Core Viewpoint - The electronic industry is undergoing a critical transition driven by AI, shifting from computing infrastructure to application implementation by 2026, with overall valuations being high and investment logic needing to shift from valuation expansion to profit realization [1][2] Semiconductor Sector - The semiconductor industry is expected to continue its rapid growth into 2026, with key trends including the push for domestic computing power and a significant cycle in storage [3] - The demand for AI and high-bandwidth memory (HBM) is expected to drive a new growth cycle in semiconductor manufacturing, with a focus on domestic semiconductor equipment and materials [3] Consumer Electronics - The consumer electronics sector is anticipated to see accelerated development in AI applications, particularly in mobile devices and smart imaging equipment, leading to significant revenue growth [4] - Investment opportunities are emerging from the rapid penetration of AI in small-end devices and upgrades in large-end devices, including foldable screens and enhanced imaging functions [4] Components and Devices - The demand for printed circuit boards (PCBs) is expected to remain high due to AI, with leading manufacturers expanding production to meet growing downstream needs [5] - The storage industry's upward cycle is driving demand for packaging substrates, while passive components like chip inductors and tantalum capacitors are also areas of focus [5] - The optical components market is benefiting from the upgrade of smart phone optics and the proliferation of new consumer electronic products [5]

第二，该技术路线的技术不在技术转让法规定的禁止转让或限制转让的技术清单中。 该通知规定，符合下列条件的二手生产线可以进口： 第三，其制造必须符合国家技术法规（QCVN）关于安全、节能和环境保护的规定。如果进口生产线没 有相关的国家技术法规（QCVN），则该生产线必须按照越南国家标准（TCVN）或G7成员国之一（如 韩国）关于安全、节能和环境保护的国家标准进行制造。 《越南经济》11月24日报道，越南科技部发布第30/2025/TT-BKHCN号通知，规定了进口用于直接服务 于半导体芯片制造、封装和测试项目以及数字技术产品和服务培训、研究和开发项目的二手生产线、设 备、机械和工具的标准。 第一，不在出口国公布的已使用、落后、质量差、污染环境的技术生产线名单上。 第一，不在出口国公布的落后、劣质和污染环境的机械、设备和工具清单上。 第二，机械、设备和工具的技术不属于技术转让法规定的禁止转让或限制转让的技术清单。 第三，必须按照国家技术法规（QCVN）中关于安全、节能和环境保护的规定进行制造。如果进口设 备、机械和工具没有相关的国家技术法规（QCVN），则必须按照越南国家标准（TCVN）或G7成员国 之一（如韩国） ...

11月25日，扬杰科技盘中上涨2.00%，截至10:05，报63.74元/股，成交1.86亿元，换手率0.54%，总市值 346.33亿元。 资金流向方面，主力资金净流入630.49万元，特大单买入689.00万元，占比3.70%，卖出634.41万元，占 比3.41%；大单买入4558.81万元，占比24.50%，卖出3982.91万元，占比21.40%。 扬杰科技今年以来股价涨49.27%，近5个交易日跌2.10%，近20日跌13.96%，近60日涨4.63%。 分红方面，扬杰科技A股上市后累计派现17.17亿元。近三年，累计派现11.80亿元。 机构持仓方面，截止2025年9月30日，扬杰科技十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股831.20万股，相比上期增加39.06万股。易方达创业板ETF（159915）位居第四大流通股 东，持股616.54万股，相比上期减少103.55万股。南方中证500ETF（510500）位居第五大流通股东，持 股474.35万股，相比上期减少10.23万股。国泰智能汽车股票A（001790）、国联安中证全指半导体产品 与设备ETF联接A（007300 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 25 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制发布， 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | 【重要资讯】 | | | | | | 1、谷歌 ...

Core Viewpoint - The recent stock market decline, particularly in the ChiNext index which fell over 6%, presents a buying opportunity for value investors rather than a cause for panic [1] Group 1: Market Conditions - The global market is experiencing significant downturns, with the Nasdaq down 2.7% and the Nikkei index down over 3.4% [1] - In the A-share market, over 4,900 stocks have declined, indicating a widespread sell-off [1] Group 2: Reasons for the Decline - The decline is attributed to three main factors: weakening faith in technology stocks, tight liquidity due to a strong dollar and foreign capital outflow, and a pervasive sense of panic among investors [3][4] Group 3: Investment Opportunities - Many quality companies have been "wrongly killed" in this market downturn, leading to significantly lower valuations and increased safety margins for investors [4] - Key sectors to consider for investment include: - AI and semiconductors, driven by domestic substitution policies - New energy sectors such as energy storage and wind power, which continue to show high industry vitality - Military industry, characterized by stable orders and strong defensive qualities [4] - High dividend assets in sectors like banking, electricity, and public utilities are also recommended for their low valuations and ability to provide stability in volatile markets [4]

金 点 策 略 晨 报 2025 年 11 月 21 日 外部压力对 A 股影响有限，市场中期向好逻辑未变 英大证券研究所证券研究报告 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周三呈现企稳迹象的 A 股市场，周四再度陷入疲软态势。早盘一度高开上行， 然而午后行情再度走弱，最终全线收跌。可能与外部压力有关（美联储 12 月降 息不确定性及地缘政治因素发酵等），不过，我们认为，其对 A 股的整体影响预 计相对有限。A 股定价核心仍锚定国内基本面，中国经济持续恢复的态势没有改 变，内生增长动力不断增强。同时，政策层面继续保持积极，为市场提供了有力 支撑。 因此，尽管面对短期调整与多方压力，我们认为指数短期调整已近尾声，中 期向好逻辑未变。操作上，踏准板块轮动节奏，采取均衡配置、高抛低吸或是占 优策略。无论是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等），还是 顺周期行业（光伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银行、 公用事业、"大象股"等），尽量选 ...

【文/观察者网 熊超然】今年8月，美国总统特朗普曾扬言要对进口半导体征收约100%的关税，仅豁免 在美国生产或承诺在美国生产的企业。 当地时间11月19日，路透社援引美国官员的一番私下说法独家报道称，虽然这项政策此前被视为特朗普 经济议程中的核心内容，但美方可能不会很快征收曾承诺过的半导体关税。据两名直接了解此事的人士 和一名听取了相关谈话的人士透露，过去几天，美国官员们已向政府和私营企业的利益相关方传达了这 些信息。 报道援引另外一名关注此事的人士称，特朗普政府正在采取"更为谨慎的态度"，以避免激怒中国。还有 两名知情人士则说，特朗普的幕僚团队正"谨慎对待"半导体关税问题，因为他们正努力避免与中方在贸 易问题上发生冲突，以免重燃针锋相对的贸易战，甚至扰乱到关键稀土矿物的流通。 当时，美国消费者新闻与商业频道（CNBC）指出，250%是特朗普迄今为止发出的最高关税税率威 胁，不过这位美国总统此前也曾屡次威胁要加征关税，但后来又改变了政策，因此无法保证他最终是否 会将药品关税税率定在250%。 不过，这些人士也提醒称，在特朗普政府最终批准之前，任何决定都不是最终决定，美方仍随时可能征 收高达三位数关税。 当地时 ...

Group 1: Market Overview - The Hong Kong stock market indices continued to adjust, with the Hang Seng Index down 1.72%, the Hang Seng China Enterprises Index down 1.65%, and the Hang Seng Tech Index down 1.93% [2] - The total market turnover was approximately HKD 242.1 billion, with short selling accounting for about 19.16% of the total turnover [2] - Southbound capital saw a net inflow of approximately HKD 7.5 billion, with Alibaba, Xpeng Motors, and Xiaomi being the most actively bought stocks [2] Group 2: Sector Performance - The gold and non-ferrous metals sectors led the decline due to cooling expectations of US interest rate cuts and a significant drop in gold prices, with spot gold falling below USD 4,000 per ounce [2] - The lithium battery and new energy vehicle supply chains continued to face pressure, with weak automotive sales data showing a slight year-on-year decline in retail sales of passenger vehicles in October [2] - The traditional energy and infrastructure-related stocks also declined, reflecting ongoing market concerns about global economic prospects and demand recovery [2] Group 3: E-commerce Sector Insights - The e-commerce market growth slowed in October, with a year-on-year increase of 4.9% in online retail sales of physical goods, totaling RMB 1.2 trillion in September [6] - During the Double 11 shopping festival, the overall retail sales reached approximately RMB 2.4 trillion, with a year-on-year increase of over 10% [7] - Key players like Alibaba, JD.com, and Douyin showed varying growth rates, with JD.com reporting a 15% increase in total revenue for Q3 2025, slightly above market expectations [8][9] Group 4: Company-Specific Developments - JD.com's retail segment saw an 11% year-on-year revenue increase, while its logistics segment reported a 24% increase, aligning with market expectations [8] - Alibaba is expected to maintain around a 10% revenue growth rate for its core business, with a focus on improving user engagement and operational efficiency [9] - Pinduoduo is anticipated to report a 7% year-on-year revenue increase, with attention on its growth momentum in international markets [9]

Market Overview - The recent adjustment in the A-share market is attributed to multiple factors, including external pressures from the Federal Reserve's stance against recent interest rate cuts and geopolitical tensions affecting market risk appetite [2][12] - The 4000-point level is not just a psychological barrier but also a significant technical resistance due to historical trapped positions since 2015, leading to market confidence issues [2][12] - The market is experiencing structural differentiation, with a rapid rotation between sectors resulting in a general lack of profit-making opportunities [2][12] Short-term Market Sentiment - Despite the recent three-day decline, the market's risk is gradually being released, indicating that the short-term adjustment may be nearing its end [3][13] - There is no sign of panic selling, suggesting a healthy adjustment rather than a trend reversal [3][13] - Anticipation for two important meetings in December, which will set the economic policy for the next year, is high, potentially serving as a catalyst for market recovery [3][13] Economic Indicators - The October CPI stabilization indicates a recovery in economic momentum [3][13] - The overall monetary policy remains accommodative, with potential for further easing measures such as reserve requirement ratio cuts or interest rate reductions, which could provide ample liquidity support for the market [3][13] Sector Performance - AI application concept stocks have shown resilience, with significant gains in related sectors such as software development and semiconductor industries [8][11] - The cultural media sector, including gaming and entertainment, has also performed well, with a notable increase in stock prices despite broader market declines [9][10] Investment Strategy - The report suggests a balanced approach to investment, focusing on sectors with strong performance indicators, including technology growth areas (semiconductors, AI themes) and cyclical industries (solar energy, batteries, chemicals) [4][14] - Emphasis is placed on selecting stocks with solid earnings support during market dips to optimize investment returns [4][14]

Core Insights - The 2025 Global Wealth Cities Ranking by CEOWORLD highlights Tokyo as the wealthiest city with a GDP of $2.55 trillion, surpassing New York's $2.49 trillion, marking the largest lead for Tokyo in a decade [2][3] - Tokyo's economic strength is attributed to its diversified industrial base, housing major corporations like Mitsubishi and Toyota, and a robust manufacturing sector [3][5] - New York's economy is heavily reliant on the financial services sector, which poses risks, especially highlighted by a GDP growth drop to 1.8% in 2024 due to financial sector volatility [5][7] Economic Performance of Major Cities - Los Angeles ranks third with a GDP of $1.62 trillion, benefiting from the entertainment and aerospace industries, as well as a growing renewable energy sector [7] - London and Seoul follow, with GDPs of $1.47 trillion and $1.42 trillion respectively, both cities excelling in service industries [7] - The combined GDP of the top ten cities accounts for 32.7% of global GDP, indicating a concentration of resources in these urban centers [9] China's Position in the Ranking - Shanghai is the only Chinese city in the top ten, ranking tenth with a GDP of $1.15 trillion, showcasing its status as a major financial and trade hub [11][13] - Beijing, just outside the top ten at $1.1 trillion, has a strong digital economy but is undergoing structural adjustments that affect its GDP growth [13][15] - The ranking reflects a shift in global economic power, with Asian cities increasingly prominent compared to the previous dominance of Western cities [9][11] Implications for Urban Development - The ranking serves as a reference for urban development strategies, emphasizing the importance of balanced industrial growth, innovation, and openness [17] - Tokyo's success illustrates the benefits of a diversified economy, while New York's reliance on finance highlights potential vulnerabilities [5][17] - The future growth of Chinese cities like Shanghai and Beijing is anticipated as they continue to enhance their global economic presence [17]