Core Viewpoint - The A-share listed companies have shown strong resilience in their performance for the first three quarters of 2025, with over 1,200 companies reporting year-on-year growth in net profit attributable to shareholders, and more than 180 companies turning losses into profits [1] Group 1: Performance Highlights - The ChiNext board has demonstrated outstanding performance in terms of growth rate and exceeding expectations, indicating strong profitability [2] - Key sectors such as gaming, agricultural processing, wind power equipment, steel raw materials, and semiconductors have shown significant growth [2] - Investment opportunities can be identified in thriving industries like semiconductors and wind power equipment, as well as sectors with upward revisions in profit forecasts, such as agricultural processing and power grid equipment [2] Group 2: Technology Sector Analysis - The technology sector's performance is supported by solid fundamentals, with semiconductors benefiting from a rapid increase in DRAM spot prices and communication equipment seeing a rise in mobile communication base station production [3] - Software sectors, particularly gaming, continue to grow due to the ongoing issuance of domestic game licenses [3] - Future investment opportunities in the technology sector may include semiconductor equipment and materials, communication devices driven by 5G construction, and gaming and industrial software supported by policy and demand recovery [3] Group 3: Investment Strategies for Retail Investors - Retail investors should analyze the quality of earnings growth by examining the alignment between revenue and profit, as well as cash flow status [4] - Identifying performance trends by comparing mid-year and third-quarter growth rates is crucial [4] - Investors are advised to reduce holdings in overvalued stocks with disappointing performance while increasing positions in reasonably valued stocks with stable earnings, particularly industry leaders that exceeded expectations in their third-quarter reports [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26][30] Core Views - The company's performance remains robust in the first three quarters, with a revenue of 7.498 billion yuan, a year-on-year increase of 11.93%, and a net profit of 914 million yuan, a slight decrease of 1.95% year-on-year. The gross margin is 20.03%, down 2.13 percentage points year-on-year [8][20] - Significant growth was observed in the third quarter, driven by the delivery of high-value projects in Guangdong. The company achieved a revenue of 3.066 billion yuan in Q3, up 16.55% year-on-year and 34.16% quarter-on-quarter, with a net profit of 441 million yuan, up 53.12% year-on-year and 129.63% quarter-on-quarter [20][23] - The company has a strong order backlog of approximately 19.551 billion yuan, with 11.737 billion yuan in underwater and high-voltage cable orders, indicating a continuous optimization of the order structure [23][24] Summary by Sections Financial Performance - In the first three quarters, the company reported a revenue of 74.98 billion yuan, with a net profit of 9.14 billion yuan. The gross margin was 20.03% and the net margin was 12.19% [8][20] - For Q3, the revenue was 30.66 billion yuan, with a net profit of 4.41 billion yuan, resulting in a gross margin of 22.60% and a net margin of 14.38% [20][23] Order and Project Updates - The company has secured underwater and high-voltage cable orders totaling 11.737 billion yuan, with a total order backlog of 19.551 billion yuan as of October 23, 2025 [23][24] - Recent project wins include high-specification underwater cables for offshore wind power projects, indicating a favorable trend in order acquisition [23][24] Future Outlook - The company is strategically positioning itself in the deep-sea offshore wind power sector, with plans to develop a total capacity of over 3 million kilowatts by 2030 [24] - The company is also advancing its technology with the development of ±800kV DC cables, achieving international leading standards for its 500kV AC and DC underwater cables [24][26]

Core Viewpoint - The stock of Qingdao Terui De Electric Co., Ltd. has seen a 5.21% increase, reaching 29.48 CNY per share, with a trading volume of 1.245 billion CNY and a market capitalization of 31.117 billion CNY as of October 29 [1]. Company Overview - Qingdao Terui De Electric Co., Ltd. was established on March 16, 2004, and listed on October 30, 2009. The company specializes in the research, design, production, and manufacturing of complete power distribution products, primarily focusing on outdoor box-type electrical equipment and indoor switchgear for voltage levels of 220kV and below [1]. - The revenue composition of the company is as follows: 70.57% from smart manufacturing and integrated services, and 29.43% from electric vehicle charging networks [1]. Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in Terui De. The Huaxia CSI Electric Grid Equipment Theme ETF (159326) increased its holdings by 45,900 shares in the third quarter, bringing the total to 105,200 shares, which accounts for 2.29% of the fund's net value, ranking it as the ninth largest holding [2]. - The Huaxia CSI Electric Grid Equipment Theme ETF (159326) was established on August 29, 2024, with a current size of 1.25 billion CNY. Year-to-date, it has achieved a return of 24.83%, ranking 2271 out of 4216 in its category; over the past year, it has returned 18.8%, ranking 2548 out of 3877; and since inception, it has returned 38.64% [2]. Fund Manager Information - The fund manager of the Huaxia CSI Electric Grid Equipment Theme ETF (159326) is Shan Kuan Zhi. As of the latest update, he has been in the position for 1 year and 141 days, managing total assets of 9.327 billion CNY. During his tenure, the best fund return was 76.9%, while the worst was -6.09% [3].

Core Viewpoint - The overseas disturbances are gradually settling, leading to a positive outlook on interest rate cuts. External liquidity remains loose, with most non-US equities performing strongly [1] Group 1: Market Conditions - Domestic monetary supply is relatively loose, with structural tools replacing total monetary supply maintenance. However, fiscal efforts are relatively restrained, resulting in moderate overall credit growth [1] - Equity market liquidity remains generally loose, but certain high-valuation technology stocks may face performance verification challenges in Q3 [1] Group 2: Investment Strategies - The index is likely to maintain a fluctuating upward trend, with low-position rotation and rebound being the main strategy. Sectors such as non-bank financials, military industry, power grid equipment, lithium battery supply chain, media, and new technology breakthroughs are expected to attract capital inflows [1] - There may also be potential for a phase rebound in certain consumer, cyclical, and infrastructure sectors [1]

Core Viewpoint - The main focus of the article is on the significant net outflow of funds from ZTE Corporation, amounting to over 1.3 billion, while other sectors such as electric new energy are experiencing substantial net inflows [1] Industry Summary - The electric new energy sector saw a net inflow exceeding 8 billion, indicating strong investor interest [1] - The power equipment and grid equipment sectors also attracted net inflows, reflecting positive market sentiment towards these industries [1] Company Summary - ZTE Corporation experienced a net sell-off of over 1.3 billion, highlighting potential concerns among investors regarding the company's performance [1] - Other companies such as Zhaoshang Gaoke, Yangguang Electric, Industrial Fulian, and Longi Green Energy received significant net inflows, suggesting strong investor confidence in these firms [1] - Companies like Zhaoyi Innovation, SMIC, and Yingxin Development faced notable net outflows, indicating potential challenges or negative sentiment surrounding these stocks [1]

Core Insights - The power equipment sector benefits from sustained prosperity, achieving long-term excess returns with a historical probability greater than other cyclical industries [1] - From 2003 to 2010, the industry experienced net profit growth driven by demand and orders due to peaks in power generation and grid construction; from 2019 to 2023, the domestic dual carbon system leads to continuous equipment procurement cycles, while global reinvestment in power grids and the new energy sector creates a rhythm of market opportunities [1] - The core logic is the "resonance of global grid capital expenditure" [1] Industry Overview - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies with at least 40% of their main operating income from the electric grid equipment industry [1] - This index reflects the overall performance of listed companies in the fields of power network infrastructure construction and smart grid technology upgrades, showcasing a strong industry focus and accurately covering the core segments of the power equipment supply chain [1]

Core Viewpoint - The A-share market experienced a collective rise on October 29, with significant gains in sectors such as ultra-high voltage, energy storage, and nuclear fusion, driven by the unique performance of the only ETF tracking power grid equipment [1] Group 1: Market Performance - The only power grid equipment ETF (159326) opened with a continuous rise, reaching a gain of 3.68% by 10:09 AM, with a trading volume of 31.6 million yuan [1] - Key stocks within the ETF, including Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda, hit the daily limit, while Jinpan Technology surged over 10% [1] Group 2: Policy and Industry Trends - The "14th Five-Year Plan" suggests a forward-looking layout for future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [1] - Quantum computing and controllable nuclear fusion industries are expected to receive top-level policy support and funding, indicating a positive trend for these sectors [1] Group 3: ETF Composition and Industry Representation - The power grid equipment ETF (159326) is the only ETF tracking the China Securities Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] - The ultra-high voltage sector holds a significant weight of 63% in the index, the highest in the market, with leading stocks including Guodian NARI, TBEA, Siyuan Electric, and Teradyne among the top ten holdings [1]

证券研究报告·公司点评报告·电网设备 金盘科技（688676） 2025 年三季报点评：业绩符合市场预期，加 码布局 SST 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,668 | 6,901 | 8,838 | 10,843 | 12,929 | | 同比（%） | 40.50 | 3.50 | 28.07 | 22.69 | 19.24 | | 归母净利润（百万元） | 504.66 | 574.42 | 783.79 | 1,037.58 | 1,318.38 | | 同比（%） | 78.15 | 13.82 | 36.45 | 32.38 | 27.06 | | EPS-最新摊薄（元/股） | 1.10 | 1.25 | 1.70 | 2.26 | 2.87 | | P/E（现价&最新摊薄） | 61.50 | 54.03 | 39.60 | 29.91 | 23.54 | [Table_Tag ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit have stabilized and rebounded, exceeding market expectations [8] - The company is expected to see a recovery in overseas market demand and new business growth, leading to an upward revision of profit forecasts for 2025-2027 [8] - The company is facing challenges in overseas smart meter demand but is compensating with new business segments such as smart water meters and renewable energy [8] Financial Performance Summary - For Q3 2025, the company reported a revenue of 1.44 billion yuan, a year-on-year increase of 25.1%, and a net profit of 340 million yuan, up 30.2% year-on-year [8] - The gross margin for Q3 was 37.7%, down 11.8 percentage points year-on-year, while the net profit margin was 23.3%, up 0.9 percentage points year-on-year [8] - The company’s total revenue for 2023 is projected to be 4.2 billion yuan, with a year-on-year growth of 26.91% [1] Revenue and Profit Forecasts - The company’s total revenue is expected to reach 4.83 billion yuan in 2025, with a year-on-year growth of 2.43% [1] - The net profit attributable to the parent company is forecasted to be 1.003 billion yuan in 2025, reflecting a slight increase of 0.11% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 2.06 yuan, with a price-to-earnings (P/E) ratio of 13.22 [1] Market and Business Outlook - The company is expected to benefit from the transition to the new version of smart meters, which may lead to improved revenue and profitability in the domestic market [8] - The company’s overseas business is anticipated to achieve stable growth in 2026, with a potential return to double-digit growth [8] - The financial expenses for Q3 2025 contributed positively, with a net contribution of approximately 34 million yuan [8]

Market Overview - The grid equipment sector experienced a decline of 0.52% on the previous trading day, with Huatong Cable leading the losses [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the grid equipment sector included: - Haixing Power (603556) with a closing price of 31.92, up 9.99% and a trading volume of 93,900 shares, totaling 300 million yuan [1] - Linyuan Electric (002358) closed at 5.38, up 6.11% with a trading volume of 859,400 shares, totaling 458 million yuan [1] - Zhongneng Electric (300062) closed at 6.38, up 5.80% with a trading volume of 686,900 shares, totaling 432 million yuan [1] - Conversely, significant decliners included: - Butong Line Micro (605196) closed at 26.41, down 6.35% with a trading volume of 186,300 shares, totaling 508 million yuan [2] - Keda Intelligent (300222) closed at 12.84, down 6.07% with a trading volume of 577,200 shares, totaling 744 million yuan [2] - Dongfang Cable (603606) closed at 62.30, down 5.88% with a trading volume of 216,300 shares, totaling 1.36 billion yuan [2] Capital Flow - The grid equipment sector saw a net outflow of 1.313 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.093 billion yuan [2][3] - Key stocks with significant capital flow included: - Haixing Power (603556) had a net inflow of 1.08 billion yuan from institutional investors, but a net outflow of 66.54 million yuan from speculative funds [3] - Jingda Shares (600577) experienced a net inflow of 97.61 million yuan from institutional investors, with a net outflow of 8.26 million yuan from speculative funds [3] - Yangdian Technology (301012) had a net inflow of 42.29 million yuan from institutional investors, with a net outflow of 18.21 million yuan from speculative funds [3]