市场分析 关注民营企业发展。国内方面，国家发改委主任郑栅洁主持召开民营企业座谈会，围绕"十五五"规划 《纲要》编制，听取关于加快发展服务业的意见建议。参加座谈会的既有工业自动化控制、软件和信息 化服务、工业互联网及综合生产性服务企业，也有餐饮类生活性服务企业。海外方面，美国参议院投票 通过了《持续拨款与延期法案》，为结束政府停摆迈出关键一步。美国众议院将于当地时间周三将就参 议院通过的临时拨款法案进行投票，该法案旨在结束停摆状态。 指数调整。现货市场，A股三大指数高开低走，沪指跌0.39%收于4002.76点，创业板指跌1.4%。行业方 面，板块指数涨跌互现，商贸零售、房地产、钢铁、基础化工行业领涨，通信、电子、计算机、煤炭行 业跌幅居前。当日沪深两市成交额不足2万亿元。海外方面，美国三大股指涨跌互现，道指回到历史最 高水平，隔夜涨1.18%报47927.96点。 来源：市场资讯 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何 ...

证券时报·数据宝统计显示，具体到个股，11月11日共有1822只股获融资净买入，净买入金额在千万元 以上的有523只，其中28只融资净买入额超亿元。宝丰能源融资净买入额居首，当日净买入2.68亿元， 其次是江波龙、中国中免，融资净买入金额分别为2.57亿元、2.52亿元，融资净买入金额居前的还有佰 维存储、阳光电源、东山精密等。 分行业统计，获融资客净买入超亿元个股中，电子、电力设备、有色金属等行业最为集中，分别有7 只、4只、3只个股上榜。板块分布上，大手笔净买入个股中，主板有19只，创业板有7只，科创板有2 只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为5.17%，融资余额占比 最高的是国科微，该股最新融资余额24.53亿元，占流通市值的比例为12.51%，融资余额占比较高的还 有苏州天脉、东方财富、协创数据，占比分别为9.97%、8.38%、7.61%。（数据宝） 截至11月11日，市场融资余额合计2.49万亿元，较前一交易日增加40.08亿元，其中，沪市融资余额 12631.97亿元，较前一交易日增加31.98亿元；深市融资余额12160.68亿元，较前一交易日增加8.2 ...

年内新发基金创近三年新高 平均募集规模仅为7.82亿元 截至11月11日，今年以来全市场新发基金数量已达1371只，创近三年新高。与火热的发行数量形成鲜明 对比的是，新基金平均募集规模仅为7.82亿元。这一"数量增+平均规模减"的现象，勾勒出2025年公募 基金发行市场的深刻变局。业内人士认为，2025年公募基金发行市场已从依靠明星基金经理和爆款单品 驱动的模式，彻底转向了以"工具化、细分化、机构化"为特征的"广撒网"新阶段。基金公司正在通过密 集布局低成本、高效率的工具产品，以适应市场变化和投资者日益理性的需求。这一趋势预计将在未来 几年持续深化。（证券时报网） 国际金价大涨 不少黄金饰品品牌报价突破1300元 11月11日，国际金价大涨，日内开盘价为4116.20美元/盎司，盘中冲高至4148.91美元/盎司，随后回落， 11日17:30时的价格在4143美元/盎司，较昨日4115美元/盎司的收盘价，涨幅约为28美元/盎司。截至18 时，水贝的投资金为968元/克。头部金饰品牌的金价今日都呈现出较大涨幅，大部分品牌报价破1300元 大关，周大福和周生生的足金饰品今日报价1308/克，六福珠宝和金至尊报价1 ...

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

Core Viewpoint - Changxin Technology's stock performance shows a slight increase, with notable financing activities indicating a low financing balance compared to historical levels [1][2]. Financing Summary - On November 11, Changxin Technology recorded a financing buy amount of 27.88 million yuan and a financing repayment of 30.29 million yuan, resulting in a net financing outflow of 2.41 million yuan [1]. - The total financing and securities balance as of November 11 is 1.11 billion yuan, which constitutes 7.21% of the circulating market value, indicating a low financing balance below the 30th percentile of the past year [1]. - In terms of securities lending, 100 shares were repaid while 700 shares were sold, with a selling amount of 4,319 yuan calculated at the closing price [1]. Company Performance Summary - As of September 30, Changxin Technology reported a total of 124,700 shareholders, an increase of 6.07% from the previous period, while the average circulating shares per person decreased by 5.72% to 19,932 shares [2]. - For the period from January to September 2025, the company achieved an operating income of 8.96 billion yuan, reflecting a year-on-year growth of 3.72%, while the net profit attributable to shareholders decreased by 2.54% to 285 million yuan [2]. - Since its A-share listing, Changxin Technology has distributed a total of 2.11 billion yuan in dividends, with 563 million yuan distributed over the past three years [2]. Shareholding Structure Summary - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 66.62 million shares, an increase of 46.53 million shares from the previous period [2]. - The Southern CSI 1000 ETF ranks as the fourth-largest circulating shareholder with 22.85 million shares, showing a decrease of 212,000 shares [2]. - Other notable shareholders include Huaxia CSI 1000 ETF and GF CSI 1000 ETF, with respective holdings of 13.58 million shares and 10.50 million shares, both showing slight reductions [2].

Macro Insights - The central bank emphasizes the need to improve the transmission mechanism of monetary policy, indicating that monetary policy is expected to remain accommodative in the short term, but further interest rate cuts are unlikely before the end of next year [2][3][5] - The central bank's cautious outlook on global economic growth reflects concerns over a cooling labor market and potential structural challenges due to the AI wave, which has led to increased unemployment in certain sectors [3][5] Fixed Income - The focus on amortized cost bond funds is rising as they enter a concentrated opening period, with significant implications for the bond market due to the influx of funds and asset adjustments [5][6] - The report highlights that the new loan interest rate decline is narrowing, and there is a need to maintain a reasonable interest rate spread to support bank profitability [7] Power Equipment and New Energy - The new standard for electric meters is expected to boost the industry, with significant price increases observed in recent tenders, indicating a recovery in profitability for companies in this sector [8] - The global power shortage continues to drive demand for power grid investments, presenting opportunities for Chinese companies to benefit from overseas demand [8] Consumer Discretionary - Several overseas luxury brands have reported a recovery in their China business, with notable growth in sales for companies like LVMH and Estée Lauder, suggesting a gradual recovery in consumer spending in mainland China [10][19] - The report indicates that the high-end consumer market is likely to benefit from improved economic conditions and increased penetration of fragrance products [10] Chemical and Petrochemical - The report notes that the price gap for raw materials remains at a historical low, with expectations for improved profitability in the chemical sector as supply-side adjustments accelerate [9] - The long-term outlook for the chemical industry is positive, driven by demand growth from emerging markets and the exit of high-energy-consuming facilities in developed regions [9] Technology and Electronics - The investment summit highlighted a new acceleration in global computing power construction, driven by expanding demand for AI applications and innovative financing models [12] - The report emphasizes the importance of AI in reshaping the technology landscape, with significant implications for various sectors [12] Automotive and Technology - The investment summit focused on advancements in L4 autonomous driving, showcasing various applications and the acceleration of commercialization in this field [17] - The report indicates that the automotive sector is poised for growth as technology continues to evolve and regulatory challenges are addressed [17] Key Companies - Ying Tong Holdings is positioned to benefit from the recovery in high-end consumer demand, with a target price set at HKD 2.86, reflecting a strong growth outlook [19][24] - Kasei Biotech is recognized as a leading player in the biomanufacturing sector, with a target price of CNY 64.90, supported by its innovative product offerings and market expansion strategies [20][24]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨杨娜娜 编辑丨姜诗蔷 近期，多家私募陆续发布渠道月报。作为市场重要参与者，百亿私募的操作路径与策略思路，成为洞察 市场趋势的重要窗口。 21世纪经济报道记者重点查阅了高毅资产、淡水泉投资、宁泉资产、林园投资等十余家头部百亿私募的 三季报及10月产品月报，试图解答这些问题。 私募排排网统计的样本数据显示，截至10月底，股票主观多头策略型私募基金的平均仓位为78%，与9 月持平，维持在近年来的高位水平。 尽管10月份指数横盘，但满仓及加杠杆的私募占比不降反升，达到25.3%；同时，超过九成的私募仓位 维持在五成以上。 这也表明，在经历了三季度快速上涨后，私募整体并未选择大幅撤退，其策略重心从简单的仓位升降， 转向了行业与个股的结构性调整——这正是"结构性机会"这一判断在资产配置上的直接体现。 业绩盘点：普涨之下的显著分化 截至10月末，大多数私募产品实现了正收益，但业绩分化较为显著。 淡水泉旗下某系列产品展现出较强进攻性。截至9月末，其成立于2019年的某产品年内收益率超70%； 全球成长系列与平衡系列某产品也分别录得超50%和40% ...

Core Viewpoint - The article highlights the operational paths and strategic thoughts of major private equity firms, indicating a shift towards structural adjustments in investment strategies rather than significant withdrawals from the market [1]. Group 1: Market Positioning and Fund Performance - As of the end of October, the average position of subjective long-biased private equity funds was 78%, maintaining a high level compared to previous years [2]. - Despite a stagnant index in October, the proportion of fully invested and leveraged private equity increased to 25.3%, with over 90% of private equity maintaining positions above 50% [2]. - Most private equity products achieved positive returns, with significant performance differentiation among them [3]. - Some products from DWSQ and Qincheng Asset reported annual returns exceeding 70% and 30%, respectively, showcasing strong performance [3][4]. Group 2: Investment Strategies and Adjustments - Private equity firms exhibited a common tactical approach of "rebalancing," reducing holdings in assets with excessive short-term gains while increasing positions in assets with greater future potential [7]. - DWSQ and other firms indicated a strategy of locking in profits after significant price increases in certain holdings [7]. - The focus on technology and healthcare sectors was emphasized, with firms like DWSQ increasing their investments in leading companies within these industries [8]. Group 3: Sector Focus and Future Outlook - There is a consensus among private equity firms regarding the attractiveness of the technology and healthcare sectors, with many firms increasing their allocations in these areas [11][16]. - The article notes a divergence in views on the financial sector, with some firms maintaining high allocations while others express caution regarding valuations [12][15]. - The outlook for the market is cautiously optimistic, with a belief in a "structural slow bull" market driven by in-depth analysis of industry trends and company fundamentals [10].

Group 1: Hong Kong IPO Market - The Hong Kong stock market has seen 87 IPOs this year, raising over 240 billion HKD, making it the top global exchange for IPO fundraising [1] - Major A-share companies like CATL, Hansoh Pharmaceutical, and Seres have led the A+H listing trend, with 16 A-share companies successfully listing in Hong Kong this year [1] - Over 300 companies have applied to list on the Hong Kong Stock Exchange this year, marking a historical high, indicating a significant recovery in the IPO scale [1] Group 2: Monetary Policy - The People's Bank of China has proposed a moderately loose monetary policy, utilizing various tools to maintain relatively loose social financing conditions [2] - The report emphasizes the need to improve the monetary policy framework and enhance the execution and transmission of monetary policy [2] Group 3: Private Fund Governance - The China Securities Investment Fund Industry Association has revised guidelines for private fund management, marking a new phase in risk disposal through self-regulation and judicial practice [3] - The new regulations provide a clear institutional path to address issues like "lost" or "ineffective" fund managers, enhancing the governance framework for the private fund industry [3] Group 4: Mid-Year Dividends - As of November 11, 1,083 companies have announced mid-year dividends totaling 766.17 billion CNY, surpassing last year's mid-year dividend amount [4] - Over 300 companies are making their first mid-year dividend announcements, indicating a growing trend towards mid-year dividends in the market [4] Group 5: 2026 Market Outlook - Securities firms are preparing for 2026, with expectations of stable macroeconomic performance and a continued upward trend in the A-share market [5][11] - The market's driving force is shifting from valuation recovery to profit fundamentals, indicating a more balanced approach to investment [5] Group 6: New Energy Vehicles - In October, the penetration rate of new energy vehicles in China exceeded 50% for the first time, reflecting significant growth in the sector [6][7] - The growth is attributed to effective government policies and consumer behavior influenced by tax incentives [7] Group 7: Financing Trends - Since October, financing funds have increasingly favored high-growth sectors such as electric equipment, electronics, and non-ferrous metals, with net purchases exceeding 100 billion CNY in these industries [8] - Notable stocks with significant net purchases have shown strong performance in the first three quarters, indicating investor confidence in their growth potential [8] Group 8: Foldable Smartphone Market - The foldable smartphone market in China showed signs of recovery in Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8% [9] - The recovery is driven by stable performances from major manufacturers and the launch of new products [9] Group 9: Insurance Products - Major insurance companies are launching "opening red" products, focusing on floating dividend insurance amid a declining interest rate environment [10] - The preset interest rates for insurance products have reached their lowest levels in nearly 20 years, prompting a shift towards more flexible, dividend-based products [10] Group 10: ETF Market Growth - A total of 317 ETFs have been launched this year, marking a year-on-year increase of 136.57% [14] - The rapid expansion of the ETF market is attributed to the ongoing development of index-based investment strategies in the capital market [14]

Core Insights - Japan's manufacturing confidence has risen to its highest level in nearly four years, driven by a weaker yen and robust orders, with the manufacturing confidence index increasing from 8 in October to 17 in November, the highest since January 2022 [1] - The electronics sector's sub-index surged to 25, marking the highest level since December 2021, indicating strong performance in this industry [1] - The automotive and transportation machinery sectors also saw significant increases, with their confidence index rising from 9 to 27 [1] Industry Analysis - The depreciation of the yen has provided a boost to exports, as noted by an electronics company manager, with the yen falling over 5% against the US dollar during the survey period from October 28 to November 7 [1] - The semiconductor market, particularly in the memory sector, is performing well, contributing to the overall positive sentiment in the electronics industry [1] - Despite the current optimism, there are concerns regarding a potential decline in the overall manufacturing index, which is expected to drop to 15 in February, with some managers expressing worries about sluggish automotive production and sales [1]