7 July 2025 | 7:34AM HKT Exhibit 1: Huaqin revenue by products 14% 24% 36% 41% 45% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2022 2023 2024 2025E 2026E 2027E 2028E Smartphones PCs Smart wearables AI servers General servers Switch Others Blended revenues to grow at +29% CAGR in 2024-28E Rmb m Huaqin Technology (603296.SS): AI servers and Switch in expansion; Data center to up to 51% of revenues by 2028E; Buy (on CL) We initiated Huaqin at Buy in April (report link); the stock is on the APAC Co ...

Group 1 - Industrial Fulian's market capitalization reached 462.3 billion, while Lens Technology surged by 11.4%, indicating a collective rise among major consumer electronics stocks [1] - Foxconn Technology Group has requested hundreds of Chinese engineers and technicians to leave its iPhone factory in India, impacting Apple's production expansion efforts in the region [2][3] - Despite Foxconn and Apple expressing optimism about manufacturing in India, challenges such as poor business environment and frequent power outages may hinder further investment in the country [3][4] Group 2 - The PCB, semiconductor components, and consumer electronics sectors experienced significant gains, reflecting market optimism [6][7] - The innovative drug sector is gaining attention, with potential for a major upward trend as new leaders emerge in the market [7] - Trading conditions remain challenging for short-term investors, despite overall market gains, with many facing difficulties in achieving profits [8]

证券研究报告 2025年7月3日 行业：电子 增持 （维持） 半导体技术加速突破，AI赋能消费电子升级 分析师：颜枫 SAC编号：S0870525030001 分析师：李心语 SAC编号：S0870525040001 ——科技中期策略 1. 主要观点 2. 建议关注 目录 SECTION C o n t e n t 一、投资摘要 二、自主可控：半导体技术加速突破，市场需求驱动国产替代 三、AIDC：AI推动服务器功率提升，带动主要设备需求增长 四、消费电子：AI赋能SoC广泛应用，助力重点产品智能化升级 四、消费电子：CIS市场需求快速回暖，有望优先实现国产替代 五、风险提示 一、投资摘要 风险提示：人工智能技术落地和商业化不及预期；产业政策转变；宏观经济不及预期。 3 • "硬科技"在AI驱动下表现突出：A股上市公司中，以国产算力芯片，AIDC配套设施，AI端侧Soc芯片设计和部分消费 电子企业为代表的板块在2024年业绩表现出较快增速，并在2025年一季度保持两位数的高增长。 • 大国博弈下科技行业的估值体系有望重构：随着4-5月份中美两国在科技/贸易等领域持续博弈，以电子行业为代表的 科技板块的估值中枢 ...

Core Insights - The AI server market is experiencing significant growth, driven by advancements in technology and increasing demand for AI applications [3][4] - Major companies like Quanta Computer are actively involved in the development and testing of next-generation AI server chips, indicating a competitive landscape [3] Group 1: Market Performance - On July 3, notable stock performances included Industrial Fulian rising over 8% and Huajin Technology increasing by 5% [1] - New Asia Electronics saw a price increase of 10.01%, with a market capitalization of 57.96 billion [2] - Industrial Fulian's latest price was 22.91, with a market cap of 4549.51 billion [2] - Huajin Technology's stock price reached 81.92, with a market cap of 468.12 billion [2] Group 2: Industry Developments - Goldman Sachs has raised its forecast for the shipment of AI servers, with expectations for high-performance AI servers like H200 and B200 to reach 525,000 and 527,000 units by 2025 and 2026, respectively [4] - The global AI server shipment is projected to reach 1.811 million units this year, marking a year-on-year growth of 26.29%, with high-end AI servers expected to see a 40% increase [4] - The global server market is anticipated to grow from $216.4 billion in 2024 to $332.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.8% [4] Group 3: Cost Structure - In AI servers, GPU costs can account for nearly 70% of the total cost, significantly higher than other components [5] - Upgrading from standard servers to AI training servers results in substantial increases in the value of components such as memory, SSDs, and power supplies [5]

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has successfully transformed into a global leading smart product platform enterprise with a "3+N+3" multi-business line growth strategy, focusing on mature core businesses such as smartphones, PCs, and data centers, while expanding into emerging fields like automotive electronics, software, and robotics [4][11]. - The company is positioned to benefit from the domestic CSP (Cloud Service Provider) arms race, with its server business expected to become a strong growth driver due to increasing demand for customized server solutions from major internet firms [5][37]. - The smartphone market is recovering, with the company benefiting from increased ODM (Original Design Manufacturer) penetration and strong demand from major clients [46][55]. Summary by Sections I. Global Leading Smart Product Platform Enterprise - The company has established a "3+N+3" strategy, focusing on three core mature businesses and expanding into three emerging fields, which has led to a compound annual growth rate (CAGR) of 23.56% in revenue from 2018 to 2024 and 58.87% in net profit [4][11][18]. II. Server Business Growth - The company is a key supplier for major domestic CSPs, benefiting from a significant increase in capital expenditures from internet giants, with a projected capital expenditure of approximately 240 billion yuan in 2024 [5][29]. - The ODM Direct model is reshaping the market, with the company's server business expected to capture a significant share of the growing demand for customized solutions [34][37]. III. Smart Terminal Business - The company is well-positioned in the smart terminal market, with a leading share in the ODM sector, which is expected to grow as the industry shifts towards higher ODM penetration [6][55]. - The smartphone market is showing signs of recovery, with a projected growth in AI smartphone penetration, which will further drive demand for the company's products [46][49]. IV. Profit Forecast and Investment Recommendations - The company is expected to achieve total revenues of 138.93 billion yuan, 168.19 billion yuan, and 200.59 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.71 billion yuan, 4.53 billion yuan, and 5.70 billion yuan [7][65].

6月30日，A股三大指数集体上涨，上证指数盘中上涨0.13%，航天军工、半导体、发电设备等板块涨幅 靠前，贵金属、券商跌幅居前。消费电子走强，截至10点07分，消费电子ETF（159732）上涨0.74%， 其成分股华勤技术上涨5.85%，三环集团上涨3.35%，立讯精密上涨2.60%，纳芯微上涨2.17%，安克创 新上涨2.00%。 小米于 6 月 26 日正式发布其首款 AI 眼镜，将 AI 眼镜定义为"面向下个时代的个人智能设备"，并提 出"下一代随身的 AI 入口"概念。另外，Meta 联合运动眼镜品牌 Oakley 推出的的 Oakley Meta HSTN AI 眼镜将于 7 月 11 日开启预售。与 Ray-Ban Meta 相比，HSTN 定位运动功能，补齐产品矩阵。 华金证券表示，智能可穿戴设备的需求增长，以及生成式人工智能大模型的崛起，正在将AI音频眼镜 推向更广的市场。在短期内AR眼镜用户画像较为模糊背景下，智能交互眼镜以替代耳机功能为切入 口，以眼镜为载体，搭配AI提高体验与卖点，有望开辟音频新赛道。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的 ...

Group 1: Core Insights - The report highlights five key stocks for July, each representing different industries with strong growth potential and attractive valuations [1][3][4]. Group 2: Industry Summaries - **Electronics - Huakin Technology (603296.SH)**: The company is a global leader in smart product platforms, with data center business expected to ramp up in the second half of the year [3]. - **Textiles and Apparel - Zhejiang Natural (605080.SH)**: The stock is undervalued due to tariff impacts, but is seeing a recovery in orders for old products alongside new product launches, indicating high growth potential [4]. - **Social Services - Tianli International Holdings (1773.HK)**: This company is a leader in K12 private education in China, focusing on high school education and diversifying its brand influence [4]. - **Oil and Petrochemicals - CNOOC Engineering (600583.SH)**: The company benefits from overseas orders, with rapid growth in annual and quarterly performance; projected dividend yield for 2024 is close to 4% [4]. - **New Energy - Putailai (603659.SH)**: The company is expected to see a gradual recovery in lithium battery anode performance, with small-scale production orders for CVD silicon-carbon anodes and plans for production in 2025 [4].

证券代码：603296 证券简称：华勤技术 公告编号：2025-057 华勤技术股份有限公司 关于选举职工代表董事的公告 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。 根据《中华人民共和国公司法》《上市公司章程指引》《上海证券交易所上 市公司自律监管指引第1号—规范运作》等相关法律法规的规定，华勤技术股份 有限公司（以下简称"公司"）于2025年6月26日在公司会议室召开了2025年第 一次职工代表大会，经与会职工代表审议，同意选举奚平华女士（简历详见附件） 为公司第二届董事会职工代表董事，任期至公司第二届董事会任期届满之日止。 为进一步完善公司治理结构，公司拟对现行《公司章程》中职工代表董事等 相关条款进行修订。因此，本次选举上述职工代表董事的任职生效以公司《关于 修订<公司章程>及相关议事规则、内部治理制度的议案》经股东大会审议通过 为前提。选举生效后，奚平华女士由第二届董事会非职工代表董事变更为第二届 董事会职工代表董事。 本次选举完成后，公司第二届董事会中兼任高级管理人员的董事以及由职工 代表担任的董事人数总计不超过 ...

北京市中伦律师事务所 关于华勤技术股份有限公司 第一个解除限售期解除限售条件成就、回购注销 部分限制性股票及调整回购价格的 | | | | | 法律意见书 二〇二五年六月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 北京 • 上海 | • 深圳 | • 广州 | • 武汉 | • 成都 | • 重庆 | • 青岛 | • 杭 | | 州 | • 南京 • 海口 • 东京 | | • 香港 | • 伦敦 | • 纽约 | • 洛杉矶 | • 旧金 | | 山 | • 阿拉木图 | | | | | | | 致：华勤技术股份有限公司 根据华勤技术股份有限公司（以下简称"华勤技术"或"公司"）与北京市 中伦律师事务所（以下简称"本所"）签订的《专项法律服务合同》的约定及受 本所指派，本所律师作为公司 2023 年限制性股票激励计划（以下简称"激励计 划"或"本次激励计划"）相关事宜的专项法律顾问，就本次激励计划的首次授 予部分第一个解除限售期解除限售条件成就（以下简称"本次解除限售"）、回购 注销部分限制性股票（以下简称"本次回购注销"）及调 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 2025年4月23日，公司董事会薪酬与考核委员会2025年第三次会议、第二届董事会第十五次会议、第二 届监事会第十二次会议审议通过了《关于回购注销部分限制性股票及调整回购价格的议案》。详见公司 同日于上海证券交易所网站（http://www.sse.com.cn）披露的《华勤技术关于回购注销部分限制性股票 及调整回购价格的公告》（公告编号：2025-042）。 重要内容提示： ● 回购注销原因：华勤技术股份有限公司（以下简称"公司"）2023年限制性股票激励计划（"本次激励 计划"）中，2名激励对象因个人原因已离职，不再具备激励资格，19名激励对象2024年个人绩效考核结 果部分达标/不达标或降职。根据《上市公司股权激励管理办法》、公司《2023年限制性股票激励计划 （草案）》（以下简称《激励计划（草案）》）的相关规定，公司决定将前述激励对象已获授但尚未解 除限售的136,040股限制性股票进行回购注销（"本次回购注销"）。 ● ...