Report Summary 1. Investment Rating of the Industry The document does not provide an investment rating for the industry. 2. Core Viewpoints On September 2, 2025, the broader market fluctuated and adjusted throughout the day, with the robot industry chain strongly rebounding in the afternoon. The Shanghai Composite Index dropped 0.45%, the Shenzhen Component Index fell 2.14%, and the ChiNext Index declined 2.85%. Market turnover increased by 13.4777 billion yuan compared to the previous trading day. There were 1,259 rising stocks and 4,056 falling stocks in the entire market [2]. 3. Summary by Directory 3.1 Market News - The Ministry of Finance and the State Taxation Administration announced tax exemptions and refunds for the investment income of entities using transferred state - owned equity and cash proceeds [13]. - Chinese President Xi Jinping held talks with Russian President Vladimir Putin in Beijing, emphasizing the development of China - Russia relations [13]. - A new poll showed that the proportion of Americans believing they can improve their living standards dropped to 25%, the lowest since 1987, and most were pessimistic about the "American Dream" [13]. - As of September 1, the margin trading balance in the A - share market reached 2.3 trillion yuan, hitting a new high [13]. - China made a series of institutional improvements in anti - monopoly and anti - unfair competition, and the China Computing Power Platform completed the access of 10 provincial sub - platforms [13]. 3.2 Overall Market Performance - On September 2, 2025, the broader market fluctuated and adjusted. The Shanghai Composite Index fell 0.45%, the Shenzhen Component Index declined 2.14%, and the ChiNext Index dropped 2.85%. Market turnover was 291.2424 billion yuan, an increase of 13.4777 billion yuan from the previous trading day. There were 1,259 rising stocks and 4,056 falling stocks [2][14]. 3.3 Market Style and Industry Performance - In terms of style, the order of index gains and losses was: consumption > cycle > growth > 0 > finance > stability; large - cap value > mid - cap value > small - cap value > large - cap growth > mid - cap growth > small - cap growth; stocks heavily held by funds performed better than the CSI All - Share Index [19]. - Among industries, 30 CITIC first - level industries showed mixed performance. The top performers were power equipment and new energy (2.77%), non - ferrous metals (2.50%), and food and beverages (2.26%); the bottom performers were transportation (-1.50%), household appliances (-1.33%), and computers (-1.00%) [19]. - In the concept sector, most concept sectors declined. Sectors such as reducers, PEEK materials, and industrial mother machines rose, while F5G, WiFi6, and co - packaged optics (CPO) dropped significantly [19]. 3.4 Capital Flow Performance - On September 2, the main funds had a net outflow of 151.276 billion yuan, with super - large orders having a net outflow of 98.982 billion yuan and large orders a net outflow of 52.294 billion yuan. Medium - sized orders had a net inflow of 6.729 billion yuan, and small orders continued to have a net inflow of 144.547 billion yuan [3][23]. - Southbound funds had a net inflow of 9.281 billion Hong Kong dollars on September 2. The Shanghai - Hong Kong Stock Connect had a net inflow of 5.636 billion Hong Kong dollars, and the Shenzhen - Hong Kong Stock Connect had a net inflow of 3.645 billion Hong Kong dollars. The turnover of the Hong Kong stock market was 328.119 billion Hong Kong dollars, a decrease of 52.112 billion Hong Kong dollars from the previous trading day [4][25]. 3.5 ETF Capital Flow Performance - On September 2, the trading volumes of most ETFs such as SSE 50, CSI 300, CSI 500, and CSI 1000 increased compared to the previous trading day. The trading volumes of Huaxia SSE 50 ETF, Huatai - Berie CSI 300 ETF, Harvest CSI 300 ETF, E Fund CSI 300 ETF, Southern CSI 500 ETF, Southern CSI 1000 ETF, and Huaxia CSI 1000 ETF were 2.433 billion yuan, 4.755 billion yuan, 1.063 billion yuan, 0.817 billion yuan, 1.736 billion yuan, 2.028 billion yuan, and 0.363 billion yuan respectively, with changes of - 0.511 billion yuan, - 0.740 billion yuan, + 0.251 billion yuan, - 0.141 billion yuan, + 0.424 billion yuan, + 0.850 billion yuan, and + 0.084 billion yuan respectively compared to the previous trading day [28]. - On September 1, capital mainly flowed into the ChiNext Index ETF, with an inflow of 0.608 billion yuan [3][28]. 3.6 Global Market Performance - On September 2, major Asia - Pacific stock indices closed mixed. The Hang Seng Index dropped 0.47% to 25,496.55 points, the Hang Seng Tech Index fell 1.22% to 5,728.46 points, the Nikkei 225 Index rose 0.29% to 42,310.49 points, and the S&P/ASX 200 Index declined 0.30% to 8,900.60 points [4][32]. - On September 1, major European stock indices generally rose. The German DAX Index rose 0.57% to 24,037.33 points, the UK FTSE 100 Index increased 0.10% to 9,196.34 points, and the French CAC40 Index rose 0.05% to 7,707.90 points [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by more than 15% [3][11]. Core Insights - The company reported stable profit growth in its 2025 mid-year report, with a revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit attributable to shareholders of 950 million yuan, up 17.41% year-on-year [1]. - The company has a strong product and IP reserve, with significant growth in overseas revenue, and is actively expanding into the AI industry [2]. - The company has announced a share repurchase plan, intending to buy back 0.16%-0.32% of its total shares with a total fund of 100 to 200 million yuan, at a price not exceeding 29.33 yuan per share [1]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 2.578 billion yuan, with a net profit of 950 million yuan, and a non-recurring net profit of 939 million yuan, reflecting year-on-year increases of 17.41% and 17.18% respectively [1]. - The second quarter of 2025 saw a revenue of 1.225 billion yuan, a decrease of 1.80% year-on-year, while the net profit was 432 million yuan, an increase of 12.79% year-on-year [1]. - The company’s overseas game revenue reached 202 million yuan in the first half of 2025, marking a year-on-year increase of 59.57% [2]. Product and Market Strategy - The company has established a competitive edge in retro-themed games, with successful titles such as "Original Legend" and "Angel Battle" [2]. - The company is actively developing new products, with several titles like "Tomb Raider: Journey" and "Three Kingdoms: The World at Heart" already approved for release [2]. - The company is investing in AI technology, launching a game AI development platform "SOON" to enhance development efficiency and exploring AI applications in gaming [2]. Earnings Forecast - The company is expected to have an EPS of 1.05 yuan in 2025, 1.19 yuan in 2026, and 1.35 yuan in 2027, with corresponding P/E ratios of 21, 19, and 17 respectively [3].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (August 25 - August 31, 2025) saw the Shanghai Composite Index rise by 0.84%, the Shenzhen Component Index by 4.36%, and the ChiNext Index by 7.74%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 12.38% during the same period [2][10]. - Within the telecommunications sub-sectors, communication network equipment and devices experienced the highest increase at 21.05%, while communication application value-added services had the lowest increase at 0.20% [2][12]. - Notable individual stock performances included Tianfu Communication with a rise of 61.54%, Changfei Optical Fiber at 54.71%, and Cambridge Technology at 41.36% [2][14]. Summary by Sections Market Overview - The telecommunications sector showed a strong upward trend, with the Shenwan Communications Index increasing by 12.38% during the week [10]. - The highest performing sub-sector was communication network equipment and devices, which rose by 21.05% [12]. Key Developments - The successful launch of 10 low-orbit satellites marks a significant step for China's satellite internet, indicating the beginning of commercial operations in this area [16]. - The Ministry of Industry and Information Technology (MIIT) aims to promote satellite communication services, targeting over 10 million users by 2030 [18]. - NVIDIA reported a net profit of $26.422 billion for Q2 2026, reflecting a 59% year-on-year increase, highlighting the growth in AI-driven sectors [18]. Company Announcements - Key announcements from the telecommunications sector included mid-year reports from various companies, showcasing significant revenue growth. For instance, Tianfu Communication reported a revenue of 2.456 billion yuan, up 57.84% year-on-year [21].

[Table_Main] 公司研究|传媒行业|游戏行业 证券研究报告 心动公司(2400.HK)点评报告 2025 年 09 月 02 日 [Table_Title] 游戏业务带动业绩大增，TapTap 生态优化 ——心动公司（2400.HK）2025 年半年度业绩点评 [Table_Summary] 事件： 公司发布 2025 年半年度业绩。 点评： 上半年利润端大幅增长，毛利率持续提升 2025H1，公司实现营业收入 30.82 亿元，同比+38.8%，实现归母净利润 7.55 亿元，同比+268.0%，毛利润 22.53 亿元，同比+50.5%，毛利率为 73.1%，同比+5.7pct。公司上半年销售/研发费用率分别为 24.14%/17.81%， 同比-7.18/-1.08pct，费用有所改善。 新游《伊瑟》国服上线值得期待，TapTap 平台生态逐步优化 分业务看，公司游戏业务实现营收 20.71 亿元，同比+39.4%；其中，网络 游戏收入 19.82 亿元，同比+39.0%；付费游戏收入 0.63 亿元，同比+14.2%。 上半年，网络游戏平均 MAU 同比+19.7%，平台月均付费用户数同比 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 CNY per share, indicating an upside potential to 145 CNY per share [5][12][14]. Core Views - The company reported a significant revenue increase of 58.17% year-on-year for H1 2025, reaching 2.633 billion CNY, with a net profit growth of 95.41% to 1.159 billion CNY [1][7]. - The DDR5 penetration rate has improved from 50% to 80%, contributing to a revenue increase in DDR memory interface and supporting chips, which accounted for 93.5% of total revenue [2][8]. - The PCIe retimer segment has emerged as a key growth driver, with a revenue increase of 119% year-on-year, and the company is expected to increase its market share from 12% to 14% [2][9]. - The CXL MXC chip market is projected to grow at a CAGR of 169% from 2025 to 2030, with the company’s 3.x version expected to enter mass production in the second half of next year [2][10]. Financial Performance - For H1 2025, the company achieved a gross margin of 60.44% and a net margin of 42.24%, with gross profit margins expected to remain high due to the increasing proportion of second and third-generation products [1][7][8]. - The company forecasts net profits of 2.484 billion CNY and 2.966 billion CNY for 2025 and 2026, respectively, with corresponding P/E ratios of 57x and 48x [4][12]. - The projected revenue for 2025 is 5.803 billion CNY, reflecting a growth rate of 59.5% [4][12]. Market Potential - The CKD chip is anticipated to become a standard product in desktop memory platforms, with a projected market size of approximately 238 million USD by 2030 [3][11]. - The MRCD/MDB second-generation products are expected to gain support from Intel and AMD platforms, with significant market growth anticipated by 2027-2028 [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 83 CNY per share and an upside potential corresponding to a price of 89 CNY per share for 2026 [2][8][4]. Core Views - The company reported a revenue of 1.819 billion CNY for H1 2025, representing a year-over-year increase of 15.37%, and a net profit of 201 million CNY, up 12.42% YoY. The gross margin and net margin were 50.16% and 10.65%, respectively [1][2]. - The overall industry is in an upward cycle, with the global consumer electronics market continuing to show positive trends, supported by domestic consumption incentives. However, competition remains fierce, leading to a general decline in prices [1][2]. - The company is expected to achieve over 20% revenue growth in 2025, with projections of net profits reaching 535 million CNY in 2025 and 684 million CNY in 2026, corresponding to P/E ratios of 89x and 70x, respectively [2][3]. Financial Data and Valuation - For 2025, the company is projected to have a revenue of 4.031 billion CNY, with a growth rate of 20.4%. The net profit is expected to be 535 million CNY, reflecting a growth rate of 7% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.87 CNY, with a P/E ratio of 89.41 [3][4]. - The report anticipates that the company's gross margin will stabilize around 50% as the industry recovers, with significant contributions from the industrial and automotive sectors [10][11].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 产品结构优化改善毛利率，研发投入增加净利承压。公司 Q2 毛利率环 比提升 1.77 pct，主要系公司进一步强化深圳厂的高端样板定位，产品结构 向高端化发展，25H1 公司高多层板收入 1.56 亿元，同比增加 27.55%，收 入比重提升 2.7 pct。我们预计三季度公司产品结构进一步优化，叠加深圳 新设备逐步调试完成，三季度公司毛利率具有一定提升预期，预计为 32%。 公司 Q2 净利率环比下滑 0.46 pct，主要系公司为开展汽车雷达、AI 服务 器、数据中心等领域而加大研发投入，我们预计公司 2025 年净利率达到 13.5%水平。 未来，公司在稳定工控和通讯领域等重点业务的同时，积极布局 AI 服 务器、光模块、新能源汽车、机器人等业务领域，凭借长期耕耘高质量样板 小批量板 PCB 的优势，扩大公司业绩弹性。 我们预测公司 25-26 年归母净利 1.28/1.57 亿元，对应 PE 为 60x/48x， 维持"持有"评级。 强达电路(301628)公司点评报告 2025 年 09 月 02 日 [Table_Titl ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company reported a slight decline in revenue but significantly reduced its losses, with a 68.56% year-on-year decrease in net profit loss for the first half of 2025 [1]. - The company is focusing on enhancing revenue quality and operational efficiency, leading to a 4.1 percentage point increase in gross margin and a 14.04% reduction in total sales, R&D, and management expenses [1]. - The company's intelligent computing cloud business is growing, contributing 12.40% to total revenue, with a 3.00% year-on-year increase [2]. - Key industries such as finance, telecommunications, energy, and transportation have shown significant growth, with transportation growing by 60.78% year-on-year [3]. - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China, with substantial growth potential in the future [4]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 826 million yuan, a 5.38% decrease year-on-year, while net profit loss was 64.7 million yuan, a 68.56% reduction in loss compared to the previous year [1]. - The company adjusted its revenue forecasts for 2025-2027 to 2.902 billion, 3.111 billion, and 3.314 billion yuan, respectively, with net profit forecasts of 161 million, 224 million, and 304 million yuan [4][7]. - The earnings per share (EPS) are projected to be 0.14, 0.19, and 0.26 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 81.98, 58.79, and 43.40 [4][7].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 [Table_Title] 利润实现快速增长，海外业务高质量发展 ——天地数码(300743.SZ)2025 年半年度报告点评 [Table_Summary] 事件： 公司于 2025 年 8 月 25 日收盘后发布《2025 年半年度报告》。 点评： 加速中高端产品的市场推广，归母净利润实现快速增长 2025 年上半年，公司围绕经营目标，一方面加速中高端产品的市场推广， 另一方面持续聚焦降本增效，业绩实现稳定增长，实现营业收入 4.31 亿元， 同比增长 19.58%；实现归母净利润 0.63 亿元，同比增长 32.37%；实现扣 非归母净利润 0.59 亿元，同比增长 26.29%；销售费用为 3848.92 万元， 同比增长 24.81%；管理费用为 2354.01 万元，同比增长 22.98%；研发费 用为 1411.55 万元，同比增长 28.72%。 持续推进全球本地化战略，完成两家标的公司股权交割 公司持续推进全球本地化战略，上半年完成对德国 CALOR 公司和法国 RTT 公司的股权交割，两家标的公司长期专注彩色碳带研 ...

规模稳健增长，轴承产品占比为主 y[Table_Main] 公司研究|工业|资本货物 证券研究报告 五洲新春(603667)公司点评报告 2025 年 09 月 02 日 [Table_Title] 定增加码具身智能项目，关注丝杠产品订单 ——五洲新春 2025 年半年度报告点评 [Table_Summary] 事件： 公司发布 2025 年半年度报告：2025 年半年度公司实现营收 18.94 亿元， 同比增长 8.12%；分别实现归母/扣非归母净利润 0.75/0.69 亿元，同比分 别变动 0.31%/-4.07%。其中第二季度公司实现收入 10.05 亿元，同比增长 2.65%，实现归母/扣非归母净利润分别为 0.37/0.36 亿元，同比分别变动 0.58%/-2.19%。 2025 年 Q1/Q2 公 司 分 别 实 现 营 收 8.89/10.05 亿元，同比分别 增 长 15.06%/2.65%。分业务来看，公司轴承产品/汽车零部件/空调管路件上半年分 别实现营收 9.94/2.44/6.14 亿元，占与客户之间合同产生的收入比重分别为 52.53%/12.87%/32.42%。分地区来看，公 ...