。 2021年，王新宇牵头组建美团龙珠科技投资团队，围绕电动化与智能化两大核心主线，在新能源 车、AI大模型、具身智能等关键赛道 频频 落子。他主导投资了月之暗面、宇树科技、星海图、自变 量等一批代表未来的科技企业，持续捕捉属于这个时代的"时代品类"。 | | | | 龙珠在具身智能领域的布局 (据创业邦不完全统计) | | | | --- | --- | --- | --- | --- | --- | | 公司名称 | 成立时间 | 一句话简介 | 龙珠参与投资轮次 | 此轮次投资时间 | 融资金额 | | 宇树科技 | 2016/8/26 | 高运动性能四足机 器人研发商 | B3轮 | 2024年9月 | 1亿美元 | | 法奥机器人 | 2019/4/2 | 协作机器人研发生 产商 | B轮 | 2022年3月 | 5000万美元 | | | | | C轮 | 20 ...

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

Core Viewpoint - The semiconductor industry is experiencing a recovery, supported by structural opportunities in AI and semiconductor equipment, despite a decline in the consumer electronics ETF (561310) by over 3% [1] Group 1: Semiconductor Industry - SMIC's third-quarter capacity utilization reached 95.8%, with an ASP increase of 3.8% quarter-on-quarter, driven by product structure optimization and increased shipments of complex process products [1] - Although the fourth quarter is traditionally a low season, production lines are expected to remain fully loaded, indicating a sustained recovery in the semiconductor sector [1] - The demand recovery in the electronics industry is evident, with storage chip prices rising more than expected and increased domestic substitution efforts leading to effective supply clearance [1] Group 2: AI and Technology - Baidu has released the Wenxin large model 5.0 and Kunlun chips M100/M300, unveiling a "Five Years, Five Chips" strategic roadmap, marking an acceleration in the AI sector [1] - Structural opportunities worth noting include AI computing power, semiconductor equipment, key components, and rising storage prices [1] Group 3: Consumer Electronics ETF - The consumer electronics ETF (561310) tracks the consumer electronics index (931494), which selects listed companies involved in smartphones, home appliances, and wearable devices to reflect the overall performance of the consumer electronics industry [1] - The consumer electronics index focuses on companies with strong technological innovation and brand influence, effectively reflecting industry development trends and market dynamics [1]

编辑|何小桃 杜波 校对|陈柯名 封面图片来源：视频截图 每经编辑｜何小桃 11月21日，小米公司发言人官博发布《关于Xiaomi Watch S4 Sport潜水功能的说明》，详情如下：近日，网上流传『博主吐槽潜水手表不能潜水，客服回 应：有防水功能但不建议下水使用』相关视频。经查证，相关报道完全失实。我们尊重并欢迎基于事实的讨论和监督，但对恶意捏造、误导性传播、侵害 我司声誉或商业权益的行为，将坚决依法维权。前述相关视频中展现的录音中，向我司客服咨询的产品为Xiaomi Watch S4标准版，并非通过潜水认证的 Xiaomi Watch S4 Sport，我们坚决反对这种"移花接木"、混淆视听的行为。关于这两款产品的差异，我们介绍如下：- Xiaomi Watch S4 标准版通过5ATM防 水等级认证，并未做潜水认证，也从未声称有可潜水功能。 - Xiaomi Watch S4 Sport 通过5ATM防水等级认证，通过SGS EN13319国际潜水认证，认证编号为SZES240500316501。Xiaomi Watch S4 Sport 支持最深40米 的休闲水肺潜水、自由潜水和仪表潜水等多种模式 ...