华龙证券近日发布风电&电网设备行业2025年三季报业绩综述：风电收入增长加快，净利润同比提升。 2025年Q1-Q3，风电设备（申万）行业实现营业收入1710亿元，同比+38.27%；实现归母净利润57亿 元，同比+9.73%。2025年Q1-Q3，风电设备（申万）行业实现毛利率13.52%，较2024年+0.3pct；实现 净利率3.56%，较2024年+0.5pct；实现ROE3.02%，较2024年-0.2pct。 以下为研究报告摘要： 风电：风电收入增长加快，净利润同比提升。2025年Q1-Q3，风电设备（申万）行业实现营业收入1710 亿元，同比+38.27%；实现归母净利润57亿元，同比+9.73%。2025年Q1-Q3，风电设备（申万）行业实 现毛利率13.52%，较2024年+0.3pct；实现净利率3.56%，较2024年+0.5pct；实现ROE3.02%，较2024 年-0.2pct。 我们选取32家代表公司分环节分析，风电板块塔筒管桩、轴承2025年Q3业绩高增。业绩增速来看，风 机2025年Q3净利润同比下滑，海缆业绩增速小幅提升；塔筒管桩、轴承、叶片环节净利润大幅提升， 增速分别为 ...

Core Points - The stock price of Longking Environmental Protection has decreased by 2.02% on November 28, trading at 15.49 CNY per share with a market capitalization of 19.673 billion CNY [1] - The company has seen a year-to-date stock price increase of 25.22%, with a recent 5-day increase of 1.18%, a 20-day decrease of 8.07%, and a 60-day increase of 24.42% [1] - Longking Environmental Protection's main business includes dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [1] Financial Performance - For the period from January to September 2025, Longking Environmental Protection achieved operating revenue of 7.858 billion CNY, representing a year-on-year growth of 18.09%, and a net profit attributable to shareholders of 780 million CNY, up 20.53% year-on-year [2] - The company has distributed a total of 3.184 billion CNY in dividends since its A-share listing, with 763 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Longking Environmental Protection is 44,400, with an average of 28,630 circulating shares per person [2] - Notable changes in institutional holdings include a decrease of 11.7526 million shares held by Guangfa Multi-Factor Mixed Fund, while Hong Kong Central Clearing Limited has entered as a new major shareholder with 10.8506 million shares [3]

今年以来中船防务已经1次登上龙虎榜，最近一次登上龙虎榜为11月26日，当日龙虎榜净买入-6217.25 万元；买入总计1.68亿元 ，占总成交额比6.70%；卖出总计2.30亿元 ，占总成交额比9.18%。 资料显示，中船海洋与防务装备股份有限公司位于广东省广州市南沙区鸡抱沙北路10号，成立日期1994 年10月21日，上市日期1993年10月28日，公司主营业务涉及高端船用动力装备研发、制造、系统集成、 销售及服务。主营业务收入构成为：船舶产品92.37%，船舶修理及改造4.39%，其他(补充)1.37%，机电 产品及其他1.20%，海工产品0.34%，钢结构0.33%。 11月28日，中船防务盘中下跌2.03%，截至10:42，报29.43元/股，成交8.29亿元，换手率3.37%，总市值 415.99亿元。 中船防务所属申万行业为：国防军工-航海装备Ⅱ-航海装备Ⅲ。所属概念板块包括：航母产业、海工装 备、海上风电、中字头、中特估等。 资金流向方面，主力资金净流出5412.93万元，特大单买入5373.23万元，占比6.49%，卖出9154.30万 元，占比11.05%；大单买入1.90亿元，占比22.9 ...

Core Viewpoint - Jiangte Electric's stock price has shown significant volatility, with a year-to-date increase of 39% but a recent decline over the past five trading days and twenty days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, is located in Yichun, Jiangxi Province. The company specializes in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1]. Financial Performance - For the period from January to September 2025, Jiangte Electric reported a revenue of 1.432 billion yuan, reflecting a year-on-year growth of 14.62%. However, the net profit attributable to shareholders was -113 million yuan, a decrease of 37.31% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Jiangte Electric had 222,500 shareholders, an increase of 8.82% from the previous period. The average number of circulating shares per shareholder was 7,666, which decreased by 8.11% [2]. Dividend History - Since its A-share listing, Jiangte Electric has distributed a total of 99.68 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 36.23 million shares, an increase of 7.36 million shares from the previous period. Other notable shareholders included various ETFs, with some experiencing a decrease in holdings [3].

Core Viewpoint - Shanghai Electric's stock has experienced significant fluctuations, with a year-to-date increase of 151.29% but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Shanghai Electric reported a revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while the net profit attributable to shareholders was 3.050 billion yuan, reflecting a year-on-year increase of 24.04% [2]. - Cumulative cash dividends since the A-share listing amount to 6.821 billion yuan, with 1.451 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 28, Shanghai Electric's stock price was 22.34 yuan per share, with a market capitalization of 63.025 billion yuan [1]. - The stock has seen a net outflow of 34.209 million yuan in principal funds, with significant buying and selling activity from large orders [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) seven times this year, with the most recent appearance on October 10 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 189,500, a rise of 31.64%, while the average circulating shares per person decreased by 18.12% to 14,884 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 24.9543 million shares, an increase of 4.1389 million shares compared to the previous period [3].

Core Viewpoint - Yaxing Anchor Chain's stock price has shown a year-to-date increase of 39.48%, with recent fluctuations indicating a slight decline in the short term, while the company continues to demonstrate growth in revenue and net profit [1][2]. Group 1: Stock Performance - On November 28, Yaxing Anchor Chain's stock rose by 2.20%, reaching 10.67 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 10.237 billion CNY [1]. - The stock has experienced a net outflow of 12.4993 million CNY from main funds, with significant selling pressure observed [1]. - Year-to-date, the stock has been on the龙虎榜 (top trading list) five times, with the most recent appearance on November 24, where it recorded a net buy of -64.9631 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Yaxing Anchor Chain reported a revenue of 1.544 billion CNY, reflecting a year-on-year growth of 5.28%, and a net profit attributable to shareholders of 211 million CNY, up by 9.38% [2]. - The company's main business revenue composition includes 62.37% from ship chains and accessories, 35.76% from mooring chains, and 1.86% from other sources [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yaxing Anchor Chain was 114,300, a decrease of 1.72% from the previous period, with an average of 8,394 circulating shares per shareholder, an increase of 1.75% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.8774 million shares, a decrease of 4.5379 million shares from the previous period [3].

Core Points - Huaneng International's stock price increased by 2.05% on November 27, reaching 7.96 CNY per share, with a total market capitalization of 124.96 billion CNY [1] - The company reported a year-to-date stock price increase of 22.46%, with a recent 5-day increase of 1.27% and a 20-day decrease of 5.01% [1] - For the first nine months of 2025, Huaneng International achieved operating revenue of 172.98 billion CNY, a year-on-year decrease of 6.19%, while net profit attributable to shareholders increased by 42.52% to 14.84 billion CNY [2] Financial Performance - The company has cumulatively distributed dividends of 67.86 billion CNY since its A-share listing, with 7.38 billion CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 1.99% to 94,600, with an average of 0 circulating shares per person [2][3] Shareholder Structure - China Securities Finance Corporation is the sixth largest circulating shareholder, holding 466 million shares, unchanged from the previous period [3] - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 164 million shares, a decrease of 65.5 million shares from the previous period [3]

截至9月30日，华电国际股东户数13.73万，较上期增加9.79%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，华电国际实现营业收入958.72亿元，同比增长13.04%；归母净利润64.37亿元，同比增 长24.84%。 11月27日，华电国际盘中上涨2.15%，截至13:19，报5.22元/股，成交2.95亿元，换手率0.67%，总市值 606.13亿元。 资金流向方面，主力资金净流入4853.25万元，特大单买入6727.98万元，占比22.84%，卖出1536.82万 元，占比5.22%；大单买入5418.22万元，占比18.39%，卖出5756.13万元，占比19.54%。 华电国际今年以来股价跌3.15%，近5个交易日涨0.97%，近20日跌4.04%，近60日跌0.76%。 资料显示，华电国际电力股份有限公司位于北京市西城区宣武门内大街2号，成立日期1994年6月28日， 上市日期2005年2月3日，公司主营业务涉及建设、经营发电厂,包括大型高效的燃煤燃气发电机组及多 项可再生能源项目。主营业务收入构成为：发电86.84%，供热11.79%，售煤0.76%，其他(补充)0.60 ...

Core Viewpoint - Tianhai Defense has shown significant stock performance with a year-to-date increase of 71.15%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, Tianhai Defense reported a revenue of 3.148 billion yuan, representing a year-on-year growth of 34.50%. The net profit attributable to shareholders was 232 million yuan, marking a substantial increase of 202.12% [2]. Stock Market Activity - As of November 27, Tianhai Defense's stock price was 8.01 yuan per share, with a trading volume of 1.07 billion yuan and a turnover rate of 8.28%. The total market capitalization stood at 13.842 billion yuan [1]. - The stock has experienced a recent uptick, with a 5-day increase of 5.81%, a 20-day increase of 17.11%, and a 60-day increase of 11.72% [1]. Shareholder Information - As of November 20, the number of shareholders for Tianhai Defense reached 133,900, an increase of 7.54% from the previous period. The average number of tradable shares per shareholder decreased by 7.01% to 12,301 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 19.113 million shares, an increase of 11.997 million shares from the previous period [3].

内蒙华电所属申万行业为：公用事业-电力-火力发电。所属概念板块包括：低市盈率、低价、风能、海 上风电、光伏玻璃等。 截至9月30日，内蒙华电股东户数14.05万，较上期减少7.60%；人均流通股46457股，较上期增加 8.22%。2025年1月-9月，内蒙华电实现营业收入150.52亿元，同比减少9.23%；归母净利润22.08亿元， 同比减少10.60%。 分红方面，内蒙华电A股上市后累计派现116.56亿元。近三年，累计派现37.14亿元。 机构持仓方面，截止2025年9月30日，内蒙华电十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股5922.79万股，为新进股东。南方中证500ETF（510500）位居第九大流通股东，持股 4745.87万股，相比上期减少90.20万股。 11月27日，内蒙华电盘中上涨2.02%，截至10:28，报4.54元/股，成交9942.91万元，换手率0.34%，总市 值296.32亿元。 资金流向方面，主力资金净流入931.70万元，特大单买入2283.02万元，占比22.96%，卖出648.23万元， 占比6.52%；大单买入1996.33万元，占比20. ...