时隔十年，A股再次站上4000点，投资者的心跳加速了。 10月28日，上证指数突破4000点整数大关。这是自2015年8月18日以来首次重回这一点位，距今已3724天。盘面上，CPO概念、半导体、AI算力等科技板块 强势领涨，新易盛、中际旭创等科技龙头股价更是创下历史新高。 图1：自去年"924"行情启动以来，沪指已涨超45%，深成指涨超66%，创业板指涨超110% 来源：Choice，截至:2025.10.28 时隔十年，A股重返4000点，这并非偶然。Choice数据显示，这十年间，A股总市值从52万亿元增至107万亿元，全市场股票数从2662只增至5440只，股民总 数从9300余万人增至超2.4亿人，融资余额从1.4万亿元增至2.4万亿元，北向资金也从千亿规模增至今年三季度末的2.6万亿元，公募基金持股规模也从2015年 中的2.0万亿元增至今年年中的7.2万亿元，这也为市场提供了充足的资金支撑。 2015年8月18日之前上市的公司中，目前正常交易的有2568家，其中三分之一跑赢大盘，股价已高于上一次4000点。期间涨幅最大的10只股票涨幅均超过10 倍，中际旭创、胜宏科技、天孚通信排名前三，10倍股 ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 传媒 | 2.18 | 311.53 | 8.71 | 荣信文化 | 20.00 | | 医药生物 | 1.68 | 634.19 | 3.06 | 三生国健 | 18.03 | | 电力设备 | 1.57 | 1603.08 | -7.46 | 力佳科技 | 24.19 | | 商贸零售 | 1.32 | 121.45 | 5.83 | 东方创业 | 10.05 | | 纺织服饰 | 1.22 | 73.75 | 10.12 | 嘉麟杰 | 10.14 | | 社会服务 | 1.21 | 57.90 | 5.91 | 安车检测 | 11.18 | | 农林牧渔 | 1.21 | 107.75 | -6.91 | 福建金森 | 9.98 | | 基础化工 | 1.13 | 501.68 | 2.70 | 沧州明珠 | 10.05 | | 计算机 | 1.10 | 875.97 | -1.51 | 福昕软件 | 15.08 ...

Core Insights - The article provides an overview of the A-share holdings of seven prominent private equity fund managers as of the end of Q3 2025, highlighting their investment strategies and stock performance [2][3]. Group 1: Fund Managers' Holdings - As of the end of Q3 2025, the seven fund managers collectively held shares in 43 A-share companies, with a total market value of approximately 270.87 billion yuan, and an average increase of 30.85% in stock prices for the year [3]. - Among the fund managers, only Feng Liu had a holding value exceeding 100 billion yuan, with a total of 140.2 billion yuan across 12 companies [3]. - The fund managers with more than five holdings include Deng Xiaofeng, Feng Liu, Xia Junjie, and Dong Chengfei [3]. Group 2: Individual Fund Manager Insights - Deng Xiaofeng, managing approximately 94.08 billion yuan across five companies, reduced his stake in Zijin Mining, which saw a significant price increase this year [7][8]. - Feng Liu, with a total holding of 140.2 billion yuan, reduced his position in Hikvision for four consecutive quarters, currently holding 288 million shares valued at 88.26 billion yuan [10]. - Zhuo Liwei increased his stake in Chao Hong Ji, benefiting from a nearly 150% price increase this year, with a total holding value of 1.46 billion yuan [11]. - Xia Junjie managed 11.9 billion yuan across 14 companies, with new investments in four companies, including Huayu Automotive [12]. - Dong Chengfei focused on semiconductor companies, holding 20.63 billion yuan across seven companies, with an average price increase of 65.16% this year [14]. - Jiang Tong reduced her stake in a computer company, with a current holding value of approximately 1.39 billion yuan, reflecting a nearly 50% price increase this year [16]. - Wu Weizhi managed 1.21 billion yuan across three basic chemical companies, with a new investment in Hunan Haili [16][17].

Group 1 - On October 30, a total of 77 companies were investigated by institutions, with 61 companies being researched by funds, indicating strong interest from institutional investors [1] - The most researched company was Zhongji Xuchuang, with 61 funds participating in the investigation, followed by Kaiying Network and Maigemeite, with 40 and 22 funds respectively [1] - The companies investigated are distributed across various sectors, with the electronics sector having the highest representation at 10 companies, followed by machinery and power equipment, each with 7 companies [1] Group 2 - Among the companies investigated, 9 have a total market capitalization exceeding 50 billion yuan, with Zhongji Xuchuang and Muyuan Foods exceeding 100 billion yuan [1] - In the past five days, 37 of the investigated stocks have risen, with Tianji Co., Pruis, and Fangyuan Co. showing the highest increases of 27.98%, 22.96%, and 22.53% respectively [2] - Conversely, 23 stocks have declined, with Shuiyang Co., Qingniao Fire Protection, and Daon Co. experiencing the largest drops of 11.14%, 8.69%, and 7.27% respectively [2] Group 3 - Among the companies investigated, 61 have released their Q3 reports, with the highest year-on-year net profit growth reported by Dia Shares and Sirepo, at 407.97% and 227.64% respectively [2] - The total market capitalization of the companies investigated varies significantly, with 28 companies having a market cap below 10 billion yuan, including Jiezong Technology, Lisheng Sports, and Shenkeda [1] - The investigation covered a total of 24 industries, highlighting the diverse nature of the companies involved [1]

市场主要指数今日（10月31日）集体低开，传媒、电力设备、计算机等板块走强。 盘面上，电池板块大幅拉升，钠离子电池、固态电池等概念领涨，截至10时36分，海科新源"20cm"涨 停，星源材质、德方纳米等涨超11%。 影视院线股大涨，博纳影业涨停，欢瑞世纪、幸福蓝海等跟涨。 光伏设备板块涨幅居前，弘元绿能涨停，高测股份、上能电气、艾罗能源等涨超5%。 9股杠杆资金加仓超2亿元 截至10月30日，市场融资余额合计2.48万亿元，较前一交易日减少73.98亿元。 具体到个股，10月30日获融资净买入1亿元以上的有42只，其中9只融资净买入额超2亿元。药明康德融 资净买入额居首，当日净买入7.28亿元，其次是天际股份、澜起科技，融资净买入金额分别为3.25亿 元、2.94亿元，融资净买入金额居前的还有亿纬锂能（维权）、安泰科技、天齐锂业等。 | | | 10月30日融资净买入居前个股 | | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 不要思想啦 | 最新融资余额 | 占流通市值 | 行业 | | | | (1乙元) | (1乙元) | 比例 (%) | ...

2、欧洲动力+全球储能需求超预期、2026年高增可期； 今日（10月31日）超123亿主力资金涌入电力设备板块，板块吸金额高居31个申万一级行业首位！热门 ETF方面，全市场唯一跟踪绿色能源指数的绿色能源ETF（562010）场内涨幅盘中涨逾1.4%，现跌 0.38%，上探2023年2月以来的高点！ 成份股方面，恩捷股份、永兴材料涨停，新宙邦涨逾11%，贝特瑞涨超9%，璞泰来、湖南裕能、天赐 材料等个股大幅跟涨。 政策面上，"十五五"强调加快建设新型能源体系、积极稳妥推进和实现碳达峰。"十五五"时期 （2026- 2030 年） 是冲刺 2030 年前碳达峰的最后五年，是实现这一目标的攻坚期。宁德时代、阳光电源等新能 源龙头或将全面受益。 产业端，光伏产业周期进入底部关键阶段，太平洋证券指出，经历这轮惨烈的周期底部之后，中国光伏 产业有望进入巨头引领的新时代，头部企业有望通过协同控制供给推动产业链集中度提升，使行业重心 重回技术研发与降本增效，进而提升中国光伏产业全球竞争力。 材料端，六氟磷酸锂价格翻番，从8月不足5万元/吨的低点，快速上涨至10月30日的10.5万元/吨。从传 导节奏来看，六氟磷酸锂价格上涨 ...

许继电气（000400.SZ）2025 年三季报点评 业绩稳步增长，毛利率持续改善 2025 年 10 月 31 日 ➢ 事件：2025 年 10 月 27 日，公司发布 2025 年三季报。2025 年前三季度 公司实现营业收入 94.54 亿元，同比下降 1.38%；归母净利润 9.01 亿元，同比 增长 0.75%；扣非归母净利润 8.77 亿元，同比增长 1.48%。单 2025 年第三季 度，公司实现营业收入 30.06 亿元，同比增长 9.30%；归母净利润 2.68 亿元， 同比增长 0.26%；扣非归母净利润 2.59 亿元，同比增长 2.34%。 ➢ 2025 年前三季度公司毛利率同比、2025 年第三季度毛利率环比持续改善。 毛利率方面，2025 年前三季度公司毛利率同比提升 1.94Pcts 至 23.88%，2025 年第三季度公司毛利率环比提升 0.25Pct 至 24.16%。费用率方面，公司 2025 年前三季度公司销售费用率、管理费用率、研发费用率、财务费用率分别为 4.34%、3.35%、5.15%、-0.42%，公司销售费用率、管理费用率等仍具备一定 压降空间。 ➢ 投资建 ...

2025 年 10 月 31 日 晨会速递 分析师点评 市场数据 重点交流 【电新】固态变压器：AIDC 供配电架构的终极方案——电力 AI 系列报告四(买入) 固态变压器（SST）相较于传统变压器具有显著优势，为了满足服务器功率持续提升 的需求，AIDC 配电架构向 HVDC 和固态变压器演进，英伟达表示致力于将 SST 技术 作为面向未来的设施配电解决方案。国内部分电力设备企业当前正在研发 SST 产品， 同时国内 SST 供应链中的整流模块、高频变压器、材料厂商有望为海外电力设备企 业供应 SST 零部件，建议重点关注。 【石化】Q3 归母净利润环比小幅改善，静待炼化景气修复——中国石化 （600028.SH/0386.HK）2025 年三季报点评(A 股：买入；H 股：买入) 公司发布 2025 年三季报，2025 年前三季度，公司实现营业总收入 21134 亿元，同 比-10.7%，实现归母净利润 300 亿元，同比-32.2%。预计公司 25-27 年归母净利润 分别为 401/462/514 亿元，维持 A 股和 H 股的"买入"评级。风险提示：原油价格 下行风险，成品油和化工品景气度下行风险。 ...

Core Insights - As companies release their third-quarter reports, some have provided early forecasts for their annual performance [1] Group 1: Earnings Forecasts - A total of 9 companies have announced their earnings forecasts for the year 2025, with 7 companies expecting an increase in earnings and 1 company forecasting a decrease [2] - The companies expecting earnings growth include: - Luxshare Precision (002475) with a forecasted net profit increase of 26.09% [2] - Hongyuan Co., Ltd. (920018) with a forecasted net profit increase of 21.42% [2] - Aomeisen (920080) with a forecasted net profit increase of 16.44% [2] - Taikaiying (920020) with a forecasted net profit increase of 10.44% [2] - Xintong Electronics (001388) with a forecasted net profit increase of 5.40% [2] - Xinhenghui (301678) with a forecasted net profit increase of 4.66% [2] - The only company forecasting a decrease in earnings is Jinhua New Materials (920015), with a forecasted net profit decrease of 5.47% [2] Group 2: Stock Performance - The latest closing prices and year-to-date performance for the companies are as follows: - Luxshare Precision: Latest price at 65.04, year-to-date change of 60.47% [2] - Hongyuan Co., Ltd.: Latest price at 31.08, year-to-date change of -26.00% [2] - Aomeisen: Latest price at 31.70, year-to-date change of -14.58% [2] - Taikaiying: Latest price at 20.12, year-to-date change of -7.02% [2] - Xintong Electronics: Latest price at 45.36, year-to-date change of -27.61% [2] - Xinhenghui: Latest price at 70.77, year-to-date change of 68.98% [2] - Jinhua New Materials: Latest price at 58.33, year-to-date change of 37.93% [2] - Yongtai Energy (600157): Latest price at 1.63, year-to-date change of -4.68% [2] - Ruihua Technology (920099): Latest price at 30.55, year-to-date change of 6.53% [2]

从持股比例看，新进股中社保基金持有比例最多的是伟隆股份，持股量占流通股比例为5.60%，其次是 华宝新能，社保基金持股比例为4.96%，持股比例居前的还有长华化学、东方铁塔、澳华内镜等。 从持股量统计，社保基金新进的个股中，持股量最多的是中国中冶，共持有10035.88万股，隆基绿能、 海尔智家等紧随其后，持股量分别为7907.69万股、7487.02万股。 业绩方面，社保基金新进股中，三季报净利润同比增长的有113家，净利润增幅最高的是华正新材，公 司三季报共实现净利润6260.87万元，同比增幅为1042.19%，净利润同比增幅居前的还有拓维信息、三 友医疗等，净利润分别增长852.03%、623.19%。 三季报密集披露，机构最新持仓动向曝光!三季度社保基金新进股共有187只。 目前共有5445家公司已经公布三季报，前十大流通股东数据透露出机构行踪。证券时报·数据宝统计显 示，社保基金共现身615只股，调仓动向方面，三季度社保基金新进187股、增持156股、减持181股，社 保基金持股量保持不变的有91股。 社保基金新建仓股票中，从前十大流通股东名单中社保基金家数来看，东方铁塔、晋控煤业等2只股有3 家 ...