Core Viewpoint - The iTherM 2025 conference aims to explore the latest trends, technologies, and applications in the thermal management industry, focusing on various sectors such as electronics, new materials, and green energy [2][4]. Group 1: Conference Overview - The iTherM 2025 conference will be held from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center [4]. - The event is organized by DT New Materials and iTherM, with support from various academic and industry experts [4][5]. - The conference will feature discussions on thermal management policies, materials, technologies, and engineering advancements [2][4]. Group 2: Themes and Topics - The conference will cover multiple themes, including thermal interface materials, liquid cooling technologies, and thermal management in electric vehicles [5][12][27]. - Specific sessions will focus on advancements in thermal management materials, chip thermal management, and battery thermal management [5][19][25]. Group 3: Notable Speakers and Contributors - The conference will feature prominent figures such as academicians from leading universities and researchers from various institutions, including the Chinese Academy of Sciences and Tsinghua University [4][5][33]. - Experts will present on topics ranging from heat transfer measurement innovations to AI-enabled thermal management material design [17][18]. Group 4: Industry Participation - Major companies and institutions, including BYD, Huawei, and various universities, are expected to participate, showcasing their latest technologies and research [30][31][32]. - The event aims to foster collaboration between academia, industry, and government entities to drive innovation in thermal management solutions [2][4].

Core Insights - A total of 765 stocks reported their latest shareholder numbers as of November 10, with 343 stocks showing a decline compared to the previous period [1][3] - Among the stocks with a decline in shareholder numbers, 24 stocks experienced a drop of over 10% [3] - The stock with the largest decline in shareholder numbers was Kaidi Co., with a decrease of 23.09% [3] Shareholder Data - Kaidi Co. reported 5,298 shareholders, down 23.09% from the previous period, with a cumulative increase of 5.03% since the concentration of shares began [3] - Guoguang Chain reported 38,820 shareholders, down 21.11%, with a cumulative increase of 5.92% since the concentration of shares began [3] - Other notable declines include Bojie Co. with a 20.76% decrease in shareholder numbers [3] Market Performance - The average increase for concentrated stocks since November 1 was 0.88%, outperforming the broader market [3] - Haima Automobile had the highest increase among stocks with declining shareholder numbers, rising 72.16% since October 21 [2] - Other top performers included Taihe Technology and Ximai Food, with increases of 32.30% and 30.30%, respectively [2] Industry Concentration - The concentrated stocks are primarily found in the machinery, electronics, and computer sectors, with 49, 33, and 27 stocks respectively [3]

Group 1 - The core point of the article is that Gaolun Electronics executed a block trade on November 18, with a transaction amount of 9 million yuan and a trading price of 30 yuan, which is a discount of 14.38% compared to the closing price of the day [1][2][3] Group 2 - In the last three months, Gaolun Electronics has recorded a total of 63 block trades, with a cumulative transaction amount of 213 million yuan [2] - The closing price of Gaolun Electronics on the day of the block trade was 35.04 yuan, reflecting a decrease of 0.88% [2] - The stock's turnover rate for the day was 1.00%, with a total transaction amount of 153 million yuan and a net inflow of main funds amounting to 3.71 million yuan [2] - Over the past five days, the stock has increased by 3.79%, with a total net inflow of funds amounting to 41.79 million yuan [2] Group 3 - The latest margin financing balance for Gaolun Electronics is 365 million yuan, which has increased by 56.64 million yuan over the past five days, representing an increase of 18.39% [3] - Gaolun Electronics was established on March 18, 2010, with a registered capital of 435.177853 million yuan [3]

市场表现方面，收盘股价超百元股中，今日平均下跌0.26%，跑赢沪指0.56个百分点。今日上涨的有67 只，涨幅居前的有东芯股份、天普股份等，下跌的有82只，跌幅居前的有华盛锂电、北方长龙等。 追溯发现，最新百元股近一个月平均上涨6.46%，其间沪指上涨2.61%，涨幅居前的有华盛锂电、线上 线下、鼎泰高科等，涨幅分别为161.09%、87.39%、62.59%，今年以来平均涨幅为113.71%，强于沪指 96.17%，累计涨幅居前的有上纬新材、天普股份、胜宏科技等，涨幅分别为1545.60%、811.34%、 567.70%。 以最新收盘价计算，A股平均股价为13.76元，其中股价超过100元的有149只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至11月18 日收盘，沪指报收3939.81点，下跌0.81%，A股平均股价为13.76元，个股股价分布看，股价超过100元 的有149只，股价在50元至100元的有441只，股价在30元至50元的有782只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1476.00元，上涨0.34%，其次是寒武纪、源杰 科技等，最 ...

袁晓明致辞时表示，党的二十届四中全会对扩大高水平对外开放、开创合作共赢新局面作出战略部署。 我们愿与各方分享中国超大规模市场红利，为全球产业链供应链稳定运行提供重要支撑，为外资企业深 耕中国提供优质土壤。江苏产业集群丰富、辐射市场广阔，拥有一批高水平开放平台。商务部将一如既 往支持江苏推进高水平开放和高质量发展。诚挚欢迎各国投资者抓住机遇，到中国、到江苏投资兴业。 上海美国商会会长郑艺致辞时表示，将发挥好桥梁纽带作用，进一步拓展双向投资合作，助力实现更高 水平互利共赢。省商务厅主要负责同志解读了《中国（江苏）自由贸易试验区生物医药全产业链开放创 新发展方案》。印尼工商会中国委员会副主席林优娜，苹果公司全球副总裁、苹果供应链亚太区负责人 崔玉善，辉瑞公司全球高级副总裁、中国区总裁彭振科，LG新能源中国区总裁崔智雄先后发言，介绍 了与江苏交流合作取得的成果及下一步合作愿景。 论坛上，启动了江苏省生物医药全产业链开放创新联盟，发布了江苏省新能源产业链枢纽平台，一批外 资研发中心项目签约。围绕服务业扩大开放合作、新能源产业链合作、生物医药产业链合作等，举办分 论坛和对接活动。 论坛开幕前，信长星、刘小涛会见出席活动的 ...

Group 1: Strong Individual Stocks - As of November 18, the Shanghai Composite Index fell by 0.81% to 3939.81 points, the Shenzhen Component Index decreased by 0.92% to 13080.49 points, and the ChiNext Index dropped by 1.16% to 3069.22 points [1] - The top three strong stocks based on current board numbers and daily trading data are Victory Shares (000407), Huaxia Happiness (600340), and Aerospace Development (000547) [1] - Victory Shares (000407) achieved a 6-day continuous rise with a turnover rate of 32.52% and a trading volume of 1.907 billion yuan [1] - Huaxia Happiness (600340) recorded a 4-day continuous rise with a turnover rate of 28.89% and a trading volume of 3.466 billion yuan [1] - Aerospace Development (000547) had a 3-day continuous rise with a turnover rate of 25.76% and a trading volume of 4.597 billion yuan [1] Group 2: Strong Concept Sectors - The top three concept sectors with the highest increase are Xiaohongshu Concept, Pinduoduo Concept, and Sora Concept (text-to-video) [2] - Xiaohongshu Concept increased by 3.16%, with 66.04% of its constituent stocks rising [2] - Pinduoduo Concept rose by 3.14%, with 51.28% of its constituent stocks experiencing an increase [2] - Sora Concept (text-to-video) saw a 2.7% increase, with 80.49% of its constituent stocks rising [2] - Other notable sectors include Kuaishou Concept (2.65% increase) and ERP Concept (2.53% increase) [2]

债券研究 年底主线酝酿期，关注中低价、大盘—— 可转债周报 20251118 ❖ 近期权益市场风格调整明显，次年主线酝酿中。10 月以来权益市场的宽基指 数在高位震荡持续，但行业板块上分化较为明显：此前较热门的 AIGC 相关的 TMT 等板块交易拥挤度回落明显，而受益于近期大宗商品走强以及 AI 扩张下 电力缺口等叙事的认可，部分有色、新/旧能源板块交易活跃。 近几年年底最后 1-2 个月以行业轮动速度观察，均有较明显的抬升趋势，部分 解释了今年年底 TMT、有色、新能源等题材快速切换的情况，同时参考往年， 至次年春节前后板块轮动的趋势或将加速。此外，2025 年表现强势的人形机 器人、人工智能等板块，在 2024 年底时就有较明显的超额收益，而低空经济 这个 2025 年偏弱的"老题材"在 24 年底就显示出相对颓势。 证 券 研 究 报 告 【债券周报】 ❖ 近期中低价转债表现靠前，历史看年底防御品种超额不弱。10 月中旬以来， 中低价的偏债及平衡品种表现依然靠前，但高价的偏股品种出现震荡调整，或 也对应着年底转债市场在结构上风偏有所回落，对应了年底主线酝酿期不确定 性抬升的变化。回顾历史，除了 201 ...

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

（原标题：主力资金丨多只热门股回调，资金大幅净流出！） 4个行业获主力资金净流入。 据证券时报·数据宝统计，今日（11月18日）沪深两市主力资金净流出633.91亿元，其中创业板净流出217.99亿元。 行业板块方面，申万一级4个行业上涨，传媒行业涨幅居首，达1.6%；计算机、电子和食品饮料行业均小幅上涨。27个下跌行业中，煤炭行业跌 幅居首，达3.17%；电力设备、钢铁、有色金属和基础化工行业均跌超2.6%。 9股遭到主力资金大幅净流出均超10亿元，其中阳光电源主力资金净流出24.16亿元，居首；多只热门股股价回调，宁德时代、多氟多和天赐材料 主力资金净流出均超13亿元，其中多氟多和天赐材料股价均跌停。 6股尾盘主力资金净流出均超1亿元 从资金流向来看，申万一级行业中，4个行业获主力资金净流入。传媒行业主力资金净流入居首，达25.33亿元；计算机行业主力资金净流入11.72 亿元，居次席。通信和美容护理行业净流入金额分别为3亿元、4300.48万元。 27个主力资金净流出的行业中，电力设备行业净流出205.28亿元，居首；有色金属和基础化工行业主力资金净流出均超71亿元，医药生物、电 子、汽车和国防军工行业 ...

当前局势的紧张促使市场恐慌加剧，资金的迅速撤离让事态变得更加严峻。若这种情况持续恶化，则日本经济所面临的冲击只会更加猛烈。令人瞩目的 是，高市早苗自11月16日起开始进行了不情愿的"反省"，自民党代理政调会长也表态希望她不要再发表类似的言论。几天前，她在国会中高呼"这符合政 府立场"，如今却急转弯，这未免让人觉得可笑。 在高市早苗的施政之下，政治斗争愈发激烈。前首相野田佳彦当众发难，要求其坚持"无核三原则"，并指责其突然提出修改这一国家重大方针显得过于 唐突。此外，各党派对高市的激进政策早已不满，执政联盟内部也暗流涌动。 11月17日，一个原本平常的日子，却成为了日本经济舞台上的一场惊心动魄的表演。东京股市开盘即重挫，日经225指数一度跌破了5万点大关，跌幅超 过1%。更令人震惊的是，这一切都发生在日本内阁府发布了第三季度GDP数据——按年率计，大跌1.8%，这是六个季度以来的首次萎缩。 我们不得不提及的是高市早苗，一位在日本政坛中颇具争议性的人物。当上首相后的她毫无顾忌地发表了一些挑衅性言论，结果招来了滔天祸端。如 今，日本不仅面临经济滑坡的压力，国民的愤怒也逐渐升温，甚至出现了围堵首相官邸的示威，喊出了" ...