【环球网财经综合报道】Wind资讯统计，11月以来累计有509家海外机构合计调研109家上市公司。分行业来看，海外 机构主要青睐电子和机械设备两大行业，调研的公司数量分别为22家和15家。 《南华早报》发文称，摩根士丹利表示，由于中国股市经历了强劲的反弹，使其今年成为全球表现最好的市场之一， 预计2026年将实现适度增长。摩根士丹利还提到，如果中国能更早摆脱通缩、出现更多科技突破以及地缘政治环境改 善，其对中国经济的乐观情绪将进一步提高。 同时，摩根士丹利将2026年12月的主要股指目标定为：恒生指数27500点、恒生中国企业指数9700点、沪深300指数 4840点，意味着较当前有约4%、4%和5%的上行空间。 中信证券也发布研报认为，A股电子行业三季度总营收同比增长15%，归母净利润同比增长46%，行业景气有望延续， 人工智能仍是最大驱动力。 ...

Wind数据显示，下半年以来（7月1日以来，下同），A股融资余额不断攀升，10月29日创下历史新高 24885.78亿元。融资余额最新值为24746.99亿元（截至11月14日），处于近15年高位。相较上半年末的 18381.49亿元增长6365.5亿元，增幅34.63%。13个申万一级行业融资净买入额在100亿元以上。电子行 业融资净买入额高达1489.08亿元，遥遥领先；电力设备行业紧随其后，融资净买入额为915.75亿元；通 信、有色金属行业融资净买入额超过400亿元。仅煤炭、石油石化遭融资净偿还，金额分别为7.28亿 元、11.25亿元。个股方面，110股下半年以来融资净买入额在10亿元以上。宁德时代、新易盛、中际旭 创、胜宏科技、寒武纪-U下半年获融资净买入超100亿元，融资净买入分别为122.53亿元、116.8亿元、 114.32亿元、114.1亿元、104.85亿元；阳光电源、中芯国际、工业富联紧随其后，融资净买入额均在50 亿元以上。 ...

Company Developments - Alibaba officially announced the "Qianwen" project, aiming to enter the "AI to C" market, with the public beta version of the Qianwen APP launched, integrating the world's top-performing open-source model Qwen3 and competing directly with ChatGPT [7] - Luckin Coffee reported third-quarter total revenue of 15.3 billion yuan, a year-on-year increase of 50.2%, with GMV growing 48.1% to 17.3 billion yuan. However, net profit decreased by 2.7% to 1.278 billion yuan, with the net profit margin dropping from 12.9% to 8.4% [8] - Domestic GPU unicorn Muxi Co., Ltd. received approval for its IPO on the Sci-Tech Innovation Board, planning to issue no more than 40.1 million A-shares and raise 3.904 billion yuan for multiple GPU projects [8] - CATL announced that its second-largest shareholder, Huang Shilin, has set the transfer price at 376.12 yuan per share, with the total number of shares to be transferred amounting to 45.6324 million shares, resulting in a cash-out of 17.163 billion yuan [8] - XPeng Motors released its financial report, showing third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with a net loss of 380 million yuan and a gross margin of 20.1%. The company expects fourth-quarter revenue between 21 billion and 23 billion yuan, with vehicle deliveries projected at 125,000 to 132,000 units [8] Industry Insights - In November, a total of 509 overseas institutions conducted research on 109 listed companies, with a focus on the electronics and machinery sectors, which attracted 22 and 15 companies respectively. The electronic industry reported a 15% year-on-year increase in total revenue and a 46% increase in net profit for the third quarter, indicating continued industry prosperity driven by artificial intelligence [5][6] - The Ministry of Commerce announced a review of anti-subsidy measures on imports of propylene from the U.S., effective from November 18, 2025, continuing to impose anti-subsidy taxes during the review period [2] - The National Bureau of Statistics reported that during the first ten months of the year, national fiscal revenue reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while fiscal expenditure was 22.58 trillion yuan, up 2% [2]

点击注册小程序 本周上证综指下跌0.18%，上证50持平，沪深300下跌1.08%，中证500下跌1.26%，中证1000下跌0.52%， 创业板指下跌3.01%，北证50指数下跌0.56%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点与市场复盘： 本周（2025.11.10-2025.11.14，下同）A股延续宽幅震荡表现，主要宽基指数周度收跌，市场量能再度收 缩。资金面方面，融资增加额环比上周小幅提升；股票型ETF实现净流入，TMT主题ETF为净流入主力。 近期市场交易情绪稳中有降，热点主题有所切换，TMT主题呈现回调。短线市场或延续宽幅震荡格局，后 市看好"红利+科技"主线，红利或在波动方面占优。 截至2025年11月14日，宽基指数来看，上证指数、上证50和沪 ...

5、 上海海关透露，今年前10个月，上海市实现进出口3.71万亿元，同比增长5.2%， 增速高于全国整体水平1.6个百分点。其中，出口增长10.5%，进口增 长1.3%，且已连续7个月进口、出口双双增长。 1、 A股弱势震荡，锂矿概念股逆势爆发，福建本地股掀涨停潮，军工股火力全开；医药概念集体下挫，光伏板块调整。 截至收盘，上证指数跌0.46%报 3972.03点，深证成指跌0.11%，创业板指跌0.2%。A股全天成交1.93万亿元。 2、 香港恒生指数收盘跌0.71%报26384.28点；恒生科技指数下跌0.96%，恒生中国企业指数下跌0.74%。 电气设备、医药生物、有色金属、化工、银行板 块跌幅居前。南向资金净买入84.48亿港元，阿里巴巴获净买入近21亿港元。 1、 外交部发言人毛宁在例行记者会上强调，针对日本首相高市早苗涉台错误言论，中方已经并将继续向日方提出严正交涉和强烈抗议，严肃要求日方立 即反思纠错，收回错误言论，停止在涉华问题上制造事端。 另外，在二十国集团领导人峰会期间，李强总理没有会见日方领导人的安排。 1、 国务院副总理何立峰与德国副总理兼财政部长克林拜尔共同主持第四次中德高级别财金对 ...

◎记者赵明超 临近年末，又到机构调仓时。 从年内市场表现看，科技股强势领跑，多只相关基金净值翻倍，公募基金对科技相关板块的配置比例， 已进入历史高位区间。随着筹码日趋集中，机构之间的分歧开始显现："坚守者"依然看好科技创新的星 辰大海，风物长宜放眼量；"撤退者"认为大树不能涨上天，"君子不立于危墙之下"；观望者则是见机行 事，认为唯有业绩不会辜负。 平安基金基金经理刘洁倩在接受上海证券报记者采访时表示，国内企业关于AI的资本开支启动相对较 晚。今年2月，阿里巴巴宣布未来3年投入3800亿元用于云基础设施和AI建设，与海外市场动辄千亿美 元的资本开支相比，存在较大差距，后续还有较大提升空间。 "即使短期海外市场有关于AI泡沫的讨论，对国内而言尚不存在这样的问题。"刘洁倩表示。 从资金端来看，在市场震荡调整时，资金依然在持续流入。据Choice测算，截至11月14日，人工智能主 题ETF近一周净申购额为48.68亿元，近一个月净申购额为44.23亿元。 沪上某新锐基金经理告诉上海证券报记者，在近期科技板块的调整中，他捡拾了部分筹码，"短期来 看，科技板块或有所震荡，但从中长期来看，科技是十分确定的投资方向"。 撤 ...

Core Viewpoint - The company, Kunshan Guoli Electronics Technology Co., Ltd., is set to hold a Q3 2025 earnings presentation on November 25, 2025, to communicate its operational performance and development strategies to investors [3][4]. Group 1: Meeting Details - The earnings presentation will take place on November 25, 2025, from 15:00 to 16:30 [4][5]. - The meeting will be conducted online through the "Value Online" platform [4][5]. - Participants will include the Chairman, General Manager, Board Secretary, Chief Financial Officer, and an Independent Director [4]. Group 2: Investor Participation - Investors can submit questions until November 25, 2025, via a designated website or WeChat mini-program [2][6]. - The company will address commonly asked questions during the earnings presentation within the limits of information disclosure [2][6]. Group 3: Post-Meeting Information - After the earnings presentation, investors can access the meeting details and key content through the Value Online platform or the Yidong app [7].

Group 1: Industry Overview - In November, 509 overseas institutions conducted research on 109 listed companies, with a focus on the electronics and machinery equipment sectors, which had 22 and 15 companies researched respectively [1] - The A-share electronics industry saw a 15% year-on-year increase in total revenue and a 46% increase in net profit attributable to shareholders in Q3 [2] - The electronics industry is experiencing structural differentiation, with significant growth in semiconductor, computing, and consumer electronics leading companies, while other sectors are seeing a slowdown [2] Group 2: Company Highlights - Aopu Technology received attention from 58 overseas institutions, revealing a partnership with a leading robotics company to develop high-precision logistics automation solutions [2] - BeiGene reported a 40% year-on-year increase in product revenue, reaching $1.4 billion in Q3, supported by an efficient global commercialization team [3] - Huasheng Lithium Battery, a leader in lithium battery electrolyte additives, has seen its stock price rise significantly, driven by increasing prices of key raw materials [3] Group 3: Market Performance - The average stock price increase for companies researched by overseas institutions since November has been 0.99%, with 45 companies experiencing price increases [3] - Notable stock price increases include Huasheng Lithium Battery at 184.61%, Suzhou Tianmai at 34.04%, and Purun Co. at 22.97% [3] - As of November 14, 14 stocks received over 100 million yuan in net financing, with BOE Technology, HNA Holding, and Suzhou Tianmai leading in net buy amounts [4]

Core Viewpoint - The Nikkei 225 index experienced a significant decline on November 17, with Japanese consumer and tourism stocks facing heavy losses, some exceeding 10% [1] Company Performance - Japan's largest department store group, Isetan Mitsukoshi Holdings, saw its stock price drop by over 11% [1] - Ryohin Keikaku, the company behind Muji, and Shiseido both experienced stock declines of more than 9% [1] - Sharp Corporation's stock fell by over 6% [1] - Oriental Land, the operator of Tokyo Disneyland, saw its stock price decrease by more than 5% [1] - Fast Retailing, the parent company of Uniqlo, also faced a decline of over 5% [1] - Japan Airlines' stock dropped by more than 3% [1]

Group 1: Financing and Investment Plans - Shengyi Electronics plans to raise no more than 2.6 billion yuan through a private placement to invest in AI computing HDI production base, smart manufacturing high-layer circuit board projects, and to supplement working capital and repay bank loans [2] - Lianmicro intends to invest 2.262 billion yuan to construct a project with an annual production capacity of 1.8 million pieces of 12-inch heavily doped substrate wafers [3] - Daimei Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics technology [5] Group 2: Stock Performance and Trading - Furi Shares experienced a significant stock price fluctuation, with an 8-day cumulative deviation of 113.94%, indicating potential irrational speculation [2] - Tianfu Communication has set the initial inquiry transfer price at 140 yuan per share, reflecting a 7.2% discount from the closing price [7] - Ningde Times' third-largest shareholder is transferring shares at a price of 376.12 yuan per share, with full subscription from 16 institutional investors [6] Group 3: Operational Updates - Yongtai Technology's wholly-owned subsidiary is set to begin trial production of a lithium battery additive project with an annual capacity of 5,000 tons, increasing the total capacity to 10,000 tons per year [3] - Trina Solar's subsidiary signed contracts for the sale of 2.66 GWh of energy storage products, which is expected to positively impact future operating performance [5] - Yinglian Co. signed a strategic procurement contract for over 50 million square meters of composite aluminum foil materials for quasi-solid-state batteries, which will enhance its operational development in 2026-2027 [5] Group 4: Corporate Restructuring and Management - Huaxia Happiness has been designated a temporary manager for pre-restructuring by the court, pending a decision on its restructuring application [8] - The National Integrated Circuit Fund has reduced its stake in Shengke Communication by 2.49%, completing its planned share reduction [4]