证券研究报告：金融工程报告 发布时间：2025-11-25 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《微盘股继续领涨市场，扩散指数已达 较高区间 — — 微盘股指数周报 20251114》 - 2025.11.18 《连板高度打开情绪持续发酵，GRU 行 业轮动调入房地产——行业轮动周报 20251116》 - 2025.11.17 《连板情绪持续发酵，GRU 行业轮动调 入基础化工 — — 行业轮动周报 20251109》– 2025.11.10 《上证周中突破 4000 点，扩散指数行业 轮动调入电力设备及新能源——行业 轮动周报 20251102》 – 2025.11.03 《贵金属回调风偏修复，GRU 行业轮动 调入非银行金融——行业轮动周报 20251028》 – 2025.10.27 《上证强于双创调整空间不大，ETF 资 金持续配置金融地产与 TMT 方向——行 业轮动周 2025 ...

Core Viewpoint - The A-share market has surpassed the 4000-point mark, driven by strong performance in AI-related sectors such as computing hardware and domestic software [1] Group 1: Market Performance - AI and computing hardware concepts have shown significant strength, contributing to the A-share index crossing the 4000-point threshold [1] - Zhongji Xuchuang has reached a new historical high, while Jingwang Electronics has achieved two consecutive trading limits, and Rongji Software has hit a daily limit [1] Group 2: ETF Performance - AI and computing ETFs are leading the market, with the Cloud 50 ETF (560660) showing a 2.67% increase, the highest in the market [2] - Over 20 AI-related ETFs have risen more than 2%, including Southern AI ETF (159382), Huabao AI ETF (159363), and others [2] Group 3: Market Outlook - Huaxi Securities reports that short-term risk appetite is expected to improve, indicating that the "slow bull" market in A-shares will continue [1] - The focus will be on the upcoming earnings reports from A-share companies and US tech giants, with AI capital expenditure guidance becoming a key point of interest [1]