市场分歧加大。 有人辞官归故里，有人星夜赶科场。当上证指数一度站上4000点整数关口后，A股市场博弈加剧。有基金经理 坐享科技赛道红利，旗下基金净值一路飙升；有基金经理则错失行情，表现焦虑难安；也有基金经理对科技行 情表现出泰然自若心态。 这种分歧不仅体现在业绩上，更延伸至基金经理的操作策略中。基金三季报数据呈现出的多个极端数据成了分 歧背后的佐证。近期，公募绩优产品频频限购、私募基金选择封盘的现象，也成为分歧的直接映射。 4000点关口附近，A股市场已出现轻微震荡，关键节点的走向之争愈发激烈。 关键节点市场分歧加剧 一个月前，上证指数率先站上3900点整数关口，市场热度初显；10月28日，该指数更是时隔十年首次迈过4000 点大关，A股指数"扬眉吐气"。 然而，在这看似繁荣的背后，市场热情并未真正被点燃。久违的亢奋情绪转瞬即逝，A股市场成交额在2万亿 元上下徘徊，部分高位板块近日甚至遭遇较大幅度调整，呈现出"指数新高与结构调整并存"的分化格局。 与市场走势相伴的，是基金经理陷入激烈的多空分歧，对市场未来走向的分歧日益凸显，有关后市走势的方向 更显迷雾重重。 从基金三季报数据或能一窥究竟，比如规模超50亿元的 ...

Core Viewpoint - A-shares experienced a sudden influx of favorable policies after two days of significant declines, with the government and regulatory bodies sending clear signals to stabilize the market [1][6]. Market Performance - The Shanghai Composite Index closed at 3954 points, down 32 points, marking the second consecutive day of decline, with trading volume exceeding 1.2 trillion yuan [1]. - Despite the index drop, nearly 4000 stocks rose, indicating a divergence where small and mid-cap stocks outperformed large-cap stocks [3][12]. - The North Securities 50 index saw a weekly increase of over 7%, while the Sci-Tech 50 index fell more than 3% [3]. Sector Analysis - Sectors that underperformed included housing construction, communication equipment, gaming, semiconductors, and wind power equipment, which experienced profit-taking after previous gains [3][5]. - In contrast, sectors such as energy metals, photovoltaic equipment, cloud services, battery industry, and the internet showed strong performance, with some stocks experiencing continuous upward trends [5][6]. Policy Impact - The National Development and Reform Commission emphasized boosting consumer spending and removing unreasonable restrictions, which directly benefits sectors like liquor and consumer goods [6][8]. - The State Council's meeting highlighted the importance of application scenarios for new technologies, which is expected to promote the commercialization of new products [6]. Technical Analysis - The A-share market is undergoing a correction after an eight-day rally, with key support around the 20-day moving average [10]. - The market is showing signs of a potential downward trend, but analysts believe this is a normal pullback after a breakout [10][20]. Fund Flow and Market Sentiment - Despite the index decline, market activity remains robust, with a trading volume above 1.2 trillion yuan, indicating ongoing capital seeking opportunities [12]. - Northbound capital showed a net outflow of approximately 3.5 billion yuan, while domestic institutional funds displayed a shift towards lower-priced sectors [12][18]. Valuation and Economic Indicators - The valuation levels indicate a significant difference among indices, with the ChiNext index at around 35 times earnings and the Shanghai Composite at about 12 times [16]. - Upcoming macroeconomic data, including the manufacturing PMI, is expected to support market sentiment, with predictions of a rebound above the 50% mark [16]. Derivative Market Insights - The options market reflects increased expectations for short-term volatility, with the implied volatility of the Shanghai 50 ETF options rising to around 25% [14][21]. - The financing balance decreased by 4.2 billion yuan, indicating a cautious attitude among leveraged funds [14].

在沪指4000点关口附近，A股市场已现震荡，关键节点的走向之争愈发激烈。 关键节点市场分歧加大 一个月前，上证指数率先站上3900点整数关口，到了10月28日，该指数更是时隔十年首次迈过4000点大 关，A股指数"扬眉吐气"。 然而，在指数节节攀升的背后，市场热情并未被全面点燃。久违的亢奋情绪转瞬即逝，A股市场成交额 在2万亿元上下徘徊，部分高位板块近日甚至遭遇较大幅度调整，呈现出"指数新高与结构调整并存"的 分化格局。 有人辞官归故里，有人星夜赶科场。当上周上证指数一度站上4000点整数关口后，A股市场博弈加剧。 有基金经理坐享科技赛道红利，旗下基金净值一路飙升；有基金经理则因错失行情，焦虑不安；也有基 金经理对科技行情表现出泰然自若的心态。 这种分歧不仅体现在业绩上，更延伸至基金经理的操作策略中。基金三季报数据呈现出的多个极端数 据，成了分歧背后的佐证。近期，公募绩优产品频频限购、私募基金选择封盘的现象，也成为分歧的直 接映射。 与市场走势相伴的，是基金经理陷入激烈的多空分歧，对市场未来走向的分歧日益凸显，有关后市走势 的方向更显迷雾重重。 从基金三季报数据或能一窥究竟，比如规模超50亿元的主动权益基金产 ...

Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards illegal activities by delisted companies [1][3][5]. Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or prior notices, two shareholders being investigated, and one company facing regulatory measures [1][2]. - Pan Hai Holdings and Qingdao Zhongzi Zhongcheng Group received fines of 8.4 million yuan and 20.6 million yuan respectively for violations related to financial disclosures and contract defaults [2]. Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5]. - For instance, the controlling shareholder of Changjiang Health was fined 15 million yuan, and the former and current chairpersons faced fines of 1.2 million yuan each, along with lifetime bans from the securities market [4]. Strengthening Investor Protection - The CSRC is enhancing investor protection measures, particularly for small and medium investors, by promoting proactive compensation from controlling shareholders in cases of significant violations leading to forced delisting [7][8]. - Recent judicial actions have also favored investors, as seen in the case of Shanghai Longyu Data, where investors won a civil lawsuit against the delisted company [7]. Overall Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, reduce the occurrence of illegal activities, and ultimately foster a healthier capital market ecosystem [5][6].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 为进一步提升企业经营过程的公开、透明度，加强投资者关系管理工作，更好地与投资者进行充分沟通 与交流，深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）决定自2025年11月起每月16日作为 公司指定的"投资者接待日"（遇公休假日或法定节假日顺延），具体事项公告如下： 一、基本情况规定 （一）接待时间：15:00-17:00 （二）接待方式：现场接待 （三）接待地址：深圳市宝安区福海街道高新开发区建安路德的工业园A栋二楼会议室 （四）以上日期如处于公司定期报告、业绩预告、业绩快报及其他重大事项等信息披露敏感期间，公司 不接待投资者来访，请广大投资者予以理解与配合。 （五）除"投资者接待日"外的日常时间，公司设立专门的投资者咨询电话和电子邮箱，保证投资者咨询 问题的及时反馈，投资者亦可通过投资者关系互动平台等线上形式进行交流。 二、接待说明 （一）为更好地服务投资者，有意向来公司进行现场交流的投资者应事先在"投资者接待日"前3个工作 日以电话或电子邮件的方式与公司 ...

每经编辑｜黄胜 10月31日，共进股份（603118.SH）公告称，公司大股东唐佛南及其一致行动人崔正南、汪大维及其一致行动人王丹华与唐山工控签署了《股份转让协 议》。同日，汪大维作为委托方与受托方唐山工控签署了《表决权委托协议》。第一次股份转让及表决权委托前，公司无控股股东、实际控制人。 第一次股份转让及表决权委托完成后，公司控股股东将变更为唐山工控，公司实际控制人将变更为唐山市人民政府国有资产管理委员会。公司股票自2025年 11月3日起复牌。 盘面上，共进股份自10月27日开市起停牌，截至10月24日收盘，共进股份股价报11.94元/股，涨幅达3.2%，总市值为94亿元。 | | 共进股份 | | | | | --- | --- | --- | --- | --- | | | 603118 融 沪股通 L1 | | | | | 11.94 | 间 市值 94.00亿 量比 | | | 0.0 | | | ਜ਼ਿੰ | 流通 94.00亿 | 换 | | | 停牌 | 开 | 市盈" 亏损 | 额 | | | 同花顺 | 复牌提示: 2025-10-27因"大股东筹划股份 ... - | | | | | ...

Group 1: Market Overview - In October, the communication sector experienced a decline of 0.45%, aligning closely with the overall market performance, ranking 20th among 31 primary industries [12][17] - The communication industry’s price-to-earnings (PE) ratio was 23.2, indicating a recovery from historical lows, while the price-to-book (PB) ratio was 2.4, reflecting a return to historical median levels [17][22] Group 2: Fund Holdings Analysis - As of Q3 2025, the market value of funds heavily invested in the communication sector reached 288.6 billion yuan, accounting for 7.14% of total fund holdings, with a quarter-on-quarter increase of 3.2 percentage points [30][34] - The concentration of fund holdings in the top ten communication stocks increased, with these stocks representing 99% of the total market value in the communication sector [34][40] Group 3: Financial Performance - In the first three quarters of 2025, the communication industry (excluding operators) saw a revenue growth of 19.57% and a net profit growth of 33.69% [2][42] - For Q3 2025 alone, non-operator communication companies reported total revenues of 185.1 billion yuan, a year-on-year increase of 19.47%, and net profits of 16.7 billion yuan, reflecting a significant growth of 47.4% [2][42] Group 4: Subsector Performance - The growth rates for revenue in the first three quarters of 2025 were led by the optical module, optical device/chip, and liquid cooling sectors, with growth rates of 63.5%, 37.1%, and 36.4% respectively [44] - Notably, the optical module sector achieved a profit growth rate of 125.7%, while AIDC and optical devices/chips also showed significant profit increases of 117.7% and 93.9% respectively [44] Group 5: Investment Recommendations - Continuous attention is recommended for the development of AI computing infrastructure, particularly in sectors such as optical devices, communication equipment, and liquid cooling [4] - The three major operators remain important assets for dividend configuration, with stable operations and increasing dividend payouts [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company is firmly advancing its "Connection + Computing Power" transformation strategy, with a stable foundation in connection business and a significant increase in computing power business, which has driven revenue growth of 180% year-on-year, accounting for approximately 25% of total revenue [5][12] - The company has shown effective cost control, with an increase in the proportion of government and enterprise business, although there are structural fluctuations in gross margin and a phase adjustment in profitability [12] - Strong R&D investment continues to enhance the company's full-stack intelligent computing capabilities [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 100.52 billion yuan, a year-on-year increase of 11.6%, and a net profit attributable to shareholders of 5.32 billion yuan, a decrease of 32.7% year-on-year [5] - In Q3 alone, the company reported operating revenue of 28.97 billion yuan, a year-on-year increase of 5.1% but a quarter-on-quarter decrease of 24.9%, with a net profit of 260 million yuan, down 87.8% year-on-year and 89.8% quarter-on-quarter [5] Business Segments - The computing power business has seen a year-on-year revenue increase of 180%, becoming a core growth driver, with server and storage revenue growing by 250% and data center products by 120% [12] - The government and enterprise business has continued to expand rapidly, with a year-on-year increase of 130% [12] Cost Management - The gross margin for Q3 was 25.9%, down 14.5 percentage points year-on-year and 5.0 percentage points quarter-on-quarter, primarily due to the rapid growth of lower-margin government and enterprise business [12] - The company has effectively managed expenses, with an expense ratio of 9.7% for the first three quarters, a decrease of 0.8 percentage points year-on-year [12] R&D Investment - The company has maintained high R&D investment, with R&D expenses of 17.81 billion yuan for the first three quarters, accounting for approximately 18% of revenue [12] - The company has made significant advancements in AI infrastructure and core technology breakthroughs, enhancing its competitive edge in the market [12] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 8.578 billion yuan, 9.396 billion yuan, and 10.556 billion yuan, corresponding to year-on-year growth rates of 2.0%, 9.5%, and 12.3% respectively [12]

Core Viewpoint - The company has shown preliminary signs of a performance turning point with a quarter-on-quarter increase in revenue and profit, supported by a multi-dimensional business system that includes "CT communication + IT computing + high-end PCBA manufacturing + automotive electronics manufacturing" [1][3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.235 billion yuan, a year-on-year decrease of 1.81%, and a net profit attributable to the parent company of 47 million yuan, down 55.26% year-on-year [2][3] - In Q3 2025, the company reported operating revenue of 513 million yuan, an increase of 18.31% year-on-year and 18.78% quarter-on-quarter; the net profit attributable to the parent company was 25 million yuan, a year-on-year decrease of 11.54% but a quarter-on-quarter increase of 122.22% [2][3] Business Expansion - The company has gradually formed a multi-dimensional business system and expanded its product layout to include "server products, optical communication transmission equipment access network products, DPU module cards, and high-end equipment control boards," which is expected to contribute to future revenue growth [1][3][5] Stock Incentive Plan - The company announced a stock option incentive plan for 2025, targeting 430 individuals with a total of 1.3953 million stock options, representing 2.01% of the total share capital, with an exercise price of 99.86 yuan per share; the performance assessment targets a revenue growth rate of no less than 35%, 60%, and 90% for 2026 to 2028, reflecting confidence in long-term development [4][5] Profit Forecast - The company forecasts net profits attributable to the parent company of 74 million yuan, 140 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 90x, 48x, and 30x, maintaining a "buy" rating [5]

Core Viewpoint - In October, the A-share market experienced increased differentiation, yet institutional research activities remained robust, with over 600 listed companies undergoing institutional surveys [1][5]. Summary by Sections Institutional Research Activities - Over 600 A-share listed companies were surveyed by institutions in October, indicating sustained interest despite market fluctuations [3][5]. - Popular companies continued to attract significant institutional attention, with many undergoing multiple rounds of research [2][9]. Market Performance - The overall market showed mixed results, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.10% and 1.56%, respectively [4]. Company-Specific Insights - **Okoyi**: The company reported a low channel inventory and is entering a restocking phase, with product prices on the rise. The domestic high-end market's import substitution is accelerating, enhancing the company's competitive edge [5][6]. - **Bosch**: The company is actively advancing its fundraising project construction to meet business expansion needs, despite a slight stock price decline of 1.13% in October [7]. - **Fangyuan**: The company has shifted to using recycled materials for production, achieving breakthroughs in nickel and lithium separation technology, leading to a stock price increase of over 26% in October [7]. - **Feilong**: The company reported a self-manufacturing rate of over 90% for its electronic pump products, with ongoing R&D projects in various advanced fields, although its stock price fell by nearly 8% in October [8]. - **Xinyisheng**: The company anticipates a continuous increase in the shipment of its 1.6T optical modules, despite a stock price decline of about 6% in October [10]. - **Zhongji Xuchuang**: The company is preparing for increased demand driven by AI and data center hardware, with a stock price increase of over 17% in October [11]. - **Haiguang Information**: The company is focusing on a product development strategy aligned with AI computing needs, although its stock price has seen a decline of over 9% in October [12]. Industry Trends - The electronics, power equipment, automotive, and pharmaceutical sectors are particularly favored by institutions, with a higher frequency of surveys in these industries [8].