2025 年 11 月 25 日 晨会速递 分析师点评 市场数据 行业研究 【医药生物】小核酸药物风起云涌，下一代创新药浪潮呼之欲出——医药生物行业跨 市场周报（20251124）(增持) 本周观点：小核酸药物风起云涌，下一代创新药浪潮呼之欲出。近期，全球范围内的 小核酸药物领域频频出现新进展，引发产业界和投资界的高度关注。小核酸药物已从 概念验证进入产业崛起前夜，行业迎来"技术突破+商业兑现"双主线驱动的黄金发 展期。国内药企研发进展加速，2025 年以来大批企业进入临床研究阶段，建议重点 关注技术平台领先且管线差异化布局的龙头创新药企业，以及有望受益于产业整体景 气度上行的创新产业链企业，建议关注恒瑞医药（A+H）、信达生物（H）、药明康 德（A+H）、前沿生物、成都先导、键凯科技等。 【房地产】加速聚焦核心，1-10 月核心 6 城土拍总价占比近半——土地市场月度跟踪 报告（2025 年 10 月）(增持) 10 月，光大核心 30 城成交宅地 133 宗，同比-33.2%，成交楼面均价 9,279 元/平， 同比-4.5%。1-10 月，百城宅地成交建面同比-9%，成交楼面均价同比+15%，核心 6 ...

11月13日，市委书记周红波在玄武区调研。他强调，玄武区要深入学习贯彻党的二十届四中全会 精神，高起点谋划"十五五"发展，走好特色发展之路，精准发力关键领域和细分赛道，全方位塑造高质 量发展新动能，彰显特大城市中心城区新活力。 调研中，周红波来到苏美达、国机数科两家公司，了解国机集团在宁业务发展情况，要求有关方面 加强走访服务，支持企业更好发挥产业链供应链龙头作用，加大在宁布局、持续做大增量。在鱼跃全球 研发总部、红山森林动物园、招商局江苏中心，周红波详细了解总部经济集聚、文商旅融合、国际街区 建设等情况。 周红波强调，有关部门要在战略规划、体制机制、资源要素等方面，更大力度支持玄武区改革攻坚 开放提升。当前正值四季度关键期，玄武区要抢抓窗口、全力冲刺，坚决完成全年目标任务，为全市高 质量发展多作贡献。 市委常委、秘书长黎辉参加。 周红波听取了玄武区工作汇报和"十五五"发展考虑。他指出，近年来玄武区经济密度、创新浓度和 文旅热度不断提升，发展后劲持续增强。"十五五"时期是玄武区乘势而上、提升能级的关键期，要增 强"走在前、做示范"的责任感、紧迫感，找准发展切入点和突破口，更加注重发挥数字经济、服务经 济、人文 ...

融资余额增幅居前个股 | 代码 | 简称 | 最新融资余额(万 | 融资余额环比增减 | 收盘价 | 当日涨跌幅 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | （元） | （%） | 业 | | 300437 | 清水源 | 11332.64 | 61.88 | 17.59 | 19.99 | 环保 | | 301533 | 威马农 | 13375.39 | 31.21 | 43.56 | 4.71 | 机械设 | | | 机 | | | | | 备 | | 300892 | 品渥食 | 9874.55 | 30.09 | 36.70 | 8.84 | 食品饮 | | | 品 | | | | | 料 | | 300821 | 东岳硅 | 31362.12 | 28.58 | 13.08 | 14.94 | 基础化 | | | 材 | | | | | 工 | | 300897 | 山科智 | 8299.12 | 21.30 | 24.83 | -1.08 | 机械设 | | | 能 | | | | | 备 | | 301 ...

Core Insights - The article highlights the emergence of Dongguan's Chang'an Town as a significant player in the smartphone manufacturing industry, contributing to the establishment of "billion towns" in Guangdong province [1][2][3] - The "billion towns" phenomenon reflects the economic vitality of Guangdong, with a focus on industrial clusters driven by leading enterprises [2][5] Group 1: Economic Development - Chang'an Town has developed a "2+3" industrial structure, with a trillion-level electronic information industry and a 500 billion-level hardware mold industry, alongside three emerging industries valued at over 100 billion [3] - The average GDP per capita of the six "billion towns" in 2024 exceeds 200,000 yuan, with an average GDP per unit area of 86,000 yuan per square kilometer [3] Group 2: Industrial Clusters - The success of the "billion towns" is attributed to the establishment of industrial clusters, with each town typically having at least one or two representative industry clusters [2][5] - Dongguan's Chang'an has become the world's largest smartphone production base, supported by a complete supply chain and manufacturing system [3] Group 3: Future Prospects - Guangdong's "Hundred Million Project" aims to elevate the economic potential of towns, with a focus on creating more economic strongholds in less developed areas [6][7] - The next potential "billion town" is likely to emerge from Dongguan or Foshan, with current GDP figures indicating strong competition [6][7]

Core Viewpoint - The company is closely monitoring macroeconomic PMI data and industry conditions, indicating a resilient demand and order situation despite the overall manufacturing sector showing signs of contraction [1] Group 1: Company Performance - The company has reported good operational performance, with demand and orders remaining strong [1] - There is a noted structural differentiation in demand for die-casting and injection molding machines from downstream customers in sectors such as automotive, home appliances, and 3C [1] Group 2: Market Conditions - The manufacturing PMI has been in a contraction zone from July to September, suggesting a relative weakness in macro-level capital expenditure willingness [1] - The company’s new order signing pace and visibility are being assessed in relation to the overall industry sentiment reflected by PMI [1]

Core Viewpoint - Xiamen XGMA Machinery Co., Ltd. (stock code: 600815) announced that its shareholder, China Export-Import Bank Xiamen Branch, has cumulatively reduced its shareholding by 17.74 million shares, accounting for 1% of the company's total share capital, and the reduction plan has been completed [1] Summary by Category - Shareholder Activity - The shareholder, China Export-Import Bank Xiamen Branch, has completed its share reduction plan by selling 17.74 million shares [1]

Core Viewpoint - Guangxi aims to establish a high-quality industrial data ecosystem by 2028, focusing on competitive industries and enhancing collaboration with ASEAN countries [1][2]. Group 1: Industrial Data Development - Guangxi plans to build 100 high-quality industrial data sets and over 100 benchmark application scenarios by 2028 [1]. - The initiative will prioritize industries such as sugar, non-ferrous metals, automotive, machinery, and petrochemicals [1]. - The region will compile a directory of key industrial data labeling enterprises to attract leading data companies from both domestic and international markets [1]. Group 2: Data Resource Sharing and Collaboration - Support will be provided for state-owned enterprises, large industrial firms, and industrial internet platform companies to open data resources and technical capabilities [1]. - Local universities will collaborate with domestic data labeling companies and research institutions to establish multilingual industrial data labeling bases [1]. Group 3: ASEAN Cooperation - Guangxi will strengthen cooperation with ASEAN countries, focusing on industrial data standards, privacy protection rules, and cross-border data flow security certification [1]. - The region will support local data service companies in developing AI models and solutions based on local data sets for the ASEAN market [1]. Group 4: Infrastructure Development - The construction of the Nanning International Communication Business Entry and Exit Bureau will serve as a catalyst for exploring cross-border industrial data circulation [2]. - Guangxi aims to create a China-ASEAN industrial data cooperation hub [2].

Core Viewpoint - Taiyuan Heavy Industry reported a decline in third-quarter revenue while showing growth in net profit, indicating a mixed performance in the latest financial results [1] Financial Performance - The company's third-quarter revenue was 2.27 billion yuan, a year-on-year decrease of 17.54% [1] - Net profit for the third quarter was 41.2152 million yuan, reflecting a year-on-year increase of 25.14% [1] - For the first three quarters, total revenue reached 7.028 billion yuan, representing a year-on-year growth of 9.98% [1] - Net profit for the first three quarters amounted to 85.0635 million yuan, which is a year-on-year increase of 21.80% [1]

Group 1: Core Issues - Keda Manufacturing has been criticized for violations in information disclosure and operational norms, including off-the-books transactions and improper accounting practices [2][4] - The company has engaged in off-the-books payments through employees' personal bank accounts, affecting reported profits in 2022, 2023, 2024, and the first half of 2025, with impacts of 0.12%, 0.81%, 1.09%, and 0.29% respectively [2] - There were unauthorized salary payments to executives that were not reviewed or disclosed as required, with these payments being returned to the company by the end of September 2025 [3] Group 2: Responsibility and Disciplinary Actions - The responsible parties, including the former chairman and general managers, failed to fulfill their duties, leading to inaccurate disclosures and violations of multiple stock exchange regulations [5][7] - The Shanghai Stock Exchange has decided to issue a public reprimand to Keda Manufacturing and the involved executives due to the clear violations and the deficiencies in the company's internal control systems [7][8] - The company is required to submit a rectification report within one month, signed by all senior management, to address the compliance issues identified [8] Group 3: Financial Overview - As of the latest report, Keda Manufacturing's market capitalization stands at 25.1 billion yuan [9] - The company's revenue composition for 2024 includes 53.32% from the machinery equipment sector, 37.42% from the overseas ceramics sector, 6.99% from lithium battery materials, and 2.19% from other equipment [8]

合锻智能公告，第三季度营收为6.91亿元，同比增长23.44%；净利润亏损5384.08万元，下降 1,661.00%。前三季度营收为16.73亿元，同比增长14.03%；净利润亏损4432.77万元，下降677.25%。 ...