Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

证券之星消息，10月10日消费电子板块较上一交易日下跌4.26%，歌尔股份领跌。当日上证指数报收于3897.03，下跌0.94%。深证成指报收于 13355.42，下跌2.7%。消费电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300686 | 智动力 | 15.56 | 6.87% | 28.84万 | 4.43 Z | | 920357 | 雅葆轩 | 27.92 | 3.79% | 4.55万 | 1.26亿 | | 000021 | 深科技 | 31.72 | 3.46% | 385.89万 | 117.70亿 | | 300602 | 飞荣达 | 35.46 | 2.31% | 61.10万 | 22.50亿 | | 301326 | 捷邦科技 | 128.87 | 1.87% | 2.55万 | 3.26亿 | | 920346 | 威留电子 | 28.25 | 1.44% | 1.19万 | 3337.91万 | | 002925 | 盈趣科技 | 20 ...

天眼查工商信息显示，近日，广东智勤精密装备有限公司成立，法定代表人为王仕超，注册资本2000 万，经营范围含智能基础制造装备制造、智能基础制造装备销售、智能家庭消费设备制造、可穿戴智能 设备制造、智能仪器仪表制造、电子专用设备制造、半导体器件专用设备制造等。股东信息显示，该公 司由华勤技术全资持股。 ...

以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此，成长风格基金经理因此业绩翻身，重仓 AI算力、创新药的基金中，已经出现多个年内收益翻倍的产品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低估值、竞争力足够强、格局足够稳的行业 和公司，来强化投资的安全性。其收益的特征是牛市里涨得少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣更是成了行业顶流，功成名就后觉得公募 庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下，能超过30%的产品凤毛麟角。而中证主动 偏股基金指数年内收益达到了34 ...

企查查APP显示，近日，广东智勤精密装备有限公司成立，注册资本2000万元，经营范围包含：半导体 器件专用设备制造；移动通信设备制造；终端测试设备制造等。企查查股权穿透显示，该公司由华勤技 术（603296）全资持股。 （原标题：华勤技术新设子公司，含半导体器件相关业务） ...

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

证券代码：603296 证券简称：华勤技术 公告编号：2025-095 华勤技术股份有限公司 关于2025年限制性股票激励计划预留授予结果公告 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： ●限制性股票预留授予登记日：2025年9月25日 ●限制性股票预留授予登记数量：44.0350万股 根据《上市公司股权激励管理办法》的规定，按照上海证券交易所、中国证券登记结算有限责任公司上 海分公司的有关要求，华勤技术股份有限公司（以下简称"公司"）于近日在中国证券登记结算有限责任 公司上海分公司办理完成公司2025年限制性股票激励计划（以下简称"激励计划"）的预留授予登记工 作，现将相关事项公告如下： 一、限制性股票授予情况 公司于2025年8月4日召开第二届董事会第十七次会议、第二届监事会第十四次会议，审议通过了《关于 向公司2025年限制性股票激励计划激励对象授予预留部分限制性股票的议案》，公司董事会认为本激励 计划规定的限制性股票预留授予条件已经成就，同意以2025年8月4日为预留授予日，向91名激励对象授 予4 ...

据港交所文件：华勤技术股份有限公司向港交所提交上市申请书。 ...

证券日报网讯 9月29日晚间，华勤技术发布公告称，公司于近日在中国证券登记结算有限责任公司上海 分公司办理完成公司2025年限制性股票激励计划的预留授予登记工作。限制性股票预留授予登记日： 2025年9月25日；限制性股票预留授予登记数量：44.0350万股。 （编辑 任世碧） ...

Group 1 - Company Huqin Technology submitted its prospectus to the Hong Kong Stock Exchange for a secondary listing on September 16, 2025, aiming to raise funds for global expansion [1] - Five employee shareholding platforms reduced their holdings by 3.83% between August 28 and September 17, 2025, cashing out a total of 3.578 billion yuan [2] - The reduction in shareholding led to all five platforms holding less than 5% of the company, thus no longer being classified as significant shareholders [2] Group 2 - Huqin Technology achieved over 100 billion yuan in revenue in 2024, with a 113.06% year-on-year increase in the first half of 2025, reaching 83.939 billion yuan [3] - Despite the revenue growth, the company's net profit margin decreased from 2.65% in 2024 to 2.25% in 2025, and gross margin fell from 9.30% to 7.67% [3] - The company's business model of "exchanging price for volume" is under pressure, with high-performance computing and smart terminal businesses contributing nearly 90% of revenue but having low gross margins [3] Group 3 - Market opinions are divided regarding the large-scale cash-out by employee shareholding platforms, with some viewing it as a reasonable reward for employees, while others see it as a sign of caution regarding the company's valuation and future prospects [4] - As of September 29, 2025, Huqin Technology's total market capitalization on the A-share market was 105.3 billion yuan, with ongoing focus on the H-share listing process and fund movements [4]