143家A股算力产业链公司三季报 前三季度实现盈利 数据来源：Wind 张大伟 制图 ◎记者 窦世平 在全球人工智能浪潮与国内算力基建加速部署的双轮驱动下，A股算力产业链上市公司迎来高光时刻。 据上海证券报记者统计，截至10月30日发稿时，在Wind概念分类中属于AI算力、GPU（图形处理 器）、服务器、PCB（电路板）、光模块等概念的147家A股公司中，已有143家公司披露三季报。其 中，118家公司前三季度实现盈利，占比超八成；32家公司实现前三季度利润倍增。 从细分产业链看，服务器、PCB及光模块等AI算力基础设施公司业绩亮眼。就盈利规模而言，工业富联 成为行业"盈利王"，前三季度实现归母净利润224.87亿元，同比增长48.52%；中际旭创盈利水平位列第 二，但业绩增速更为亮眼，前三季度实现归母净利润71.32亿元，同比增长90.05%。寒武纪、生益电 子、胜宏科技等公司均实现归母净利润同比倍增。 量价齐升 算力硬件龙头业绩创新高 得益于AI算力需求的持续增长，光模块作为数据传输的关键组件，相关行业公司正经历"技术突破—产 品放量—业绩兑现"的良性循环。在这些光模块供应商中，中际旭创和新易盛的盈利增长 ...

证券代码：300308 证券简称：中际旭创 中际旭创股份有限公司 投资者关系活动记录表 备，把握了 1.6T 的市场先机。 随着客户需求和订单旺盛，公司积极准备芯片等核心物料、扩建国 内和海外产能，为 2026-2027 年的大规模订单交付做好相应准备。 三、投资者问答环节 Q1： 1.6T 产品上量后毛利率是否仍有上行空间？ 编号：2025-009 | 投资者关 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 系活动类 | □业绩说明会 | □新闻发布会 | □路演活动 | | 别 | □现场参观 （电话会议） ☑ | 其他 | | | | 易方达基金；华泰柏瑞基金；汇添富基金；工银瑞信基金；华夏基金； | | | | | 嘉实基金；中欧基金；交银施罗德基金；博时基金；富国基金；景顺长 | | | | | 城基金；建信基金；永赢基金；恒越基金；民生加银基金；海富通基 | | | | | 金；中海基金；德邦基金；大成基金；华宝基金；红土创新基金；南方 | | | | | 基金；天弘基金；广发基金；中银基金；长信基金；长城基金；华泰保 | | | ...

永赢科技智选三季度能够创出如此高收益，主要是其对算力板块的重点聚焦。 永赢科技智选其实成立的时间不长，去年10月底才刚刚成立，而且也是任桀管理的第一只基金产品。 任桀毕业于复旦大学，2018年才加入永赢基金，历任TMT研究员、科技组组长。目前，除了永赢科技 智选，任桀还与朱晨歌共同管理今年7月刚成立的永赢港股通科技智选。 出品｜达摩财经 基金公司旗下产品三季报陆续出炉，绩优基金的重仓股也随之浮出水面。 回顾整个三季度，科技板块接过了创新药的领涨大旗，AI相关产业链的全面爆发，使得一批提前布局 AI及算力主题的主动权益基金突围，成功实现净值翻倍。 截至10月30日，通信、电子两大申万一级行业指数年内涨幅分别为68.75%和52.77%，分别位居指数涨 幅榜第二和第三位。 年内已有逾50只基金实现翻倍收益，其中，百亿规模的永赢科技智选以219.37%的年内总回报登顶"冠 军"。在"翻倍基"中，永赢科技智选也是唯一一只年内收益率上200%的权益基金。 冠军基仓位变动 任桀在三季报中表示，在商业化上进程上，全球头部模型厂商，通过与不同的主体合作，开始创造新的 市场，并挑战过去大厂的主业，搜索、公有云、电商、办公等领域 ...

Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [2] - ST Chuangxing's chairman, Liu Peng, has been arrested on criminal charges, but the company states that this matter is unrelated to its operations, and the board is functioning normally [2] - Shannon Chip's chairman, Fan Yongwu, resigned for personal reasons, and Huang Zewei has been elected as the new chairman, holding over 10% of the company's shares [3] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [4] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [5][6] - Kaineng Health plans to acquire several subsidiaries from Yuaneng Group to strengthen its investment in the cell industry [6] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [7] Financial Performance - Sairus reported a Q3 net profit of 2.371 billion yuan, a decrease of 1.74% year-on-year, with a revenue of 48.133 billion yuan, up 15.75% [8] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a 49.66% increase year-on-year, with revenue of 496 million yuan, up 23.73% [9] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan, with revenue of 331 million yuan, up 11.99% [10] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan, with revenue of 10.216 billion yuan, up 56.83% [11] - SAIC Group's Q3 net profit reached 2.083 billion yuan, a 644.88% increase, with revenue of 169.403 billion yuan, up 16.19% [12] - China Life's Q3 net profit was 126.873 billion yuan, a 91.5% increase, with revenue of 298.66 billion yuan, up 54.8% [13] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan, with revenue of 287 million yuan, up 11.78% [14] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, a decrease of 28.11%, with revenue of 10.909 billion yuan, down 6.94% [15] - Yanzhou Coal's Q3 net profit was 2.288 billion yuan, down 36.60%, with revenue of 38.259 billion yuan, down 0.26% [16] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan, with revenue of 2.846 billion yuan, up 38.39% [17] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan, with revenue of 1.361 billion yuan, up 35.79% [18] - CMB Securities reported a Q3 net profit of 3.686 billion yuan, a 53.45% increase, with revenue of 7.723 billion yuan, up 64.89% [19] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66%, with revenue of 1809.81 billion yuan, up 4.30% [20] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, up 3.29%, with revenue of 2018.86 billion yuan, up 2.42% [21] - Shenghe Resources reported a Q3 net profit increase of 748.07% [22] - Ingrity Media's Q3 net profit was 442.85 million yuan, up 167.91%, with revenue of 1.919 billion yuan, up 29.70% [23] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan, with revenue of 11.711 billion yuan, down 0.38% [24] - Luzhou Laojiao's Q3 net profit was 3.099 billion yuan, down 13.07%, with revenue of 6.674 billion yuan, down 9.80% [25] - Longi Green Energy reported a Q3 net loss of 834 million yuan, with revenue of 18.101 billion yuan, down 9.78% [26] - New Hope's Q3 net profit was 512.55 million yuan, down 99.63%, with revenue of 28.879 billion yuan, up 4.51% [27] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan, with revenue of 65.3534 million yuan, up 4.31% [28] - Hunan Silver's Q3 net profit was 96.3611 million yuan, up 47.51%, with revenue of 4.065 billion yuan, up 98.68% [29] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan, with revenue of 6.469 billion yuan, up 6.01% [30] - Litong Electronics reported a Q3 net profit of 165 million yuan, up 1432.90%, with revenue of 946 million yuan, up 57.09% [31] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan, with revenue of 81.064 billion yuan, up 1.83% [32] - Giant Star Technology's Q3 net profit was 882 million yuan, up 18.96%, with revenue of 4.129 billion yuan, down 5.80% [33] - Wanda Film's Q3 net profit increased by 319.92% year-on-year [34] - COSCO Shipping's Q3 net profit decreased by 29% [35] - PetroChina's Q3 net profit was 42.29 billion yuan, down 3.9%, with revenue of 719.16 billion yuan, up 2.3% [36] - JA Solar reported a Q3 net loss of 3.553 billion yuan [37] - BOE Technology's Q3 net profit was 1.355 billion yuan, up 32.07%, with revenue of 53.270 billion yuan, up 5.81% [38] - BYD's Q3 net profit was 7.823 billion yuan, down 32.60%, with revenue of 194.985 billion yuan, down 3.05% [39] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan, with revenue of 22.019 billion yuan, up 136.00% [40] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan, with revenue of 11.513 billion yuan, up 5.54% [41] - Zhezhong Co. reported a Q3 net profit of 206 million yuan, up 5282.88%, with revenue of 232 million yuan, down 21.33% [42] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan, with revenue of 12.486 billion yuan, down 25.55% [43] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [44] - SF Holding adjusted its share repurchase plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [45] - Changying Precision adjusted its share repurchase price limit to 50 yuan per share [46] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [47]

Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [4] - *ST Chuangxing's chairman, Liu Peng, has been arrested for suspected criminal activities, but the company's operations remain normal under the management of the executive team [5] - Shannon Chip's chairman, Huang Zewei, has been elected following the resignation of the previous chairman, Fan Yongwu [6][7] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [8] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [9] - Kaineng Health plans to acquire several subsidiaries of Yuaneng Group to strengthen its investment in the cell industry, aiming to create a second growth curve [10] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [11] Performance Overview - Saisir reported a Q3 net profit of 2.371 billion yuan, a year-on-year decrease of 1.74%, with a revenue of 48.133 billion yuan, up 15.75% [12][13] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a year-on-year increase of 49.66% [14] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan [15] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan [16] - SAIC Motor's Q3 net profit reached 2.083 billion yuan, up 644.88% [17] - China Life's Q3 net profit was 126.873 billion yuan, a year-on-year increase of 91.5% [18] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan [19] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, down 28.11% [20] - Yanzhou Coal's Q3 net profit decreased by 36.60% to 2.288 billion yuan [21] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan [22] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan [23] -招商证券's Q3 net profit increased by 53.45% to 3.686 billion yuan [24] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66% [25] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, a year-on-year increase of 3.29% [26] - Shenghe Resources reported a Q3 net profit growth of 748.07% [28] -引力传媒's Q3 net profit increased by 167.91% to 442.85 million yuan [29] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan [30] - Luzhou Laojiao's Q3 net profit decreased by 13.07% to 3.099 billion yuan [31] - Everbright Securities' Q3 net profit increased by 65.88% to 999.5 million yuan [32] - Gujing Gongjiu's Q3 net profit decreased by 74.56% to 299 million yuan [33] - Longi Green Energy reported a Q3 net loss of 834 million yuan [34] - New Hope's Q3 net profit decreased by 99.63% to 512.55 million yuan [35] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan [36] - Hunan Silver's Q3 net profit increased by 47.51% to 96.3611 million yuan [37] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan [38] - Litong Electronics' Q3 net profit surged by 1432.90% to 165 million yuan [39] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan [40] - Juxing Technology's Q3 net profit increased by 18.96% to 882 million yuan [42] - Wanda Film's Q3 net profit increased by 319.92% [43] - COSCO Shipping's Q3 net profit decreased by 29% [44] - China Petroleum's Q3 net profit was 42.29 billion yuan, down 3.9% [45] - JA Solar reported a Q3 net loss of 3.553 billion yuan [46] - BOE Technology's Q3 net profit increased by 32.07% to 1.355 billion yuan [47] - BYD's Q3 net profit decreased by 32.60% to 7.823 billion yuan [48] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan [50] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan [51] - Zhezhong Co.'s Q3 net profit increased by 5282.88% to 206 million yuan [52] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan [53] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [54] Share Buybacks - SF Holding has adjusted its share buyback plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [55][56] - Changying Precision has raised its share buyback price limit to 50 yuan per share [57] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [58]

中际旭创成立于2005年6月27日，于2012年4月10日在深圳证券交易所上市，注册地址和办公地址均为山东 省。它是全球领先的光模块供应商，具备端到端的光通信解决方案能力，技术实力强劲。 中际旭创的主营业务为电机定子绕组制造装备的研发、设计、制造、销售与服务，以及光模块设备制造。 公司所属申万行业为通信 - 通信设备 - 通信网络设备及器件，涉及F5G、电子后视镜、激光雷达核聚变、 超导概念、核电等概念板块。 经营业绩：营收行业第二，净利润第一 董事长刘圣薪酬364.68万元，同比增加22.35万元 中际旭创控股股东为山东中际投资控股有限公司，实际控制人为王伟修。董事长兼总裁刘圣，1971年7月 出生，中国国籍，博士，拥有丰富的行业经验。他曾任美国朗讯公司研发工程师等职，2017年8月至今担 任公司总裁、董事等职。其薪酬从2023年的342.33万增加到2024年的364.68万，同比增加22.35万元。 A股股东户数较上期增加3.11% 截至2025年9月30日，中际旭创A股股东户数为13.23万，较上期增加3.11%；户均持有流通A股数量为 8353.74，较上期减少3.02%。十大流通股东中，香港中央结 ...

Group 1: Company Performance Highlights - Zhongji Xuchuang reported a net profit increase of 90.05% year-on-year for the first three quarters, with revenue of 250.05 billion yuan, up 44.43% [1] - Baosteel's net profit for the third quarter grew by 130.31%, with revenue of 810.64 billion yuan, a 1.83% increase [2] - Yuanjie Technology achieved a net profit of 1.06 million yuan for the first three quarters, driven by significant growth in its data center segment [3] - Shanshan Co. saw a staggering 1121.72% increase in net profit for the first three quarters, attributed to a substantial rise in negative electrode material sales [5] - Longi Green Energy reported a net loss of 34.03 billion yuan for the first three quarters, impacted by intense competition in the photovoltaic industry [6] - Luzhou Laojiao's net profit for the third quarter decreased by 13.07%, with revenue of 66.74 billion yuan, down 9.80% [7] - Trina Solar reported a net loss of 42.01 billion yuan for the first three quarters, with revenue down 20.87% [8] Group 2: Industry Trends - The performance of companies in the photovoltaic sector is heavily influenced by market price fluctuations and competitive pressures, leading to significant losses for some firms [6][8] - The steel industry is experiencing a widening purchase-sale price gap, contributing to profit increases for companies like Baosteel despite overall revenue declines [2] - The data center market is showing robust growth, benefiting companies like Yuanjie Technology, which reported a significant increase in revenue and profit due to high-margin product sales [3] - The negative electrode material market is expanding, as evidenced by Shanshan Co.'s impressive profit growth, indicating a positive trend in battery materials [5]

Core Viewpoint - The report highlights the strong financial performance of several optical module companies in their third-quarter results, indicating significant growth in net profits for key players in the industry [1]. Group 1: Company Performance - Zhongji Xuchuang reported a third-quarter net profit of 3.137 billion yuan, representing a quarter-on-quarter increase of 30.06% [1]. - Xinyi Technology achieved a net profit of 6.327 billion yuan in the first three quarters, marking a year-on-year growth of 284.37% [1]. - Shijia Photon recorded a net profit of 300 million yuan for the first three quarters, with a remarkable year-on-year increase of 727.74% [1]. Group 2: Industry Overview - Multiple optical module companies, including Zhongji Xuchuang, Xinyi Technology, and Shijia Photon, have disclosed their third-quarter reports, showcasing robust financial results [1]. - The overall performance of the optical module sector appears to be strong, with significant profit growth across various companies [1].

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].

证 券 研 究 报 告 【专题报告】 2025年三季报公募基金十大重仓股持仓分析 三季度市场表现 从个股规模上看，增持最多的前五名 A 股为中际旭创、新易盛、工业富联、 宁德时代、寒武纪-U。减持最多的前五名 A 股为：美的集团、顺丰控股、招 商银行、格力电器、长江电力。持仓规模最大的前五名 A 股为：宁德时代、新 易盛、中际旭创、立讯精密、工业富联。 百亿基金持仓变化分析 2025 年三季度至今成立的偏股主动型基金一共 90 只，总份额 554.04 亿。 2025 年三季度偏股主动型基金总体发行规模和发行数量相对上季度有明显提 升，近半年基金发行数量相比前两年有所回升。 基金仓位 相对二季度，2025 年三季度不同类型的偏股主动型基金股票平均仓位均有所 增加。 2025 年 7 月以来（截至 2025.10.28），宽基指数整体上涨，多个宽基指数估值 达到历史高位。创业板块和科创板块领涨，10 月上旬经历回调后再次上涨重 回高位。创业板 50、创业板指、科创 50 涨幅均达到 45%以上。上证指数、沪 深 300、中证 500、中证 1000、中证 2000 分别上涨 15.79%、19.20%、24.1 ...