证券研究报告：电力设备 | 公司点评报告 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） | 36.00 | | --- | --- | | 总股本/流通股本（亿股）4.32 | / 4.27 | | 总市值/流通市值（亿元）155 | / 154 | | 52 周内最高/最低价 | 41.51 / 21.39 | | 资产负债率(%) | 28.3% | | 市盈率 | 50.01 | | 第一大股东 | 上海神马电力控股有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 神马电力(603530) 业绩符合预期，全球电网投资有望景气进一步提 升，公司有望进一步受益 n 盈利预测和财务指标 l 投资要点 事件：2025 年 10 月 20 日，公司发布 2025 年三季报。 业绩情况：2025Q1-3 公司营收 11.6 亿元，同比+29.9%；归母净 利润 2.8 亿元，同比+28.5%；其中 2025Q3，公司营收 4.6 亿元，同环 比分别为+33.4%/+9.4% ...

【环球网财经综合报道】随着中国经济的强劲韧性与宏观政策的持续发力，A股市场今年显著上涨，吸引了海外资金的目 光。数据显示，作为外资风向标的QFII（合格境外机构投资者）与北向资金在第三季度展现出高度共识，共同加仓了11只A 股，重点布局于新质生产力相关领域。 据数据宝统计，截至10月22日，共有37只个股的三季报前十大流通股东榜上出现QFII身影，合计持仓市值达62.71亿元。其 中，QFII在三季度新进重仓18股，增持11股，显示出其对A股市场的积极态度。 值得关注的是，QFII的投资偏好清晰地指向了代表未来发展方向的科技成长股。在新进或增持的个股中，锂电池、商业航 天、芯片等领域的公司成为重点。例如，锂电池板块的中材科技、商业航天板块的天银机电、芯片板块的铂科新材和联芸 科技等均获得QFII的青睐。 更强烈的信号来自QFII与北向资金的"共振"。在QFII新进或增持的29只个股中，有11只同时获得了北向资金的加仓。其中， 铂科新材、大族数控、中材科技成为焦点，北向资金对其持股数量环比增长均超过400%，且这三只股票均为QFII三季度新 进重仓股。 以铂科新材为例，该公司不仅获得北向资金868.82%的环比 ...

Core Viewpoint - The article highlights the significant increase in foreign investment in Chinese stocks, particularly by QFII and northbound funds, driven by China's economic resilience and favorable macro policies, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [4][6]. Group 1: QFII Holdings - QFII has increased its holdings in 18 stocks during Q3, with notable new positions in companies like Placo New Materials, Zhongcai Technology, and Zhongce Rubber, reflecting a total holding value of 62.71 billion yuan across 37 stocks [5][8]. - The top three stocks by QFII holding value include Enyuan Electric (12.67 billion yuan), China Western Power (8.77 billion yuan), and Haida Group (7.66 billion yuan) [5][3]. - QFII's focus on technology stocks is evident, with new or increased positions in sectors such as lithium batteries, commercial aerospace, and semiconductors [5][6]. Group 2: Northbound Fund Inflows - Northbound funds have also significantly increased their holdings in 11 stocks, with Placo New Materials seeing a remarkable 868.82% increase in holdings, making it the second-largest shareholder [8]. - The sectors with the most stocks receiving increased foreign investment include electric power equipment, with three stocks: China Western Power, Shenma Electric, and Enyuan Electric [8][4]. Group 3: Performance of QFII Stocks - Among the 37 QFII heavy stocks, 25 reported a year-on-year increase in net profit, indicating a positive performance trend, with over 70% of these stocks showing growth [9]. - Notable performers include Yongding Co., which saw a 474.3% increase in net profit, primarily due to significant investment income from its joint venture in the real estate sector [9].

Group 1 - The stock of Shenma Electric (603530) fell by 9.84% on the trading day, with a turnover rate of 2.92% and a trading volume of 478 million yuan, showing a fluctuation of 8.01% [1] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -9.78%, with net selling from the Shanghai-Hong Kong Stock Connect amounting to 24.99 million yuan [2] - The top five trading departments had a total transaction volume of 108 million yuan, with a net selling amount of 26.84 million yuan, indicating a significant outflow of funds [2] Group 2 - The latest margin trading data shows that as of October 21, the margin balance for Shenma Electric was 163 million yuan, with a financing balance of 162 million yuan and a securities lending balance of 1.13 million yuan [2] - The company reported a revenue of 1.163 billion yuan for the first three quarters, representing a year-on-year growth of 29.91%, and a net profit of 277 million yuan, with a year-on-year increase of 28.49% [2]

随着上市公司2025年三季报的陆续披露，作为外资主力之一的QFII最新持股动向也逐渐浮出水面。 从目前已披露的数据来看，QFII在今年三季度增持了多家上市公司股票，其中多数公司三季报业绩较好。 值得注意的是，由于目前披露2025年三季报的公司数量尚仅有数百家，目前三季报透露的QFII持股情况仅 是QFII持股全貌的冰山一角。 摩根士丹利今年三季度也对多家公司股票进行了增持。数据显示，今年二季度末，摩根士丹利持有约 810.67万股思源电气股票，但公司披露的2025年三季报显示，截至今年三季度末，摩根士丹利持有的思 源电气股票增至约1161.87万股，这意味今年三季度摩根士丹利持有的思源电气股票增加了约351.2万 股。 神马电力今年三季度也获得了摩根士丹利的增持。神马电力披露的2025年三季报显示，截至今年三季度 末，摩根士丹利持有约340.73万股神马电力股票，持股数较今年二季度末增长约77.61万股。 此外，截至今年三季度末，高盛持有星网宇达183.17万股，较今年二季度末小幅增长约1.39万股。 多家获QFII青睐公司业绩较好 上述获QFII增持的公司通常也伴随着较好的业绩，今年前三季度营收和利润多数同 ...

特高压板块大幅调整，神马电力触及跌停，东方铁塔、经纬辉开、白云电器、国电南自、平高电气、特 变电工等跟跌。 ...

2025年10月21日， 神马电力 (603530.SH)发布2025年三季报。 公司营业总收入为11.63亿元。归母净利润为2.77亿元。经营活动现金净流入为2834.72万元，较去年同 报告期经营活动现金净流入减少5901.75万元，同比较去年同期下降67.55%。 公司最新总资产周转率为0.45次。最新存货周转率为1.63次，较去年同期存货周转率减少0.24次，同比 较去年同期下降12.61%。 公司股东户数为1.13万户，前十大股东持股数量为3.73亿股，占总股本比例为86.31%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 上海神马电力控股有限公司 | 62.55% | | 2 | 陈小琴 | 16.61% | | 3 | 招商银行股份有限公司-睿远均衡价值三年持有期混合型证券投资基金 | 2.43% | | 4 | 香港中央结算有限公司 | 1.93% | | 5 | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 0.79% | | 6 | 容远基金-中信证券-容远基金容见7号集合资 ...

Core Viewpoint - The company has ensured the accuracy and completeness of its financial reports and related disclosures, affirming that there are no false statements or significant omissions [2][19]. Financial Data Summary - The third-quarter financial report for 2025 has not been audited, and the company has provided key financial data in RMB [3][7]. - The report indicates that there were no profits from mergers under common control during the reporting period [7]. Related Party Transactions - The company has approved expected related party transactions for 2025, which were deemed reasonable and fair by independent directors [9][22]. - The transactions are based on actual operational needs and are not expected to affect the company's independence or harm shareholder interests [16][24]. Board Meeting Details - The fifth board meeting was held on October 20, 2025, with all directors present, and the meeting procedures complied with legal requirements [18]. - The board unanimously approved the third-quarter report and the expected related party transactions, with specific directors abstaining from voting on related matters [19][23].

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial performance. Group 1: Corporate Announcements - Wanrun Technology clarified that rumors about an online roadshow and large orders are false, stating no such investor relations activities have occurred recently [4] - DiAo Micro plans to acquire 100% of Rongpai Semiconductor through a combination of share issuance and cash payment, with stock resuming trading on October 21, 2025 [5][6] - Dongtu Technology is planning to issue shares to acquire assets from Beijing Gaoweike Electric Technology, with stock suspension starting October 21, 2025 [7] - Guangsheng Nonferrous Metals announced the absorption merger of two wholly-owned rare earth subsidiaries to enhance management efficiency and reduce operational costs [8] - Shan Shui Technology's actual controller and chairman was subjected to criminal coercive measures, but the company's operations remain normal [9] - Xingchen Technology completed the acquisition of 53.3087% of Shanghai Furui Kun Microelectronics, which will now be a subsidiary [10] - Yiyi Co. is planning to issue shares and cash to acquire assets, with stock suspension since October 14, 2025 [11] - Yintai Group's acquisition of Huatuo Pharmaceutical received antitrust approval, allowing the transaction to proceed [12] Group 2: Financial Performance - China Mobile reported a net profit of 31.1 billion yuan for Q3 2025, a year-on-year increase of 1.4%, with total revenue of 794.7 billion yuan for the first three quarters, up 0.4% [14] - Alloy Investment's Q3 net profit surged by 4985% to 2.68 million yuan, with revenue of 65.71 million yuan, a 21.61% increase [15] - iFlytek's Q3 net profit increased by 202.4% to 172 million yuan, with revenue of 6.078 billion yuan, up 10.02% [16] - Yonghe Co. reported a Q3 net profit of 198 million yuan, a 485.77% increase, with total revenue of 1.34 billion yuan, up 11.42% [17] - Dazhu CNC's Q3 net profit rose by 282% to 228 million yuan, with revenue of 1.521 billion yuan, a 95.19% increase [18] - Dingtong Technology's Q3 net profit grew by 125% to 61.175 million yuan, with year-to-date revenue of 1.156 billion yuan, up 64.45% [20] - Shenneng Power's Q3 net profit increased by 56.69% to 117 million yuan, with total revenue of 459 million yuan, up 33.38% [21] - Runben Co. reported a slight decline in Q3 net profit by 2.89%, totaling 78.52 million yuan, despite a revenue increase of 16.67% [22] - Dayang Bio's Q3 net profit grew by 56.12% to 29.53 million yuan, with revenue of 248 million yuan, up 5.72% [23] - Kaile Co. reported a significant increase in net profit by 159.14% for the first three quarters, totaling 21.63 million yuan [24] - China Shipbuilding expects a net profit increase of 104% to 126% for the first three quarters, estimating between 5.55 billion to 6.15 billion yuan [25] Group 3: Shareholding Changes - Zhejiang Mining's major shareholders plan to reduce their holdings by up to 3% of the company's shares [27] - Blue Arrow Electronics' shareholders intend to reduce their holdings by up to 3% [28] - Jifeng Technology's shareholders plan to reduce their holdings by up to 3% [29] Group 4: Major Contracts - Dash Smart announced a joint bid for a smart transportation project worth 96 million yuan, which represents 3.03% of the company's projected revenue for 2024 [30]

今日聚焦 1、中国移动：第三季度净利润为311亿元 同比增长1.4% 中国移动发布2025年第三季度报告，前三季度营业收入为7947亿元，同比增长0.4%;归属于母公司股东 的净利润为1154亿元，同比增长4.0%。第三季度营业收入为2509亿元，同比增长2.5%;归属于母公司股 东的净利润为311亿元，同比增长1.4%。 2、科大讯飞：第三季度净利润同比增长202.4% 科大讯飞发布三季报，营业收入为60.78亿元，同比增长10.02%。归属于上市公司股东的净利润为1.72 亿元，同比增长202.40%。 3、中国船舶：预计前三季度净利润同比增加104.30%-126.39% 中国船舶(600150.SH)公告称，预计2025年前三季度实现归属于母公司所有者的净利润55.5亿元至61.5亿 元，与上年同期相比，增加28.33亿元至34.33亿元，同比增加104.30%至126.39%。同时，预计归属于母 公司所有者的扣除非经常性损益的净利润为40.8亿元至46.8亿元，同比增加106.93%至137.36%。公司表 示，报告期内生产效率提升，船舶行业发展态势良好，手持订单结构优化，交付的民品船舶数量和价格 ...