★ 跟踪：MSCI中国A50互联互通人民币指数 证券之星消息，10月27日富国基金旗下朱少醒管理的富国天惠精选成长混合型基金(LOF)公布三季报，近1年净值增长率15.18%。与上一季度相 比，该基金前十大重仓股新增中创智领，立讯精密，国瓷材料；其中宁波银行持仓占比5.47%，为该基金第一大重仓股；美的集团，广东宏大， 蓝晓科技等退出前十大重仓股；详细数据如下： | 重仓股 | 增减仓 | 唱흥 | 持有息数 | 持仓市值 | | --- | --- | --- | --- | --- | | 中创智领 (601717) | 新进十大 | | 2600.08万股 | 6.46亿元 | | 立讯精密 (002475) | 新进十大 | 77 | 1000.09万股 | 6.47亿元 | | 国瓷材料 | 新进十大 | | 2200.0万股 | 4.91亿元 | | (300285) | | | | | | 宁波银行 (002142) | 減仓 | -1.96% | 5000.0万股 | 13.21亿元 | | 贵州茅台 | 減仓 | -15.0% | 85.0万股 | 12.27亿元 | | (6TS009) ...

2025 年 10 月 27 日 公司点评 买入/维持 <<春风动力：2025Q1 业绩高增，全球 化加速+高端化引领成长>>--2025- 04-17 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 春风动力(603129) 目标价: 昨收盘:252.41 春风动力：2025Q3 业绩快速增长，关税等因素致使净利率短期波动 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/10/28 25/1/8 25/3/21 25/6/1 25/8/12 25/10/23 春风动力 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.53/1.53 总市值/流通(亿元) 385.12/385.12 12 个月内最高/最低价 (元) 304.8/130.99 <<春风动力：2025Q2 业绩超预期高 增，极核电动打开增量空间>>-- 2025-08-14 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：j ...

证券研究报告 2025年10月27日 行业报告 | 行业点评 机械设备 摩托车行业2025年9月销售数据更新 作者： 分析师 朱晔 SAC执业证书编号：S1110522080001 联系人 薛长安 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 摘要 【全行业】 【春风动力】 【隆鑫通用】 【钱江摩托】 请务必阅读正文之后的信息披露和免责申明 2 ✓ 二轮燃油摩托：9月，总销量155.4万辆，同比+11.8%；出口117.4万辆，同比+20.6%；内销38.0万辆，同比-8.8%。 ✓ 250cc以上：9月，250cc以上销量8.7万辆，同比+13.1%；出口5.3万辆，同比+39.0%；内销3.3万辆，同比-12.7%。 ✓ 二轮燃油摩托：9月，燃油摩托销量1.7万辆，同比-27.0%；出口1.0万辆，同比+51.0%；内销0.7万辆，同比-59.5%。 ✓ 250cc以上：9月，250cc以上销量1.3万辆，同比-3.2%；出口0.8万辆，同比+113.2%；内销0.5万辆，同比-48.8%。 ✓ 电动摩托：9月，电动摩托销量3.2万辆，同比+18 ...

证券之星消息，10月27日摩托车及其他板块较上一交易日上涨0.32%，新日股份领涨。当日上证指数报 收于3996.94，上涨1.18%。深证成指报收于13489.4，上涨1.51%。摩托车及其他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) | | | --- | --- | --- | --- | --- | --- | --- | | 603787 | 新日股份 | 13.95 | 10.02% | 11.27万 | | 1.56亿 | | 003033 | 征和工业 | 78.66 | 10.00% | 1.24万 | 9607.76万 | | | 300994 | 久祺股份 | 19.58 | 7.58% | 12.99万 | | 2.53亿 | | 603129 | 春风动力 | 252.41 | 3.88% | - 3.28万 | | 8.38亿 | | 301345 | 涛涛车业 | 246.30 | 3.57% | 3.01万 | | 7.55亿 | | 603766 | 隆ङ通用 | 13.70 | 1.78% | 26.86万 | | ...

Core Insights - Pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of 45 stocks by the end of Q3, with 23 new entries and 7 increased holdings [1][2] - The total shareholding amount of pension accounts reached 379 million shares, with a total market value of 10.011 billion yuan [1] - The most significant holdings include Haiyou Development and Shenzhen Airport, with respective holdings of 65.3843 million shares and 24.2047 million shares [1][2] Summary by Category Shareholding Details - Haiyou Development is the largest holding, with pension funds holding 65.3843 million shares, a 25.49% increase from the previous quarter [2][3] - Shenzhen Airport follows with 24.2047 million shares, maintaining its position [2] - Other notable holdings include Blue Sky Technology (20.7810 million shares, 6.78% of circulating shares) and Spring Wind Power (7.9514 million shares, 5.21% of circulating shares) [2][3] Performance and Sector Distribution - Among the stocks held by pension funds, 30 companies reported net profit growth in Q3, with the highest increase seen in Zhi De Mai, achieving a net profit of 13.4486 million yuan, a 253.49% year-on-year increase [2] - The stocks are primarily distributed across the main board (25 stocks), ChiNext (16 stocks), and STAR Market (4 stocks), with a focus on the machinery equipment and pharmaceutical industries, each having 7 stocks represented [2][3] New Entrants and Changes - A total of 23 new stocks were added to the pension fund's portfolio, with notable new entries including North Copper Industry and Hubei Yihua [3] - The pension fund's longest-held stock is Jiajiayue, which has been in the top ten shareholders for 28 consecutive reporting periods, holding 13.3027 million shares [2]

10月17日，老铺黄金发布调价预告称将于10月26日进行产品提价调整。产品调价详情，以线上线下门店 产品实际标价为准。这已经是老铺黄金年内第三次调价，此前两次分别在2月、8月。据了解，老铺黄金 每年都会进行2-3次调价。 10月25日为老铺黄金本轮调价前的最后一日，恰逢老铺黄金入驻上海恒隆广场，至此也成为唯一实现中 国十大高端商场全覆盖的中国高端品牌。官方信息显示，截至10月25日凌晨2点30分，老铺黄金恒隆广 场店10月25日可接待顾客人数已达到接待人数上限。 据蓝鲸新闻，相较今年8月时产品5%-13%的涨幅，本次老铺黄金多款产品涨幅超20%，加价力度不小。 10月26日，老铺黄金此前宣布的年内第三次调价正式兑现。 ...

证券研究报告 | 2025年10月23日 2025 年三季度利润小幅提升，全地形车、极核等引领高端化 摩托车及全地形车业务促进收入提升，利润增速放缓受关税影响。公司 2025Q1-Q3 实现营收 149.0 亿元，同比增长 30.1%，归母净利润 14.1 亿 元，同比增长 30.9%；2025Q3 实现营收 50.4 亿元，同比增长 28.6%，环 比下降 10.1%，归母净利润 4.1 亿元，同比增长 11.0%，环比下降 29.5%， 极核、全地形车新品放量，收入保持较快增长，利润增速有所放缓，主 要受关税影响。 四轮车迎来产品大年，U10 PRO 等新品有望推动业务高弹性增长。2024 年公 司迎来产品大年，根据公司北美官网，2024 年年初公司推出三款新品， 分别是 CFORCE 800 TOURING、CFORCE 1000 TOURING、ZFORCE 950 Sport 4，增强在 ATV 领域的竞争力，拓展 SSV 产品线。2024H2 U10 PRO/U10 XL PRO/Z10/Z10-4 等多款重磅新品上市，新品较原有产品的动力性大幅提 升，公司有望凭借新品在高端领域实现向上突破，加速 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7][5]. Core Insights - The company achieved revenue of 14.1 billion yuan in Q1-Q3 2025, a year-on-year increase of 30.9%, driven by the motorcycle and all-terrain vehicle (ATV) businesses, although profit growth has slowed due to tariff impacts [1][10]. - The gross margin for Q1-Q3 2025 was 27.6%, down 3.9 percentage points year-on-year, while the net margin was 10.0%, up 0.1 percentage points year-on-year [2][18]. - The company is set to launch several new products in 2024, including the U10 PRO and U10 XL PRO, which are expected to drive significant growth in the ATV segment [3][24]. Financial Performance - For Q3 2025, the company reported revenue of 50.4 billion yuan, a year-on-year increase of 28.6%, but a quarter-on-quarter decline of 10.1% [1][10]. - The net profit for Q3 2025 was 4.1 billion yuan, reflecting a year-on-year growth of 11.0% but a quarter-on-quarter decline of 29.5% [1][10]. - The company forecasts net profits of 18.49 billion yuan, 23.86 billion yuan, and 28.61 billion yuan for 2025, 2026, and 2027, respectively [5][38]. Product Development - The company is actively expanding its motorcycle lineup with new models such as the 150SC, 450MT, and 500SR VOOM, aiming to enhance competitiveness and market share [4][27]. - The electric motorcycle brand, Jike, is expected to become a significant growth driver, with plans to establish a production base in Zhejiang Province [35][36]. Market Expansion - The company is focusing on both domestic and international markets, with a renewed emphasis on exporting motorcycles, particularly to North America and Europe [31][32]. - The competitive pricing of its products, such as the 450SS, positions the company favorably against established competitors in overseas markets [32][34].

Market Overview - The motorcycle and other sectors increased by 0.41% on October 23, with Shanghai Phoenix leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shanghai Phoenix (600679) closed at 13.46, up 5.73% with a trading volume of 322,700 shares and a turnover of 440 million yuan [1] - Other notable performers include: - Zhonglu Co., Ltd. (600818) at 10.48, up 2.24% [1] - Qianjiang Motorcycle (000913) at 16.79, up 1.70% [1] - New Day Co., Ltd. (603787) at 12.68, up 1.52% [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 5.91 million yuan from main funds, while retail investors experienced a net outflow of 51.65 million yuan [2] - The main funds' net inflow for Shanghai Phoenix was 51.16 million yuan, indicating strong institutional interest [3] Individual Stock Capital Flow - Key stocks and their capital flow include: - Shanghai Phoenix: Main funds net inflow of 51.16 million yuan, retail net outflow of 50.88 million yuan [3] - Longxin General (603766): Main funds net inflow of 27.58 million yuan, retail net outflow of 38.43 million yuan [3] - Ninebot Company (689009): Main funds net inflow of 8.41 million yuan, retail net outflow of 19.88 million yuan [3]

来源：新浪基金∞工作室 中证500成长ETF（159606）业绩比较基准为中证500质量成长指数收益率，管理人为易方达基金管理有 限公司，基金经理为伍臣东，成立（2021-12-17）以来回报为12.32%，近一个月回报为-0.69%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月23日，截止午间收盘，中证500成长ETF（159606）跌0.80%，报1.114元，成交额298.46万元。中证 500成长ETF（159606）重仓股方面，东吴证券截止午盘跌0.11%，恺英网络跌0.99%，华工科技跌 4.73%，恒玄科技跌2.41%，惠泰医疗跌1.59%，春风动力涨0.19%，水晶光电跌2.17%，天山铝业涨 3.17%，长江证券跌0.48%，顺络电子涨3.21%。 ...