Wind数据显示，截至三季度末，"国家队"资金（包括证金公司、中央汇金、证金资管、社保基金、国 务院国资委监管企业，下同）重仓持有超800只A股股票，三季度末持有农业银行、中国银行、工商银 行的市值均在万亿元以上（以三季度末市值计算，下同）。 从三季度的调仓换股情况来看，"国家队"资金增持部分保险、资源品、消费、电子、通信等相关板块个 股，其中部分个股三季度股价实现翻倍上涨；同时，部分"国家队"资金退出证券、银行、电力、地产、 医药等相关板块个股的前十大股东序列。 重仓持有超800只股票 Wind数据显示，截至三季度末，超800家A股上市公司前十大股东中出现"国家队"资金身影，持仓市值 超100亿元的上市公司共有33家。 其中，农业银行、中国银行、工商银行是"国家队"资金三季度末持有市值最多的三只个股，分别持有 1.11万亿元、1.03万亿元、1.02万亿元；中金公司、中国平安、新华保险、中信建投持有市值均在600亿 元以上。 偏成长风格方面，"国家队"资金三季度增持鹏鼎控股、三环集团、深南电路、安克创新、三安光电、信 维通信、纳芯微等电子标的，亿联网络、华测导航、星网锐捷、光迅科技等通信标的，晶澳科技、TC ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit exceeding expectations, driven by growth in Apple-related business and the integration of Leoni and Wentei assets [2][3][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 220.9 billion, a year-on-year increase of 24.69%, and a net profit of 11.52 billion, up 26.92% [2][17]. - Q3 revenue reached 96.4 billion, showing a year-on-year growth of 31.03% and a quarter-on-quarter increase of 53.57% [2]. - The company forecasts full-year net profit between 16.52 billion and 17.19 billion, corresponding to a growth range of 23.59% to 28.59% [4]. Profitability Improvement - Q3 gross margin improved to 12.84%, reflecting a year-on-year increase of 1.09 percentage points, attributed to the growth in automotive and communication sectors [3][17]. - The integration of Leoni exceeded expectations, contributing positively to profitability despite some transitional impacts from Wentei's ODM/OEM business [3][17]. Business Growth Drivers - The company is focusing on three main business segments: consumer electronics, automotive, and data centers, with a strategic emphasis on AI and smart manufacturing [4][9]. - The automotive sector is expanding rapidly, with successful integration of Leoni and increased collaboration with major automotive manufacturers [9][13][14]. - The data center business is experiencing explosive growth due to rising demand for AI computing power, with significant advancements in product offerings [8][15]. Strategic Outlook - The company plans to enhance its investment in AI-related hardware, data centers, and smart automotive technologies, aiming to build a more resilient business matrix [4][10]. - The management emphasizes the importance of vertical integration and technological innovation to maintain competitive advantages in the evolving market landscape [10][32]. Integration and Synergy - The integration of Leoni is progressing well, with a focus on optimizing operations and enhancing profitability through shared resources and cultural alignment [13][27]. - The company is leveraging Leoni's global production network to support its automotive business and expand its product lines [14][27]. R&D and Innovation - The company is increasing R&D investments in AI terminals, automotive intelligence, and high-speed interconnects, aiming to establish core technological barriers [10][12]. - Innovations in materials and manufacturing processes are enhancing product competitiveness, particularly in wearable technology and AI hardware [12][20]. Financial Management - The company reported a decrease in cash flow from operating activities, primarily due to seasonal fluctuations and strategic inventory management [18][19]. - Capital expenditures increased significantly to 13.20 billion, reflecting investments in capacity expansion and new product lines [19][20].

策略研究 / [Table_Date] 2025.11.3 10 月以来南向资金流入红利价值规模较 可观 ——10 月第 4 周全球外资周观察 本报告导读： ① 北向资金：最近一周可能小幅净流出，其中灵活型外资可能小幅净流入。②港 股：最近一周稳定型外资流出 106 亿港元，灵活型外资流出 37 亿港元，港股通 流入 209 亿港元。③亚太市场：外资本周流入日本，9 月流出印度。④美欧市 场：9 月资金流入欧洲，流入美国。 投资要点： 海 外 策 略 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 策 略 研 究 [Table_Summary] 北 向资金 ：最近 一周北向 资金可 能 小幅 净流出。 最近一周 （2025/10/27-2025/10/31，下同）交易日期间北向资金估算净流出 71 亿元，前一周（2025/10/20-2025/10/24，下同）估算净流入 100 亿元。最近一周交易日期间灵活型外资估算净流入 0.1 亿元，前一 周估算净流入 68 亿元。此外，我们汇总最近一周陆股通每日前十大 活跃个股，其中中际旭创（本周陆股通双向成交总金额为 185 亿元， 占个股当周交易 ...

智通财经APP讯，神宇股份(300563.SZ)发布公告，公司于近日收到中国证券监督管理委员会出具的《关 于同意神宇通信科技股份公司向不特定对象发行可转换公司债券注册的批复》，同意公司向不特定对象 发行可转换公司债券的注册申请。 ...

量能大幅萎缩，沪深两市半日成交额1.38万亿元，较上个交易日缩量1755亿。 个股方面，中际旭创成交额超129亿元居首，工业富联、阳光电源、新易盛成交额靠前。 海南自贸区板块延续强势，罗牛山等多股涨停； 量子科技概念股震荡拉升，神州信息涨停。 下跌方面，电池概念股集体大跌，海科新源跌超15%，上海洗霸触及跌停； 黄金概念股表现疲软，潮宏基触及跌停。 三大指数涨跌不一，沪指翻红，创业板指跌超1%，黄白线分化明显。南财金融终端显示，截至早盘收盘，沪指涨0.05%，深成指跌1.06%，创业板指 跌1.37%。 盘面上热点快速轮动，从板块来看，钍基熔盐概念股大涨，宝色股份、海陆重工一字涨停； AI应用端反复活跃，吉视传媒、三七互娱等涨停； 煤炭板块再度走强，安泰集团13天7板； | 沪深A股 | 上证A股 | 深证A股 | 创业板 | 科创板 风险警示 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਮ ਵਿੱਚ | | 名称 | | 涨幅 | 最新价 | 涨跌 | 涨速 | 量比 ...

| 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 北方稀土 | -4.61 | -11.12亿元 | 小金属 | | 比亚迪 | -2.13 | -10.80亿元 | 汽车整车 | | 中芯国际 | -4.26 | -9.11亿元 | 未营体 | | 宁德时代 | -2.42 | -8.12亿元 | 电池 | | 先导智能 | -8.58 | -7.62亿元 | 电池 | | 中际旭创 | -1.06 | -7.41亿元 | 通信设备 | | 三六零 | 5.51 | -7.40亿元 | 软件开发 | | 福龙马 | 3.23 | -7.03亿元 | 环保行业 | | 紫雯矿业 | -3.02 | -6.74亿元 | 有色金属 | | 澜起科技 | -4.5 | -5.63亿元 | 未营体 | | 次阳组训 | _5 16 | -5 10/7 뉴 | 小 ◆ ■ | 据交易所数据显示，截至11月3日午间收盘，主力资金流出前20的股票分别为：北方稀土（-11.12亿元）、比亚迪（-10.80亿元）、中芯国际（-9.11亿元）、 宁德时代 ...

金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 2025 年 11 月 03 日 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 何申昊（分析师） 证书编号：S0790524070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 券商金股解析月报（2025 年 11 月） ——金融工程定期 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 11 月份券商金股特征解析 11 ...

Group 1 - The current index level is not as critical as the underlying quality of the market, with structural opportunities still present despite a focus on timing being less important [1] - The overall growth is entering a recovery phase, with improvements in net profit margins across various sectors, indicating a broadening of growth prospects [2] - The market is expected to experience a period of horizontal adjustment, suggesting a temporary pause in aggressive investment strategies [4] Group 2 - The recent U.S.-China trade discussions have alleviated external uncertainties, contributing to a favorable policy environment for the A-share market [5] - The focus is shifting towards internal structural optimization, with an emphasis on sectors like AI and cyclical industries that are expected to perform well in the coming year [7] - The market is likely to see a rotation in investment themes, with a potential focus on sectors benefiting from domestic demand and global supply chain dynamics [9] Group 3 - The technology sector remains a key focus, although there may be increased volatility in the short term due to high allocation levels and potential shifts in investment strategies [10] - The outlook for the market remains optimistic in the medium to long term, supported by clear economic growth targets and stable policy environments [8] - The recovery in profitability is expected to solidify the bull market, with a focus on sectors that can leverage both domestic and international opportunities [11][12]

每日经济新闻 华泰证券指出，全球半导体行业规模有望从2024年的6310亿美元增长至2030年的1万亿美元以上 （CAGR约8%），其中AI/HPC将成为核心驱动力，占比预计从2025年的35%提升至2030年的48%。 SEMI预测2026年全球WFE资本开支同比增长10%，较2025年的6%加速，反映AI驱动下先进工艺逻辑和 存储资本开支的强劲增长。 在海内外算力基础设施持续投入的背景下，光模块市场有望维持高景气度。通信ETF（515880）规 模同类第一，截至10月28日，通信ETF光模块占比达52%，服务器占比达22%，叠加光纤、铜连接等环 节，合计占比超81%，代表了海外算力的基本面底气。 注：数据来源：中证指数公司，wind，截至2025/10/31，通信ETF规模为117.39亿，在同类15只产 品中排名第一。权重占比截至2025/10/28。指数成分股可能随指数编制规则发生变动，不构成任何投资 建议或个股推荐。如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析 参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数 仅供参考，不构成任 ...

Summary of the Conference Call Records Industry Overview - The analysis focuses on the overall performance of the A-share market in Q3 2025, highlighting a significant improvement in net profit growth, particularly in the dual innovation sectors, with the Sci-Tech 50 and ChiNext indices leading in net profit growth rates [1][2]. Key Financial Metrics - The net profit growth rate for the entire A-share market reached 11.55% year-on-year in Q3 2025, a notable increase compared to Q2 [1][2]. - The overall revenue growth for the A-share market was 3.89% year-on-year in Q3, with a cumulative growth of 1.4% for the first three quarters [2]. - The two non-financial sectors (excluding financial and oil & gas industries) showed a revenue growth of 3.5% in Q3, with a cumulative growth of 1.67% [2]. Profitability and Cost Management - The decline in expense ratios significantly contributed to corporate profitability, particularly with financial expenses decreasing by 11% year-on-year [1][6]. - The return on equity (ROE) for the two non-financial sectors slightly rebounded to 6.31% in Q3, although the recovery was weak [1][7]. - The improvement in net profit margins was the main driver for the ROE rebound, while asset turnover remained at a low level [7][10]. Economic Indicators and Their Impact - Macroeconomic indicators showed a rebound in industrial profits due to low base effects in August and September, with improvements in price levels, particularly the Producer Price Index (PPI) [3][11]. - The supply-side reforms are expected to positively influence PPI and related economic indicators, with a potential for PPI to turn positive by mid-2026 [11][12]. Cash Flow Analysis - Overall cash flow in Q3 2025 remained at a low level compared to the past decade, with operating cash flow showing improvement while investment cash flow declined [1][13]. - The operating cash flow for listed companies increased to 7.78% of revenue, up from 6.71% in the previous year, indicating some recovery in profit margins [14]. Sector Performance - The dual innovation sectors (Sci-Tech and ChiNext) showed significant profit improvements, with net profit growth rates of 65.4% and 33.38% respectively [5]. - The TMT (Technology, Media, and Telecommunications) sector maintained high growth, with double-digit net profit growth across various sub-sectors, particularly in semiconductors and optical electronics [23]. - The non-bank financial sector performed well, driven by strong market profitability and significant investment income growth [22]. Consumer Goods Sector - The essential consumer goods sector, particularly the liquor segment, faced challenges with both volume and price declines, impacting even leading companies [19]. - In contrast, the discretionary consumer goods sector saw high growth in segments like sports, automotive services, and cosmetics, benefiting from structural recovery supported by policies [20]. Future Outlook - The economic recovery is expected to accelerate in the latter half of 2025 and into 2026, driven by demand-side policies and improved corporate expectations [18]. - However, there remains uncertainty regarding corporate capital expenditure willingness, as companies have yet to form a strong consensus on future revenue expectations [18]. Conclusion - The overall performance of the A-share market in Q3 2025 indicates a positive trend, with significant improvements in profitability and revenue growth across various sectors. However, challenges remain in consumer goods and the need for sustained economic recovery and corporate investment.