作者 | 第一财经 魏中原 社保基金作为长线投资资金的代表，其投资动向往往具有风向标意义。 2025.09. 02 偏爱医药、计算机 本文字数：2655，阅读时长大约4分钟 Wind数据显示，截至2025年二季度末，社保基金持有77只科创板股票，合计持股量3.37亿股，期末持股市值合计153.7亿元，其中，社保基金新进19 只，增持28只。 从行业分布来看，社保基金此次新进和增持的个股主要集中在生物医药、计算机、电子等热门赛道，也恰恰是国家战略支持的重点方向，也是经济转型升 级的关键领域。这一投资动向引起了市场广泛关注。作为具备长期稳定盈利能力的社保基金，其每一步调仓都蕴含着深层的战略思考。那么，社保基金大 幅增持科技股背后，究竟有着怎样的逻辑？ 从社保基金的持股比例看，持有比例最高的（占流通股比例，下同）是安达智能（688125.SH），为11.90%，其次是合合信息（688615.SH），社保基 金持股比例为7.26%，英科再生（688087.SH）、三一重能、凯立新材（688269.SH）等股的持股比例也居前列。 截至二季度末，社保基金持有77家科创板上市公司股票，主要集中在电子、生物医药、机械设备、计 ...

证券研究报告 电子 | 消费电子 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 02 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 王硕 SAC：S1350524120002 wangshuo@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 月 01 | 日 | | 09 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 90.00 | | | | | 一 年 内 高 低 | 最 | / | | | 129.51/71.58 | | 最 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 102,631.55 | | | | | 流通市值（百万元） | | | | | 102,631.55 | | | | | 总股本（百万股） | | | | | 1,140.35 | | | | | 资产负债率（%） | | | | | 5 ...

Core Insights - The social security fund has newly invested in 19 stocks in the second quarter, focusing on high-performing sectors such as biomedicine, computers, and electronics, which are aligned with national strategic priorities and economic transformation [1][5] Investment Trends - As of the end of the second quarter, the social security fund held 77 stocks in the Sci-Tech Innovation Board, with a total holding of 337 million shares valued at 15.37 billion yuan, having newly entered 19 stocks and increased holdings in 28 stocks [1][2] - The fund's investment style is characterized by a cautious approach, emphasizing value investment and long-term returns, with a notable increase in allocations to technology innovation companies [1][2] Sector Focus - The fund's holdings are primarily concentrated in four sectors: electronics (20 companies), biomedicine (13 companies), machinery (10 companies), and computers (11 companies) [1] - In terms of stock count, the fund's top holdings include 7 stocks with over 10 million shares, with Transsion Holdings (382.64 million shares) leading, followed by Western Superconducting (205.81 million shares) [2] Performance Metrics - The newly added 19 stocks showed median year-on-year growth rates of 25.7% in revenue and 28.14% in net profit, significantly outperforming the overall market [6] - The fund's focus on biomedicine is evident, with 4 new investments in this sector, alongside 2 each in electronics, military, communications, and computers [6] Notable Stock Movements - The fund increased its holdings in several key stocks, including a significant increase of 6.37 million shares in Transsion Holdings, marking the largest single stock increase for the quarter [3][4] - Other notable increases include 5 stocks in the biomedicine sector and 4 in the computer sector, with specific increases exceeding 1 million shares [4][5] Reduction in Holdings - In the second quarter, 38 stocks on the Sci-Tech Innovation Board were reduced in holdings by the social security fund, with 24 of these seeing reductions of over 1 million shares [8] - Some stocks that were reduced have since experienced significant price increases, indicating a potential misalignment in the fund's timing of trades [8]

2025 年 09 月 02 日 公司点评 买入/维持 传音控股(688036) 昨收盘:90.00 25H1 业绩承压，新兴市场领先优势不变 (10%) 4% 18% 32% 46% 60% 24/9/2 24/11/13 25/1/24 25/4/6 25/6/17 25/8/28 传音控股 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 11.4/11.4 | | --- | --- | | 总市值/流通(亿元) | 1,026.32/1,02 | | | 6.32 | | 12 个月内最高/最低价 | 129.51/71.58 | | (元) | | 相关研究报告 <<太平洋证券公司点评-传音控股 （688036）2024 年报点评：营收保持 稳健增长，看好公司多元化布局>>-- 2025-04-25 <>- -2024-10-30 <<太平洋证券公司深度-传音控股 （688036）：新兴市场基本盘稳固，横 纵业务拓展再度腾飞>>--2024-09- 25 证券分析师：张世杰 ◼ 走势比较 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析 ...

财报季，社保基金持股动向曝光！二季度末社保基金共现身79只个股前十大流通股东榜，新进20只，增持21 只。 证券时报•数据宝统计显示，社保基金最新出现在79只科创板股前十大流通股东名单中，合计持股量3.40亿股， 期末持股市值合计154.70亿元。持股变动显示，新进20只，增持21只，减持20只，18只股持股量保持不变。新进股 中，益方生物、金盘科技、新致软件等持股量居前。 社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是合合信息，共 有4家社保基金出现在前十大流通股东名单中，即汇添富基金管理股份有限公司-社保基金17022组合、全国社保基 金一一一组合、全国社保基金四一一组合、全国社保基金一一零组合，分别位列公司第二大、第五大、第八大、第 十大流通股东，持股量合计为195.87万股，占流通股比例为7.00%。 从持股比例看，社保基金持有比例最多的是安达智能，持股量占流通股比例为11.90%，其次是合合信息，社保 基金持股比例为7.00%，持股比例居前的还有聚和材料、三一重能、南微医学等。持股数量方面，社保基金持股数 量在1000万股以上的共有7只，社保基金持股量最多的是传 ...

Core Viewpoint - The African smartphone market is undergoing significant changes, with Transsion facing strong competition from Xiaomi, which is rapidly increasing its market share and sales in the region [2][4][23]. Market Dynamics - In Q2 2025, Xiaomi's smartphone shipments in Africa surged by 32% to 2.8 million units, while Transsion's shipments grew only 6% to 9.7 million units, maintaining a market share of 51% [5][6]. - Xiaomi's market share in Africa rose to 14.4%, positioning it as the third-largest player, just 4 percentage points behind Samsung [5][6]. Financial Performance - Xiaomi reported total revenue exceeding 227.25 billion yuan in H1 2025, a year-on-year increase of 38.2%, with smartphone revenue at approximately 96.13 billion yuan, reflecting a growth of 3.37% [4][11]. - Transsion's revenue for H1 2025 was 29.08 billion yuan, a decline of 15.86%, with net profit dropping 57.48%, marking the first time since its IPO in 2019 that both revenue and profit fell [11][12]. Competitive Strategies - Xiaomi's strategy in Africa includes aggressive pricing, channel expansion, and localization efforts, particularly in key markets like Nigeria and Egypt [8][14]. - Transsion's product pricing strategy focuses on low-cost models, while Xiaomi is targeting both low-end and mid-range segments, with products priced from approximately 60-80 USD to 200-450 USD [21][22]. Market Trends - The African smartphone market is experiencing a dual phase of smartphone penetration and consumer upgrade, with a growing demand for higher performance devices [22][26]. - Xiaomi's comprehensive ecosystem, including IoT products, enhances user engagement compared to Transsion's focus on mobile hardware [22][24]. Future Outlook - The competitive landscape in the African smartphone market is expected to intensify, with multiple brands vying for market share, indicating a shift from Transsion's previous dominance [24][27]. - Xiaomi's recent organizational changes in Africa suggest a commitment to refining its operational strategy in the region [26].

| 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 29,077,418,565.64 | 34.558.465.962.29 | | 利润总额 | 1,531,122,820.86 | 3,452,150,452.96 | | 归属于上市公司股东的净利润 | 1.212.806.449.89 | 2,852,014.497.55 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 897.275.961.65 | 2,427,760,957.66 | | 经营活动产生的现金流量净额 | 10,351,390.70 | -1.391.871.444.55 | | | 本报告期末 | 上年度末 | | 归属于上市公司股东的净资产 | 19,823,264,940.16 | 20,230,358,202.40 | 以8月27日收盘价计算，传音控股目前市盈率（TTM）约为24.89倍，市净率（LF）约4.91倍，市销率（TTM）约1.54倍。 市盈率(TTM)历史分位(%) 100 95-26 95p12 ହି 90 92p33 80 7 ...

（原标题：养老金持有21只科创板股：新进6股 增持3股） 科创板股机构持股动向曝光，二季度末养老金共现身21只科创板股前十大流通股东榜，新进6只，增持3只。 证券时报·数据宝统计显示，养老金最新出现在21只科创板股前十大流通股东名单中，合计持股量7268.10万股，期末持股市值合计34.56亿元。持 股变动显示，新进6只，增持3只，减持6只，6只股持股量保持不变。 业绩方面，养老金持有个股中，上半年净利润同比增长的有10只，净利润增幅最高的是容知日新，公司上半年共实现净利润1423.55万元，同比增 幅为2063.42%，净利润同比增幅居前的还有华丰科技、生益电子等，净利润分别增长940.64%、452.11%。 养老金最新重仓股名单中，持有比例最多的是海泰新光，持股量占流通股比例为4.20%，其次是容知日新、华丰科技，养老金持股比例分别为 4.04%、2.67%。持股数量方面，养老金持股量居前的有传音控股、三一重能、生益电子，持股量分别为1771.73万股、535.55万股、533.39万股。 养老金持股市值居前的有传音控股、华丰科技、生益电子，持股市值分别为14.12亿元、2.77亿元、2.73亿元。 从 ...

传音这回摊上大事，被华为直接告上法庭？事情的核心，是华为2011年申请的欧洲专利——专治视频压 缩后画质变糊的黑科技滤波技术，号称AI画质修复大师，传音在视频处理时被怀疑偷偷用了华为的独 门秘籍。武林秘籍被偷学，怎能不追杀？传音这波能挺过去吗？ ...

从所属行业来看，养老金持有股票主要集中在电子、医药生物、国防军工行业，分别有5只、4只、3只 个股上榜。 从持有时间来看，养老金账户连续持股超过两个报告期的有15只，煜邦电力、凯立新材等均被养老金连 续持有12个报告期。 科创板股机构持股动向曝光，二季度末养老金共现身21只科创板股前十大流通股东榜，新进6只，增持3 只。 证券时报 数据宝统计显示，养老金最新出现在21只科创板股前十大流通股东名单中，合计持股量 7268.10万股，期末持股市值合计34.56亿元。持股变动显示，新进6只，增持3只，减持6只，6只股持股 量保持不变。 养老金最新重仓股名单中，持有比例最多的是海泰新光，持股量占流通股比例为4.20%，其次是容知日 新、华丰科技，养老金持股比例分别为4.04%、2.67%。持股数量方面，养老金持股量居前的有传音控 股、三一重能、生益电子，持股量分别为1771.73万股、535.55万股、533.39万股。养老金持股市值居前 的有传音控股、华丰科技、生益电子，持股市值分别为14.12亿元、2.77亿元、2.73亿元。 养老金持有的科创板股 | 代码 | 简称 | 养老金家 | | 养老金持股量（万 | ...