证券研究报告 电子 | 半导体 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 20 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 熊宇翔 xiongyuxiang@huayuanstock.com | 基本数据 | | 2025 | 年 | 10 | 17 | 日 | | | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 101.47 | | | | | | | 一 年 最 高 最 低 | / | | | | | | | 内 | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 40,774.86 | | | | | 流通市值（百万元） | | | | | | | 32,779.30 | | | | | 总股本（百万股） | | | | | | | 401.84 | | | | | 资产负债率（%） | | ...

科创芯片ETF指数（588920）业绩比较基准为上证科创板芯片指数收益率，管理人为鹏华基金管理有限 公司，基金经理为罗英宇，成立（2025-07-16）以来回报为47.80%，近一个月回报为1.92%。 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。 来源：新浪基金∞工作室 10月20日，科创芯片ETF指数（588920）开盘涨1.62%，报1.506元。科创芯片ETF指数（588920）重仓 股方面，中芯国际开盘涨1.74%，海光信息涨2.96%，寒武纪涨2.04%，澜起科技涨2.88%，中微公司涨 2.33%，沪硅产业涨1.83%，芯原股份涨3.41%，恒玄科技涨1.98%，华海清科涨1.96%，思特威涨 5.45%。 ...

截至2025年10月20日午间收盘，上证科创板芯片指数强势上涨1.77%，成分股源杰科技上涨14.84%，思特威上涨6.16%，中科蓝讯上涨5.39%，华润微、复旦 微电等个股跟涨。科创芯片ETF(588200)半日收涨1.69%，盘中最高涨超3%。 资金流入方面，拉长时间看，科创芯片ETF近7个交易日内有5日资金净流入，合计"吸金"25.11亿元。 截至10月17日，科创芯片ETF近3年净值上涨130.66%，指数股票型基金排名16/1890，居于前0.85%。从收益能力看，截至2025年10月17日，科创芯片ETF自 成立以来，最高单月回报为35.07%，最长连涨月数为4个月，最长连涨涨幅为74.17%，上涨月份平均收益率为9.90%。 数据显示，截至2025年9月30日，上证科创板芯片指数前十大权重股分别为海光信息、澜起科技、中芯国际、寒武纪、中微公司、芯原股份、华虹公司、沪 硅产业、华海清科、晶晨股份，前十大权重股合计占比59.69%。 消息面方面，近日，在美国城堡证券（Citadel Securities）举办的一场访谈活动上，AI（人工智能）芯片龙头英伟达的CEO黄仁勋表示，由于美国出口管 制，英 ...

长江商报消息 ●长江商报记者 黄聪 三大业务齐发力，思特威（688213.SH）业绩大涨。 10月17日晚间，思特威发布2025年前三季度业绩预告，报告期，预计实现营业收入61亿到65亿元，同比 增长45%到54%；归属于母公司所有者的净利润6.56亿到7.36亿元，同比增长140%到169%。 作为致力于提供多场景应用、全性能覆盖的 CMOS 图像传感器产品企业，思特威产品已被广泛应用在 安防、机器视觉、智能手机、汽车电子、工业感知等众多高科技应用领域，并助力行业向更加智能化和 信息化方向发展。长江商报记者注意到，思特威2025年前三季度预计营业收入已超过2024年全年。 前三季净利最高预增169% 思特威的主营业务为高性能 CMOS 图像传感器芯片的研发、设计和销售。 公告显示，上述"净利润"指的是经审计的归属于上市公司股东的净利润，但剔除本次及其它员工激励计 划的股份支付费用影响的数值作为计算依据，公司经审计的2022年剔除本次及其他员工激励计划的股份 支付费用影响的数值后的归属于上市公司股东的净利润为6717.02万元。 同时，思特威预计2025年前三季度实现归属于母公司所有者的净利润6.56亿到7. ...

（二）业绩预告情况 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年9月30日。 （1）经财务部门初步测算，思特威（上海）电子科技股份有限公司（以下简称"公司"）预计2025年前 三季度实现营业收入610,000万元到650,000万元。与上年同期相比，将增加189,245万元到229,245万元， 增幅45%到54%。 （2）预计2025年前三季度实现归属于母公司所有者的净利润65,603万元到73,603万元。与上年同期相 比，将增加38,279万元到46,279万元，增幅140%到169%。 （3）预计2025年前三季度实现归属于母公司所有者的扣除非经常性损益的净利润为64,633万元到72,633 万元，与上年同期相比，将增加34,138万元到42,138万元，增幅112%到138%。如剔除股份支付费用的 影响，归属于母公司所有者的扣除非经常性损益的净利润为69,163万元到77,163万元。与上年同期相 比，将增加30,428万元到38,4 ...

实际上，今年上半年，思特威经营业绩就呈现大幅增长态势。半年报显示，公司上半年实现营业收入 37.86亿元，同比增长54.11%；归母净利润3.97亿元，同比增长164.93%。 思特威的主营业务为高性能CMOS图像传感器（CIS）芯片的研发、设计和销售。作为致力于提供多场 景应用、全性能覆盖的CMOS图像传感器产品企业，公司产品已被广泛应用在安防、机器视觉、智能手 机、汽车电子、工业感知等众多高科技应用领域，并助力行业向更加智能化和信息化方向发展。 10月17日晚间，思特威(688213)发布业绩预告称，预计2025年前三季度实现营业收入61亿元到65亿元， 同比增长45%到54%；预计前三季度实现净利润6.56亿元到7.36亿元，同比增长140%到169%；预计实现 扣非净利润为6.46亿元到7.26亿元，同比增长112%到138%。 思特威表示，报告期内，在智能手机领域，公司与多家客户的合作持续全面加深，产品满足更多的应用 需求，公司创新研发推出的基于LoficHDR 2.0技术的多款高阶5000万像素产品出货量大幅上升，以及基 于国产StackedBSI平台的多款产品量产出货，带动公司智能手机领域营业收 ...

Monetary Policy and Economic Measures - The People's Bank of China will continue to implement a moderately loose monetary policy, using various tools to ensure ample liquidity and support consumption and effective investment, while maintaining the stability of the RMB exchange rate [2] - The Ministry of Finance reported that national fiscal revenue for the first three quarters reached 16.39 trillion yuan, a year-on-year increase of 0.5%, with a notable growth of 2.5% in the third quarter [3] - The Ministry of Finance announced measures to consolidate and expand the economic recovery, including allocating 500 billion yuan from local government debt limits to support local governments, an increase of 100 billion yuan from the previous year [3] Trade and Regulatory Developments - The Ministry of Commerce and other departments have adjusted the duty-free shopping policy for Hainan, increasing the number of duty-free product categories from 45 to 47, effective November 1 [4] - The Ministry of Commerce, along with five other departments, issued guidelines to improve the overseas comprehensive service system for enterprises, providing support for international cooperation and competition [4] - The State Administration for Market Regulation and the Ministry of Industry and Information Technology are drafting regulations to strengthen supervision of smart connected and new energy vehicle recalls [10] Corporate Performance and Market Trends - The China Securities Regulatory Commission revised the Corporate Governance Code for listed companies, effective January 1, 2026, to enhance the regulation of directors and senior management [5] - A-share market saw a significant decline, with the Shanghai Composite Index dropping 1.95% to 3839.76 points, and the Shenzhen Component Index falling 3.04% [5] - Zijin Mining reported third-quarter revenue of 86.489 billion yuan, a year-on-year increase of 8.14%, and a net profit of 17.056 billion yuan, up 52.25% [6] Investment and Financing Activities - The number of new margin trading accounts opened in September reached 205,400, a year-to-date high, with a month-on-month increase of 12.24% [6] - The fund managed by Zhao Yi increased holdings in companies such as Enjie and Kuaishou while reducing positions in CATL and Tencent [7] - Coca-Cola is considering an IPO for its bottling business in India, potentially raising $1 billion and valuing the business at approximately $10 billion [23]

Major Announcements - Jinling Mining has decided to suspend the public transfer of 100% equity and debt of JG Mining due to the lack of qualified buyers during the second public listing phase [4] - Huibo Yuntong's controlling shareholder and actual controller have voluntarily committed not to reduce their holdings of the company's stock during a specific period, coinciding with the planned acquisition of Baode Computer Systems [5] - Weigao Blood Purification is planning to purchase 100% equity of Weigao Purui through a share issuance, with trading expected to be suspended from October 20, 2025 [6] - Ganfeng Lithium intends to transfer part of its equity in Shenzhen Yichu to introduce a strategic investor for 664 million yuan, which will result in Shenzhen Yichu no longer being included in the consolidated financial statements [7] - Sanhua Intelligent Control has raised the upper limit for its share repurchase price from 35.75 yuan to 60.00 yuan and extended the implementation period by two months [8] - Jingwei Huikai plans to acquire 100% equity of ZTE Systems for 850 million yuan, entering the private network communication sector [9] Performance Reports - Cambrian reported a third-quarter net profit of 567 million yuan, with a revenue increase of 1332.52% year-on-year [10] - Hikvision's third-quarter net profit grew by 20.31%, with revenues of 239.4 billion yuan [12] - Kewell's third-quarter net profit increased by 110.36%, with revenues of 14.5 million yuan [13] - Siwei Technology expects a net profit increase of 140% to 169% for the first three quarters, driven by strong smartphone sector performance [14] - Shentong Technology's third-quarter net profit surged by 452.62%, with revenues of 4.86 billion yuan [15] - Huayou Cobalt's net profit for the first three quarters increased by 39.59%, benefiting from integrated operations and rising cobalt prices [16] - Shenghui Integration reported a third-quarter net profit growth of 93.89% [17] - Jinshi Yaya expects a net profit increase of 48.99% to 83.95% for the first three quarters due to successful commercialization of R&D projects [18] - Haida Group's net profit for the first three quarters grew by 14.31%, and the company plans to spin off its subsidiary for a Hong Kong listing [19] - Hanlan Environment anticipates a net profit increase of approximately 15.85% for the first three quarters [20] - Haitong Development's net profit for the first three quarters decreased by 38.47% due to market price declines and rising operational costs [21] - Explorer expects a net profit decline of 64.62% to 70.51% for the first three quarters due to poor sales in outdoor business [22] - Guoji General's net profit for the third quarter decreased by 46.73% due to a decline in project revenue recognition [23] Major Contracts - Xinjiang Jiaojian has been awarded a construction project worth 556 million yuan [24] - Robotech signed a contract worth approximately 761 million yuan, representing about 68.83% of its 2024 revenue [25] - Shengshi Technology signed a contract for the Hunchun Port project worth 102 million yuan [26] Shareholding Changes - Youfa Group's director plans to reduce his holdings by up to 3.54 million shares [27] - Shengbang shares' controlling shareholder plans to reduce holdings by up to 1.28% [28] - Hunan Silver's major shareholder plans to reduce holdings by up to 2% [29] Share Buybacks - Tonghua Dongbao plans to repurchase shares worth 20 million to 40 million yuan [30] - Shenzhen New Star intends to raise its share repurchase price limit from 18 yuan to 30 yuan [31] Financing Activities - Changsha Bank has received approval to issue capital instruments not exceeding 12 billion yuan [32]

证券日报网讯10月17日晚间，思特威发布2025年前三季度业绩预告的自愿性披露公告称，公司预计2025 年前三季度归属于母公司所有者的净利润65，603万元到73，603万元。与上年同期相比，将增加38， 279万元到46，279万元，增幅140%到169%。 ...

(本文来自第一财经) 思特威：前三季度净利润同比预增140%-169% 北方股份：前三季度净利润同比预增56.90%-70.74% 金石亚药：前三季度净利润同比预增48.99%-83.95% 瀚蓝环境：前三季度净利润同比预增15.85% ...