This excerpt is taken from Sheikh Abdullah Nasir Rahmani's Explanation of Kitab al-Tawheed from Sahih Bukhari.
Reference: 7374:
عن أبي سعيد الخدري ، أن رجلا سمع رجلا يقرأ قل هو الله أحد يرددها فلما أصبح جاء إلى النبي صلى الله عليه وسلم ، فذكر له ذلك وكأن الرجل يتقالها ، فقال رسول الله صلى الله عليه وسلم : والذي نفسي بيده إنها لتعدل ثلث القرآن۔Our master Abu Saeed Khudri, may Allah be pleased with him, narrated that: A man repeatedly heard another man (Qatadah bin Nu’maan) reciting "Qul Huwa Allahu Ahad." When morning came, he went to the presence of the Prophet ﷺ and narrated the incident as if he underestimated it. The Prophet ﷺ said: By the One in Whose hand is my soul! This Surah is equivalent to one-third of the Quran.
Benefits and Deductions: Virtue by Sheikh Abdullah Nasir Rahmani, may Allah preserve him
The one reciting this Surah was Qatadah bin Nu’maan, may Allah be pleased with him. And he was the maternal brother (from the mother's side) of our master Abu Saeed Khudri, may Allah be pleased with him.
[يُرَدِّدُهَا: اي يقررها، ويعيدها], reciting with repetition
From [والذي نفسي بيده]:, the attribute of Allah Almighty, "Hand," has been affirmed. (The meaning of every attribute should be taken without any interpretation or negation). And how the hand is, it is as befits His Majesty. Whatever Allah has informed us about it, we have faith in it, and its nature is entrusted to Allah, the Lord of Glory.
Reciting [إنها لتعدل ثلث القرآن]: repeatedly in prayer and saying that I do not need to recite any other Surah because I have recited a third of the Quran (for example) saying that I do not recite Surah Al-Fatiha because Surah Al-Ikhlas is equivalent to one-third of the Quran, this reasoning is incorrect because prayer is not valid without Surah Al-Fatiha.
Or if someone says that I have prayed in Masjid al-Haram and its reward is equal to one hundred thousand prayers, so I do not need to pray anymore because I have already prayed one hundred thousand prayers, such understanding is also incorrect. Because when Shariah rulings come in this way, فی نفسہ the virtue of the matter is considered.
Question: Why is this Surah virtuous?
Answer: Its foundation, the pivot, is the belief in the Oneness of God.
In this Surah, Allah, the Lord of Glory, has two names. [1] الاحد [2] الصمد
(These names are not found anywhere else in the entire Quran.) These two names are such that they form the basis of the belief in all the names and attributes. These two names can be applied to all names and attributes.
(For example) [احد]: Allah Almighty is unique in His names, in all His attributes, He alone is the Most Merciful, He alone is the Most Compassionate, He alone is the Ever-Living and Sustainer, He alone is __ARABIC_8, He alone is the Compeller and the Subduer.
ARABIC_9__ means perfection; Allah Almighty is perfect in His names and attributes, without any defect or deficiency.
[الاحد اور الصمد]: These two names are such names of Allah, the Lord of Glory, which are the foundation of the entire chapter of names and attributes. All knowledge of names and attributes can be based on these two names.