Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].

Core Viewpoint - Lixun Precision (002475.SZ) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and market demand [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 220.915 billion yuan, a year-on-year increase of 24.69% [1] - The net profit attributable to shareholders reached 11.518 billion yuan, reflecting a year-on-year increase of 26.92% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 9.542 billion yuan, up 17.55% year-on-year [1] - Basic earnings per share stood at 1.59 yuan [1] Quarterly Performance Summary - In the third quarter of 2025, the company reported operating revenue of 96.411 billion yuan, a year-on-year increase of 31.03% [1] - The net profit attributable to shareholders for the third quarter was 4.874 billion yuan, marking a year-on-year increase of 32.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.943 billion yuan, which is a 24.85% year-on-year increase [1] - Basic earnings per share for the third quarter were 0.67 yuan [1]

Core Viewpoint - Luxshare Precision (002475.SZ) forecasts a net profit attributable to shareholders of approximately 16.518 billion to 17.186 billion yuan for 2025, representing a year-on-year increase of 23.59% to 28.59% [1] - The company aims to enhance its global strategy and manufacturing capabilities while expanding into emerging sectors such as AI hardware and smart vehicles [1] Financial Performance - Expected net profit attributable to shareholders: 16.518 billion - 17.186 billion yuan, a year-on-year increase of 23.59% - 28.59% [1] - Expected net profit excluding non-recurring gains and losses: 13.842 billion - 14.810 billion yuan, a year-on-year increase of 18.36% - 26.64% [1] - Basic earnings per share projected at 2.28 - 2.37 yuan [1] Strategic Outlook - The company will continue to deepen its globalization strategy and leverage overseas production bases to meet regional market demands [1] - Focus on "underlying capability innovation" and "smart manufacturing upgrades" to enhance cost control across the entire industry chain [1] - Plans to diversify business operations with increased investments in emerging fields such as AI edge hardware, data center interconnectivity, thermal management, smart vehicles, and robotics [1]

立讯精密(002475.SZ)公告称，公司预计2025年归属于上市公司股东的净利润为165.18亿元~171.86亿 元，比上年同比增长23.59%~28.59%。（每经，德塔） 【#立讯精密预计2025年净利润超165亿元#】10月30日，立讯精密(002475.SZ)发布2025年第三季度报 告，第三季度实现营业收入964.11亿元，同比增长31.03%；归属于上市公司股东的净利润为48.74亿 元，同比增长32.49%。前三季度实现营业收入2209.15亿元，同比增长24.69%；归属于上市公司股东的 净利润为115.18亿元，同比增长26.92%。 ...

Core Viewpoint - Lixun Precision (SZ 002475) forecasts a net profit attributable to shareholders of 1,651.81 million to 1,718.64 million yuan for 2025, representing a year-on-year growth of 23.59% to 28.59% [1] Group 1: Financial Performance - The expected basic earnings per share for 2025 are between 2.28 yuan and 2.37 yuan [1] - The revenue composition for the first half of 2025 is as follows: Consumer electronics 78.55%, communication interconnect products and precision components 8.91%, automotive interconnect products and precision components 6.95%, computer interconnect products and precision components 3.93%, and other connectors and income 1.65% [1] Group 2: Strategic Initiatives - The company plans to deepen its globalization strategy and leverage overseas production bases to meet regional market demands [1] - Lixun Precision aims to enhance cost control across the entire industry chain through "underlying capability innovation" and "smart manufacturing upgrades" [1] - The company will continue to diversify its business by increasing strategic investments in emerging fields such as AI hardware, data center high-speed interconnects, thermal management, smart vehicles, and robotics [1]

Core Insights - Lixun Precision achieved Q3 revenue of 96.41 billion yuan, a year-on-year increase of 31.03%, and a net profit of 4.87 billion yuan, up 32.49% year-on-year [1][2] Financial Performance - For the first three quarters, revenue reached 220.91 billion yuan, growing by 24.69% year-on-year, while net profit was 11.52 billion yuan, an increase of 26.92% [3] - As of the end of the reporting period, total assets amounted to 300.26 billion yuan, reflecting a growth of 34.15% compared to the end of the previous year [3] - The company reported a significant increase in accounts receivable by 58.90% and inventory by 64.01% [3] - Operating cash flow decreased by 47.89% to 3.48 billion yuan, primarily due to increased cash expenditures for goods and services [3] Business Growth Drivers - The surge in generative AI applications is driving demand for AI smartphones and servers, as well as components for the automotive industry's smart transformation [1][4] - The consumer electronics sector is experiencing explosive growth in AI-enabled devices, leading to increased demand for high-precision components [4] - The telecommunications and data center business is benefiting from the rapid expansion of AI server and infrastructure needs, with the company gaining significant market share [4] Automotive Sector Expansion - The automotive business is identified as a key growth area, capitalizing on the ongoing trends of electrification, intelligence, connectivity, and sharing [5] - The company has successfully expanded its offerings from traditional wiring and connectors to core components for smart cockpits and advanced driving assistance systems [5] - Recent acquisitions, including the integration of Leoni Group assets, are enhancing the customer base and product orders in the automotive sector [5]

与会委员同意通过《关于 2021 年股票期权激励计划预留授予第三个行权期行权 条件成就的议案》。 第六届董事会薪酬与考核委员会 2025 年第七次会议决议 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）第六届董事会 薪酬与考核委员会 2025 年第七次会议于 2025 年 10 月 27 日以电子邮件或电话方式 发出通知，并于 2025 年 10 月 30 日以现场及结合通讯的方式，在广东省东莞市清 溪镇北环路 313 号公司综合楼四楼会议室召开。本次会议应到委员 3 名，实到委员 3 名，符合《公司法》和《公司章程》的规定。本次会议由薪酬与考核委员会主任宋 宇红女士主持，会议审议了会议通知所列明的以下事项，并通过决议如下： 表决结果：三票赞成、零票反对、零票弃权。 二、审议通过《关于 2021 年股票期权激励计划预留授予第三个行权期行权条件 成就的议案》 立讯精密工业股份有限公司 一、审议通过《关于调整 2021 年股票期权激励计划预留授予行权数量及注销部 分股票期权的议案》 与会委员同意通过《关于调整 2021 年股票期权激励计划预留授予行权数量及注 销部分股票期权的议案》。 同意将此议案提交 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2025-131 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 第六届董事会第十八次会议决议公告 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。 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）第六届董事 会第十八次会议于 2025 年 10 月 27 日以电子邮件或电话方式发出通知，并于 2025 年 10 月 30 日以现场及结合通讯的方式在广东省东莞市清溪镇北环路 313 号公司综 合楼四楼会议室召开。本次会议应到董事 8 名，实到董事 8 名，公司部分高级管理 人员列席了会议，符合《中华人民共和国公司法》（以下简称"《公司法》"）和 《公司章程》的规定。本次会议由王来春董事长主持，会议审议了会议通知所列明 的以下事项，并通过决议如下： 一、审议通过《2025 年第三季度报告》 与会董事审议并同意《2025 年第三季度报告》。 2025 年第三季度报告的具体内容详见公司指定信息披露网站巨潮资讯网 ...

证券代码：002475 证券简称：立讯精密 公告编号：2025-135 债券代码：128136 债券简称：立讯转债 立讯精密工业股份有限公司 关于 2025 年前三季度利润分配预案的公告 本次利润分配方案符合中国证监会《关于进一步落实上市公司现金分红有关事项的 通知》、《上市公司监管指引第 3 号——上市公司现金分红》和《公司章程》等规定。 董事会综合考虑了业务发展、财务状况及资金规划等因素，认为本次利润分配预案符合 公司及全体股东的利益，且实施本方案不会造成公司流动资金短缺或其他不利影响。综 上所述，本方案具备合法性、合规性。 一、利润分配预案基本情况 为积极回报广大股东长期以来对公司的信任与支持，与全体股东共享公司发展成果， 同时兼顾公司未来业务拓展及日常生产经营的资金需求，公司董事会基于稳健的财务状 况和良好的盈利能力，拟对 2025 年前三季度利润进行分配，以切实提升投资者的获得 感。根据公司 2025 年前三季度财务报表（未经审计），公司 2025 年前三季度归属于 上市公司股东的净利润为 11,518,291,164.73 元。截至 2025 年 9 月 30 日，合并报表未 分配利润为 63,2 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2025-133 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于调整 2021 年股票期权激励计划预留授予行权数量 及注销部分股票期权的公告 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。 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）于 2025 年 10 月 30 日召开了第六届董事会第十八次会议，审议通过了《关于调整 2021 年股票期权激励 计划预留授予行权数量及注销部分股票期权的议案》，现对有关事项公告如下： 一、公司 2021 年股票期权激励计划已履行的相关审批程序 1、2021 年 9 月 30 日，公司召开了第五届董事会第四次会议和第五届监事会第四次 会议，审议通过《关于<立讯精密工业股份有限公司 2021 年股票期权激励计划（草案）> 及其摘要的议案》及其相关事项的议案，公司独立董事对此发表了同意的独立意见，认 为本激励计划有利于公司的持续发展且不存在损害公司及全体股东利益的情形 ...