证券研究报告 宏观研究 / 固收研究 2025 年 09 月 30 日 央行货币政策委员会 2025 年三季度例会解读：从"投 放"转向"落实" 细分研究 相关研究 《固定收益周报：品种利差有望阶段性收窄》 2025-09-22 《固定收益周报：公募新规预期扰动趋缓，品 种利差或迎阶段性收敛》2025-09-16 《固定收益周报：《公开募集证券投资基金销售 费用管理规定（征求意见稿）》对债市影响几 何？》2025-09-09 《固定收益周报：债市调整压力仍存，警惕潜 在负反馈效应》2025-08-27 赵金厚 S0820524120001 021-32229888-25510 zhaojinhou@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——固定收益周报（2025/09/22-09/26） 投资要点： 本周市场回顾：国债收益率先上后下 9 月 22 日-26 日，债市主要受流动性影响，国债收益率呈现先上后下的态势。10 年期国债 活跃券收益率运行区间为 1.7850%-1.8360%。 央行货币政策委员会三季度例会解读：适 ...

证券研究报告 行业研究 / 行业点评 2025 年 09 月 30 日 行业及产业 持续看好消费电子升级推动上游设备需 求释放 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《可控核聚变产业数据跟踪（一）：优先布局 磁体系统供应商，把握 CFEDR 中长期机遇》 2025-09-28 《智能制造行业周报：消费电子 AI 化，看好检 测设备景气上行》2025-09-22 《智能制造行业周报：人形机器人加速渗透工 业场景》2025-09-16 《智能制造行业周报：半导体设备国产替代进 程提速》2025-09-08 《智能制造行业周报：持续看好国产半导体设 备公司成长性》2025-09-01 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com ——智能制造行业周报（2025/09/22-2025/09/26） 强于大市 投资要点： 本周（2025/09/22-2025/09/26）沪深 300 指数+1.07%，其中机械设备板块-0.81%， 申万一级行业排名 16/31 位。机械设备子板块中，纺织 ...

Investment Rating - The electronic industry is rated as "Outperform" compared to the market [1] Core Insights - The demand for NAND Flash is expected to surge due to the increasing needs from AI servers and the latest smartphone models, particularly with the iPhone upgrading its minimum storage capacity from 128GB to 256GB [2][5] - The NAND Flash market is projected to experience significant price increases of 15%-20% in Q4 2025, breaking the traditional year-end price decline [5][11] - The market size for NAND Flash is anticipated to reach $38.73 billion in 2023 and $65.64 billion in 2024, driven by supply-demand balance improvements and high-capacity storage needs from AI servers and data centers [11][12] Summary by Sections NAND Flash Market Overview - NAND Flash is a non-volatile memory technology primarily used for data storage, offering advantages over DRAM and SRAM in terms of data retention and cost [6][9] - The NAND Flash market is characterized by a fluctuating growth trend, with major manufacturers reducing production to improve supply-demand balance [11][12] Price Trends and Market Dynamics - As of September 22, 2025, the prices for various NAND Flash products are as follows: MLC 256GB at $12.20, MLC 128GB at $9.45, SLC 16GB at $9.94, and SLC 8GB at $3.47 [5][11] - The top five companies in the NAND Flash market by market share in Q2 2025 are Samsung (32.9%), SK Group (21.1%), Kioxia (13.5%), Micron (13.3%), and SanDisk (12.0%) [12] Company Spotlight: Jiangbo Long - Jiangbo Long is recognized as a leading semiconductor storage brand, providing high-end, flexible, and efficient customized services, with a focus on NAND Flash and DRAM products [21][22] - The company's revenue grew from 7.276 billion yuan in 2020 to 17.464 billion yuan in 2024, with a compound annual growth rate of 24.47% [22][30] - Jiangbo Long's product offerings include embedded storage, solid-state drives, mobile storage, and memory modules, with embedded storage being the core product [27][30] Recent Developments in the Industry - The electronic industry index increased by 3.51% in the week of September 22-26, 2025, outperforming the Shanghai Composite Index, which rose by 1.07% [2][46] - The semiconductor equipment sector has shown strong performance, with a 15.56% increase in the semiconductor equipment index [2][50]

证券研究报告 行业研究 / 行业点评 2025 年 09 月 29 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：NVIDIA 推动供应商加速 MLCP 产业化落地》2025-09-24 《电子行业周报：苹果发布 iPhone 17 系列手 机》2025-09-16 《电子行业周报：微软积极部署空芯光纤应用》 2025-09-10 《电子行业周报：NVIDIA 推出 Jetson AGX Thor 超级电脑》2025-09-02 《电子行业周报：华虹半导体筹划收购华力微 控股权》2025-08-25 证券分析师 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 CPO&CPC 有望开启新一轮成长周期 ——人工智能月度跟踪 9 月 10-12 日，第 26 届中国国际光电博览会（CIOE 中国光博会）于深圳盛大启幕。本 次大会汇聚全球超 3800 家 ...

证券研究报告 高端电动车放量驱动碳陶业务加速成长 公司研究 / 首次覆盖 2025 年 09 月 29 日 ——金博股份（688598）首次覆盖报告 投资要点： 电力设备 | 报告原因： | | --- | | 买入（首次评级） | | 市场数据： | 2025 | 年 | 09 月 | 26 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 33.98 | | 一年内最高/最低（元） | | | 37.97/17.57 | | | | 市净率 | | | | 1.4 | | | 股息率（分红/股价） | | | | | - | | 流通 A 股市值（百万元） | | | | 6,937 | | | 上证指数/深证成指 | | | 3,828/13,209 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | | 2025 | 年 | 06 | 月 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

证券研究报告 汽车 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《汽车行业周报：AI5 算力飞跃加速 Robotaxi 与 Optimus 迭代》2025-09-22 《2025 年智能汽车产业研究：颠覆式革新，供 给创造需求》2025-09-11 《汽车行业周报：蔚来–迈凯伦合作开启技术输 出新业务空间》2025-09-08 《汽车行业周报：小鹏全新 P7 验证产品力，量 变已现，质变可期》2025-09-01 《汽车行业周报：看好央企高端电动智能品牌 借力起势》2025-08-25 证券分析师 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 行业研究 / 行业深度 2025 年 09 月 28 日 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 碳陶制动盘：高端标配，自主向上 ——碳陶制动盘行业深度报告 强于大市 投资要点： 碳陶制动盘性能领先，我们预计 2026 年市场规模约 73-115 亿元。碳陶制动盘是由碳纤维 ...

行业： 评级： 证券研究报告 机械设备 强于大市（维持） 2025年9月28日 优先布局磁体系统供应商，把握CFEDR中长期机遇 ——可控核聚变产业数据跟踪（一） 证券分析师：王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 核心摘要 ：优先布局磁体系统供应商，把握CFEDR中长期机遇 我们统计了2025年初至9月1日中科院等离子体物理研究所和安徽聚变新能有限公司所有可控核聚变招中标项目数据。 请务必阅读正文之后的信息披露和免责申明 2 n 从产业链环节看，资金投入高度分化。磁体、电源、超导带材等环节单体金额大、技术壁垒较高，是核聚变产业核心价值 区；真空室、包层第一壁及其他附属设备则以批量化、分散化招标为主。从预算额看，磁体系统（2.87亿元，占总投资额 42.34%）占比最高，是核聚变装置资金投入核心。整体上，资金集中于核心约束与供能环节，而包层、真空等能量回收 与运行保障系统则更具"长周期、持续化"的订单释放特征。 n 从招标节奏看，订单集中释放在工程建设的中段（约 20%–50% 进度），此阶段以设备安装和子系统集成为主，核心涉 及磁体系 ...

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Insights - The semiconductor equipment sector leads the electronic industry with a weekly index increase of 2.96%, outperforming the CSI 300 index, which decreased by 0.44% [2] - NVIDIA is pushing suppliers to accelerate the development of MLCP liquid cooling technology due to the high power consumption of its new AI platforms, which is expected to exceed 2000W [5][6] - High-performance chips and AI servers are driving continuous iterations in liquid cooling technology, with NVIDIA's AI chips showing significant power increases from 400W to 1400W [6][10] - MLCP (Microchannel Liquid Cooling Plate) is identified as a key upgrade direction for liquid cooling technology, supporting higher TDP and lower thermal resistance compared to traditional cooling methods [19][21] Summary by Sections 1. Industry Performance - The SW electronic industry index increased by 2.96%, ranking 3rd among 31 sectors, while the top five sectors included coal (+3.51%) and electric equipment (+3.07%) [2][36] - The top three sub-sectors in the electronic industry were semiconductor equipment (+9.98%), optical components (+9.08%), and integrated circuit manufacturing (+5.63%) [40] 2. Liquid Cooling Technology - NVIDIA's new AI platforms require advanced liquid cooling solutions, leading to a demand for MLCP technology, which is 3 to 5 times more expensive than existing solutions [5][6] - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, significantly improving performance and lifespan of electronic devices [15][16] - MLCP technology allows for direct contact between cooling liquid and heat sources, drastically reducing thermal resistance and supporting higher power densities [19][21] 3. Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are highlighted as potential beneficiaries of the liquid cooling technology trend, each with unique capabilities in the market [22][24][26] - Invec has developed a comprehensive liquid cooling solution and has delivered 1.2GW of liquid cooling products with zero leakage [22][23] - Highlan offers a one-stop service for data center cooling solutions, maintaining a PUE value of less than 1.1 [24] - Siquan New Materials focuses on a complete thermal management product system, catering to various industries and providing customized solutions [26]

Investment Rating - The report rates the card industry as "Outperform" [3] Core Insights - The card industry is identified as a "lightweight" growth engine within the global entertainment and cultural sector, integrating entertainment, collection, and culture [3][7] - The unique value logic of trading card games (TCGs) is based on their tactical value and scarcity, distinguishing them from ordinary cards [3][8] - The Chinese trading card market has rapidly grown, becoming the largest globally, with a market size projected to reach RMB 263 billion by 2024, reflecting a compound annual growth rate of 56.6% from 2019 [42][77] Summary by Sections 1. Card Industry Overview - Cards are categorized into game cards and collectible cards, with trading cards being a significant focus due to their strategic gameplay and community engagement [7][9] - Trading cards combine rule-based gameplay, cultural content, social attributes, and collectible aspects, creating a high-engagement player ecosystem [3][8] 2. Market Dynamics - The consumer base for card products is primarily elementary school students, with 70% of offline purchasers falling into this category [35] - The report highlights a strong purchasing habit among consumers, with 42% maintaining stable monthly purchases, indicating high user loyalty [37] 3. Regional Market Analysis - The U.S. market is characterized by a mature event system and a strong player base, while Japan leverages its anime IPs for card development, showcasing unique entertainment and social aspects [42][62] - The Chinese market has evolved from imitation to innovation, with local companies developing unique paths and capturing significant market share [79][81] 4. Business Model and Growth Logic - The card industry's business model is driven by IP, diverse products, and a multi-channel sales approach, with a focus on building an IP matrix and enhancing user engagement through events and online communities [84] - The average direct material cost for trading cards is projected to be RMB 0.25 per pack, with an average selling price of RMB 1.70 per pack, resulting in a gross margin of 71.3% [3]

Investment Rating - The mechanical equipment industry is rated as "Outperform" compared to the market [1] Core Insights - The mechanical equipment sector outperformed the CSI 300 index with a weekly increase of 2.23% while the index decreased by 0.44% [9][11] - The laser equipment sub-sector showed the best performance with a rise of 9.77% [13] - The overall PE-TTM valuation for the mechanical equipment industry increased by 2.21% this week [17] Summary by Sections Industry Performance - The mechanical equipment sector ranked 5th out of 31 in the Shenwan industry classification [9] - The top-performing sub-sectors included laser equipment (+9.86%), engineering components (+7.86%), and engineering machinery (+5.89%) [17] Investment Recommendations - Focus on leading robot manufacturers that are accelerating product cost reduction and channel expansion, with a recommendation to pay attention to core component suppliers such as Dechang Motor Holdings and Zhongdali [3] - Detection equipment is expected to see demand growth in consumer electronics and wafer-level scenarios, with companies like Changchuan Technology, Huafeng Measurement Control, and Bojie Co., Ltd. recommended for investment [3] - The demand for magnetic system-related detection, vacuum, ultrasonic, and reliability testing equipment is entering a release phase, with a focus on companies like Hezhu Intelligent and Wanyi Technology [3] Key Company Developments - Figure announced a successful C-round financing of over $1 billion, raising its post-financing valuation to $39 billion, indicating a clear path for the industrialization of general-purpose robots [4] - Bojie Co., Ltd. is expanding its product offerings in the semiconductor sector, with significant growth in demand for wearable testing equipment driven by AI glasses [26][30] - The company Jin Di plans to acquire a controlling stake in Guangzhou Uni Precision, enhancing its core competitiveness in precision processing [25]