炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊市场号 文 |牛犇 本周，A股触底反弹，沪指逼近3900点整数关口。 结合时间节点看，A股市场即将迎接传统的"春季躁动"行情。业内人士也有观点指出，本轮的"春季躁 动"行情有可能提前在12月下旬开始。 "春季躁动"窗口来临 近期，A股市场持续震荡反弹，大有新一轮行情重启的架势。最典型的指数是上证指数，自12月16日触 底以来，已连续录得三根阳线（见附图）。 对此，笔者在上周末已进行了重要提醒，指数在技术上已出现止跌反弹的信号，并梳理出了消费、AI 产业链、"反内卷"这三条主线以及核心相关标的，感兴趣的可点击链接：《A股下周将有大动作！三大 主线+多只上涨股曝光》。 其实，在技术面之外，A股当下也已进入布局"春季躁动"行情的窗口期。 所谓"春季躁动"，是A股市场在每年春节前后至两会期间常见的一轮上涨行情，属于典型的日历效应。 因为一般在这个时点，市场都会迎来众多核心驱动因素，如岁末年初，市场流动性往往较为宽松，机构 资金为布局新一年行情而进行再配置；年初通常是政策的密集发布期，中央经济工作会议为全年经济定 调，各类产业扶 ...

机构持仓方面，截止2025年9月30日，潍柴重机十大流通股东中，财通资管数字经济混合发起式A （017483）位居第一大流通股东，持股595.48万股，为新进股东。大摩数字经济混合A（017102）位居 第二大流通股东，持股492.42万股，相比上期增加76.41万股。香港中央结算有限公司位居第四大流通股 东，持股199.39万股，相比上期增加2.19万股。中信建投低碳成长混合A（013851）位居第六大流通股 东，持股139.00万股，为新进股东。永赢睿信混合A（019431）、广发创新升级混合（002939）、广发 科技创新混合A（008638）、永赢数字经济智选混合发起A（018122）、永赢科技驱动A（008919）退 出十大流通股东之列。 潍柴重机今年以来股价涨112.92%，近5个交易日跌2.96%，近20日跌2.27%，近60日跌21.67%。 今年以来潍柴重机已经16次登上龙虎榜，最近一次登上龙虎榜为9月15日，当日龙虎榜净买入-2.17亿 元；买入总计1.91亿元 ，占总成交额比8.92%；卖出总计4.08亿元 ，占总成交额比19.01%。 12月18日，潍柴重机盘中下跌2.01%，截至13 ...

Group 1 - Shaanxi Guotou A has received acceptance for its application to issue A-shares to specific targets, pending further review and approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1] - *ST Dongtong has received a notice of termination of stock listing due to false disclosures in annual reports from 2019 to 2022, leading to a suspension of trading [2] - Jianlong Micro-Nano has terminated its major asset restructuring plan, concluding that the conditions for implementation are not mature [3] Group 2 - China Iron & Steel Logistics Group plans to increase its stake in China Iron & Steel by investing between 65 million and 130 million yuan within six months [4] - Industrial Fulian has adjusted its share repurchase price ceiling to no more than 75 yuan per share, up from a previous limit of 19.36 yuan [5] - Fujian Expressway intends to invest 180 million yuan in a capital increase project for Haixia Insurance, acquiring an 18% stake [6] Group 3 - Beixin Building Materials plans to use up to 8 billion yuan of idle funds for entrusted wealth management, aiming for capital preservation and appreciation [8] - Mao Ye Commercial has confirmed that its production and operation are normal despite recent stock price fluctuations [10] - Sanjiang Shopping has reported a significantly higher rolling P/E ratio of 70.45 compared to the industry average of 26.11 [11] Group 4 - Pinming Technology has experienced a stock price increase of 255.54% from September 25 to November 26, leading to potential trading risks [13] - Jiangbolong's vice president plans to reduce his stake by up to 30,600 shares, representing 0.0073% of the total share capital [15] - He Sheng Co. shareholders plan to collectively reduce their stake by up to 3% [16] Group 5 - Baiao Chemical's major shareholders plan to transfer a total of 10% of the company's shares, with a total consideration of approximately 1.986 billion yuan [18] - *ST Huawang's subsidiary plans to invest 10 million yuan to establish a wholly-owned subsidiary in Yibin, Sichuan [19] - *ST Yatai's restructuring application has been accepted by the court, leading to a risk warning for its stock [20]

Group 1 - Beijing Junzheng adjusted management expenses by 11.44 million yuan, increasing net profit by the same amount [1] - Ningbo Energy's subsidiary plans to publicly transfer 15% equity of Lingfeng Energy at a base price of 16.06 million yuan [1] - Dongjiang Environmental's subsidiary was fined 2.02 million yuan for tax evasion [1][2] Group 2 - AVIC's subsidiary Harbin Aircraft Industry Group plans to absorb and merge with Harbin Hafei Aviation, increasing registered capital to 3.038 billion yuan [3] - Dongfang Ocean's shareholder plans to reduce holdings by up to 3% of total shares [4] - Xinghui Entertainment's controlling shareholder plans to reduce holdings by up to 2.9% of total shares [6] Group 3 - Kaineng Health plans to acquire 100% equity of four subsidiaries for 204 million yuan [8] - Suoao Sensor's controlling shareholder changed to Zhongchuang Innovation [9] - Shanghai Port Bay reported that its commercial aerospace and perovskite solar business accounts for less than 1% of revenue [10] Group 4 - Zhonghuan Environmental's specific shareholder plans to reduce holdings by up to 2.37% of total shares [11] - Xinlaifu's asset management plan intends to reduce 874,300 shares [12] - Guangdian Measurement plans to invest 800 million yuan to build a testing base [13] Group 5 - Modern Investment plans to invest 1.04 billion yuan to establish a smart logistics company [14] - Gaole Co.'s major shareholder is planning a control change, leading to stock suspension [16] - Weiling Co.'s major shareholder is planning a control change, leading to stock suspension [18] Group 6 - Igor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [20] - Huanrui Century's shareholder sold 7.26 million shares due to judicial enforcement [21] - Jinhua Co.'s controlling shareholder plans to acquire 5.77% of company shares at 9.15 yuan per share [22] Group 7 - Wireless Media's four shareholders plan to reduce holdings by up to 4.7% of total shares [24] - CATL's shareholder completed the transfer of 10% of shares for approximately 17.16 billion yuan [26] - *ST Lian Stone entered the restructuring phase, with potential downward adjustment of stock price [28]

Core Viewpoint - Weichai Heavy Machinery's stock has shown significant volatility, with a year-to-date increase of 114.81%, but recent declines in the short term indicate potential market fluctuations [1][2]. Group 1: Stock Performance - On November 24, Weichai Heavy Machinery's stock rose by 2.03%, reaching 26.10 CNY per share, with a trading volume of 202 million CNY and a turnover rate of 3.45%, resulting in a total market capitalization of 12.106 billion CNY [1]. - The stock has experienced a decline of 4.22% over the last five trading days, 15.40% over the last twenty days, and 28.20% over the last sixty days [1]. - The company has appeared on the "Dragon and Tiger List" 16 times this year, with the most recent appearance on September 15, where it recorded a net buy of -217 million CNY [1]. Group 2: Company Overview - Weichai Heavy Machinery, established on June 28, 1993, and listed on April 2, 1998, is located in Weifang, Shandong Province, and specializes in developing, manufacturing, and selling marine power and power generation equipment [2]. - The company's main business segments include power generation units (51.61% of revenue), engines (33.89%), aftermarket and others (7.28%), and parts and processing services (7.23%) [2]. - The company operates within the automotive industry, specifically in the automotive parts sector, and is associated with concepts such as generator concepts, machinery, and Shandong state-owned assets [2]. Group 3: Financial Performance - For the period from January to September 2025, Weichai Heavy Machinery reported a revenue of 4.426 billion CNY, reflecting a year-on-year growth of 57.50%, and a net profit attributable to shareholders of 187 million CNY, up 29.34% year-on-year [2]. - The company has distributed a total of 386 million CNY in dividends since its A-share listing, with 205 million CNY distributed over the last three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, Weichai Heavy Machinery had 80,400 shareholders, an increase of 110.66% from the previous period, with an average of 2,824 circulating shares per shareholder, down 33.54% [2]. - The largest circulating shareholder is the Caitong Asset Management Digital Economy Mixed Fund, holding 5.9548 million shares, while the second-largest is the Morgan Stanley Digital Economy Mixed Fund, with 4.9242 million shares, having increased its holdings by 76,410 shares [3].

Group 1: Company Acquisition - Shanghai Zhiyuan Hengyue Technology Partnership has completed the acquisition of shares in Shangwei New Materials, now holding 58.62% of the company, making it the controlling shareholder [1] - The acquisition price was set at 7.78 yuan per share, with the total number of shares tendered accounting for 33.6332% of the company's total equity [1] Group 2: Revenue Forecast Adjustment - BeiGene has updated its revenue forecast for 2025, now expecting it to be between 36.2 billion and 38.1 billion yuan, an increase from the previous estimate of 35.8 billion to 38.1 billion yuan [3] - The adjustment in revenue expectations is attributed to the leading position of Baiyueze in the U.S. market and its ongoing expansion in Europe and other key global markets [3] Group 3: Shareholder Reduction Plans - Shandong Heda's director plans to reduce holdings by up to 350,000 shares, representing 0.1017% of the total equity [5] - Huawai Technology's shareholder intends to reduce holdings by up to 5.2 million shares, accounting for 1.92% of the total equity [7] - Shenghong Co. plans for specific shareholders and executives to collectively reduce holdings by up to 8.7887 million shares, which is 2.8165% of the total equity [9] - High Alliance New Materials' executives plan to reduce holdings by up to 26,630 shares, representing 0.061% of the total equity [11] - New Light Pharmaceuticals' shareholder intends to reduce holdings by up to 4.8 million shares, which is 3% of the total equity [13] - Mengguli's shareholders plan to reduce holdings by up to 13.7885 million shares, accounting for 3% of the total equity [15] - Wanli Stone's general manager plans to reduce holdings by up to 3.7 million shares, representing 1.63% of the total equity [16] - Hongri Pharmaceuticals' shareholders and executives plan to reduce holdings by up to 47.3373 million shares, which is 1.58% of the total equity [17] - Feilihua's executives plan to reduce holdings by up to 620,000 shares, accounting for 0.1187% of the total equity [19] - Zhou Dazheng's senior management plans to reduce holdings by up to 126,600 shares, representing 0.0117% of the total equity [21] - Dali Cape's shareholder intends to reduce holdings by up to 18 million shares, which is 4.5% of the total equity [22] - Yixin Hall's actual controller plans to reduce holdings by up to 11.7121 million shares, accounting for 2% of the total equity [22] - Online and Offline's vice president plans to reduce holdings by up to 23,500 shares, representing 0.03% of the total equity [22] - Lige Optical's specific shareholder plans to reduce holdings by up to 930,400 shares, which is 0.7692% of the total equity [23] - Zhenhua Co.'s specific shareholder plans to reduce holdings by up to 930,400 shares, representing a significant deviation from the company's fundamentals [25] - Wenke Co.'s specific shareholder plans to reduce holdings by up to 3.5 million shares, accounting for 0.55% of the total equity [26] - Shanghai Hanxun's controlling shareholder plans to transfer 5% of the company's shares, totaling approximately 621 million yuan [27]

Group 1 - Triangle Defense signed a gas turbine project development agreement and framework order agreement with Siemens Energy, allowing the company to qualify for supplying specific items to Siemens Energy [1] - The framework order agreement requires Triangle Defense to deliver products and tooling according to procurement orders and ensure quality standards [1] - Triangle Defense specializes in the research, production, sales, and service of forged products in the aerospace, aviation, and marine industries [1] Group 2 - Jindi Group reported a 65.78% year-on-year decline in signed amount for October, totaling 1.92 billion yuan, with a signed area of 184,000 square meters, down 53.30% year-on-year [2] - For the first ten months, Jindi Group's cumulative signed area was 1.976 million square meters, down 50.45%, and the signed amount was 26.1 billion yuan, down 55.33% [2] - Jindi Group is engaged in real estate development and sales, commercial real estate, and property management [2] Group 3 - Morning Light New Materials announced a plan for a shareholder to reduce holdings by up to 0.96% of the company's shares [3] - The reduction will occur through block trading starting from November 12, 2025 [3] - Morning Light New Materials focuses on the research, production, and sales of functional silanes and other silicon-based new materials [3] Group 4 - Sanjiang Shopping announced a plan for its second-largest shareholder to reduce holdings by up to 3% of the company's shares [4] - The reduction will take place through centralized bidding and block trading starting from November 27, 2025 [4] - Sanjiang Shopping specializes in the development and sales of community fresh supermarkets [5] Group 5 - Wen Tai Technology announced a plan for a shareholder to reduce holdings by up to 3% of the company's shares [11] - The reduction will occur through block trading and centralized bidding starting from November 27, 2025 [11] - Wen Tai Technology is involved in the research and development of mobile communication, semiconductors, and electronic components [11] Group 6 - Xi Ling Power announced a plan to acquire 100% equity of Weipai Automotive [18] - The acquisition involves cash payment and targets a company specializing in turbochargers, serving international automotive clients [18] - Xi Ling Power focuses on the research, production, and sales of automotive parts [18] Group 7 - Financial Securities plans to distribute a cash dividend of 0.6 yuan per 10 shares to all shareholders, totaling 276 million yuan [24] - The dividend distribution is based on the total share capital of 4.603 billion shares as of September 30, 2025 [24] - Financial Securities is engaged in wealth management, investment banking, and various securities-related businesses [24]

Core Viewpoint - Weichai Heavy Machinery is a leading domestic manufacturer of medium-speed marine diesel engines, with a focus on providing comprehensive power and electricity solutions for the shipping and power generation sectors [1] Group 1: Business Performance - In Q3 2025, Weichai Heavy Machinery reported revenue of 4.426 billion yuan, ranking 11th in the industry, surpassing the industry average of 3.82 billion yuan [2] - The net profit for the same period was 187 million yuan, ranking 29th in the industry, below the industry average of 275 million yuan [2] Group 2: Financial Ratios - The company's debt-to-asset ratio in Q3 2025 was 73.44%, significantly higher than the industry average of 39.06% [3] - The gross profit margin for Q3 2025 was 10.72%, lower than the industry average of 21.53% [3] Group 3: Executive Compensation - The chairman, Fu Qiang, received a salary of 1.5149 million yuan in 2024, a decrease of 229,100 yuan from 2023 [4] - The general manager, Yin Xiaoqing, earned 1.0049 million yuan in 2024, down 164,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 110.66% to 80,400 [5] - The average number of circulating A-shares held per shareholder decreased by 33.54% to 2,824.38 [5] Group 5: Market Outlook - The company is projected to achieve a revenue CAGR of 24% from 2025 to 2027, with expected revenues of 5.3 billion, 6.9 billion, and 8.1 billion yuan respectively [6] - The net profit is anticipated to grow at a CAGR of 44%, reaching 300 million, 500 million, and 620 million yuan in the same period [6]

Group 1: Company Performance Highlights - Yanjiang Co., Ltd. reported a net profit of 42.50 million yuan for the first three quarters, a year-on-year increase of 27.95%, with a third-quarter net profit growth of 209.1% [1] - Dabeinong achieved a net profit of 257 million yuan for the first three quarters, up 92.56% year-on-year, but reported a significant decline of 92.50% in third-quarter net profit [1][2] - Gaozheng Minexplosion's net profit for the first three quarters was 126 million yuan, reflecting a 13.68% increase year-on-year, with a third-quarter net profit growth of 1.83% [3][4] - Taiji Co., Ltd. reported a net profit of 56.69 million yuan for the first three quarters, a year-on-year increase of 205.58%, but a decline of 13.6% in third-quarter net profit [5][6] - Qian Zhao Optoelectronics achieved a net profit of 87.95 million yuan for the first three quarters, up 80.17% year-on-year, with a third-quarter net profit growth of 56.01% [7][8] - Future Electric reported a net profit of 71.32 million yuan for the first three quarters, a year-on-year increase of 10.61%, with a slight decline in third-quarter revenue [10] Group 2: Company Announcements and Strategic Moves - Hengshuo Co., Ltd. announced plans for shareholders to reduce their holdings by up to 3% due to personal funding needs [11] - Sanbai Shuo disclosed a share transfer agreement where a shareholder will transfer 5.66% of the company's shares to another entity [12] - Tianqi Lithium's subsidiary plans to invest 250 million yuan in a partnership to explore opportunities in the new materials and renewable energy sectors [12][13] - Zhuanqi Technology reported a net loss of 1.03 billion yuan for the first three quarters, with a significant decline in third-quarter performance [16] - Jintong Technology announced plans to increase investment by 250 million yuan to expand production capacity for new energy vehicle components [23]

Group 1 - Yonghe Co., Ltd. reported a net profit of 469 million yuan for the first three quarters, a year-on-year increase of 220.39% [1] - Jinli Permanent Magnet achieved a net profit of 515 million yuan, reflecting a year-on-year growth of 161.81% [1][2] - Sanhe Pharmaceutical Auxiliary's net profit increased by 8.28% year-on-year, reaching 133 million yuan [2] Group 2 - Jiahuan Technology experienced a net profit decline of 26.53%, totaling 55.35 million yuan [3] - Wuchan Huaneng reported a net profit decrease of 15.10%, amounting to 453 million yuan [3] - Chuan Investment Energy's net profit fell by 4.54%, totaling 4.22 billion yuan [4][5] Group 3 - Dayang Bio's net profit grew by 56.12%, reaching 80 million yuan [5] - Weili Medical reported a net profit increase of 14.94%, totaling 192 million yuan [6] - People's Tongtai's net profit decreased by 45.69%, amounting to 112 million yuan [7] Group 4 - Jiuhuan Bio received a medical device registration certificate for its NT-proBNP test kit [8] - Jincheng Pharmaceutical's subsidiary obtained a drug registration certificate for a specific injection [9] - Guangdian Yuntong's subsidiary acquired a money service operator license in Hong Kong [10] Group 5 - Dash Intelligent won a bid for a project worth 96 million yuan related to the Shijiazhuang subway [10] - Alloy Investment's net profit increased by 124.87%, reaching 7.26 million yuan [11] - Kaile Co., Ltd. reported a net profit growth of 159.14%, totaling 21.63 million yuan [12] Group 6 - Chuanjinno's net profit surged by 175.61%, reaching 304 million yuan [14] - Rijiu Optoelectronics reported a net profit increase of 36.54%, totaling 76.91 million yuan [15] - Dazhu CNC's net profit grew by 142.19%, amounting to 492 million yuan [15] Group 7 - Nairui Radar expects a net profit increase of 181% for the first three quarters [17] - Suzhou Tianmai successfully acquired land use rights for a new manufacturing project [19] - Aokai Pharmaceutical announced clinical research data for its innovative drug at a major conference [21][22] Group 8 - Jilin Aodong's subsidiary passed the consistency evaluation for a specific injection [24] - Qinxin Environment announced the resignation of a board member [25] - *ST Baoying is planning a change in control, leading to a stock suspension [26] Group 9 - Jianlang Hardware's director plans to reduce holdings by up to 500,000 shares [27] - Taihe Technology's director intends to reduce holdings by up to 606,000 shares [29] - Zhongyuan Securities announced a cash dividend of 0.008 yuan per share [31] Group 10 - Beijing-Shanghai High-Speed Railway plans to distribute a cash dividend of 0.0385 yuan per share [32] - Zhuhai Guanyu expects a net profit increase of 36.88%-55.54% for the first three quarters [34] - Shenglong Co., Ltd. reported a net loss of 72.95 million yuan for the first three quarters [36] Group 11 - Shuangyuan Technology plans to distribute a cash dividend of 0.125 yuan per share [38] - Shaanxi Guotou A reported a net profit increase of 6.6%, totaling 996 million yuan [40] - Sunshine Nuohua intends to invest 15 million yuan in a biotech company [41] Group 12 - Yangjie Technology's net profit increased by 45.51%, reaching 974 million yuan [42] - Xingwang Yuda reported a net profit growth of 260%, totaling 38.37 million yuan [43] - Tongyou Technology turned a profit with a net profit of 9.29 million yuan [44]