南财投研通数据显示，8月11日，券商给予上市公司目标价共15次，按最新收盘价计算，目标价涨幅排 名居前的公司有旗滨集团、萤石网络、工业富联，目标价涨幅分别为43.09%、33.82%、23.80%，分别 属于玻璃玻纤、计算机设备、消费电子行业。 | | | 08月11日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 班学代码 | 证券名称 | 机构 | 最新评级 | 番島目枠代 | 目标涨幅 | | | | | | (元) | (%) | | 601636 | 旗滨集团 | 中信证券 | 买人 | 8.80 | 43.09 | | 688475 | 萤石网络 | 国泰海通证券 | 增持 | 46.22 | 33.82 | | 601138 | 工业富联 | 中国国际金融 | 跑赢行业 | 45.00 | 23.80 | | 000729 | 咸京喫酒 | 华创证券 | 强推 | 15.50 | 22.92 | | 300824 | 北鼎股份 | 华泰金融控股(香港) | 买人 | 15.48 | 20.56 | | 688768 | 容知日新 | ...

半年报显示，2025年上半年，工业富联实现营业收入3607.6亿元，同比增长35.58%；净利润121.13亿 元，同比增长38.61%；扣非净利润116.68亿元，同比增长36.73%。 长江商报记者注意到，自2023年以来，工业富联连续两年半净利润和扣非净利润双增。不仅如此，2025 年内工业富联业绩增速明显提升。 8月10日晚间，工业富联（601138）发布的半年报显示，2025年上半年，公司实现营业收入3607.6亿 元，同比增长35.58%；归属于上市公司股东的净利润(净利润，下同)121.13亿元，同比增长38.61%；扣 除非经常性损益后的净利润(扣非净利润，下同)116.68亿元，同比增长36.73%。 长江商报记者注意到，在AI浪潮下，全球AI基础设施持续扩容。已在AI服务器领域建立坚实研发与智 能制造优势的工业富联，产品广泛应用于高性能AI数据中心，为全球AI算力基础设施提供强有力支 撑。 半年报显示，2025年二季度，工业富联整体服务器营收增长超50%，云服务商服务器营收同比增长超 150%，AI服务器营收同比增长超60%。 2025年上半年，工业富联研发费用50.95亿元，同比增长4. ...

Group 1: Macroeconomic Insights - Consumer spending shows improvement in automotive and service sectors, while textile and apparel remain weak due to seasonal factors[6] - CPI increased by 0.4% month-on-month in July, with core CPI rising to 0.8%, the highest since March 2024[10] - The overall PPI decreased by 0.2% month-on-month and 3.6% year-on-year, indicating persistent downward pressure on industrial prices[12] Group 2: Market Trends and Strategies - A-share and U.S. stock markets are recommended for tactical overweight due to improving risk appetite and stable liquidity[15] - The strategic asset allocation (SAA) proposal suggests a 45% allocation to equities, 45% to bonds, and 10% to commodities, with an expected annualized return of 9.1%[15] - The tactical asset allocation (TAA) strategy anticipates a 55% equity weight, 40% bond weight, and 5% commodity weight, with a projected annualized return of 55%[17] Group 3: Sector-Specific Developments - The Hong Kong IPO market is projected to raise approximately HKD 1,300-1,500 billion this year, with a significant portion from A-share companies listing in Hong Kong[18] - The household service robot market is expected to grow significantly, with various companies showcasing products at the 2025 World Robot Conference[40] - The mini-LED television market is anticipated to reach a 25% penetration rate in China by 2025, with Haier's market share at 29.3% in Q1 2025[41]

Core Insights - Industrial Fulian (601138) reported a strong growth in revenue and profit in the first half of 2025, driven by AI-related business, with revenue reaching 360.76 billion yuan, a year-on-year increase of 35.58%, and net profit of 12.113 billion yuan, up 38.61% [1][2] - The company achieved a record high in both revenue and net profit for the same period, with Q2 revenue surpassing 200 billion yuan for the first time, reaching 200.345 billion yuan, a 35.92% increase year-on-year [1][2] - Despite the strong performance, the company faced a significant decline in operating cash flow, which dropped by 70.76% year-on-year to 1.41 billion yuan [3] Business Segments - In the cloud computing sector, the company saw overall server revenue grow by over 50% year-on-year, with AI server revenue increasing by over 60% [2] - The GB200 series products have entered mass production, with improving yield rates and increasing shipment volumes [2] - In the telecommunications and mobile network equipment segment, revenue from 800G high-speed switches grew nearly threefold compared to the entire year of 2024, while precision components for AI smartphones saw a 17% increase in shipment volume [2] Financial Health - The total assets of the company reached 383.13 billion yuan, a 20.66% increase from the beginning of the year, indicating rapid business expansion [3] - However, the net assets attributable to shareholders slightly decreased by 0.67% to 151.67 billion yuan, suggesting that the company may be increasing debt to support its growth [3] - The weighted average return on equity improved to 7.64%, up 1.62 percentage points from the previous year, indicating better asset utilization [3] Dividend Policy - The board of directors decided not to distribute cash dividends, issue bonus shares, or increase share capital from reserves during this reporting period [4]

其中，公司第二季度单季营收首次超过2000亿元，达2003.4亿元，同比增长35.9%；净利润为68.8亿 元，同比增长51.1%，均创下同期历史新高。 【#工业富联单季营收破2000亿元#，AI驱动工业富联业绩创新高】#工业富联上半年营收3607.6亿元# 据新浪证券报道，8月10日晚间，工业富联发布的2025年半年报显示，受益于AI相关业务强势增长，上 半年工业富联实现营收3607.6亿元，同比增长35.6%，实现归母净利润121.1亿元，同比增长38.6%，均 创同期历史新高。 ...

6 证券研究报告 点评报告 2025 年 8 月 11 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 8 月 9 日早 9 点半国家统计局公布 7 月中国物价数据。 评论： 中国 7 月 CPI 同比为 0.0%，预期为-0.1%，前值（6 月）为 0.1%；核心 CPI 同比为 0.8%，创 2024 年 2 月以来的新高，前值为 0.7%。7 月 CPI 环比为 0.4%，前值为-0.1%； 核心 CPI 环比为 0.4%，前值为 0.0%。 7 月食品环比为-0.2%，前值为-0.4%。其中，鲜果价格下跌 3.4%，而鲜菜环比上涨 1.3%，猪肉价格上涨 0.9%，水产品价格上涨 0.4%。 7 月非食品环比为 0.5%，前值为 0.0%。其中，交通通讯环比上涨 1.5%，其中交通 工具用燃料环比上涨 1.5%，通讯工具上涨 0.3%；教育文化娱乐环比上涨 1.3%，其 中旅游上涨 9.1%；其它用品和服务环比上涨 0.9%；生活用品环比上 ...

Market Overview - The Shanghai Composite Index increased by 2.11% to close at 3635.13 points, with a weekly high of 3645.37 points [1] - The Shenzhen Component Index rose by 1.25% to 11128.67 points, reaching a peak of 11229.59 points [1] - The ChiNext Index saw a 0.49% increase, closing at 2333.96 points, with a maximum of 2372.68 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 3.87%, the Dow Jones Industrial Average rising by 1.35%, and the S&P 500 increasing by 2.43% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 1.43% and the Nikkei 225 increased by 2.5% [1] New Stock Issuance - One new stock was issued last week: Zhigao Machinery (920101.BJ) on August 5, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 20031.09 billion yuan, with a financing balance of 19889.53 billion yuan and a securities lending balance of 141.56 billion yuan [3] - The margin trading balance increased by 294.86 billion yuan compared to the previous week [3] - The top three stocks by financing purchase amount were Northern Rare Earth (58.53 billion yuan), Zhongji Xuchuang (49.9 billion yuan), and Dongfang Fortune (48.27 billion yuan) [3][4] Fund Issuance - A total of 21 new funds were issued last week, including various index funds and mixed funds [5] - Notable funds include Ping An Ru Yi Short-term Bond Fund and Penghua CSI Bank Index Fund [5][6] Company Buybacks - There were 23 buyback announcements last week, with the highest amounts executed by Junxin Environmental Protection (50.99 million yuan), Mianbao (12.13 million yuan), and Runze Technology (10.47 million yuan) [7] - The sectors with the highest buyback amounts were Environmental Protection, Pharmaceutical Biology, and Electronics [7][8]

每经编辑｜彭水萍 今日开盘，在光模块龙头业绩刺激下，光模块行情强势拉升。工业富联2025年半年报显示，受益于AI业务增长，营 收和净利润均创历史新高；另外，华为将于8月12日发布AI推理领域突破性技术成果。 相关ETF——通信ETF（515880）、创业板人工智能ETF国泰（159388）涨超2.5%。 海内外资本开支高增，光模块确定性强 英伟达H20催化，Blackwell快速放量 7月，英伟达宣布H20销售恢复，进一步强化算力供给的确定性，推动国内互联网巨头在2025年下半年加速AI基础 设施布局，有望带动上游光模块的需求提升。 另外，2025年5月，英伟达在法说会上表示：目前头部AI企业对于算力芯片需求明显放大， 基于新一代Blackwell GPU的机柜GB200 NVL72（单机柜72张GPU）正加速放量，Blackwell成英伟达史上爬坡速度 最快的产品，从而带动光模块需求不断扩张。 当前人工智能军备竞赛持续，国内外云厂商资本开支高增，AI基建需求快速扩张。AI算力基础设施中依赖高速光模 块（如800G、1.6T）技术，而中国通信板块龙头公司是核心供应商，深度绑定海外AI巨头供应链。 根据Ligh ...

【重要新闻】 【国家统计局：7月份全国居民消费价格同比持平 环比上涨0.4%】8月9日，据国家统计局，7月份，全 国居民消费价格同比持平。其中，城市持平，农村下降0.3%；食品价格下降1.6%，非食品价格上涨 0.3%；消费品价格下降0.4%，服务价格上涨0.5%。1—7月平均，全国居民消费价格比上年同期下降 0.1%。7月份，全国居民消费价格环比上涨0.4%。其中，城市上涨0.4%，农村上涨0.3%；食品价格下降 0.2%，非食品价格上涨0.5%；消费品价格上涨0.2%，服务价格上涨0.6%。 【北京再次优化住房限购政策 符合条件家庭购买五环外住房不限套数】近日，北京市住房和城乡建设 委员会、北京住房公积金管理中心联合印发《关于进一步优化调整本市房地产相关政策的通知》，《通 知》明确，自2025年8月9日起，符合本市商品住房购买条件的居民家庭，购买五环外商品住房（含新建 商品住房和二手住房）不限套数。《通知》还加大了对住房公积金贷款支持力度，包括由每缴存公积金 【隔夜行情】 【今日新股】 今日无新股申购，无新股上市。 •周五（2025年8月8日），A股三大指数集体收跌，截至收盘，上证指数跌0.12%，深证成 ...

Summary of Key Points Core Viewpoint - As of August 11, 2025, a total of 181 A-share listed companies have disclosed their semi-annual reports, with 160 reporting profits and 21 reporting losses, indicating a positive trend in overall profitability in the market [1][2]. Group 1: Financial Performance - The total revenue of the 181 companies reached 1.73 trillion yuan, reflecting a year-on-year increase of 9.08% [1]. - The total net profit amounted to 189.58 billion yuan, showing a year-on-year growth of 16.87% [1]. - Among the companies that disclosed their reports, 120 experienced an increase in net profit, while 61 saw a decline [1]. Group 2: Top Performers - In terms of revenue, two companies reported over 50 billion yuan: Industrial Fulian with 360.76 billion yuan and Yanjing Beer with 8.56 billion yuan [1]. - For net profit, two companies reported over 10 billion yuan: Industrial Fulian with 12.11 billion yuan and Yanjing Beer with 1.10 billion yuan [1]. - A total of 16 companies reported net profits exceeding 1 billion yuan, with China Mobile leading at 84.24 billion yuan, followed by CATL at 30.48 billion yuan and Industrial Fulian at 12.11 billion yuan [2]. Group 3: Growth Rates - Notably, 49 companies reported a net profit growth rate exceeding 50%, with the highest growth rates seen in Zhimingda at 2147.93%, Rongzhi Rixin at 2063.42%, and Shijia Guangzi at 1712.00% [2].