09:26 黄金股开盘大涨，赤峰黄金、四川黄金竞价涨停，山金国际、西部黄金、山东黄金、中金黄金等 多股高开。消息面上，10月8日，现货黄金历史首次突破4000美元/盎司大关，年内涨幅超52%。 09:25 A股开盘丨沪指跳空高开0.4% 沪指高开0.40%，深成指高开0.53%，创业板指高开0.40%，科创50涨2.12%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3 | 3898.31c | 15.53 | 0.40% | | 399001 | 深证成指 | VV | 13598.35c | 71.84 | 0.53% | | 399006 | 创业板指 | "In | 3251.04c | 12.88 | 0.40% | | 000688 | 科创50 | ww | 1526.92c | 31.63 | 2.12% | 09:35 蓝丰生化盘初涨停后快速触及跌停，上演"天地板"，此前连续7日涨停。 | 200 3日 19 5分 15分 30分 60分 日 11 7 第 ...

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 电力行业 2025 年三季报前瞻：火电经营持续改 善，清洁能源延续分化 报告要点 [Table_Summary] 综合火电三要素，虽然三季度电价及电量延续回落，但考虑到三季度煤价仍有显著下降，北方 电厂及部分华东、华中地区火电运营商三季度业绩仍将维持积极表现。水电方面，7-8 月主汛 期电量的明显偏弱预计将限制主要水电公司三季度的业绩表现。核电方面，虽然三季度电量预 计稳健增长，但由于不同省份受电价下降影响不同，因此两核业绩或将有所分化。绿电方面， 虽然绿电 7-8 月全国利用小时数持续回落，但是如福建、上海、广东等东部沿海省份风电利用 小时明显修复，部分区域性新能源运营商预计实现优异的业绩表现。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 1 公用事业 cjzqdt11111 [Table_Title 电力行业 2025 2] 年三季报前瞻：火电经营持续改 善 ...

Core Viewpoint - China Xidian's stock price has shown fluctuations, with a recent increase of 2.11% and a year-to-date decline of 9.54%, indicating potential volatility in the market [1] Financial Performance - For the first half of 2025, China Xidian reported revenue of 11.33 billion yuan, a year-on-year increase of 9.57%, and a net profit attributable to shareholders of 598 million yuan, reflecting a growth of 32.23% [2] - Cumulatively, since its A-share listing, China Xidian has distributed a total of 4.67 billion yuan in dividends, with 1.24 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for China Xidian increased by 6.78% to 166,400, while the average number of tradable shares per shareholder decreased by 6.35% to 30,799 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares, a decrease of 835,300 shares from the previous period [3] Market Activity - As of September 30, 2023, China Xidian's stock was trading at 6.78 yuan per share, with a total market capitalization of 34.75 billion yuan [1] - The stock experienced a trading volume of 426 million yuan, with a turnover rate of 1.24% [1]

Core Viewpoint - The stock of Guodian NARI has shown a slight increase recently, with a notable net inflow of funds, despite a year-to-date decline in share price [1][2]. Financial Performance - For the first half of 2025, Guodian NARI reported a revenue of 24.243 billion yuan, representing a year-on-year growth of 20.53% [2]. - The net profit attributable to shareholders for the same period was 2.952 billion yuan, reflecting an 8.97% increase compared to the previous year [2]. Stock Market Activity - As of September 30, Guodian NARI's stock price was 23.00 yuan per share, with a trading volume of 843 million yuan and a market capitalization of 184.738 billion yuan [1]. - The stock has experienced a year-to-date decline of 6.66%, but has seen a recent uptick of 3.73% over the last five trading days [1]. Shareholder Information - As of June 30, the number of shareholders for Guodian NARI was 100,400, a decrease of 8.75% from the previous period [2]. - The average number of circulating shares per shareholder increased by 9.59% to 79,622 shares [2]. Dividend Distribution - Guodian NARI has cumulatively distributed 24.308 billion yuan in dividends since its A-share listing, with 12.674 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 1.089 billion shares, a decrease of 27.4801 million shares from the previous period [3]. - Other notable institutional shareholders include various ETFs, which have seen increases in their holdings [3].

Core Viewpoint - 康强电子's stock price has shown a positive trend with a year-to-date increase of 16.83%, indicating strong market performance and investor interest [1][2]. Company Overview - 康强电子, established on June 29, 1992, and listed on March 2, 2007, is located in Ningbo, Zhejiang Province. The company specializes in the manufacturing and sales of semiconductor packaging materials, including lead frames and bonding wires [1]. - The revenue composition of 康强电子 includes lead frame products (59.11%), bonding wires (23.69%), electrode wires (16.36%), and others (0.82%) [1]. Financial Performance - For the first half of 2025, 康强电子 reported a revenue of 9.71 billion yuan, a slight decrease of 0.37% year-on-year. However, the net profit attributable to shareholders increased by 26.23% to 594.84 million yuan [2]. - The company has distributed a total of 1.53 billion yuan in dividends since its A-share listing, with 33.78 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, 康强电子 had 80,400 shareholders, an increase of 0.53% from the previous period. The average number of circulating shares per shareholder decreased by 0.53% to 4,670 shares [2]. - The seventh largest circulating shareholder is the Guotai Zhongzheng Semiconductor Materials Equipment Theme ETF, holding 1.1981 million shares, an increase of 191,300 shares from the previous period [3]. Market Activity - On September 30, 康强电子's stock rose by 2.04% to 18.05 yuan per share, with a trading volume of 398 million yuan and a turnover rate of 5.95%. The total market capitalization reached 6.774 billion yuan [1]. - The stock has appeared on the龙虎榜 three times this year, with the most recent appearance on January 20, where it recorded a net buy of -150 million yuan [1].

9月30日，神州泰岳盘中下跌2.06%，截至10:40，报14.29元/股，成交5.49亿元，换手率2.06%，总市值 281.11亿元。 资金流向方面，主力资金净流出5729.87万元，特大单买入2681.34万元，占比4.88%，卖出9616.78万 元，占比17.50%；大单买入1.23亿元，占比22.41%，卖出1.11亿元，占比20.22%。 神州泰岳今年以来股价涨24.37%，近5个交易日跌0.35%，近20日涨10.35%，近60日涨11.82%。 资料显示，北京神州泰岳软件股份有限公司位于北京市朝阳区北苑路甲13号院1号楼22层，成立日期 2001年5月18日，上市日期2009年10月30日，公司主营业务涉及运营商业务、物联网与通信、人工智能 与大数据、手机游戏及创新业务等。主营业务收入构成为：游戏75.53%，AI/ICT运营管理19.89%，物 联网/通讯2.04%，创新服务1.99%，其他(补充)0.55%。 分红方面，神州泰岳A股上市后累计派现12.97亿元。近三年，累计派现3.72亿元。 机构持仓方面，截止2025年6月30日，神州泰岳十大流通股东中，香港中央结算有限公司位居第一大流 ...

Core Viewpoint - Tongyu Heavy Industry's stock price has shown a significant increase this year, with a 23.59% rise, despite a recent decline in trading [1][2] Company Overview - Tongyu Heavy Industry Co., Ltd. is located in Dezhou, Shandong Province, and was established on May 25, 2002, with its stock listed on March 8, 2011 [1] - The company specializes in the research, production, and sales of large forged products, forming a complete industrial chain that includes large forging blank preparation, casting and forging, heat treatment, and design and manufacturing of large complete equipment [1] Business Composition - The main business revenue composition includes: - Other forgings: 23.60% - Castings: 17.46% - Wind power equipment modular business: 17.16% - Wind power main shafts (including forged and cast main shafts): 13.43% - Energy revenue: 9.35% - Powder metallurgy products: 7.16% - Structural components and complete equipment (including metallurgical equipment and nuclear power business): 5.83% - Forging materials: 5.43% - Others: 0.56% - Trade revenue: 0.01% [1] Financial Performance - For the first half of 2025, Tongyu Heavy Industry achieved an operating income of 2.943 billion yuan, a year-on-year increase of 7.59%, and a net profit attributable to shareholders of 60.739 million yuan, a year-on-year increase of 49.70% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 124,200, a decrease of 5.01% from the previous period, with an average of 29,365 circulating shares per person, an increase of 5.27% [2] - The top ten circulating shareholders include significant holdings by Hong Kong Central Clearing Limited and various ETFs, indicating institutional interest [3]

Core Viewpoint - Hangzhou High-tech has experienced significant stock price fluctuations, with a year-to-date increase of 176.14% but a recent decline of 1.19% over the past five trading days [2] Group 1: Stock Performance - As of September 30, Hangzhou High-tech's stock price was 24.88 CNY per share, with a market capitalization of 3.152 billion CNY [1] - The stock has seen a 36.48% increase over the past 20 days and a 66.98% increase over the past 60 days [2] - The company has appeared on the stock market's "龙虎榜" (top trading list) six times this year, with the latest appearance on September 16 [2] Group 2: Financial Performance - For the first half of 2025, Hangzhou High-tech reported revenue of 197 million CNY, a year-on-year increase of 28.79%, while the net profit attributable to shareholders was -6.8545 million CNY, reflecting a year-on-year increase of 21.54% [2] - The company's main revenue sources include special polyethylene and cross-linked polyethylene cable materials (70.15%), special PVC cable materials (13.26%), general PVC cable materials (9.69%), and halogen-free low-smoke flame-retardant cable materials (6.54%) [2] Group 3: Shareholder Information - As of September 19, the number of shareholders for Hangzhou High-tech was 11,800, a decrease of 14.64% from the previous period, while the average circulating shares per person increased by 17.15% to 10,698 shares [2] Group 4: Dividend Information - Since its A-share listing, Hangzhou High-tech has distributed a total of 39.882 million CNY in dividends, with no dividends paid in the last three years [3]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

来源：新浪证券-红岸工作室 9月29日，德固特涨1.44%，成交额1.60亿元，换手率5.65%，总市值48.18亿元。 异动分析 专精特新+东数西算(算力)+人民币贬值受益+碳中和+核电 1、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部专精特新 小巨人企业名单。 2、根据2023年3月30日标的公司（"浩鲸科技"）官网：浩鲸科技本次通过评估的"鲸睿算网大脑"，作为 算力网络编排管理层的核心系统和智能中枢，致力于为电信运营商和云服务商等提供算网融合编排和智 能调度服务，以算网多要素融合创新场景为牵引，构建算网大脑一体化解决方案，向下拉通算网基础设 施资源，向上支撑算网融合业务场景，以"泛在算网统一度量模型"、"算网多要素编排设计模型"、"算 网需求智能解构能力"、"算网方案智能推荐能力"、"全栈智能编排调度能力"和"全局负载均衡调度能 力"等六大核心能力为支柱，打造融合5G、云、MEC、视频、 ...