消费中观策略&投资建议 临近年末收官可选消费板块总体表现平淡，基本面亮点在于部分包括离岛免税在内的高端消费的复苏有望逐步引导整 体消费企稳，近期的重点事件是 11 月 26 日六部门发布《关于增强消费品供需适配性进一步促进消费的实施方案》， 提供中长期消费成长方向。总体要求是到 2027 年消费品供给结构明显优化，形成 3 个万亿消费领域（老年用品，智 能网联汽车，消费电子）和 10 个千亿级消费热点（婴童用品，智能穿戴产品，化妆品，健身器材，户外用品，宠物食 品用品，民用无人机，潮玩，珠宝首饰与国潮服饰），打造一批富有文化内涵，享誉全球的高品质消费品。 到 2030 年 供给与消费良性互动、相互促进的高质量发展格局基本行程，消费对经济增长的贡献度稳步提升。 实施方案聚焦商 品消费展开，几大明显方向提供后续消费挖掘方向，（一）功能价值 AI+消费： 加速新技术新模式创新应用，其中提 到强化人工智能融合赋能，推动人工只能在消费品全行业全领域应用，推广生成式人工智能、3D 数字化设计等新工 具。推动 3D 打印设备进入校园；推动健康产品创新发展；（二）情绪价值赛道受到重视：积极发展宠物周边，潮服潮 玩等兴趣消费产 ...

2025 年 11 月 30 日 北证指数调整名单出炉,开发科 戈碧迦、万通液压 12 月中旬调 -北交所策略周报（20251124-20251130） 本周策略观点: 本周市场行情: 北交所新股: 制 三板可 3 本周新挂牌 8 家，摘牌 71 家，周新增计划融资 0.70 亿元，完成融资 0.45 亿元。 风险指示: 个股业绩季度波动过大风险,宏观经济下行的风险。 相关研究 吕靖华 A0230124070002 lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本周北证 50 上涨 0.75%，成交额环比下降 25.68%。本周上证指数反弹,但北证相对废 ● 弱。1) 从行业结构来看,本周科技板块回暖, AI、卫星、机器人、固态等均有表现, 但 全市场成交量萎缩。在资金"缩圈"的背景下，北证的联动性减弱；2）北证本周卫星互 联网产业链（天润科技+24.85%、星图测控+10.37%、创远信科 6.98%等）、AI 端侧（则 成电子+10.25%、雷神科技+7.46%）表现较强。 北证 50 指数与北证专精特新指数 12 月调整方案公布。1) 本次成份股调整将于 12 月 ...

行 家用电器 2025 年 11 月 29 日 业 研 究 家用电器 六部委印发增强消费品供需适配文件，多领域有 望实现供给结构升级——25W47 周观点 投资要点： 六部委印发增强消费品供需适配文件，多领域有望实现供给结构升级 行 业 定 期 报 告 六部委印发增强消费品供需适配文件，多领域有望实现供给结构 升级。本周，工业和信息化部、国家发展改革委、商务部、文化和旅 游部、中国人民银行和市场监管总局六部门印发《关于增强消费品供 需适配性进一步促进消费的实施方案》的通知。总体要求到 2027 年， 消费品供给结构明显优化，形成 3 个万亿级消费领域和 10 个千亿级 消费热点。 加快新技术新模式创新：在技术和模式创新方面，文件重点规划 了新的赛道和新的模式，包括新能源汽车，智能家电家居，柔性生产 定制化服务等，同时文件重点强调了人工智能在消费品全行业的重要 作用，鼓励了消费供给在人工智能方面的升级。 扩大特色和新型产品供给：在特色产品方面，文件主要提到了跟 绿色低碳，农村消费，冰雪户外运动，健康食品，传统文化类产品以 及新消费领域的供给升级。 精准匹配不同人群需求：在针对特任人群的需求层面，文件也进 一步细 ...

天眼查App显示，近日，株洲智净科技有限公司成立，法定代表人为段志东，注册资本3万人民币，经 营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；家用电器制 造；日用电器修理；家用电器销售；家用电器研发；家用电器零配件销售；日用家电零售；家用电器安 装服务；机械电气设备制造；电子产品销售；机械设备销售；第一类医疗器械销售；家具销售；家具零 配件生产；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照依法自主 开展经营活动）。 ...

天眼查App显示，近日，沧州守中家用电器有限公司成立，法定代表人为李艳，注册资本50万人民币， 经营范围为一般项目：家用电器销售;家具销售;厨具卫具及日用杂品批发;五金产品批发;五金产品零售; 日用品销售;鞋帽零售;服装服饰零售;服装服饰批发;针纺织品销售;建筑材料销售;办公用品销售;塑料制品 销售;食品销售（仅销售预包装食品）;家用电器安装服务;广告设计、代理;广告制作;广告发布;粮油仓储 服务;国内货物运输代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目： 烟草制品零售（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件 或许可证件为准）。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2025年11月28日斥资410.45万元回购15万股A股。 ...

据临沂商城价格指数信息系统监测，本周临沂商城周价格总指数为102.38点，环比上涨0.01点，涨幅 0.01%；同比下跌1.50点，跌幅1.44%；与年初比下跌1.42点，跌幅1.37%。 在14类商品价格指数中，上涨的6类、持平的4类、下跌的4类。其中，上涨前3位的是：家用电器和音像 器材类、建筑装潢材料类、钢材类；下跌前3位的是：服装服饰类、文教办公用品类、日用品类。涨跌 幅前3的情况如下： 本周，建筑装潢材料类周价格指数收于106.17点，环比上涨0.08点，二级分类中装饰材料类、结构材料 类环比上涨，专用材料类微幅下跌。受上游原材料铝价格上涨带动，铝型材出厂价格上调，市场铝型材 价格继续小幅上涨，但市场行情交易清淡；气温偏低，建材市场需求放缓，家居装饰画等零售为主，价 格小幅上行。 三、钢材类周价格指数环比上涨 本周，钢材类周价格指数收于95.99点，环比上涨0.02点，三级分类中建筑钢材类、型材类环比上涨，板 材类与上周持平，管材类微幅下跌。户外温度降低，建筑工程、基建工程开工较少，钢材市场进入季节 性淡季，下游进货积极性降低，市场行情偏淡，钢材价格震荡运行。 四、服装服饰类周价格指数环比下跌 一、 ...

证券研究报告·行业点评报告 2025 年 11 月 28 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.09 -2.68 -5.5 绝对收益 -0.17 0.27 10.07 数据来源：聚源 注：相对收益与沪深 300 相比 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 家用电器行业 行业评级：增持（维持） 据产业在线最新排产数据显示，2025 年 12 月空冰洗排产总量合计为 3018 万台， 同比去年同期实际生产下降 14.1%。分产品类别来看，12 月份家用空调/冰箱/ 洗 衣 机 排 产 1411/813/794 万 台 ， 分 别 同 比 去 年 同 期 实 际 生 产 下 降 22.3%/8.2%/1.9%。2025 年 12 月家用空调内销/出 ...

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]

Market Overview - On Thursday, the Shanghai Composite Index rose by 0.3%, while the CSI 300 fell by 0.1%, the STAR Market 50 decreased by 0.3%, the CSI 1000 increased by 0.1%, and the ChiNext Index dropped by 0.4%. The Hang Seng Index saw a slight increase of 0.1% [4] - The best-performing sectors on Thursday included light industry manufacturing (+1.1%), basic chemicals (+1.0%), oil and petrochemicals (+0.9%), coal (+0.8%), and beauty care (+0.7%). The worst-performing sectors were comprehensive (-2.3%), media (-1.4%), retail (-1.2%), computer (-0.8%), and building materials (-0.7%) [4] - The total trading volume in the Shanghai and Shenzhen markets on Thursday was 1,709.6 billion yuan, with a net inflow of 1.33 billion Hong Kong dollars from southbound funds [4] Key Insights Home Appliances Sector - The home appliance sector shows resilience, with opportunities in overseas markets due to improving external demand and enhanced overseas production efficiency. There is a focus on emerging growth areas [5] - Market concerns exist regarding the impact of domestic subsidy reductions on demand, but the report maintains a positive outlook on leading white goods companies like Midea Group and Haier Smart Home, which are less sensitive to these changes [5] - Key drivers include alleviated industry competition, improving overseas demand, and stable domestic demand [5] Macro Research - The macroeconomic report emphasizes that under the framework of a unified national market, "anti-involution" focuses more on high-quality supply optimization rather than merely clearing excess capacity [6] - The report maintains a consistent viewpoint regarding the significant efforts to combat "involution" [6] Social Services Sector - The social services sector is witnessing a warming in pricing, with service consumption outperforming goods consumption. Travel demand remains robust, and hotel RevPAR is showing signs of recovery [8] - The report highlights a shift in local retail from store closures to inventory adjustments, which is expected to release profits [8] - Key drivers include CPI, same-store sales, and social retail performance [8] Medical Devices Sector - The medical devices sector is viewed positively due to investment opportunities arising from payment policy optimization and growth driven by the Belt and Road Initiative [9] - The report emphasizes the potential for high-value consumables to accelerate growth following the completion of centralized procurement [9] - Key drivers include ongoing innovation in medical devices and the international expansion of the sector [9]