A股2025年三季报披露收官。记者梳理三季报发现，多个行业增长态势得到进一步确认，部分行业第三 季度业绩实现反转。其中，电子、有色金属、储能等多个细分领域上市公司在下游需求带动下，业绩表 现亮眼。 AI带动电子行业 今年前三季度，电子行业巨头工业富联在较高的业绩基础上交出了一份高增长的"答卷"——前三季度实 现营收6039.31亿元，同比增长38.4%；归母净利润为224.87亿元，同比增长48.52%。 "云计算业务增长主要受益于超大规模数据中心用AI机柜产品的规模交付及AI算力需求的持续旺盛，通 信及移动网络设备业务同样得到了AI智能终端新品的带动。"工业富联在三季报中表示。 从服务器到交换机等应用端设备，从PCB到光模块、高速通讯线缆等电子器件，AI给电子行业公司带来 了显著的增长。 例如光模块领域，中际旭创前三季度实现营收250.05亿元，同比增长44.43%；归母净利润为71.32亿 元，同比增长90.05%。新易盛实现营业收入165.05亿元，同比增长221.7%；归母净利润为63.27亿元， 同比增长284.37%。"目前整个行业景气度很高，明后年预计将保持持续高速增长的趋势。"新易盛相关 负责 ...

Core Insights - The electronic industry has become the largest sector in the A-share market, with a total market value of 13.6 trillion yuan, surpassing the banking sector [1][2] - Shenzhen is a key hub for the electronic industry, housing 115 listed companies, including one with a market value exceeding one trillion yuan and five with values over 100 billion yuan [2][3] - The shift towards AI and advanced technologies is driving growth in the electronic sector, particularly in areas like semiconductors and consumer electronics [4][5] Industry Overview - As of October 28, 2025, the electronic industry's market value accounts for 12.8% of the total A-share market, while the banking sector represents 10.8% [1] - Shenzhen leads in the number of electronic companies, with significant players in various segments, including semiconductors, printed circuit boards (PCBs), and consumer electronics [1][6] - The electronic industry encompasses several sub-sectors, including semiconductors, PCBs, displays, optical components, and consumer electronics, with Shenzhen having a presence in all these areas [5][7] Company Highlights - Industrial Fulian (601138.SH) is the only company with a market value exceeding one trillion yuan, valued at approximately 1.604541 trillion yuan, and has seen a 65% increase in cloud computing revenue [3][4] - Luxshare Precision (002475.SZ) is expanding into the Nvidia supply chain, which may become a significant profit driver [4] - Other notable companies include: - Shenzhen South Circuit (002916.SZ) and Pengding Holdings (002938.SZ), both leading in the PCB sector and transitioning towards AI server markets [4][5] - Jiangbolong (301308.SZ) reported a 54.6% year-on-year revenue increase, reaching 6.539 billion yuan [5] - Yingshi Innovation (688775.SH) has seen a 67.18% increase in revenue, reaching 6.611 billion yuan [5] Regional Development - Shenzhen is undergoing a transformation from a manufacturing base to a center for electronic innovation and research, supported by policies and talent [7] - The city has implemented measures to strengthen its semiconductor and integrated circuit industry, with a focus on investment and development [6] - The semiconductor industry in Shenzhen is projected to grow to 256.4 billion yuan by 2024, reflecting a 26.8% year-on-year increase [6]

Core Insights - Industrial Fulian (601138) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 243.17 billion yuan, a year-on-year growth of 42.81%, and net profit attributable to shareholders at 10.37 billion yuan, up 62.04% [1][2] Financial Performance - Q3 2025 revenue: 243.17 billion yuan, up 42.81% year-on-year [2] - Net profit attributable to shareholders for Q3: 10.37 billion yuan, up 62.04% year-on-year [2] - Cumulative revenue for the first three quarters: 603.93 billion yuan, up 38.40% year-on-year [2] - Cumulative net profit for the first three quarters: 22.49 billion yuan, up 48.52% year-on-year [2] - Basic earnings per share for Q3: 0.52 yuan, up 62.50% year-on-year [2] Business Segments - Cloud computing business revenue grew over 65% year-on-year for the first three quarters, with Q3 showing over 75% growth [3] - Revenue from cloud service providers accounted for 70% of the cloud computing business, with a year-on-year increase of over 150% [3] - GPU AI server revenue for cloud service providers increased over 300% year-on-year, with Q3 showing a sequential growth of over 90% and a year-on-year increase of over 5 times [3] - Switch business saw significant growth, with Q3 revenue up 100% year-on-year, and 800G switch revenue increasing over 27 times [3] Market Reaction - Industrial Fulian's stock reached a peak increase of 9.2% on the day of the report, closing at 80.80 yuan per share, with a total market capitalization of 1.6 trillion yuan [3] - The stock has seen a cumulative increase of 275.81% year-to-date [3]

Core Insights - Industrial Fulian (601138) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 243.17 billion yuan, a year-on-year growth of 42.81%, and net profit attributable to shareholders at 10.37 billion yuan, up 62.04% [1][2]. Financial Performance - Q3 2025 revenue: 243.17 billion yuan, up 42.81% year-on-year [2] - Net profit attributable to shareholders for Q3: 10.37 billion yuan, up 62.04% year-on-year [2] - Cumulative revenue for the first three quarters: 603.93 billion yuan, up 38.40% year-on-year [2] - Cumulative net profit for the first three quarters: 22.49 billion yuan, up 48.52% year-on-year [2] - Basic earnings per share for Q3: 0.52 yuan, up 62.50% year-on-year [2] Business Segments - The AI server market expansion and strong demand for AI computing power have driven the company's market share growth among major clients [4]. - Cloud computing business revenue increased by over 65% year-on-year for the first three quarters, with Q3 showing a growth of over 75% [4]. - Revenue from cloud service providers accounted for 70% of the cloud computing business, with a year-on-year increase of over 150% [4]. - GPU AI server revenue for the first three quarters grew over 300% year-on-year, with Q3 showing a sequential growth of over 90% and a year-on-year increase of over five times [4]. - The switch business also saw significant growth, with a 100% year-on-year increase in Q3, and 800G switch revenue growing over 27 times year-on-year [4]. Market Reaction - Industrial Fulian's stock price increased by 9.2% to 80.80 yuan per share, with a total market capitalization of 1.6 trillion yuan [5]. - The stock has risen 275.81% year-to-date [5].

工业富联公告，2025年前三季度，公司云计算业务营业收入较上年同期增长超过65%，第三季度单季同 比增长超过75%，主要受益于超大规模数据中心用AI机柜产品的规模交付及AI算力需求的持续旺盛。 2025年前三季度，公司通信及移动网络设备业务表现稳健。其中，精密机构件业务受AI智能终端新品 推出带动，客户换机需求上升，带动业务持续增长。另外，在交换机方面，因AI需求持续放量，交换 机业务成长显著，三季度单季同比增长100%，其中800G交换机三季度单季同比增长超27倍。 ...