Group 1: Company News - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of the year, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [3] - Jinghua New Materials announced a revenue of 0.947 billion yuan for the first half of the year, a year-on-year increase of 10.53%, but a net profit of 3.77 million yuan, down 7.30% [4] - Yanjing Beer reported a revenue of 8.558 billion yuan for the first half of the year, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% [4] - Bawei Storage reported a revenue of 3.912 billion yuan for the first half of the year, a year-on-year increase of 13.70%, but a net loss of 226 million yuan [4] - Kaipu Testing announced a revenue of 0.111 billion yuan for the first half of the year, a year-on-year increase of 3.23%, and a net profit of 40.79 million yuan, up 3.73% [4] - Fangsheng Pharmaceutical's subsidiary received approval for a clinical trial of its innovative traditional Chinese medicine, indicating progress in its R&D efforts [4] - Jiachuan Video announced a change in control, which may impact its future operations and governance [5] - Chunguang Technology plans to invest up to 1 billion yuan in a new project for clean electrical appliances, indicating expansion in its operational capacity [5] - Shiyun Circuit plans to invest 125 million yuan in Shenzhen New Sound Semiconductor, acquiring a 3.8238% stake, which reflects its strategy to enhance its technological capabilities [5] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, aligning with its strategy to transition into digital technology [6] Group 2: Industry Insights - The A-share market will see 34 stocks facing unlocks this week, with a total unlock volume of 3.057 billion shares, representing a week-on-week increase of 149.66% [2] - The medical device industry is experiencing significant growth in international business, with many companies seeing high growth rates in overseas markets [7] - The medical device sector is expected to witness a performance turning point in the second half of the year, driven by policy optimizations and improving market conditions [7] - The market lacks a clear main narrative, but sectors like pharmaceuticals and overseas computing are identified as potential high-growth areas [7]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 国家统计局：7月份核心CPI同比持续回升，PPI环比降幅收窄 国家统计局城市司首席统计师董莉娟解读2025年7月份CPI和PPI数据：7月份，扩内需政策效应持续显现，居民消费价格指数（CPI）环比由上月下降0.1%转 为上涨0.4%，同比持平，扣除食品和能源价格的核心CPI同比上涨0.8%，涨幅连续3个月扩大。受季节性因素叠加国际贸易环境不确定性影响，工业生产者 出厂价格指数（PPI）环比下降0.2%，国内市场竞争秩序持续优化，环比降幅比上月收窄0.2个百分点，同比下降3.6%，降幅与上月相同。 少林寺管理处8月9日情况通报显示，近期，网上传言少林寺有30名僧人集体辞职，属不实言辞，望大家不信谣、不传谣。 特朗普和内塔尼亚胡讨论"接管加沙城计划" 当地时间8月10日，美国总统特朗普与以色列总理内塔尼亚胡通话，讨论以色列关于"接管加沙地带剩余哈马斯据点以结束军事行动"的计划。 美韩将举行联合军演 朝鲜：强烈谴责 严正警告 朝鲜国防相努光铁当地时间10日发表谈话，谴责美韩即将开始举行的"乙支自由护盾"联合军演。谈话称，美韩毫不掩饰地暴露出对朝 ...

转自：新华财经 •农业农村部：生猪产能偏高 引导调减百万头能繁母猪 总量保持在3950万头左右 •今年以来南向资金累计净流入首次突破9000亿港元 大型科技股均获得南向资金加仓 •北京楼市新政出台后新房二手房网签量大幅上升 •农业农村部最新调度显示，当前，我国生猪产能阶段性偏高，为防范生产大起大落、价格大涨大跌风险，将实施生猪产能综合调控，引导调减约100万头能 繁母猪。农业农村部会商研判，将实施有效的生猪产能综合调控。按目前的生产和消费趋势，全国需要再调减约100万头产能，能繁母猪总量保持在3950万 头左右。（央视新闻） •北京楼市新政出台后新房二手房网签量大幅上升。北京市住建委官网数据显示，8月9日北京新房网签165套，网签面积11432.78平方米，其中住宅网签82 套，网签面积8978.96平方米；二手房网签217套，网签面积19794.22平方米，其中住宅网签178套，网签面积18367.73平方米。新房、二手房网签套数与前一 个周六（8月2日）相比大幅上升两成和三成左右。（新华财经） •国家统计局广东调查总队发布的数据显示，2025年7月份，广东工业生产者出厂价格指数（PPI）同比下降2.0%， ...

Core Viewpoint - The article emphasizes that the computing power industry is experiencing significant growth driven by the digitalization wave and AI revolution, with many companies reporting impressive earnings in the first half of 2025 [1][3]. Group 1: Earnings Performance - As of August 8, 2025, 11 companies in the computing power theme index have forecasted net profit growth exceeding 39%, with Yongding Co. leading at a staggering 922% increase [2]. - Notable companies such as Xinyi Technology and Lanke Technology reported net profit growth rates of over 300% [2]. - The semiconductor and high-speed optical module sectors are experiencing a positive cycle of "technological breakthroughs—product volume—performance realization," with some companies achieving record quarterly profits [2]. Group 2: Semiconductor Industry - The global semiconductor market reached $346 billion in the first half of 2025, reflecting an 18.9% year-on-year growth, indicating strong industry vitality [6]. - Companies like Lanke Technology are expected to achieve approximately 2.633 billion yuan in revenue, a 58.17% increase year-on-year, driven by high demand for AI-related products [6]. - Lanke Technology's net profit is projected to grow by 85.5% to 102.36% year-on-year, attributed to increased sales of DDR5 memory interface chips and high-performance chips [6][7]. Group 3: Optical Module Demand - The demand for high-speed optical modules is surging due to the expansion of data centers and the deployment of 5G networks [9]. - Companies like Zhongji Xuchuang are expected to report net profits between 3.6 billion to 4.4 billion yuan, reflecting a year-on-year growth of 52.64% to 86.57% [10]. - New Yi Sheng anticipates a net profit of 3.7 billion to 4.2 billion yuan, marking a growth of 327.68% to 385.47% [11]. Group 4: Liquid Cooling Market - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, with the market size expected to exceed 100 billion yuan by 2027 [15]. - Companies like Huazheng New Materials and Zhongshi Technology are forecasting significant profit increases due to market expansion and improved product offerings [16]. - Conversely, some companies like Jialitu are experiencing profit declines due to falling sales prices and rising costs [16]. Group 5: Overall Industry Outlook - The performance of the computing power industry in the first half of 2025 highlights the technological explosion of the AI era and the acceleration of domestic substitution [16]. - The entire industry chain, from semiconductors to optical modules and cooling technologies, is providing robust support for the global digitalization process [16]. - As demand for computing power continues to rise, innovation and efficiency will become central themes for the future [17].

第一节重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本公司计划不派发现金红利，不送红股，不以公积金转增股本。 □适用√不适用 第二节公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：千元币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 2.5控股股东或实际控制人变更情况 □适用√不适用 2.6在半年度报告批准报出日存续的债券情况 □适用√不适用 第三节重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来会有重大影响的事项 □适用√不适用 ...

工业富联上半年业绩情况 范雨露 制图 8月10日晚，工业富联发布2025年半年报，公司上半年营收和利润实现快速增长，均创同期历史新高。 其中，公司第二季度首次实现了单个季度营收超过2000亿元。 进一步研究可知，工业富联业绩快速增长的最大驱动力是人工智能（AI）。公司披露，得益于AI发 展，公司的云计算业务、通信及移动网络设备业务、精密零部件业务等均实现快速增长。 截至8月8日收盘，工业富联报36.59元/股，总市值近7267亿元。 单季营收超2000亿元 AI是增长最大驱动力 工业富联半年报显示，公司上半年实现营业收入3607.6亿元，同比增长35.58%；实现归母净利润121.13 亿元，同比增长38.61%，均创同期历史新高。 尤其是，公司单个季度营收首次超过2000亿元大关。 结合一季报可知，工业富联第二季度实现营业收入达2003.45亿元，同比增长35.92%；实现归母净利润 68.83亿元，同比增长51.13%，均创下同期历史新高。 "主要系AI服务器市场持续增长，公司在主要客户的市场份额不断提升带动营业收入上升。"对于业绩增 长，工业富联表示，上半年，全球科技产业在AI浪潮中加速重构，以大模型与 ...

云计算业务方面，工业富联第二季度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%。业界关注的GB200系列产品实现量产爬坡，良率持续改善，出 货量逐季攀升。 通信及移动网络设备方面，2025上半年全球数据中心网络架构持续向更高带宽、更低延迟演进，以积极 响应AI大模型训练与推理对网络性能的急剧增长。与此同时，AI手机推动高端换机潮，终端需求结构 性复苏。受益于客户某些特定机种的热销，工业富联精密机构件业务出货量同比增长17%，进一步巩固 了在该领域的领先地位。 （文章来源：深圳商报） 【深圳商报讯】（记者苑伟斌）8月10日，工业富联发布2025年半年度报告，受益于AI相关业务强势增 长，实现营收3607.6亿元，同比增长35.6%，归母净利润121.1亿元，同比增长38.6%，均创同期历史新 高。其中，第二季度单季营收首次超过2000亿元达2003.4亿元。 2025上半年，全球科技产业在AI浪潮中加速重构，带动工业富联核心业务强势增长，实现订单规模与 价值量同步跃升。 ...

Group 1 - Industrial Fulian reported a record high revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.6%, with a net profit of 12.11 billion yuan, up 38.6% [2] - In Q2, the revenue exceeded 200 billion yuan for the first time, reaching 200.34 billion yuan, a 35.9% increase year-on-year, with a net profit of 6.88 billion yuan, up 51.1% [2] Group 2 - A-share indices collectively rose last week, with the Shanghai Composite Index hitting a new high for the year, up over 2% for the week [3] - The market is shifting from traditional cyclical sectors to technology sectors, with quality tech assets expected to yield significant excess returns in Q3 [3] Group 3 - Major foreign investment projects are progressing steadily, with new policies to encourage foreign investment being implemented [4] - Cities like Wenzhou, Dalian, and Xuzhou have GDP growth rates exceeding 6%, with potential to join the "trillion-dollar club" by year-end [4] Group 4 - In July, the consumer price index (CPI) in Guangdong turned positive, rising 0.5% month-on-month, while the producer price index (PPI) decreased by 0.2% [5] - Hong Kong saw a record number of registered local companies, exceeding 1.5 million, with significant direct investment and job creation [5] Group 5 - Nearly 50 A-share companies have disclosed interim dividend plans, with major firms like China Mobile announcing substantial dividends [6] - The Hong Kong Investment Management Company is focusing on nurturing local startups and investing in quality enterprises [7] Group 6 - The A-share market is expected to face some resistance in the short term but remains in a bull market, with industry rotation accelerating [8] - Southbound capital has seen a cumulative net inflow of 900.8 billion HKD, indicating a strong preference for Chinese concept stocks [8] Group 7 - The new science and technology bond policy has led to a significant issuance of 880.66 billion yuan in three months, with a low average coupon rate [21] - Gold futures prices reached a historical high, driven by geopolitical factors and central bank policies [22]

Core Viewpoint - Industrial Fulian reported strong growth in AI-related business, achieving a revenue of 360.76 billion yuan in the first half of 2025, a year-on-year increase of 35% [1] Financial Performance - The company achieved a net profit attributable to shareholders of 11.958 billion to 12.158 billion yuan in the first half of 2025, representing a year-on-year growth of 36.84% to 39.12% [1] - For the second quarter, the net profit is expected to be between 6.727 billion and 6.927 billion yuan, with a year-on-year increase of 47.72% to 52.11% [1] - The final data for both the first half and the second quarter were at the upper end of the forecast range [1] Business Segments - The cloud computing business saw significant growth, with overall revenue in the second quarter increasing by over 50% year-on-year [1] - AI servers are becoming a larger part of the cloud computing business, with the product structure continuously optimizing [1] - The precision components business experienced a 17% year-on-year increase in shipment volume due to the strong sales of specific models [1] Market Position - Industrial Fulian holds approximately 40% market share in the AI server market, serving major clients such as Microsoft, Amazon, and Google [1] - The company has deep collaborations with leading global clients to develop next-generation AI servers and liquid-cooled cabinets [1] - The revenue from 800G high-speed switches nearly tripled compared to the entire year of 2024, solidifying the company's market share in high-performance computing and AI infrastructure [1]

来源：上海证券报·中国证券网 上证报中国证券网讯 8月10日晚间，工业富联发布2025年半年报。报告期内，工业富联实现营收3607.6亿元，同比增长35.6%；归母净利润121.1亿元，同比增长38.6%，均创同期历史新高 2025年，全球多家大型云服务商对AI基础设施建设资本开支延续扩张趋势，AI算力投入持续火热。随着云服务商持续推进AI算力布局，AI服务器市场呈现持续增长态势。工业富联表示，公司在 目前，工业富联正协同客户推进下一代产品的设计研发，在产业链覆盖广度与交付能力方面继续保持行业领先地位。在云计算业务方面，公司产品结构持续优化，AI服务器在云计算业务中的占比 除此之外，交换机业务方面，上半年，工业富联800G高速交换机营收较2024年全年增长近三倍。公司通过深化合作与优化产品结构，巩固了在核心客户群体的市场份额，进一步夯实了公司在全 同时，AI大模型在终端侧的部署逐步实现边缘化和轻量化，进一步打开高端移动终端的增长空间。工业富联深耕精密机构件业务多年，在核心客户的产品中已占有较高份额。报告期内，受益于客 展望未来，工业富联强调，公司将持续聚焦AI发展主线，不断拓宽与主权、云服务商、企业等各类别客 ...