（文章来源：证券时报网） Choice统计显示，11月27日，沪深两市可交易A股中，上涨个股有2732只，下跌个股有2227只，平盘个 股有195只。不含当日上市新股，共有63只个股涨停，14只个股跌停。从所属行业来看，涨停个股主要 集中在电子、化工、机械设备、电力设备、建筑装饰等行业。 ...

Core Viewpoint - The article highlights the increasing policy support for infrastructure investment, which is expected to drive equipment demand, particularly for large excavators due to the commencement of the Yaxia Hydropower Project [1] Group 1: Infrastructure Investment and Equipment Demand - Enhanced policy support is anticipated to boost infrastructure investment, leading to increased demand for equipment [1] - The initiation of the Yaxia Hydropower Project is expected to further stimulate the demand for large excavators and related machinery [1] Group 2: Industry Trends - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales experiencing a year-on-year growth of 157.2% [1] - Intelligent applications such as unmanned forklifts and unmanned mining are expected to achieve breakthroughs [1] Group 3: Capital Expenditure in Fusion Industry - The nuclear fusion industry is entering a phase of capital expenditure expansion, with a focus on high-value components such as magnet systems, vacuum chambers, and power systems [1] Group 4: Low-altitude Economy - Policies related to the low-altitude economy emphasize safety, health, and high-quality development, with optimism surrounding infrastructure construction and low-altitude equipment research and application [1] Group 5: ETF Overview - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component supply, covering various manufacturing sectors [1]

中国贸促会：9月全球经贸摩擦指数持续处于高位 中新社北京11月27日电 (记者 尹倩芸)中国贸促会27日公布的最新数据显示，9月全球经贸摩擦指数为 106，持续处于高位。全球经贸摩擦措施涉及金额同比增长7.9%，环比下降15.6%。 从国别指数看，在监测范围内的20个国家(地区)中，印度、美国和俄罗斯的全球经贸摩擦指数位居前 三，美国的全球经贸摩擦措施涉及金额已连续15个月居首。 从行业指数看，在监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、运输设备、医药、 机械设备和化工行业，其中电子行业经贸摩擦指数居首。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 在涉华经贸摩擦方面，19个国家(地区)涉华经贸摩擦指数为115，仍然处于高位。其中，印度涉华经贸 摩擦指数最高，半导体、电池和铜缆等行业涉华经贸摩擦指数处于高位。当月19个国家(地区)涉华经贸 摩擦措施涉及金额同比下降36.6%，环比上升9.6%。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载 ...

Core Insights - The number of shareholders for 340 ChiNext stocks has decreased as of November 20, with 184 stocks showing a decline compared to the previous period, and 13 stocks experiencing a drop of over 10% [1][2] - The stocks with the largest decrease in shareholder numbers include Zerun New Energy, which saw a 29.37% drop, and Zhongzhi Technology, which decreased by 22.56% [1][2] - A total of 35 ChiNext stocks have shown a continuous decline in shareholder numbers for more than three consecutive periods, with some stocks experiencing a decline for up to nine periods [1] Shareholder Trends - Zerun New Energy has the latest shareholder count of 9,823, down 29.37%, with a cumulative drop of 11.23% in stock price since the concentration of shares began [1][2] - Zhongzhi Technology's latest shareholder count is 12,642, down 22.56%, with a cumulative drop of 19.37% in stock price [1][2] - Jindao Technology has a latest shareholder count of 7,712, down 19.95%, with a cumulative drop of 1.61% in stock price [1][2] Market Performance - The average decline for concentrated stocks since November 11 is 3.85%, with notable increases in stocks like Shibai Testing, which rose by 53.41% [2] - The industries with the most concentrated stocks include machinery, power equipment, and pharmaceuticals, with 36, 20, and 19 stocks respectively [2] - As of November 26, 48 concentrated stocks have attracted leveraged funds, with significant increases in financing balances for stocks like Yingjie Electric and Lei'ao Planning, which grew by 110.44% and 72.84% respectively [2]

Company Performance - Jinma Amusement's stock price reached a historical high, increasing by 5.08% to 60.61 yuan, with a trading volume of 2.7663 million shares and a transaction value of 164 million yuan, resulting in a turnover rate of 2.11% [2] - The company's latest A-share total market capitalization is 9.552 billion yuan, with a circulating market capitalization of 7.954 billion yuan [2] - For the first three quarters, the company reported operating revenue of 569 million yuan, a year-on-year increase of 23.76%, and a net profit of 90.4087 million yuan, a year-on-year increase of 456.47%, with basic earnings per share of 0.5700 yuan and a weighted average return on equity of 6.34% [2] Industry Overview - The mechanical equipment industry, to which Jinma Amusement belongs, has an overall increase of 0.82%, with 478 stocks rising, including notable gainers like Xinmeixing, Haomiao Technology, and Qingniao Fire Protection, which increased by 15.19%, 10.58%, and 10.03% respectively [2] - Conversely, 100 stocks in the industry experienced declines, with significant losers including Aerospace Power, Dapeng Industrial, and Lihexing, which fell by 8.49%, 5.83%, and 4.79% respectively [2]

Group 1 - Company A (奥美森) announced a cash dividend of 5.00 RMB per 10 shares (including tax), with the record date on December 1, 2025, and the ex-dividend date on December 2, 2025 [1] - Company B (思特威-W) declared a cash dividend of 0.125 RMB per share (including tax), with the record date on December 2, 2025, and the ex-dividend date on December 3, 2025 [1] - Company C (江阴银行) will distribute a cash dividend of 1.0 RMB per 10 shares (including tax), with the record date on December 2, 2025, and the ex-dividend date on December 3, 2025 [1] Group 2 - Company D (山东威达) announced a cash dividend of 0.50 RMB per 10 shares (including tax), with the record date on December 3, 2025, and the ex-dividend date on December 4, 2025 [2] - The Low Volatility Dividend Index (红利低波) consists of 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, and low volatility, with a dividend yield of 4.12% as of November 26 [3] - The Dividend Quality Index (红利质量) includes 50 securities with continuous cash dividends and high payout ratios, showing a dividend yield of 3.44% as of November 26 [3]

Group 1 - A new company, Changsha Shenghong Machinery Equipment Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Liu Xiaoming [1] - The business scope includes tire sales, machinery parts sales, construction machinery rental, and various technology services [1] Group 2 - The company is involved in the sales of artificial intelligence hardware, automotive parts, and new energy vehicle accessories [1] - It also offers rental services (excluding licensed rental services) and sales of rubber products and lubricants [1] - The company is permitted to conduct business activities independently based on its business license, without needing approval for certain projects [1]

Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, aiming to enhance shareholder value and reduce registered capital due to the low trading price of its B shares compared to net asset value [5][6][9]. Summary by Sections 1. Share Repurchase Plan - The company intends to repurchase no less than 10,227,393 shares and no more than 20,454,786 shares of its B shares [2][5]. - The repurchase will be funded by the company's own funds and is aimed at canceling the shares to reduce registered capital [3][8]. 2. Repurchase Details - The maximum repurchase price is set at $1.920 per share, which is capped at 150% of the average trading price over the 30 trading days prior to the board's decision [3][7]. - The repurchase period will last up to 12 months from the date of shareholder approval [4][6]. 3. Purpose of the Repurchase - The repurchase is motivated by the low liquidity and market capacity of the B share market, with the goal of increasing earnings per share and enhancing company value [5][6]. 4. Financial Impact - The total estimated cost of the repurchase, if fully executed, would be approximately RMB 27,830.55 million, which represents about 0.79% of total assets and 1.70% of net assets as of December 31, 2024 [8][9]. 5. Shareholder Communication - The company has confirmed that its major shareholders do not have plans to reduce their holdings in the next six months [3][10]. 6. Regulatory Compliance - The company has established a dedicated securities account for the repurchase and will comply with all relevant legal and regulatory requirements [3][18].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The forklift sales in October 2025 reached 114,300 units, a year-on-year increase of 15.9%. Domestic sales were 70,400 units, up 16.2%, while overseas sales were 43,900 units, also up 16.2%. Cumulative sales from January to October 2025 totaled 1,220,700 units, reflecting a 14.2% year-on-year growth [4]. - The growth in forklift sales is attributed to the robust performance of domestic forklift companies in overseas markets and the increasing global demand for forklifts. The demand for forklifts is closely linked to the manufacturing and warehousing logistics sectors [4]. - Hangcha Group launched the X1 series humanoid robots, marking a significant step towards transforming from a traditional industrial vehicle manufacturer to a smart logistics solution provider [4]. - Hangcha completed a large order for hydrogen fuel forklifts, delivering 108 units, which signifies a deeper collaboration in the hydrogen-powered industrial vehicle sector and supports the low-carbon economy [4]. - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a shift towards large-scale application of intelligent logistics systems [4]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [4].

Strong Stocks - As of November 26, the Shanghai Composite Index fell by 0.15% to 3864.18 points, while the Shenzhen Component Index rose by 1.02% to 12907.83 points, and the ChiNext Index increased by 2.14% to 3044.69 points [1] - A total of 76 stocks in the A-share market hit the daily limit up, with the top three strong stocks being: TeFa Information (000070), Huanrui Century (000892), and Leike Defense (002413) [1] - The top 10 strong stocks showed significant trading activity, with TeFa Information achieving a 4-day limit up and a turnover rate of 25.84%, while Huanrui Century also had a 4-day limit up with a turnover rate of 37.38% [1] Strong Concept Sectors - The top three concept sectors based on A-share performance were: Horse Racing Concept, Duty-Free Shops, and Guangdong Free Trade Zone, with respective increases of 1.95%, 1.72%, and 1.5% [2] - The Horse Racing Concept had 50% of its constituent stocks rising, while the Duty-Free Shops sector saw 68.97% of its stocks increase [2] - The top 10 concept sectors displayed a mix of performance, with sectors like Medical E-commerce and CPO (Co-Packaged Optics) also showing positive growth [2]