证券研究报告 | 2025年08月17日 通信行业周报 2025 年第 33 周 优于大市 液冷呈现高景气度，运营商 2025 上半年业绩稳健增长 行业要闻追踪：全球 AI 高景气度持续，相关产业链企业业绩亮眼。（1）工 业富联 AI 服务器营收同比增速 60%+，GB200 系列产量实现爬坡。工业富联 2025H1 营收 3607.6 亿元，同比+35.58%；归母净利润 121.13 亿元，同比 +38.61%。主要受益于 AI 服务器营收同比增速 60%+，GB200 系列产量实现爬 坡；800G 高速交换机营收较 2024 全年增长近三倍。下半年有望受益于 GB200 持续增长，GB300 开始放量。（2）Lumentum 云计算与网络业务同比增长 66.5%， AI 数据中心相关产品需求强劲。FY2025Q4 营收 4.807 亿美元，同比增 55.9%。 AI 数据中心的全系列云产品需求强劲，云计算与网络业务 FY2025Q4 收入 4.241 亿美元，同比增长 66.5%。(3)AVC 散热产品 2025Q2 营收占比 59.8%， 下半年 GB300 和 ASIC 散热需求有望持续增长。202 ...

本周，沪指越过3674.4点，突破去年10月8日以来的高位，创下2021年12月以来新高。 回顾2024年10月8日的"924行情"，当时沪指高开10.13%，报收3674.4点，创下当时的历史性高点。 这一行情的出现，得益于一系列强有力的政策推动。例如，央行、金融监管总局、证监会等部门在9月24日推出了一揽子重磅政策。同时，国新办在10月8日 举行新闻发布会，强调将采取有力措施提振资本市场，引导长期资金入市。 站在这个"里程碑"时刻，展望后市，A股接下来会去向何方呢？ 投研团队认为，目前A股已经走出史上第5轮牛市，这是历史上第一次"系统性慢牛"，牛市思维正促进居民资产配置向权益类资产倾斜，居民增量资金入市 将成为本轮"慢牛"行情的重要驱动，预计上证中长期目标大概率已不再局限于3700点附近。 224 1 4:56 3 X1000 而本周的市场，也出现了值得关注的2大亮点。 第一个市场亮点，就是大金融板块仍然是带动指数走强的主力。但和前段时间不同的，就是银行板块出现了回调，而作为"牛市旗手"的券商则迎来了放量突 破。券商龙头国盛金控、长城证券、指南针等表现亮眼。 发 PK 简 九转 连板 事件 ▼ 加自选 均 ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 8月14日，A股市场迎来历史性时刻，上证指数盘中突破3700点大关。8月15日，热度延续，三大指数集 体收涨，沪指涨0.83%，收报3696.77点；深证成指涨1.60%，收报11634.67点；创业板指涨2.61%，收报 2534.22点。 自7月以来，A股整体走势稳中有进。在板块分化格局下，元件、通信设备、医疗服务三大赛道以涨幅 超25%的成绩领跑市场，比如胜宏科技、新易盛等个股涨幅超70%，成为资金追捧的"明星阵营"。值得 关注的是，随着2025年半年报持续披露，工业富联、神通科技等业绩超预期企业股价大涨。这种"业绩 兑现+估值修复"的联动效应，正成为当前市场的核心特征。 A股8月强势破局 自7月以来，A股整体走势稳中有进，到了8月更是一举爆发。8月13日早盘，A股市场三大指数再度拉升 走强，上证指数盘中突破2024年10月8日的高点（3674.40点），创2021年12月以来新高；8月14日，上 证指数更是直接突破3700点。8月15日，热度延续，三大指数集体收涨。 北京艾文智略首席投资官曹辙在接受《华夏时报》记者采访时表示，本轮A股上涨 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company focuses on AI development, showcasing its technological and production advantages [1] - In the first half of 2025, the company achieved operating revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.61% year-on-year [5][9] - The demand for high-end AI servers is expected to surge due to the continuous growth in capital expenditure by North American cloud service providers [9] - The company is strengthening its strategic collaboration with top technology firms in North America and Asia-Pacific [9] - The overall gross margin and net margin for the first half of 2025 were 6.60% and 3.36%, respectively [9] Financial Summary - The company’s projected operating revenues for 2025-2027 are 826.59 billion yuan, 1,044.55 billion yuan, and 1,286.02 billion yuan, respectively, with year-on-year growth rates of 35.7%, 26.4%, and 23.1% [7][12] - The net profit attributable to shareholders is expected to reach 31.73 billion yuan in 2025, 42.12 billion yuan in 2026, and 52.26 billion yuan in 2027, with corresponding year-on-year growth rates of 36.7%, 32.8%, and 24.1% [7][12] - The company’s earnings per share (EPS) are projected to be 1.60 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7][12] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 27.1x, 20.4x, and 16.4x, respectively [10][12] Business Performance - The company’s AI server revenue grew over 60% year-on-year, with the GB200 series product shipments increasing quarter by quarter [9][10] - The overall server revenue increased by over 50%, and the revenue from cloud service provider servers surged by over 150% [9] - The company’s precision components business saw a 17% year-on-year increase in shipment volume due to the popularity of certain client models [9]

2025-08-15 15:11 南方财经8月15日电，沪深两市成交额合计2.24万亿元，较上一交易日缩量约345.97亿元。其中，沪市成 交额9606.25亿元，深市成交额1.28万亿元。东方财富成交额居首，为442.12亿元。其后是中信证券、同 花顺、指南针、工业富联，成交额分别为123.14亿元、107.44亿元、106.9亿元、102.35亿元。 沪深两市成交额合计2.24万亿元，较上日缩量约345.97亿元 相关快讯 相关文章 南方财经8月15日电，沪深两市成交额合计2.24万亿元，较上一交易日缩量约345.97亿元。其中，沪市成 交额9606.25亿元，深市成交额1.28万亿元。东方财富成交额居首，为442.12亿元。其后是中信证券、同 花顺、指南针、工业富联，成交额分别为123.14亿元、107.44亿元、106.9亿元、102.35亿元。 ...

Core Viewpoint - The investment logic in the computing power industry chain is shifting from a focus on AI chips to the exploration of specific segments within the industry [1][9]. Group 1: Market Performance and Trends - On August 14, Cambrian (688256.SH) saw its stock price surge over 14%, reflecting the optimistic expectations of the AI computing power industry [2]. - The performance of companies in the industry is mixed, with optical module manufacturers like NewEase (300502.SZ) expecting a net profit increase of up to 385.47% year-on-year, while domestic chip and server manufacturers show more modest growth [2]. - AI servers are projected to be the main growth driver in the server market, with significant increases in shipment volumes expected throughout the year [2][6]. Group 2: ODM Market Dynamics - According to IDC, the revenue from the "ODM Direct" model in the global server market is expected to grow by 155.5% year-on-year by Q4 2024, capturing 47.3% of the market share [4]. - Major cloud service providers like Amazon, Google, and Microsoft are driving this growth, with their combined capital expenditure plans for 2025 exceeding $340 billion (approximately 2.5 trillion RMB) [5]. Group 3: Segment-Specific Growth - High-speed optical modules are benefiting directly from the demand in the AI server market, with NewEase and Zhongji Xuchuang both forecasting substantial profit increases [6]. - Data center switch manufacturers are also experiencing growth, with companies like Ruijie Networks (301165.SZ) expecting net profit increases of 160.11% to 231.64% [7]. - Memory interface chip demand is rising, with companies like Lanke Technology (688008.SH) projecting significant revenue growth due to the AI industry trend [7]. Group 4: High-End AI Components - High Bandwidth Memory (HBM) is a critical component in AI training chips, with Nvidia consuming over 60% of the HBM market [8]. - The HBM market is experiencing a supply-demand imbalance, leading to a forecasted price increase of 5% to 10% by 2025 [8]. Group 5: Domestic Computing Power Landscape - Domestic computing power demand is shifting from supply issues to strategic concerns, with a notable decrease in the share of externally sourced chips in the AI server market [12]. - Haiguang Information reported a revenue increase of 45.21% year-on-year, focusing on general processors and co-processors for AI applications [12][13]. - The integration of Haiguang Information and Zhongke Shuguang aims to enhance the competitiveness of domestic computing power [13]. Group 6: Future Outlook and Challenges - By 2030, it is predicted that China's share of global semiconductor mature process capacity will reach 48%, with a compound annual growth rate of 18.8% for 12-inch wafer capacity [14]. - Despite current challenges, companies like China Mobile (600941.SH) are continuing to invest heavily in AI, with capital expenditures reaching 584 billion RMB [14]. - The transition from general-purpose AI models to specialized tools requires significant adaptation and engineering efforts, emphasizing the need for a robust domestic computing foundation [15].

Market Overview - The A-share market briefly dipped after surpassing the 3700-point mark, with the Shanghai Composite Index closing down 0.46% at 3666.44 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets increased to 2.31 trillion yuan, a rise of 131 billion yuan compared to the previous period [1] Margin Trading Data - The margin trading balance reached 2.06 trillion yuan, with a week-on-week increase of 89.57 billion yuan [1] - The financing balance rose to 2.04 trillion yuan, up by 89.96 billion yuan, while the securities lending balance decreased to 141.51 billion yuan, down by 0.39 billion yuan [1] Top Stocks by Net Financing - The top ten stocks by net financing were: - Haiguang Information: 509 million yuan - Industrial Fulian: 477 million yuan - Zhongke Shuguang: 473 million yuan - Hanwujing: 452 million yuan - Northern Rare Earth: 373 million yuan - BOE Technology: 373 million yuan - GoerTek: 289 million yuan - Inspur Information: 278 million yuan - Bowei Alloy: 264 million yuan - SMIC: 262 million yuan [1][2] Top Stocks by Net Selling - The top ten stocks by net selling were: - China Ping An: -373 million yuan - HK Innovative Medicines: -266 million yuan - Inner Mongolia First Machinery: -258 million yuan - Dazhu Laser: -254 million yuan - Sci-Tech Innovation 50: -217 million yuan - Sungrow Power: -212 million yuan - Hong Kong Securities: -209 million yuan - Huatai Securities: -205 million yuan - Kweichow Moutai: -185 million yuan - CATL: -183 million yuan [3] Investment Trends - Leveraged funds are increasing positions in domestic chips, artificial intelligence, Huawei concepts, computing power concepts, and specialized technology sectors [2]

Group 1 - On August 14, a total of 3,711 stocks in the A-share market received financing funds, with 522 stocks having a buying amount exceeding 100 million [1] - The top three stocks by financing buying amount were Dongfang Caifu, Beifang Xitu, and Hanwujishi-U, with amounts of 3.551 billion, 1.935 billion, and 1.743 billion respectively [1] - Seven stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day, with Angang Steel, Runtong Co., and Fujian Expressway ranking highest at 40.46%, 40.09%, and 32.43% respectively [1] Group 2 - There were 35 stocks with a net financing buying amount exceeding 100 million, with Haiguang Information, Industrial Fulian, and Zhongke Shuguang leading at 509 million, 477 million, and 473 million respectively [1]

Group 1: Macro Strategy and Market Trends - The report indicates a rebound in social financing, with July's social financing scale increasing by 1.16 trillion yuan, which is 389.3 billion yuan more than the same period last year [21] - The report highlights that the M1 and M2 monetary aggregates have shown a year-on-year increase, indicating a recovery in excess liquidity [21] - The report emphasizes the importance of monitoring the progress of US-China trade agreements and the performance of mid-year earnings reports [21] Group 2: Fixed Income and City Investment Bonds - As of August 12, 2025, the scale of city investment bonds planned for early redemption since 2025 is 55.8 billion yuan, showing a slowdown in the redemption pace compared to previous peaks [22] - The report notes that private placement bonds have a higher proportion of planned face value redemptions (61.23%) compared to public bonds (45.24%) [22][23] - The trend of redeeming bonds at face value has shifted, with issuers now more likely to offer fairer prices such as face value plus compensation [22] Group 3: Yellow Wine Industry - The report suggests that the yellow wine industry is poised for revival, driven by leading brands adopting high-end, national, and youth-oriented strategies [6] - It highlights that the market share of ancient yellow wine brands outside Jiangsu and Zhejiang has increased from 27% in 2018 to 43% in 2024, indicating successful national expansion [6] - The report recommends focusing on two leading yellow wine brands, Kuaijishan and Guyuelongshan, which have made significant progress in high-end and national strategies [6] Group 4: Company-Specific Insights - Industrial Fulian reported a sales revenue of 360.76 billion yuan in the first half of 2025, a year-on-year increase of 35.58% [9] - The company anticipates a net profit of 121.13 billion yuan for the first half of 2025, with a forecasted increase to 500 billion yuan in 2026 [9] - Weixing New Materials reported a revenue of 2.078 billion yuan in the first half of 2025, a year-on-year decline of 11.33%, but maintained a significant cash dividend of 157 million yuan [28][29]

证券代码：601138 证券简称：工业富联 公告编号：临2025-065号 富士康工业互联网股份有限公司 第三届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 富士康工业互联网股份有限公司（以下简称"公司"）董事会于2025年8月12日以书面形式发出会议通 知，于2025年8月14日以书面传签的方式召开会议并作出本董事会决议。会议应出席董事7名，实际出席 董事7名。会议召开符合法律法规、《富士康工业互联网股份有限公司章程》及《富士康工业互联网股 份有限公司董事会议事规则》的规定。 议案表决情况：有效表决票7票，同意7票，反对0票，弃权0票。 董事会同意聘任沈道邦先生为公司财务总监，任期自本次董事会审议通过之日起至第三届董事会届满之 日止。简历详见附件。 本议案已经公司董事会提名委员会、审计委员会审议通过。 特此公告。 富士康工业互联网股份有限公司董事会 二〇二五年八月十五日 沈道邦先生简历 会议审议通过了下列议案： 沈道邦，男，1968年生，拥有企业管理硕士，具备超过20年横跨欧美、中东、亚太地区 ...