编辑 杨娟娟 新京报贝壳财经讯 8月4日，据"中信证券研究"公众号消息，中信证券发布半导体2025年下半年投资策 略称，当前半导体周期仍处于上行通道，其中AI持续强劲，泛工业接棒消费电子也进入复苏阶段。展 望未来，AI仍将是半导体产业向上成长的最大驱动力，一方面云端AI需求持续，另一方面终端AI应用 有望加速落地，并且中国半导体厂商在后续AI产业发展过程中的受益程度有望显著提升，从上市公司 的角度其投资逻辑具体可以分为两条主线，其中云端看国产替代，终端看下游增量。 ...

Overview - China is the world's largest consumer of edible oil, with a daily per capita intake far exceeding recommended levels, leading to a growing demand for healthy cooking oils due to increasing rates of chronic diseases such as hypertension, diabetes, and obesity [1][15] - The market for glycerol diester oil (DAG oil) is expanding, with a projected market size of 17.977 billion yuan in 2024, reflecting a year-on-year growth of 0.21% [1][15] Development Background - Rising living standards have increased consumer willingness to pay higher prices for high-end, healthy oils, with DAG oil gaining market share as a functional oil [8] - The Chinese population's high daily cooking oil consumption and the prevalence of chronic diseases have intensified the demand for healthy oils [8] Industry Chain - The upstream of the DAG oil industry includes suppliers of soybean oil, rapeseed oil, peanut oil, corn oil, and other raw materials, as well as suppliers of fat enzyme preparations, water, glycerol, and production equipment [10] - The midstream consists of DAG oil production companies, while the downstream includes supermarkets, convenience stores, specialty oil shops, and e-commerce platforms [10] Consumer Demographics - The primary consumers of DAG oil include health-conscious elderly individuals, those with chronic diseases, weight loss seekers, and young people pursuing a healthy lifestyle, with the elderly demographic accounting for over 80% of the consumer base [13] Competitive Landscape - The DAG oil industry in China has relatively few companies compared to mainstream oils, leading to moderate competition [17] - Key players include Changshouhua Food Co., Ltd., Zhidai Technology (Beijing) Co., Ltd., Guangzhou Shanbainian Food Technology Co., Ltd., and Yihai Kerry Arawana Holdings Co., Ltd., among others [17][19] Industry Trends - The demand for healthy cooking oils is expected to continue increasing, with DAG oil being recognized for its fat-reducing and blood lipid-regulating properties [23] - Companies are likely to enhance market promotion and education efforts, developing differentiated products targeting various consumer groups, including high-purity products for the elderly and affordable options for younger consumers [23]

截至2025年8月4日 10点26分，上证科创板半导体材料设备主题指数上涨0.92%，成分股京仪装备上涨 4.89%，晶升股份上涨2.88%，耐科装备上涨2.16%，中芯国际上涨2.12%，华峰测控上涨2.01%。科创半 导体ETF（588170）上涨0.76%，最新价报1.06元。 （文章来源：每日经济新闻） 从资金净流入方面来看，科创半导体ETF近8天获得连续资金净流入，最高单日获得1.18亿元净流入， 合计"吸金"1.57亿元，日均净流入达1958.74万元。 中信证券发布半导体2025年下半年投资策略称，当前半导体周期仍处于上行通道，其中AI持续强劲， 泛工业接棒消费电子也进入复苏阶段。展望未来，AI仍将是半导体产业向上成长的最大驱动力，一方 面云端AI需求持续，另一方面终端AI应用有望加速落地，并且中国半导体厂商在后续AI产业发展过程 中的受益程度有望显著提升，从上市公司的角度其投资逻辑具体可以分为两条主线，其中云端看国产替 代，终端看下游增量。 公开信息显示，科创半导体ETF（588170）跟踪上证科创板半导体材料设备主题指数，囊括科创板中半 导体设备（59%）和半导体材料（25%）细分领域的硬科 ...

人民财讯8月4日电，中信证券发布半导体2025年下半年投资策略称，当前半导体周期仍处于上行通道， 其中AI持续强劲，泛工业接棒消费电子也进入复苏阶段。展望未来，AI仍将是半导体产业向上成长的 最大驱动力，一方面云端AI需求持续，另一方面终端AI应用有望加速落地，并且中国半导体厂商在后 续AI产业发展过程中的受益程度有望显著提升，从上市公司的角度其投资逻辑具体可以分为两条主 线，其中云端看国产替代，终端看下游增量。 ...

Core Viewpoint - The semiconductor industry is currently in an upward cycle, driven primarily by AI demand, with industrial sectors recovering alongside consumer electronics [1][2] Group 1: AI as the Driving Force - AI is identified as the largest driving force for the semiconductor industry, with global semiconductor growth entering an upward cycle since Q2 2023, particularly in North America, which is experiencing around 20% growth due to AI infrastructure [2] - Domestic semiconductor companies are expected to benefit significantly from AI developments, particularly through cloud-based domestic replacements and downstream growth in terminal applications [2][7] Group 2: Cloud-Based Domestic Replacement - Advanced processes are crucial for domestic computing power, with a focus on the entire domestic computing power supply chain, particularly in advanced processes, computing chips, advanced storage, and upstream equipment [3] - Domestic advanced process suppliers, such as SMIC, are expected to strengthen their market position, with a significant improvement in profitability anticipated as they expand production [3] - The domestic market for advanced storage is projected to grow, with HBM expected to exceed 30% of DRAM output by 2025, and enterprise SSDs seeing a domestic production rate of approximately 35% in 2023 [3] Group 3: Terminal Growth and Hardware Upgrades - The acceleration of AI applications is expected to create substantial incremental demand, particularly in AI-related hardware such as AI phones, AIoT, and smart driving technologies [4] - Key areas for hardware upgrades include main control chips, storage solutions, and sensors, with specific attention to the growth of AI glasses and 3D DRAM as critical components [4] - The demand for automotive cameras is projected to reach 130-140 million units by 2025, reflecting a nearly 60% year-on-year growth, with local manufacturers expected to gain market share [4] Group 4: Industry Consolidation and Capital Support - Mergers and acquisitions are becoming a significant trend in the semiconductor industry, with domestic companies moving from a fragmented market to a more consolidated one, particularly in equipment, analog, and EDA sectors [5] - The IPO process for semiconductor companies has accelerated, with 14 companies having their IPO applications accepted since Q4 2024, indicating an improving financing environment [5] - The overall tightening trend in semiconductor financing is reversing, allowing leading domestic firms to accelerate development and pursue global market opportunities [5]

Core Insights - Shaanxi's retail sales of consumer goods reached 577.98 billion yuan in the first half of the year, with a year-on-year growth of 6.9%, surpassing the national average by 1.9 percentage points, ranking fifth in the country [1] - The strong consumer market is largely driven by the continuous implementation of "two new" policies, including the expansion of the old-for-new appliance program and the launch of new subsidies for digital products [2] - The combination of old-for-new policies and e-commerce promotions has significantly boosted online consumption, with retail sales through public networks increasing by 23.6%, the highest level in nearly four years [2] Policy and Market Dynamics - The strong policy support has effectively stimulated consumer willingness and enthusiasm, with new scenarios and business formats emerging to further energize the market [3] - Traditional culture and modern technology are being integrated, enhancing consumer experiences and increasing secondary spending, as seen in tourist attractions like the Big Wild Goose Pagoda [3] - Consumption is becoming a key driver of economic growth and a catalyst for improving quality of life, with Shaanxi continuously innovating promotional activities to unlock consumer potential [3]

中原证券（601375）认为，回顾2025年上半年，DeepSeek通过技术创新引领国产大模型崛起，助力AI 应用大规模落地，人工智能创新持续推进，AI眼镜新品陆续发布，比亚迪（002594）推动"智驾平权"， 全民智驾时代开启，特斯拉计划2025年生产数千台具身智能机器人，2026年计划将产能提升至5万台以 上，具身智能机器人进入量产阶段。展望2025年下半年，AI算力需求持续景气，云侧AI算力硬件基础 设施仍处于高速成长中，AI眼镜、智能驾驶、具身智能等端侧AI创新百花齐放。 上海市委常委会7月31日下午举行会议。会议指出，要更好把握人工智能产业技术大势、时代潮流，强 化科技创新策源和高端产业引领功能，深化人工智能全产业链布局，加快打造具有国际影响力的人工智 能发展高地。 东莞证券认为，人工智能是科技行业成长的核心驱动力，也是世界各国科技竞争的主战场，以 DeepSeek为代表的国产大模型持续降本增效，有助于加速AI应用场景落地，而国家政策的大力支持， 也将推动AI手机与PC、智能网联新能源汽车与智能机器人等新一代智能终端加速普及，上游算力、下 游终端与应用公司有望受益。 ...

证券之星消息，7月31日动物保健板块较上一交易日下跌0.43%，大禹生物领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。动物保健板块个股涨跌见下表： 从资金流向上来看，当日动物保健板块主力资金净流出1611.97万元，游资资金净流出6281.9万元，散户 资金净流入7893.87万元。动物保健板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300871 回盛生物 | | 6787.00万 | 7.85% | -4042.91万 | -4.68% | -2744.09万 | -3.17% | | 600201 | 生物股份 | 2619.98万 | 9.14% | -534.51万 | -1.86% | -2085.47万 | -7.28% | | 002868 *ST绿康 | | 940.97万 | 10.50% | -518.20 ...

7月30日晚间，金河生物(002688)发布2025年半年报。期内，公司实现营业收入13.90亿元，同比增长 30.45%；实现归属于上市公司股东的净利润1.38亿元，同比增长51.52%，收入和利润规模均创半年度业 绩历史新高。 公司方面表示，业绩增长主要是兽用化学药品板块销售持续向好，主要产品金霉素内外销市场销量齐 增，特别是海外市场销量继续增长。化药板块业绩迅速增长是公司本期整体业绩大幅提升的主要原因。 同时，公司在营业收入增加的情况下，受玉米等原材料价格下降的影响，营业成本增长幅度小于营业收 入增长幅度，整体毛利率较上年同期增加1.25个百分点。 据介绍，公司兽用化药产品在中国、美国、加拿大、欧洲、南美、东南亚、印度、越南等国家和地区养 殖业中得到广泛使用。国内方面，去年10月，公司金霉素预混剂产品增加靶动物绵羊羔羊获农业农村部 批准增加了新的应用场景和适用空间。随着下游生猪养殖端盈利状况改善，市场需求回暖，公司通过大 力拓展销售渠道，实现了金霉素国内市场占有率和渗透率的进一步提升。与此同时，海外市场量价齐 增，美国市场价格上调后客户接受程度较高，销售量继续增长，并对其他海外市场产生一定的辐射带动 效 ...

7月30日，金河生物（002688.SZ）发布2025年半年报。上半年公司实现营业收入13.90亿元，同比增长 30.45；实现归属于上市公司股东的净利润1.38亿元，同比增长51.52%，收入和利润规模均创半年度业 绩历史新高。 对于业绩增长的主要原因，半年报显示，公司兽用化学药品板块销售持续向好，主要产品金霉素内外销 市场销量齐增，特别是海外市场销量继续增长。化药板块业绩迅速增长是公司本期整体业绩大幅提升的 主要原因。 同时，公司在营业收入增加的情况下，受玉米等原材料价格下降的影响，营业成本增长幅度小于营业收 入增长幅度，整体毛利率本期较上年同期增加1.25个百分点。 半年报显示，公司兽用化药业务板块构建了以金霉素预混剂为核心、多品类化药协同发展的格局。兽用 化药产品在中国、美国、加拿大、欧洲、南美、东南亚、印度、越南等国家和地区养殖业中得到广泛使 用。2024年10月，公司金霉素预混剂产品增加靶动物绵羊羔羊获农业农村部批准，金霉素预混剂产品增 加了新的应用场景和适用空间。 随着下游生猪养殖端盈利状况改善，市场需求回暖，公司通过大力拓展销售渠道，实现了金霉素国内市 场占有率和渗透率的进一步提升。海外市场量 ...