证券 时报·数据宝统计，今日有10个行业主力资金净流入，21个行业主力资金净流出。资金净流入金额 最大的行业为电子，涨跌幅1.58%，整体换手率2.86%，成交量较前一个交易日变动4.43%，主力资金净 流量77.32亿元；今日资金净流出最大的行业为国防 军工 ，涨跌幅-2.25%，整体换手率3.96%，成交量 较前一个交易日变动-12.18%，主力资金净流量-55.68亿元。（数据宝） 今日各行业主力资金流向一览 | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 电子 | 80.10 | 4.43 | 2.86 | 1.58 | 77.32 | | 通信 | 34.79 | 8.25 | 1.99 | 4.64 | 31.54 | | 商贸零 售 | 33.57 | 33.26 | 2.79 | 1.11 | 8.98 | | 家用电 器 | 14.48 | 7.16 | 1.90 | 0.96 | 7.7 ...

两市全天特大单净流入17.88亿元，其中36股特大单净流入超2亿元，中际旭创特大单净流入25.15亿元， 特大单净流入资金居首。 | 300394 | 天孚通信 | 156.95 | 6.24 | 3.78 | 通信 | | --- | --- | --- | --- | --- | --- | | 603083 | 剑桥科技 | 103.95 | 6.30 | 3.69 | 通信 | | 002510 | 天汽模 | 7.04 | 10.00 | 3.54 | 汽车 | | 002413 | 雷科防务 | 7.71 | 9.99 | 3.43 | 国防军工 | 特大单净流出资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 300620 | 光库科技 | 150.65 | 2.48 | -8.15 | 通信 | | 000547 | 航天发展 | 12.69 | -10.00 | -6.01 | 国防军工 | | 688205 | 德科立 | 133.03 | -6.68 | ...

Core Viewpoint - The Shanghai Composite Index fell by 0.15% on November 26, with 11 sectors experiencing gains, particularly in telecommunications and comprehensive sectors, which rose by 4.64% and 1.79% respectively [1] Market Performance - The main funds in the two markets experienced a net outflow of 14.101 billion yuan throughout the day, with 10 sectors seeing net inflows [1] - The electronic sector led the net inflow of main funds, with a total inflow of 7.732 billion yuan and a daily increase of 1.58% [1] - The defense and military industry faced the largest net outflow, totaling 5.568 billion yuan, followed by the media industry with a net outflow of 4.407 billion yuan [1] Electronic Industry Analysis - In the electronic sector, there are 471 stocks, with 197 stocks rising and 7 hitting the daily limit up, while 262 stocks declined [1] - The electronic industry showed a significant net inflow of funds, indicating strong investor interest despite the overall market decline [1]

Communication Sector - North American tech giants are increasing capital expenditures, with Amazon planning $125 billion, Google raising to $91-93 billion, Meta guiding $70-72 billion, and Microsoft aiming to double its data center size within two years [2] - Operators are positioned as key players in the future 6G technology, with strong profitability, cash flow, and dividend levels, and technology maturity expected to improve during the 14th Five-Year Plan [2] - The communication ETF Guangfa (159507) rose by 4.49% [2] ChiNext Index - The latest VAT invoice data from the State Taxation Administration shows steady growth in high-end manufacturing, innovative industries, and digital-physical integration, injecting new vitality into economic development [3] - Recent expectations of a Federal Reserve interest rate cut and stabilizing international conditions may boost market risk appetite, with AI applications and tech sectors likely to continue performing well [3] - The ChiNext ETF Guangfa (159952) increased by 2.16%, while the Double Innovation 50 ETF Enhanced (588320) rose by 2.79% [3] Electronics Sector - Singapore's National AI Strategy is undergoing a major strategic shift, moving from Meta's model to Alibaba's Qwen open-source architecture for its Southeast Asian language model project [4] - Huawei launched the Mate 80 series and Mate X7, along with several new products on November 25 [4] - The AI industry is transitioning its value focus from computing power to application, marking a significant moment for industry intelligence upgrades [4] - The AI ETF Kexin (588760) has seen over 1300% growth in shares year-to-date, while the largest information technology ETF (159939) has a latest scale of 1.269 billion [4] Defense and Military - New fourth-generation equipment is expected to be a key focus for military weaponry development during the 14th Five-Year Plan, with an emphasis on unmanned systems and military AI [6] - The leading military ETF (512680) has a latest scale of 7.536 billion [6] Media Sector - The media and internet industry growth is driven by performance and AI empowerment, with a focus on AI applications and quality content production [7] - The largest media ETF (512980) has a latest scale of 3.185 billion, having attracted 279 million in net inflows over the past five days [7] Market Performance - As of November 26, 2025, the communication index led the market with a 4.64% increase, followed by the ChiNext index at 2.14% and the electronics index at 1.58% [5] - The defense and military sector saw a decline of 2.25%, while the media sector decreased by 0.82% [9]

11月26日，A股三大指数走势分化，沪指午后震荡转跌，截至收盘，上证指数跌0.15%，深证成指涨 1.02%，创业板指涨2.14%。盘面上，CPO概念再度走强，长光华芯2连板，中际旭创大涨超13%。医药 股全线走强，流感、创新药概念领涨，粤万年青、华人健康、北大医药等多股涨停。零售股尾盘拉升， 东百集团、国光连锁等多股涨停。军工板块回调，航天发展跌停。此外，半导体、元器件、海南自贸概 念、人形机器人概念等板块涨幅居前，水产品、银行、旅游等板块跌幅居前。全市场个股跌多涨少， 3500只个股下跌，成交金额近1.8万亿元。 ...

Group 1 - The European Commission announced that Germany's defense spending increase has led to an overshoot in its deficit, but no procedures for addressing excessive deficit have been initiated against Germany [1] - The Commission previously projected that the increase in defense spending would result in a rise in deficits for Germany and several other EU member states by 2026 [1]

Core Viewpoint - The A-share market showed a slight increase with the Shanghai Composite Index rising by 0.14%, while trading volume decreased by 3.19% compared to the previous trading day [1] Industry Performance - The communication sector led the gains with an increase of 4.36%, followed by the electronics sector at 2.45% and the comprehensive sector at 1.69% [1] - The defense and military industry experienced the largest decline at 1.93%, followed by the banking sector at 1.24% and the oil and petrochemical sector at 0.90% [1] Trading Volume and Amount - The total trading volume reached 731.96 billion shares, with a total transaction amount of 11,439.39 billion yuan [1] - The communication sector had a transaction amount of 1,045.06 billion yuan, marking an increase of 18.32% from the previous day [1] - The electronics sector recorded a transaction amount of 2,014.72 billion yuan, with a slight increase of 0.93% [1] Top Gainers and Losers - The top gaining stock in the communication sector was Zhongji Xuchuang, which rose by 13.89% [1] - In the electronics sector, Mingwei Electronics saw a significant increase of 20.01% [1] - The largest decline in the defense and military sector was seen in Chenxi Aviation, which dropped by 10.08% [1]

Market Overview - The Shanghai Composite Index rose by 0.08% as of 10:28 AM, with a trading volume of 51.74 billion shares and a transaction value of 785.21 billion yuan, a decrease of 11.36% compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Telecommunications: Increased by 2.60%, with a transaction value of 67.58 billion yuan, led by TeFa Information, which rose by 10.04% [1] - Pharmaceutical and Biological: Increased by 1.65%, with a transaction value of 59.41 billion yuan, led by Yue Wannianqing, which rose by 20.02% [1] - Electronics: Increased by 1.35%, with a transaction value of 132.57 billion yuan, led by Mingwei Electronics, which rose by 20.01% [1] - The sectors with the largest declines included: - National Defense and Military Industry: Decreased by 1.89%, with a transaction value of 37.34 billion yuan, led by Chenxi Aviation, which fell by 10.13% [1] - Banking: Decreased by 0.85%, with a transaction value of 11.98 billion yuan, led by China Construction Bank, which fell by 1.52% [1] - Oil and Petrochemicals: Decreased by 0.51%, with a transaction value of 4.39 billion yuan, led by Heshun Petroleum, which fell by 3.55% [1] Notable Stocks - The leading stocks in the rising sectors included: - TeFa Information in Telecommunications [1] - Yue Wannianqing in Pharmaceutical and Biological [1] - Mingwei Electronics in Electronics [1] - The leading stocks in the declining sectors included: - Chenxi Aviation in National Defense and Military Industry [1] - China Construction Bank in Banking [1] - Heshun Petroleum in Oil and Petrochemicals [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overseas, US inflation data slightly rebounded, but consumer momentum significantly weakened. More Fed officials called for interest rate cuts, boosting market sentiment and leading to overnight gains in the three major US stock indexes. Domestically, the index is in a stage of oscillating recovery, but considering the recent shrinking trading volume in the market, it is expected to take some time for a phased recovery [3]. Summary by Directory 1. Market Analysis - **Macro**: The US consumer momentum is weakening. The US PPI in September increased by 0.3% month - on - month, and the core PPI increased by 0.1% month - on - month, indicating a resurgence of inflation. US retail sales in September increased by 0.2% month - on - month, with four consecutive months of positive growth but a significant slowdown and lower than market expectations. Trump said his team made great progress in ending the Russia - Ukraine conflict, and the 28 - point peace plan is almost finalized [1]. - **Stock Index**: A - share three major indexes oscillated and rose. The Shanghai Composite Index rose 0.87% to close at 3870.02 points, and the ChiNext Index rose 1.77%. The communication, media, non - ferrous metals, and electronics sectors led the gains, while only the national defense and military industry and transportation sectors closed down. The trading volume of the Shanghai and Shenzhen stock markets rebounded slightly to 1.81 trillion yuan. Overseas, the three major US stock indexes all closed higher, with the Dow Jones Industrial Average rising 1.43% to 47112.45 points [1]. - **Futures Market**: The basis of stock index futures widened. The trading volume and open interest of IC increased simultaneously [2]. 2. Strategy - Overseas, the weakening US consumer momentum and more Fed officials' calls for interest rate cuts warmed market sentiment. Domestically, the index is in an oscillatory recovery stage, but due to the shrinking trading volume, it will take time for a phased recovery [3]. 3. Chart Analysis - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [7][10]. - **Spot Market Tracking Charts**: The daily performance of major domestic stock indexes on November 25, 2025, shows that the Shanghai Composite Index rose 0.87%, the Shenzhen Component Index rose 1.53%, and the ChiNext Index rose 1.77% [14]. - **Stock Index Futures Tracking Charts**: - **Volume and Open Interest**: The trading volume and open interest data of IF, IH, IC, and IM contracts are provided, with IC showing an increase in both trading volume and open interest [16][18]. - **Basis**: The basis data of different contracts (IF, IH, IC, IM) for the current month, next month, current quarter, and next quarter are given, and the basis has widened [40]. - **Inter - delivery Spread**: The inter - delivery spread data of different contracts (IF, IH, IC, IM) for various combinations are provided, and the changes in spreads are also shown [49][50].

Core Insights - As of November 25, the latest market financing balance reached 24,462.88 billion yuan, an increase of 39.90 billion yuan compared to the previous trading day [1] - A total of 24 industries saw an increase in financing balance, with the telecommunications sector experiencing the largest increase of 16.51 billion yuan [1] - The defense and military industry, electronics, and machinery equipment also reported significant increases in financing balance, with increases of 12.98 billion yuan, 10.52 billion yuan, and 8.35 billion yuan respectively [1] Industry Summary - **Telecommunications**: Latest financing balance is 1,080.43 billion yuan, with an increase of 16.51 billion yuan and a growth rate of 1.55% [1] - **Defense and Military**: Latest financing balance is 813.78 billion yuan, with an increase of 12.98 billion yuan and a growth rate of 1.62% [1] - **Electronics**: Latest financing balance is 3,506.74 billion yuan, with an increase of 10.52 billion yuan and a growth rate of 0.30% [1] - **Machinery Equipment**: Latest financing balance is 1,270.36 billion yuan, with an increase of 8.35 billion yuan and a growth rate of 0.66% [1] - **Transportation**: Latest financing balance is 420.22 billion yuan, with an increase of 3.16 billion yuan and a growth rate of 0.76% [1] - **Real Estate**: Latest financing balance is 354.18 billion yuan, with an increase of 3.02 billion yuan and a growth rate of 0.86% [1] Decrease in Financing Balance - **Banking**: Latest financing balance is 748.84 billion yuan, with a decrease of 4.75 billion yuan and a decline rate of 0.63% [2] - **Non-bank Financials**: Latest financing balance is 1,873.96 billion yuan, with a decrease of 3.58 billion yuan and a decline rate of 0.19% [2] - **Non-ferrous Metals**: Latest financing balance is 1,161.78 billion yuan, with a decrease of 4.56 billion yuan and a decline rate of 0.39% [2] - **Textiles and Apparel**: Latest financing balance is 81.09 billion yuan, with a decrease of 0.76 billion yuan and a decline rate of 0.93% [2]