截至2025年10月20日 09:52，中证A500指数强势上涨1.03%，成分股士兰微10cm涨停，思源电气上涨9.54%，中际旭创上涨8.90%，天孚通信、多氟多等个股 跟涨。A500ETF嘉实(159351)上涨0.95%。拉长时间看，截至2025年10月17日，A500ETF嘉实近3月累计上涨13.24%。 数据显示，截至2025年9月30日，中证A500指数前十大权重股分别为宁德时代、贵州茅台、中国平安、招商银行、紫金矿业、新易盛、中际旭创、美的集 团、东方财富、长江电力，前十大权重股合计占比19%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | 0.62% | 3.87% | | 300750 | 宁德时代 | 2.03% | 2.89% | | 601318 | 中国平安 | 0.93% | 2.60% | | 600036 | 招商银行 | -0.10% | 2.47% | | 601166 | 兴业银行 | -0.54% | 1.69% | | 600900 | 长江电力 | -0.78% | 1 ...

Flash | 17 Oct 2025 09:24:35 ET │ 12 pages Sieyuan Electric (002028.SZ) 3Q25 Profit Beats as Positive Free Cashflow Quadruples YoY; More to Follow from Citi Post Results Call CITI'S TAKE Sieyuan announced net profit +45.7% yoy to Rmb1,293m in 9M25, including +48.7% yoy to Rmb899m in 3Q25. The results exceeded market expectations as consensus (Bloomberg) and Citi forecasts its net profit +33.5% yoy to Rmb2,736m and +34.2% yoy to Rmb2,749m, respectively, for 2025E. The 9M25 net profit surge was driven by a co ...

锂电材料价格持续上涨，国内储能景气度延续 20251019 摘要 思源电器三季报收入同比增长超 30%，利润增长 46%，超出市场预期， 主要受益于海外收入占比提升至 33%以上。预计 2025 年利润达 28-30 亿元，2026 年有望达 37 亿元以上，订单增速预计维持 30%以上，保 障未来业绩增长。 锂电材料价格近期上涨，包括六氟、磷酸铁锂和负极材料，主要受储能 需求超预期及年底抢装情绪刺激。尚太科技四季度有望实现量利双击， 单位盈利环比三季度将有所改善，仍是重点推荐标的。 出口管制政策虽有限制，但并未完全禁止出口，配额制逻辑下海外售价 将直线上升，对出海型企业构成利好。保守估计海外单位盈利至少每吨 1 万元，若出货量达 5 万吨，将显著提升企业估值。 负极材料市场关注度较低，但头部企业仍在盈利，具备困境反转潜力。 长期格局和单位盈利能力值得看好，交易拥挤度较低，具备很大空间。 若涨价落地，将是重大利好，公司降本能力突出，盈利能力有望提高。 消费电池市场近期回调，但基本面依然强劲。三季度开始回暖，Meta 眼镜发售预计将带动整个产业链需求爆发，对电池诉求更强。紫建电子 等公司迎来建仓或加仓机会，持续 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 13.827 billion RMB for the first three quarters of 2025, representing a year-over-year increase of 32.86%, and a net profit attributable to shareholders of 2.191 billion RMB, up 46.94% year-over-year [3][8] - The company is recognized as a leading private enterprise in the electrical equipment sector, demonstrating strong alpha attributes and robust internal and external growth dynamics [3][8] - The company has made significant strides in overseas markets, particularly in high-end sectors, and has seen rapid growth in orders from the data center sector [3][5][8] - The collaboration with the Huairou Laboratory to develop IGCT technology is strategically significant for the company [3][6][8] Revenue and Profit Growth - In Q3 2025, the company achieved a revenue of 5.33 billion RMB, a year-over-year increase of 25.68%, and a net profit of 899 million RMB, up 48.73% year-over-year [4] - The gross margin for Q3 2025 was 33.25%, with both gross and net margins showing sequential improvements [4] Market Dynamics - The company is benefiting from a surge in overseas orders, particularly driven by AI and increased capital expenditures in the power grid by European and American companies [5] - The domestic transformer export value reached 5.55 billion USD from January to August 2025, reflecting a year-over-year increase of 37.7% [5] Order Growth and Strategic Initiatives - The company has seen a significant increase in domestic orders for power transmission and transformation equipment, with a total bidding amount of 68.19 billion RMB in the first four batches of 2025, up 22.9% year-over-year [6] - The establishment of a joint venture with the Huairou Laboratory for IGCT technology is expected to enhance the company's position in the domestic power transmission and transformation equipment market [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 2.922 billion RMB, 3.851 billion RMB, and 4.906 billion RMB respectively [7] - The target price for the company is set at 147.90 RMB, based on a 30x PE ratio for 2026 [7][8]

Core Insights - Siyuan Electric (002028) reported a net profit attributable to shareholders of approximately 2.191 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.94% [1] - The company's operating revenue for the same period reached approximately 13.827 billion yuan, reflecting a year-on-year growth of 32.86% [1] - As of October 17, the stock price of Siyuan Electric closed down 4.94% at 106.3 yuan per share, with a total market capitalization of 83.03 billion yuan [1]

盈利能力持续提升，看好后续超级电容导入数据中心。 25 年前三季度公司毛利率 32.3%，同比+0.9pct，其中 Q3 毛利率 33.3%，同比+2.3pct，盈利能力提升预计主要系高盈利的超高压 设备、海外营收占比提升带来的业务结构优化。 公司持续拓展以超级电容（含混合超容）、锂电池等高倍率储能元 件为核心的汽车电子电器类业务，第二增长曲线已开始显现成效。 在数据中心行业高景气背景下，公司超级电容器具备导入数据中 心的能力，看好后续 AIDC 业务落地。 盈利预测、估值与评级 业绩简评 2025 年 10 月 17 日公司披露三季报，前三季度实现营收 138.3 亿元，同比增长 32.9%；实现归母净利润 21.9 亿元，同比增长 46.9%。其中，Q3 实现营收 53.3 亿元，同比增长 25.7%；实现归 母净利润 9.0 亿元，同比增长 48.7%，Q3 业绩超预期。 经营分析 25 年业绩扎实、确定性强核心源自 23Q2 以来海外订单持续释放。 2025 年 1-8 月我国电力变压器出口 37 亿美元，同比+51%，自 23 年以来维持高速增长。公司海外订单加速释放，25H1 海外市场实 现营收 ...

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金六零一组合，，持股减 少占比达0.14%。 外资态度来看，本期较上一期持股增加的外资基金共计2个，包括香港中央结算有限公司、MORGAN STANLEY & CO. INTERNATIONAL PLC.，持股增加占比达1.79%。 2025年10月18日，思源电气(002028.SZ)发布2025年第三季报。截至2025年10月17日，共有6个机构投资 者披露持有思源电气A股股份，合计持股量达2.09亿股，占思源电气总股本的26.79%。其中，机构投资 者包括香港中央结算有限公司、MORGAN STANLEY & CO. INTERNATIONAL PLC.、中国工商银行股 份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、全国社保基金六零一组合、中国建设银 行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、中国工商银行股份有限公司- 华夏沪深300交易型开放式指数证券投资基金，机构投资者合计持股比例达26.79%。相较于上一季度， 机构持股 ...

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]

智通财经APP讯，思源电气(002028.SZ)发布2025年三季度报告，该公司前三季度营业收入为138.27亿 元，同比增长32.86%。归属于上市公司股东的净利润为21.91亿元，同比增长46.94%。归属于上市公司 股东的扣除非经常性损益的净利润为20.36亿元，同比增长44.87%。基本每股收益为2.81元。 ...

证券日报网讯 10月17日晚间，思源电气发布2025年第三季度报告称，2025年第三季度公司实现营业收 入5，330，097，998.32元，同比增长25.68%；归属于上市公司股东的净利润为898，674，904.69元， 同比增长48.73%。 （文章来源：证券日报） ...