- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, inspired by research from George (2004) and methodologies like CANSLIM and "Stock Wizard". The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. If the latest closing price hits a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of fallback from the peak price [11][19][23] - The report evaluates the model positively, emphasizing its ability to capture market trends and identify leading stocks in various industries and sectors. It highlights the effectiveness of momentum strategies and the importance of tracking stocks that consistently hit new highs [11][18][23] - The report provides backtesting results for the "250-day new high distance" model. As of November 28, 2025, major indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index have respective distances of 3.50%, 5.40%, 4.66%, 6.85%, 4.10%, 2.78%, 8.17%, and 13.77% from their 250-day highs [12][31][32] - The report introduces a factor-based stock selection methodology for identifying "stable new high stocks". The factors include analyst attention (at least 5 buy or overweight ratings in the past 3 months), relative stock strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and trend sustainability (average 250-day new high distance over the past 120 days and past 5 days). Stocks are ranked based on these criteria, and the top 50% are selected [23][26][27] - The report evaluates the factor-based methodology positively, citing research by Turan G Bali et al. (2011) and Da, Gurun et al. (2012) that demonstrate the superior performance of stocks with smooth price paths and strong momentum effects [23][26][27] - Backtesting results for the factor-based methodology show that 26 stocks were selected as "stable new high stocks" for the week ending November 28, 2025. These include stocks from sectors such as cyclical industries (e.g., non-ferrous metals), manufacturing (e.g., construction), and others. Examples include Zhongji Xuchuang, Guangku Technology, and Zhongkuang Resources [27][30][32]

- The report tracks the market trend by monitoring stocks that have reached new highs, using the 250-day high distance as a key metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ where $ Close_t $ is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of November 28, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 3.50%, Shenzhen Component Index 5.40%, CSI 300 4.66%, CSI 500 6.85%, CSI 1000 4.10%, CSI 2000 2.78%, ChiNext Index 8.17%, and STAR 50 Index 13.77%[12][13] - The report identifies 1043 stocks that reached new 250-day highs in the past 20 trading days, with the highest numbers in the basic chemicals, power equipment and new energy, and machinery industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[23] - The selection criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and a composite score based on price path smoothness and new high continuity[26] - The report lists 26 stable new high stocks, including Zhongji Xuchuang, Guangku Technology, and Zhongkuang Resources, with the highest numbers in the cyclical and manufacturing sectors[27][30]

（文章来源：证券日报） 证券日报网讯 11月28日，光库科技在互动平台回答投资者提问时表示，目前6G技术方案及行业标准尚 未完全明确，公司会积极关注相关技术发展趋势和市场应用。 ...

证券日报网讯 11月28日，光库科技在互动平台回答投资者提问时表示，公司目前在海南没有子公司和 分公司。 （文章来源：证券日报） ...

Market Overview - The communication equipment sector experienced a decline of 0.27% on November 27, with Meilixin leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Tongyu Communication (002792) saw a significant increase of 10.03%, closing at 21.62 with a trading volume of 576,300 shares and a transaction value of 1.207 billion [1] - LianTe Technology (301205) rose by 9.98%, closing at 134.73 with a trading volume of 196,100 shares and a transaction value of 2.507 billion [1] - Other notable gainers include Taicheng Light (300570) up 7.51%, Guanghetong (300638) up 7.09%, and Cambridge Technology (603083) up 5.95% [1] Underperformers - Meilixin (301307) experienced a significant drop of 11.70%, closing at 35.86 with a trading volume of 257,600 shares and a transaction value of 963 million [2] - Shida Group (600734) fell by 9.92%, closing at 5.54 with a trading volume of 3,512,400 shares and a transaction value of 76.67 million [2] - Other notable decliners include Ruisi Kanda (603803) down 6.35% and Changxin Bochuang (300548) down 3.84% [2] Capital Flow - The communication equipment sector saw a net outflow of 2.31 billion from institutional investors, while retail investors contributed a net inflow of 1.647 billion [2][3] - Notable net inflows from retail investors were observed in companies like Cambridge Technology and Guanghetong, while significant outflows were noted in Meilixin and Taicheng Light [3] Individual Stock Capital Flow - ZTE Corporation (000063) had a net inflow of 787 million from institutional investors, while retail investors saw a net outflow of 337 million [3] - Taicheng Light (300570) had a net inflow of 319 million from institutional investors, with retail investors experiencing a net outflow of 174 million [3] - Cambridge Technology (603083) recorded a net inflow of 238 million from institutional investors and a net inflow of 159 million from retail investors [3]

Core Viewpoint - The A-share market is witnessing significant activity in Google-related industry chain stocks, driven by Google's challenge to Nvidia's dominance in the AI chip market through its TPU chip offerings [1] Group 1: Stock Performance - Saiwei Electronics reached a historical high with a 20% limit up [1] - Xidi Micro increased by over 13% [1] - Zhihui Power and Taicheng Light both rose by over 9% [1] - Yintang Zhikong and Guangku Technology saw increases of over 7% [1] - Tengjing Technology grew by over 5% [1] - Dekeli experienced a rise of over 4% [1] Group 2: Market Developments - Google is leveraging its advancements in AI models to challenge Nvidia's chip market leadership [1] - The company has begun promoting its TPU chip deployment in its own data centers to major clients like Meta, aiming to expand beyond its Google Cloud rental business [1]

Group 1 - The core viewpoint of the news is that Google is challenging NVIDIA's dominance in the chip market by promoting its TPU chips to major clients like Meta, leveraging its advancements in AI models [1] - In the A-share market, stocks related to the Google supply chain are experiencing significant activity, with Saiwei Electronics hitting a historical high with a 20% increase, and other companies like Xidi Micro, Zhihui Power, and Taicheng Light also seeing substantial gains [1] - Google aims to expand its TPU chip deployment from its cloud rental business to a broader market, indicating a strategic shift in its approach to AI hardware [1]

Core Insights - The CPO concept stocks in the A-share market continue to be active, with significant price increases observed in several companies [1] Group 1: Stock Performance - Taicheng Light (300570) saw a rise of 10.67%, with a total market capitalization of 25.1 billion and a year-to-date increase of 53.56% [2] - Cambridge Technology (603083) increased by 10%, with a market cap of 40.3 billion and a year-to-date rise of 183.09% [2] - New Yi Sheng (300502) rose by 8.44%, boasting a market cap of 356.9 billion and a year-to-date increase of 336.70% [2] - Huylu Ecology (001267) experienced a 5.52% increase, with a market cap of 15.3 billion and a year-to-date rise of 156.77% [2] - Woge Optoelectronics (603773) increased by 5.26%, with a market cap of 6.562 billion and a year-to-date rise of 15.69% [2] - Other notable performers include Jiepu Te (688025) up 4.33%, Tianfu Communication (300394) up 4.25%, and Lian Te Technology (301205) up 4.33% [2]

Group 1 - The CPO concept stocks in the A-share market continue to be active, with notable price increases among several companies [1] - Taicheng Technology saw a rise of over 10%, while Cambridge Technology hit the daily limit with a 10% increase [1] - New Yi Sheng increased by over 8%, and other companies like Huilv Ecology and Woge Optoelectronics rose by over 5% [1]

Group 1 - The AI computing power industry chain remains active, with the CSI 5G Communication Theme Index rising by 2.03% as of 09:43 on November 27, highlighting strong performance among component stocks such as Guanghetong (up 6.44%) and Industrial Fulian (up 5.70%) [1] - Dongwu Securities indicates that the demand for computing power solutions is robust under the AI narrative, suggesting that the computing infrastructure market is still in a phase of rapid expansion and has not yet reached a saturation point [1] - The 5G Communication ETF (515050) has seen a recent increase of 2.07%, marking its third consecutive rise, with a one-week cumulative increase of 2.43% as of November 26, 2025 [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and has a current scale exceeding 8 billion yuan, with significant growth of 2.263 billion yuan over the past six months [2] - The ETF focuses on key players in the industry, including Nvidia, Apple, and Huawei, with top holdings including Zhongji Xuchuang, New Yisheng, and Lixun Precision [2] - The ETF has various connecting options available for investors, including multiple classes of the 华夏中证5G通信主题ETF联接 [2]