计算机3Q25梳理：业绩改善，机构低配

2025/11/1证券研究报告•2529.0%25DSAI•••2总量视角：机构低配，年初以来表现居中上游34Wind22525.3%Wind2025.01.01~2025.10.31125.27%-20%-10%0%10%20%30%40%50%60%70%80%90%有色金属通信电子电力设备综合机械设备传媒基础化工计算机汽车钢铁建筑材料医药生物国防军工环保农林牧渔轻工制造非银金融纺织服饰房地产建筑装饰社会服务家用电器美容护理公用事业银行商贸零售煤炭石油石化交通运输食品饮料-10%-5%0%5%10%15%20%25%30%35%40%45%2025-01-022025-01-132025-01-222025-02-102025-02-192025-02-282025-03-112025-03-202025-03-312025-04-102025-04-212025-04-302025-05-142025-05-232025-06-042025-06-132025-06-242025-07-032025-07-142025-07-232025-08-012025-08-122025-08-212025-09-012025-09-102025-09-192025-09-302025-10-172025-10-28沪深300累计涨跌幅SW计算机累计涨跌幅533Q20250.23%Wind-2.0%0.0%2.0%4.0%6.0%8.0%10.0%01,0002,0003,0004,0005,0006,000计算机持仓市值（亿元）占股票投资市值比例（右轴，%）超配比例（右轴，%）643Q2025Wind2023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3海康威视金山办公海康威视海康威视海康威视海康威视海康威视海康威视海康威视海康威视海康威视金山办公海康威视金山办公金山办公金山办公金山办公金山办公金山办公金山办公金山办公金山办公宝信软件宝信软件宝信软件宝信软件德赛西威宝信软件宝信软件东方财富东方财富东方财富东方财富三六零德赛西威德赛西威德赛西威宝信软件德赛西威东方财富宝信软件宝信软件德赛西威华大九天恒生电子科大讯飞东方财富东方财富三六零东方财富德赛西威德赛西威德赛西威龙芯中科德赛西威东方财富恒生电子三六零用友网络东方财富三六零三六零三六零三六零三六零三六零用友网络三六零科大讯飞三六零科大讯飞科大讯飞科大讯飞浪潮信息浪潮信息宝信软件龙芯中科德赛西威用友网络用友网络科大讯飞浪潮信息浪潮信息龙芯中科科大讯飞科大讯飞科大讯飞宝信软件科大讯飞东方财富恒生电子恒生电子用友网络用友网络浪潮信息中科曙光用友网络中科曙光科大讯飞广联达浪潮信息浪潮信息龙芯中科广电运通纳思达用友网络龙芯中科中科曙光浪潮信息浪潮信息7•-16.4%7.1%2.2%9.8%41.6%26.4%24.0%12.4%21.0%6.6%6.7%-7.6%-0.5%-0.6%4.1%10.7%6.2%9.1%4.1%3.1%13.8%7.2%4.0%-20%-10%0%10%20%30%40%50%05001,0001,5002,0002,5003,0003,5004,0004,5001Q20192Q20193Q20194Q20191Q20202Q20203Q20204Q20201Q20212Q20213Q20214Q20211Q20222Q20223Q20224Q20221Q20232Q20233Q20234Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q2025营业总收入（亿元）营业总收入_YoY（右轴，%）-8.3%12.5%7.0%19.1%37.5%28.9%29.1%13.1%22.6%6.9%5.5%-8.3%-2.3%-1.8%3.5%14.4%8.8%11.9%10.3%4.8%18.8%12.3%3.6%-20%-10%0%10%20%30%40%05001,0001,5002,0002,5003,0003,5001Q20192Q20193Q20194Q20191Q20202Q20203Q20204Q20201Q20212Q20213Q20214Q20211Q20222Q20223Q20224Q20221Q20232Q20233Q20234Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q2025营业总收入（亿元）营业总收入_YoY（右轴，%）8•-79.6%11.9%12.6%35.3%328.2%0.6%5.4%33.5%-24.4%-19.1%-36.8%-42.5%30.3%-3.0%0.1%-14.4%-59.2%-15.1%-2.9%-69.4%94.0%25.0%40.3%-100%-50%0%50%100%150%200%250%300%350%0501001502002503001Q20192Q20193Q20194Q20191Q20202Q20203Q20204Q20201Q20212Q20213Q20214Q20211Q20222Q20223Q20224Q20221Q20232Q20233Q20234Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q2025归母净利润（亿元）归母净利润_YoY（右轴，%）-68.5%4.4%13.5%61.4%206.6%3.4%14.9%-2.2%-10.1%-6.3%-41.1%-36.4%25.1%-7.9%18.0%13.8%-42.2%1.3%9.2%-34.6%55.6%22.6%39.5%-100%-50%0%50%100%150%200%250%0501001502002503001Q20192Q20193Q20194Q20191Q20202Q20203Q20204Q20201Q20212Q20213Q20214Q20211Q20222Q20223Q20224Q20221Q20232Q20233Q20234Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q2025归母净利润（亿元）归母净利润_YoY（右轴，%）9•2,321 2,878 3,070 3,196 3,327 3,459 24.0%6.7%4.1%4.1%4.0%0%5%10%15%20%25%30%05001,0001,5002,0002,5003,0003,5004,0003Q20203Q20213Q20223Q20233Q20243Q2025营业总收入（亿元）营业总收入_YoY（右轴，%）1,674 2,161 2,281 2,362 2,604 2,698 29.1%5.5%3.5%10.3%3.6%0%5%10%15%20%25%30%35%05001,0001,5002,0002,5003,0003Q20203Q20213Q20223Q20233Q20243Q2025营业总收入（亿元）营业总收入_YoY（右轴，%）10•185.7 1