市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 一周市场回顾 （2025.11.10—2025.11.14） A 股市场： 融资融券： 请务必阅读报告正文后各项声明 1 / 7 2025 年 11 月 19 日 一周市场回顾 证券研究报告-一周市场回顾 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一 周 市 场 回 顾 （ 2025.11.03 — 2025.11.07） 2025.11.14 一周市场回顾 （ 2025.10.27 — 2025.10.31） 2025.11.03 一周市场回顾 （ 2025.10.20 — 2025.10.24） 2025.10.27 ◼ 本周 A 股上证指数下跌 0.18%，收于 3990.49 点，深证成指下跌 1.40%，收于 13216.03 点，创业板指下跌 3.01%，收于 3111.51 点。 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 0.00%、下跌 0.80%、下跌 1.08%，成长风格类板块代表指数中小 1 ...

天眼查App显示，近日，中山市富悦得科技有限公司成立，注册资本10万人民币，经营范围为一般项 目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；照明器具制造；照明器具销 售；光伏设备及元器件制造；光伏设备及元器件销售；太阳能热利用产品销售；太阳能热发电产品销 售；新能源原动设备制造；新能源原动设备销售；家用电器研发；家用电器零配件销售；家用电器制 造；家用电器销售；电子产品销售；办公用品销售；国内贸易代理；互联网销售（除销售需要许可的商 品）；五金产品零售；五金产品批发；五金产品研发；五金产品制造；塑料制品制造；塑料制品销售； 日用百货销售；家居用品销售；专业设计服务；平面设计；货物进出口；技术进出口；品牌管理；市场 营销策划；企业管理；企业管理咨询。【上述经营范围涉及：货物或技术进出口（国家禁止或涉及行政 审批的货物和技术进出口除外）】（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）。 ...

Group 1 - The core viewpoint of the articles highlights the significant advancements in AI technology, particularly with Google's release of the Gemini3 model, which enhances capabilities in programming, application development, and image generation, indicating a competitive escalation in the global AI race [1][2] - The release of Gemini3 is expected to integrate into Google's entire product suite, including AI search and enterprise services, which will drive demand for computing infrastructure and AI application industries [1] - The A-share market showed a decline in major indices, with the ChiNext 50 ETF experiencing a drop of over 1%, while specific sectors like drones and biotechnology saw gains [1] Group 2 - CITIC Securities forecasts a new upward cycle in global computing infrastructure construction due to increased AI investments from tech giants like Google and Microsoft, predicting double-digit growth in capital expenditures from cloud service providers by 2026 [2] - The ChiNext 50 ETF tracks the ChiNext 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, aligning well with the development of cutting-edge industries such as AI and robotics [2] - The ETF also covers various high-tech fields, including semiconductors, medical devices, software development, and photovoltaic equipment, suggesting a strong long-term outlook for China's hard technology sector [2]

10月18日，在全球财富管理论坛·2025上海苏河湾大会上，上交所副理事长霍瑞戎表示，新一轮科技革 命正在加速演进，人工智能、生物医药等技术快速发展，不仅会深度影响社会经济活动，也将深刻改 变"科技—产业—金融"的融合发展态势。 霍瑞戎表示，为顺应这一趋势，上交所将始终锚定服务国家战略、推动高质量发展为目标，持续提升上 市公司质量，营造长期资金入市的良好生态，不断增强市场的包容性、适应性和吸引力。 二是以转型升级为驱动，积极更新旧功能。鼓励传统行业运用新技术加快实现转型升级，上半年沪市传 统产业钢铁、机械以技术创新为驱动，持续向高端智能跃升，钢铁和机械等传统行业净利润分别提升 235%和21%。 三是多措并举活跃并购重组，支持新旧动能转换。积极落实"并购六条"，支持上市公司用好用足并购重 组工具，加快实现产业整合和转型升级。今年以来，沪市上市公司披露资产重组602单，其中重大资产 重组76单，较上年分别增长19%和117%。 "投融资协调发展"方面，上交所主要围绕产品多样化、市场生态和服务精准，支持中长期资金入市，健 全投融资协调发展的市场格局。 霍瑞戎提到，一是持续完善ETF产品谱系，加大中低波动产品创新力 ...

Group 1 - The core viewpoint indicates that the Sci-Tech Innovation Board indices have experienced declines, with the Sci-Tech Growth Index down by 1%, the Sci-Tech 50 Index down by 1.1%, and both the Sci-Tech 100 Index and the Sci-Tech Composite Index down by 1.2% as of midday [1] - Wind data shows that the Sci-Tech 50 ETF (588080) has seen a net inflow of 250 million yuan over the last three trading days, suggesting investor interest despite the overall index decline [1] - According to Xinda Securities, the "14th Five-Year Plan" emphasizes the priority of building a modern industrial system, with a focus on technological innovation and new productivity, which may catalyze a shift from market fluctuations to an upward trend in indices [1] Group 2 - The Sci-Tech Composite Index ETF tracks the comprehensive index of the Sci-Tech Innovation Board, covering all market securities and focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [6] - The Sci-Tech Growth 50 ETF tracks the growth index of the Sci-Tech Innovation Board, consisting of 50 stocks with high growth rates in operating income and net profit, highlighting a strong growth style [6]

今日早盘，CPO、PCB等概念一度强势领涨，带动创业板局部活跃。截至午间收盘，创业板成长指数上涨0.2%，创业板指数上涨0.1%，创业板中盘200指数 下跌1.2%，创业板ETF（159915）半日成交额超25亿元。 创业板系列指 创业板ETF 跟踪创业板指数 该指数由创业板中市值大、流 动性好的100只股票组成,战 略新兴产业占比较高,电力设 备、通信、电子行业合计占比 沂60% 截至午间 该指数; 创业板200ETF易方达 跟踪创业板中盘200指数 该指数由创业板中市值中等、 流动性较好的200只股票组成, 一 nt Ail . II, 4C - 17 上 六 / 1 == 14 截至午间 该指数 每日经济新闻 ...

按申万一级行业分类，创业板成长ETF跟踪的指数权重集中于通信（36.69%）、电力设备 （20.11%）、电子（12.66%）、非银金融（10.96%）、计算机（9.05%）等板块。适合布局创业板趋势 上涨行情或阶段反弹行情。 相关ETF：创业板成长ETF 159967 每日经济新闻 截至2025年11月19日 11:09 ，A股三大指数集体反弹，上证指数涨0.36%，深证成指涨0.18%，创业 板指涨0.67%。创业板成长ETF（159967）上涨1.22%，单日跑赢创业板指指数0.55个百分点，ETF最新 报价0.579元，盘中成交额达1.37亿元，换手率4.33%。成分股方面涨跌互现，长芯博创领涨7.19%，光 库科技上涨4.89%，海兰信上涨4.1%，中际旭创上涨3.95%，鼎龙股份上涨2.8%；高伟达领跌4.65%，中 科电气下跌3.71%，润和软件下跌2.96%，申菱环境下跌2.14%，惠城环保下跌1.96%。 （责任编辑：董萍萍 ） 从估值层面来看，创业板成长ETF跟踪的创成长最新市盈率（PE-TTM）仅37.68倍，处于近10年 36.80%的分位，即估值低于近10年63.20%以上的时间，估 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of major Chinese tech companies, particularly in the AI sector, with significant revenue growth and market interest [1][2] - Alibaba's "Qianwen" app has gained popularity, ranking fifth in the Apple App Store's free applications shortly after its public beta launch, indicating strong user engagement and future potential for integration of various services [1] - Xiaomi Group reported impressive Q3 results with a revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, showcasing the company's growth trajectory [1] Group 2 - The Chinese AI sector is expected to experience significant performance elasticity and potential, particularly in application areas that are rapidly developing, as noted by Citic Securities [2] - Minsheng Securities expresses optimism about the revaluation of Chinese AI companies, especially those with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, and Xiaomi [2] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily weights leading internet companies, with Alibaba, Tencent, and Xiaomi being the top three holdings, collectively accounting for over 45% of the index [2][4] Group 3 - The valuation of the Hong Kong Internet sector remains low, with the CSI Hong Kong Internet Index trading at a PE ratio of 24.44, significantly lower than the NASDAQ-100 and S&P 500, indicating potential for future growth [5] - The Hong Kong Internet ETF has a substantial scale of over 11.6 billion yuan and an average daily trading volume exceeding 600 million yuan, reflecting strong liquidity [5] - The Hong Kong market has shown higher elasticity in the internet sector this year, with the CSI Hong Kong Internet Index outperforming the Hang Seng Technology Index [4][5]

Group 1 - On November 18, a total of 31 companies were investigated by institutions, with 17 companies being surveyed by funds, highlighting a significant interest in Nanya New Materials, Wangbian Electric, and Agricultural Products [1] - Nanya New Materials attracted the most attention, with 10 funds participating in its survey, while Wangbian Electric and Agricultural Products had 7 and 4 funds involved, respectively [1] - The surveyed companies included 6 from the Shenzhen Main Board, 9 from the ChiNext, 1 from the Shanghai Main Board, and 1 from the Sci-Tech Innovation Board, covering 10 different industries, with the electronics and automotive sectors having the most companies represented [1] Group 2 - Among the surveyed companies, only one had a total market capitalization exceeding 50 billion yuan, while 8 companies had market capitalizations below 10 billion yuan, including Shifeng Culture, Guoan Da, and Wangbian Electric [1] - In terms of market performance, 6 of the surveyed stocks increased in value over the past 5 days, with Agricultural Products, Guoan Da, and Shifeng Culture showing the highest gains of 13.84%, 6.81%, and 6.16%, respectively [1] - Conversely, 11 stocks experienced declines, with Wangbian Electric, Xin Henghui, and Hunan YN showing the largest drops of 7.19%, 6.27%, and 6.01%, respectively [1] Group 3 - Among the surveyed stocks, 5 experienced net capital inflows over the past 5 days, with Hualan Co. seeing the highest net inflow of 32.76 million yuan, followed by Agricultural Products and Shifeng Culture with inflows of 8.70 million yuan and 6.81 million yuan, respectively [2] - Only one company among the surveyed firms released an annual performance forecast, indicating a profit increase, with Xin Henghui expected to report a net profit of 195 million yuan, reflecting a year-on-year growth of 4.66% [2]

11月19日，日韩股市走出V型走势并飘红，截至10:28，日经225指数涨0.55%，东证指数涨0.73%。 韩国股市19日同样拉升，韩国KOSPI指数跌幅一度扩大至2%，目前涨约0.01%。现代重工跌超3%，SK海力士、三星电子跌约1%。 个股方面，受隔夜美股科技股大跌影响，瑞萨电子跌超4%，爱德万测试、东京电子、任天堂等跟跌，资生堂、味之素等消费股继续走低。软银集团则涨 超2%。 A股方面，主要指数拉升，截至发稿，创业板指涨1.01%，沪指、深成指涨超0.4%，军工、锂矿、保险、水产养殖等方向领涨，沪深京三市上涨个股近 1200只。 虚拟货币方面，近24小时内，比特币涨超1%，价格重回9.2万美元，以太坊涨2.5%，SOL涨5.38%。全市场近11.6万人被爆仓，爆仓总金额为4.15亿美元。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 瑞萨电子 | 1789.0d | -83.0 | -4.43% | | 胜高 | 1190.0d | -47.5 | -3.84% | | 斯库林集团 | 12215.0d | -315.0 | -2.51% | | ...