财通证券股份有限公司 2025 年第三季度报告 证券代码：601108 证券简称：财通证券 财通证券股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 2,103,350,804.91 | 48.58 ...

财通证券10月29日公告，2025年第三季度实现营业收入21.03亿元，同比增长48.58%；归属于上市公司 股东的净利润9.54亿元，同比增长75.10%；基本每股收益0.21元。前三季度实现营业收入50.63亿元，同 比增长13.99%；归属于上市公司股东的净利润20.38亿元，同比增长38.42%；基本每股收益0.44元。 ...

财通证券公告，第三季度营收为21.03亿元，同比增长48.58%；净利润为9.54亿元，同比增长75.10%。 前三季度营收为50.63亿元，同比增长13.99%；净利润为20.38亿元，同比增长38.42%。 ...

Group 1 - Core viewpoint: Alibaba-W (09988) is consolidating its competitive advantage in e-commerce and cloud computing with AI as the core driver, opening up long-term growth opportunities. The company is expected to achieve revenue of 1,034.6 billion, 1,129.3 billion, and 1,254.8 billion yuan for the fiscal years 2026-2028, with Non-GAAP net profit of 97.5 billion, 164 billion, and 197.7 billion yuan respectively, receiving a "buy" rating from the brokerage [1] - Diversification shift towards strategic focus on core business: Alibaba is refocusing on its core business after a period of diversification, enhancing competitiveness in response to changing consumer environments and market competition. The company plans to invest over 380 billion yuan in AI and cloud infrastructure from 2025 to 2027, accelerating the application and industrialization of AI technology in core scenarios [1] Group 2 - New e-commerce growth curve through near-far field synergy: The company has restructured into four major departments, integrating Ele.me and Taobao Flash Purchase into the instant retail business. This adjustment aims to create effective complementarity between instant retail and far-field e-commerce, with Taobao Flash Purchase expected to drive user engagement. The brokerage anticipates a 2-3% positive impact on CMR revenue from instant retail cross-selling in Q3 2025, with a long-term contribution of 5-10% [2] Group 3 - AI reshaping cloud valuation with significant full-stack service advantages: The new technology cycle driven by AI is benefiting leading cloud providers, who have advantages in funding, data, application scenarios, and engineering talent. The brokerage believes that cloud business revenue growth will accelerate due to increasing AI demand. Alibaba Cloud's full-stack layout, which includes foundational AI infrastructure, model series, and industry solutions, enhances its pricing power for AI PaaS services compared to basic computing power leasing [3]

Core Viewpoint - Alibaba-W (09988) is positioned as a leading player in the domestic e-commerce and cloud computing sectors, leveraging AI as a core driver to solidify its competitive advantage and unlock long-term growth potential [1] Group 1: Strategic Focus - The company is shifting its strategic focus from diversified expansion back to core business areas, enhancing competitiveness in response to changing consumer environments and market competition [2] - Alibaba plans to invest over 380 billion yuan cumulatively in AI and cloud infrastructure from fiscal years 2025 to 2027, accelerating the deep application and industrialization of AI technology in e-commerce and cloud computing [2] Group 2: E-commerce Growth - The company has restructured into four main departments, integrating Ele.me and Taobao Flash Purchase into an instant retail business, which will complement long-distance e-commerce [3] - The restructuring aims to maximize business synergy, with the expectation that cross-selling from instant retail will contribute 2-3% to CMR revenue in Q3 2025, and potentially 5-10% in the long term [3] Group 3: Cloud Valuation and AI Integration - AI is driving a new technological cycle, with leading cloud providers benefiting from advantages in funding, data, application scenarios, and engineering talent [4] - Alibaba Cloud's comprehensive layout, which includes foundational AI infrastructure, model platforms, and upper-layer applications, enhances its pricing power in AI PaaS services, indicating significant profit potential in AI and cloud integration [4]

智通财经APP获悉，财通证券发布研报称，小核酸药物因其独特的分子结构和治疗机制，被认为是治疗 多种疾病的有潜力的候选药物，由于核酸药物中大部分比例为寡核苷酸，因此寡核苷酸成为核酸药物的 重要原料，是小核酸药物生产过程中的主要成本来源。据sphericalinsights预测，2023年全球核苷酸市场 (包含寡核苷酸及单体)销售额为7.3亿美元。中国是全球核苷酸最大的生产市场，其中大部分都对外出 口。未来，随着下游小核酸药物的蓬勃发展，对于亚磷酰胺单体等重要原材料的需求也将蓬勃发展，跨 国药企供应链内企业有望获益。 财通证券主要观点如下： 亚磷酰胺单体作对小核酸药物的研发过程具有显著影响 小核酸药物因其独特的分子结构和治疗机制，被认为是治疗多种疾病的有潜力的候选药物。核酸药物可 针对疾病相关基因或RNA进行干预，以实现精准治疗。然而，小核酸药物的研发过程复杂且充满挑 战，其中，亚磷酰胺单体作为合成小核酸药物的关键原料，对研发过程具有显著影响。其作用包括：1) 合成小核酸药物的基本原料；2)提高小核酸药物的稳定性和生物活性；3)推动小核酸药物研发的创新。 从寡核苷酸原料生产工艺来看，目前上游工艺中合成寡核苷酸的主 ...

募集期间净认购金额1,332,897,422.57元，认购资金在募集期间产生的利息420,151.42元，募集份额合计 1,333,317,573.99份。 | | | 财通资管鸿 | 财进资管鸿 | | | --- | --- | --- | --- | --- | | 份额级别 | | 曜90天持有 | 曜90天持有 | 合计 | | | | 债券A | 债券C | | | 募集期间净认购金额(单位: | | 693.038.04 | 639,859,37 | 1,332,897,4 | | 人民币元 ) | | 3. 99 | 8. 58 | 22. 57 | | 认购资金在募集期间产生的 利息(单位:人民币元) | | 250, 495. 99 | 169,655.43 | 420. 151. 42 | | 有效认购份 | | 693.038.04 | 639.859.37 | 1.332.897.4 | | 额 | | 3.99 | 8.58 | 22. 57 | | 募集份额(单 | 利息结转的 | 250, 495, 99 | 169,655.43 | 420. 151. 42 | | 位:份) ...

财通资管中证1000指数增强A（019402）成立日期2024年4月29日，最新规模1143.64万。今年以来收益 21.45%，同类排名2719/4216；近一年收益23.07%，同类排名2047/3877；成立以来收益35.61%。 10月29日，吉比特涨5.08%，截至发稿，报481.43元/股，成交5.88亿元，换手率1.67%，总市值346.83亿 元。 资料显示，厦门吉比特网络技术股份有限公司位于福建省厦门软件园二期望海路4号101室，成立日期 2004年3月26日，上市日期2017年1月4日，公司主营业务涉及专业从事网络游戏创意策划、研发制作及 商业化运营。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓吉比特。财通资管中证1000指数增强A（019402）三季度持 有股数200股，占基金净值比例为0.91%，位居第四大重仓股。根据测算，今日浮盈赚取约4658元。 财通资管中证1000指数增强A（019402）基金经理为辛晨晨。 截至发稿，辛晨晨累计任职时间5年52天，现任基金资产总规模1250.57万元，任职期间最佳基金回报 35.98%， 任职期间最差基金回报-34.95%。 ...

Core Insights - The Shanghai Stock Exchange (SSE) has released the information disclosure evaluation results for listed companies in the Shanghai market for 2024-2025, covering 30 listed securities firms [1][2] Group 1: Evaluation Results - 10 securities firms received an A rating, including CITIC Securities, Guojin Securities, and Huatai Securities [1] - 18 firms were rated B, such as Southwest Securities and China Galaxy Securities [1] - 2 firms received a C rating: Xiangcai Securities and Pacific Securities [2] Group 2: Importance of Information Disclosure - The SSE emphasizes that high-quality listed companies are essential for the stable development of the capital market and the healthy interaction between finance and the real economy [2] - Information disclosure quality is a significant indicator of a company's overall quality and has a substantial impact on investor decision-making [2] Group 3: Evaluation Criteria and Application - The evaluation results are based on the quality of information disclosure, compliance with operational standards, and protection of investor rights, categorized into four levels: A, B, C, and D [3] - The evaluation period spans from July 1 of the previous year to June 30 of the current year, with results influencing the review of refinancing and restructuring matters [3] Group 4: Regulatory Framework - The SSE and Shenzhen Stock Exchange have revised their self-regulatory guidelines to enhance information disclosure oversight and improve the investment value of listed companies [4] - The revised guidelines focus on strengthening information disclosure regulation, punishing financial fraud, and promoting cash dividend supervision [4]

另一方面，则需要加快已上市公司的产业创新，巩固并进一步强化相关企业已具备的产业优势，即重要 任务第二位的"固本培元"，"推出再融资储架发行制度，进一步拓宽并购重组支持渠道，促进上市公司 产业整合、做优做强"。为有优势的企业提供并购重组的资金支持。孙彬彬认为，本次金融街论坛主题 演讲中重要任务的第三个便是"稳步扩大高水平制度型对外开放"。而扩大对外开放同样指向了两个方向 的任务：一方面是减少制度上的掣肘，让境外资金更顺利地进入境内。对应到了《合格境外投资者制度 优化工作方案》的推出，对境外资金优化准入管理、扩大合格境外投资者的投资范围等。 另一方面是夯实国内资本市场的发展基础，提升境外资金的投资意愿。而这一部分与"固本培元"工作任 务相协同，无论是通过改革提升上市公司质量，引导真金白银回报股东，还是大力保护投资者权益，其 核心目的都是夯实资本市场健康发展的内在基础，修复和巩固市场信心，在全球资产的再平衡过程中吸 引到更多的国际配置资金。 "保护投资者的权益，才能更好提升我国资本市场的吸引力。一是在事前做好防范，做好跨境、跨市场 监测，尽量做到防范风险发生于未然；二是健全稳定市场机制，减少市场大幅波动；三是强化监 ...