宏观动态报告 出口仍在带动生产 ——2025 年 11 月 PMI 分析 2025 年 11 月 30 日 国家统计局 11 月 30 日发布数据：2025 年 11 月份，制造业采购经理指数（PMI） 为 49.2%，比上月上升 0.2 个百分点，景气水平有所改善。建筑业商务活动指数为 49.6%（前值 49.1%）；服务业商务活动指数为 49.5%（前值 50.2%）。 核心观点：本月制造业 PMI 指数季节性回升，生产、新订单指数均有所回暖，出 口指数上涨明显，供需缺口收窄至 0.8pct，表明经济有所企稳。尤其是出口的超预 期上行或代表外需仍可对四季度经济起到拉动作用。不过隐患仍然存在，产成品价 格下降但原材料价格上升的格局仍然抑制企业利润；产成品库存再度下降表明企业 被动去库仍在，新一轮库存周期还在酝酿。分行业来看，有色金属的生产、订单、 价格、库存均上行显著，英伟达财报表明全球 AI 建设浪潮仍在持续；非金属矿物 制品、和金属制品新订单量改善明显，可能表明基建投资在 11 月有所发力，叠加 年底建筑业追赶工期推动指数上行。 ：zhangdi_yj @chinastock.com.cn 分析师登记编 ...

天眼查App显示，近日，阳江市鹏新纸制品有限公司成立，注册资本10万人民币，经营范围为一般项 目：纸制品制造；纸制品销售；塑料制品制造；塑料制品销售；金属制品销售；金属制品研发；金属制 日用品制造；有色金属合金销售；五金产品零售；五金产品批发；国内贸易代理；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）。 ...

（记者 曾健辉） 截至发稿，友发集团市值为92亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 每经AI快讯，友发集团（SH 601686，收盘价：6.37元）11月28日晚间发布公告称，因达到法定退休年 龄，徐广友先生向公司董事会辞去所担任的第五届董事会董事、薪酬委员会委员及副总经理职务。辞职 后，徐广友先生亦不在公司及控股子公司担任其他职务。 2024年1至12月份，友发集团的营业收入构成为：金属制品行业占比91.62%，其他业务占比8.38%。 ...

Core Viewpoint - Silver Dragon Co., Ltd. has shown a significant stock price increase of 5.04%, reaching 9.79 CNY per share, with a total market capitalization of 8.393 billion CNY as of November 28 [1] Group 1: Company Overview - Silver Dragon Co., Ltd. is located in the Beichen District of Tianjin and was established on March 17, 1998, with its listing date on February 27, 2015 [1] - The company specializes in the research, production, and sales of prestressed concrete steel materials, track slabs, and related equipment [1] - The revenue composition of the company includes: 43.28% from steel wires, 34.93% from steel strands, 14.45% from sales and services of concrete products for rail transit, 5.56% from other sources, 1.41% from steel plates, and 0.37% from steel bars [1] Group 2: Fund Holdings - The Hive Fund has a significant holding in Silver Dragon Co., Ltd., with its advanced manufacturing mixed fund (019006) holding 43,000 shares, accounting for 2.6% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a year-to-date return of 27.7%, ranking 2656 out of 8127 in its category, and a one-year return of 29.43%, ranking 2310 out of 8059 [2] Group 3: Fund Manager Performance - The fund manager, Wu Qiong, has a tenure of 2 years and 106 days, with a total fund asset size of 17.7827 million CNY and a best return of 22.76% during his tenure [3] - Co-manager Sun Ke has a tenure of 324 days, with the same fund asset size, achieving a best return of 30.21% during his management period [3]

Group 1: Company Announcements - Derun Electronics announced the appointment of Qiu Yang as the new president, succeeding Liu Biao who resigned for personal reasons [1] - Zhongyuan Tong plans to invest 5 million yuan to establish a wholly-owned subsidiary in Hong Kong and set up a branch and research institute in Xi'an to enhance R&D capabilities [2][3] - FAW Jiefang intends to increase capital by 1.91 billion yuan in its joint venture with CATL and Teld, with a total investment of 4.12 billion yuan from all parties [4][5] - Yuanli Co. plans to acquire 100% of Tongsheng Co. for 471 million yuan, aiming to enhance its strategic layout in the silicon dioxide sector [6][7] - Hangfa Technology received a government subsidy of 8 million yuan, accounting for 11.63% of its audited net profit for 2024 [8] - Saiwei Electronics reported that the National Integrated Circuit Fund reduced its shareholding to below 5% [9] - Tianpu Co. announced a stock suspension for investigation due to significant price fluctuations, with a cumulative increase of 451.80% over the past months [10] - Chen'an Technology is planning to issue shares to Hefei Guotou, which may lead to a change in control, resulting in a stock suspension [11] - Yinlun Co. intends to acquire over 55% of Deep Blue Electronics for approximately 133 million yuan [12] - Lianlong plans to invest 50 million yuan to acquire 25% of Stof Co. to expand its electronic materials business [13] - Qianyuan High-Tech's vice president plans to reduce his stake by up to 0.31% [14] - Juzi Technology's major shareholder plans to reduce his stake by up to 0.22% [15] - Perfect World’s actual controller plans to reduce his stake by up to 1.7% [16] - China CRRC intends to spin off its subsidiary CRRC Qichao for listing on the Shenzhen Stock Exchange [17] - Jingrui Electric Materials plans to acquire 76.1% of Hubei Jingrui for 595 million yuan, focusing on high-purity chemicals [18] - Zhejiang Construction Investment's asset purchase and fundraising plan has been approved by the Shenzhen Stock Exchange [19] - Tail Co. received a government subsidy of 2 million yuan, representing 13.71% of its audited net profit for 2024 [20] - Jiangsu Boyun's shareholder plans to reduce his stake by up to 1% [21] - Yonghe Intelligent Control's shareholders plan to reduce their stakes by up to 3.29% [22] - Yuhua Development reached a debt restructuring agreement involving 241 million yuan [23] Group 2: Industry Overview - Derun Electronics operates in the electronic connector and precision components sector [2] - Zhongyuan Tong is involved in the research, production, and sales of various power products [3] - FAW Jiefang is focused on the research, production, and sales of commercial vehicles [5] - Yuanli Co. specializes in the research, production, and sales of chemical products [7] - Hangfa Technology operates in the aerospace engine and gas turbine components sector [8] - Saiwei Electronics is engaged in MEMS chip development and semiconductor equipment [9] - Tianpu Co. is involved in the production of polymer materials for automotive applications [10] - Chen'an Technology focuses on public safety and emergency platform software and equipment [11] - Yinlun Co. specializes in heat exchange products and automotive air conditioning systems [12] - Lianlong operates in the polymer materials and life sciences sectors [13] - Qianyuan High-Tech is involved in seed research and agricultural services [14] - Juzi Technology focuses on machine vision equipment and control systems [15] - Perfect World is engaged in the development and operation of online games and related media [16] - China CRRC specializes in railway equipment and urban infrastructure [17] - Jingrui Electric Materials is involved in high-purity chemicals and lithium battery materials [18] - Zhejiang Construction Investment operates in construction and engineering services [19] - Tail Co. focuses on high-end equipment and smart operation services [20] - Jiangsu Boyun specializes in modified plastic products [21] - Yonghe Intelligent Control operates in water valve fittings and precision radiation therapy [22] - Yuhua Development is involved in real estate development and sales [23]

中集集团所属申万行业为：机械设备-通用设备-金属制品。所属概念板块包括：海水淡化、龙虎榜热 门、可燃冰、天然气、远洋运输等。 截至9月30日，中集集团股东户数11.59万，较上期减少13.00%；人均流通股19866股，较上期增加 14.94%。2025年1月-9月，中集集团实现营业收入1170.61亿元，同比减少9.23%；归母净利润15.66亿 元，同比减少14.35%。 分红方面，中集集团A股上市后累计派现186.38亿元。近三年，累计派现20.33亿元。 11月28日，中集集团盘中上涨2.13%，截至10:49，报9.10元/股，成交4.11亿元，换手率2.00%，总市值 490.72亿元。 资金流向方面，主力资金净流出1728.11万元，特大单买入2723.08万元，占比6.63%，卖出3831.74万 元，占比9.32%；大单买入7154.69万元，占比17.41%，卖出7774.14万元，占比18.92%。 中集集团今年以来股价涨19.80%，近5个交易日涨10.57%，近20日涨15.34%，近60日涨10.84%。 今年以来中集集团已经1次登上龙虎榜，最近一次登上龙虎榜为11月26日，当日龙 ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

截至发稿，索通发展市值为117亿元。 每经AI快讯，索通发展（SH 603612，收盘价：23.58元）11月27日晚间发布公告称，截至本公告披露 日，公司及子公司对外担保总额为人民币约159.26亿元，占公司2024年度经审计净资产的308.01%，实 际担保余额约为74.39亿元，占公司2024年度经审计净资产的143.87%；公司对控股子公司提供的担保总 额为人民币约156.74亿元，占公司2024年度经审计净资产的303.12%，实际担保余额约为71.86亿元，占 公司2024年度经审计净资产的138.98%；公司不存在为控股股东和实际控制人及其关联人提供担保的情 况。 2025年1至6月份，索通发展的营业收入构成为：阳极分部占比95.62%，负极分部占比4.02%，电容器分 部占比0.99%，分部间抵销占比-0.63%。 每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" （记者 王晓波） ...

证券代码： 002443 证券简称：金洲管道 浙江金洲管道科技股份有限公司投资者关系活动记录表 编号：2025-007 投资者关系活 动类别 √ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称 及人员姓名 中邮证券：刘 卓 时间 2025 年 11 月 26 日 下午 1：30—15：30 地点 浙江省湖州市吴兴区八里店区府南路 388 号二楼会议室 上市公司接待 人员姓名 副董事长、总经理：沈淦荣 董事会秘书：薛俊 投资者关系活 动主要内容介 绍 1、请介绍一下公司的基本情况。 回复：公司主导产品有热浸镀锌钢管、高频焊管、钢塑复合管材管件、 不锈钢管材管件、大口径卷制埋弧焊钢管、螺旋缝双面埋弧焊钢管、直 缝埋弧焊钢管、直缝高频电阻焊钢管、FBE/2PE/3PE 防腐钢管等系列， 产品广泛应用于给水、排水、消防、燃气、石油天然气输送、化工、建 筑、通讯、特高压电力铁塔等领域。公司始终坚持做好管道产品，经营 情况稳健，相对行业平均水平总体运行良好，目前公司财务状况优良， 负债率低，资金宽裕。 2、请对公司前三季度的经营情况做个简要分 ...

证券日报网讯楚江新材（002171）11月27日在互动平台回答投资者提问时表示，公司高度重视股东利 益，已制定《市值管理制度》并通过稳健经营、规范信披维护市场信心。 ...