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。 ...

Core Insights - The company reported a third-quarter revenue of 2.103 billion, representing a year-on-year increase of 48.58% [1] - The net profit for the third quarter was 954 million, showing a year-on-year growth of 75.10% [1] - For the first three quarters, the total revenue reached 5.063 billion, with a year-on-year increase of 13.99% [1] - The net profit for the first three quarters was 2.038 billion, reflecting a year-on-year growth of 38.42% [1]

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]

Core Insights - Small nucleic acid drugs are considered potential candidates for treating various diseases due to their unique molecular structure and therapeutic mechanisms [1][3] - The global nucleotide market, including oligonucleotides and monomers, is projected to reach a sales figure of $730 million in 2023, with China being the largest production market [3] Group 1: Impact of Phosphoramidite Monomers - Phosphoramidite monomers significantly influence the research and development process of small nucleic acid drugs, serving as a fundamental raw material [1] - These monomers enhance the stability and biological activity of small nucleic acid drugs and drive innovation in their development [1] Group 2: Oligonucleotides as Key Raw Materials - Oligonucleotides are the primary raw materials and major cost source in the production of nucleic acid drugs, with most nucleic acid drugs being composed of oligonucleotides [2] Group 3: Future Demand and Opportunities - The demand for phosphoramidite monomers is expected to grow significantly, benefiting companies within the supply chains of multinational pharmaceutical firms [3] - Approximately 90% of global nucleotides are utilized for nucleic acid drug production, indicating a strong market focus [3] Group 4: Investment Recommendations - Companies to watch in the innovative drug and device sector include Furuya Co., Ltd. (300049.SZ), Anglikang (002940.SZ), and others [4] - In the CXO and raw material sectors, companies such as WuXi AppTec (603259.SH) and Jiuzhou Pharmaceutical (603456.SH) are recommended for attention [5]

Group 1 - The core point of the news is the announcement of the effective contract for the Caifeng Asset Management Hongyao 90-day holding period bond-type securities investment fund, which raised a total of 1,332,897,422.57 yuan during the subscription period [1][2] - The subscription period for the fund was from October 9, 2025, to October 24, 2025, and the total number of valid subscriptions was 2,704 [2] - The fund generated interest of 420,151.42 yuan during the subscription period, contributing to the total subscription amount [1][2] Group 2 - The fund manager, Gong Zhifang, has extensive experience in financial markets, having worked in foreign exchange and bond trading since July 2010, and has been with Caifeng Securities Asset Management since March 2016 [1] - The fund's total subscription shares amounted to 1,333,317,573.99 shares, with specific breakdowns for different share classes [2] - The verification of the fund's fundraising was conducted by Deloitte Huayong Accounting Firm [2]

Group 1 - G-bits stock increased by 5.08%, reaching 481.43 CNY per share, with a trading volume of 588 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 34.683 billion CNY [1] - G-bits, established on March 26, 2004, and listed on January 4, 2017, specializes in the creative planning, research and development, and commercialization of online games [1] Group 2 - According to data, one fund under Caitong Securities Asset Management holds G-bits as a significant position, with 200 shares representing 0.91% of the fund's net value, making it the fourth-largest holding [2] - Caitong Securities Asset Management's fund, the CSI 1000 Index Enhanced A (019402), has a current scale of 11.4364 million CNY and has achieved a year-to-date return of 21.45% [2] - The fund manager, Xin Chenchen, has a tenure of 5 years and 52 days, with the fund's best return during this period being 35.98% [2]

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 ...