工业和信息化部近日印发通知，启动国家新兴产业发展示范基地创建工作。示范基地面向2035年和"十 五五"时期国家发展战略，聚焦新一代信息技术、新能源、新材料、生物、高端装备、智能网联新能源 汽车、绿色环保、低空装备、航空航天等新兴产业重点领域。计划到2035年，创建100个左右园区类示 范基地、1000个左右企业类示范基地。 此外，11月23日，第二十二届中国国际半导体博览会（IC China 2025）在北京国家会议中心开幕。工业 和信息化部有关负责人表示，将从三方面推动集成电路产业高质量发展。一是促进产业链协同创新。围 绕集成电路设计、制造、封测、设备、材料等全产业链环节，加强资源整合和优化配置，推动集成电路 产业与人工智能、新能源、智能网联汽车等战略性新兴产业深度融合，拓展应用场景，提升产业链价 值。二是持续营造良好产业环境。三是坚持开放合作。提升国际合作层次和水平，支持建立区域性合作 平台，深化技术标准合作，共同制定全球通用的行业标准。 电子行业延续高景气度，2025年前三季度整体营收同比增长11%，归母净利润同比增长29%。其中，消 费电子板块受益于传统旺季，第三季度营收和归母净利润同比分别增长19% ...

Group 1 - The three major indices opened higher on November 25, continuing their recovery, with sectors such as computing hardware and AI applications showing strength [1] - The A500 ETF managed by E Fund (159361) tracking the CSI A500 Index rose approximately 1.5% by midday, led by stocks like Huadian Technology, Shenzhen South Circuit, and Feilihua [1] - The ChiNext ETF (159915) saw its underlying index increase by 2.6%, with leading stocks including Kechuang Data, Feilihua, Shenghong Technology, Zhongji Xuchuang, and Xinyisheng [1] Group 2 - Alibaba's AI assistant Qianwen App reached over 10 million downloads within a week of its public testing, surpassing ChatGPT, Sora, and DeepSeek to become the fastest-growing AI application [1] - Meta Platforms is reportedly considering spending several billion dollars to purchase Google's TPU, which will be used for Meta's data center construction [1] - Google recently launched its seventh-generation TPU "Ironwood," which is the most powerful and energy-efficient custom chip to date [1] Group 3 - The CSI A500 Index consists of 500 stocks with large market capitalization and good liquidity across various industries, optimizing industry balance and covering most of the CSI's three-level industries [2] - The ChiNext Index is composed of 100 stocks with large market capitalization and good liquidity from the ChiNext board, with over 90% of its composition in strategic emerging industries, including AI hardware and the new energy industry [2] - The A500 ETF (159361) and ChiNext ETF (159915) are among the largest products related to these indices, offering low-cost investment tools with a management and custody fee rate of only 0.2% per year [2]

今日早盘，科技成长股集体反弹，带动成长风格大幅走强。截至午间收盘，国证成长100指数上涨4.6%，国证自由现金流指数上涨1.3%，国证价值100指数 上涨0.8%，成长ETF（159259）半日成交额约1亿元。 国证成长100指数聚焦A股成长风格突出的股票，紧扣经济转型脉搏，电子、通信、计算机等高景气赛道占比高，最新一期成份股2025年净利润一致预期增 速达89.1%，投资者可借道成长ETF（159259）把握成长风格投资机遇。 | 该指数由A股自由现金流水平 | 截至午间收盘 | 该指数 | 该 | | --- | --- | --- | --- | | 较高的100只股票组成,工业、 | 该指数涨跌 | 滚动市盈率 | 可查询 | | 原材料、可选消费的占比合计 | | | | | 超70%,兼具高股息与成长性 | 1.3% | 13.8倍 | 2024年 | （文章来源：每日经济新闻） | 该指数A股价值风格突出的100 | 截至午间收盘 | 该指数 | 该指数 | | --- | --- | --- | --- | | 只股票组成,可选消费、金融、 | 该指数涨跌 | 滚动市盈率 | 发布以来 | | ...

Liquidity - The supply side of funds is expanding, with equity public offerings rebounding to 111 billion yuan, up from 59 billion yuan, representing an increase to the 82nd percentile over the past three years[11] - The net inflow of southbound funds reached a historical high of nearly 700 billion yuan over the past six months, with a weekly net inflow of 353.1 billion yuan[44] - The demand side is slightly contracting, with equity financing dropping to 81 billion yuan from 259 billion yuan, at the 46th percentile over the past three years[32] Trading Congestion - The trading heat in the chemical industry increased by 42 percentage points to 79%, while the insurance sector decreased by 17 percentage points to 16%[62] - Media sector trading heat rose by 13 percentage points to 47%, while central enterprises fell by 14 percentage points to 26%[62] Investor Sentiment - Retail investor net inflow reached 205.4 billion yuan, an increase of 633.3 billion yuan from the previous value, placing it in the 93.7th percentile over the past five years[2] - The overall market saw a correction, with the Shanghai Composite Index dropping 2.5% to below 3900 points on November 21[78] - The search heat for A-shares on social media platforms returned to a high not seen since August, indicating increased investor interest[78]

Core Viewpoint - The A-share market showed a positive trend with the Shanghai Composite Index rising by 1.13%, and trading volume increased by 14.77% compared to the previous trading day [1]. Industry Performance Summary - **Communication**: Increased by 3.70%, with a transaction amount of 883.26 billion, up 31.33% from the previous day. Leading stock: Guangku Technology, up 20.00% [1]. - **Non-ferrous Metals**: Rose by 3.01%, with a transaction amount of 617.09 billion, up 10.67%. Leading stock: Placo New Materials, up 13.63% [1]. - **Electronics**: Gained 2.89%, with a transaction amount of 1999.62 billion, up 26.53%. Leading stock: Changguang Huaxin, up 20.00% [1]. - **Media**: Increased by 2.67%, with a transaction amount of 745.22 billion, up 44.19%. Leading stock: Zhidema, up 13.89% [1]. - **Comprehensive**: Rose by 2.43%, with a transaction amount of 30.23 billion, up 4.00%. Leading stock: Dongyangguang, up 5.56% [1]. - **Power Equipment**: Increased by 2.06%, with a transaction amount of 1142.41 billion, up 8.91%. Leading stock: Oulu Tong, up 20.00% [1]. - **Computer**: Gained 2.06%, with a transaction amount of 1093.81 billion, up 26.48%. Leading stock: Tianrun Technology, up 22.32% [1]. - **Social Services**: Increased by 1.96%, with a transaction amount of 117.62 billion, up 33.02%. Leading stock: Kede Education, up 19.99% [1]. - **Building Materials**: Rose by 1.92%, with a transaction amount of 79.59 billion, up 1.07%. Leading stock: Lezhi Group, up 10.07% [1]. - **Machinery Equipment**: Increased by 1.58%, with a transaction amount of 705.10 billion, up 16.99%. Leading stock: Hexin Instruments, up 20.00% [1]. - **Pharmaceuticals and Biology**: Gained 1.52%, with a transaction amount of 586.69 billion, up 19.94%. Leading stock: Jindike, up 19.99% [1]. - **Non-bank Financials**: Increased by 1.44%, with a transaction amount of 202.39 billion, up 8.49%. Leading stock: Sichuan Shuangma, up 6.17% [1]. - **Light Industry Manufacturing**: Rose by 1.40%, with a transaction amount of 136.42 billion, up 7.79%. Leading stock: Shengxing Co., up 10.08% [1]. - **Basic Chemicals**: Increased by 1.34%, with a transaction amount of 559.87 billion, down 9.93%. Leading stock: Keqiang Co., up 11.44% [1]. - **Automotive**: Gained 1.32%, with a transaction amount of 415.35 billion, up 17.88%. Leading stock: N Haian, up 90.52% [1]. - **Retail**: Increased by 1.32%, with a transaction amount of 142.52 billion, up 11.12%. Leading stock: Maoye Commercial, up 10.00% [1]. - **Real Estate**: Rose by 1.22%, with a transaction amount of 171.54 billion, down 3.05%. Leading stock: Yingxin Development, up 10.17% [1]. - **Environmental Protection**: Increased by 1.21%, with a transaction amount of 104.42 billion, down 2.72%. Leading stock: Aibulu, up 15.27% [1]. - **Textiles and Apparel**: Gained 0.99%, with a transaction amount of 100.81 billion, up 17.87%. Leading stock: Xunxing Co., up 10.04% [1]. - **Construction Decoration**: Increased by 0.88%, with a transaction amount of 198.60 billion, up 11.06%. Leading stock: Guosheng Technology, up 10.01% [1]. - **Home Appliances**: Rose by 0.63%, with a transaction amount of 146.32 billion, down 1.17%. Leading stock: Qingshang Co., up 9.75% [1]. - **Steel**: Increased by 0.59%, with a transaction amount of 70.42 billion, up 4.56%. Leading stock: Fangda Carbon, up 6.42% [1]. - **Banking**: Rose by 0.54%, with a transaction amount of 173.67 billion, down 11.11%. Leading stock: Xiamen Bank, up 2.02% [1]. - **Coal**: Increased by 0.53%, with a transaction amount of 51.44 billion, down 17.26%. Leading stock: Dayou Energy, up 2.66% [1]. - **Beauty and Personal Care**: Rose by 0.47%, with a transaction amount of 22.79 billion, down 11.72%. Leading stock: Jiaheng Home Care, up 6.63% [1]. - **Public Utilities**: Increased by 0.44%, with a transaction amount of 155.35 billion, down 15.00%. Leading stock: Dazhong Public Utilities, up 10.06% [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Rose by 0.43%, with a transaction amount of 205.98 billion, down 10.53%. Leading stock: *ST Green Kang, up 5.00% [1][2].

Group 1 - The core viewpoint of the articles indicates a positive trend in the A-share market, with significant increases in various indices, suggesting a potential upward momentum in the market [1][4] - The ChiNext Growth Index rose by 3.3%, the ChiNext 100 Index by 2.4%, and the ChiNext Composite Index by 2.2%, reflecting strong market performance [1] - The ChiNext 50 ETF attracted nearly 1 billion yuan in investments over the past week, highlighting investor interest in this segment [1] Group 2 - China Galaxy Securities notes that the third-quarter reports of listed companies demonstrate resilience in fundamentals, with structural highlights emerging [1] - The growth style is prominent in the ChiNext 50 ETF, which tracks the top 50 stocks with high growth rates in revenue and net profit, particularly in the electronics and biopharmaceutical sectors, which together account for nearly 75% of the index [4] - The rolling price-to-earnings ratio of the ChiNext Growth Index is reported at 144.1 times, indicating a relatively high valuation compared to historical levels [4]

Core Insights - In the past five trading days, a total of 239 companies were investigated by institutions, with significant interest in companies like Ding Tai Gao Ke, Nine Company, and Jing Chen Shares [1][2] - The majority of the investigations were conducted by securities companies, accounting for 90.38% of the total, followed by fund companies and private equity firms [1] - Among the companies investigated, 39 received attention from more than 20 institutions, with Ding Tai Gao Ke being the most scrutinized, attracting 239 institutions [1][2] Group 1: Institutional Research Activity - A total of 239 companies were investigated by institutions from November 18 to November 24 [1] - Securities companies conducted research on 216 companies, while fund companies and private equity firms investigated 150 and 80 companies, respectively [1] - Ding Tai Gao Ke received the highest number of institutional inquiries, with 239 institutions participating [1] Group 2: Financial Performance and Market Movement - In the past five days, six stocks among those investigated saw an increase in funds, with Jing Chen Shares receiving a net inflow of 449 million yuan [1][2] - The stocks that increased in value included Jing Chen Shares, which rose by 15.68%, and others like Hua Xi You Se and Si Ling Shares, which increased by 3.33% and 3.20%, respectively [2] - Conversely, 31 stocks experienced declines, with Ying Lian Shares, Rong Qi Ke Ji, and Hai You Xin Cai seeing the largest drops of 18.48%, 17.41%, and 14.83% [2] Group 3: Company-Specific Insights - Ding Tai Gao Ke's latest closing price was 100.50 yuan, with a decline of 8.30% [3] - Jing Chen Shares closed at 92.72 yuan, marking a significant increase of 15.68% [3] - Ying Lian Shares, on the other hand, closed at 17.11 yuan, reflecting a substantial decrease of 18.48% [3]

2025年11月25日A股全线回暖，截至10:44，中证小盘500指数强势上涨2.07%，成分股中材科技、英维 克双双10cm涨停，菲利华上涨9.92%，生益电子，盛科通信等个股跟涨。 数据显示，截至2025年10月31日，中证小盘500指数前十大权重股分别为胜宏科技、华工科技、先导智 能、芯原股份、欣旺达、卧龙电驱、指南针、通富微电、赤峰黄金、润和软件，前十大权重股合计占比 7.51%。 中证500ETF(159922)紧密跟踪中证小盘500指数，第一大权重行业电子占比超17%，聚焦科技中小盘。 场外投资者还可通过中证500ETF联接基金(070039)一键布局A股中小盘投资机遇。 中国银河证券发布2026年A股市场投资展望表示，"十五五"开局之年改革政策预期强化，人民币汇率向 上等价格因素支撑流动性向好，市场信心有望得到提振。在居民存款搬家持续演绎、机构投资者加大入 市力度、全球资本流向重塑叠加政策工具护航下，A股市场仍将受益于流动性向上逻辑。 华安证券表示，当前良性调整期间幅度已接近历史可比情形，预计进一步调整空间不大，成长科技仍是 下一阶段上涨行情的最强主线。配置思路上，华安证券认为，短期轮动增多加快 ...

Core Insights - On November 24, a total of 17 companies were investigated by institutions, with 10 companies being surveyed by funds, indicating a strong interest in specific stocks [1] - Among the surveyed companies, 6 attracted more than 5 funds, with Crystal Morning Technology being the most popular, receiving attention from 35 funds [1] - The total market capitalization of the surveyed A-shares includes 1 company with a market cap over 500 billion yuan, and 6 companies with market caps below 100 billion yuan [1] Company Summaries - **Crystal Morning Technology (688099)**: Received the highest interest with 35 funds participating in the survey, latest closing price at 92.72 yuan, and a 5-day price increase of 15.68% [1] - **Weili Transmission (300904)**: Attracted 19 funds, latest closing price at 69.20 yuan, with a 5-day price decrease of 2.40% [1] - **Haiyou New Materials (688680)**: Surveyed by 8 funds, latest closing price at 39.17 yuan, experiencing a significant 5-day price drop of 14.83% [1] - **Sanyuan Bio (301206)**: Engaged 7 funds, latest closing price at 27.32 yuan, with a 5-day decline of 5.07% [1] - **Dayilong (002209)**: Also received attention from 7 funds, latest closing price at 14.39 yuan, with a 5-day decrease of 5.95% [1] - **Yongdong Shares (002753)**: Participated by 5 funds, latest closing price at 8.01 yuan, with a slight increase of 3.35% over 5 days [1] - **Hengyi Petrochemical (000703)**: Surveyed by 3 funds, latest closing price at 6.96 yuan, with a 5-day decline of 7.94% [1] - **Weichai Power (000338)**: Engaged 2 funds, latest closing price at 16.60 yuan, with a 5-day decrease of 6.21% [1] - **Zhongsheng Pharmaceutical (002317)**: Attracted 1 fund, latest closing price at 24.08 yuan, with a 5-day decline of 9.20% [1] - **Meirui New Materials (300848)**: Also surveyed by 1 fund, latest closing price at 14.89 yuan, with a 5-day drop of 10.52% [1]

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.99%，A股成交量526.25亿股，成交金额8369.49亿 元，比上一个交易日增加4.90%。个股方面，4897只个股上涨，其中涨停62只，460只个股下跌，其中 跌停7只。从申万行业来看，通信、电子、传媒等涨幅最大，涨幅分别为3.89%、3.26%、2.90%；石油 石化等跌幅最大，跌幅分别为0.30%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 3.89 | 657.68 | 34.48 | 德科立 | 20.00 | | 电子 | 3.26 | 1441.27 | 17.87 | 长光华芯 | 17.13 | | 传媒 | 2.90 | 573.66 | 47.01 | 易点天下 | 11.40 | | 综合 | 2.43 | 21.60 | -10.95 | 东阳光 | 5.56 | | 有色金属 | 2.36 | 413.71 | -1.62 | 铂科新材 | 10.50 | ...