2025 年三季报披露收官，养老基金的持仓动向成为市场焦点。 养老金和社保基金均由全国社保基金理事会负责运作，持仓风格一贯主要集中在盈利稳定、股息率较高的成熟行业。作为追求长期稳健回报的重要资金力 量，养老基金的持仓变化宛如一把标尺，精准衡量着行业景气度和企业价值的变迁，为市场各方提供了关键的投资参考信号。 据东方财富Choice金融终端数据，截至今年三季度末，养老金合计持股量达17.19亿股，持股市值达380.74亿元。 | 代得 | 证券简称 | 股东名称 | | --- | --- | --- | | 603129.SH | 春风动力 | 基本养老保险基金一六零二二组合 | | 688036.SH | 传音控股 | 基本养老保险基金/零二组合 | | 000776.SZ | 广发证券 | 基本养老保险基金八零二组合 | | 300487.SZ | 監院科技 | 基本养老保险基金一六零二二组合 | | 601877.SH | 止泰电器 | 基本养老保险基金/零二组合 | | 002049.SZ | 紫光国微 | 基本养老保险基金八零二组合 | | 600233.SH | 圆通速房 | 基本养老保险基金/零 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 1.93 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.2%. The net profit attributable to shareholders was 650 million yuan, up 9.3% year-on-year, and the net profit after deducting non-recurring gains and losses was 640 million yuan, an increase of 10.6% year-on-year. In Q3 alone, the revenue reached 690 million yuan, showing a year-on-year growth of 14.9% and a quarter-on-quarter increase of 2.3% [2][7]. Company Overview - The company is a leader in the adsorption separation materials industry, focusing on the research, production, and sales of adsorption separation materials and integrated solutions. It has an annual production capacity of 50,000 tons for adsorption separation materials and 70,000 liters for chromatography fillers [12]. - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park in Pucheng, which will help meet the rapidly growing order demand [12]. Financial Performance - For Q3 2025, the company's gross margin was 55.6%, and the net margin was 30.4%, reflecting a year-on-year increase of 4.4 percentage points and a decrease of 1.8 percentage points, respectively. The increase in gross margin is attributed to the rapid growth in high-value-added areas such as life sciences [12]. - The company has maintained a high level of R&D investment, with a research and development expense ratio of 5.3% in Q3 2025 [12]. Future Outlook - The company is expected to achieve net profits of 890 million yuan, 1.08 billion yuan, and 1.32 billion yuan for the years 2025, 2026, and 2027, respectively [12].