相较于大盘股，小市值品种具备更高的股性以及活跃度，也更容易成为行情中的核心。证券时报·数据 宝统计，截至12月5日收盘，两市共932只个股流通市值低于30亿元，其中376只个股流通市值不足20亿 元。总市值方面，两市共1653只个股总市值低于50亿元，其中530只个股总市值不足30亿元。 | 证券代码 | 证券简称 | 流通市值（亿元） | 总市值（亿元） | 市盈率（倍） | 申万行业 | | --- | --- | --- | --- | --- | --- | | 001260 | 坤泰股份 | 6.63 | 24.00 | 48.20 | 汽车 | | 301287 | 康力源 | 6.89 | 26.97 | 35.66 | 轻工制造 | | 603307 | 扬州金泉 | 6.92 | 27.69 | 24.15 | 纺织服饰 | | 300391 | *ST长药 | 7.29 | 7.29 | - | 医药生物 | | 301309 | 万得凯 | 7.32 | 28.80 | 25.84 | 机械设备 | | 301314 | 科瑞思 | 7.34 | 24.96 | 179.52 | 通信 ...

Summary of Conference Call Records Industry Overview - **Investment Outlook**: The overall market is expected to see an influx of capital due to adjustments in risk factors for major index constituents and new regulations for public funds, potentially leading to an increase of over 100 billion yuan in investment funds [1][2][3] - **Foreign Investment**: Initial foreign interest in Chinese assets was low at the beginning of the year, but is expected to gradually return in the second half, supported by a favorable exchange rate for the yuan [1][2][3] Key Points on Specific Industries Power Industry - **Electricity Pricing**: The national electricity price is anticipated to face downward pressure in 2026 due to supply easing and rapid construction of peak-shaving facilities. However, the role of thermal power is shifting towards auxiliary services, which will enhance profitability stability [4] - **High Dividend Stocks**: Companies like Huaneng and Huadian are highlighted as attractive due to their high dividend yields amidst limited downward space for profitability [4] Natural Gas Sector - **LNG Prices**: The price of imported LNG is expected to decline due to falling global prices and a decrease in oil prices, benefiting end-users [5] - **Investment Opportunities**: Companies such as Kunlun Energy and China Resources Gas are recommended for their high dividend yields and potential for valuation recovery [5] Copper Market - **Price Trends**: Copper prices have recently reached new highs, driven by structural inventory tightness and expectations of supply cuts. The price is currently around 91,600 yuan/ton domestically and 11,600 USD/ton internationally [6][8] - **Future Outlook**: The copper market is expected to remain strong due to ongoing supply-demand imbalances and potential tariff impacts on copper imports in the U.S. [7][8] - **Recommended Stocks**: Companies like Zijin Mining and Luoyang Molybdenum are recommended based on their favorable market positions [6][8] Gold Sector - **Market Performance**: The gold sector is viewed positively, with expectations of price increases supported by anticipated interest rate cuts and ongoing central bank purchases [9] - **Valuation**: Current valuations for gold stocks are considered low, with potential for significant upside if prices rise to 5,000 USD/oz [9] Chemical Industry - **Basic Chemicals**: The basic chemical sector is entering a favorable investment window due to supply-demand stabilization and policy support for production efficiency [11][12] - **Key Players**: Companies like Wanhua Chemical and Xinjiang Tianye are highlighted for their strong competitive positions and governance [12] Petrochemical Sector - **Oil Price Stability**: Oil prices are expected to remain stable around 63 USD, with a projected range of 55 to 70 USD in 2026 due to balanced supply and demand dynamics [10] - **Investment Recommendations**: Downstream polyester companies are favored for their stronger performance outlook, with specific recommendations for Tongkun and New Fengming [10] Construction Materials - **Market Trends**: The construction materials sector is expected to see steady demand growth, particularly in fiberglass and consumer building materials, with companies like China Jushi and Sanke Tree recommended for their growth potential [20][21] Coal Industry - **Future Trends**: The coal market is expected to tighten due to increased global demand and supply constraints, particularly in East Asia [22][23] - **Investment Opportunities**: High dividend stocks such as China Shenhua and Shanxi Coal are recommended, along with companies involved in new energy initiatives [24] Additional Insights - **Sector-Specific Opportunities**: Various sectors such as fluorochemicals, titanium dioxide, and organic silicon are identified as having potential investment opportunities due to market dynamics and supply constraints [15][16][17] - **Overall Market Sentiment**: The sentiment remains cautiously optimistic, with expectations of gradual recovery and capital inflow across multiple sectors, driven by policy support and macroeconomic factors [1][2][3]

证 券 研 究 报 告 【华创策略】 躁动行情何时至——策略周聚焦 从量、价、高低切看，本轮指数调整或已到位 11/21 上证指数跌破 MA60，为近半年首次。历史数据显示牛市中跌破 MA60 前 10 日平均跌幅达 5%，跌破后 10 日仅跌 2%，且 30 日内多收复失地。当前 指数自跌破 MA60 仅微跌 1%，显示调整或已到位。量能方面，全 A 成交额与 换手率分别回落至 16962 亿元和 3.19%，低于历史跌破后 10 日均值（测算成 交额 17147 亿元、换手率 3.38%），显示缩量基本完成。此外，行业分化指标 （前 5-后 5 行业涨幅差）从 10/9 的 69pct 高位回落至 11/21 的 47pct，目前已 回升至 60pct，叠加通信、有色、电新等前期领跌板块反弹，高低切或已结束。 当下需重点关注万科债务展期或在短期内加剧地产风险 尽管万科展期暂避违约，但若融资环境恶化，或引发房企信用连锁反应。当下 核心风险在于可能触发金融机构对国有房企的系统性信任危机，影响已超个体 流动性困境，或重塑国企地产信用评估逻辑，并对宏观流动性构成潜在冲击。 本轮春季躁动的启动可能受内外关键事件所驱 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.64 CNY, based on a projected 19x PE for comparable companies in 2026 [3][7]. Core Insights - The company demonstrates resilient performance despite industry challenges, with a projected net profit of 1.944 billion CNY for 2025, reflecting a decrease from previous estimates [3]. - The report highlights an improving industry landscape for spandex, with the company positioned to benefit from both volume and price elasticity as supply constraints tighten and demand for elastic fabrics grows [11]. - The adipic acid sector is expected to recover from its current low profitability, with the company being a leading player in the market, benefiting from industry consolidation and demand recovery [11]. Financial Performance Summary - The company reported a revenue of 26.298 billion CNY in 2023, with a projected decline to 25.75 billion CNY in 2025, followed by growth in subsequent years [4]. - The net profit attributable to the parent company is forecasted to decrease to 1.944 billion CNY in 2025, with a recovery expected in 2026 and 2027 [4]. - The gross margin is expected to decline to 12.7% in 2025 but is projected to improve to 15.4% and 16.8% in 2026 and 2027, respectively [4].

资金流未见明显结构切换， 建议适当控制仓位 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 —— 量化市场追踪周报（2025W49） 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W49)：资金流未见明显结 构切换，建议适当控制仓位 [Table_ReportDate] 2025 年 1 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The convertible bond market rose slightly this week, and the equity market also had a small increase. Given the current volatility in the equity market, high - price and high - valuation convertible bonds may face adjustment pressure, and trading convertible bonds is difficult. It is recommended to comprehensively consider convertible bond terms and underlying stock conditions, select bonds carefully, and focus on structural opportunities and new bonds in high - prosperity industries [4]. 3. Summary by Relevant Catalogs Market行情 - From December 1, 2025, to December 5, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.08% (last week's change was -0.27%), and the CSI All - Share Index changed by +0.77% (last week's change was +2.82%). Since 2025, the CSI Convertible Bond Index has risen by +16.27%, and the CSI All - Share Index has risen by +21.60% [1]. - By rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) had weekly changes of +0.09%, -0.26%, -0.89%, -1.17%, and -1.31% respectively, with all but high - rated bonds declining [1]. - By convertible bond size, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) had weekly changes of -0.93%, -0.57%, +0.46%, -0.90%, and -1.37% respectively, with all but medium - scale convertible bonds declining [2]. - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) had weekly changes of -2.74%, -1.23%, -1.67%, +0.11%, -0.89%, -1.31%, and -0.30% respectively, with all but medium - parity bonds declining [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 5, 2025, there were 407 outstanding convertible bonds (410 at the end of last week), with a balance of 556.996 billion yuan (561.091 billion yuan at the end of last week). The average convertible bond price was 129.56 yuan (130.12 yuan at the end of last week), with a percentile of 90.38% (from the beginning of 2023 to December 5, 2025). The average convertible bond parity was 100.82 yuan (100.90 yuan at the end of last week), with a percentile of 87.69%. The average convertible bond conversion premium rate was 30.76% (30.39% at the end of last week), with a percentile of 34.51% [3]. Convertible Bond Performance and Allocation Direction - Given the current situation, it is recommended to comprehensively judge based on convertible bond terms and underlying stock conditions, select bonds carefully, and focus on structural opportunities and new bonds in high - prosperity industries [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of weekly increase are listed, including YaKe Convertible Bond, WeiDao Convertible Bond, etc., along with their underlying stocks, industries, latest closing prices, convertible bond increases, and underlying stock increases [20].

A股并购重组市场持续活跃。 12月5日晚间，又有多家A股公司披露了并购重组相关公告。其中，渤海化学公告称，公司正在筹划出售天津 渤海石化有限公司100%股权、购买安徽泰达新材料股份有限公司的控制权，本次交易预计构成重大资产重 组，公司股票自12月8日开市起开始停牌。中能电气公告称，拟现金收购山东达驰电气有限公司等三家公司 65%股权及债权，可能构成重大资产重组。 值得一提的是，12月5日开盘后，渤海化学股价直线拉升，强势涨停，截至收盘，股价报5.05元/股，总市值为 56.06亿元。 有券商机构分析称，并购重组作为支持经济转型升级、实现高质量发展的重要市场工具，一方面，能够通过畅 通"募投管退"的良性循环，释放出更多产业资本进入到新质生产力、战略性新兴产业等领域；另一方面，也有 助于推动优质资产的注入，提高上市公司质量。并购重组市场的活跃状态有进一步强化之势，市场正经历新一 轮并购重组浪潮。 重大资产重组 12月5日晚间，渤海化学（600800）发布公告称，公司正在筹划出售天津渤海石化有限公司100%股权，通过发 行股份及支付现金的方式购买安徽泰达新材料股份有限公司的控制权（以下简称"本次交易"）。 经初步测 ...

记者丨江佩佩 见习记者张嘉钰 资料显示，天津渤海化学股份有限公司1993年12月6日在A股上市，公司的主营业务是聚丙烯、环氧丙烷、丙烯酸、丙烯腈等的生产。公司的主要产品 是基础化工产品。 近年来，渤海化学深陷亏损泥潭且亏损持续扩大，2022年至2024年归母净利润分别为-3823.78万元、-5.21亿元、-6.32亿元；2025年前三季度，公司归母 净利润为-5.79亿元，同比下滑7.85%，三年三季度合计亏损逾17.7亿元。 在连年亏损下，渤海化学开始谋求转型。在2024年年报中，公司表示谋划向新材料、高端专用化学品、绿色化学品方向转型。本次筹划收购泰达新材或 是其中一环。 编辑丨张楠 12月5日晚间，渤海化学(600800)发布公告称，公司正筹划出售渤海石化100%股权、通过发行股份及支付现金的方式购买泰达新材的控制权。公司股票 自12月8日起开始停牌，预计停牌时间不超过10个交易日。 值得一提的是，渤海化学股票"提前"涨停，二级市场方面，渤海化学近两日大涨，并于12月5日涨停，最新报收5.05元/股，市值为56.1亿元。 | < 日 | 渤海化学〔600800〕 | | | | | --- | --- ...

记者丨 江佩佩 见习记者张嘉钰 编辑丨张楠 12月5日晚间，渤海化学(600800)发布公告称，公司正筹划出售渤海石化100%股权、通过发行 股份及支付现金的方式购买泰达新材的控制权。公司股票自12月8日起开始停牌，预计停牌时 间不超过10个交易日。 值得一提的是，渤海化学股票"提前"涨停，二级市场方面，渤海化学近两日大涨，并于12月5 日涨停，最新报收5.05元/股，市值为56.1亿元。 近 年 来 ， 渤 海 化 学 深 陷 亏 损 泥 潭 且 亏 损 持 续 扩 大 ， 2022 年 至 2024 年 归 母 净 利 润 分 别 为-3823.78万元、-5.21亿元、-6.32亿元；2025年前三季度，公司归母净利润为-5.79亿元，同 比下滑7.85%，三年三季度合计亏损逾17.7亿元。 在连年亏损下，渤海化学开始谋求转型。在2024年年报中，公司表示谋划向新材料、高端专用 化学品、绿色化学品方向转型。本次筹划收购泰达新材或是其中一环。 公开资料显示，泰达新材成立于1999年，专业从事重芳烃氧化系列产品研究、开发、制造、销 售和进出口贸易，主导产品为偏苯三酸酐（简称TMA），下游应用领域包括增塑剂、 ...

Market Overview - In November, A-shares and Hong Kong stocks experienced a trend of high-low switching, with the ChiNext Index down 4.23% and the Hang Seng Tech Index down 5.23%[5] - The market's focus shifted towards defensive sectors as funds moved from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets[5] Investment Strategy - December's market is expected to maintain an upward trend, with a short-term oscillating structure anticipated[5] - Key events include the Central Economic Work Conference and various industry conferences that may create investment opportunities[5] Key Investment Themes - Focus on "anti-involution" policies which are expected to improve industry performance, particularly in resource sectors benefiting from rising commodity prices[5] - Emphasis on overseas expansion themes, with Chinese high-end manufacturing expected to gain market share globally[5] Recommended Stocks - Zijin Mining (601899.SH) projected EPS growth from 1.21 in 2024 to 2.83 in 2027, with a PE ratio decreasing from 23.62 to 10.10[7] - Electric Power Investment (002128.SZ) expected to see EPS rise from 2.38 in 2024 to 2.75 in 2027, with a PE ratio decreasing from 10.9 to 9.45[27] Financial Performance - Zijin Mining's revenue is projected to grow from 303.64 billion yuan in 2024 to 381.84 billion yuan in 2027, with a net profit increase from 32.05 billion yuan to 75.22 billion yuan[18] - Electric Power Investment's revenue is expected to increase from 298.59 billion yuan in 2024 to 371.25 billion yuan in 2027, with net profit rising from 5.34 billion yuan to 6.17 billion yuan[27] Risk Factors - Risks include unexpected policy changes, underperformance in commercialization, and slower-than-expected product development[5]