如何看待本周科技板块反弹？ 证券研究报告/策略定期报告 2025 年 11 月 30 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 相关报告 1、《重视科技资金动能增强的信号》 2025-11-29 2、《A H 股市场周度观察（11 月第 4 周）》2025-11-29 3、《12 月金股报告》2025-11-27 报告摘要 一、如何看待本周科技板块反弹？ 本周市场热点集中在 TMT 等科技板块，科技板块在超跌背景下迎来反弹，通信设备、 电子元件、游戏、消费电子等领涨两市。通信、电子、传媒行业周度涨幅分别达到 8.70%、6.05%、4.23%，均已收复上周跌幅，其中通信已强势接近 10 月底高点。 在申万二级行业中，通信设备、电子元件、游戏、消费电子尤其强势，周涨幅均在 5%以上。光模块 CPO、光芯片、光通信、光电路交换机 OCS、6G 等多个通信主题 指数涨幅超过 10%。光库科技、通宇通讯、特发信息等产业链个股单周涨超 30% ...

Domestic Market Overview - The domestic market experienced wide fluctuations and a strong rebound on August 28, with the Shanghai Composite Index closing at 3843.6 points, up 1.14%, and the Shenzhen Component Index closing at 12571.37 points, up 2.25% [1][4] - The STAR 50 index rose by 7.23%, and the ChiNext index increased by 3.82%. The total trading volume of the A-share market was 300.09 billion yuan, showing a decrease compared to the previous day [1][4] - Among the 30 first-level industries of CITIC, 22 industries declined, with significant gains in communication, electronics, and comprehensive finance, while coal, agriculture, forestry, animal husbandry, and fishery saw the largest declines [1][4] Overseas Market Overview - On August 28, the three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.16%, the S&P 500 up 0.32%, and the Nasdaq up 0.53%. Notably, Google rose over 2% [2][4] - The U.S. technology giants index increased by 0.47%, with significant gains from companies like Cisco and Salesforce, which rose over 1% [2][4] - Chinese concept stocks showed mixed results, with Ctrip Group rising nearly 15% and Newegg falling over 18% [2][4] Key News - The Central Committee of the Communist Party of China and the State Council issued opinions on promoting high-quality urban development, aiming for significant progress in modern urban construction by 2030 [3][11] - The Central Education Working Group released an action plan for optimizing the adjustment of higher education disciplines and majors from 2025 to 2027, focusing on establishing a coordinated mechanism and improving the talent supply-demand matching system [3][12] - The 28th China-Canada Economic and Trade Joint Committee was held in Ottawa, focusing on improving bilateral economic relations and addressing trade concerns [3][13][14] - The "2025 China Top 500 Private Enterprises" list was released, with JD Group, Alibaba, and Hengli Group ranking in the top three, and the total revenue of these enterprises reaching 43.05 trillion yuan [3][16]

Domestic Market Overview - The domestic market experienced a rise in both volume and price, breaking previous highs. The Shanghai Composite Index closed at 3683.46 points, up 0.48%, while the Shenzhen Component Index closed at 11551.36 points, up 1.76%. The ChiNext Index rose by 3.62% [1][9] - Among the 30 sectors tracked, 21 sectors saw gains, with telecommunications, non-ferrous metals, and electronics leading the increases. Conversely, banking, coal, and textile sectors experienced significant declines [1][9] - The total trading volume for the A-share market reached 21752 billion, continuing to rise compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones Industrial Average rising by 1.04% and the S&P 500 Index reaching a new closing high. Notably, UnitedHealth Group and Nike led the gains in the Dow [2] - Chinese concept stocks generally saw an increase, with Newegg rising over 24% and Lingzhong Portal up more than 18% [2] Key Economic Indicators - In July, the social financing scale increased by 9% year-on-year, with a cumulative increase of 23.99 trillion yuan in the first seven months of the year, which is 5.12 trillion yuan more than the same period last year. The increase in RMB loans was 12.87 trillion yuan [10][12] - As of the end of July, M2 grew by 8.8% year-on-year, while M1 increased by 5.6% [10][12] Industry Developments - The Ministry of Commerce announced countermeasures against two EU financial institutions, UAB Urbo Bankas and AB Mano Bankas, in response to sanctions imposed by the EU on Chinese financial institutions [13] - Guangdong Province introduced the first systematic judicial guarantee document for carbon emission quota pledge financing in the country, aiming to support green finance development [15]

Domestic Market Overview - The domestic market showed a mixed performance with the Shanghai Composite Index closing at 3505 points, down 0.42%, while the Shenzhen Component Index rose to 10744.56 points, up 0.56% [5][10] - The total trading volume of the A-share market reached 16,350 billion, an increase from the previous day [10] - Among the 30 sectors tracked, 6 sectors saw gains, with telecommunications, computers, and electronics leading the increases, while coal, agriculture, forestry, animal husbandry, and retail sectors experienced significant declines [10][11] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.98% and the S&P 500 down 0.4%, while the Nasdaq rose by 0.18% [2][5] - The U.S. technology index increased by 0.8%, with Nvidia rising over 4% to set a new closing high [2][5] Economic Data - The GDP for the first half of the year was reported at 66.05 trillion, with a year-on-year growth of 5.3%. The first quarter saw a growth of 5.4%, while the second quarter recorded a growth of 5.2% [11][18] - Fixed asset investment grew by 2.8%, with real estate development investment declining by 11.2% [11][18] - In June, the industrial added value increased by 6.8% year-on-year, and retail sales of consumer goods grew by 4.8% [11][18] Key News Highlights - The Central Urban Work Conference was held in Beijing, focusing on seven key tasks for urban development [19][20] - The Financial Regulatory Bureau is strengthening supervision over local asset management companies, prohibiting certain risky financial practices [21][22] - A significant trade agreement was reached between the U.S. and Indonesia, with the U.S. imposing a 19% tariff on Indonesian imports while providing favorable terms for U.S. exports [23]