证券研究报告·策略报告·策略深度报告 策略深度报告 20251103 11 月度金股：重视短期风格再平衡 2025 年 11 月 03 日 [Table_Summary] 随着各类不确定性因素陆续落地，11 月自上而下的边际催化有所减弱，指 数"轧空式"上攻的动力相对有限。10 月中美会晤后，美国宣布将中国芬 太尼产品的关税下调 10 个百分点，并将互惠关税暂停期限延长一年。这 一贸易共识的落地，推动市场在风险偏好修复下站上 4000 点。随后，10 月美联储降息落地，从鲍威尔表态看，内部对后续路径分歧加大，12 月是 否继续降息仍存不确定性，但结束 QT"已成定局"。国内方面，三季度业 绩披露完毕，2025Q3 全 A 两非盈利实现转正，ROE 亦呈现低位反弹，但 整体企业盈利仍处于偏低水平。 11 月，宏观与业绩进入真空期，在外生催化相对平淡的背景下，4000 点这 一心理关口的有效突破难以一蹴而就，市场或将更多以时间换空间。 ◼ 11 月更值得关注的是风格的短期切换 其一，岁末年初历来是风格切换的关键窗口，而 11 月往往是关键时点。自 2020 年以来，"春季行情"的启动时间已逐步前移至 12 月。从 ...

Core Viewpoint - The U.S. has significantly expanded its semiconductor control list to include 136 Chinese companies, marking a critical moment for China's technology sector as it faces unprecedented restrictions [2][6]. Group 1: Industry Developments - The establishment of Beijing Dongtu Semiconductor Technology Co., Ltd. by Dongtu Technology aims to focus on the development of control systems for the semiconductor sector, addressing the long-standing reliance on imported control systems [1][6]. - The U.S. Commerce Department's inclusion of 136 Chinese semiconductor-related entities in the entity list represents the largest expansion in history, affecting major manufacturers across the semiconductor supply chain [2][6]. - The new restrictions include 24 types of semiconductor manufacturing equipment and 3 types of development software, marking the first time industrial control systems have been included in export controls [2][6]. Group 2: Technological Innovations - The Intewell operating system, developed by Dongtu Technology, is the only domestic operating system to achieve the highest safety certification for industrial, automotive, rail transit, and medical applications, with a 100% self-developed microkernel architecture [3][5]. - The Intewell system is designed to meet the extreme demands of semiconductor equipment for data processing, real-time performance, and reliability, providing essential support for high-end equipment like lithography and etching machines [4][5]. Group 3: Strategic Collaborations and Market Impact - Dongtu Technology has formed a strategic partnership with domestic chip company Haiguang Information to create a fully domestic technology base combining the Intewell operating system and Haiguang chips [4][5]. - The global semiconductor equipment sales are projected to reach $125.5 billion in the first half of 2025, with a year-on-year growth of 7.4%, indicating a robust domestic market presence as China's share reaches 32% in 2024 [5][6]. - The Intewell operating system is transitioning from a backup option to a preferred solution in the semiconductor industry, with orders for smart controllers already being released [6].