数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 以下文章来源于数据宝 ，作者郭洁 数据宝 . 随着上市公司三季报陆续披露，社保基金第三季度的持仓动向逐渐浮出水面。 据证券时报·数据宝统计，社保基金三季度末出现在33只个股前十大流通股东名单中，合计持股量为6.25亿股，期末持股市值合计130.70亿元。从持股变动来 看，社保基金持对6股持仓不变，新进7股，增持10股，减持10股。 上述重仓股中，社保基金持股家数最多的是三棵树，共有3只社保基金出现在前十大流通股东名单中，即五零三组合、四零四组合、四一三组合，分别位列公 司第五、六、九大流通股东，合计持股量为1502.40万股，占公司流通股比例为2.04%。 中国巨石、海大集团、新强联、萤石网络、百亚股份的持股社保基金均为2只。 持股数量方面，社保基金持股数量在1000万股以上的个股共有17只，其中保利发展持股量最多，共计有1.24亿股，且在第三季度增持1986.13万股；中国巨 石、海油发展等紧随其后，持股量分别 ...

从持股比例看，社保基金持有比例最多的是华测导航，持股量占流通股比例为4.49%，其次是百亚股份 （003006），社保基金持股比例为4.34%，持股比例居前的还有国药股份（600511）、新强联、史丹利 （002588）等。持股数量方面，社保基金持股数量在1000万股以上的共有22只，社保基金持股量最多的 是保利发展，共持有1.24亿股，中国巨石（600176）、海油发展等紧随其后，持股量分别为8551.96万 股、5516.06万股。 业绩方面，社保基金持有个股中，三季报净利润同比增长的有31家，净利润增幅最高的是新强联，公司 前三季共实现净利润6.64亿元，同比增幅为1939.50%，净利润同比增幅居前的还有永鼎股份 （600105）、蓝科高新（601798）等，净利润分别增长474.30%、260.93%。 以板块分布统计，社保基金持有个股中，主板有32只，创业板有10只，科创板有1只。所属行业来看， 社保基金持股主要集中在医药生物、机械设备、电力设备行业，分别有5只、5只、5只个股上榜。 财报季，社保基金持股动向曝光！三季度末社保基金共现身44只个股前十大流通股东榜，新进11只，增 持12只。 证券时 ...

同时，今年9月，在回应投资者有关利润下降的提问时，保利发展管理层解释，因期内房地产项目结转规模下降，公司营业总收入同比下 降，在市场出现波动背景下，结转项目盈利能力下降，相关利润指标相应同比下降。 保利发展管理层也表示："行业仍处于深度调整期，公司虽已保持较大强度的增量投资，且增量项目盈利能力较好，但存量项目较多，去库 存与盈利改善仍然需要一定周期。公司持续坚持去库存经营策略。在会计期末，公司对房地产项目进行减值测试，若出现减值情况，公司将 计提减值。" 对此，镜鉴咨询创始人张宏伟也表示："今年第三季度保利发展结转的项目大多是来源于2022年下半年至2023年这个时间段的，在这个阶 段，一方面，房地产市场行情持续下行；另一方面，这次结转的项目也有可能是之前保利发展为了冲规模目标而布局在三四线城市的项目， 这部分项目由于降价或亏本销售，在结算时影响了整体的利润表现。" 10月21日，"地产一哥"保利发展发布了2025年第三季度报告。 报告显示，保利发展第三季度营业收入568.65亿元，同比增长30.65%；归属于上市公司股东的净利润为-7.82亿元，同比下降299.19%。 保利发展在财报中表示，受行业和市场波 ...

点击注册小程序 查看完整报告 特别申明： 三线城市：供应住宅类用地建面为10,217万平，累计同比-26.8%；成交建面为7,940万平，累计同 比-14.5%；成交均价为3,522元/平方米，累计同比+8.9%。 2025年1-9月，新增土储价值排名前三为中海地产、招商蛇口、绿城中国 2025年1-9月，新增土储价值排名前三的房企为中海地产（1124亿元）、招商蛇口（941亿元）、绿城中国 （632亿元）。 2025年1-9月，新增土储面积排名前三的房企为中海地产（383万平）、绿城中国（287万平）、保利发展 （279万平）。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025年1-9月，百城宅地成交建面同比-6%，成交楼面均价同比+17% 2025年1-9月，百城成交住宅类用地建面为1.54亿平，累计同 ...

Core Viewpoint - The Social Security Fund's investment movements in the third quarter reveal a strategic shift, with notable changes in holdings across various stocks, indicating potential investment opportunities and sector performance trends [1][2][3][4] Group 1: Holdings Overview - The Social Security Fund appeared in the top ten shareholders of 33 stocks by the end of the third quarter, holding a total of 625 million shares valued at 13.07 billion yuan [1] - The fund maintained its position in 6 stocks, initiated positions in 7 stocks, increased holdings in 10 stocks, and reduced holdings in 10 stocks during the quarter [1] - The stock with the highest number of Social Security Fund shareholders is Sanhe Tree, with three funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of the company's circulating shares [1] Group 2: Significant Holdings - The stocks with over 10 million shares held by the Social Security Fund include 17 stocks, with Poly Development having the largest holding of 124 million shares, which increased by 19.86 million shares in the third quarter [2] - China Jushi and CNOOC Development follow with holdings of 85.52 million shares and 55.16 million shares, respectively [2] - The highest holding percentage is in Baiya Shares, at 4.34% of circulating shares, with two funds increasing their holdings by over 3.18 million shares [2] Group 3: Market Performance - The newly acquired stocks by the Social Security Fund have seen an average increase of 0.28% since October, with Jinling Mining leading with a 10.36% increase [3] - Other notable performers include Koyuan Wisdom and Blue Science High-tech, with increases of 7.18% and 6.04%, respectively [3] - Among the new stocks, six reported year-on-year net profit growth, with Blue Science High-tech turning a profit with a net profit of 33.31 million yuan [3] Group 4: Performance of Increased Holdings - Among the stocks where the Social Security Fund increased its holdings, nine reported year-on-year net profit growth, with Xinqiang Lian turning a profit with a total revenue of 3.618 billion yuan, up 84.10% year-on-year [4] - The profit growth for Xinqiang Lian is attributed to the recovery in wind power demand and improved cost management [4] - Other companies with significant profit growth include Sanhe Tree, Stanley, Jiuzhou Pharmaceutical, Weili Medical, and Haida Group [4]

Core Insights - The Social Security Fund's holdings at the end of Q3 included 33 stocks, totaling 625 million shares with a market value of 13.07 billion yuan [1] - The fund maintained positions in 6 stocks, initiated positions in 7 stocks, increased holdings in 10 stocks, and reduced holdings in 10 stocks during the quarter [1] Holdings Overview - The stock with the highest number of Social Security Fund shareholders is Sanhe Tree, with three funds appearing among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of the company's circulating shares [1] - Other companies with two funds holding shares include China Jushi, Haida Group, Xin Qiang Lian, Ying Shi Network, and Baiya Shares [1] - A total of 17 stocks had holdings exceeding 10 million shares, with Poly Development having the largest holding of 124 million shares, which increased by 19.86 million shares in Q3 [1] Shareholding Proportions - Baiya Shares had the highest proportion of holdings by the Social Security Fund at 4.34%, with two funds increasing their holdings by over 3.18 million shares in Q3 [2] - China National Pharmaceutical Group followed with a holding proportion of 4.12% [2] - New stocks added included Jinling Mining with 8.81 million shares, followed by Blue Science High-tech and Electric Connection Technology with 7.64 million and 7.60 million shares, respectively [2] Market Performance - The average increase for new stocks held by the Social Security Fund since October is 0.28%, with Jinling Mining leading at a 10.36% increase [2] - Other notable increases include Koyuan Wisdom and Blue Science High-tech, which rose by 7.18% and 6.04%, respectively [2] Earnings Performance - Among the new stocks, six reported year-on-year net profit growth, with Blue Science High-tech turning a profit with a net profit of 33.31 million yuan [3] - Jinling Mining and Yuxin Electronics reported net profit growth of 60.21% and 47.09%, respectively [3] - In addition to new stocks, ten stocks saw increased holdings from the Social Security Fund, with Poly Development seeing the largest increase of 19.86 million shares [3] Growth in Holdings - The stocks with the most significant increases in holding proportions include Sanhe Tree and Xin Qiang Lian, with increases of 1.33 and 1.31 percentage points, respectively [3] - Nine stocks among those increased by the fund reported year-on-year net profit growth, with Xin Qiang Lian achieving a turnaround with a total revenue of 3.618 billion yuan, up 84.10% year-on-year [3]

Group 1: Chemical Industry - Silicon Treasure Technology (300019.SZ) - The company reported a significant increase in net profit for Q3, with a year-on-year growth of 44.6%, reaching 229 million yuan, and a total revenue of 2.651 billion yuan, up 24.3% year-on-year [5][10][11] - The completion of the "50,000 tons/year silicon-carbon anode material and special adhesive project" has transitioned to fixed assets, which is expected to contribute to future growth [10][11] - Profit forecasts for 2025-2027 are maintained, with expected net profits of 343 million, 435 million, and 504 million yuan respectively, corresponding to EPS of 0.87, 1.11, and 1.28 yuan per share [5][10] Group 2: Real Estate Industry - Poly Developments (600048.SH) - The company experienced a slight decline in revenue and profit, with a net profit of 1.93 billion yuan for the first three quarters, down 75.31% year-on-year [13][15] - Despite the challenges, the company maintains its leading sales position, with over 50% of land acquisitions in first-tier cities and a focus on optimizing its land reserve structure [13][16] - Revised profit forecasts for 2025-2027 are now 4.26 billion, 5.24 billion, and 6.41 billion yuan, with corresponding EPS of 0.36, 0.44, and 0.54 yuan [13][15] Group 3: Electronics Industry - Tongfu Microelectronics (002156.SZ) - The company achieved record high revenue of 6.946 billion yuan in Q2, a year-on-year increase of 19.8%, and a net profit of 311 million yuan, up 38.6% [7][19] - The company is expanding its diversified business in mobile chips, RF, consumer electronics, automotive electronics, and storage, which is expected to drive future growth [19][20] - Revenue forecasts for 2025-2027 are projected at 28.249 billion, 32.874 billion, and 38.207 billion yuan, with net profits of 1.049 billion, 1.595 billion, and 2.131 billion yuan respectively [19][20] Group 4: Retail Industry - Runben Co., Ltd. (603193.SH) - The company reported a revenue of 1.238 billion yuan for the first three quarters, a year-on-year increase of 19.3%, with a net profit of 266 million yuan, up 2.0% [8][25] - The mosquito repellent business saw significant growth due to increased demand, with Q3 revenue from this segment rising by 48.5% [25][26] - The company maintains a leading position in the mosquito repellent and baby care sectors, with strong operational capabilities and supply chain advantages [25][27]

房地产/房地产开发 保利发展（600048.SH） 营收微降利润承压，一线城市拿地占比超五成 2025 年 10 月 22 日 投资评级：买入（维持） | 日期 | 2025/10/22 | | --- | --- | | 当前股价(元) | 7.58 | | 一年最高最低(元) | 11.82/7.56 | | 总市值(亿元) | 907.36 | | 流通市值(亿元) | 907.36 | | 总股本(亿股) | 119.70 | | 流通股本(亿股) | 119.70 | | 近 3 个月换手率(%) | 98.09 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-10 2025-02 2025-06 2025-10 保利发展 沪深300 相关研究报告 《结转规模下降，销售稳健，投资质 量不断提高—公司信息更新报告》 -2025.8.26 《半年度结转业绩下滑，销售拿地保 持稳健 — 公 司 信 息 更 新 报 告 》 -2025.7.15 《高能级城市重点深耕，行业销售排 名保持第一—公司信息更新报告》 -2025.6.10 | 齐东（分析师） | 胡耀文（分析师） ...

资金面上看，今日租售同权概念板块获主力资金净流出5.18亿元，其中，5股获主力资金净流入，净流 入资金居首的是张江高科，今日主力资金净流入2.35亿元，净流入资金居前的还有市北高新、汇通能 源、明牌珠宝等，主力资金分别净流入1.10亿元、1107.22万元、202.23万元。 资金流入比率方面，市北高新、汇通能源、张江高科等流入比率居前，主力资金净流入率分别为 8.93%、7.82%、4.83%。（数据宝） 租售同权概念资金流入榜 截至10月22日收盘，租售同权概念上涨1.26%，位居概念板块涨幅第7，板块内，18股上涨，*ST南置涨 停，合肥城建、市北高新、汇通能源等涨幅居前，分别上涨7.55%、7.35%、4.53%。跌幅居前的有保利 发展、明牌珠宝、招商蛇口等，分别下跌1.81%、1.68%、1.50%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可燃冰 | 4.06 | 海南自贸区 | -2.61 | | 页岩气 | 2.29 | 石墨电极 | -2.34 | | 天津自贸区 | 2.03 | ...

他进一步表示："从产品力方面来看，保利发展具备较强竞争力。通过不断提升产品品质，满足购房者 日益多样化的需求，也有助于其销售。" 今年第三季度，政策层面延续了促进房地产市场平稳健康发展、推动行业转型的基调。7月14日至15 日，在北京举行的中央城市工作会议明确，我国城镇化正从快速增长期转向稳定发展期，城市发展正从 大规模增量扩张阶段转向存量提质增效为主的阶段。8月18日，国务院第九次全体会议强调，采取有力 措施巩固房地产市场止跌回稳态势，结合城市更新推进城中村和危旧房改造，多管齐下释放改善性需 求。 "从房地产市场的长期发展趋势来看，从'高周转、高杠杆'向'高质量、低杠杆'转型，行业将进入存量优 化与结构升级阶段。"众和昆仑(北京)资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时 表示。 10月22日，保利发展（600048）控股集团股份有限公司(以下简称"保利发展")发布2025年第三季度报 告。2025年前三季度，该公司实现营业收入1737.22亿元，同比下降4.95%；受行业和市场波动影响，结 转项目盈利能力下降，前三季度实现归属于上市公司股东的净利润19.29亿元，同比下降75.31%。 截至 ...