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]

证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-10-22 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.27 | | --- | --- | | 总股本/流通股本（亿股）40.03 / 40.03 | | | 总市值/流通市值（亿元）611 / 611 | | | 52 周内最高/最低价 | 17.34 / 10.47 | | 资产负债率(%) | 41.1% | | 市盈率 | 25.00 | | 第一大股东 | 中国建材股份有限公司 | 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 中国巨石(600176) Q3 盈利持续高增，电子布表现亮眼 事件 Q3 销量表现亮眼，电子布销量大幅增长：在 Q3 季度粗砂价格环 比小幅回落背景下，公司 Q3 季度收入实现高增，一方面，上半年行 业高端市场如风电、热塑市场保持良好增长态势，粗砂价格虽小幅下 调，公司通过自身优异产品结构仍然保持较好增长；另一方面，在电 子布领域，公司受下游涨价预期，销量增长迅猛，10 月份电子布涨价 落地 ...

产品结构优势凸显，复价落地盈利有望继续提升 中国巨石(600176) 证券研究报告 玻璃玻纤 / 公司点评 / 2025.10.22 投资评级:增持(维持) | 基本数据 | 2025-10-21 | | --- | --- | | 收盘价(元) | 15.85 | | 流通股本(亿股) | 40.03 | | 每股净资产(元) | 7.90 | | 总股本(亿股) | 40.03 | 最近 12 月市场表现 -9% 6% 21% 37% 52% 67% 中国巨石 沪深300 上证指数 玻璃玻纤 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《复价控本盈利改善，中期分红回馈股 东》 2025-08-28 2. 《结构性复价叠加成本降低，二季度业绩 大幅预增》 2025-07-13 3. 《Q1 业绩同比高增，行业景气度维持高 位》 2025-04-24 核心观点 盈利预测 ❖ 事件： 1-3Q2025 营收 139.04 亿元同增 19.53%；归母净利润 25.68 亿 元同增 67.51%。3Q2025 营收 47.95 亿元同增 23.17 ...

Group 1 - Sanwang Communication plans to repurchase shares worth 20-40 million yuan for employee stock incentive plans [1] - Ankrui reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 21.31% [1] - Taishan Petroleum's net profit for the first three quarters reached 113 million yuan, up 112.32% year-on-year [1] - Zhejiang Xiantong achieved a net profit of 152 million yuan for the first three quarters, a 17.4% increase year-on-year [1] Group 2 - Xuanji Information reported a net loss of 173 million yuan for the first three quarters [1] - Mailande's net profit slightly decreased by 0.07% to 96 million yuan for the first three quarters [1] - Tengjing Technology's subsidiary received a sales order worth 87.61 million yuan [1] Group 3 - Hotgen Biotech's affiliate achieved positive results in Phase Ib clinical trials for the innovative drug SGC001 [1] - Zhongyan Dadi won a bid for a sports project in Beijing worth 74.04 million yuan [1] - Henghui Security's net profit decreased by 12.85% to 81.98 million yuan for the first three quarters [1] Group 4 - Xiongdi Technology's net profit increased by 71.16% to 18.38 million yuan for the first three quarters [1] - Meilixin reported a net loss of 215 million yuan for the first three quarters [1] - Haichen Pharmaceutical's net profit grew by 16.22% to 32.68 million yuan for the first three quarters [1] Group 5 - Qiaoyuan Co. reported a net profit of 181 million yuan for the first three quarters, a 40.54% increase year-on-year [1] - Fuda Co. achieved a net profit of 221 million yuan for the first three quarters, up 83.27% year-on-year [1] - Xianggang Technology's net profit surged by 186.19% to 95.47 million yuan for the first three quarters [1] Group 6 - ST Nanchuan received a restriction order from the court due to a financial dispute [1] - Changyou Technology announced the dismissal of two vice presidents [1] - Haoyuan Automotive received a project confirmation for an automatic parking system worth 576 million yuan [1] Group 7 - Jiuzhou Biotech obtained a medical device registration certificate for a diagnostic kit [1] - Shihua Machinery signed an investment intention letter for a subsidiary's capital increase [1] - Zhuhai Mian Group plans to transfer 100% equity of Gree Real Estate [1] Group 8 - Dalian Heavy Industry reported a net profit of 490 million yuan for the first three quarters, a 23.97% increase year-on-year [1] - Haimeng Data reported a net loss of 75.43 million yuan for the first three quarters [1] - Feilong Co. achieved a net profit of 287 million yuan for the first three quarters, a 7.54% increase year-on-year [1] Group 9 - Kaipu Testing reported a net profit of 57.84 million yuan for the first three quarters, a 3.34% increase year-on-year [1] - Ganyue Express signed a strategic cooperation agreement with a major energy company [1] - Tuoshan Heavy Industry's controlling shareholder plans to reduce its stake by 2.82% [1] Group 10 - Yiatong's shareholder plans to reduce its stake by 1% [1] - Weishi Electronics reported a net profit of 24.29 million yuan for the first three quarters, a 22.59% decrease year-on-year [1] - Shensi Electronics won a bid for a data space construction project worth 161 million yuan [1] Group 11 - Xiechuang Data plans to purchase server assets worth up to 4 billion yuan [1] - Shandong Express's controlling shareholder plans to transfer 7% of its shares [1] - ST Huapeng's subsidiary received a government subsidy of 4.65 million yuan [1] Group 12 - Jieqiang Equipment's shareholder plans to reduce its stake by 1% [1] - China Jushi reported a net profit of 2.568 billion yuan for the first three quarters, a 67.51% increase year-on-year [1] - ST Fanli reported a net loss of 44.78 million yuan for the first three quarters [1] Group 13 - Xiyu Tourism reported a net profit of 98.58 million yuan for the first three quarters, a 14.51% decrease year-on-year [1] - Abison reported a net profit of 185 million yuan for the first three quarters, a 57.33% increase year-on-year [1] - Huayan Precision reported a net profit of 70.76 million yuan for the first three quarters, a 31.07% increase year-on-year [1] Group 14 - Jiangling Motors reported a net profit of 74.9 million yuan for the first three quarters, a 35.76% decrease year-on-year [1]

长江商报奔腾新闻记者 张璐 公开资料显示，中国巨石主要从事玻璃纤维及制品的生产、销售，经过多年发展，公司已经成为全球玻 璃纤维行业主要生产企业，产品广泛应用于风电、交通运输、电子电器等多个领域。 长江商报奔腾新闻记者注意到，技术创新是中国巨石保持行业领先的核心密码。公司始终重视研发投 入，2021年至2024年，公司年度研发投入均超过5亿元。2025年前三季度，其研发费用达到3.99亿元， 同比增长4.45%，研发费用占总营收的比例为2.87%。 持续研发投入也带来诸多成果。中国巨石在2024年年报中表示，公司拥有行业全套自主知识产权，在核 心技术如高性能玻璃配方和浸润剂配方研究、超大型池窑设计开发、关键原料研发与自制等方面均具有 领先优势。 央企中国建材集团旗下的上市平台中国巨石（600176.SH）经营业绩强劲反弹。 10月21日，中国巨石发布2025年三季度业绩公告，公司前三季度营收与净利润实现双位数高增长， 以"量价齐升"的强劲表现彰显行业复苏周期下的龙头实力。2025年前三季度，公司实现营收139.04亿 元，同比增长19.53%；净利润25.68亿元，同比增长67.51%。 其中，第三季度单季表现 ...

证券之星消息，10月22日玻璃玻纤板块较上一交易日上涨0.09%，三峡新材领涨。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600293 | 三峡新材 | 3.74 | 10.00% | 113.55万 | 4.11亿 | | 002080 | 中材科技 | 32.45 | 2.56% | 73.94万 | 23.93亿 | | 603601 | 再升科技 | 4.93 | 1.23% | 28.44万 | 1.40亿 | | 301526 | 国际复材 | 6.10 | 0.99% | 102.53万 | 6.32亿 | | 605006 | 山东坡纤 | 7.65 | 0.92% | 5.96万 | 4549.68万 | | 002201 | 九鼎新材 | 8.20 | 0.61% | 11.45万 | 9371.60万 | | 603256 | 宏和科技 | ...

证券研究报告·公司点评报告·玻璃玻纤 中国巨石（600176） 2025 年三季报点评：Q3 稳价增量效果良好， 盈利逆势保持稳定 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,876 | 15,856 | 18,432 | 20,901 | 23,139 | | 同比（%） | (26.33) | 6.59 | 16.25 | 13.39 | 10.71 | | 归母净利润（百万元） | 3,044 | 2,445 | 3,509 | 4,301 | 4,975 | | 同比（%） | (53.94) | (19.70) | 43.53 | 22.58 | 15.66 | | EPS-最新摊薄（元/股） | 0.76 | 0.61 | 0.88 | 1.07 | 1.24 | | P/E（现价&最新摊薄） | 20.84 | 25.95 | 18.08 | 14.75 | 12.75 | [Table_ ...

证券研究报告 中国巨石 (600176 CH) 业绩延续增长，期待电子布量价齐升 2025 年 10 月 22 日│中国内地 玻璃 公司公布三季度业绩：25 年 1-9 月实现营收/归母净利 139.0/25.7 亿元，同 比+19.5%/+67.5%，Q3 收入/归母净利 48.0/8.8 亿元，同比+23.2%/+54.1%， 公司 Q3 归母净利符合我们预期（9.0 亿元），玻纤销量同比延续增长，且 产品结构性复价陆续落地，我们看好公司规模及产品结构优势带动盈利能力 持续提升，维持"买入"。 Q3 毛利率环比小幅下滑，期待 Q4 电子布复价带动盈利改善 25 年 1-9 月公司毛利率 32.4%，同比+8.7pct，其中 Q3 毛利率 32.8%，同/ 环比+4.2/-1.0pct，同比延续改善，环比小幅下滑主要系三季度粗纱价格小 幅度回落。据卓创资讯，截至 10 月 17 日，国内 2400tex 缠绕直接纱/G75 电子纱均价 3617/9250 元/吨，同比-1.8%/+0.5%，月环比持平/+1.6%，7628 电子布均价 4.2 元/米，月环比+6.4%，随着 10 月电子纱/7628 电子布 ...

2025 年 10 月 22 日 中国巨石(600176.SH) Q3 营收增速环比提升，盈利能力持续 改善 事件：公司发布 2025 年三季报，实现营业收入 139.04 亿元， yoy+19.53%；归母净利润 25.68 亿元，yoy+67.51%。2025Q3，实 现营业收入 47.95 亿元，yoy+23.17%；归母净利润 8.81 亿元， yoy+54.06%。 Q3 营收增速环比提升，归母净利润同比高增。 2025 年前三季度，公司实现营业收入 139.04 亿元，同比增长 19.53%，营收增长或主要系风电、热塑短切、合股纱系列产品延 续景气行情，公司主营产品销售量价齐升。Q1-Q3 各季度公司营 收增速 32.42%、6.28%、23.17%，Q3 公司营收增速环比提升。2025 年前三季度，公司归母净利润 25.68 亿元，同比高增 67.51%，归 母净利润增速远高于营收增速主要系毛利率同比大幅提升叠加费 用率下降所致。 前三季度，公司销售毛利率 32.42%，同比+8.68pct，其中 Q3 销 售毛利率 32.82%，同比+4.64pct。前三季度，公司毛利率同比大 幅改善，或主要 ...

中证智能财讯中国巨石（600176）10月22日公告，公司全资子公司巨石集团有限公司将启动年产20万吨 玻璃纤维池窑拉丝生产线冷修技改项目，总投资约9.51亿元。项目完成后，生产线产能将从年产18万吨 提升至20万吨，预计投资收益率达15.51%。 （文章来源：中国证券报·中证网） 该项目针对桐乡生产基地年产18万吨无碱池窑拉丝生产线进行冷修技改，因该线将达到预期使用寿命， 为保障窑炉运营安全而启动。建设周期为1年，开工时间将根据市场情况和原有生产线运行状况适时安 排。 据公告，中国巨石已在桐乡总部建成玻璃纤维智能制造基地，广泛应用核心智能制造装备，有效提高生 产效率、能源利用率，降低运营成本和产品不良品率。通过对该生产线冷修改造，可引入智能制造新技 术和新装备，提升资源综合利用效率和管控水平。 中国巨石主要从事玻璃纤维及制品的生产与销售，前三季度实现营业总收入139.04亿元，同比增长 19.53%；归母净利润25.68亿元，同比增长67.51%。 ...