证券之星消息，10月31日金属新材料板块较上一交易日下跌3.25%，安泰科技领跌。当日上证指数报收 于3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。金属新材料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688456 有研粉材 | | - 681.67万 | 7.99% | -416.88万 | -4.88% | -264.79万 | -3.10% | | 300855 图南股份 | | 397.05万 | 2.49% | -1491.97万 | -9.34% | 1094.92万 | 6.86% | | 600255 鑫科材料 | | 164.83万 | 1.25% | -671.86万 | -5.11% | 507.03万 | 3.86% | | 300930 屹通新材 | | 76.09万 | 2.03% | -530.31万 | -14.16% | ...

证券日报网讯铂科新材（300811）10月28日在互动平台回答投资者提问时表示，由于公司目前的产品线 以及产品的应用领域较以往更多，公司业绩的影响因素也较为复杂。总的来说，2025年截至三季度末， 公司业绩总体以稳定为主，但是在业绩稳定的背后，公司持续在按照既有战略进行经营，过程中蕴藏着 许多积极因素，包括磁芯产品海外市场的突破，芯片电感多个市场头部新客户的导入，芯片电感今年大 幅增长的研发投入带来了材料端和在GPU、Asic、DDR5、消费电子等应用端取得各种不同程度的技术 突破，以上积极因素在未来都可能逐步转化为业绩增长的有利因素。 ...

Core Insights - The article discusses the recent adjustments in QFII (Qualified Foreign Institutional Investor) holdings in A-shares as companies disclose their Q3 reports, highlighting a clear trend in foreign investment strategies [1][2]. Group 1: Sovereign Wealth Fund Adjustments - Sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) and the Monetary Authority of Macao have shown distinct trading behaviors, with ADIA significantly increasing its holdings in cyclical resource stocks, particularly Baofeng Energy, which now has a market value exceeding 790 million yuan [3][4]. - In contrast, the Monetary Authority of Macao has adopted a more defensive and stable investment strategy, focusing on resource, environmental, and manufacturing sectors, with a total market value of 1.14 billion yuan across six stocks [3][4]. - The Hong Kong Monetary Authority has reduced its holdings in Chengde Lolo, now holding 9.3 million shares, indicating a cautious approach compared to ADIA's aggressive positioning [4]. Group 2: Traditional Foreign Banks' Strategies - Major foreign banks like Morgan Stanley, UBS, and Goldman Sachs have shown a trend towards concentrated investments in high-certainty sectors, with Morgan Stanley holding 42 A-shares valued at 2.874 billion yuan, focusing on electric power equipment and digital infrastructure [5][6]. - Morgan Chase has the largest coverage with 71 A-shares, significantly increasing its stake in China West Electric from 56.82 million shares to 130 million shares, reflecting a strategic shift towards high-potential stocks [5]. - UBS has diversified its holdings across 55 A-shares, emphasizing mid-to-small-cap growth stocks, while Goldman Sachs has concentrated on resource and chemical stocks, indicating varied investment philosophies among these institutions [5][6]. Group 3: Common Holdings Among Foreign Institutions - Several stocks have emerged as "foreign consensus stocks," held by three or more foreign institutions, indicating strong compatibility in valuation, fundamentals, and policy direction [7][8]. - Notable examples include Chengfei Integration, which is held by multiple institutions with a total market value exceeding 132 million yuan, and Innovation Medical, favored by four foreign entities [7][8]. - Other stocks like Lianhuan Pharmaceutical and Xingwang Yuda have also gained traction among foreign investors, showcasing a trend towards core assets in advanced manufacturing, healthcare, TMT, and military materials sectors [8].

Market Overview - The metal new materials sector experienced a decline of 1.41% on October 23, with Xinlaifu leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Zhongzhou Special Materials (300963) with a closing price of 23.14, up 3.21% and a trading volume of 604,700 shares, totaling 1.361 billion yuan [1] - Tianli Composite (920576) closed at 30.51, up 0.93% with a trading volume of 25,900 shares [1] - Platinum New Materials (300811) closed at 72.51, up 0.92% with a trading volume of 85,100 shares [1] - Major decliners included: - Xinlaifu (301323) closed at 64.22, down 6.95% with a trading volume of 86,100 shares [2] - Antai Technology (000969) closed at 20.18, down 5.39% with a trading volume of 2,151,700 shares, totaling 4.403 billion yuan [2] - Ni'an New Materials (688786) closed at 29.69, down 3.13% with a trading volume of 25,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 690 million yuan from institutional investors, while retail investors contributed a net inflow of 668 million yuan [2] - The capital flow for specific stocks showed: - Zhongzhou Special Materials had a net outflow of 31.87 million yuan from institutional investors [3] - Platinum New Materials experienced a net inflow of 31.67 million yuan from institutional investors [3] - Other stocks like Jiangnan New Materials (603124) and Huada New Materials (605158) also showed varied capital flows with net inflows and outflows from different investor types [3]

Core Insights - QFII has significantly increased its presence in the A-share market, with 73 companies reporting QFII as a major shareholder in their top ten circulating shareholders list as of the end of Q3 2025 [1][6] - The total market value of QFII holdings reached approximately 8.69 billion yuan, with notable investments in the electric power equipment and agriculture sectors [1][6] QFII Holdings Overview - A total of 372 A-share companies have disclosed their Q3 2025 reports, with QFII holding 373 million shares valued at 869.4 million yuan [1][2] - The top three QFII holdings by market value are: - 思源电气 (Siyuan Electric) with 1,161.87 million shares valued at 1.27 billion yuan - 中国西电 (China XD Electric) with 12,967.11 million shares valued at 876.57 million yuan - 海大集团 (Haida Group) with 1,201.85 million shares valued at 766.42 million yuan [2][4] Sector Analysis - QFII's holdings are concentrated in the following sectors: - Electric power equipment: 2.43 billion yuan - Agriculture, forestry, animal husbandry, and fishery: 1.43 billion yuan - Machinery: 856 million yuan [6][5] Changes in Holdings - In Q3 2025, QFII entered as a major shareholder in 30 new stocks, with significant increases in holdings for companies like: - 中国西电 (China XD Electric) with an increase of 72.85 million shares - 星网宇达 (StarNet) with an increase of 6.99 million shares - 思源电气 (Siyuan Electric) with an increase of 3.51 million shares [3][4] Institutional Holdings - The top three QFII institutions by market value are: - Morgan Stanley International with 2.04 billion yuan - JPMorgan Securities with 1.53 billion yuan - UBS Group with 1.19 billion yuan [8][7]

Group 1 - The A-share market in China has seen significant growth this year, attracting overseas capital due to strong economic resilience and macro policies [1][3] - QFII and northbound funds have shown a consensus by collectively increasing their positions in 11 A-shares, focusing on sectors related to new productive forces [1][3] - QFII's investment preferences are clearly directed towards technology growth stocks, particularly in lithium batteries, commercial aerospace, and semiconductor sectors [1][3] Group 2 - Among the 29 stocks newly entered or increased by QFII, 11 also saw increased holdings from northbound funds, indicating a strong alignment in investment strategies [3] - Notable stocks such as Platinum New Materials, Dazhu CNC, and China Western Power have seen over 400% increase in holdings from northbound funds, highlighting their appeal [3] - The influx of foreign capital is supported by optimistic reports from major international investment banks, predicting a potential 30% rise in major Chinese stock indices by the end of 2027 [3][4] Group 3 - Over 70% of the 37 QFII heavy stocks reported year-on-year profit growth in the third quarter, with 8 stocks doubling their earnings, showcasing the effectiveness of foreign capital's investment strategies [4] - The synchronized increase in holdings by QFII and northbound funds, particularly in the "new productive forces" sector, reflects international capital's confidence in China's economic transformation and long-term market value [4]

Core Viewpoint - The article highlights the significant increase in foreign investment in Chinese stocks, particularly by QFII and northbound funds, driven by China's economic resilience and favorable macro policies, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [4][6]. Group 1: QFII Holdings - QFII has increased its holdings in 18 stocks during Q3, with notable new positions in companies like Placo New Materials, Zhongcai Technology, and Zhongce Rubber, reflecting a total holding value of 62.71 billion yuan across 37 stocks [5][8]. - The top three stocks by QFII holding value include Enyuan Electric (12.67 billion yuan), China Western Power (8.77 billion yuan), and Haida Group (7.66 billion yuan) [5][3]. - QFII's focus on technology stocks is evident, with new or increased positions in sectors such as lithium batteries, commercial aerospace, and semiconductors [5][6]. Group 2: Northbound Fund Inflows - Northbound funds have also significantly increased their holdings in 11 stocks, with Placo New Materials seeing a remarkable 868.82% increase in holdings, making it the second-largest shareholder [8]. - The sectors with the most stocks receiving increased foreign investment include electric power equipment, with three stocks: China Western Power, Shenma Electric, and Enyuan Electric [8][4]. Group 3: Performance of QFII Stocks - Among the 37 QFII heavy stocks, 25 reported a year-on-year increase in net profit, indicating a positive performance trend, with over 70% of these stocks showing growth [9]. - Notable performers include Yongding Co., which saw a 474.3% increase in net profit, primarily due to significant investment income from its joint venture in the real estate sector [9].

Core Viewpoint - The Chinese stock market has shown significant growth in 2023, driven by strong economic resilience, supportive macro policies, and a recovering consumer market, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [1] Group 1: QFII Investments - As of October 22, QFII has increased holdings in 37 stocks, with a total market value of 6.271 billion yuan, including 13 stocks with holdings exceeding 1 billion yuan [2] - QFII has newly invested in 18 stocks and increased holdings in 11 stocks, with top new investments in Placo New Materials, China National Materials, and Zhongce Rubber, valued at 607 million yuan, 499 million yuan, and 462 million yuan respectively [2] - QFII continues to favor technology stocks, focusing on sectors such as lithium batteries, commercial aerospace, and semiconductors [2] Group 2: Market Outlook - Multiple foreign institutions have expressed optimism about the Chinese stock market, with Goldman Sachs predicting a 30% increase in major indices by the end of 2027, driven by 12% earnings growth and 5-10% revaluation potential [3] - Morgan Stanley's chief China equity strategist noted that global investors' allocation to Chinese stocks remains relatively low, indicating a trend towards increased investment in Chinese assets over the long term [3] Group 3: Foreign Capital Inflows - QFII and northbound funds have both increased their stakes in 11 stocks, with significant increases in holdings for Placo New Materials, Dazhu CNC, and China National Materials, all exceeding 400% growth [4] - Placo New Materials saw an 868.82% increase in northbound fund holdings, becoming the second-largest shareholder, with its products widely used in various high-tech fields [4] - The power equipment sector has the highest number of stocks among those jointly increased by foreign capital, reflecting ongoing acceleration in China's power grid construction [4] Group 4: Company Performance - Among the 37 QFII heavy stocks, 25 reported year-on-year profit growth, with over 70% showing positive results, including eight stocks that doubled their profits [5] - StarNet achieved a net profit of 38 million yuan in the first three quarters, with significant improvements in profitability compared to the previous half [5] - Yongding's net profit surged by 474.3% year-on-year, primarily due to substantial investment income from its joint venture in the real estate sector [6]

Group 1 - The Chinese stock market has shown significant growth in 2023, with the Shanghai Composite Index rising over 12% and the Shenzhen Component Index increasing nearly 30% in the third quarter, driven by strong economic resilience and macro policies [1] - QFII has increased its holdings in 37 stocks, with a total market value of 6.271 billion yuan, and 13 stocks having a holding value exceeding 100 million yuan [2] - QFII has favored technology stocks, particularly in lithium batteries, commercial aerospace, and semiconductor sectors, with significant new investments in companies like Zhongcai Technology and Beiwai Technology [2] Group 2 - Goldman Sachs predicts a sustainable upward trend for the Chinese stock market, expecting major indices to rise by about 30% by the end of 2027, driven by 12% earnings growth and 5%-10% revaluation potential [3] - Morgan Stanley's chief China equity strategist notes that global investors' allocation to Chinese stocks remains relatively low, indicating a trend towards increased investment in Chinese assets [3] Group 3 - QFII and northbound funds have jointly increased their holdings in 11 stocks, with significant increases in holdings for companies like Placo New Materials and Zhongcai Technology, which saw over 400% growth in northbound fund holdings [4] - The power equipment sector has the highest number of stocks among those jointly increased by foreign capital, reflecting ongoing acceleration in China's power grid construction [4] Group 4 - Over 70% of QFII heavy-weight stocks reported positive earnings, with 25 out of 37 stocks showing year-on-year net profit growth [5] - StarNet achieved a net profit of 38 million yuan in the first three quarters, marking a turnaround from losses, with significant applications in various fields including smart transportation and robotics [6] - Yongding's net profit increased by 474.3% year-on-year, primarily due to substantial investment income from its joint venture in the real estate sector [6]

Summary of the Conference Call for Platinum Materials (铂科新材) Company Overview - Company: Platinum Materials (铂科新材) - Reporting Period: Third Quarter of 2025 Key Points Financial Performance - Third quarter revenue decreased approximately 7.8% quarter-over-quarter, with a year-over-year increase of about 2.1% [2][3] - Net profit for the third quarter was 1.02 billion RMB, showing a year-over-year growth of 1% but a quarter-over-quarter decline of 10-13% [2][3] - Year-to-date revenue for the first nine months reached 1.3 billion RMB, a year-over-year increase of about 6% [3] Product Line Performance - The core product lines include: - Powder core products: 74-75% of total revenue - Chip inductors: approximately 22% of total revenue, with Q3 revenue around 1.1 billion RMB, a quarter-over-quarter increase of 16% [3][7] - Magnetic powder: approximately 3% of total revenue [3] - The photovoltaic (PV) sector accounted for 41-42% of revenue in Q3, while the EV charging sector contributed about 11% [3] Market Dynamics - The photovoltaic market experienced a decline due to a reduction in demand after a surge in the first half of the year, leading to a 15% quarter-over-quarter drop in PV core business [2][4] - The company anticipates improvement in the fourth quarter, although the extent of recovery is uncertain [5] - The company is shifting production focus from low-margin air conditioning products to high-end products like PV and EV components [4][22] Future Outlook - The company expects a significant increase in new inductor business orders, with current orders around 1.5 billion RMB, projecting a quarter-over-quarter growth of about 30% for Q4 [2][8] - New production capacity will be introduced, including leased facilities and new base production in Q1 of the following year [8][14] - The company is developing several new material numbers, which, while initially high in price, may pressure short-term gross and net margins due to efficiency and yield challenges [12][13] Industry Trends - The HVDC system's power upgrade requires higher material standards, leading to product optimization for efficiency and size reduction, enhancing market competitiveness [11] - The vertical power supply model is increasing the value of power inductors, with the company developing new products despite initial challenges in efficiency and yield [12][13] Competitive Landscape - The company is positioned well in the high-voltage platform market, particularly with the 800V platform, where it holds a dominant position [29] - The introduction of new AI chip series by overseas clients is expected to significantly impact the company's revenue, particularly through modular inductors [24][25] Challenges and Risks - The company faces pressure on gross and net margins due to initial inefficiencies in new product lines and increased production costs [18][19] - There is a need to balance production capacity with market demand, especially in light of supply chain constraints and competition from other suppliers [28] Conclusion - Overall, the company is navigating a challenging market environment but is optimistic about future growth driven by new product developments and strategic shifts in production focus. The emphasis on high-margin sectors like EV and PV is expected to bolster long-term profitability [30]