Core Insights - The report highlights a strong performance in the A-share market, with major indices achieving significant monthly gains, particularly the ChiNext Index which rose by 12.04% in September [4] - The stock portfolio for October 2025 shows a diverse range of companies with strong investment themes, including overseas expansion, innovative pharmaceuticals, and recovery in the wind power sector [2][3] Company Summaries Huaxin Cement (600801) - The company is actively expanding overseas, aiming to double its cement production capacity from 25 million tons to approximately 50 million tons by 2025 [10] - Despite a slight decline in cement sales, non-cement business segments such as aggregates and concrete have shown significant growth [10] - The company reported a revenue of 34.217 billion yuan in 2024, marking a 1.36% increase year-on-year, with a notable recovery in net profit in the first half of 2025 [10] Luoyang Molybdenum (603993) - The company achieved record high operating performance with a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan in the first half of 2025, reflecting a 60.07% year-on-year increase [12] - The company is expanding its global footprint, particularly in gold resources, and has successfully acquired a mining project in Ecuador [16] - The diversified product portfolio, including copper and cobalt, positions the company well against market fluctuations [16] Heng Rui Medicine (600276) - The company reported a stable growth in Q2 2025, with a revenue of 8.556 billion yuan, up 12.53% year-on-year, and a net profit of 2.576 billion yuan, up 24.88% [20] - The innovative drug segment is a key driver of growth, contributing significantly to overall revenue [20] - The company is focusing on accelerating the commercialization of new products to enhance future growth [20] CATL (300750) - The company reported a revenue of 178.886 billion yuan in the first half of 2025, with a net profit of 30.485 billion yuan, reflecting a 33.33% increase year-on-year [24] - CATL continues to innovate with new products in the electric vehicle battery sector, maintaining a strong market position [24] - The company is expanding its production capacity and has significant cash reserves to support its growth strategy [24] Goldwind Technology (002202) - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a 41.26% increase year-on-year, with a notable improvement in profitability [29] - The sales of large wind turbine units have significantly increased, with a sales capacity of 10.64 GW, up 106.60% year-on-year [29] - The international business segment has also seen substantial growth, with a revenue increase of 75.34% [29] XCMG Machinery (000425) - The company reported a revenue of 54.808 billion yuan in the first half of 2025, a growth of 8.04% year-on-year, with a net profit of 4.358 billion yuan [34] - The company is focusing on expanding its overseas business, which now accounts for 46.61% of total revenue [34] - The growth in demand for earth-moving machinery and the recovery in the lifting machinery sector are key highlights [34] Inovance Technology (300124) - The company reported a revenue of approximately 9 billion yuan in the first half of 2025, with a 50% increase in its new energy business [38] - The company is leveraging its multi-platform and customized solutions to enhance its market position [38] - Significant growth in international sales, particularly in emerging markets, is noted [38] Changdian Technology (600584) - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, a 20.14% increase year-on-year, despite a decline in net profit [43] - Changdian Technology is recognized as a leading player in advanced packaging technology within the semiconductor industry [43] - The company is focusing on automotive electronics and has seen a 34.2% increase in revenue from this segment [43] Luxshare Precision (002475) - The company reported a revenue of 1245.03 billion yuan in the first half of 2025, with a net profit of 6.644 billion yuan, reflecting a 23.13% increase [48] - The consumer electronics segment continues to grow steadily, with significant contributions from new product launches [48] - The automotive business has shown remarkable growth, with an 82.07% increase in revenue [48] Kingsoft Office (688111) - The company is focusing on integrating AI technologies into its office solutions, aiming to enhance productivity and user experience [49] - The report indicates a strong market position and growth potential in the AI-driven office software sector [49]

9月30日，汇川技术涨0.50%，成交额34.24亿元。两融数据显示，当日汇川技术获融资买入额3.78亿 元，融资偿还5.46亿元，融资净买入-1.68亿元。截至9月30日，汇川技术融资融券余额合计36.82亿元。 融资方面，汇川技术当日融资买入3.78亿元。当前融资余额36.68亿元，占流通市值的1.62%，融资余额 超过近一年90%分位水平，处于高位。 截至9月19日，汇川技术股东户数15.18万，较上期增加6.41%；人均流通股15588股，较上期减少 6.01%。2025年1月-6月，汇川技术实现营业收入205.09亿元，同比增长26.73%；归母净利润29.68亿元， 同比增长40.15%。 分红方面，汇川技术A股上市后累计派现79.45亿元。近三年，累计派现32.67亿元。 机构持仓方面，截止2025年6月30日，汇川技术十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股4.74亿股，相比上期减少4149.74万股。易方达创业板ETF（159915）位居第五大流通股 东，持股4936.16万股，相比上期增加155.43万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股 东， ...

进入四季度，险资对A股市场的配置策略备受关注。多位险资投资人士表示，在宏观经济企稳向好、政 策持续发力的背景下，对权益市场整体持乐观态度，其中以科技创新为代表的新质生产力仍是投资主 线，同时将关注周期性行业的估值修复机会。 看好科技、周期板块 展望四季度，多位险资投资人士认为，宏观经济企稳向好的趋势不变、政策支持力度不减，A股市场有 望行稳致远，包括险资等在内的机构投资者预计将加大权益资产配置力度，或成为市场重要的增量资金 来源。 在具体的投资方向上，多位险资投资人士提到，看好科技成长领域相关投资机会。某中小保险资管公司 相关负责人表示，四季度看好具有成长性的AI产业，包括国产算力产业链、AI应用等细分方向的投资 机会。 另一中小保险资管公司权益投资负责人表示，展望后市，科技领域仍是一大投资主线，将重点关注信创 与国产化方向的投资机会。此外，四季度，将在科技和周期板块之间进行均衡配置。整体来看，石油化 工等周期性行业目前估值较低，投资性价比显现，具有一定的配置价值。 电子行业成险资调研重点 中国证券报记者注意到，今年以来，险资机构频频调研A股上市公司。 Wind数据显示，今年前三季度，险资（包括保险公司和保险 ...

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的品牌知名度。其权威 认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 【2025年行业数据引用案例持续更新中，敬请关注】 灿芯半导体(上海)股份有限公司引用了QYResearch出版的ASIC设计服务市场报告 PART 0 1 相关报告《2025-2031全球及中国数字 ASIC 设计服务行业研究及十五五规划分析报告》 无锡信捷电气股份有限公司引用了QYResearch出版的伺服系统市场报告 PART 0 2 灿芯股份（688691）2025年半年度管理层讨论与分析 根据QYResearch的预计，2023年中国ASIC设计服务市场销售收入为15.03亿美元，预计到2030年可以达到34.16亿美元。 来源：证券之星 更多：https://stock.stockstar.com/RB2025083000024447.shtml | PART 0 3 | | --- | | 黑龙江天有为电子有限责任公司引用了QYResearch出版的车辆仪表盘市场报告 | 信捷电气（603416）2025年 ...

Core Viewpoint - In recent trading, Huichuan Technology's stock price has shown a significant increase, reflecting strong performance in the automation and electric drive sectors, particularly in the new energy vehicle and rail transit industries [1][2]. Company Overview - Huichuan Technology, established on April 10, 2003, and listed on September 28, 2010, is headquartered in Longhua District, Shenzhen, Guangdong Province. The company specializes in providing core components for industrial automation, including frequency converters, servo systems, PLC/HMI, high-performance motors, sensors, machine vision, and industrial robots. It also supplies electric drive and power systems for the new energy vehicle industry and traction and control systems for the rail transit sector [1]. - The revenue composition of Huichuan Technology is as follows: 45.18% from new energy vehicles and rail transit, 42.94% from general automation, 11.25% from smart elevator electrical systems, and 0.64% from other sources [1]. Financial Performance - For the first half of 2025, Huichuan Technology reported a revenue of 20.509 billion yuan, representing a year-on-year growth of 26.73%. The net profit attributable to shareholders was 2.968 billion yuan, reflecting a year-on-year increase of 40.15% [2]. - Since its A-share listing, Huichuan Technology has distributed a total of 7.945 billion yuan in dividends, with 3.267 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Huichuan Technology had 151,800 shareholders, an increase of 6.41% from the previous period. The average number of tradable shares per shareholder was 15,588, a decrease of 6.01% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 474 million shares, a decrease of 41.4974 million shares from the previous period. The fifth largest shareholder is E Fund's ChiNext ETF, which increased its holdings by 1.5543 million shares to 49.3616 million shares [3].

9月29日，伟创电气涨5.27%，截至发稿，报89.35元/股，成交3.50亿元，换手率1.89%，总市值191.03亿 元。 资料显示，苏州伟创电气科技股份有限公司位于江苏省苏州市吴中经济技术开发区郭巷街道淞葭路1000 号，成立日期2013年10月17日，上市日期2020年12月29日，公司主营业务涉及变频器、伺服系统与运动 控制器等产品的研发、生产及销售。主营业务收入构成为：变频器62.29%，伺服系统及控制系统 32.33%，数字能源2.32%，其他(补充)1.96%，其他1.10%。 从基金十大重仓股角度 光大保德信专精特新混合A（016477）成立日期2023年1月16日，最新规模2752.49万。今年以来收益 53.75%，同类排名823/8244；近一年收益84.65%，同类排名701/8080；成立以来收益28.2%。 光大保德信专精特新混合A（016477）基金经理为崔书田。 截至发稿，崔书田累计任职时间5年92天，现任基金资产总规模14.55亿元，任职期间最佳基金回报 60.02%， 任职期间最差基金回报-25.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在 ...

光大保德信专精特新混合A（016477）成立日期2023年1月16日，最新规模2752.49万。今年以来收益 57.7%，同类排名798/8171；近一年收益95.44%，同类排名671/8004；成立以来收益31.49%。 光大保德信专精特新混合A（016477）基金经理为崔书田。 9月26日，伟创电气跌5.01%，截至发稿，报85.78元/股，成交4.94亿元，换手率2.62%，总市值183.39亿 元。 资料显示，苏州伟创电气科技股份有限公司位于江苏省苏州市吴中经济技术开发区郭巷街道淞葭路1000 号，成立日期2013年10月17日，上市日期2020年12月29日，公司主营业务涉及变频器、伺服系统与运动 控制器等产品的研发、生产及销售。主营业务收入构成为：变频器62.29%，伺服系统及控制系统 32.33%，数字能源2.32%，其他(补充)1.96%，其他1.10%。 从基金十大重仓股角度 数据显示，光大保德信基金旗下1只基金重仓伟创电气。光大保德信专精特新混合A（016477）二季度 持有股数2.85万股，与上期相比持股数量不变，占基金净值比例为2.89%，位居第十大重仓股。根据测 算，今日浮亏损失约 ...

2025 年 09 月 25 日 技术突破与战略协同并举，智能化浪潮中实现持 续增长 买入(首次) 投资要点 | 分析师：尤少炜 | S1050525030002 | | --- | --- | | yousw@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 4 | | 当前股价（元） | 48.93 | | 总市值（亿元） | 154 | | 总股本（百万股） | 314 | | 流通股本（百万股） | 221 | | 52 周价格范围（元） | 20.58-53.86 | | 日均成交额（百万元） | 677.8 | 市场表现 资料来源：Wind，华鑫证券研究 0 50 100 150 200 (%) 雷赛智能 沪深300 相关研究 —雷赛智能（002979.SZ）公司动态研究报告 ▌自动化行业迎结构性机遇，智能化与国产替代驱 动增长 自动化行业正面临智能化、高精度、绿色化的转型趋势，工 业自动化生产线及机器人成为核心增长点。据睿工业数据， 2024 年中国自动化市场规模达 3000 亿元，其中 OEM 领域超 1,000 亿元，而人形机器人市场预计从 2024 年的 27. ...

9月24日，汇川技术涨4.52%，成交额61.72亿元。两融数据显示，当日汇川技术获融资买入额8.25亿 元，融资偿还6.47亿元，融资净买入1.77亿元。截至9月24日，汇川技术融资融券余额合计41.07亿元。 融资方面，汇川技术当日融资买入8.25亿元。当前融资余额40.91亿元，占流通市值的1.76%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，汇川技术9月24日融券偿还9800.00股，融券卖出1.45万股，按当日收盘价计算，卖出金额 125.18万元；融券余量19.04万股，融券余额1643.29万元，超过近一年70%分位水平，处于较高位。 截至9月19日，汇川技术股东户数15.18万，较上期增加6.41%；人均流通股15588股，较上期减少 6.01%。2025年1月-6月，汇川技术实现营业收入205.09亿元，同比增长26.73%；归母净利润29.68亿元， 同比增长40.15%。 分红方面，汇川技术A股上市后累计派现79.45亿元。近三年，累计派现32.67亿元。 机构持仓方面，截止2025年6月30日，汇川技术十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股4.7 ...

Group 1 - The core viewpoint of the news is that Huichuan Technology's stock has seen a significant increase, with a rise of 5.02% to 86.75 yuan per share, and a total market capitalization of 234.199 billion yuan [1] - Huichuan Technology, established on April 10, 2003, and listed on September 28, 2010, specializes in providing core components for industrial automation and robotics, with a revenue composition of 45.18% from the new energy vehicle and rail transit sectors, 42.94% from general automation, 11.25% from smart elevator electrical systems, and 0.64% from other sources [1] - The trading volume for Huichuan Technology reached 5.231 billion yuan, with a turnover rate of 2.59% [1] Group 2 - According to data, a fund under Bank of China Securities holds Huichuan Technology as its third-largest position, with a net value proportion of 3.71% [2] - The Bank of China Securities Growth ETF (159821) has seen a year-to-date return of 46.09% and a one-year return of 104.2%, ranking 667 out of 4220 and 484 out of 3814 respectively [2] - The fund manager, Liu Xianzheng, has a tenure of 7 years and 240 days, achieving a best return of 118.04% during his management period [3]