Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has made significant breakthroughs in the fields of energy storage and hydrogen energy, paving new paths for future growth [4] - The company is expected to benefit from its penetration into emerging fields such as clean energy and energy conservation, despite challenges from lithium battery construction slowdown and rising aluminum prices [4] - The company has established business cooperation with several well-known clients in the energy storage and hydrogen energy sectors, leading to substantial business volume growth [4] Financial Summary - In Q1 2025, the company achieved revenue of 74.46 million yuan, a year-on-year increase of 21% [4] - The company’s revenue for 2024 is projected to be 347 million yuan, a growth of 1.1% year-on-year, while the net profit attributable to the parent company is expected to decline by 52.39% to 29.81 million yuan [4] - The company’s revenue is forecasted to grow significantly in the coming years, with estimates of 439 million yuan in 2025, 546 million yuan in 2026, and 659 million yuan in 2027, representing year-on-year growth rates of 26.5%, 24.3%, and 20.8% respectively [7][8] - The projected net profit attributable to the parent company for 2025 is 44 million yuan, with an expected increase to 57 million yuan in 2026 and 70 million yuan in 2027 [7][8] - The company has a total market capitalization of 2.141 billion yuan and a circulating market capitalization of 601 million yuan [2] Research and Development - The company has obtained 105 patent certificates, including 19 invention patents and 81 utility model patents, indicating a strong focus on innovation [5] - In 2024, the company increased its R&D expenditure to 15.26 million yuan, a year-on-year growth of 9% [5]

Supply and Demand - Industrial production is slowing down, with some chemical and automotive sectors experiencing a decline in operating rates[2] - Construction activity has decreased, with cement dispatch rates and oil asphalt plant operating rates falling to historical lows[2] - Building demand is weak, with apparent demand for rebar, wire rods, and construction materials lower than historical levels[3] Prices - Geopolitical tensions have eased, leading to a decline in oil and gold prices, while copper and aluminum prices continue to rise[4] - Domestic industrial products are experiencing strong fluctuations, with the Nanhua Comprehensive Index showing a rebound[4] Real Estate - New housing transactions in first-tier cities have seen an expanded year-on-year decline, with a drop of 19% compared to 2023 and 17% compared to 2024[5] - Second-hand housing transaction volumes have weakened, with Beijing, Shanghai, and Shenzhen showing year-on-year declines of 9%, 19%, and a slight increase of 5% respectively compared to 2024[5] Exports - June exports are expected to show a year-on-year increase of around 2%, with early July exports projected to rise by approximately 3%[6] Liquidity - Recent weeks have seen a rise in funding rates, with R007 at 1.49% and DR007 at 1.42% as of July 4[5] - The central bank has implemented a net withdrawal of 14,808 billion yuan in monetary policy[5]

2025 年 07 月 08 日 开源晨会 0708 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.572 | | 公用事业 | 1.867 | | 房地产 | 1.678 | | 轻工制造 | 1.523 | | 环保 | 1.101 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -2.04 | | 医药生物 | -0.969 | | 通信 | -0.775 | | 家用电器 | -0.696 | | 电子 | -0.665 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 （1）MEMS 惯导：随着下游低空经济、自动驾驶、机器人等应用领域起量，高 性能 MEMS 市场持续高景气。芯动联科作为国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The gaming sector is expected to benefit from emotional consumption needs among young users, with an average of 118 and 135 game licenses issued monthly in 2024 and the first half of 2025, respectively, indicating a potential acceleration into a prosperous phase [3] - The report emphasizes the importance of innovative gameplay and new content releases in driving growth across gaming, film, and entertainment sectors, with specific recommendations for companies like Xindong Company, Giant Network, and Shanghai Film [3][4] Industry Data Overview - The game "Paper Wedding 8: Qianzi Tree" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of July 5, 2025 [10] - The film "Jurassic World: Rebirth" achieved a weekly box office of 236 million yuan, leading the box office rankings [25] - The report highlights significant advancements in AI and IP integration, with ongoing product launches in gaming and film sectors [34] Sector Performance Summary - The A-share media sector outperformed major indices in the 27th week of 2025, with the gaming sector showing particularly strong performance [3] - The report notes that the summer entertainment IP consumption is expected to continue to rise, driven by new game releases and film launches [3][4] Company Recommendations - For the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended based on their innovative gameplay and new product cycles [3] - In the film sector, Shanghai Film is highlighted as a key player, with potential beneficiaries including Chinese Online [3] - The concert segment recommends Fengshang Culture, with beneficiaries including Damai Entertainment and Borui Communication [3]

2025 年 07 月 07 日 其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | | --- | --- | --- | | 银行 | 1.842 | -20250704 | | 传媒 | 0.914 | 行业公司 | | 综合 | 0.707 | | | 公用事业 | 0.673 | | | 钢铁 | 0.498 | | | 数据来源：聚源 | | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | -1.867 | | 有色金属 | -1.597 | | 基础化工 | -1.218 | | 轻工制造 | -1.172 | | 环保 | -1.033 | | 数据来源：聚源 | | 开源晨会 0707 【非银金融】6 月新开户同比高增，头部券商受益于港股高景气——行业周报 -20250706 【商贸零售】美丽田园股权结构优化，新氧青春诊所发展迅速——行业周报 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - New housing transaction area has increased month-on-month, while year-on-year figures show a decline. The report tracks 68 cities where new housing transactions increased by 38% month-on-month but decreased by 32% year-on-year. The total transaction area for the year to date is 67.46 million square meters, reflecting an 8% year-on-year decline [5][17] - The report indicates that the land transaction area has decreased year-on-year, but the premium rate has increased month-on-month. In Tianjin, a hot land auction market saw 15 residential plots sold, with one plot in the Hexi District sold at a premium of over 10%, generating a total revenue of 8.777 billion yuan [5][37] - The issuance of domestic credit bonds has increased both year-on-year and month-on-month, with a total issuance of 8.95 billion yuan, marking a 606% year-on-year increase and a 63% month-on-month increase [5][44] Summary by Sections Policy Direction - The central government emphasizes the construction of "good houses" that are safe, comfortable, green, and smart, aiming to stabilize expectations, activate demand, optimize supply, and mitigate risks. Local governments are implementing policies to promote the conversion of commercial loans to public housing fund loans, thereby lowering mortgage rates [6][14][15] Sales Data - In the 27th week of 2025, the new housing transaction area in 68 major cities was 3.68 million square meters, showing a year-on-year decline of 32% but a month-on-month increase of 38%. The cumulative transaction area for the year to date is 67.46 million square meters, reflecting an 8% year-on-year decline [7][17][33] Investment Data - In the 27th week of 2025, 100 major cities launched land planning with a total area of 27.86 million square meters, while the transaction area was 32.41 million square meters, showing a year-on-year decline of 19%. The premium rate for land transactions was 7.8% [37][38] Financing Data - The issuance of credit bonds in the 27th week of 2025 reached 8.95 billion yuan, with an average weighted interest rate of 2.34%, remaining stable month-on-month. The cumulative issuance for the year is 185.09 billion yuan, reflecting a 16% year-on-year decrease [44][46] Investment Recommendations - The report maintains a "Positive" rating for the industry, anticipating that ongoing supportive fiscal and monetary policies will help stabilize the real estate market and improve the housing supply-demand relationship [5][55]

Group 1 - The report highlights the new opportunities in the domestic marine economy, emphasizing the need for high-quality development and increased policy support to encourage social capital participation [3][11][13] - The marine economy's gross production value is projected to reach 10,543.8 billion yuan in 2024, reflecting a growth of 5.9% compared to 2023, which is 0.9 percentage points higher than the overall GDP growth [11][13] - The chemical new materials sector is identified as a crucial support for strategic emerging industries, with companies like Litong Technology and Kolong New Materials involved in marine applications such as offshore oil extraction and shipbuilding [3][13][15] Group 2 - The North Exchange's chemical new materials industry experienced a decline of 2.49% this week, with the overall performance of the sector being weak compared to other industries [4][19][22] - Key stocks in the chemical new materials sector include Minshida, which saw an increase of 7.15%, and Kangpu Chemical, which rose by 1.02% [21][25] - The report notes that the chemical product prices have shown mixed trends, with Brent crude oil prices increasing by 0.8% while MDI prices decreased by 1.5% [27][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the acquisition of Capstan Therapeutics by AbbVie for up to $2.1 billion, focusing on in vivo CAR-T therapy development [6][15] - The report emphasizes the growing interest and investment in in vivo CAR-T technology, with multiple companies actively pursuing diverse delivery systems [7][26] - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the CSI 300 index by 2.1 percentage points, ranking 4th among 31 sub-industries [8][31] Summary by Sections 1. AbbVie Acquisition of Capstan - AbbVie announced the acquisition of Capstan Therapeutics for a maximum of $2.1 billion, focusing on in vivo CAR-T therapies [6][15] - Capstan's main asset, CPTX2309, is an RNA delivery candidate for anti-CD19 CAR-T therapy, currently in Phase I clinical trials [15][20] 2. MNC's Active Layout in In Vivo CAR-T Technology - MNC has been actively investing in in vivo CAR-T technology through collaborations and acquisitions, focusing on both lentiviral and lipid nanoparticle delivery systems [7][26] - The report notes that over 20 disclosed mRNA technology projects in in vivo CAR-T are primarily concentrated in the lipid nanoparticle direction [22][30] 3. Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector increased by 3.64% in the first week of July, outperforming the CSI 300 index [31] - Among sub-sectors, other biological products saw the highest increase of 8.28%, while medical equipment experienced the largest decline of 0.21% [35][36] 4. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and others [9]