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]

Core Insights - The Social Security Fund has made significant adjustments to its stock holdings in Q3, with 187 new positions, 156 increases, and 181 reductions in holdings across 615 stocks [1][2] Summary by Category New Positions - The Social Security Fund established new positions in 187 stocks during Q3, with notable entries including China Metallurgical Group, holding 100.36 million shares, and Longi Green Energy, with 79.08 million shares [1][2] - The highest ownership percentage among new positions is in Weilon Co., at 5.60%, followed by Huabao New Energy at 4.96% [1][2] Performance Metrics - Among the new positions, 113 companies reported year-on-year net profit growth, with Huazheng New Materials showing the highest increase of 1042.19% [2] - The average performance of new stocks since October has seen a decline of 1.71%, underperforming the Shanghai Composite Index [2] Notable Stocks - The best-performing new stock is Beifang Changlong, with a cumulative increase of 33.21%, followed by Shengyi Technology and Dongfang Tieta, which rose by 28.66% and 26.50%, respectively [2] - The largest decline was observed in Lexin Technology, which fell by 23.60% [2] Sector Distribution - The new positions span various sectors, including machinery, electric power equipment, basic chemicals, and pharmaceuticals, indicating a diversified investment strategy by the Social Security Fund [1][2]

| 煤炭 | 148.53 | -2.80 | -1.85 | | --- | --- | --- | --- | | 建筑装饰 | 385.23 | -2.93 | -0.75 | | 通信 | 1139.71 | -3.38 | -0.30 | | 非银金融 | 1934.25 | -4.03 | -0.21 | | 电力设备 | 2081.95 | -6.95 | -0.33 | | 计算机 | 1827.63 | -13.13 | -0.71 | | 电子 | 3705.75 | -32.92 | -0.88 | （文章来源：证券时报网） 10月30日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 医药生物 | 1654.63 | 10.88 | 0.66 | | 有色金属 | 1208.98 | 5.03 | 0.42 | | 基础化工 | 960.46 | 3.98 | 0.42 | | 汽车 | 1222.99 | 3.28 | 0.27 | | 农林牧渔 | 275.18 | ...

Market Overview - On October 30, the Shanghai Composite Index fell by 0.73%, with the total margin financing balance reaching 24,990.86 billion yuan, a decrease of 75.62 billion yuan from the previous trading day [1]. Margin Financing Balance - As of October 30, the margin financing balance in the Shanghai market was 12,657.39 billion yuan, down by 39.35 billion yuan; in the Shenzhen market, it was 12,254.37 billion yuan, down by 36.21 billion yuan; and in the Beijing Stock Exchange, it was 79.10 million yuan, down by 595.20 thousand yuan [1]. - The total margin financing balance across Shanghai, Shenzhen, and Beijing decreased by 75.62 billion yuan compared to the previous trading day [1]. Industry Analysis - Among the industries tracked by Shenwan, 12 industries saw an increase in financing balance, with the pharmaceutical and biological sector leading with an increase of 10.88 billion yuan, followed by non-ferrous metals and basic chemicals with increases of 5.03 billion yuan and 3.98 billion yuan, respectively [1]. Individual Stock Performance - Out of the stocks, 1,700 saw an increase in financing balance, accounting for 45.45% of the total, with 332 stocks experiencing an increase of over 5% [1]. - The stock with the largest increase in financing balance was Taikai Ying, which had a latest financing balance of 25.38 million yuan, reflecting an increase of 80.04% from the previous trading day, despite a price drop of 9.74% [1]. - Other notable stocks with significant increases in financing balance included Tianji Shares and Buke Shares, with increases of 69.61% and 69.41%, respectively [1]. Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average price change was an increase of 0.10%, with the highest gainers being Buke Shares, Tianji Shares, and Zhenhua Shares, which rose by 14.10%, 10.00%, and 10.00%, respectively [2]. - Conversely, the largest declines were seen in Ligong Navigation, Taikai Ying, and Sanxiang Technology, with drops of 11.39%, 9.74%, and 8.77%, respectively [2]. Declining Stocks - A total of 2,040 stocks experienced a decrease in financing balance, with 335 stocks seeing a decline of over 5% [4]. - The stock with the largest decrease in financing balance was Tianming Technology, which saw a drop of 31.20%, with a latest financing balance of 769.26 million yuan [4]. - Other stocks with significant declines included Kaida Catalyst and New Dairy, with decreases of 30.50% and 30.38%, respectively [4].