工业富联10月29日公告，2025年第三季度实现营业收入2431.72亿元，同比增长42.81%；归属于上市公 司股东的净利润103.73亿元，同比增长62.04%；基本每股收益0.52元。前三季度实现营业收入6039.31亿 元，同比增长38.40%；归属于上市公司股东的净利润224.87亿元，同比增长48.52%；基本每股收益1.13 元。 ...

Core Insights - The company reported a significant increase in cloud computing revenue, with over 65% growth year-on-year for the first three quarters of 2025, and over 75% growth in the third quarter alone, driven by the large-scale delivery of AI cabinet products for hyperscale data centers and sustained demand for AI computing power [1] Group 1: Cloud Computing Business - The cloud computing business revenue for the first three quarters of 2025 grew by more than 65% compared to the same period last year [1] - In the third quarter of 2025, the cloud computing business experienced a year-on-year growth of over 75% [1] - The growth is primarily attributed to the large-scale delivery of AI cabinet products and the ongoing strong demand for AI computing power [1] Group 2: Communication and Mobile Network Equipment - The communication and mobile network equipment business showed steady performance in the first three quarters of 2025 [1] - The precision components business benefited from the launch of new AI smart terminal products, leading to increased customer upgrade demand and sustained business growth [1] - The switch business saw significant growth due to the continued increase in AI demand, with a year-on-year growth of 100% in the third quarter, and the 800G switch segment experienced a year-on-year growth of over 27 times in the same period [1]

Core Viewpoint - Hongxin Electronics (300657) reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and successful business strategies [1] Financial Performance - The company's third-quarter revenue reached 2.056 billion yuan, representing a year-on-year increase of 45.72% [1] - Net profit for the third quarter was 36.52 million yuan, showing a remarkable year-on-year growth of 558.30% [1] - For the first three quarters of 2025, total revenue amounted to 5.55 billion yuan, with a year-on-year growth of 24.75% [1] - Net profit for the first three quarters was 90.51 million yuan, reflecting a year-on-year increase of 65.47% [1] - Basic earnings per share stood at 0.1887 yuan [1] Business Segments - The significant increase in net profit is attributed to the overall improvement in operational performance, particularly: - A substantial rise in the gross profit margin of the FPC (Flexible Printed Circuit) business, which turned profitable [1] - Rapid growth in the AI (Artificial Intelligence) business, which continues to contribute positively to profits [1]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 2.056 billion yuan, a year-on-year growth of 45.72% [1] - The net profit attributable to shareholders was 36.52 million yuan, reflecting a remarkable year-on-year increase of 558.30% [1] - For the first three quarters of 2025, the company achieved a total revenue of 5.550 billion yuan, up 24.75% year-on-year, and a net profit of 90.51 million yuan, which is a 65.47% increase year-on-year [1] Financial Performance - Q3 revenue: 2.056 billion yuan, up 45.72% year-on-year [1] - Q3 net profit: 36.52 million yuan, up 558.30% year-on-year [1] - Year-to-date revenue: 5.550 billion yuan, up 24.75% year-on-year [1] - Year-to-date net profit: 90.51 million yuan, up 65.47% year-on-year [1] Business Drivers - The growth in performance is attributed to the overall improvement in operational performance [1] - The FPC (Flexible Printed Circuit) business saw a significant increase in gross margin and turned profitable [1] - The AI business experienced rapid growth, continuously contributing to profits [1]

Core Insights - Hongxin Electronics (300657.SZ) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 2.056 billion yuan, a year-on-year growth of 45.72%, and net profit attributable to shareholders amounting to 36.52 million yuan, a remarkable increase of 558.30% [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.550 billion yuan, reflecting a year-on-year growth of 24.75%, while net profit attributable to shareholders was 90.51 million yuan, marking a growth of 65.47% [2] - The growth in performance is attributed to the overall improvement in operational performance, with a significant increase in the gross margin of the FPC business, which turned profitable, alongside rapid growth in the AI business contributing to profits [2]

深科技公告，第三季度营收为35.38亿元，同比下降6.82%；净利润为3.04亿元，同比增长0.95%。前三 季度营收为112.78亿元，同比增长3.93%；净利润为7.56亿元，同比增长14.27%。 ...

Core Insights - Fangzheng Technology's stock price has increased by 26.95% over the past four days, closing at 13.52 CNY per share with a market capitalization of 57.781 billion CNY [1] Group 1: Company Overview - Fangzheng Technology Group Co., Ltd. is located in Changning District, Shanghai, and was established on November 15, 1993, with its listing date on December 19, 1990 [1] - The company's main business includes the production and sale of PCB products, internet access services, and IT system integration and solutions, with 98.83% of revenue coming from product sales and 1.17% from services [1] Group 2: Fund Holdings - Schroder China Power Stock A (020236) holds 982,400 shares of Fangzheng Technology, representing 5.07% of the fund's net value, making it the second-largest holding [2] - The fund has generated a floating profit of approximately 281.95 thousand CNY during the four-day stock price increase [2] Group 3: Fund Performance - Schroder China Power Stock A was established on April 26, 2024, with a current size of 149 million CNY and has achieved a year-to-date return of 46.41% [2] - The fund's one-year return stands at 43.95%, ranking 887 out of 3,877 in its category, while its cumulative return since inception is 56.69% [2] Group 4: Fund Management - The fund is managed by An Yun and Xie Heng, with An Yun having a tenure of 14 years and a total fund size of 435 million CNY, achieving a best return of 176.47% during his tenure [3] - Xie Heng has been managing the fund for 160 days with a total fund size of 220 million CNY, achieving a best return of 34.82% [3]

Group 1 - Company is planning to issue H-shares and list on the Hong Kong Stock Exchange, currently in discussions with intermediaries [1] - The issuance and listing will not change the controlling shareholder or actual controller of the company [1] - The plan requires approval from the board, shareholders, and regulatory bodies, with significant uncertainty regarding its implementation [1] Group 2 - Company specializes in PCB research, production, and sales, with a wide range of products including multilayer boards, high-frequency boards, and flexible circuit boards [2] - Company has six production bases in China, located in Guangdong and Jiangxi provinces [2] - In 2023, the company has expanded into emerging markets such as AI servers and satellite communications, with increased production capacity in high-density HDI and 800G optical modules [2]

AI需求依旧强劲。 AI需求的高确定性下，AI服务器、光模块、液冷、高端PCB等诸多环节的产业机遇也在不断增加，工业富联、景旺电子等英伟达产业链玩家的增长被市场进 一步看好。 10月29日，A股多只英伟达概念股上涨。截至午间休盘，工业富联（601138）涨幅达7.16%，景旺电子（603228）涨超5%，华勤技术（603296）涨幅达 4.94%，胜宏科技（300476）、浪潮信息（000977）等跟涨。 消息面上，北京时间10月29日凌晨，英伟达CEO黄仁勋出现在美国华盛顿的GTC DC大会上，他宣布英伟达将对诺基亚进行投资，并透露英伟达Blackwell芯 片正全面生产，英伟达还在为采用下一代架构Rubin的芯片生产做准备，"目前已经可以看到，今年及2026年（自然年），Blackwell和Rubin可带来的收入超 过5000亿美元。" "看得到"的芯片收入背后，黄仁勋更多透露出的信息是，英伟达看到AI需求依旧强劲。他表示，AI产业已经进入一个循环，即用AI的人越多，AI能产生的 利润越多，许多AI模型已强大到让客户愿意付费使用，这也意味着更全面、协同的算力基础设施建设更具必要性。 工业富联是富士康集团旗 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, recent Sino-US economic and trade talks have had a positive outcome. Technology remains the main market trend, and the policy supports the capital market. The medium - to - long - term strategy is to go long on dips [2][4]. - In the bond market, the central bank's restart of bond trading is positive for the bond market in the short term. In the fourth quarter, the bond market is affected by fundamentals, fund fee regulations, and institutional allocation. It is expected to oscillate and recover [7]. - In the precious metals market, the decline in precious metal prices is a "correction in the upward trend." It is recommended to maintain a long - term view and allocate long positions on dips [9]. - In the non - ferrous metals market, most non - ferrous metals are expected to oscillate strongly due to factors such as supply disruptions and positive market sentiment [12][14][17][19]. - In the black building materials market, the long - term upward logic of steel prices remains intact, but the short - term demand is weak. For black building materials, it is recommended to look for opportunities to rebound on dips [35][46]. - In the energy and chemical market, different products have different trends. For example, rubber is recommended to be temporarily observed, and oil is recommended to be low - bought and high - sold in a range [56][58]. - In the agricultural products market, different agricultural products have different trends. For example, the short - term pig price may rebound, but the medium - term is still under pressure [81]. Summary by Related Catalogs Macro - financial Category Stock Index - **Market Information**: The 14th Five - Year Plan proposes measures for key technology research, strategic investment plans in the US and Japan are announced, and some companies have good profit growth [2]. - **Strategy**: Pay attention to the Sino - US leaders' meeting at the end of the month. The technology sector is the main trend, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: Treasury bond futures prices change, the 14th Five - Year Plan focuses on boosting consumption, the Fed's interest - rate meeting is held, and the central bank conducts reverse repurchase operations [5][6]. - **Strategy**: The central bank's operation is positive for the bond market in the short term. The bond market is expected to oscillate and recover in the fourth quarter [7]. Precious Metals - **Market Information**: Gold and silver prices fluctuate, the Fed's interest - rate meeting is approaching, and there are discussions about gold reserves in the Philippines and South Korea [8][9]. - **Strategy**: The decline in precious metal prices is a correction. It is recommended to allocate long positions on dips [9]. Non - ferrous Metals Category Copper - **Market Information**: Copper prices first decline and then rise, LME and domestic inventories change, and the downstream procurement sentiment improves slightly [11]. - **Strategy**: Due to the expected interest - rate cut and tight supply, copper prices are expected to oscillate strongly [12]. Aluminum - **Market Information**: Aluminum prices rise, inventory and trading volume change, and the downstream procurement willingness is weak [13]. - **Strategy**: Supply disruptions and positive market sentiment are expected to drive aluminum prices to oscillate strongly [14]. Zinc - **Market Information**: Zinc prices decline slightly, inventory and basis change [15][16]. - **Strategy**: Due to factors such as inventory accumulation and structural risks, zinc prices are expected to oscillate strongly in the short term [17]. Lead - **Market Information**: Lead prices decline, inventory and basis change [18]. - **Strategy**: Due to factors such as inventory reduction and positive market sentiment, lead prices are expected to run strongly in the short term [19]. Nickel - **Market Information**: Nickel prices decline sharply, and the cost and supply - demand situation of nickel - related products change [20]. - **Strategy**: Short - term observation is recommended. If the price drops enough, long positions can be considered [22]. Tin - **Market Information**: Tin prices decline, inventory and supply - demand situation change [23]. - **Strategy**: Tin prices are expected to maintain high - level oscillations in the short term. It is recommended to observe [23]. Carbonate Lithium - **Market Information**: Carbonate lithium prices change, and the futures price declines slightly [24]. - **Strategy**: After continuous rises, the price is under pressure. Pay attention to supply elasticity and hedging pressure [25]. Alumina - **Market Information**: Alumina prices decline, inventory and basis change [26]. - **Strategy**: It is recommended to observe in the short term, paying attention to supply - side policies and the Fed's monetary policy [28]. Stainless Steel - **Market Information**: Stainless steel prices decline, inventory and raw material prices change [29]. - **Strategy**: It is recommended to observe due to weak demand and falling raw material prices [30]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices decline, inventory and trading volume change [31]. - **Strategy**: Positive factors such as cost support and supply tightening are expected to support prices [32]. Black Building Materials Category Steel - **Market Information**: Steel prices change, and inventory and trading volume change [34]. - **Strategy**: The long - term upward logic of steel prices remains, but the short - term demand is weak. Pay attention to Sino - US talks [35]. Iron Ore - **Market Information**: Iron ore prices rise, and inventory and basis change [36]. - **Strategy**: The demand for iron ore weakens, and the price is under pressure. It is expected to oscillate [37][38]. Glass and Soda Ash - **Market Information**: Glass and soda ash prices change, and inventory and trading volume change [39][41]. - **Strategy**: Glass prices are expected to oscillate widely, and soda ash prices are expected to consolidate narrowly [40][41]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices change, and the market is in an oscillating range [42]. - **Strategy**: They are likely to follow the black market. Pay attention to potential supply constraints [44][46]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon and polysilicon prices change, and inventory and supply - demand situation change [47][49]. - **Strategy**: Industrial silicon is expected to oscillate in the short term, and polysilicon's supply - demand pattern may improve [48][50]. Energy and Chemical Category Rubber - **Market Information**: Rubber prices oscillate, and there are different views on supply and demand [52][53]. - **Strategy**: It is recommended to close short - term long positions and observe. Partial hedging positions can be established [56]. Crude Oil - **Market Information**: Crude oil and refined oil prices rise, and inventory changes [57]. - **Strategy**: It is recommended to observe in the short term and test OPEC's export - price support willingness [58]. Methanol - **Market Information**: Methanol prices change, and inventory and basis change [59]. - **Strategy**: It is recommended to observe due to factors such as slow import unloading and high inventory [60]. Urea - **Market Information**: Urea prices change, and inventory and basis change [61]. - **Strategy**: It is recommended to observe or consider long positions at low prices due to slow inventory accumulation and potential demand [63]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices decline, and inventory and basis change [64]. - **Strategy**: Benzene prices may stop falling due to factors such as cost and inventory [65]. PVC - **Market Information**: PVC prices decline, and inventory and supply - demand situation change [66]. - **Strategy**: It is recommended to short on rallies due to over - supply and weak demand [68]. Ethylene Glycol - **Market Information**: Ethylene glycol prices decline, and inventory and supply - demand situation change [69]. - **Strategy**: It is recommended to short on rallies due to expected inventory accumulation [70]. PTA - **Market Information**: PTA prices change, and inventory and supply - demand situation change [71]. - **Strategy**: Pay attention to potential production - cut signals and their impact on processing fees and prices [72]. p - Xylene - **Market Information**: p - Xylene prices decline, and inventory and supply - demand situation change [73]. - **Strategy**: It mainly follows the oil price and is affected by PTA's production - cut expectations [74]. Polyethylene (PE) - **Market Information**: PE prices decline, and inventory and demand change [75]. - **Strategy**: It is expected to maintain low - level oscillations due to factors such as high inventory and cost support [76]. Polypropylene (PP) - **Market Information**: PP prices decline, and inventory and demand change [77]. - **Strategy**: Under the background of weak supply and demand, the price is under pressure due to high inventory [78]. Agricultural Products Category Live Pigs - **Market Information**: Pig prices rise, and there are differences in price trends in different regions [80]. - **Strategy**: Short - term rebound, medium - term short positions can be established on rallies [81]. Eggs - **Market Information**: Egg prices are mostly stable, and the market supply and demand are balanced [82]. - **Strategy**: It is recommended to observe as the spot price has limited upward space [83]. Soybean and Rapeseed Meal - **Market Information**: CBOT soybean prices rise, and domestic soybean and meal inventories are high [84][85]. - **Strategy**: It is recommended to short on rallies due to high inventory and loose supply [86]. Oils and Fats - **Market Information**: Oil prices decline, and palm oil production and export data change [87]. - **Strategy**: It is recommended to observe and wait for clear production signals [88]. Sugar - **Market Information**: Sugar prices rebound, and import control policies change [89][90]. - **Strategy**: It is recommended to short after the rebound weakens due to factors such as supply and import profit [91]. Cotton - **Market Information**: Cotton prices oscillate, and the downstream demand is weak [92]. - **Strategy**: The upward space of cotton prices is limited due to weak fundamentals [93].