公司最新资产负债率为8.20%，较上季度资产负债率增加0.15个百分点。 公司最新毛利率为-7.59%，较去年同期毛利率减少11.77个百分点。最新ROE为-2.75%，较去年同期 ROE减少0.12个百分点。 公司摊薄每股收益为-0.50元。 公司最新总资产周转率为0.07次，较去年同期总资产周转率减少0.05次，同比较去年同期下降39.27%。 最新存货周转率为3.14次，较去年同期存货周转率减少0.84次，同比较去年同期下降21.10%。 2025年10月28日，大全能源(688303.SH)发布2025年三季报。 公司股东户数为4.00万户，前十大股东持股数量为17.16亿股，占总股本比例为79.99%，前十大股东持 股情况如下： 公司营业总收入为32.43亿元，较去年同报告期营业总收入减少27.62亿元，同比较去年同期下降 46.00%。归母净利润为-10.73亿元。经营活动现金净流入为-15.52亿元。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | l | Dago New Energy Corp. | 71.40% | | 2 | 深创投红土私募股权投资基 ...

2024年以来，龙川农商银行丰稔支行、连平农商银行上坪支行突出先行先试，结合县域经济特色，以国 家地理标志保护产品龙川山茶油、连平鹰嘴蜜桃核心产区为支点挂牌设立"绿色支行"，全力打造绿色金 融专营机构"河源样板"。"绿色支行"立足当地特色资源优势，重点支持相关产业（项目）绿色低碳转型 的融资需求，推动经济高质量发展。截至今年7月末，"绿色支行"分别向龙川山茶油、连平鹰嘴蜜桃相 关产业投放贷款1.67亿元、4469.36万元。 地理标志是河源市金融机构锚定知识产权加大金融支持的着力点之一。为充分释放知识产权的经济价 值，引导资金流向更具竞争力和市场潜力的领域，中国人民银行河源市分行持续强化协同联动，构 建"政银企"融资对接闭环，与农业农村局、发改局、生态环境局等部门建立重点项目和融资需求日常联 系机制，适时向银行机构推送项目清单，实现项目与资金"无缝对接"；相继与市林业和草原局联合出台 《关于推进公益林补偿收益权质押贷款试点工作实施方案》，与市场监督管理局、市科技局等部门联合 出台《河源市推进知识产权质押融资服务高质量发展工作方案》、"益企共赢计划"等，打通"资源—资 产—资本"转化通道。 政策红利持续释放下， ...

Group 1: Securities Firms Performance - Several listed securities firms have reported their Q3 results, showing that leading firms remain stable while smaller firms are experiencing rapid growth [1] - The A-share market has seen active trading and a significant increase in margin financing, providing a boost to various business operations of securities firms [1] - The securities sector is expected to present new investment opportunities due to multiple factors including policy, funding, performance, and valuation [1] Group 2: New Listings and Market Developments - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibete, have successfully listed, marking the growth of the Sci-Tech Innovation Board [2] - The total number of companies on the Sci-Tech Innovation Board has reached 592, with 11 companies listed this year, raising a total of 16.95 billion yuan, a 54% increase year-on-year [2] Group 3: Commodity Market Trends - The copper futures market has seen a continuous inflow of funds, with a total capital of 48.758 billion yuan, making it the second-largest commodity futures market after gold [1] - Shanghai copper futures prices have surpassed 88,300 yuan per ton, while London Metal Exchange copper prices have exceeded $10,000 per ton, approaching historical highs [1] Group 4: Corporate Financial Results - Dongyangguang reported a net profit of 906 million yuan for the first three quarters, a year-on-year increase of 189.8% [7] - Xintai's net profit for the first three quarters reached 581 million yuan, reflecting a year-on-year growth of 13.93% [8] - Aier Eye Hospital's Q3 net profit was 1.064 billion yuan, down 24.12% year-on-year [8] - Huazheng Technology reported a net profit of 3.099 billion yuan for the first three quarters, a year-on-year increase of 51.17% [9] Group 5: Market Indices and Economic Indicators - The three major U.S. stock indices have reached new highs, with the Nasdaq rising by 1.86% and the S&P 500 by 1.23% [10] - The market anticipates further interest rate cuts from the Federal Reserve, contributing to the rise in stock indices [10] - Long-term U.S. Treasury yields have declined, with the 10-year yield falling below 4% [10]

Group 1 - The Shanghai government aims to consolidate the positive economic recovery observed in the first three quarters of the year and focus on achieving annual goals and the successful conclusion of the 14th Five-Year Plan [1] - The city is committed to enhancing the quality and efficiency of economic growth by strengthening key industries, regions, and policies, while expanding effective demand through foreign trade, consumption, and investment [1] - The government emphasizes the importance of state-owned, private, and foreign enterprises in driving growth and encourages collaboration among various business entities to stabilize and boost economic performance [1] Group 2 - The Shanghai government has approved the "Shanghai Marine Industry Development Plan (2026-2035)" which focuses on strengthening leading industries such as shipbuilding and marine engineering, and enhancing the core competitiveness of emerging marine industries [2] - The plan aims to optimize spatial layout along coastal and river areas, linking the Yangtze River Delta and Hangzhou Bay to better serve urban functions and national strategies [2] - Measures will be taken to address challenges in resource allocation and planning innovation to support the high-quality development of the marine industry [2]

1、能源+AI 公司在能源和AI嫁接时，不仅涉及新能源如光伏、风电，还包 括常规能源、电网和充换电资产，公司与蚂蚁数科将在"能源AI智 能体"的产业应用方面开展合作: 1）在投资端，如设计业务中，结合公司的know-how，把行业 规范等输入知识库系统，AI自动生成设计方案，开展技术经济分析， 完成标书。2）在运营端、管理端，基于蚂蚁数科的时序大模型和 电力交易系统，结合公司的分布式光伏电站+储能资产，开展电力 交易服务，开展智能巡检和设备监测。目前在广东省的工商业分布 式光伏电站部署蚂蚁数科的时序大模型和"电力交易辅助决策系 统"已基本部署完毕。3）在退出和资产变现方面，基于自持的分 布式光伏电站正在推进上链工作。 2、能源+机器人 证券代码：301046 证券简称：能辉科技 上海能辉科技股份有限公司投资者关系活动记录表 编号：2025-013 | 投资者关系活动类 | 特定对象调研 分析师会议 ☐ | | --- | --- | | 别 | ☐ 媒体采访 ☐ 业绩说明会 | | | ☐ 新闻发布会 ☐ 路演活动 | | | 现场参观 | | | 其他（请文字说明其他活动内容） ☐ | | | 重鼎资产 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘你好，通过公司三季报了解到公司经营很好，报 表中提到的应收账款23亿多请问都是哪些方面造成的，全部是新能源电费补贴欠款还是有其他项目的欠 款？再有今年会有哪些项目可以并网发电产生效益？还有委托管理费年初到本报告期为什么只有600多 万？请告知。 银星能源（000862.SZ）10月28日在投资者互动平台表示，公司期末应收账款23亿主要为应收新能源补 贴款。截止目前，太阳山一二期"以大代小"项目已顺利并网发电，未来将会产生一定的增量收益。公司 与宁夏能源签署的《托管协议》于5月1日起生效，托管管理费按期确认收入。 （记者 胡玲） ...

Core Insights - The company is actively expanding its investments in high-quality renewable energy projects, including wind and solar power, to enhance its investment management capabilities and drive high-quality development [1]. Group 1: Wind Power - As of June 30, 2025, the company's wind power enterprises are expected to have a total installed capacity of 470,000 kW [1]. - The eight wind farms operated by the company generated an electricity output of 428 million kWh, resulting in an operating profit of 39.51 million yuan [1]. Group 2: Solar Power - In the first half of 2025, the company completed the acquisition of a 7.13 MW distributed solar project [1]. - The total installed capacity for solar power holdings reached 82.86 MW, with a generated electricity output of 46.0152 million kWh [1].

Group 1: Monetary Policy and Market Reforms - The People's Bank of China announced the resumption of government bond trading operations after a pause due to market imbalances and accumulated risks earlier this year [1] - The China Securities Regulatory Commission (CSRC) plans to deepen the reform of the ChiNext board, introducing listing standards that better align with the characteristics of emerging industries and innovative enterprises [1] - The CSRC has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance its attractiveness to long-term foreign capital over the next two years [2] Group 2: Capital Market Developments - The CSRC released opinions to strengthen the protection of small and medium investors in the capital market, introducing 23 practical measures to create a fair trading environment [3] - The first batch of three companies will be listed on the ChiNext Growth Layer, marking the implementation of the CSRC's recent reforms and highlighting support for hard technology enterprises [4] Group 3: Industry Performance and Trends - PCB industry leader Shenghong Technology reported a third-quarter revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, with a net profit growth of 260.52% [5] - The copper futures market has seen significant capital inflow, with the Shanghai copper futures price surpassing 88,300 yuan per ton, driven by supply shortages and increased demand from sectors like AI and renewable energy [6] - The optical module industry is experiencing a recovery, with several companies reporting profit growth, driven by increased demand for high-end products [8] Group 4: Investment Opportunities - Despite market uncertainties, investment opportunities are emerging, particularly in technology growth sectors benefiting from AI and policy support [5] - The public fund issuance market is showing a unique trend of "reduced quantity but increased efficiency," with a notable rise in the average fundraising speed for new products [7]

Group 1: Social Security Fund Holdings - As of the end of Q3 2023, the Social Security Fund held a total of 2.377 billion shares across 135 stocks, with a market value of 51.33 billion yuan [1] - In Q3, the fund initiated positions in 63 stocks, increased holdings in 28 stocks, and reduced holdings in 32 stocks [1] - Huace Navigation and Sankeshu are favored by the fund, with three different combinations holding a total of 29.04 million shares and 15.02 million shares respectively [1] Group 2: Yingxin Development Stock Performance - Yingxin Development experienced a six consecutive trading limit increase, with a closing price of 2.9 yuan per share and a total market capitalization of 17.028 billion yuan [2] - The stock has risen by 76.83% during the consecutive limit-up period, with a turnover rate of 14.16% [2] Group 3: A-Share Q3 Earnings Reports - By October 26, 2023, 1,311 A-share companies had disclosed their Q3 earnings, with 773 companies reporting a year-on-year net profit growth of approximately 58.96% [5] - Notable companies with over 50% year-on-year net profit growth include Baofeng Energy, Tonghuashun, Luoyang Molybdenum, and Zijin Mining [5] - Industries such as building materials, steel, electronics, and non-bank financials showed significant profit growth, with some sectors exceeding 50% year-on-year [5] Group 4: Xiaomi Target Price Adjustment - Citigroup has lowered its target price for Xiaomi Group to 65 HKD from 66 HKD, citing expectations of slightly lower performance in Q3 2025 due to smartphone gross margins and IoT revenue [6] - Despite the downgrade, Citigroup maintains a "Buy" rating, emphasizing the long-term growth potential of the company [6] Group 5: Japanese Egg Prices - Japanese egg prices are nearing historical highs due to rising feed costs and reduced production from summer heat, with wholesale prices in Tokyo reaching 325 JPY per kilogram [7] - This price is close to the historical peak of 350 JPY per kilogram recorded during the "egg shortage" in spring 2023 [7] Group 6: JD.com Insurance License Approval - JD.com has received approval for an insurance brokerage license in Hong Kong, allowing it to operate in both general and long-term insurance sectors [8]

【债券研究】债券市场综述 晨会纪要（R3） 晨会纪要 2025 年 10 月 28 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3996.94 | 1.18 | | 深证成指 | 13489.40 | 1.51 | | 创业板指 | 3234.45 | 1.98 | | 科创 50 | 1484.21 | 1.50 | | 北证 50 | 1469.15 | -0.20 | | 沪深 300 | 4716.02 | 1.19 | 上证指数-沪深 300 走势图 -9% 1% 11% 21% 2024-10 2025-01 2025-04 2025-07 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 二、重要财经资讯 【公司跟踪】康德 ...