Core Insights - The annual meeting of the Jiangsu Household Appliances Association focused on the transformation paths of the home appliance industry in the AI era, with participation from government leaders, industry leaders, academic experts, and company representatives [1] - Chairman Li Yonggang of Xiaoya Holdings emphasized the concept of "breaking boundaries for integrated innovation" and announced the company's plans to build an AI smart R&D system, integrating IoT technology with washing scenarios to shorten new product development cycles and reduce innovation costs [3] - Xiaoya Intelligent Appliances was awarded the title of "2025 Jiangsu Household Appliances Industry Annual Integrity Demonstration Unit," reflecting the company's commitment to quality and integrity in its operations [5] Company Development - Xiaoya has evolved from Asia's first drum washing machine to an innovative leader in the AI era, maintaining a foundation of integrity and a spirit of innovation [7] - The company aims to deepen the integration of smart technology with the home appliance industry, providing consumers with intelligent and comfortable home living experiences while contributing to high-quality industry development [7]

回顾过去十年，主要指数在12月的表现分化明显。从上涨次数占比和算数平均收益率来看，稳健型指数 更胜一筹。 表1：2015-2024年主要指数12月涨跌幅统计（%） | 指数名 | 上涨次 | 平均涨 | 标准差 | 近十年 | 近十年 | | --- | --- | --- | --- | --- | --- | | 称 | 数占比 | 幅(%) | (%) | 最大涨 | 最大跌 | | | | | | 幅 (%) | 幅 (%) | | 中债综 | 90% | 0.64 | 0.84 | 1.69 | -1.28 | | 合指数 | | | | (2024) | (2016) | | 恒生指 | 60% | 1.34 | 3.93 | 8.66 | -3.24 | | 数 | | | | (2022) | (2016) | | 沪深300 | 60% | 0.60 | 4.28 | 7 | -7.13 | | | | | | (2019) | (2016) | | 中证国 有企业 | 60% | 0.10 | 4.91 | 6.2 | -7.07 | | 红利 | | | | (2019) | (2016 ...

ABSTRACT 摘 要 择时展望： （ 1 ）从信用通胀的宏观角度，估值、风险溢价、情绪等微观视角观察， 2026 年 A 股总 体有望继续迎来慢牛回升。（ 2 ）本轮杠杆率上行主要为债务稳定，产出走弱，不同于以往，在见到 产出走强之前，宽松周期预期将大概率维持，自上而下看，权益市场上行弹性更大。（ 3 ）风险溢价 目前处于均衡区域，创业板指风格估值相对历史总体处于中位数水平。（ 4 ）情绪视角看，股价处于 200 日均线以上的个股占总体的比例，反应市场高低热度，该指标目前处于均衡区域。（ 5 ）使用卷 积神经网络对图表化的价量数据与未来价格进行建模，最新配置主题关注能源、高股息等。 风格与行业配置展望： （ 1 ）积极关注宏观政策环境变化，挖掘利好的方向及板块。我们预计随着宏 观经济环境的不断向好，明年市场宏观环境上可能迎来通胀改善上行趋势。 PPI 筑底上行趋势阶段， 小市值成长风格表现明显占优。小票及成长、消费等板块表现较为占优。按照风格指数表现上看，中信 消费及成长风格指数表现最佳，行业的表现中，靠前的行业分别为社会服务、美容护理、电力设备、医 药生物、电子等。（ 2 ）挖掘目前相对及绝对估值较低且 ...

资料显示，美的集团股份有限公司位于广东省佛山市顺德区北滘镇美的大道6号美的总部大楼,香港铜锣 湾希慎道33号利园1期19楼1918室，成立日期2000年4月7日，上市日期2013年9月18日，公司主营业务涉 及美的集团股份有限公司是一家主要从事家用电器的制造和销售的中国公司。该公司主要产品分为消费 电器、暖通空调（HAVC）和机器人及自动化系统三类。该公司的产品主要包括中央空调、供暖及通风 系统、厨房家电、冰箱、洗衣机和其他小家电，如饮水机、净水设备、空气净化器、电热水壶、吸尘器 和加湿器。该公司还从事电机生产和物流业务。该公司的产品销往国内与海外市场。主营业务收入构成 为：智能家居业务66.58%，商业及工业解决方案25.70%，其中:新能源与工业技术8.74%，其中:智能建 筑科技7.77%，其他(补充)7.72%，其中:机器人与自动化6.00%。 截至9月30日，美的集团股东户数30.87万，较上期增加11.37%；人均流通股22451股，较上期减少 9.87%。2025年1月-9月，美的集团实现营业收入3647.16亿元，同比增长13.85%；归母净利润378.83亿 元，同比增长19.51%。 分红 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 3864.18, down by 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [2][4] - The three major indices opened lower but rebounded, with the ChiNext Index increasing by nearly 3% at one point during the session [4] Sector Performance - The top-performing sectors included Communication (+4.64%), Comprehensive (+1.79%), and Electronics (+1.58%), while the worst-performing sectors were Defense Industry (-2.25%) and Media (-0.82%) [3] - Notable concept indices that performed well included Horse Racing (+1.95%) and Duty-Free Shops (+1.72%), while sectors like Shipbuilding (-5.09%) and Military-Civil Integration (-1.90%) lagged [3] Future Outlook - The report highlights a government initiative aimed at enhancing the adaptability of consumer goods supply and demand, targeting the formation of three trillion-level consumption areas and ten hundred-billion-level consumption hotspots by 2027 [5] - The market is expected to stabilize with a focus on sectors such as dividends, TMT (Technology, Media, and Telecommunications), and New Energy, as the regulatory environment becomes clearer [5]

11月26日，A股市场整体涨跌互现。 沪深300今日主力资金净流入52.26亿元，创业板净流出56.38亿元，科创板净流出8.47亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-11-26 | 52. 26 | -56. 38 | -8. 47 | | 2025-11-25 | 49.46 | 20. 13 | 5. 37 | | 2025-11-24 | -36. 41 | -59.56 | -18. 45 | | 2025-11-21 | -267. 85 | -377.44 | -50. 63 | | 2025-11-20 | -57.07 | -167. 50 | -19. 40 | | | 尾盘资金净流入数据(亿元) | | | | 2025-11-26 | -3.56 | -11.73 | 2.77 | | 2025-11-25 | 2. 86 | -3.43 | 1.13 | | 2025-11-24 | 3. 15 | -6. 19 | 2. 41 ...

2025年11月26日，A股市场再次上演"结构性狂欢"。创业板指强势上涨2.14%，收于3044.69点；科创50 与深证成指也录得0.99%和1.02%的涨幅，市场情绪在震荡中悄然回暖。然而，上证指数却微跌0.15%， 全天成交额达1.8万亿元，呈现"指数疲软、个股活跃、板块分化"的典型特征。 通信板块单日暴涨4.6%背后的逻辑 今日最耀眼的明星当属通信板块，申万一级行业指数暴涨4.64%，成交额高达1555.8亿元，高居全市场 首位。这一爆发绝非偶然，而是多重因素共振的结果： 今日最值得关注的信号是"连板指数"暴涨4.77%，首板非ST指数、成交额TOP10指数同步走强。这与通 信、CPO等板块的涨停潮形成共振，显示市场风险偏好正在修复。但需警惕中后排个股如德科立、长芯 博创的跳水现象，说明资金正在"强者恒强"中进行结构性调仓。 后市三大关键观察点 1. 量能配合：若未来两日成交能稳定在1.7万亿以上，且科技板块持续放量，则A股有望开启新一轮 结构性牛市。政策落地：11月27日的国务院政策吹风会可能释放"以旧换新""消费补贴"等利好， 需重点关注政策对消费板块的提振效果。港股联动：当前港股市场相对平静，恒 ...

南京证券指出，2025年11月家用电器行业表现相对稳健，白色家电子板块跌幅较小（-0.41%）。根据产 业在线数据，三大白电排产总量同比下降17.7%，其中空调、冰箱、洗衣机排产分别下滑23.7%、9.4% 和0.2%。出口方面，洗衣机出口同比增长5%，但空调出口下滑13.8%，部分产能转移至东南亚等地。双 十一期间，产品结构升级明显：平嵌冰箱零售量增长16.3%，双系统冰箱增长49.9%；洗衣机12kg大容 量及分区洗功能带动中高端价格段占比提升。白电板块具备"低估值、高分红、稳增长"属性。 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从市场中选取涉及空调、冰箱、洗衣机 等白色家电及厨房小家电制造与销售业务的上市公司证券作为指数样本，以反映家电行业相关上市公司 证券的整体表现。该指数具有较强的消费属性和周期性特征，能够较为全面地体现中国家电行业的市场 动态和发展趋势。 （文章来源：每日经济新闻） ...

Market Overview - The domestic equity market index experienced a downward trend during the week of November 17-21, 2025, with all Shenwan industry sectors collectively declining. The banking, media, and food and beverage sectors showed relative resilience, while the power equipment, comprehensive, and basic chemical industries faced the largest declines [4] Fund Issuance - A total of 41 new funds were established in the domestic market this week, with a combined issuance of 36.035 billion units. This includes 7 bond funds, 3 FOF funds, 12 mixed funds, 16 stock funds, 1 REIT, 1 international (QDII) fund, and 1 money market fund [5] Fund Performance Tracking - The performance of long-term thematic funds was poor this week, with the financial real estate thematic fund showing relative resilience. As of November 21, 2025, the net value declines for various thematic funds were as follows: financial real estate -3.02%, national defense and military industry -3.19%, consumption -3.31%, TMT -4.47%, industry balance -4.92%, industry rotation -4.93%, cyclical -5.28%, pharmaceuticals -5.98%, and new energy -8.82% [6] ETF Market Tracking - Different investment range ETFs saw inflows this week, with significant passive fund accumulation in broad-based thematic ETFs, particularly in TMT. The median return for stock ETFs was -4.61%, with a net inflow of 49.533 billion yuan. Hong Kong stock ETFs had a median return of -6.25% and a net inflow of 17.821 billion yuan. Cross-border ETFs had a median return of -3.42% with a net inflow of 2.329 billion yuan, while commodity ETFs had a median return of -2.50% and a net inflow of 6.495 billion yuan. Notably, the small-cap thematic ETFs saw a significant net inflow of 11.983 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds increased by 0.14 percentage points compared to the previous week. In terms of industry allocation, there was an increase in funding for household appliances, non-ferrous metals, and banking, while basic chemicals, automobiles, and computers saw a reduction in funding [8] ESG Financial Products Tracking - This week, 24 new green bonds were issued, with a total issuance scale of 24.369 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.04 trillion yuan and a total of 4,323 bonds issued as of November 21, 2025. In terms of fund performance, the median net value changes for actively managed equity, passive stock index, and bond ESG funds were -5.71%, -4.76%, and +0.03%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance. As of November 21, 2025, there were 213 ESG funds in the domestic market, with a total scale of 145.742 billion yuan [9]

来源：市场资讯 （来源：华龙证券研究） 朱金金 策略分析师 【核心观点】 上周各类风格指数均有所调整。其中周期、成长风格调整幅度靠前，周期板块调整主因板块近期较快上 涨后，局部有所高估，存在短期资金兑现引发；成长板块受到外围市场波动传导影响，一方面受到美联 储降息预期变化的影响；另一方面受到外围科技利空因素的扰动。成长板块近期连续调整后，估值趋于 合理，叠加景气度仍较高，持续调整的动能在减弱。 12月美联储降息预期上调但仍存分歧。尽管公布的美联储会议纪要显示，美联储官员对12月是否继续降 息存在较大分歧，但因失业率上升以及纽约联储主席表示"在不久的将来"降息可能是合理的，提高了对 12月降息的预期。截至11月22日，CME美联储观察数据显示，美联储12月降息25个基点的概率为71%， 维持利率不变的概率为29%。 市场流动性总体充足。一是市场日成交金额总体仍处于高位。尽管受市场波动影响，成交金额有所下 降，但截至11月21日的近十个交易日日均成交金额仍接近两万亿。二是两融余额保持稳定。两融余额年 初以来不断回升，近期仍稳定在约2.5万亿元附近。三是长线资金增量明显。三季度末，保险资金运用 余额中股票的账面余额 ...