| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 汽车 | 1191.25 | 9.53 | 0.81 | | 通信 | 1135.14 | 6.03 | 0.53 | | 国防军工 | 818.49 | 5.98 | 0.74 | | 计算机 | 1789.87 | 3.90 | 0.22 | | 机械设备 | 1289.47 | 2.62 | 0.20 | | 医药生物 | 1650.81 | 2.25 | 0.14 | | 传媒 | 509.33 | 1.99 | 0.39 | | 电子 | 3622.33 | 1.95 | 0.05 | | 交通运输 | 423.49 | 1.88 | 0.45 | | 食品饮料 | 511.06 | 1.80 | 0.35 | | 环保 | 192.18 | 1.79 | 0.94 | | 煤炭 | 143.87 | 1.10 | 0.77 | | 农林牧渔 | 288.52 | 0.20 | 0.07 | | 房地产 | 360.75 | 0.14 | 0.04 | | 美 ...

公司点评 · 通信&纺织服饰行业 深化芯片布局，打开业绩高成长空间 证证证证证证证证证证证证证证证证证证证 探路者证证证证证证300005 证 推荐 维持评级 分析师 赵良毕 证010 -80927619 证zhaoliangbi_yj@chinastock.com.cn 证证证证证证证证S0130522030003 00 2025 证 12 证 02 证 核心观点 证证证证证证证证 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 证证证证(证证证) | 1,592 | 1,327 | 1,738 | 2,380 | | 证证证证证% | 14.44 | -16.61 | 30.93 | 36.94 | | 证证证证证(证证证) | 107 | 64 | 150 | 307 | | 证证证证证% | 48.50 | -39.71 | 133.71 | 104.38 | | 证证证% | 9.51 | 8.00 | 9.00 | 10.00 | | 证证证% | 47.35 | 48.56 | 48.77 | 52.12 ...

2025年12月02日 证券研究报告 | 中观高频景气图谱（2025.11） 上游企稳回升，中游分化修复 策略研究 · 策略专题 S0980521030001 S0980523090002 证券分析师：王开 证券分析师：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 目录 2 中观月度行业景气度观点更新 请务必阅读正文之后的免责声明及其项下所有内容 • 截止2025年11月底，上游资源品：整体仍处低位运行，但内部结构继续分化。煤炭行业景气度保持平稳，动力煤价格环比小幅上行；石 油石化板块延续偏弱格局，成品油及天然气价格同比降幅扩大；基础化工表现承压，PVC、甲醇等化工品价格继续下行；有色金属维持 相对稳定，铜铝价格小幅上涨；建筑材料需求偏弱，水泥与玻璃价格同比仍处负区间。 • 中游制造业：景气度整体回升，但板块间强弱分明。机械设备行业表现亮眼，工程及通用装备需求持续释放，增长动能强劲；汽车产业 链景气边际改善，产销同比降幅稳步收窄，呈现修复态势；新能源板 ...

发布时间：2025-12-01 大盘指数 9000 10000 11000 12000 13000 14000 3000 4000 5000 上证指数 深证成指 2000 3000 6000 7000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《市场波动尚未收敛》 - 2025.11.24 策略观点 枕戈待旦候东风 ⚫ 投资要点 11 月主要股指全数下跌，调整幅度较上月扩大。截至 11 月 28 日，上证指数下跌 1.67%，深证成指下跌 2.95%，创业板指下跌 4.23%， 沪深 300 下跌 2.46%，上证 50 下跌 1.39%，科创 50 下跌 6.24%。按风 格来看，稳定风格下跌 1.69%，金融风格下跌 0.54%，消费风格下跌 0.49%，周期风格下跌 1.62%，成长风格下跌 3.46%。大盘指数下跌 2.30%，中盘指数下跌 4.41%，小盘指数下跌 2.34%，茅指数下跌 3.08%， 宁组合下跌 7.16%。 节奏上，无风区行船本 ...

股票研究 /[Table_Date] 2025.11.30 2025-12-01 9 月美国服饰零售同比增长 6.7%，海外 K 型消费趋势持续显现 本报告导读： 9 月美国服装配饰店零售同比+6.7%，库销比同比和环比均有下降。当前海外 K 型消 费趋势持续显现，高端与大众质价比消费均表现较好。外需短期仍待观察，投资排 序优先外贸、其次内需。 投资要点： 风险提示：终端消费意愿不及预期，原材料价格波动，行业竞争加剧。 股 票 研 究 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 [table_Authors] [Table_Summary] 投资建议：外需短期仍待观察 25Q4 北美在假日旺季、高基数、品牌关税后提 价等多重因素下的表现韧劲，投资排序优先外贸、其次内需。展望 2026，出口 制造板块的业绩修复逻辑相对更清晰，主要基于三方面因素：①出口美国关税 政策落地，产业发展方向具备一定的可见性；②与品牌共担关税压力显著减轻； ③产线分配优化及产能爬坡推进，效率持续改善。重点关注：华利集团、九兴 控股、申洲国际、超盈国际控股。品牌端看好三条主线：①家纺：大单品策略 有望 ...

过去公司坚定投入长期资产建设，一体化产务链具备稀缺性，市占率有望提升 过去行务需求及客户订单存在波动，但公司始终坚持长期资产建设、稳步扩张产能。该行判断2026年伴 随着核心客户订单的修复，公司有望步入产能驱动增长、工厂利用率饱和、订单结构优化带来盈利质量 优化的阶段。1)2024年末公司员工达到10.3万人，同比增长12%;2025H1末达到11万人，同比增长9%， 该行判断过去数年内成衣工厂招聘员工带来的产能提升、产量释放将在2026年继续体现。2)中长期来 看，公司坚持海外产能扩张，并完善独立一体化产务链建设，目前越南+柬埔寨成衣产能占比估计超过 50%、预计持续提升，后续有望丰富国际化布局、务均进军印尼，为份额提升进一步打开市场空间;国 内产能主要匹配国内及亚洲市场需求，以研发、效率、速度为核心竞争优势。 智通财经APP获悉，国盛证券发布研报称，维持申洲国际(02313)"买入"评级，公司是亚洲最大一体化针 织服饰制造商之一，基本面扎实，伴随核心客户订单需求恢复正常，该行判断公司2026年有望进入产能 供不应求、收入健康增长、盈利质量上行的阶段，估值具备提升空间。 国盛证券主要观点如下： 近期核心客户 ...

2025 年 12 月 01 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 5.7 | 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2025/11/28) | 4.96 | | 恒生指数(2025/11/28) | 25,858.9 | | 股价 12 个月高/低 | 5.2/3.41 | | 总发行股数(百万) | 11,629.75 | | H 股数(百万) | 11,629.75 | | H 市值(亿元) | 414.99 | | 主要股东 | 高德康 (60.92%) | | 每股净值(元) | 1.38 | | 股价/账面净值 | 3.59 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 18.73% 10.47% 4.20% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-06-26 | 4.62 | 买进 | | 2024-12-02 | 4.05 | 买进 | | 2024-06-27 | 4.33 | ...

Market Overview - The A-share market has shown a significant downward trend in November, contrasting sharply with the optimistic expectations at the beginning of the month, with the Shanghai Composite Index declining by 1.67% and the ChiNext Index falling by 4.23% [1][2] - Defensive sectors such as banking and textiles performed relatively well, while growth sectors like technology and automotive faced substantial declines, with the computer industry down by 5.26% [1][2] Key Factors Influencing Market Performance - A notable cooling in global artificial intelligence investment themes has directly impacted the performance of growth sectors, initiated by a significant pullback in U.S. tech stocks, with the Nasdaq index experiencing a maximum drop of 7.37% in November [2][3] - Domestic economic recovery momentum remains insufficient, as indicated by a drop in the manufacturing Purchasing Managers' Index (PMI) to 49.0, and a 5.5% year-on-year decline in profits for industrial enterprises [3][4] - The tightening of global liquidity conditions has also exerted pressure on risk assets, with U.S. non-farm payrolls increasing by 119,000 in September, leading to a shift in market expectations regarding the Federal Reserve's interest rate policies [3][4] Market Behavior and Trends - As the year-end approaches, institutional investors are adopting strategies to lock in profits and preserve performance, leading to a shift from high-valuation sectors to low-valuation defensive stocks, resulting in significant market structure differentiation [4][5] - The overall market turnover has decreased from around 2 trillion to approximately 1.7 trillion, indicating reduced liquidity and increased volatility in individual stocks [4][5] Investment Strategy and Outlook - A "defensive + growth" allocation strategy is recommended, balancing stable cash flow from defensive sectors like banking and utilities with increased exposure to high-growth areas such as energy storage and military industries [6][7] - The energy storage sector is expected to grow over 40% due to rising demand and policy support, while the military sector benefits from ongoing national defense modernization efforts [6][7]

来源：最闻，山西证券研究所 市场数据：2025 年 11 月 28 日 收盘价（港元）： 4.960 年内最高/最低（港元）： 5.370/3.460 总股本（亿股）： 116.30/116.30 流通市值（亿港元）： 576.84 总市值（亿港元）： 576.84 分析师： 王冯 纺织服饰 波司登（03998.HK） 买入-A(维持) 品牌羽绒服板块引领营收稳健增长，库存周转速度显著提升 2025 年 12 月 1 日 公司研究/公司快报 事件描述 11 月 28 日，波司登发布 2025/26 财年上半财年业绩。报告期内，公司实现营收 89.28 亿元，同比增长 1.4%，实现归母净利润 11.89 亿元，同比增长 5.3%。公 司宣派中期股息每股普通股 6.3 港仙。 事件点评 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 品牌羽绒服业务引领公司收入稳健增长，贴牌加工业务受关税影响有所承 来源：最闻，山西证券研究所 压。FY2025/26H1，公司实现营收 89.28 亿元， ...

Investment Rating - The report provides a positive outlook for the consumer sector, indicating a strong market performance with various sub-sectors showing significant gains [3]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in social services (+3.92%), retail (+3.45%), textiles and apparel (+2.75%), and home appliances (+1.78%) [3]. - The implementation of the "3+10" consumption matrix aims to create a market space worth trillions, focusing on areas such as elderly products and consumer electronics as core sectors [3]. - The report highlights the government's efforts to boost inbound tourism and consumption through policy measures, resulting in a near doubling of tax refund sales from January to September [3]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with leading stocks such as Hai Xin Food (+45.38%) and Mao Ye Commercial (+51.11%) showing exceptional performance [3][12]. - The report notes a structural contradiction in the consumer market, where supply exceeds demand but quality supply is insufficient, prompting a shift towards quality enhancement [3]. Industry News and Key Company Announcements - The Ministry of Commerce reported a significant increase in tax refund sales, indicating a robust recovery in inbound consumption [3]. - The report mentions the launch of a new brand by Zhongxin Tourism, which has seen a 300% increase in search volume for winter sports products, reflecting growing consumer interest [15]. - The report also discusses the introduction of stringent safety standards for mobile power supplies, enhancing product safety and quality in the consumer electronics sector [15].