2025 年 12 月主要指数样本股调整预测 [Table_Authors] 郑雅斌(分析师) 多只电力设备行业股或将被调出沪深 300 指数 本报告导读： 本文对即将于 12 月份调整的沪深 300、中证 500 和科创 50 进行样本股调整预测， 为投资者提供参考。 投资要点： | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 曹君豪(分析师) | | | 021-23185657 | | | caojunhao@gtht.com | | 登记编号 | S0880525040094 | [Table_Report] 相关报告 核心指数定期调整预测及全市场流动性冲击测算 2025.11.06 2026 年度金融工程策略展望——高频资金流如何 辅助宽基择时决策 2025.10.29 大类资产与中观配置研究（六） 2025.10.26 中证港股通科技指数投资价值分析 2025.10.24 题 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 金 融 工 程 金 融 工 ...

Investment Rating - The report maintains a "Positive" investment rating for the computer industry [10] Core Insights - The computer industry has shown steady revenue growth in the first three quarters of 2025, with total revenue reaching 482.3 billion yuan, a year-on-year increase of 5.1% [2][4] - The industry has achieved a significant increase in net profit, with a total of 12.41 billion yuan, up 184.0% year-on-year, surpassing levels from the same period in 2022-2024 [5][24] - Cost control measures have proven effective, stabilizing gross profit margins and enhancing profitability [5][25] - The report suggests focusing on domestic AI chains as a core area for future investment [2] Revenue Summary - The computer industry’s total revenue for Q1-Q3 2025 reached 482.3 billion yuan, with a year-on-year growth of 5.1% [2][4] - As of Q3 2025, contract liabilities in the industry reached 95.57 billion yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 7.5% [20] Profit Summary - The overall net profit for the computer industry in Q1-Q3 2025 was 12.41 billion yuan, marking a substantial year-on-year increase of 184.0% [5][24] - The gross profit margin for the industry was 31.71%, showing a slight year-on-year decline of 1.1 percentage points, but indicating signs of stabilization [25][31] Cash Flow Summary - The operating cash flow for the computer industry improved, with a net cash flow of -19.69 billion yuan, an increase of 15 billion yuan or 43.3% year-on-year [6][38] - Accounts receivable decreased by 0.4% year-on-year, marking the first negative growth in five years, indicating improved cash flow management [6][37] Segment Analysis - AI Demand: The AI sector has shown robust revenue growth, with a total revenue of 21.84 billion yuan in Q1-Q3 2025, up 15.7% year-on-year [49] - G-end Demand: The traditional G-end demand is expected to gradually improve, with the Xinchuang sector benefiting from new rounds of bidding [46] - B-end Demand: Most segments in the B-end are experiencing recovery, although profit points remain unclear [48]

Core Insights - The World Internet Conference 2025 was held in Wuzhen, Zhejiang, where China Great Wall (000066) unveiled its flagship laptop, the Great Wall N90, marking a significant advancement in the domestic innovation industry [1][2] - The N90 features the new Feiteng D3000M processor, weighs only 990g, and has a thickness of 14.9mm, showcasing a complete evolution in design and performance [1] - The launch of the N90 is seen as a milestone towards high-end and experiential products in the domestic innovation sector, aiming to set a new standard for mobile office solutions in key sectors such as government, finance, energy, and transportation [1] Product Features - The N90 has a power consumption reduction of approximately 30%, with a battery life exceeding 7 hours, and supports WiFi 6 for a 174% increase in network speed [1] - The laptop meets military-grade reliability standards, with over 1200 tests and 200 certifications, and an MTBF (Mean Time Between Failures) of 1.2 million hours [1] - It supports a 180° flip screen, smart noise reduction technology, and versatile interface design, enhancing convenience and professionalism in mobile office settings [2] Ecosystem Integration - The N90 addresses the challenges of weak application ecosystems and low cross-platform efficiency by integrating with the Feiteng multi-ecosystem heterogeneous fusion suite "Jiuyi," enabling seamless operation across Windows, Android, Linux, and OpenHarmony [2] - This integration aims to eliminate the "ecological isolation" of domestic laptops, facilitating a more user-friendly experience [2]

11月7日，中国长城盘中下跌2.04%，截至09:53，报16.29元/股，成交2.86亿元，换手率0.54%，总市值 525.48亿元。 资金流向方面，主力资金净流出4153.22万元，特大单买入1125.37万元，占比3.94%，卖出2576.43万 元，占比9.02%；大单买入3219.60万元，占比11.27%，卖出5921.76万元，占比20.73%。 资料显示，中国长城科技集团股份有限公司位于广东省深圳市南山区科技园中电长城大厦，成立日期 1997年6月19日，上市日期1997年6月26日，公司主营业务涉及网络安全与信息化、高新电子、电源、园 区与物业服务及其他业务。主营业务收入构成为：计算产业80.86%，系统装备13.52%，其他(补 充)5.62%。 中国长城所属申万行业为：计算机-计算机设备-其他计算机设备。所属概念板块包括：网络安全、信创 概念、国产软件、一体机概念、军工信息化等。 截至10月10日，中国长城股东户数39.04万，较上期减少1.30%；人均流通股8261股，较上期增加 1.31%。2025年1月-9月，中国长城实现营业收入102.95亿元，同比增长7.18%；归母净利润1 ...

据了解，长城N90构建了"金库级"安全体系，涵盖身份识别、隐私控制、物理防护、系统加密等多个维 度：电源键集成指纹识别，一键解锁更便捷；支持8种自定义隐私模式，摄像头、麦克风、无线网络均 可一键管控；摄像头配备物理遮挡拨片，杜绝隐私泄露风险；D3000M硬件级PSPA 2.0安全规范，具备 固件与硬盘双重加密，系统防护更稳固。 此外，长城N90凭借着强大的芯片性能和深度的软硬件协同优化，搭配飞腾多生态异构融合套件"九 译"，能够实现一芯承载4大生态，无缝打通Windows、Android、Linux、OpenHarmony等系统的生态壁 垒，让国产笔记本告别"生态孤岛"。无论是日常办公、经营管理，还是科研生产、影音娱乐，长城N90 都能轻松应对，真正实现高效迁移、无缝切换。 "当安全成为本能，当性能触手可及，我们认为完美的信创笔记本，不在于取舍，而在于平衡。"中国长 城相关负责人表示，长城N90不只是工具，更是用户思想与行动的延伸。中国长城希望通过这款产品， 让用户在力量与优雅之间找到最佳平衡，在高效工作中也能享受科技带来的美感与从容。 中证报中证网讯（王珞）11月6日，全球瞩目的2025年世界互联网大会乌镇 ...

证券日报网讯 11月5日晚间，中国长城发布公告称，公司于2025年9月22日召开第八届董事会第二十次 会议审议通过了《关于提名公司董事候选人的议案》和《关于修订公司章程（含议事规则）的议案》， 2025年10月17日召开2025年度第二次临时股东大会审议通过了《选举于吉永先生为第八届董事会董事》 和《关于修订公司章程（含议事规则）的议案》。2025年10月27日公司工会召开职工代表大会，经全体 与会职工代表表决，选举才淦女士为公司第八届董事会职工代表董事，任期同第八届董事会。根据修订 后的《公司章程》，监事会的职权由董事会审计委员会行使；公司董事会设一名由职工代表担任的董 事，截至本公告日，公司第八届董事会由九名董事组成，符合《公司章程》的要求。近日，公司已完成 上述事项的工商变更及《公司章程》备案登记手续以及公司董事和监事变动的相关工商变更登记手续， 并取得深圳市市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

中国长城科技集团股份有限公司 CHINA GREATWALL TECHNOLOGY GROUP CO., LTD. 公 司 章 程 （经2025年10月17日公司2025年度第二次临时股东大会审议通过） 二○二五年十月 | | | | --- | --- | | 第一章 | 总则 - 3 - | | 第二章 | 经营宗旨和范围 - 5 - | | 第三章 | 股份 - 6 - | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | 第四章 股东和股东会 | | | 第一节 | 股东 . | | 第二节 | 控股股东和实际控制人 | | 第三节 | 股东会的一般规定 - 15 - | | 第四节 | 股东会的召集 . | | 第五节 | 股东会的提案与通知 - 19 - | | 第六节 | 股东会的召开 - 21 - | | 第七节 股东会的表决和决议 | - 25 - | | 第五章 | 公司党委 - 31 - | | 第六章 | 董事和董事会 - 33 - | | 第一节 | 董事的一般规定 . | | 第二节 | 董事会 - 38 - | | 第三节 | ...

证券代码：000066 证券简称：中国长城 公告编号：2025-053 中国长城科技集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 中国长城科技集团股份有限公司 2025-053号公告 | 变更项目 | 变更前 | 变更后 | | --- | --- | --- | | 公司住所 | 深圳市南山区科技工业园长城计算机大 | 广东省深圳市南山区粤海街道科技园社 | | | 厦 | 区科发路 号中电长城大厦 3 A-2401 | | 注册资本 | 人民币 322,579.9087 万元 | 人民币 322,579.9088 万元 | | 董事 | 谢庆林（董事长）、戴湘桃、张俊南、 郭涵冰、许明辉、郑波、李国敏、董沛武、 | 戴湘桃（董事长）、于吉永、郭涵冰、 许明辉、郑波、李国敏、董沛武、邱洪生、 | | | 邱洪生 | 才淦 | | 监事 | 刘晨晖（监事会主席）、张焱、刘汉文 | - | | 高级管理人员 | 戴湘桃 | 于吉永 | 的《营业执照》。本次变更登记的事项具体如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中国长城科技集团股份 ...

Group 1 - The defense and military industry sector continues to adjust, with the popular defense military ETF (512810) showing active buying despite fluctuations, indicating a potential turning point in fund flows [1] - From the end of October, the net subscription of the ETF has exceeded 22 million yuan over three consecutive trading days, reflecting positive market sentiment towards the sector's future [1] - Key stocks in the sector include Fushun Special Steel, which rose nearly 6%, along with Huali Chuantong, Shanda Shares, and Guorui Technology, while Guobo Electronics, Great Wall Military Industry, and Aerospace Science and Technology saw significant declines [3] Group 2 - The successful launch of the Shenzhou 21 manned spacecraft on October 31, 2025, marks a significant step in China's aerospace ambitions [3] - Major manufacturers like AVIC Shenyang Aircraft Corporation and Aero Engine Corporation of China reported significant growth in contract liabilities in Q3, indicating a sustained improvement in aerospace equipment orders and steady recovery in industry demand [3] - Analysts predict substantial growth in defense and aerospace equipment sectors driven by multiple catalysts, including the 14th Five-Year Plan, the centenary of the military, and rapid development in military trade [3] - The ETF tracks the CSI Military Industry Index, with top ten weighted stocks including China Shipbuilding, Guangqi Technology, AVIC Shenyang, and others [3]

Investment Rating - The report maintains a "Recommended" rating for the company [6][12]. Core Insights - The company has shown significant improvement in its quarterly performance, focusing on its core business, which has led to a recovery in its financial results. For the first three quarters of 2025, revenue reached 10.295 billion yuan, a year-on-year increase of 7.18%, and net profit was 16.067 million yuan, marking a turnaround from losses [1]. - In Q3 2025, the company reported revenue of 3.929 billion yuan, up 11.31% year-on-year, with a reduced net loss of 122 million yuan compared to a loss of 266 million yuan in the same period last year. This improvement is attributed to the company's focus on its main business, cost control, and optimization of product structure [1]. - The company is actively seizing the trend of computing power development, launching key products that lay a solid foundation for market expansion. In October 2025, it introduced two domestic computing power products at the China Mobile Global Partner Conference, enhancing its competitive edge in the market [2]. - The power supply business is highly competitive and is expected to benefit from the long-term trend of AI computing power development. The company has been recognized for its brand value and holds a leading market share in various power supply segments [3]. - The company is positioned as a key player in China's electronic computing industry, focusing on high-quality development in the autonomous intelligent computing sector. It is expected to enter a new growth phase driven by AI and domestic technology replacement [3]. Financial Summary - For 2025, the company forecasts revenues of 16.372 billion yuan, with a growth rate of 15.3%. The net profit is expected to be 35 million yuan, marking a significant recovery from a loss of 1.479 billion yuan in 2024 [5][9]. - The projected revenue for 2026 and 2027 is 18.046 billion yuan and 19.873 billion yuan, respectively, with corresponding net profits of 155 million yuan and 325 million yuan [5][9]. - The company's price-to-sales (PS) ratio is expected to stabilize around 3X for the next three years, indicating a favorable valuation relative to its growth prospects [3][5].