2025 年 11 月 7 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/10/24-2025/11/06） 行 业 行业前三季度业绩快速增长，AI 相关细分表现亮眼 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（10/24-11/06）累计上涨4.29%， 跑赢沪深300指数2.40个百分点，在申万行业中排名第3名；板块11月累 计上涨1.27%，跑赢沪深300指数0.13个百分点，在申万行业中排名第10 名；板块今年累计上涨49.97%，跑赢沪深300指数30.69个百分点，在申 万行业中排名第4名。估值方面，截至11月6日，SW电子板块 ...

| 300602 | | --- | | 飞荣达 | | 3.86 | | 6.85 | | 5931.42 | 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金102.12亿元，其次 是计算机行业，净流出资金为100.05亿元，净流出资金较多的还有汽车、非银金融、机械设备等行业。 电子行业今日下跌1.34%，全天主力资金净流出102.12亿元，该行业所属的个股共470只，今日上涨的有 116只，涨停的有2只；下跌的有344只。以资金流向数据进行统计，该行业资金净流入的个股有150只， 其中，净流入资金超亿元的有12只，净流入资金居首的是乾照光电，今日净流入资金4.29亿元，紧随其 后的是兴森科技、京泉华，净流入资金分别为3.46亿元、2.95亿元。电子行业资金净流出个股中，资金 净流出超亿元的有26只，净流出资金居前的有工业富联、胜宏科技、兆易创新，净流出资金分别为 20.34亿元、7.87亿元、5.85亿元。（数据宝） 电子行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920857 | 泓禧科技 | 35.90 | 18.52% | 5.19万 | | 1.73亿 | | 603890 | 春秋电子 | 16.40 | 6.01% | 51.97万 | | 8.43亿 | | 300602 | 飞荣达 | 31.52 | 3.86% | 27.08万 | | 8.49亿 | | 603052 | 可川科技 | 37.81 | 3.22% | 18.06万 | | 6.82亿 | | 603633 | 徕木股份 | 10.88 | 1.49% | 17.07万 | | 1.87亿 | | 301486 | 致尚科技 | 83.95 | 1.21% | 3.54万 | | 2.98亿 | | 002993 | 奥海科技 | 48.01 | 1.01% | 4.85万 | | 2.33亿 | | 301285 | 鸿日达 | 52.01 | 0.97% | 3.66万 | | 1.90亿 | | 002 ...

工业富联成交额超100亿元，现跌4.68%。 ...

每经AI快讯，11月7日，新型工业化板块领跌，下跌1.85%。其中，工业富联下跌2.65%，飞沃科技下跌 2.45%，鸿富瀚下跌2.42%，拓普集团、华纬科技跌超3%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The AI concept stocks are experiencing increased volatility, raising questions about whether the current hype is a short-term capital speculation or a long-term opportunity driven by technological transformation [1] Capital Dimension - The high capital expenditure in the AI sector is driven by demand rather than blind investment, with Morgan Stanley predicting global capital spending by hyperscale cloud providers to reach $445 billion in 2025 and $582 billion in 2026, benefiting companies like Nvidia and Industrial Fulian [2] - The demand for AI is validated by its productivity enhancement, with Goldman Sachs estimating a 15% increase in U.S. labor productivity over the next decade due to generative AI, leading to increased corporate investment [2] - The explosive growth in computing power demand, with AI model scale growing at an annual rate of 400%, is outpacing the 40% annual decline in computing costs, creating a supply-demand gap that drives continuous capital influx [2] Industry Dimension - The necessity for companies to invest in AI has shifted from being optional to essential, as AI has become a critical area for competition, with the goal of establishing a "digital computing moat" [3] - Generative AI is projected to create $20 trillion in present value benefits, with $8 trillion directed towards enterprises, significantly impacting market share and profitability over the next decade [3] - Industrial Fulian reported a revenue of 603.93 billion yuan in the first three quarters of 2025, a 38.4% year-on-year increase, and a net profit of 22.49 billion yuan, up 48.52% year-on-year, highlighting its growth driven by AI server manufacturing and computing center construction [3] Market Dimension - The fluctuations in AI concept stocks are attributed to emotional volatility rather than a reversal of trends, with the AI industry following a spiral growth pattern characterized by technological breakthroughs and demand validation [5] - Investor sentiment in the emerging AI sector often leads to "expectation gaps," resulting in alternating periods of excessive optimism and pessimism, but long-term trends remain unaffected as AI's problem-solving capabilities improve [5] - The current market adjustments are seen as phase corrections rather than signs of a bubble burst, with rational capital investment and strategic necessity for AI positioning being key factors [6] Conclusion - The volatility in AI concept stocks is a phase adjustment rather than a trend reversal, with demand-driven capital investment and strategic importance of AI as a competitive field being crucial [6] - Investors are encouraged to focus on AI infrastructure, core chips, and vertical applications with demand support, considering companies like Industrial Fulian, New Yisheng, Cambrian, Tuwei Information, and Shenghong Technology as long-term tracking targets [7]

Group 1: Market Overview - The report highlights a positive trend in the domestic capital market, with major indices showing gains, such as the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [3] - The average daily trading volume in A-shares reached 2.32 trillion yuan, reflecting a 29.38% increase compared to the previous period [7] - The report notes a mixed performance among major indices from October 27 to October 31, with the Shanghai Composite Index increasing by 0.11% and the ChiNext Index rising by 0.50% [7] Group 2: Industry Insights - The non-bank financial sector is experiencing a favorable outlook due to deepening capital market reforms, which are expected to enhance the fundamentals of brokerage firms [5][7] - The report discusses the communication industry, emphasizing the strong growth in AI computing demand and the mismatch between short-term performance expectations and actual results [6][8] - The report indicates that the North American cloud service providers (CSPs) are expected to significantly increase their capital expenditures, with a projected total of $443 billion to $632 billion from 2025 to 2027 [8] Group 3: Company Performance - Industrial Fulian (601138.SH) reported a revenue increase of 38.40% year-on-year for the first three quarters of 2025, driven by strong demand for AI servers [15] - The company achieved a net profit of 224.87 billion yuan, reflecting a 48.52% increase year-on-year, with significant growth in its cloud computing and communication equipment segments [15] - Xihang West Flight (000768.SZ) reported a revenue of 302.44 billion yuan for the first three quarters of 2025, marking a 4.94% increase year-on-year, with a net profit of 9.92 billion yuan, up 5.15% [11] Group 4: Investment Recommendations - The report suggests a "Buy-A" rating for Industrial Fulian, with projected EPS of 1.78, 2.79, and 3.75 for 2025-2027, indicating strong growth potential in the AI server market [16] - For Xihang West Flight, the report maintains an "Increase-A" rating, forecasting EPS of 0.42, 0.48, and 0.57 for the same period [14] - The report highlights the growth potential of the tire industry, particularly for Wind God Co. (600469.SH), which is expected to benefit from increasing demand for specialty tires and a new production project [24][28]

每经AI快讯，11月7日，英伟达概念板块领跌，下跌1.78%。其中，宏昌电子下跌2.66%，工业富联下跌 2.65%，神州数码下跌1.67%。 ...

中银晨会聚焦-20251107 证券研究报告——晨会聚焦 2025 年 11 月 7 日 | 11 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600115.SH | 中国东航 | | 600428.SH | 中远海特 | | 600426.SH | 华鲁恒升 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 688198.SH | 佰仁医疗 | | 603345.SH | 安井食品 | | 000524.SZ | 岭南控股 | | 300476.SZ | 胜宏科技 | | 601138.SH | 工业富联 | | 002230.SZ | 科大讯飞 | 【电力设备】晶澳科技*武佳雄 顾真。公司发布 2025 年三季报，前三季度 亏损同比扩大；电池组件出货规模稳健，海外出货占比稳步提升；员工持股 计划彰显公司增长决心。 【食品饮料】安井食品*邓天娇。安井食品公告 2025 年 3 季报。1-3Q25 公司 实现营收 113.7 亿元，同比+2.7%，归母净利 9.5 亿元，同比-9.3%，其中 3Q25 公司营收、归母净利分别为 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、商务部：欧盟正积极通过对外商签自由贸易协定加大出口市场多元化 力度。中方愿同欧盟深化互利合作，探讨商谈包括投资协定在内的各类经 贸协议的可能性，提高中欧贸易投资自由化便利化水平。 2、国务院国资委：将加强政策指导和考核激励，推动将"品牌价值"纳 入中央企业负责人经营业绩考核。 3、香港商务及经济发展局局长丘应桦表示，特区政府今年成立"内地企 业出海专班"，统筹和协调政府政策局、各部门及相关机构的出海工作。 资料来源：商务部，国务院国资委，网经社，Wind 资讯 【宏观策略】 资料来源：聚源，中原证券研究所 -15% -9% -3% 2% 8% 14% 19% 25% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,007.76 | 0.97 | | 深证成指 | | 13,45 ...