港股市场同样表现强劲，消费电子产品板块涨幅居前。截至发稿，TCL电子、思摩尔国际双双涨超 6%，创维集团跟涨。 | 代码 名称 | 现价 涨跌 涨幅� | | --- | --- | | 688260 的冢科技 | 38.24 +6.37 +19.99% | | 688775 影石创新 | 282.96 +26.44 +10.31% | | 603890 春秋电子 | 17.23 +1.57 +10.03% | | 002888 惠威科技 | 21.99 +2.00 +10.01% | | 600203 福日电子 | 14.22 +1.29 +9.98% | | 603626 科森科技 | 13.12 +1.19 +9.97% | | 300686 智动力 | 16.04 +1.20 +8.02% | | 301189 奥尼电子 | 43.27 +3.18 +7.93% | | 301182 凯旺科技 | 39.22 +2.66 +7.28% | | 300866 安克创新 | 113.45 +7.05 +6.60% | | 300647 超频三 | 7.44 +0.44 +6.29% | | 301383 ...

Group 1: Dividend Announcements - Wanbo Group announced a dividend of HKD 0.0025 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 23, 2025 [1] - Hong Kong Credit declared a dividend of HKD 0.016 per share, with an ex-dividend date of December 30, 2025, and a payment date of January 14, 2026 [1] - HYPEBEAST announced an interim dividend of HKD 0.0018 per share and a special dividend of HKD 0.0029 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 23, 2025 [1] - Aji Bang Leasing declared a dividend of HKD 0.0023 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 24, 2025 [1] Group 2: Additional Dividend Announcements - Haode Holdings announced a dividend of HKD 0.0008 per share, with an ex-dividend date of December 18, 2025, and a payment date of January 22, 2026 [2] - Kwan Chung Bus Group declared an interim dividend of HKD 0.04 per share and a special dividend of HKD 0.06 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 19, 2025 [2] - Xinjia International announced a dividend of HKD 0.04 per share, with an ex-dividend date of December 10, 2025, and a payment date of December 23, 2025 [2] - Fujikou Industrial declared a dividend of HKD 0.01 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 31, 2025 [2] Group 3: Further Dividend Announcements - Jiali International announced a dividend of HKD 0.015 per share, with an ex-dividend date of December 11, 2025, and a payment date of December 31, 2025 [3] - China Dongxiang declared an interim dividend of HKD 0.0114 per share and a special dividend of HKD 0.0114 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 23, 2025 [3] - Note: The ex-dividend date indicates when a stock begins to be traded without the right to receive the upcoming dividend [3]

中国交通建设：每股0.12929港元，除净日：2025-12-01，派息日期：2026-01-09；恒生行业：重型基 建，是中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 中联重科：每股人民币0.2元，除净日：2025-12-15，派息日期：2026-01-09；恒生行业：重型机械，非 中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 周大福：每股0.22港元，除净日：2025-12-15，派息日期：2025-12-24；恒生行业：其他零售商，非中 证港股通央企红利指数（931233.CSI）指数的成分股，是恒生中国内地企业高股息率指数的成分股。 NIRAKU：每股0.01港元，除净日：2025-12-08，派息日期：2026-01-12；恒生行业：赌场及博彩，非 中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 弥明生活百货：每股0.003港元，除净日：2025-12-16，派息日期：2026-01-09；恒生行业：护肤与化妆 品，非中证港股通央企红 ...

Core Insights - Over a thousand listed companies have been investigated by institutional investors since November, indicating a high level of interest in the market [3][4] - The top three companies receiving the most institutional attention are Ninebot, Rongbai Technology, and Lens Technology, with Ninebot leading at 179 institutions [5][6] - Despite a recent pullback in tech stocks, sectors such as application software, integrated circuits, and electronic components continue to attract significant institutional research [12][13] Institutional Research Activity - As of the week of November 17 to 23, over 400 listed companies disclosed records of institutional investor investigations, maintaining a high level of research activity [4][5] - The top ten companies by the number of institutional inquiries include: 1. Ninebot: 179 institutions 2. Rongbai Technology: 137 institutions 3. Lens Technology: 121 institutions 4. Yingtang Zhikong: 61 institutions 5. Yinglian Co.: 49 institutions 6. Qiaocheng Ultrasonic: 47 institutions 7. Tainkang: 41 institutions 8. AVIC Heavy Machinery: 40 institutions 9. World: 38 institutions 10. Obsidian: 33 institutions [5][6] Sector Focus - The focus of institutional research has been on hard technology sectors, particularly in areas such as AI, robotics, and consumer electronics [12][13] - Companies like Lens Technology are optimistic about their future in the robotics sector, projecting significant growth in humanoid and quadruped robot shipments [6] - Institutions are particularly interested in AI technology, which is expected to transition into practical applications in the coming year, with opportunities in computing power, cloud infrastructure, and various applications [13]

春立医疗：每股0.2304港元，除净日：2025-11-24，派息日期：2026-01-19；恒生行业：医疗设备及用 品，非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 网易-S：每股0.114美元，除净日：2025-12-04，派息日期：2025-12-16；恒生行业：游戏软件，非中证 港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 金山科技工业：每股0.018港元，除净日：2025-12-24，派息日期：2026-01-08；恒生行业：消费电子产 品，非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。从这一天起，买入该股票的投 资者，将无法享受到本次派发的股息。 简单投资，加点红利！ 中证港股通央企红利指数（931233.CSI）指数，从港股通范围内，选取中央企业实际控制的分红水平稳 定且股息率较高的50只上市公司股票进行打包；截至11月20日，该指数近1年股息率是5.63%，高 ...

春立医疗：每股0.2304港元，除净日：2025-11-24，派息日期：2026-01-19；恒生行业：医疗设备及用 品，非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 网易-S：每股0.114美元，除净日：2025-12-04，派息日期：2025-12-16；恒生行业：游戏软件，非中证 港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 简单投资，加点红利！ 中证港股通央企红利指数（931233.CSI）指数，从港股通范围内，选取中央企业实际控制的分红水平稳 定且股息率较高的50只上市公司股票进行打包；截至11月20日，该指数近1年股息率是5.63%，高于同 期10年期国债收益率3.81%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率（HSMCHYI.HI）指数，筛选打包在港上市，内地公司中的高股息股票； 截至11月20日，该指数近1年股息率是5.30%，高于同期10年期国债收益率3.48%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 莎莎国 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant growth in the AI sector, particularly driven by AMD's strong performance and Astera Labs' rapid revenue increase, indicating a robust market for AI infrastructure and solutions [11][23] - The smartphone market in China shows a slight increase in sales, with Apple leading the market share, suggesting a stable demand for consumer electronics [30] - The report emphasizes the importance of AI workload deployment in data centers as a new catalyst for growth in the computing sector [21] Summary by Sections Overseas Market Review - The report notes the performance of AI-related stocks, with significant fluctuations in their prices, indicating a volatile market environment [6] AMD Performance - AMD reported a revenue of $9.2 billion for Q3 FY25, a 36% year-on-year increase, with a non-GAAP EPS of $1.20, exceeding market expectations [11][21] - The data center segment generated $4.3 billion, growing 22% year-on-year, driven by the adoption of the EPYC "Turin" processors and increasing AI workload deployments [17][21] - AMD's collaboration with OpenAI for GPU deployment has the potential to generate over $100 billion in revenue, showcasing its strategic positioning in the AI market [21][22] Astera Labs Performance - Astera Labs achieved a revenue of $230.6 million in FY25Q3, doubling year-on-year, with a gross margin of 76.4% and an operating margin of 41.7% [23][28] - The company is focusing on AI infrastructure interconnects, with its Scorpio X series expected to ramp up production in 2026, positioning it as a key player in the AI data center market [28][29] Consumer Electronics Dynamics - In September 2025, China's smartphone sales reached approximately 26 million units, a 2.48% increase year-on-year, with Apple holding the largest market share at 21.12% [30][36] - The PC market showed mixed results, with desktop sales increasing by 2.35% while laptop sales declined by approximately 10.83% [37]

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].

Core Viewpoint - The article highlights the increasing activity of broker research in various sectors following the disclosure of Q3 financial reports, with a particular focus on technology and new productivity sectors [1][2]. Group 1: Broker Research Activity - As of early November, over 953 A-share listed companies have been researched by brokers, with 42 companies receiving attention from 40 or more brokers [3]. - The most popular companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker research reports respectively, all associated with new productivity [3]. Group 2: Sector Focus - Brokers are particularly interested in the semiconductor industry, high-end equipment, and companies with strong technological barriers and growth potential [5][6]. - Notable companies receiving significant attention include storage chip leader Zhaoyi Innovation and solar component leader Artis, which received 55 and 49 broker research reports respectively [3]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-growth industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [8][9]. - The research teams suggest that the electronic sector is expected to maintain its performance, driven by AI and domestic production growth [8]. Group 4: Market Trends and Recommendations - The article emphasizes the importance of monitoring annual performance expectations and the quality of corporate earnings, as well as the potential for market funds to shift between technology, consumer, and defensive sectors [10]. - Investors are advised to consider policy direction, industry hotspots, valuation rationality, and risk control when making investment decisions [10].

Group 1 - The core point of the article is that Wanshang Technology (SZ 301180) held its third board meeting on October 22, 2025, to review the proposal for the full report of the third quarter of 2025 [1] - For the year 2024, Wanshang Technology's revenue composition is as follows: 77.94% from consumer electronics, 17.65% from power/storage products, and 4.42% from other sources [1] - As of the report, Wanshang Technology has a market capitalization of 6.3 billion yuan [1]