2025 年 07 月 01 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：86 分（过热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 今日热点主题：储存、能源金属、稳定币 1、储存主题：据《科创板日报》报道，继韩系两大存储 原厂先后放出 DDR4 停产时间，美光确定已向客户发出信件通 知 DDR4 将停产，预计未来 2~3 个季度陆续停止出货。Trend Force 数据显示，5 月 DDR4 单月涨幅 53%，创 2017 年以来最 大涨幅。相关标的：江波龙（ 301308 ）、兆易创新 （603586） 2、能源金属主题：刚果金公布，2025 年 6 月 21 日起， 战略矿产市场监管局(ARECOMS)董事会采取了重大监管措施， 鉴于市场上库存量持续高企，已决定将临时禁令的期限自本 决定生效之日起再延长三个月，适用于刚果所有源自采矿的 钴 出 口 。 相 关 标 的 ： 华 友 钴 业 （ 60379 ...

1、《6 月地方债发行计划已披露 8612 亿元，新增专项债占半数》 2025-06-03 2、《二季度地方债发行计划已披露 22624 亿元》2025-05-09 3、《二季度地方债发行计划已披露 22369 亿元，新增专项债占比近半》 2025-04-18 投资要点 截至 2025 年 6 月 30 日，三季度地方债发行已披露计划如 下： 各省、计划单列市披露发行计划总计 25499 亿元，其中新增 一般债、再融资一般债、新增专项债、再融资专项债占比分 别为 8%（2080 亿元）、17%（4395 亿元）、54%（13854 亿 元）、15%（3754 亿元）。 分月度来看，四、五、六月地方债发行计划占比分别为 51% （12970 亿元）、28%（7135 亿元）、21%（5395 亿元）。各 月新增专项债占比分别为 53%（7324 亿元）、28%（3873 亿 元）、19%（2657 亿元）。 2025 年 06 月 30 日 三季度地方债发行计划已披露 25499 亿元 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S105052407000 ...

| 分析师：俞家宁 | S1050523070002 | | --- | --- | | yujn@cfsc.com.cn | | | 分析师：胡博新 | S1050522120002 | | hubx@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 10.83 | | 总市值（亿元） | 240 | | 总股本（百万股） | 2213 | | 流通股本（百万股） | 1913 | | 52 周价格范围（元） | 5.15-13.24 | | 日均成交额（百万元） | 679.41 | 2025 年 06 月 30 日 医疗智能化进程持续推进，AI 新品有望带动业 绩增长 买入(首次) 投资要点 ▌短期业绩承压，新一代产品有望推动业绩增长 2024 年，公司实现营业收入 27.82 亿元，同比减少 12.05%； 利润端，公司实现归母净利润 0.88 亿元，同比减少 75.45%， 2025 年一季度，公司实现收入 ...

2025 年 06 月 30 日 谷歌发布全新多模态大模型 Gemma 3n，阿里达 摩院发布医疗 AI 模型 DAMO GRAPE —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 6.0 | 0.1 | 49.7 | | 沪深 300 | 2.1 | 0.9 | 13.3 | 市场表现 相关研究 1、《计算机行业点评报告：优步 （UBER.O）：战略技术攻坚筑壁 垒，生态破局启新程》2025-06-28 2、《计算机行业周报：华为发布盘 古大模型 5.5，MiniMax"发布周" 拉开序幕》2025-06-23 3、《计算机行业点评报告：小马智 行（PONY.O）：AI 驱动自动驾驶生 态协同，全球化布局助推盈利拐点 临近》2025-06-22 ▌算力： 谷歌发布全新多模态大模型 Gemma 3n，适 合边缘设备运行 6 月 27 日，谷歌正式发布并开源全新端侧多模态大模型 Gemma 3n。据谷歌 ...

2025 年 06 月 30 日 马斯克公布脑机接口进展，Neuralink 估值快速 上升 推荐(维持) 事件 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 ▌Neuralink 展示新产品方向，有望链接生物大脑与 外部机器 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 汽车(申万) | -0.4 | -3.0 | 30.0 | | 沪深 300 | 2.5 | 1.3 | 13.7 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业点评报告：商务部开 展 2025 年千县万镇新能源汽车消费 季活动，政策加码新能源车下乡再 提速》2025-06-29 2、《汽车行业周报：Robotaxi 开启 试运营，人形机器人中长期信心不 改》2025-06-26 3、《汽车行业周报：人形机器人渠 道+应用场景加速落地，汽车供应链 迎来 60 天账期新变革》2025-06-16 当地时间 6 月 27 日，马斯克旗下脑机 ...

2025 年 06 月 30 日 择券空间继续收窄 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《6 月财政发债力度超预期—— 资产配置周报》2025-06-29 2、《本轮资金面高点的预估——资 产配置周报》2025-06-22 3、《6 月边际缩表概率进一步上升 ——资产配置周报》2025-06-15 投资要点 ▌ 股债、转债市场回顾 上周 A 股情绪和资金为推动震荡上行但分化显著，金融科 技、小盘成长及微盘股表现强势，金融权重股承压。板块轮 动加速，算力产业链受英伟达创新高提振，数字货币概念在 香港数字资产政策刺激下涨停，小米 SU7 预售刺激消费电子 链，军工股周中开始走强，霍尔木兹海峡航运风险以及美元 走弱和出口枪炮等因素刺激有色金属板块。港股分化，创新 药承压，虚拟资产牌照概念股暴涨。避险资产承压，中东局 势缓和致黄金止盈下跌，WTI 原油暴跌创 27 个月新低。国内 债市受股债跷跷板效应震荡，长债卖出压力较大，30 年国债 期货出现短线跳水行情。 上周正股走强 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading provider of electrochemical energy storage systems in China, benefiting from industry growth and increasing demand for energy storage solutions [5]. - The company has a higher gross margin than the industry average due to its focus on technology cost reduction and strategic procurement [5]. - The company is expanding its overseas business, with significant contributions expected from Europe and Southeast Asia [6]. - Revenue forecasts for 2025-2027 are projected at 103.41 billion, 123.89 billion, and 142.33 billion yuan, respectively, with corresponding EPS of 4.52, 5.56, and 6.67 yuan [7][10]. Summary by Sections Company Overview - The company specializes in providing comprehensive energy storage solutions for various sectors, including traditional and renewable energy generation [5]. - The company has established a strong presence in major global markets, including the US, Germany, and Australia, with certifications for its products [6]. Financial Performance - The company’s revenue for 2024 is expected to be 82.7 billion yuan, with a growth rate of 18.4% [10]. - The net profit for 2024 is projected at 648 million yuan, with a growth rate of 12.1% [10]. - The company’s gross margin is expected to remain stable at around 18.2% over the forecast period [11]. Market Position - The company is well-positioned to benefit from the increasing demand for energy storage systems, particularly in light of regulatory changes that encourage the integration of storage with renewable energy sources [5][6]. - The company aims to achieve parity in revenue between its domestic and overseas operations within the next 3-5 years [6].

2025 年 06 月 30 日 充电模块领先企业，探索新兴应用领域 —优优绿能（301590.SZ）公司动态研究报告 买入(首次) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 160.66 | | 总市值（亿元） | 67 | | 总股本（百万股） | 42 | | 流通股本（百万股） | 8 | | 52 周价格范围（元） | 150.38-168.5 | | 日均成交额（百万元） | 462.2 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 (%) 优优绿能 沪深300 相关研究 ▌充电模块领先企业，探索新兴应用领域 公司已推出 15/20/30/40kW 充电模块，是行业内较早提出上 述功率产品的一线充电模块厂商。目前，20/30KW 充电模块 ...

Group 1 - The report highlights that the A-share market is expected to experience an initial upward trend followed by fluctuations, with a focus on structural opportunities in financial services, technology growth, and mid-year earnings increases [12][16] - The report identifies key sectors for investment, including financial technology, AI computing, autonomous driving, military industry, solid-state batteries, and semiconductors [19][20] - The report emphasizes the importance of monitoring policy signals from upcoming political meetings in July and October, which may influence market dynamics [15][16] Group 2 - The report recommends Rongtai Co., Ltd. (605133.SH) as a leading global player in automotive steering components, with a significant market share increase from 12.43% in 2017 to 21.46% in 2021 [20][21] - The report notes that Rongtai's expansion into the human-robotics sector through partnerships is expected to drive future growth [22][23] - The report predicts revenue growth for Rongtai from 31.4 billion to 49.8 billion yuan from 2025 to 2027, supported by strong customer relationships and product diversification [23] Group 3 - The report discusses Nasda (002180.SZ), which has faced revenue declines but is seeing steady growth in integrated circuit shipments, with a 9.38% increase in chip shipments [24][26] - The report highlights Nasda's strategic positioning in the global laser printer market, ranking fourth in overall shipments [25] - The report forecasts revenue growth for Nasda from 292.15 billion to 364.21 billion yuan from 2025 to 2027, driven by its comprehensive product offerings [26] Group 4 - The report identifies Dongfang Caifu (300059.SZ) as a leading internet financial service provider, with projected revenue growth from 132.65 billion to 164.85 billion yuan from 2025 to 2027 [30][31] - The report emphasizes the company's strong user base and technological capabilities, which are expected to enhance its market position [30][31] - The report highlights the successful integration of AI into financial services, which is anticipated to drive long-term growth [29][30] Group 5 - The report highlights KOTAI Power (300153.SZ) as a key player in the high-end generator and smart energy system market, with a focus on data centers and communication infrastructure [32][33] - The report predicts significant revenue growth for KOTAI Power, from 23.54 billion to 36.46 billion yuan from 2025 to 2027, driven by increasing demand for AI computing power [33][34] - The report emphasizes KOTAI's competitive advantages in the data center market, positioning it well for future growth [32][34] Group 6 - The report discusses Juguang Technology (688167.SH), which has seen strong performance in laser optical components, with a 23.75% revenue increase in the first quarter [36] - The report notes Juguang's strategic partnerships in the automotive sector, enhancing its product offerings in laser radar and projection lighting [37] - The report forecasts revenue growth for Juguang from 7.76 billion to 12.89 billion yuan from 2025 to 2027, supported by its diversified product matrix [38] Group 7 - The report highlights Lens Technology (300433.SZ) as a leading supplier in the consumer electronics sector, with a projected revenue increase from 907.89 billion to 1863.67 billion yuan from 2025 to 2027 [44] - The report emphasizes Lens Technology's strategic positioning in the foldable screen market, anticipating significant demand from major clients [43][44] - The report discusses Lens Technology's advancements in humanoid robotics, positioning it as a core manufacturing platform in the sector [42][44] Group 8 - The report identifies SMIC (688981.SH) as a leader in the integrated circuit manufacturing industry, with a projected revenue increase from 574.77 billion to 742.45 billion yuan from 2024 to 2026 [47] - The report highlights SMIC's strong market position and capacity expansion, which are expected to drive future growth [46][47] - The report emphasizes the growing demand for smart devices and high-performance computing, which are key drivers for SMIC's business [46][47] Group 9 - The report discusses Jincheng Pharmaceutical (300233.SZ), which has faced revenue declines due to reduced CMO business but is expected to see growth in its formulation segment [48] - The report highlights Jincheng's strategic focus on antibiotic generics, which are anticipated to perform well in upcoming national drug procurement [48]

2025 年 06 月 30 日 | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 34.3 | | 总市值（亿元） | 110 | | 总股本（百万股） | 320 | | 流通股本（百万股） | 318 | | 52 周价格范围（元） | 5.38-48.8 | | 日均成交额（百万元） | 660.79 | 市场表现 资料来源：Wind，华鑫证券研究 -200 0 200 400 600 800 (%) 科泰电源 沪深300 相关研究 ▌深耕发电机组领域，数据中心业务打开增长空间 上海科泰电源是中国高端发电机组与智慧能源系统服务商， 主营智能环保发电机组、储能系统及微电网解决方案，深耕 数据中心、通信基建、工业备电等市场。 深耕发电机组领域，数据中心业务打开增长空间 —科泰电源（300153.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：臧天律 S1050522120001 zangtl@cfsc.com.cn 作为行业内少数几家国内上市企业之一，公司在数据中心和 通信等细分市场拥有良好的先发优势和领先地位，并在柴油 发电机组领域深耕二十 ...