| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 1.481.455,636.27 | 56.72% | 3,260,860,919.93 | 39.67% | | 归属于上市公司股东 | 704,341,323,90 | 144.50% | 1.206,200,411.61 | 85.29% | | 的净利润(元) | | | | | | 归属于上市公司股东 | | | | | | 的扣除非经常性损益 | 686.163.143.04 | 139.40% | 1,170,558,293.88 | 85.50% | | 的净利润(元) | | | | | | 经营活动产生的现金 | | | 2,195,884,161.73 | 235.32% | | 流量净额(元) | | | | | | 基本每股收益(元/ | 1.31 | 142.59% | 2.24 | 85.12% | | 股) | | | | | | 稀释每股收益(元/ | 1.3 ...

Group 1: Software ETF Performance - The Software ETF has a turnover of 3% during trading, with a transaction volume of 1.69 billion yuan [3] - Over the past month, the Software ETF has an average daily transaction volume of 604 million yuan, ranking first among comparable funds [3] - In the last two weeks, the Software ETF's scale increased by 410 million yuan, achieving significant growth and ranking first in new scale among comparable funds [3] - In the last 10 trading days, there were net inflows of funds for 7 days, totaling 1.017 billion yuan [3] - As of October 22, 2025, the net value of the Software ETF has increased by 12.43% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being 3 months and a maximum increase of 69.40% [3] - The average return during the months of increase is 10.06% [3] Group 2: Key Holdings and Market Insights - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, and others, accounting for a total of 62.41% [3] - Huatai Securities indicates that the AI application ecosystem is becoming increasingly complete, with rapid penetration of large model technology in finance, healthcare, and education [3] - The commercialization process of AI is exceeding market expectations, supported by increased policy backing and accelerated domestic computing power construction [3] - Key enterprises in the AI industry chain are expected to continue benefiting, with investment opportunities in computing infrastructure and AI application software [3] Group 3: Manufacturing Sector Insights - CITIC Construction Investment believes that China's manufacturing sector has largely achieved its 2025 phase goals and will continue to develop towards a medium-level position in the global manufacturing power by 2035 [4] - The industrial sector has become a core driver of GDP growth, with high prosperity in equipment manufacturing, high-tech manufacturing, and digital products [4] - As manufacturing PMI continues to improve and industrial AI accelerates, the importance of technological self-reliance is highlighted against the backdrop of increased US tariffs and software export restrictions [4] - Key areas such as CAD, CAE, and industrial operating systems are expected to see continuous breakthroughs [4] - Investors can also consider the Software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]

Group 1: Financial Technology Sector Performance - The China Securities Financial Technology Theme Index decreased by 0.91% as of October 23, 2025, with mixed performance among constituent stocks [3] - Geer Software led the gains with an increase of 10.03%, while Dongxin Peace experienced the largest decline at 6.52% [3] - The Financial Technology ETF (516860) fell by 0.88%, with a latest price of 1.46 yuan, but showed a cumulative increase of 2.94% over the past three months, ranking 2nd out of 6 comparable funds [3] Group 2: Market Liquidity and Trading Activity - The Financial Technology ETF had a turnover rate of 1.8% during the trading session, with a transaction volume of 42.15 million yuan [3] - Over the past month, the average daily trading volume of the Financial Technology ETF was 208 million yuan, placing it in the top 2 among comparable funds [3] Group 3: Strategic Development Initiatives - Shenzhen is promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [4] - The action plan aims for a comprehensive improvement in the quality of listed companies in Shenzhen by the end of 2027, targeting a total market capitalization of over 20 trillion yuan and the cultivation of 20 companies with a market value of over 100 billion yuan [4] Group 4: Financial Technology ETF Growth Metrics - The Financial Technology ETF saw a significant growth of 9.78 billion yuan in scale over the past three months, ranking 2nd among comparable funds [5] - The ETF also experienced an increase of 6.38 billion shares in the same period, again ranking 2nd among comparable funds [5] - The index closely tracks the performance of listed companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index as of September 30, 2025 [5]

| 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002373 | 千方科 技 | 0.1200 | 18893.87 | 1098.97 | 525589.04 | -2.82 | | 603103 | 横店影 视 | 0.3200 | 20600.10 | 1084.80 | 189493.92 | 17.28 | | 688295 | 中复神 | 0.0700 | 6293.46 | 854.72 | 153692.60 | 37.39 | | | 鹰 | | | | | | | 002407 | 多氟多 | 0.0674 | 7805.46 | 407.74 | 672883.60 | -2.75 | | 001270 | *ST铖 昌 | 0.4440 | 9035.86 | 386.56 | 30609.58 | 204.78 | | 300062 | 中能电 气 | 0.0100 | ...

Core Insights - The report emphasizes the importance of modernizing industry governance to achieve new industrialization during the "14th Five-Year Plan" period [5] - The report highlights significant growth in Shanghai's leading industries, with a GDP growth contribution from the artificial intelligence manufacturing sector reaching 12.8% year-on-year [5] Industry Dynamics - AI glasses shipments have surged, indicating a potentially hot market, with related stocks including Lingyi Technology (002600) and GoerTek (002241) [6] - Wind power-related equipment has seen explosive growth due to policy support and performance realization, with relevant stocks such as Daikin Heavy Industries (002487) and Shuangyi Technology (300690) [6] - Leju Robotics has completed a 1.5 billion yuan Pre-IPO financing round, with an IPO plan in progress, related stocks include Green Harmony (688017) and Mingzhi Electric (603728) [6] Company Focus - Baili Tianheng (688506) received clinical trial approval for its injectable BL-M24D1 (ADC) for treating hematologic malignancies and advanced solid tumors [7] - Keda Technology (002518) is developing several AIDC-related products, including solid-state transformers, as a new power electronics technology solution [7] - Zhaojin Gold (000506) reported a revenue of 340 million yuan for the first three quarters, a year-on-year increase of 119.51%, with a net profit of 82.16 million yuan, up 191.20% [7] - Tonghuashun (300033) experienced a 145% year-on-year increase in net profit in the third quarter, driven by demand for financial information services and increased R&D investment in AI [7] Market Overview - The market failed to maintain the previous day's rebound, with the Shanghai Composite Index closing down 0.07% at 3913 points, and trading volume in the Shanghai and Shenzhen markets decreased by 206 billion yuan compared to the previous trading day [8] - Sectors such as mining, wind power, real estate, engineering machinery, and oil saw gains, while the precious metals sector declined significantly due to a drop in international gold prices [8] - Overall, the market's performance during the adjustment period was stronger than expected, with trading volume gradually shrinking below 2 trillion yuan, indicating a strong wait-and-see atmosphere [8]

2025年前三季度，同花顺实现营收32.61亿元，同比增长39.67%；归母净利润12.06亿元，同比增85.29%。其中第三季营收14.81亿元，同比增长56.72%；归母 净利润为7.04亿元，同比增长144.5%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初全 | | --- | --- | --- | --- | --- | | | | 增减 | | सर | | 营业收入(元) | 1,481,455,636.27 | 56.72% | 3.260.860.919.93 | | | 归属于上市公司股东 | 704,341,323.90 | 144.50% | 1,206,200,411.61 | | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 686,163,143.04 | 139.40% | 1,170,558,293.88 | | | 的净利润(元) | | | | | | 经营活动产生的现金 | i | i | 2,195,884,161.73 | | | 流量净额(元) | | | | | | 基本母散收益(元/ | ...

Group 1 - Hengsheng Energy reported that its CVD diamond product revenue accounted for 0.15% of total revenue in the first half of 2025, amounting to 683,500 yuan [1][2] - Hengyi Petrochemical's project for an annual production of 1.2 million tons of caprolactam and polyamide integration has entered the trial production phase [1][2] - Beixin Road and Bridge won a public works construction project worth 399 million yuan [1][2] Group 2 - Harsen Co. plans to acquire 45% equity in Dongtai Hongyu for 27 million yuan [1][2] - Shennong Technology's board member Huang Yong intends to reduce his holdings by up to 2.9 million shares [1][2] - Haon Automotive Electric received a product designation letter, estimating total revenue of approximately 576 million yuan over its lifecycle [1][2] Group 3 - Coldray Mining reported a net profit of 238 million yuan for the first three quarters, representing a year-on-year increase of 42.57% [1][2] - Tonghuashun's net profit for the first three quarters reached 1.206 billion yuan, up 85.29% year-on-year [1][2] - Binhua Co. submitted an application for H-share listing on the Hong Kong Stock Exchange [1][2]

Core Insights - The company achieved a total operating revenue of 3.26 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40%, and a net profit attributable to shareholders of 1.21 billion yuan, up 85% year-on-year [1] - In Q3 2025 alone, the company reported an operating revenue of 1.48 billion yuan, a 57% increase year-on-year, and a net profit of 700 million yuan, reflecting a 144% year-on-year growth [1] Market Activity and Business Performance - The A-share market's average daily trading volume increased by 107% year-on-year to 1.65 trillion yuan in the first three quarters of 2025, with Q3 showing a 211% year-on-year increase to 2.11 trillion yuan, indicating a sustained recovery in investor confidence and heightened demand for financial information services [1] - The company has increased its R&D investment in the AI sector, leading to significant growth in its value-added telecommunications services revenue and enhanced user engagement on its website and app, resulting in increased advertising and internet promotion service revenue [1] Revenue Growth Potential - The company’s contract liabilities rose by 113% year-on-year to 2.519 billion yuan, marking a historical high, while net cash flow from operating activities surged by 235% to 2.2 billion yuan, indicating further revenue growth potential [2] - Total operating costs increased by 16% year-on-year to 1.93 billion yuan, primarily due to increased marketing efforts and sales expenses, suggesting that total revenue is expected to continue rising [2] Cost Management - Operating costs rose by 7% year-on-year to 357 million yuan, while R&D expenses decreased by 2% to 863 million yuan, resulting in a R&D expense ratio decline of 30 percentage points to 26.5% [2] - Sales expenses increased by 33% year-on-year to 530 million yuan, with a sales expense ratio decline of 4 percentage points to 16.3%, attributed to heightened sales promotion efforts [2] - Management expenses rose by 15% year-on-year to 201 million yuan, with a management expense ratio decline of 18 percentage points to 6.2% [2] Strategic Collaborations and AI Integration - The company has formed strategic partnerships with Guotai Junan Securities and Tonghuashun to build an AI-enabled wealth service ecosystem, integrating service experience and data technology [3] - Collaborations with various securities firms aim to create comprehensive financial advisory products and enhance digital and intelligent upgrades in investor services [3] Profit Forecast and Investment Rating - Based on the ongoing positive momentum in the capital market and revenue growth across various business segments, the company maintains its profit forecast, projecting net profits attributable to shareholders of 2.6 billion, 3.4 billion, and 4.3 billion yuan for 2025-2027, representing year-on-year growth rates of 41%, 32%, and 26% respectively [3] - Corresponding price-to-earnings ratios are projected at 73, 56, and 44 times for the respective years, with a "buy" rating maintained [3]

机构预计，本轮黄金长期上涨趋势尚未完结。 【财经日历】 16:10 中国9月全社会用电量 周三美股走弱，明星科技股奈飞和芯片制造商德州仪器业绩令市场失望，美国总统特朗普相关言论也引发避险情绪。截至收盘，道指跌334.33点，跌幅为 0.71%，报46590.41点，纳指跌0.93%，报22740.40点，标普500指数跌0.53%，报6699.43点。 明星科技股分化，苹果跌1.6%，甲骨文跌0.9%，特斯拉跌0.8%，英伟达跌0.5%，Meta平盘，谷歌涨0.5%，微软涨0.6%。 纳斯达克中国金龙指数跌0.93%，网易跌4.5%，百度跌1.7%，京东跌1.1%，阿里巴巴和拼多多跌0.5%。 国际油价企稳反弹，美国计划对俄罗斯实施制裁引发买盘。WTI原油近月合约涨2.20%，报58.50美元/桶，布伦特原油近月合约涨2.07%，报62.59美元/桶。 国际金价巨震，纽约商品交易所10月交割的COMEX黄金期货跌1.06%，报4044.40美元/盎司。盘后受地缘政治因素影响，金价回升近2%收复失地。 光启技术：第三季度净利润2.2亿元，同比增长25.28% ►►10月21日，工业和信息化部党组成员、副部长辛国 ...

重要新闻提示 《深圳市推动并购重组高质量发展行动方案（2025—2027年）》印发 超导概念龙头法尔胜：拟出售中国贝卡尔特钢帘线有限公司10%股权，预计构成重大资产重组 中国联通：前三季度实现净利润87.72亿元，同比增长5.2% 财经新闻 1. 10月22日，国家外汇管理局副局长、新闻发言人李斌就2025年9月外汇市场形势答记者问时表示，今 年前三季度我国涉外收支总规模为11.6万亿美元，创历史同期新高。跨境资金净流入1197亿美元，银行 结售汇顺差632亿美元，均高于上年同期水平。 2. 深圳市地方金融管理局网站10月22日消息，深圳市地方金融管理局联合深圳市发展和改革委员会等印 发《深圳市推动并购重组高质量发展行动方案（2025—2027年）》。 《方案》明确，力争到2027年底，辖区上市公司质量全面提升，境内外上市公司总市值突破20万亿元， 培育形成千亿级市值企业20家。并购重组市场量质齐升，累计完成并购项目超200单、交易总额超1000 亿元，落地一批行业示范案例。加快打造并购基金矩阵，培育集聚优秀并购基金管理人，带动社会资本 形成万亿级"20+8"产业基金群，带动重点产业链协同并购，构建完备产业链 ...