证券研究报告 2025 年 10 月 26 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 ❑ 超预期精选策略表现 超预期股票精选策略根据净利润同比超预期、分析师超预期这两个指标构 建超预期股票池；我们选择 Wind 全 A 作为底层股票池，将分析师超预期 TOP50 组合、净利润同比超预期 TOP50-100 组合合并，作为最终的超预期 股票池；为了增强策略收益，我们从量价行情角度挖掘增强因子，最终在 超预期股票池内根据增强因子的排序，选出头部股票构建组合。 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 主动型量化基金市场表现 本周（2025.10.20-2025.10.24），主动型量化基金中位数收益为 3.25%，沪 深 300 指数收 ...

0:00 新华社音视频部制作 作为天津马拉松赛前夜的特别献礼，表演将马拉松赛事与城市文化深度融合，从"海河溯源"的文明基因 到"天马逐梦"的体育激情，呈现天津从漕运码头向智慧枢纽的转型之路。天津马拉松，正借科技艺术之 力加速奔向"商旅文体"融合的新赛道。 记者：李帅 10月25日晚，天津文化中心上演震撼一幕：千余架无人机以夜空为幕，勾勒出"逐梦天马·城就津彩"的 流动画卷。 ...

洛阳钼业主要从事有色金属的采、选、冶等矿山采掘及加工业务和矿产贸易业务。目前主要业务分布于亚洲、非洲、南美洲、大洋洲和欧洲 五大洲，是全球领先的钨、钴、铌、钼生产商和重要的铜生产商，也是巴西领先的磷肥生产商，金属贸易业务位居全球前三。其前三季度财 报显示，归属于上市公司股东的净利润为142.80亿元，同比增长72.61%，创同期历史新高，已超越去年全年盈利水平。10月24日，洛阳钼业 上涨5.53%，市值为3590亿元。 可联系我们了解报告详情 联系我们 马女士 Ms. Ceres 今年6月份，天马微电子发布公告称收到彭旭辉先生的书面辞职报告。彭旭辉先生因工作调整原因申请辞去公司第十届董事会董事、董事长 职务以及董事会战略与可持续发展委员会委员、董事会风险管理委员会委员职务，辞职后将不在公司及其子公司担任任何职务。 彭旭辉先生简历： 彭旭辉先生，1981 年 9 月出生，河北工业大学应用物理专业本科、理论物理专业硕士、电子科技大学电子与信息专业博士。正高级工程 师、上海市领军人才、国务院特殊津贴专家、全国工业和信息化系统劳动模范。曾任天马微电子股份有限公司董事长等职务。彭旭辉先生在 先进制造业的任职经历涵盖了 ...

沾"马"起飞，29只个股年内平均涨幅达59.85% A股市场时不时刮起一股炒作生肖概念的风。 2023年兔年，兔宝宝概念从上年11月到1月累计增长一度达到近300%；紧接着2024年龙年，圣龙股份在 上年10月便启动行情，实现了14个连续涨停，一度涨幅达到4倍；2025年蛇年生肖股同样走出"妖股"步 伐，川发龙蟒从2024年8月底开始到11月初，从6元/股涨到了22元/股。 今年这股风似乎开始得更早，自下半年以来，与"马"相关的概念股时不时就要被拉出来跑一圈。早在6 月份，万里马三天两个20CM涨停；8月初，中马传动出现七天六板的走势；9月期间，多只沾"马"股票 出现异动。 新京报贝壳财经记者 胡萌 编辑 王进雨 校对 杨利 ▲图/IC 临近年底，生肖炒作、玄学炒股的浪潮迭起。 此次，"马"字辈概念股已经在市场掀起一波上涨热潮。新京报贝壳财经记者不完全统计看到，今年尤其 是7月以来，名字含"马"的29只个股涨势明显高于A股上涨的平均水平。其中，7只股票年内累计涨幅翻 了一倍多。 不过，业内人士指出，生肖炒股、玄学炒作本质上是一种情绪驱动的投机行为，潜藏着极大的风险。从 长期来看，股价终究要回归企业价值。盲目追 ...

近日，京东方、深天马在OLED产线设备购置方面传来新动态。 京东方：IT 8代OLED二期首台蒸镀设备或明年Q4引进 10月21日，韩国媒体The elec消息， 京东方正考虑在2026年第四季度引进IT用第8代OLED生产 线二期 项目的 首台蒸镀设备 。 而用于 一期产线 的2 台蒸镀设备中，已有 第 1 台 搬入 进行安 装调试工作。 据业内人士透露， 京东方 正在积极评估明年第四季度将IT 8代OLED产线（B16）二期首台蒸镀 设备运入工厂的方案，目前 京东方 正在与多家设备厂商协商 当中。 据悉， 京东方 规划 的 B16产线整体规模为以8代玻璃基板为基准，规划 月产 能 3.2万片。其中 一期投资已落实，规模为月产 能 1.6万片。一期 产线 所需的两台蒸镀设备均由韩国Sunic System制造，其中首台设备已于今年5月运抵B16工厂，第二台设备预计近期 搬 入。 图片来源：京东方 韩媒指出， 业内普遍预计，二期产线的设备构成将与一期类似。 值得注意的是， 京东方 的6代 OLED产线B7、B11和B12在1～3期的设备构成都相同，因此B16的一期与二期也很可能采用相同 配置。 目前，尚未确定 ...

Core Insights - The document provides data on technology-oriented listed companies from 1993 to 2025, covering over 24,000 samples and more than 8,000 enterprises, including those from mainland China, Hong Kong, and the New Third Board [1][3] - The scope of technology-oriented enterprises includes 12 categories, such as innovative small and medium-sized enterprises, high-tech enterprises, and national-level technology innovation demonstration enterprises [4][5] - The data is sourced from the Ministry of Science and Technology of China and various provincial and municipal science and technology departments, aimed at measuring the innovation and entrepreneurship levels of listed companies or regions [5][6] Data Overview - The dataset includes specific indicators such as stock code, company name, listing type, technology enterprise type, announcement date, announcement year, recognition year, announcement unit, information description, industry, province, city, and district [2] - Examples of companies listed include: - Shenzhou High-speed Railway Technology Co., Ltd. recognized as a technology enterprise in 2019 [2] - China Southern Glass Holding Co., Ltd. recognized as a national-level manufacturing single champion demonstration enterprise in 2024 [2] - ZTE Corporation recognized as a national enterprise technology center and high-tech enterprise in 2023 and 2024 [2]

Core Viewpoint - The stock of Deep Tianma A has shown fluctuations in price and trading volume, with a recent increase of 2.07% and a total market capitalization of 22.98 billion yuan. The company has reported a year-to-date stock price increase of 3.54% and a significant growth in revenue and net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 21, Deep Tianma A's stock price is 9.35 yuan per share, with a trading volume of 66.83 million yuan and a turnover rate of 0.29% [1]. - The stock has experienced a year-to-date increase of 3.54%, a decline of 0.64% over the last five trading days, and a decrease of 3.31% over the last 20 days [1]. - The company has a total market capitalization of 22.98 billion yuan [1]. Group 2: Financial Performance - For the first half of 2025, Deep Tianma A achieved a revenue of 17.48 billion yuan, representing a year-on-year growth of 9.93%. The net profit attributable to shareholders was 206 million yuan, showing a significant increase of 142.07% year-on-year [2]. - The company has cumulatively distributed 1.43 billion yuan in dividends since its listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of October 10, the number of shareholders for Deep Tianma A is 73,500, a decrease of 0.46% from the previous period. The average number of circulating shares per person is 33,418, which has increased by 0.46% [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 54.96 million shares, a decrease of 5.82 million shares from the previous period [3]. Group 4: Business Overview - Deep Tianma A, established on November 8, 1983, and listed on March 15, 1995, is primarily engaged in the display core business for mobile smart terminals, including smartphones and tablets, as well as key businesses in automotive displays and value-added services in medical and industrial control sectors. The main revenue source is from display screens and modules, accounting for 99.05% of total revenue [1]. - The company is categorized under the electronic industry, specifically in optical optoelectronics and panels, with concepts including full-screen, foldable screens, electronic paper, virtual reality, and holographic concepts [1].

Group 1 - The company reported that as of October 10, 2025, the number of shareholders, including margin accounts, is 73,543 [1]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.31%, driven by strong performances in the shipping, insurance, and coal sectors [1] - The Consumer Electronics sector continued to strengthen, with the Consumer Electronics ETF (159732) rising by 0.99%. Notable individual stock performances included Baiwei Storage up 11.25%, Jinghe Integrated up 6.55%, and Lixun Precision up 5.09% [1] Group 2 - The electronic sector's performance trend for Q3 2025 remains upward, with significant growth in AI computing-related stocks outpacing the industry average. Traditional downstream and cyclical products showed relatively stable growth [3] - Companies such as Lixun Precision, GoerTek, and Lens Technology are expected to maintain steady growth in Q3 2025, supported by new product launches from core clients and the traditional peak season for consumer electronics [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing and optical optoelectronics [3]

Core Viewpoint - The actual controller of Zhongxi Tianma Rare Earth Company is a natural person shareholder, Lin Ping, rather than China Rare Earth Group, despite the company's 20% stake in Zhongxi Tianma [1] Company Information - San Chuan Wisdom holds a 20% equity stake in Zhongxi Tianma Rare Earth Company [1] - The company clarified its ownership structure in response to investor inquiries on an interactive platform [1]