证券研究报告 | 季报点评 gszqdatemark 2025 10 31 年 月 日 中国建筑（601668.SH） Q3 业绩有所承压，地产销售明显加速 受毛利率下降以及减值损失增多影响，Q3 业绩有所承压。2025Q1-3 公司 实现营业总收入 15582 亿元，同降 4.2%；实现归母净利润 382 亿元，同 降 3.8%，扣非归母净利润 352 亿元，同降 4.9%，符合预期。分季度看， Q1/Q2/Q3 分别实现营业收入 5553/5530/4499 亿元，同比+1%/-7%/- 7%；实现归母净利润 150/154/78 亿元，同比+1%/+6%/-24%，Q3 单季 收入下降，主要受房地产市场持续深度调整及基础设施投资增速放缓等因 素叠加影响，业绩降幅较大主要因地产业务拖累综合毛利率下降以及减值 损失增多。分地区看，Q1-3 境内/境外分别实现营收 14663/919 亿元，同 比-4.9%/+8.8%，境外业务增势相对较好。 施工业务结构持续优化，Q3 地产加速去化。2025Q1-3 公司房建/基建/地 产业务分别实现营收 9886/3706/1771 亿元，同比-5%/-4%/+0.6%， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 20.93 billion yuan for the first three quarters of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders decreased by 12% to 1.97 billion yuan [1] - The company is expanding its global footprint and diversifying its product offerings, which is expected to create new growth points for performance [2] - The company is focusing on core technologies in robotics and liquid cooling, with significant potential for future growth [3] Financial Performance - In Q3 2025, the company achieved a revenue of 7.99 billion yuan, a 12% increase year-on-year and quarter-on-quarter, while the net profit attributable to shareholders was 670 million yuan, down 14% year-on-year and 8% quarter-on-quarter [1] - The gross profit margin for Q3 2025 was 18.6%, a decrease of 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, while the net profit margin was 8.4%, down 2.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [1] - The company expects net profits attributable to shareholders to reach 3.1 billion yuan, 3.8 billion yuan, and 4.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 40, 32, and 27 times [3] Business Development - The company is actively expanding its global production capacity, with projects in Mexico and plans for a second phase in Poland, as well as a production base in Thailand [2] - The company is enhancing its product matrix, particularly in automotive electronics, with expected production capacity to reach approximately 1.5 million units by 2025 [2] - The company has made strategic acquisitions, such as the purchase of a supplier for Chery, which is expected to increase market share [1]

证券研究报告 | 季报点评 gszqdatemark 2025 10 31 年 月 日 森马服饰（002563.SZ） 2025Q3 收入提速增长，归母净利润同比转正 2025Q1~Q3 公司收入同比+5%/归母净利润同比-29%。1）2025Q1~Q3 公司收入 为 98.4 亿元，同比+5%；归母净利润为 5.4 亿元，同比-29%；扣非归母净利润为 5.2 亿元，同比-30%。2）盈利质量：2025Q1~Q3 毛利率同比+0.4pct 至 45.1%（我们判 断公司终端折扣管理良好）；销售/管理/财务费用率同比分别+3.3/-0.3/+1.2pct 至 28.3%/4.5%/-0.2%（（我们据业务务判断销售费用率增主要系直营开店带来相关渠道 刚性费用增主、线上投流费用增主；财务费用率提升要系直利息收入减少）；期内计提 资产减值损失 2.44 亿元（去年同期计提 2.19 亿元）；综合以上，2025Q1~Q3 净利率 同比-2.6pct 至 5.4%。 2025Q3 公司收入同比+7%/扣非归母净利润同比 +13%。1）2025Q3 公司收入为 37.0 亿元，同比+7%；归母净利润为 2.1 亿元，同 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 31 年 月 日 安克创新（300866.SZ） 收入稳健增长，产品创新接连落地 事件：1）公司发布 2025 年三季报，2025Q3 实现营业收入 81.5 亿元/同比 +19.88%，归母净利润 7.7 亿元/同比+27.76%，扣非归母净利润/5.2 同 亿元 比-2.92%；2025Q1-3 实现营业收入 210.2 亿元/同比+27.79%，归母净利润 19.3 亿元/同比+31.3%，扣非归母净利润 14.8 亿元/同比+13.8%。2）公司 公告拟 2.29 亿元收购控股子公司海翼智新 4.27%股份。 收入稳健增长，产品创新接连落地。1）分地区来看，2025Q1-3 境外/境内分 别实现营收 203.2/7.0 亿元，分别同比+28.0%/+21.6%，海外增速较快；2） 分渠道来 看， 2025Q1-3 线上/线 下渠道 144.0/66.2 亿元 ，分别 同比 +25.2%/+33.8%，线下开拓对增长形成拉动。3）分产品来看，①充电储能： 小充方面，公司于 9 月推出新一代 Anker Prime 系列，涵盖充电器/移 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 10 31 年 月 日 朝闻国盛 三季度基金调仓五大看点——2025Q3 基金仓位解析 今日概览 ◼ 重磅研报 【宏观】12 月还会降息吗？——美联储 10 月议息会议点评—— 20251030 【策略研究】三季度基金调仓五大看点——2025Q3 基金仓位解析—— 20251030 【金融工程】主动选股优势凸显，基金季度业绩爆发——主动权益基金 2025Q3 季报全方位分析——20251030 【固定收益】存款活期化——20251030 ◼ 研究视点 【轻工制造】公牛集团（603195.SH）-营收及业绩降幅环比收窄，现金 流健康——20251030 【通信】新易盛（300502.SZ）-Q3 环比暂歇不改大势，1.6T 与硅光放量 好——20251030 【电力设备】华宝新能（301327.SZ）-关税影响下利润短期承压，股权 激励彰显强发展信心——20251030 【建筑装饰】中国中铁（601390.SH）-Q3 营收业绩边际改善，毛利率提 | 作者 | | | | | --- | --- | --- | --- | | 分析师 | 罗月江 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 30 年 月 日 业绩稳健韧性十足，高股息价值凸显 事件：公司发布 2025 年三季报。前三季度公司实现营业收入 588.14 亿 元，同比减少 11.29%；归母净利润 62.3 亿元，同比减少 6.96%；基本每 股收益 0.46 元，同比减少 8.0%。Q3 单季实现营业收入 233.42 亿元，同 比减少 10.68%；归母净利润 27.18 亿元，同比减少 1.87%。公司营收下 滑主要系售电单价较上年同期降低及合并抵消后的中来股份光伏产品对 外销售收入下降。 煤价下行叠加电量增长，对冲电价回落，三季度公司盈利维持修复趋势。 电量方面，公司 2025 年前三季度完成发电量 1352.34 亿千瓦时，上网电 量 1281.53 亿千瓦时，同比分别上涨 4.68%和 4.80%，主要系浙江省全 社会用电量增长、浙能中煤舟山煤电发电量增加（六横二期 3、4 号机分 别于 2024 年 7 月及 11 月投产）以及浙江浙能嘉华发电有限公司发电量 增加（嘉电四期 9 号机组于 2025 年 6 月投产）。其中，火电、风电、光伏 分别完成发电 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing significant revenue growth driven by its main business in environmental protection, with a strong outlook for overseas expansion [1][3] - The traditional business of slag treatment and low-temperature economizers is benefiting from the new wave of coal power construction and equipment upgrades [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.47 billion yuan, a year-on-year increase of 91.1%, and a net profit attributable to shareholders of 124 million yuan, up 267.1% [1] - In Q3 alone, revenue was 284 million yuan, reflecting an 11.2% year-on-year growth, with net profit increasing by 60.7% [1] Market Potential - The traditional business has a potential market space estimated to be between 700 million to 2.9 billion yuan annually over the next three years [2] - The flexibility transformation segment is expected to see a sustained demand, with a projected annual market space of 700 million to 1.7 billion yuan [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 1.99 billion, 2.38 billion, and 2.79 billion yuan, respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] - Net profit projections for the same years are 212 million, 259 million, and 310 million yuan [4] Strategic Initiatives - The company has established a subsidiary in Indonesia and signed a contract worth approximately 25.48 million USD (about 181 million yuan) for a project in Vietnam [3] - New business areas such as desulfurization wastewater and steel slag treatment are anticipated to contribute to future revenue growth [3]

证券研究报告 | 季报点评 gszqdatemark 2025 10 30 年 月 日 美的集团（000333.SZ） B 端业务快速增长，公司盈利能力稳健 事件：公司发布 2025 年三季报。公司 2025Q1-Q3 实现营业总收入 3647.16 亿元，同比增长 13.85%；实现归母净利润 378.83 亿元，同 比增长 19.51%。其中，2025Q3 单季营业总收入为 1123.85 亿元，同 比增长 9.94%；归母净利润为 118.7 亿元，同比增长 8.95%。 B 端业务快速增长。2025Q1-Q3 公司新能源及工业技术、智能建筑科 技、机器人与自动化收入分别为同比增长 21%至 306 亿元，同比增长 25%至 281 亿元，同比增长 9%至 226 亿元。 盈利能力稳健。毛利率：2025Q3 公司毛利率同比提升 0.41pct 至 26.44% 。 费 率 端 ： 2025Q3 销 售 / 管 理 / 研 发 / 财 务 费 率 为 8.70%/3.31%/3.72%/-0.68% ，同比变动 -0.79pct/- 0.28pct/+0.06pct/+1.65pct。净利率：公司 202 ...

持续深化"光学+"战略，加速多元领域布局。公司"光学+"战略围绕大 客户增长和新运用场景市场开拓，成立战略客户中心（SCC），全面提升客 户服务水平和能力，公司紧跟市场动态，成立 SMC 微纳与半导体加工中 心，针对不同实际应用场景进行深度开发，并在第一时间向客户提供合适 的微纳光学解决方案。已经成型的百级洁净车间，配备无掩膜激光直写光 刻机、纳米压印光刻设备、超精密光学定心车、激光干涉仪等，为微纳加 工创新能力保驾护航。且公司通过差异化营销打破行业内卷，在新兴领域 中寻找机会，PCB 行业激光镜头、新能源行业高功率水冷镜片、半导体基 片激光退火镜头为工业激光加工客户降本增效；红外自动变焦技术为安防 领域提供超高清分辨率、超低照度、宽动态范围图像。 攻坚半导体光学关键技术，把握国产化市场机遇。公司近年重点布局半导 体及泛半导体领域市场，加大对半导体工艺能力及相关场景应用的投入， 除成立先进制造工艺中心以及半导体与微纳光学等精密光学实验室外，公 司与浙江大学极端光学技术与仪器全国重点实验室达成合作，共建联合实 验室，攻坚半导体光学关键技术。在半导体领域，公司引入更多离子束、 磁流变抛光设备等高精度光学加工、检测 ...

- The average performance of active equity funds significantly improved in Q3 2025, with 98% of active equity funds achieving positive returns and a median quarterly return of 22.80%[9] - The scale of active equity funds and passive index funds both increased, with passive index funds growing more significantly, reaching 4.54 trillion yuan by the end of Q3 2025, compared to 3.86 trillion yuan for active equity funds[16] - The stock positions of public active equity funds continued to rise for the fifth consecutive quarter, with the latest weighted position at 89.31%, higher than the historical average of 77.05%[23] - The exposure of active equity funds to different index components showed mixed changes, with increased exposure to the CSI Growth Index (+3.72%) and the CSI 300 Index (+2.69%), and decreased exposure to the CSI Value Index (-4.77%) and the CSI Dividend Index (-2.04%)[29][31] - The top five concepts with the most increased exposure were Top 10 Turnover, Technology Leaders, TMT, 5G, and Artificial Intelligence+[30][32] - The top five A-shares with the highest holding ratios were CATL, New Easy-Send, Zhongji Xuchuang, Luxshare Precision, and Industrial Fulian[33] - The top five Hong Kong stocks with the highest holding ratios were Tencent Holdings, Alibaba-W, SMIC, Cinda Biotech, and Pop Mart[36][38] - The top five industries with the highest allocation were Electronics (24.09%), Electric Power Equipment and New Energy (10.45%), Medicine (9.80%), Communication (8.97%), and Nonferrous Metals (5.95%)[42] - Growth-style funds increased their positions the most in Electronics, Nonferrous Metals, Electric Power Equipment and New Energy, Medicine, and Media[63][66] - Value-style funds increased their positions the most in Nonferrous Metals, Coal, Basic Chemicals, Home Appliances, and Construction[67][68] - Quality-style funds increased their positions the most in Electronics, Communication, Computers, Nonferrous Metals, and Building Materials[70][73] - The top three fund companies with the largest active equity fund management scale were E Fund, China Europe Fund, and Bosera Fund, with E Fund's active equity fund scale reaching 642 billion yuan by the end of Q3 2025[74] - The top five fund companies with the highest average quarterly performance in Q3 2025 were Caitong Fund, E Fund, Dongwu Fund, Morgan Fund, and Huashang Fund, with Caitong Fund achieving an average quarterly return of 46.35%[78][81]