Market Overview - The Shanghai Composite Index closed at 3602.13 points, with a gain of 0.53% [1] - The total trading volume of A-shares reached 10185.93 billion yuan [1] Technical Analysis - A total of 29 A-shares experienced a death cross between the 5-day and 10-day moving averages today [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Xiongdi Technology: 5-day MA down by 1.70% from the 10-day MA [1] - Sanwei Xinan: 5-day MA down by 1.11% from the 10-day MA [1] - Jinling Sports: 5-day MA down by 1.10% from the 10-day MA [1] Individual Stock Performance - Xiongdi Technology (300546): Today's change -0.23%, latest price 26.47 yuan, 5-day MA 27.31 yuan, 10-day MA 27.78 yuan [1] - Sanwei Xinan (688489): Today's change -0.80%, latest price 39.85 yuan, 5-day MA 40.62 yuan, 10-day MA 41.08 yuan [1] - Jinling Sports (300651): Today's change +0.89%, latest price 21.48 yuan, 5-day MA 23.82 yuan, 10-day MA 24.09 yuan [1] - Other notable stocks include: - Huanrui Century (000892): Today's change -0.86%, latest price 4.59 yuan [1] - Junshi Biological (688180): Today's change +0.45%, latest price 37.83 yuan [1] - Yihau New Materials (301176): Today's change -1.64%, latest price 30.65 yuan [1] Additional Stock Data - Other stocks with notable performance include: - Guanghe Technology (001389): Today's change -2.81%, latest price 62.20 yuan [1] - Kehua Data (002335): Today's change -2.13%, latest price 41.44 yuan [1] - ST Ruihe (002620): Today's change +0.26%, latest price 3.84 yuan [1] - The performance of these stocks indicates a mixed sentiment in the market, with some stocks showing declines while others remain stable or increase slightly [1][2]

证券代码：603118 证券简称：共进股份 公告编号：2025-031 深圳市共进电子股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 为支持公司全资子公司海宁市同维电子有限公司（以下简称"海宁同维"）的业务发展，根据其生产经营 实际需要，近日，深圳市共进电子股份有限公司（以下简称"公司"）、海宁同维与深南电路股份有限公 司（以下简称"深南电路"）签署了《补充协议》，公司为海宁同维业务所形成的债务提供连带责任保证 担保，担保涉及合计最高债权额为人民币3,000万元。本次协议是原担保合同的补充协议，担保金额由 原来的1,000万元增加到3,000万元，担保期限延长至2028年6月。 二、被担保人基本情况 （二）内部决策程序 公司分别于2025年4月28日、2025年5月20日召开第五届董事会第十一次会议、2024年年度股东大会，审 议通过了《关于2025年度为子公司提供担保额度预计的议案》。同意公司及控股子公司2025年度为 ...

证券代码：603118 证券简称：共进股份 公告编号：2025-031 深圳市共进电子股份有限公司 一、担保情况概述 （一）担保的基本情况 为支持公司全资子公司海宁市同维电子有限公司（以下简称"海宁同维"）的 业务发展，根据其生产经营实际需要，近日，深圳市共进电子股份有限公司（以 下简称"公司"）、海宁同维与深南电路股份有限公司（以下简称"深南电路"）签 署了《补充协议》，公司为海宁同维业务所形成的债务提供连带责任保证担保， 担保涉及合计最高债权额为人民币 3,000 万元。本次协议是原担保合同的补充协 议，担保金额由原来的 1,000 万元增加到 3,000 万元，担保期限延长至 2028 年 6 月。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | | 海宁市同维电子有限公司 | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 3,000 | 万元 | | | 担 保 | 对 | | | | | | 象 | | 实际为其提供的担保余额 | 3.15 | 亿元 | | | | | 是否在前期预计额度内 | 是 | □否 | □ ...

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Shenzhen Gongjin Electronics Co., Ltd. (共进股份), indicating a decline in stock price and a significant increase in net profit [1][3] - As of August 1, 2025, the company's stock closed at 10.87 yuan, down 1.81%, with a trading volume of 326,600 hands and a transaction amount of 357 million yuan [1] - The latest quarterly report shows total revenue of 2.051 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 22.299 million yuan, up 267.63% [1] Group 2 - The company has a current liquidity ratio of 1.315 and a quick ratio of 1.029, indicating a stable short-term financial position [1] - The debt-to-asset ratio stands at 50.09%, reflecting the proportion of the company's assets that are financed by debt [1] - Shenzhen Gongjin Electronics has made investments in 17 companies and participated in 179 bidding projects, showcasing its active engagement in the market [2]

截至7月24日收盘，F5G概念下跌0.55%，位居概念板块跌幅榜前列，板块内，太辰光、仕佳光子、长芯 博创等跌幅居前，股价上涨的有25只，涨幅居前的有金信诺、创维数字、天邑股份等，分别上涨 1.53%、1.40%、1.30%。 | 300252 | 金信诺 | 1.53 | 4.81 | -1282.51 | | --- | --- | --- | --- | --- | | 603118 | 共进股份 | 0.55 | 3.02 | -1245.36 | | 600498 | 烽火通信 | 0.70 | 1.24 | -1231.06 | | 603890 | 春秋电子 | 0.91 | 2.11 | -1225.78 | | 000070 | 特发信息 | 0.13 | 1.72 | -1122.77 | | 603220 | 中贝通信 | 1.04 | 2.07 | -944.36 | | 603042 | 华脉科技 | 0.64 | 3.50 | -653.45 | | 600487 | 亨通光电 | 0.25 | 1.54 | -567.56 | | 300250 | 初灵信息 | 0.68 | 3 ...

Core Insights - The article provides a detailed analysis of various mutual funds managed by the company, highlighting their performance metrics, including annualized returns and significant stock holdings [1][3]. Fund Performance Summary - The "Baoying Nasdaq 100 Index Fund" (QDII) A USD has a scale of 3.47 billion with an annualized return of 12.66% and a Q2 2025 increase of 16.66%, heavily invested in Nvidia (NVDA) with a weight of 8.56% [1]. - The "Baoying Nasdaq 100 Index Fund" (QDII) A RMB also has a scale of 3.47 billion, achieving an annualized return of 17.89% and a Q2 2025 increase of 16.43%, similarly focused on Nvidia [1]. - The "Baoying Xiangyi Regular Open Mixed A" fund has a scale of 1.76 billion with a modest annualized return of 1.92% and a Q2 2025 increase of 0.84%, primarily invested in Nanjing Bank [1]. - The "Baoying Zhongzheng A100 Index Enhanced A" fund has a scale of 1.69 billion, with an annualized return of 5.23% and a Q2 2025 increase of 1.44%, focusing on Kweichow Moutai [1]. Stock Trading Performance - Fund manager Cai Dan achieved a cumulative return of 4.88% during her tenure managing the "Baoying Xiangrui Mixed A" fund, with an average annualized return of 1.17% and a trading success rate of 56.79% across 81 stock adjustments [3]. - Notable stock trading examples include: - "Xinhua Bang" was bought in Q1 2020 and sold in Q3 2021, yielding an estimated return of 223.25% with a company performance growth of 152.36% [4][6]. - "Ningde Times" was held from Q2 2020 to Q1 2021, resulting in a return of 149.16% with a company growth of 185.34% [4]. - "Zijin Mining" was bought in Q2 2023 and has an estimated return of -86.18% despite a company growth of 51.76% [5][8]. ETF Insights - The "Gold Stock ETF" (Product Code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, showing a recent increase of 0.44% over five days and a price-to-earnings ratio of 20.86 times, with a net inflow of 237.7 million [10].

Summary of Key Points Core Viewpoint - The announcement details the share reduction plan executed by the chairman of Shenzhen Gongjin Electronics Co., Ltd., Hu Zumin, due to personal financial needs, resulting in a decrease in his shareholding in the company. Group 1: Shareholding Information - Before the reduction plan, Hu Zumin held 557,700 shares, representing 0.0708% of the company's total share capital [1] - The current shareholding after the reduction is 418,300 shares, which is 0.0531% of the total share capital [1] Group 2: Reduction Plan Implementation - The reduction plan was first disclosed on April 4, 2025, and was executed from April 28, 2025, to July 16, 2025 [1] - A total of 139,400 shares were sold through centralized bidding, accounting for 0.0177% of the total share capital [1] - The shares were sold at a price of 11.03 yuan per share, totaling 1,537,582.00 yuan [1] Group 3: Compliance with Reduction Plan - The actual reduction was consistent with the previously disclosed plan, and the minimum reduction quantity was achieved [1] - The reduction plan was not terminated early and was completed as scheduled [1]

证券代码：603118 证券简称：共进股份 公告编号：2025-030 深圳市共进电子股份有限公司 董事集中竞价减持股份结果公告 重要内容提示： 董事持股的基本情况 本次减持计划实施前，深圳市共进电子股份有限公司（以下简称"公司"）董 事长胡祖敏先生持有公司股份 557,700 股，占公司总股本的 0.0708%。 减持计划的实施结果情况 2025 年 4 月 4 日，公司披露了《深圳市共进电子股份有限公司董事集中竞 价减持股份计划公告》（公告编号：2025-014）（以下简称"减持计划"），因个人 资金需求，公司董事长胡祖敏先生拟通过集中竞价方式减持公司股份不超过 139,425 股，占公司总股本的 0.0177%。减持期间自 2025 年 4 月 28 日至 2025 年 7 月 25 日，减持价格按减持实施期间的市场价格确定。 公司近日收到董事长胡祖敏先生出具的《股份减持结果告知函》，截至 2025 年 7 月 16 日收盘，胡祖敏先生通过集中竞价方式减持了公司股份 139,400 股， 占公司目前总股本 0.0177%。本次减持计划已实施完毕。 本公司董事会、全体董事及相关股东保证本公告内容不存在任何 ...

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround in profitability for the first half of 2025, with net profit attributable to the parent company projected between RMB 50 million and RMB 70 million Projected Performance for H1 2025 | Metric | Projected Amount (RMB) | | :--- | :--- | | **Net Profit Attributable to Owners of Parent Company** | RMB 50 million to RMB 70 million | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-Recurring Gains and Losses** | RMB 43 million to RMB 63 million | - Compared to the same period last year, the company expects to achieve a turnaround from loss to profit[3](index=3&type=chunk)[5](index=5&type=chunk) - The performance forecast data has not been audited by a certified public accountant[6](index=6&type=chunk) [Prior Period Performance Review](index=1&type=section&id=Item%20II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In the first half of 2024, the company reported a loss, with net profit attributable to the parent company at RMB -16.4627 million H1 2024 Performance Metrics | Metric (H1 2024) | Amount (RMB) | | :--- | :--- | | **Total Profit** | -RMB 13.6928 million | | **Net Profit Attributable to Owners of Parent Company** | -RMB 16.4627 million | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-Recurring Gains and Losses** | -RMB 49.1952 million | | **Earnings Per Share** | -RMB 0.02 | [Analysis of Forecasted Profitability](index=1&type=section&id=Item%20III.%20Primary%20Reasons%20for%20Current%20Period%20Forecasted%20Profitability) The current period's turnaround to profitability is primarily driven by positive core business performance, including revenue growth, optimized revenue structure, and improved gross profit margin, coupled with a significant reduction in non-recurring gains and losses [Impact of Core Business Operations](index=2&type=section&id=Item%20%28I%29.%20Impact%20of%20Core%20Business%20Operations) Core business operations positively impacted net profit growth through increased overall revenue, optimized revenue structure from higher-margin overseas business, and improved gross profit margin - The company's overall business revenue increased in the first half of 2025[10](index=10&type=chunk) - Benefiting from increased demand for overseas network communication products, the proportion of higher-margin overseas business revenue significantly increased, optimizing the revenue structure[10](index=10&type=chunk) - The company's overall gross profit margin is expected to increase year-on-year in the first half, with a notable quarter-on-quarter improvement in Q2 2025[10](index=10&type=chunk) [Impact of Non-Recurring Gains and Losses](index=2&type=section&id=Item%20%28II%29.%20Impact%20of%20Non-Recurring%20Gains%20and%20Losses) Non-recurring gains and losses are estimated at approximately RMB 7 million, a significant decrease from the prior year, primarily due to a high investment gain in the prior period Non-Recurring Gains and Losses Comparison | Item | H1 2025 (Projected) | H1 2024 (Actual) | | :--- | :--- | :--- | | **Non-Recurring Gains and Losses** | Approx. RMB 7 million | RMB 32.7325 million | - The year-on-year difference primarily results from investment income generated in the prior period due to the waiver of preferential subscription rights for Shanghai Gongjin Microelectronics Technology Co., Ltd., and fair value change losses from the investment in Grankangxi Communication Technology (Shanghai) Co., Ltd[11](index=11&type=chunk) [Risk Disclosure and Other Notes](index=2&type=section&id=Item%20IV.%20Risk%20Disclosure) The company has identified no significant uncertainties affecting the forecast's accuracy and advises investors that final financial data will be based on the official semi-annual report - The company has not yet identified any significant uncertainties affecting the accuracy of this performance forecast[12](index=12&type=chunk) - The above forecast data are preliminary estimates, and the specific accurate financial data will be subject to the company's officially disclosed "Shenzhen Gongjin Electronics Co., Ltd. 2025 Semi-Annual Report"[13](index=13&type=chunk)

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.