计算机 2025 年 11 月 02 日 投资评级：看好（维持） | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | 市场回顾：本周（2025.10.27-2025.10.31），沪深 300 指数下跌 0.43%，计算 机指数上涨 1.82%。 周观点：AI 软件的拐点逐渐临近 （1）3 季度末计算机板块机构持仓处于历史低位，显著低配 从基金持仓来看，截止 2025 年 9 月 30 日，基金对计算机行业股票的持仓比例 为 2.92%，环比基本持平，仍处于历史低位。而截至 2025 年 10 月 31 日，计算 机全行业市值占 A 股全市场市值的 4.61%，显著低配。从年初至今累计涨幅来 看，计算机板块涨幅为 25.12%，低于 TMT 板块中通信（61.88%）、电子 （48.10%）和传媒（27.50%）的涨幅。 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 38 ...

Core Insights - The technology growth sector is experiencing a downturn, with the domestic AI industry-focused ETF (589520) showing a decline of 1.93% on October 31, 2025, despite a strong buying interest indicated by continuous premium pricing [1][3] - The ETF's top-performing stocks are primarily in software development, with notable gains from companies like Foxit Software (20% increase) and Hehe Information (14.14% increase), while hardware-related stocks like Stone Technology and Cambrian fell significantly [3][4] - A new five-year plan emphasizes the implementation of "AI+" initiatives, aiming for substantial progress in data-driven urban economic development by the end of 2027 [4] Stock Performance - The top ten stocks in the ETF include Foxit Software, Hehe Information, and Xianghuan Technology, all showing significant gains, while several others in the computing hardware sector faced declines [4][5] - As of October 31, 2025, all 30 constituent stocks of the ETF reported their Q3 earnings, with 20 companies profitable and 22 showing year-on-year net profit growth, led by Cambrian's impressive 321% increase [5][6] Market Outlook - Analysts predict a turning point for domestic AI applications, driven by external environmental changes and domestic policy support, suggesting a significant increase in demand for AI applications [6][7] - The ETF has outperformed other indices since its low point on April 8, 2025, with a cumulative increase of 60.36%, surpassing the broader technology indices [7][8] Policy and Industry Trends - The government is focusing on AI as a key technology for achieving self-sufficiency and security in the context of technological friction, with the ETF strategically positioned in the domestic AI supply chain [7] - The report from QuestMobile indicates that the number of active mobile AI application users in China has surpassed 729 million as of September 2025, highlighting the growing adoption of AI technologies [5]

南方电网电力科技股份有限公司 章程 2025 年 10 月 第 1 页 共 64 页 | 目录 | | --- | | 第一章 | 总则 | 4 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 6 | | 第三章 | 股份 | 7 | | 第一节 | 股份发行 | 7 | | 第二节 | 股份增减和回购 | 8 | | 第三节 | 股份转让 | 10 | | 第四章 | 股东和股东会 | 11 | | 第一节 | 股东的一般规定 | 11 | | 第二节 | 控股股东和实际控制人 | 14 | | 第三节 | 股东会的一般规定 | 15 | | 第四节 | 股东会的召集 | 18 | | 第五节 | 股东会的提案与通知 | 20 | | 第六节 | 股东会的召开 | 22 | | 第七节 | 股东会的表决和决议 | 25 | | 第五章 | 董事会 | 30 | | 第一节 | 董事 | 30 | | 第二节 | 独立董事 | 34 | | 第三节 | 董事会 | 38 | | 第四节 | 董事会专门委员会 | 45 | | 第六章 | 高级管理人员 | 47 | | 第七章 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-030 南方电网电力科技股份有限公司 关于修订《公司章程》的公告 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、准确性和完整性依法承担法律责任。 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第二届董事会第十七次会议，审议通过了《关于修订〈公司章程〉的议案》， 该议案尚需提交公司 2025 年第一次临时股东会审议并需股东会特别决议通过， 现将有关情况公告如下： 根据业务发展需要，公司拟修订《南方电网电力科技股份有限公司章程》（以 下简称《公司章程》），增加部分经营范围。 | 序 | 修订前 | 修订后 | | --- | --- | --- | | 号 | 第十五条 公司的经营范围为：工程 | 第十五条 公司的经营范围为：工程 | | | 和技术研究和试验发展;技术服务、 | 和技术研究和试验发展；技术服务、 | | | 技术开发、技术咨询、技术交流、 | 技术开发、技术咨询、技术交流、 | | | 技术转让、技术推广;储能技术服务; | 技术转让、 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-029 原聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以 下简称"大信"） 南方电网电力科技股份有限公司 关于拟变更会计师事务所的公告 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）机构信息 重要内容提示： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以 下简称"立信"） 1.基本信息 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于大信与南 方电网电力科技股份有限公司（以下简称"公司"）的审计服务合同已到期，根 据中国南方电网有限责任公司对审计工作统一管理的要求及有关建议，综合考虑 公司业务发展情况和整体审计的需要，公司拟聘任立信担任公司 2025 年度审计 机构，聘期一年。公司已就本事项与前后任会计师事务所进行充分沟通，前后任 会计师事务所均已明确表示对本次变更事项无异议。 本次拟变更会计师事务所事项已经公司审计与风险委员会、董事会审议 通过，尚需提交股东会审议。 一、拟聘任会计师事务所的基本情况 截至 2024 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-031 南方电网电力科技股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 ...

Core Viewpoint - Nanfang Technology (SH 688248) reported a slight decrease in revenue for the first three quarters of 2025, while net profit showed a modest increase, indicating mixed performance in the current financial year [1]. Financial Performance - Revenue for the first three quarters of 2025 was approximately 2.099 billion yuan, representing a year-on-year decrease of 0.51% [1]. - Net profit attributable to shareholders was around 287 million yuan, reflecting a year-on-year increase of 2.52% [1]. - As of the report, Nanfang Technology's market capitalization stood at 30.1 billion yuan [1].

Financial Performance - The company's operating revenue for the third quarter reached ¥693,671,800.05, representing a year-on-year increase of 25.19%[3] - Total profit for the quarter was ¥126,958,594.95, reflecting a growth of 17.38% compared to the same period last year[3] - Net profit attributable to shareholders was ¥112,154,200.39, which is an increase of 17.82% year-on-year[3] - The basic earnings per share for the quarter was ¥0.20, up by 17.65% compared to the same period last year[5] - Total revenue for the first three quarters of 2025 was CNY 2,098,815,635.67, a slight decrease of 0.3% compared to CNY 2,109,545,613.11 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 increased to CNY 323,700,148.57, compared to CNY 316,233,702.99 in 2024, indicating a growth of 2.5%[18] - Net profit for the first three quarters of 2025 was CNY 291,699,704.20, up from CNY 283,749,280.23 in 2024, representing a year-on-year increase of 2.5%[19] - Earnings per share for the first three quarters of 2025 were CNY 0.51, compared to CNY 0.50 in the same period of 2024, showing a slight improvement[19] - Total comprehensive income for the first three quarters of 2025 was CNY 217,048,511.17, compared to CNY 227,938,340.10 in the same period of 2024[26] Research and Development - Research and development expenses totaled ¥53,589,459.00, marking a 21.87% increase year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 150,861,196.54, up from CNY 139,849,711.09 in 2024, highlighting a focus on innovation[18] - Research and development expenses increased to CNY 130,924,696.71, up 4.96% from CNY 124,701,773.02 in the previous year[25] - The proportion of R&D expenses to operating revenue was 7.73%, a decrease of 0.21 percentage points compared to the previous year[5] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,798,726,240.23, a 1.88% increase from the end of the previous year[5] - The total assets of the company amounted to CNY 4,798,726,240.23, an increase from CNY 4,710,085,613.32 in the previous year[16] - Total liabilities decreased to CNY 1,557,756,087.14 from CNY 1,684,648,829.44, indicating a reduction in financial leverage[16] - Total liabilities decreased to CNY 1,437,018,310.92 from CNY 1,682,107,442.40 in the previous year[24] - Shareholders' equity attributable to the company reached ¥3,198,896,559.55, which is a 7.05% increase compared to the previous year[5] - The company's equity attributable to shareholders increased to CNY 3,198,896,559.55 from CNY 2,988,346,803.66, reflecting a growth of 7.0%[16] - Shareholders' equity increased to CNY 3,033,747,376.71, up from CNY 2,892,933,365.54 at the end of 2024[24] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥195,224,300.61[3] - Operating cash inflow for the first three quarters of 2025 reached CNY 2,218,648,972.51, a 26.7% increase from CNY 1,751,309,804.01 in the same period of 2024[20] - Net cash flow from operating activities was negative CNY 195,224,300.61, compared to negative CNY 165,225,597.23 in the previous year[20] - Cash flow from operating activities showed a net outflow of CNY 317,554,322.36, compared to a net outflow of CNY 41,535,821.72 in the same period last year[28] - Cash flow from investment activities resulted in a net outflow of CNY 264,098,933.61, an improvement from a net outflow of CNY 961,385,051.58 in the previous year[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,626[11] - Guangdong Power Grid Co., Ltd. holds 43.06% of shares, totaling 243,178,530 shares[11] - Southern Power Grid Industry Development Group Co., Ltd. holds 16.49% of shares, totaling 93,121,470 shares[11] - The company has no significant changes in the top 10 shareholders or their participation in margin trading[12] Operational Highlights - There are no other significant reminders regarding the company's operational performance during the reporting period[13] - The company reported a decrease in accounts payable from CNY 786,693,237.55 to CNY 508,076,109.83, indicating improved cash flow management[16] - The company reported a decrease in financial expenses, with interest income of CNY 8,461,163.79, down from CNY 14,898,696.52 in the previous year[25] - The company received CNY 700,000,000.00 from investment recoveries, significantly up from CNY 300,000,000.00 in the previous year[29]

Company Overview - Nanwang Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on February 22, 1988. The company was listed on December 22, 2021. Its main business involves applying clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1][2]. Financial Performance - For the first half of 2025, Nanwang Technology achieved operating revenue of 1.405 billion yuan, a year-on-year decrease of 9.66%. The net profit attributable to the parent company was 175 million yuan, down 5.38% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 370 million yuan in dividends, with 322 million yuan distributed over the past three years [3]. Stock Performance - As of October 24, the stock price of Nanwang Technology was 53.88 yuan per share, with a market capitalization of 30.426 billion yuan. The stock has increased by 68.61% year-to-date, but has seen a slight decline of 1.01% over the past five trading days [1]. - The stock's trading volume on October 24 was 136 million yuan, with a turnover rate of 1.10%. The net outflow of main funds was 14.7551 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Nanwang Technology was 11,200, a decrease of 5.29% from the previous period. The average circulating shares per person increased by 5.59% to 20,478 shares [2]. - Among the top ten circulating shareholders, notable increases were seen in holdings by the Huaxia CSI Robot ETF and the Southern CSI 500 ETF, while Hong Kong Central Clearing Limited exited the top ten list [3]. Business Segments - The main revenue sources for Nanwang Technology include: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and other services (4.69%) [1]. Industry Classification - Nanwang Technology is classified under the electric power equipment industry, specifically in the sub-sector of grid automation equipment. It is associated with concepts such as energy storage, new energy, fuel cells, hydrogen energy, and smart grids [2].

摘要 2025 年上半年，南网科技营收 1.17 亿元，同比略降，但高利率、高毛 利率业务增长显著，控股子公司营收均实现两位数增长，表明公司业务 结构优化。 储能系统技术服务营收同比下降 42%至 3.3 亿元，受项目履约周期及毛 利率让渡影响，但手持订单超 10 亿元，预示下半年业绩有望回升，未 来增长潜力巨大。 电源侧实验检测服务营收同比增长 24.53%至 3.13 亿元，毛利率 50.8%，电网实验检测业务营收同比增长 22.82%至 1.37 亿元，毛利 率 34.15%，受益于智慧电厂和品控业务拓展。 智能配用电设备营收同比下降 14.87%至 3.02 亿元，但毛利率提升 2.47 个百分点至 37.95%，智能监测设备营收同比增长 92.18%至 1.6 亿元，毛利率 35.05%，数字产品市场拓展迅速。 机器人和无人机业务营收同比增长 0.36%至 1.01 亿元，无人机收入占 比近 80%，机器人业务占比提升，毛利率 28.3%，内蒙古电力集团无 人机框架项目中标，应用场景不断拓展。 南网科技 20251023 2025 年上半年南网科技的整体业绩表现如何？ 2025 年上半年，南网科技实 ...