[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 备行业周报、月报 2025 年 09 月 08 日 [Table_Title] OpenAI 与博通自研 AI 芯片预计 2026 年量产，中 国科技巨头加大本土芯片采购 ——行业周报 [Table_Summary] 报告要点： 本周（2025.9.1-2025.9.7）市场回顾 1）海外 AI 芯片指数本周上涨 0.7%，扭转下跌趋势，成分股表现差异 较大。2）国内 AI 芯片指数本周下跌 8.5%。本周只有兆易创新小幅上 涨，其余公司出现不同程度下跌，其中瑞芯微、寒武纪、澜起科技、 恒玄科技以及翱捷科技跌幅均超过 10%。3）英伟达映射指数本周上 涨 0.8%，其中太辰光、麦格米特、景旺电子、长芯博创、英维克以及 兆龙互连等下跌幅度超过 10%。4）服务器 ODM 指数本周上涨 0.1%， 波动幅度较小。5）存储芯片指数本周下跌 2.9%，其中香农芯创上涨 2%，佰维存储上涨 1.7%，德明利上涨 1.3%。兆易创新与普冉股份涨 幅不足 1%。其余成分股出现不同幅度的下跌。6）功率半导体指数本 周下跌 ...

[Table_Title] 营收利润稳步增长，积极拓展应用新赛道 ——会通股份（688219）2025 年半年报点评 [Table_Summary] 事件： 公司发布《2025 年半年报》。 点评： [Table_Main] 公司研究|材料|材料Ⅱ 证券研究报告 会通股份(688219)公司点评报告 2025 年 09 月 08 日 25H1 营收稳中有增，盈利能力保持稳定 25 H1 公司实现营收 30.21 亿元，同比增长 10.63%；归母净利润 1.05 亿 元，同比增长 10.19%，扣非归母净利润 0.89 亿元，同比增长 10.44%，主 营业务盈利稳步提升，主要得益于公司针对新能源细分场景定制开发差异 化材料深化客户合作，以及向上游延伸推动全价值链降本增效的双向驱动。 盈利能力方面，25 H1 公司毛利率 13.58%，净利率 3.52%，保持稳定。 改性塑料业务稳健增长，全球化布局培育发展新动能 公司主营业务聚焦于改性塑料领域，拥有聚烯烃系列、聚苯乙烯系列、工程 塑料系列等多种产品平台，整体经营态势稳健。公司洞察消费电子市场，推 进特种工程材料的应用，并逐渐打开轻型电动车、新能源、光伏及军工 ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 [Table_Summary] 报告要点： 本周(2025.9.1-2025.9.5)市场回顾 1) 本周(2025.9.1-2025.9.5)计算机（申万）指数大幅下跌 7.27%，跌 幅居前。本周上证指数下跌 1.18%，深证成指下跌 0.83%，创业板指 上涨 2.35%。 计算机行业周报 2025 年 09 月 08 日 [Table_Title] 大模型持续迭代，AI 应用加速落地 ——计算机行业周报 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、IT 服 务Ⅱ(801103.SL)、软件开发(801104.SL)涨跌幅分别为-6.24%、- 7.23%、-7.90%。 本周重点公告 1) 石基信息发布《投资者关系活动记录表》：在已签约的酒店集团中， 对于集团层面所使用的应用比较简单的酒店集团，例如凯宾斯基、美 高梅，酒店上线会比较快；对于集团层面所使用应用很复杂的酒店集 团，例如万豪、洲际，就会需要很长的集成时间，集成完成后才能开 始上线。标杆客户会带来明显的行业示范效应。 2) 北京利尔发布《关于签 ...

Market Performance - On September 5, 2025, the Shanghai Composite Index rose by 1.24%, the Shenzhen Component Index increased by 3.89%, and the ChiNext Index surged by 6.55%[2] - The total market turnover was 23,483.60 billion yuan, a decrease of 2,335.33 billion yuan from the previous trading day[2] - A total of 4,856 stocks rose while 473 stocks fell across the market[2] Sector and Style Analysis - The top-performing sectors included Electric Equipment and New Energy (6.28%), Communication (5.31%), and Nonferrous Metals (4.42%)[18] - The worst-performing sectors were Banking (-0.96%), Oil and Petrochemicals (0.42%), and Transportation (0.47%)[18] - In terms of investment style, Consumer stocks outperformed, followed by Cyclical and Growth stocks[18] Capital Flow - On September 5, 2025, the net inflow of main funds was 445.30 billion yuan, with large orders contributing 433.02 billion yuan and small orders continuing to see outflows of 199.98 billion yuan[3] - The major ETFs saw a decrease in trading volume, with the top ETFs experiencing declines ranging from 1.15 billion yuan to 25.60 billion yuan compared to the previous day[26] Global Market Trends - Major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.43% and the Nikkei 225 Index up 1.03%[30] - On September 4, European indices showed mixed results, with the DAX Index rising by 0.74% and the CAC40 Index falling by 0.27%[30] - U.S. stock indices also saw gains, with the Dow Jones Industrial Average increasing by 0.77% and the S&P 500 rising by 0.83%[30]

半导体与半导体生产设 [Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 备行业研究报告 2025 年 09 月 04 日 [Table_Title] 行业进入温和复苏周期，国内厂商高端 化加速布局 ——MLCC 行业研究报告 行业库存去化完成，下游多重需求支撑上行，进入温和复苏周期 MLCC 行业兼具长期成长性与显著周期性特征，产品价格受供需关系 驱动波动。从历史 MLCC 行业波动情况来看，一个周期大概有 4-5 年 的时间，从 2016 年以来，MLCC 价格出现三次大的上行趋势：第一 次上行主要受到海外供给端产能向中高端调整，导致刚需的低端产品 供不应求；第二波上行主要由需求端和供给端共同推动，疫情期间海 外厂商停工，叠加 5G 和新能源渗透率快速提升，共同推动了本轮 MLCC 上行行情；目前行业库存回落企稳，叠加汽车电子、AI 服务和 消费电子产品回暖等因素驱动 MLCC 市场需求逐渐回升，当前 MLCC 行业进入温和复苏周期。 国产替代加速推进，高端领域亟待突破 全球 MLCC 产能主要分布在日本、韩国、中国台湾地区和中国大陆， 其中高端领域 MLCC，海外厂商依然 ...

Market Performance - On September 4, 2025, the Shanghai Composite Index fell by 1.25%, with the Shenzhen Component Index down 2.83% and the ChiNext Index down 4.25%[2] - The total market turnover was 25,818.93 billion CNY, an increase of 1,862.11 billion CNY from the previous trading day[2] - Out of 4,288 stocks, 2,298 rose while 2,990 fell[2] Sector and Style Analysis - The best-performing sectors were retail (+1.66%), consumer services (+1.05%), and banking (+0.77%); the worst were telecommunications (-8.26%), electronics (-5.18%), and non-ferrous metals (-3.78%)[19] - In terms of investment style, consumer stocks outperformed, followed by cyclical and growth stocks[19] Capital Flow - On September 4, 2025, there was a net outflow of 925.47 billion CNY from major funds, with large orders contributing to a net outflow of 304.23 billion CNY[3] - Small orders saw a continuous net inflow of 1,010.66 billion CNY[3] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +10.78 billion CNY and +21.65 billion CNY respectively[28] - The ChiNext ETF experienced a net outflow of 26.45 billion CNY on September 3, 2025[28] Global Market Overview - On September 4, 2025, the Hang Seng Index fell by 1.12%, while the Nikkei 225 rose by 1.53%[32] - In the U.S. market, the Dow Jones Industrial Average decreased by 0.05%, while the S&P 500 and Nasdaq Composite increased by 0.51% and 1.02% respectively[32]

证券研究报告 2025 年 9 月 3 日 2025 年 9 月 3 日股市继续下挫债市飘红，国债期货全线 收涨 9[Table_Title] 每日复盘 报告要点： 2025 年 9 月 3 日股市继续下挫债市飘红，国债期货全线收涨。上证指数 下跌 1.16%，深证成指下跌 0.65%，创业板指上涨 0.95%。市场成交额 23956.81 亿元，较上一交易日减少 5167.42 亿元。全市场 823 只个股上涨， 4560 只个股下跌。 风格上看，各指数涨跌幅排序为：消费>周期>成长>0>金融>稳定；大盘 成长>中盘成长>小盘成长>中盘价值>小盘价值>大盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：通信 （1.60%），电力设备及新能源（1.41%），医药（-0.03%）；表现相对靠后的 是：国防军工（-6.36%），综合金融（-3.66%），非银行金融（-3.07%）。概 念板块方面，多数概念板块下跌，芬太尼、BC 电池、青蒿素等板块上涨；兵 装重组、国产航母、军工信息化等大幅走低。 资金筹码方面，主力资金 9 月 3 日净流出 714.26 亿元。其中 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5]. Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 504 million yuan in H1 2025, a year-on-year increase of 11.85%. The net profit attributable to shareholders reached 133 million yuan, also up by 11.84% [2]. - The company is focusing on strengthening its core business, with AI and automotive intelligent driving identified as dual engines for growth. The AI industry is experiencing high demand, particularly in AI server markets, while the penetration of laser radar in domestic passenger vehicles has surged by 83.14% year-on-year [3]. - The company is expanding into emerging sectors such as smart wearables, smart manufacturing equipment, and semiconductor packaging, laying a solid foundation for long-term growth [4]. Financial Performance Summary - The company is projected to achieve revenues of 1.104 billion yuan, 1.300 billion yuan, and 1.532 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 265 million yuan, 325 million yuan, and 393 million yuan [5][7]. - The company's gross margin stands at 50.78%, reflecting a year-on-year increase of 1.39 percentage points, while the net profit margin is at 26.22%, up by 0.09 percentage points [2]. - The report outlines a positive trend in earnings per share (EPS), projected to be 1.06 yuan, 1.31 yuan, and 1.58 yuan for 2025, 2026, and 2027, respectively [5][7].

[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 华设集团(603018)公司点评报告 2025 年 09 月 03 日 [Table_Title]传统业务承压，转型持续推进 ——华设集团(603018)2025 年半年报点评 [Table_Summary] 报告要点： 传统业务表现疲软，业务转型持续推进 2025H1，公司实现营收 14.95 亿元，同比-9.97%；归母净利 1.01 亿元， 同比-34.36%；扣非归母净利润 0.93 亿元，同比-37.75%；销售净利率 6.85%，同比-2.23pct，销售毛利率 34.79%，同比-1.58pct。2025H1 勘察 设计营收入 7.44 亿元，同比-9.58%；规划研究营收 1.30亿元，同比-42.95%， 传统业务有所承压；数字及智慧业务、低碳及环保业务和项目过程管理及商 业运营营收分别为 1.49/1.91/0.94 亿元，同比+22.17%/3.96%/14.54%，公 司坚定转型，打造创新型科技企业平台，目前初见成效。 数字化转型进展不断，降本增效成效初显 公司数字化工作取得新进展，数字化业务合同总额突破 1.5 ...

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metals sector [7] Core Insights - The non-ferrous metals sector has shown strong performance, with the index rising by 8.59% over the past two weeks, outperforming the CSI 300 index and ranking 5th among 31 sectors [2][14] - The price of precious metals has been supported by financial attributes due to expectations of a Federal Reserve interest rate cut, which has led to a collective rise in metals such as cobalt, copper, and rare earths [4][5] - The report emphasizes the potential for continued strength in the non-ferrous metals sector, particularly in precious and industrial metals [5] Summary by Sections Market Review (2025.8.18-2025.8.29) - The non-ferrous metals index increased by 8.59%, with small metals leading the rise at 23.81%, followed by metal new materials (7.69%), precious metals (6.76%), industrial metals (5.71%), and energy metals (4.41%) [2][14] Precious Metals - As of August 29, COMEX gold closed at $3,516 per ounce, up 3.97% over two weeks and 31.63% year-to-date; COMEX silver closed at $40.75 per ounce, up 7.18% over two weeks and 35.88% year-to-date [21][22] - The report notes that geopolitical uncertainties and ongoing central bank purchases are expected to support gold prices [23] Industrial Metals - LME copper closed at $9,805 per ton, up 1.91% over two weeks and 12.89% year-to-date; domestic copper averaged 79,310 yuan per ton, up 0.37% over two weeks and 8.20% year-to-date [29] - The report highlights strong demand for copper driven by global economic recovery and green energy investments [29] Small Metals - Black tungsten concentrate (≥65%) price reached 251,000 yuan per ton, up 24.26% over two weeks and 75.52% year-to-date; LME tin price was $34,950 per ton, up 3.99% over two weeks and 22.80% year-to-date [36] - The report indicates that supply-demand dynamics are tightening, particularly for tungsten and tin [37] Rare Earths - The China Rare Earth Price Index was 225.11, up 6.39% over two weeks and 37.44% year-to-date; praseodymium-neodymium oxide closed at 597,500 yuan per ton, up 10.96% over two weeks and 48.45% year-to-date [48] - The report discusses the impact of new regulations on rare earth mining and processing, which are expected to tighten supply [65] Energy Metals - As of August 29, the average price of electrolytic cobalt was 267,000 yuan per ton, up 1.33% over two weeks and 86.71% year-to-date; sulfuric acid cobalt (≥20.5%) averaged 53,100 yuan per ton, up 2.12% over two weeks and 94.51% year-to-date [55] - The report notes strong demand for cobalt driven by battery production [55] Major Events - The report highlights the implementation of new regulations for rare earth mining and processing, which aim to optimize supply-side management and include imported minerals in total quantity control [65]