尽管办公软件业务表现亮眼，但金山软件仍受游戏业务疲软所拖累。 11月20日，香港恒生科技指数跌幅扩大至1%，其中金山软件（03888.HK）一度跌超11%。截至早盘收盘，下跌9.51%，报27.80港元。 昨日，金山软件发布2025年第三季度业绩公告称，营收为人民币 24.2 亿元，环比增长 5%，同比下降 17%；归母净利润为2.13亿元，环比下降60%，同比下 降48%；每股基本盈利为0.15元，环比下降62%，同比下降52%。经营活动产生的现金流量净额为4.94亿元，同比下降64%。 | 財務摘要 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 截至下列日期止三個月 | | | | | | 二零二五年 | 二零二四年 | 二零二五年 | 同比 | 環比 | | | 九月三十日 | 九月三十日 | 六月三十日 | 變動 | 變動 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | ማዕ | 00 | | | (未經審計) | (未經審計) | (未經審計) | | | | 收益 | 2,419,177 | 2,914,785 | 2, ...

建筑材料、房地产、综合、家用电器等板块涨幅居前。 美容护理、电力设备、汽车等板块跌幅居于市场前列。 概念板块方面，锂矿概念板块大涨。该板块具体概念股中，争光股份盘中"20cm"涨停，大为股份、威 领股份盘中涨停，天华新能、三达膜等多股盘中涨幅一度超过10%，另有多股盘中涨幅超过5%。 | 代码 | 名称 | | 涨幅%。 | 现价 | 涨跌 | 买价 | 更价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 301092 | 争米股份 | e | 20.01 | 41.02 | 6.84 | 41.02 | -- | 111087 | | 002213 大为股份 | | | 10.00 | 36.64 | 3.33 | 36.64 | | 538800 | | 002667 威领股份 | | R | 9.99 | 16.96 | 1.54 | 16.96 | -- | 324659 | | 300390 天华新能 | | R | 9.09 | 62.66 | 5.22 | 62.66 | 62.70 | 694639 | | 6 ...

Market Overview - The A-share market opened higher but experienced a decline, with the Shanghai Composite Index rising by 0.38% while the Shenzhen Component and ChiNext fell by 0.05% and 0.52% respectively [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day [5]. Sector Performance - The banking sector showed strong performance, with all bank stocks rising. Notably, China Bank's stock price surged by 5.17%, reaching a historical high with a market capitalization of 186.78 billion yuan [11][10]. - The lithium mining sector continued its strong momentum, with significant gains in stocks such as Weiling Co. and Dazhong Mining, which recorded a limit-up increase of 10% [16][17]. - Conversely, the retail, soft drink, and tourism sectors experienced noticeable declines, with the water product and lithium battery electrolyte sectors also weakening [5][6]. Specific Stock Movements - Major banks such as Agricultural Bank, Industrial and Commercial Bank, and Construction Bank saw increases of 0.36%, 1.58%, and 4.73% respectively, contributing to a robust banking sector performance [14]. - In the lithium sector, the price of lithium carbonate futures surged past 100,000 yuan per ton, indicating strong demand from downstream manufacturers [18][19]. Brokerage Sector - A wave of mergers among brokerages has sparked market interest, with stocks like Shouchuang Securities rising over 5% following announcements of significant asset restructuring [22][23]. - The overall performance of brokerage stocks was mixed, with some stocks experiencing gains while others saw declines [22]. Fisheries Sector - The fisheries sector, particularly Zhongshui Fisheries, saw its stock price rise by 10.02% amid geopolitical tensions affecting Japanese seafood imports to China [25][26].

Group 1 - The Hang Seng Index closed up by 0.14% during the midday session [1] - The Hang Seng Tech Index experienced a decline of 1.01% [1] - Contemporary Amperex Technology Co., Ltd. (CATL) saw a drop of over 8% [1] - Kingsoft Corporation Limited (金山软件) fell by more than 9% [1] - Xpeng Motors (小鹏汽车) decreased by over 4% [1]

里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入同比下降47%，较该 行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加速，同比升26%，受 政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳 定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头;将2025及26年 收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持跑赢大 市评级。 ...

智通财经APP获悉，里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入 同比下降47%，较该行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加 速，同比升26%，受政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均 收入(ARPU)趋于稳定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲 势头;将2025及26年收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至 35.5港元，维持跑赢大市评级。 ...

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

金山软件2025年第三季度业绩逊预期。营收同比下滑17%至24亿元人民币(下同)，低于市场预期6%。毛 利率同比收窄4个百分点至80.4%，符合市场共识预期。受营收增长疲弱拖累，经营利润暴跌76%至2.77 亿元，经营利润率同比下滑28个百分点至11%。净利润同比下降49%至2.13亿元，净利润率同比收窄5个 百分点至8.8%。 大华继显发布研报称，维持对金山软件(03888)的"买入"评级，目标价小幅下调至44港元，对公司第四 季线上游戏收入增长谨慎乐观。该行将金山软件的第四季收入预测下调3%，但考虑到线上游戏收入乏 力和新游戏变现的不确定性，对其明年收入预测维持不变。该行另对公司今年第四季经调整净利润预测 下调6%，以反映AI相关投资增加。 ...

金山软件2025年第三季度业绩逊预期。营收同比下滑17%至24亿元人民币(下同)，低于市场预期6%。毛 利率同比收窄4个百分点至80.4%，符合市场共识预期。受营收增长疲弱拖累，经营利润暴跌76%至2.77 亿元，经营利润率同比下滑28个百分点至11%。净利润同比下降49%至2.13亿元，净利润率同比收窄5个 百分点至8.8%。 智通财经APP获悉，大华继显发布研报称，维持对金山软件(03888)的"买入"评级，目标价小幅下调至44 港元，对公司第四季线上游戏收入增长谨慎乐观。该行将金山软件的第四季收入预测下调3%，但考虑 到线上游戏收入乏力和新游戏变现的不确定性，对其明年收入预测维持不变。该行另对公司今年第四季 经调整净利润预测下调6%，以反映AI相关投资增加。 ...

| 恒生指数 | | 25798.16 | -32.49 | -0.13% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9123.69 | -27.35 | -0.30% | | 800100 | | | | | | 恒生科技指数 | | 5545.47 | -61.43 | -1.10% | | 800700 | 1 | | | | 格隆汇11月20日｜恒生科技指数跌1.1%至5545.47点。金山软件跌超10%，小鹏汽车跌近5%，携程、小 米、网易均跌超3%。 ...