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 ...

Core Viewpoint - The company, Jinhe Biology, reported record-high revenue and profit for the first half of 2025, driven by strong sales in the veterinary pharmaceutical sector, particularly in the overseas market [1] Group 1: Financial Performance - The company achieved a revenue of 1.39 billion yuan, representing a year-on-year growth of 30.45% [1] - The net profit attributable to shareholders reached 138 million yuan, marking a year-on-year increase of 51.52% [1] - The overall gross margin improved by 1.25 percentage points compared to the same period last year due to a smaller increase in operating costs relative to revenue growth [1] Group 2: Product Performance and Market Expansion - The veterinary chemical drug segment saw continuous sales growth, with the main product, Chlortetracycline, experiencing increased sales in both domestic and international markets [2] - The company expanded its market share and penetration in the domestic market, particularly in the pig farming sector, which has seen improved profitability [2] - The overseas market also showed significant growth, with sales volume doubling in other export markets compared to the previous year [2] Group 3: Vaccine and Pet Business Development - The vaccine segment is gaining market recognition, with the blue ear disease inactivated vaccine achieving a leading market share domestically [2] - The company is actively advancing its pet health business, focusing on pharmaceutical and vaccine products, with plans to launch new products [3] - The veterinary vaccine segment is expected to become a high-growth area, potentially serving as a second growth curve for the company's performance [3]

Core Viewpoint - The company, Jinhe Biology, reported record-high revenue and profit for the first half of 2025, driven by strong sales in its veterinary pharmaceutical segment and a favorable cost environment [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.39 billion yuan, a year-on-year increase of 30.45% [1] - The net profit attributable to shareholders reached 138 million yuan, reflecting a year-on-year growth of 51.52% [1] - The overall gross margin improved by 1.25 percentage points compared to the same period last year due to a smaller increase in operating costs relative to revenue growth [1] Group 2: Veterinary Pharmaceutical Segment - The veterinary pharmaceutical segment saw continuous sales growth, particularly in the overseas market, with the main product, Chlortetracycline, experiencing increased sales both domestically and internationally [1][2] - The company has established a diversified product structure centered around Chlortetracycline premix, which is widely used in livestock industries across various regions including China, the USA, Canada, Europe, South America, Southeast Asia, India, and Vietnam [1] - The approval of Chlortetracycline premix for use in lambs by the Ministry of Agriculture and Rural Affairs in October 2024 has expanded its application scenarios [1] Group 3: Vaccine Segment - The company operates four production bases and two research centers, with 16 vaccine products currently on the market and over 20 in development or awaiting approval [2] - The company's differentiated products, such as the blue ear disease inactivated vaccine, have achieved a leading market share domestically, with over 90% of the top 50 pig farming enterprises using its solutions [2] - The overseas vaccine platform, Famawell, is gradually entering the Chinese market, with increasing customer recognition [2] Group 4: Pet Health Business - The company is actively advancing its pet health business, focusing on pharmaceutical and vaccine products, with 15 products currently available and over ten more in the application process [3] - The pet health segment is positioned as a strategic priority for the company, with expectations for rapid growth in the veterinary vaccine sector, which is anticipated to become a significant driver of future revenue [3]

证券之星消息，7月30日动物保健板块较上一交易日下跌0.46%，生物股份领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 871970 | 大禹生物 | 10.98 | 7.65% | 7.08万 | 7555.51万 | | | 002868 | *ST绿康 | 26.73 | 4.99% | 2.78万 | 7294.48万 | | | 839729 | 永顺生物 | 10.02 | 1.83% | 4.19万 | 4168.45万 | | | 300871 | 回盛生物 | 22.22 | 1.37% | 16.18万 | | 3.63亿 | | 002688 | 金河生物 | 7.22 | 0.84% | 42.68万 | | 3.06亿 | | 688098 | 申联生物 | 6.90 | 0.73% | 10.01万 | 6919.84 ...

Core Insights - The company achieved significant growth in its financial performance, with a revenue of 993 million yuan, representing a year-on-year increase of 121.12%, and a net profit of 217 million yuan, reflecting a staggering growth of 1712.00% [1][2] Financial Performance - The company's revenue surged from 449 million yuan in the same period last year to 993 million yuan, marking a growth rate of 121.12% [2] - The net profit attributable to shareholders reached 217 million yuan, a year-on-year increase of 1712.00%, while the net profit excluding non-recurring items was 214 million yuan, up 12667.42% [2] - The net cash flow from operating activities improved significantly, amounting to 11.16 million yuan, with a notable cash inflow of 67.52 million yuan in the second quarter [2] Market Dynamics - The growth in the company's performance is closely linked to structural changes in the global optical communication market, driven by the increasing demand for AI computing power [3] - The global fiber access network is experiencing a significant increase in gigabit penetration, transitioning into the promotion of 10-gigabit networks [3] - Major tech companies are expected to increase capital expenditures significantly, with a projected total of 297.2 billion yuan for 2025, reflecting a 36.8% year-on-year growth [3] Product Development and Market Position - The company has launched several high-speed optical modules and core chips, including the AWG chips for 1.6T optical modules, which have been validated by clients [3] - The company's DWDM AWG products have been successfully integrated into the supply chains of major domestic and international equipment manufacturers [4] - The company has established a complete IDM business system covering chip design, wafer manufacturing, chip processing, and packaging testing, enhancing its self-controlled capabilities [4] Industry Trends - The telecommunications market is expanding, with significant investments expected from global telecom operators, projected to reach 900 billion dollars from 2021 to 2025 [5] - The domestic "East Data West Computing" project and backbone network upgrades are anticipated to further drive demand for high-capacity, multi-channel, broadband DWDM AWG chips and modules [6] - The company plans to increase R&D investment in optical chips and devices, aligning with industry trends towards "passive + active" optoelectronic integration [6]

从资金流向上来看，当日动物保健板块主力资金净流出9984.08万元，游资资金净流出2164.17万元，散户 资金净流入1.21亿元。动物保健板块个股资金流向见下表： 证券之星消息，7月29日动物保健板块较上一交易日下跌0.5%，驱动力领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002868 | *ST绿康 | 25.46 | 2.91% | 2.25万 | | 5731.13万 | | 688098 | 申联生物 | 6.85 | 1.33% | 10.41万 | | 7137.24万 | | 603566 | 普莱柯 | 15.23 | 0.40% | 5.03万 | | 7579.24万 | | 002688 | 金河生物 | 7.16 | 0.14% | 36.15万 | | 2.59亿 | | 688526 | 科前生物 | 17.2 ...

Core Insights - The overall market for hyper-convergence in China is projected to grow by 14.1% year-on-year, exceeding 3.09 billion RMB by Q1 2025, with Xinhua San leading the market share [1] - The report highlights that the implementation of artificial intelligence (AI) scenarios is driving the growth of full-stack hyper-convergence, with generative AI expected to become the primary driver of infrastructure investment in the next 18 months [1][6] Market Trends - The demand for enterprise-level AI applications necessitates high performance, resource utilization, container environment support, and diverse data storage capabilities from IT infrastructure [3] - Flexibility in computing and storage resource allocation is essential, as different development teams have varying GPU resource needs, which may change frequently [3][4] - High-performance, low-latency storage support is critical for fine-tuning large AI models, requiring storage to provide rapid data access for GPU parallel computing [3][4] Infrastructure Requirements - IT infrastructure must support diverse data storage technologies to handle structured, semi-structured, and unstructured data, as AI applications require different storage responses [4] - Unified support for virtualization and containerized workloads is necessary, as many AI applications are adopting cloud-native and containerized models while virtual machine-based applications will continue to exist [4][5] - The infrastructure should be flexible and easy to maintain, allowing for rapid deployment and scaling to support the quick launch of AI applications [5] Product Development - Full-stack hyper-converged products designed for AI training and inference can effectively address key challenges such as resource waste, data silos, and low training efficiency [5] - SmartX has upgraded its hyper-converged infrastructure solution to the "Sun-Mortise Cloud Platform," adding AI platform capabilities to support enterprise AI applications across various sectors [5] Future Outlook - The need for handling massive and diverse data types, along with multi-layered technology and resource management, will drive the growth of software-defined storage and hyper-converged infrastructure in the coming years [6]

Core Viewpoint - The 2025 China Internet Conference emphasizes the acceleration of digital and intelligent development, highlighting the importance of smart technology as a core driver for industrial upgrading and the development of new productive forces [1]. Group 1: Policy Guidance - The conference suggests that policy should lead the way in establishing a solid foundation for digital and intelligent development, focusing on areas like artificial intelligence and 6G technology [1]. - It calls for continuous improvement of the policy system and top-level design to attract capital, talent, and technology, aiming to seize technological advantages [1]. - The alignment of strategic layouts with the goals of building a strong network and digital China is essential for finding development opportunities within policy dividends [1]. Group 2: Innovation and Technology - The conference highlights the need for increased R&D investment and the establishment of a collaborative innovation system involving universities and research institutions to overcome technological bottlenecks [2]. - Emphasis is placed on strengthening independent research and addressing critical areas that hinder progress, referred to as "choke points" [2]. - The establishment of a technology ethics framework is necessary to balance innovation vitality with risk prevention, ensuring alignment with national strategies and social ethics [2]. Group 3: Empowerment and Integration - The conference advocates for leveraging digital technology to enhance the deep integration of real and digital sectors, encouraging industries to utilize smart technology for transformation and upgrading [2]. - Focus areas include cloud computing, big data, and artificial intelligence, aimed at optimizing supply chains and enhancing competitiveness [2]. - The goal is to improve production processes, innovate business models, and increase the resilience of industrial chains, leading to quality enhancement and cost reduction [2].

Core Viewpoint - The valuation of Hong Kong stocks has significantly recovered, and further expansion may be limited, with future growth relying more on corporate earnings rather than valuation [1][3]. Group 1: Market Liquidity - Continuous improvement in liquidity has provided strong support for the upward movement of the Hong Kong stock market this year [2]. - The improvement in liquidity is attributed to factors such as liquidity injections by the Monetary Authority, sustained net inflows from southbound funds and foreign capital, a booming IPO market, and accelerated share buybacks by Hong Kong companies [2]. - Despite a recent decrease in the banking system's surplus, the overall liquidity environment remains loose, with the one-month HIBOR around 1% [2]. Group 2: Earnings Growth - Future upward movement in the market will depend more on corporate earnings growth, as the expected profit growth rate for the Hang Seng Index is relatively low for the next two years [3]. - The impact of tariff policies will gradually reflect in the fundamentals, and the strong resilience of the domestic economy in the first half of the year may weaken short-term policy expectations [3]. - Identifying sectors and stocks that are less affected by tariffs and have strong profit growth potential through AI development is crucial for better returns [3]. Group 3: Structural Market Trends - The market is expected to exhibit a structural trend, with accelerated sector rotation before new trend investment themes emerge [4]. - As the half-year earnings reporting period approaches, market participants have high expectations for corporate performance, which may lead to a rotation of funds from crowded sectors like new consumption, innovative pharmaceuticals, and banking to lower-crowded sectors with better earnings prospects, such as technology [4]. - If market sentiment remains high and liquidity is ample, even if crowded sectors experience a pullback, it will not hinder the medium-term positive outlook for the Hong Kong stock market [4].