行业投资评级 - 投资评级：看好，维持 [10] 核心观点 - 计算机行业2025年前三季度营收稳健增长，订单预期持续向好支撑营收持续修复，归母净利润同比大幅提升184.0% [2] - 行业毛利率企稳，降本控费成效显著助力利润释放，三费率合计同比下降1.42个百分点，处于2022年以来最低水平 [2][5] - 经营现金流同比改善，应收账款五年来首次负增长，行业经营质量提升 [6] - 细分领域表现分化：AI需求延续高景气，G端信创需求确定性高，B端多数赛道收入迎来修复 [7][8] 整体业绩表现 - 2025Q1-3计算机行业营收总额达4823.0亿元，同比增长5.1% [2][4] - 截至2025Q3计算机行业合同负债达955.7亿元，同比增加9.6%，环比增加7.5%，连续三个季度同比增长且增速逐季上行 [2][4] - 2025Q1-3计算机行业整体实现归母净利润124.1亿元，同比大幅提升184.0%，绝对水平已超过2022-2024同期水平 [2][5] - 2025Q1-3计算机行业毛利率为31.71%，同比下降1.1个百分点，但与上半年水平接近，已有企稳迹象 [5] 费用与现金流 - 2025Q1-3三费率合计30.6%，同比下降1.42个百分点，其中销售/管理/研发费用率分别为10.2%/7.9%/12.5%，较2024Q1-3分别下降0.29/0.47/0.66个百分点 [5][31] - 2025Q1-3计算机行业整体经营性现金流净额为-196.9亿元，同比增加150亿元，增幅43.3% [6][38] - 2025Q1-3应收账款为2640.9亿元，同比下滑0.4%，五年内首次负增长，应收账款占营收比重降至54.8%，较去年减少3.0个百分点 [6][37] 细分行业表现：AI需求 - IT基础设备：2025年前三季度营收398.76亿元，同比增长6.34%；归母净利润64.31亿元，同比增长132.09% [49][51] - 人工智能：2025年前三季度营收218.38亿元，同比增长15.71%；归母净利润-7.76亿元，同比增长45.14% [49][53] - AI板块在政策加持与用户渗透加速共同作用下收入端表现良好，IT基础设施业绩加速上行，偏软领域盈利拐点仍有待观察 [7] 细分行业表现：G端需求 - 信创：2025年前三季度营收350.87亿元，同比增长11.09%；归母净利润11.26亿元，同比增长276.88% [49][59] - 网络安全：2025年前三季度营收247.36亿元，同比增长12.44%；归母净利润-33.18亿元，同比增长16.45% [49][60] - 政务IT：2025年前三季度营收174.63亿元，同比下降23.95%；归母净利润-18.76亿元，同比下降52.41% [49][62] 细分行业表现：B端需求 - 金融IT：2025年前三季度营收808.49亿元，同比增长5.10%；归母净利润49.31亿元，同比增长33.36% [49][71] - 汽车IT：2025年前三季度营收191.25亿元，同比增长18.97%；归母净利润5.31亿元，同比增长2140.13% [49][71] - 工业软件：2025年前三季度营收353.28亿元，同比下降7.59%；归母净利润19.91亿元，同比下降28.82% [49][70] - 医疗IT：2025年前三季度营收227.03亿元，同比下降1.56%；归母净利润-4.44亿元，同比下降88.96% [72] - 教育IT：2025年前三季度营收49.07亿元，同比下降17.37%；归母净利润1.55亿元，同比下降0.29% [73]

Several companies are racing to claim the coveted $1 trillion market cap, backed by strong fundamentals. In today’s environment, where artificial intelligence, automation, and digital infrastructure are reshaping global industries, a handful of major corporations are positioning themselves for outsized growth.In this case, Finbold has identified the following two stocks with the potential to reach $1 trillion in market capitalization by 2026.Oracle (NYSE: ORCL)Oracle (NYSE: ORCL) currently has a market capi ...

Chris Nixon Cox, Company Chairman, stated, "This strategic financing reflects strong market confidence in HTCO's long-term vision for marine digital transformation and the Company's ability to continue to advance technological innovation and optimize capital efficiency—all to drive sustainable value creation for our shareholders." About High-Trend International Group High-Trend International Group is a global ocean technology company with core businesses in international shipping and marine carbon neutralit ...

Key Takeaways VRT's orders rose 21% with a 1.4 book-to-bill ratio, while backlog climbed 30% year over year to $9.5B. VRT's $1B Purge Rite deal and NVIDIA tie-up boost its AI-focused thermal and power solutions. APLD's $11B CoreWeave deal and faster build times drive its AI data center expansion. Vertiv (VRT) and Applied Digital (APLD) are major players in the data center infrastructure market. While Vertiv offers advanced thermal and power management systems tailored for large-scale data centers, Applied D ...

Earnings Presentation 3Q25 & YTD November 7 th, 2025 Economic & Banking Industry Overview Camino La Pólvora Domestic demand continues to strengthen GDP and Demand Growth YoY, % 3.1% 5.8% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 GDP Domestic Demand Total and Capital Imports YoY, % 13.9% 30.8% -30% -20% -10% 0% 10% 20% 30% 40% Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 O ...

Luxury furniture retailer Arhaus (NASDAQ:ARHS) reported Q3 CY2025 results beating Wall Street’s revenue expectations , with sales up 8% year on year to $344.6 million. Guidance for next quarter’s revenue was optimistic at $351 million at the midpoint, 2% above analysts’ estimates. Its GAAP profit of $0.09 per share was in line with analysts’ consensus estimates. Is now the time to buy ARHS? Find out in our full research report (it’s free for active Edge members). Arhaus (ARHS) Q3 CY2025 Highlights: Rev ...

Amsterdam, 7 November 2025 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its third quarter and first nine months results. Q3 2025 Key points Revenue of EUR 304.0 million, down 10% (down 7% organically)Gross profit of EUR 56.5 million, down 16% (down 14% organically)Underlying EBIT of EUR 11.9 million, down 31% (down 29% organically)Cost reductio ...

Free Newsletter Get the hottest Fintech Hong Kong News once a month in your Inbox JPX Market Innovation & Research (JPXI), with the support of Amazon Web Services (AWS), has made significant progress towards Japan Exchange Group (JPX)’s goal of becoming a “global, comprehensive finance and information platform,” as outlined in its Medium-Term Management Plan.JPXI has developed J-WS, JPX’s common infrastructure platform, on AWS.The platform supports the stable operation of JPX Group’s data and digital se ...

Nature's Sunshine Products (NasdaqCM:NATR) Q3 2025 Earnings Call November 06, 2025 05:00 PM ET Speaker3Good afternoon, everyone, and thank you for participating in today's conference call to discuss Nature's Sunshine's financial results for the third quarter ended September 30, 2025. Joining us today are Nature's Sunshine CEO, Kieran O'Mahony, CFO, Shane Jones, and General Counsel Nathan Brower. Following their remarks, we'll open the call for analyst questions. Before we go further, I would like to turn th ...

NOT FOR DISTRIBUTION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWCALGARY, Alberta, Nov. 06, 2025 (GLOBE NEWSWIRE) -- (all numbers in this release are in Canadian dollars (CAN$) unless otherwise noted) Alaris Equity Partners (TSX:AD.UN) (“Alaris” or the “Trust”) is pleased to announce that it has completed a $115.5 million investment into Optimus SBR Inc. and Optimus SBR Limited Partnership (together, “Optimus SBR” and the “Company” ...