| 项目 | 本报告期 | 上年同期 | | 本报告期 比上年同 期增减变 | 年初至报告期末 | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 动幅度(%) | | | | | | | 调整前 | 调整后 | 调整后 | | 调整前 | | | 营业收入 | 4,707,210,451.20 | 5,507,910,775.61 | 3,356,217,577.61 | 40.25 | 12,708,369,810.92 | 14,079,383,741.15 | 9,117 | | 利润息额 | 2.189.976.373.46 | 1,446,027,308.18 | 1,446,027,308.18 | રી 45 | 6.483.606.053.17 | 3,717,102,655.26 | 3,717 | | 归属于上市公司股东的净 利润 | 1,647,276,650.82 | 1,190,678,192.78 | 1,190,678,192.78 | 38.35 | 5,110,347,361.75 | ...

转自：证券时报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 人民财讯10月30日电，东方证券(600958)10月30日发布2025年三季报，公司第三季度营业收入47.07亿 元，同比增长40.25%（调整后）；净利润16.47亿元，同比增长38.35%（调整后）。2025年前三季度营 业收入127.08亿元，同比增长39.38%（调整后）；净利润51.1亿元，同比增长54.76%（调整后）。本期 公司自营投资、财富管理、投行等业务收入增加。 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,707,210,451.20, a year-on-year increase of 40.25% compared to CNY 3,356,217,577.61[6] - Total profit for the quarter was CNY 2,189,976,373.46, reflecting a 51.45% increase from CNY 1,446,027,308.18 in the same period last year[6] - Net profit attributable to shareholders was CNY 1,647,276,650.82, up 38.35% from CNY 1,190,678,192.78 year-on-year[6] - The basic earnings per share for the quarter was CNY 0.19, representing a 46.15% increase from CNY 0.13 in the previous year[6] - The company's operating income for the year-to-date period increased by 39.38% to CNY 12,708,369,810.92 compared to CNY 9,117,648,632.32 in the same period last year[6] - Total operating revenue for the first three quarters of 2025 reached ¥12.71 billion, a significant increase of 39.1% compared to ¥9.12 billion in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥5.11 billion, up 54.7% from ¥3.30 billion in the same period of 2024[22] - The company's total equity attributable to shareholders reached ¥81.93 billion, slightly up from ¥81.40 billion in 2024[20] - The company's total profit before tax for the first three quarters of 2025 was CNY 5,057,308,499.09, compared to CNY 4,071,048,399.83 in 2024, showing an increase of about 24.3%[32] Assets and Liabilities - The company's total assets increased by 8.67% to CNY 453,940,008,289.95 from CNY 417,736,375,414.01 at the end of the previous year[6] - The company's total assets as of September 30, 2025, reached CNY 109,698,560,614.56, up from CNY 103,093,100,610.36 at the end of 2024[18] - Total assets increased to ¥453.94 billion in 2025, compared to ¥417.74 billion in 2024, marking a growth of 8.7%[20] - Total liabilities also rose to ¥372.01 billion, an increase of 10.6% from ¥336.34 billion in 2024[20] - The total liabilities amounted to CNY 260,958,005,323.64, up from CNY 246,854,138,697.96 in the previous year[29] Cash Flow - The net cash flow from investment activities rose dramatically by 291.78% to CNY 20,177,099,430.62, indicating strong inflows from other debt investments[15] - The net cash flow from operating activities was CNY 1,795,310,107.31, a significant improvement from a negative cash flow of CNY 7,127,656,843.14 in the previous period[26] - Total cash inflow from investment activities reached CNY 28,171,221,738.97, compared to CNY 15,266,641,277.52 in the prior period, resulting in a net cash flow of CNY 20,177,099,430.62 from investment activities[26] - The company reported a net increase in cash and cash equivalents of CNY 20,468,550,928.60, contrasting with a decrease of CNY 4,459,030,034.35 in the prior period[27] - Cash and cash equivalents at the end of the third quarter of 2025 totaled CNY 62,749,422,278.24, up from CNY 51,843,109,134.03 in 2024, marking an increase of about 21.4%[34] Investment and Income - The company's investment income increased by 43.01% to CNY 5,831,352,862.52 for the period from January to September 2025 compared to the same period in 2024[15] - The fair value change income surged by 286.98% to CNY 899,033,154.53, reflecting significant gains in financial instruments[15] - The company's investment in non-trading stocks and perpetual bonds increased, leading to a 40.65% rise in other equity instrument investments to CNY 27,615,842,659.60[14] - The company's investment income increased to CNY 5,397,786,824.44 in 2025 from CNY 4,892,287,881.13 in 2024, indicating a growth of approximately 10.3%[32] - The net income from commission and fees increased to ¥4.83 billion, a rise of 28.8% compared to ¥3.75 billion in 2024[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 183,844[17] - The top shareholder, Sheneng Group Co., Ltd., holds 26.63% of the shares, totaling 2,262,428,700 shares[17] Tax and Expenses - The company's income tax expense rose by 231.19% to CNY 1,373,509,576.44, driven by an increase in pre-tax profits[15] - Total operating expenses increased to CNY 4,532,427,244.75 in 2025 from CNY 3,304,099,055.05 in 2024, representing a rise of approximately 37.24%[32] Adjustments and Other Changes - Contract liabilities adjusted from $157.21 million to $44.88 million after a reduction of $112.33 million[36] - Other liabilities increased from $8.47 billion to $8.58 billion after an adjustment of $112.33 million[36] - Other business revenue adjusted from $4.95 billion to $74.80 million after a reduction of $4.87 billion[36] - Other business costs adjusted from $4.98 billion to $19.32 million after a reduction of $4.96 billion[36] - Investment income adjusted from $4.17 billion to $4.08 billion after a reduction of $90.25 million[36]

Core Insights - The company reported a third-quarter revenue of 4.707 billion yuan, representing a year-on-year decline of 40.25% [1] - The net profit for the third quarter was 1.647 billion yuan, showing a year-on-year increase of 38.35% [1] - For the first three quarters, the company achieved a revenue of 12.708 billion yuan, which is a year-on-year growth of 39.38% [1] - The net profit for the first three quarters reached 5.11 billion yuan, reflecting a year-on-year increase of 54.76% [1]

Group 1: Economic Indicators - The U.S. government shutdown since October 1 has likely prevented the release of the October CPI data due to interrupted funding and mandatory furloughs affecting data collection[4] - The September ADP report indicated a decline of 32,000 jobs in the private sector, marking the third negative employment addition in four months, significantly below market expectations[4] - The September CPI data showed a year-over-year increase of 3% for both nominal and core CPI, which was below market expectations of 3.1%[30] Group 2: Federal Reserve Policy Outlook - The Federal Reserve is expected to implement consecutive rate cuts in the October and December FOMC meetings, with a potential total of 50 basis points reduction remaining in 2025[5] - The median forecast for the terminal interest rates in 2025, 2026, and 2027 are projected at 3.6%, 3.4%, and 3.1% respectively, indicating a continued easing policy[4] - If the government shutdown ends before the December FOMC meeting, the Fed may receive three months of employment data, which could complicate the policy direction but is unlikely to alter the rate cut plans significantly[4] Group 3: Market Conditions - The Treasury's general fund account balance has recovered from a low of $300 billion to a target level of $800 billion, while reserves have decreased by approximately $400 billion due to the ongoing government shutdown[5] - The market is expected to experience a trend of easing policies, which may help stabilize market volatility following recent tensions in U.S.-China relations and liquidity concerns[5] - The external macroeconomic environment is anticipated to remain favorable, reflected in a moderate decline in the U.S. dollar and U.S. Treasury yields[5] Group 4: Risks and Challenges - Economic fundamentals remain uncertain, with potential risks from tariff policies and geopolitical developments that could impact the pace of rate cuts[6] - The ongoing government shutdown poses a risk to timely data releases and could hinder the Fed's decision-making process regarding monetary policy[4]

Core Viewpoint - Lepu Medical achieved a net profit attributable to shareholders of 980 million yuan in the first three quarters of 2025, representing a year-on-year increase of 22.4% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 290 million yuan, showing a quarter-on-quarter decrease of 6.8%, indicating stable performance with potential for continued operational improvement [1] Revenue Breakdown - Revenue from cardiovascular interventional products was 550 million yuan in Q3 2025, down 10.5% quarter-on-quarter, primarily due to the company's proactive inventory management in anticipation of centralized procurement for certain products [1] - Long-term benefits are expected from centralized procurement as the company is positioned as a leading player in the market [1] Business Outlook - The impact of policies is expected to stabilize, with the in-vitro diagnostics business reaching a bottom and the surgical anesthesia business likely to see a recovery in growth [1] - The debut of the "Youthful Needle" product is promising, with significant growth anticipated in the medical aesthetics sector [1] - Progress in the development of brain-computer interfaces is ongoing, with substantial market potential in the field of neurological diseases [1] Valuation - The company maintains a target price of 20.52 yuan based on a 38x PE ratio for 2025, sustaining a "Buy" rating [1]

Core Insights - The report provides a summary of recommended stocks across various industries for November 2025, highlighting potential investment opportunities based on performance and market conditions [2]. Banking Sector - Ningbo Bank (002142.SZ) shows an improving trend in Q3 performance with a continuous decline in non-performing loan generation rate and a positive shift in net interest margin, indicating a solid bottom line [2]. Non-Banking Financials - Dongfang Securities (600958.SH) is recommended due to its strong stock characteristics and reasonable valuation, with expectations of outperforming the index as Q3 earnings season approaches [2]. Real Estate - China Jinmao (0817.HK) is positioned favorably due to stable sales and proactive expansion, with a better risk release compared to other major real estate firms, amidst a challenging sales environment [2]. Electronics - Industrial Fulian (601138.SH) benefits from the growing demand for AI server products, leading to significant increases in GB series server shipments and a steady rise in market share among major clients [2]. Telecommunications - Zhongji Xuchuang (300308.SZ) is a leading company in optical modules, expected to benefit from the rising global demand for data center optical modules driven by AI development in 2026-2027 [2]. Power Equipment and New Energy - Sungrow Power Supply (300274.SZ) is recognized for its comprehensive solutions in photovoltaic power generation and energy storage, with steady growth driven by expanding market demand [2]. - Dongsheng Technology (300073.SZ) is noted for its leading position in ternary cathode materials, with anticipated growth from the recovery of European new energy vehicle demand and advancements in solid-state battery technology [2]. Metals and Materials - Zijin Mining (601899.SH) is highlighted for its strong earnings potential and high valuation appeal, with significant growth prospects in gold, copper, and lithium mining [2]. Internet - Tencent Holdings (0700.HK) is seen as a key player in the AI era, leveraging its ecosystem advantages to capture market opportunities, particularly in e-commerce and AI agent services [2]. Public Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is expected to rebound as new nuclear units are set to be commissioned, with market prices for nuclear power projected to increase [2].

Core Viewpoint - Oriental Securities predicts Xiaomi Group-W (01810) earnings per share for 2025, 2026, and 2027 to be 1.63, 2.06, and 2.60 CNY respectively, with a target price of 71.65 HKD based on a 32x PE valuation for comparable companies in 2026, maintaining a buy rating [1] Group 1: Automotive Business - Xiaomi's monthly car delivery exceeded 40,000 units in September 2025, showcasing strong production capacity expansion [3] - The company launched a tax subsidy scheme on October 24, 2025, allowing consumers to lock in orders by the end of November 2025, which is expected to support the annual car delivery target and future growth [3] Group 2: Product Innovation - Xiaomi's innovation and execution capabilities have significantly improved, enhancing its competitive edge in technology and product manufacturing, which is expected to drive growth across its automotive, home, and mobile businesses [2] - The Xiaomi 17 series smartphone, launched on September 25, 2025, features multiple innovative functions and has seen a 30% increase in sales compared to the previous generation, with the Pro version accounting for over 80% of sales [4] Group 3: Market Position - In Q3 2025, Xiaomi maintained a stable global smartphone market share of 14%, ranking third worldwide [4]

Core Viewpoint - Oriental Securities predicts Xiaomi Group-W (01810) will have earnings per share of 1.63, 2.06, and 2.60 yuan for 2025, 2026, and 2027 respectively, with a target price of 71.65 HKD based on a 32x PE valuation for comparable companies in 2026, maintaining a buy rating [1] Group 1: Automotive Business - Xiaomi's automotive delivery volume exceeded 40,000 units in September 2025, showcasing strong production capacity [2] - The company has implemented a year-end tax subsidy plan to encourage sales, which is expected to support the achievement of annual delivery targets and future growth in the automotive sector [4] Group 2: Product Innovation and Market Position - Xiaomi's product innovation and execution capabilities have significantly improved, enhancing its competitive edge in technology and manufacturing [3] - In Q3 2025, Xiaomi maintained a global smartphone market share of 14%, ranking third worldwide, driven by the successful launch of the Xiaomi 17 series, which saw a 30% increase in sales compared to the previous generation [5]

Core Viewpoint - The A-share market opened lower with the Shanghai Composite Index down by 0.21% and the ChiNext Index down by 0.32%, indicating a bearish sentiment in the market [1] Market Analysis - Huajin Securities suggests that the slow bull market and technology as the main line remain unchanged, recommending investments in technology growth and certain cyclical and core asset industries [1] - The recommended sectors for short-term investment include telecommunications (computing power), electronics (semiconductors, consumer electronics), media (gaming, AI applications), machinery (robots), computers (AI applications, autonomous driving), non-ferrous metals, and chemicals [1] - Additionally, sectors benefiting from the "14th Five-Year Plan" and improved Q3 performance include new energy, pharmaceuticals, consumer goods (food, retail), and military industry (commercial aerospace) [1] Future Market Outlook - Dongfang Securities notes that after the Shanghai Composite Index surpassed 4000 points, market trading enthusiasm has decreased, leading to increased volatility among major indices [1] - Despite potential trading disturbances, the overall trend suggests that the index is likely to continue its upward trajectory [1]