截至8月20日收盘，智能音箱概念上涨2.55%，位居概念板块涨幅第6，板块内，47股上涨，科森科技、 惠威科技、安洁科技等涨停，芯原股份、炬芯科技、瑞芯微等涨幅居前，分别上涨15.52%、7.23%、 7.09%。跌幅居前的有福日电子、格利尔、紫建电子等，分别下跌9.67%、6.59%、2.49%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 同花顺果指数 | 3.70 | 猴痘概念 | -0.86 | | AI手机 | 2.77 | 重组蛋白 | -0.85 | | 国家大基金持股 | 2.76 | 辅助生殖 | -0.81 | | MCU芯片 | 2.60 | 高压氧舱 | -0.68 | | 丙烯酸 | 2.56 | 肝炎概念 | -0.67 | | 智能音箱 | 2.55 | CRO概念 | -0.64 | | AI眼镜 | 2.54 | 细胞免疫治疗 | -0.60 | | 白酒概念 | 2.40 | 华为盘古 | -0.56 | | 金属锌 | 2.39 | 中船系 | -0.55 | | 汽 ...

Core Viewpoint - A total of 64 stocks have experienced consecutive increases for 5 trading days or more as of the market close on August 20, with notable performers including Yunzhong Technology and Junting Hotel, which have risen for 9 consecutive trading days [1] Summary by Category - **Top Performers** - Yunzhong Technology and Junting Hotel have both increased for 9 consecutive trading days [1] - Tengjing Technology, Ruixin Microelectronics, and Bafang Co. have seen increases for 8 consecutive trading days [1] - **Cumulative Gains** - Zhongzhou Electronics achieved a cumulative increase of 92.31% during its consecutive rise [1] - Wantong Hydraulic recorded a cumulative increase of 72.87% during its consecutive rise [1]

Group 1: Macroeconomic Insights - In July, the growth rate of broad fiscal expenditure slowed to 12.1% from 17.6% in June, with an estimated year-on-year growth of 7.6% after excluding special bonds, which is still higher than the nominal GDP growth of 3.9% in Q2, indicating that fiscal easing supports nominal growth [2] - The broad fiscal deficit recorded 352.5 billion yuan, an increase of approximately 213.4 billion yuan year-on-year, highlighting the continued liquidity injection into the real economy through special bonds and capital injections [2] Group 2: Market Activity and Investment Trends - A-share market activity has rebounded, with trading volumes increasing and the number of active retail investors reaching a year-to-date high, indicating sustained interest from retail investors [3] - Private equity product registrations were high, with 666 new products registered in early August, a 6% increase from July, suggesting robust private investment activity [3] - Foreign and insurance capital are expected to be significant sources of incremental investment, with insurance capital's market entry ratio increasing in Q2 2025 [3] Group 3: Industry Developments - The State Administration of Radio and Television's new measures aim to enhance the supply of quality content for television, which is expected to boost viewership and commercial levels in the film and television industry [8] - The strategic importance of rare earths is highlighted, with expectations of price increases due to supply-demand imbalances in 2025-2026, driven by geopolitical factors and domestic policies [9] - The automation of warehousing through robotics is anticipated to transform the logistics industry, with a focus on enhancing efficiency and reducing costs [10] Group 4: Company-Specific Insights - China Everbright Bank has been rated as "Accumulate" with a target price of 4.62 HKD, benefiting from group resources and a strong non-interest income base [12] - Crystal International, a leading garment manufacturer, has been rated "Buy" with a target price of 7.38 HKD, supported by its global presence and strategic acquisitions [13] - Dingdong Maicai, a fresh e-commerce leader, has been rated "Accumulate" with a target price of 2.77 USD, focusing on product strength and market expansion [13] Group 5: Financial Performance Highlights - The financial performance of various companies shows promising growth, with notable increases in revenue and net profit across sectors such as energy, pharmaceuticals, and technology [18][20][22] - For instance, Longyuan Power reported a revenue of 156.57 billion yuan in H1 2025, with a net profit of 33.75 billion yuan, exceeding expectations due to favorable wind power pricing [21] - The performance of companies like Huazhong Medicine and Meihua Biological indicates stable growth and potential for future profitability, supported by innovative product pipelines and market demand [24][33]

AIoT即 人工智能 物联网 。瑞芯微主要产品为智能应用处理器芯片和数模混合芯片。智能应用处理器芯 片主要用于各类型智能终端设备的核心运算与应用处理，是支撑各类智能功能实现的"大脑"。随着汽车 电子、工业应用、机器视觉及各类机器人等重点领域的发展，瑞芯微在经过两年业绩波动后，迎来收获 期。 最新披露的半年报显示，2025年上半年，瑞芯微实现营业收入20.46亿元，同比增长64%，创下历史新 高；实现净利润5.31亿元，同比增长191%。 实际上，2024年瑞芯微就实现了业绩飙升。在连续两年承压后，2024年，瑞芯微实现营业收入31.36亿 元，同比增长46.94%；净利润约5.95亿元，同比大增341.01%。 在高基数基础上实现大幅增长，瑞芯微表示，报告期内，依托公司在AIoT产品长期战略布局优势，因 应AI在端侧应用发展的需求，旗舰产品与次新品带领AIoT各产品线继续保持高速增长，特别在汽车、 工业控制、机器视觉及各类机器人等重点领域持续扩张，为后续的渗透与成长打下良好基础。 延续2024年增长态势， 瑞芯微 （603893.SH）上半年业绩再度报喜。 8月18日晚间，瑞芯微发布2025年中报。据披露，公 ...

据证券之星公开数据整理，近期瑞芯微（603893）发布2025年中报。截至本报告期末，公司营业总收入 20.46亿元，同比上升63.85%，归母净利润5.31亿元，同比上升190.61%。按单季度数据看，第二季度营 业总收入11.61亿元，同比上升64.54%，第二季度归母净利润3.22亿元，同比上升179.41%。本报告期瑞 芯微盈利能力上升，毛利率同比增幅17.77%，净利率同比增幅77.36%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率42.29%，同比增17.77%，净利率25.96%，同比 增77.36%，销售费用、管理费用、财务费用总计5377.91万元，三费占营收比2.63%，同比减22.82%，每 股净资产9.41元，同比增23.5%，每股经营性现金流1.68元，同比增10.92%，每股收益1.27元，同比增 188.64% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为12.88%,原因:本期营业收入增长，收到货款增加。 交易性金融资产变动幅度为78.8%,原因:本期购买银行理财产品增加。 应收款项变动幅度为-5.91%,原因:收回客户货款。 预付款项变动幅度为 ...

格隆汇8月19日｜东吴证券研报指出，瑞芯微25H1营收高增，盈利能力显著增强，AIoT矩阵和生态共 振。2025年上半年，AIoT市场保持稳健增长，旗舰RK3588与次新RK3576继续发挥龙头作用。公司同时 发布首颗端侧算力协处理器RK182X，支持3B至7B规模LLM及VLM部署，覆盖汽车座舱、家居、教 育、办公与工业智能制造等场景，拓展端侧AI应用边界。另外，公司推进RK3572、RV1103C、RK3538 等中端产品研发，覆盖多层次算力需求，并着手打造旗舰RK3688和次旗舰RK3668，以先进制程和差异 化定位树立行业标杆。公司作为国内SoC行业领军企业所具备的竞争优势，旗舰芯片RK3588领衔的多 条AIoT产品线在下游市场占有率正稳步攀升，我们看好公司凭借高算力芯片的卓越性能，在汽车电 子、机器人、机器视觉等新兴智能应用领域抢占市场先机、开拓崭新增长点的战略布局。维持"买入"评 级。 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 民生证券研报指出，随着物联网终端的发展，eSIM仍然是大势所趋，而苹果即将发布的iPhone 17 Air，也是推动eSIM普及的重要契机，国内三大运营商或将再度重启暂停两年的eSIM业务，有望助力 eSIM商用加速，建议关注eSIM产业链相关机遇。 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50家A股上 市公司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A 类：018300；C类：018301。 8月19日上午，A股三大指数集体上涨，上证指数盘中上涨0.28%，通信、家用电器、食品饮料等板 块涨幅靠前，传媒跌幅居前。消费电子个股分化，截至9点34，消费电子ETF（159732.SZ）上涨 0.11%，其成分股瑞芯微上涨3.61%，领益智造上 ...

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 8月19日上午，A股三大指数集体上涨，上证指数盘中上涨0.36%，通信、医药生物、房地产等板块涨幅 靠前，国防军工、非银金融跌幅居前。芯片科技股走强，截至9:56，芯片ETF（159995.SZ）上涨 0.22%，其成分股瑞芯微上涨4.54%，紫光国微上涨3.82%，寒武纪上涨2.95%，澜起科技上涨1.23%，华 天科技上涨1.22%。 消息方面，根据世界半导体贸易统计组织（WSTS），今年1-6月全球半导体市场规模达3460亿美元，同 比增长18.9%。一季度市场规模约1670亿美元，同比增长18.1%;二季度约1800亿美元，同比增长 19.6%。上半年逻辑半导体市场规模提升37%、存储半导体则增长 20%、传感器增长16%、模拟和微型 器件均小幅增长4%。 方正证券研报指出，自主可控是半导体最强主线，从AI算力到制造再到封测，国产供应链正在加强配 套。尽管当前国产 ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Core Viewpoint - The integrated circuit ETF (562820) opened with a slight decline of 0.43%, indicating a mixed performance in the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 1.860 yuan, reflecting a decrease of 0.43% [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 86.98%, with a monthly return of 15.77% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 0.69% - Haiguang Information (海光信息) down 0.33% - Cambrian (寒武纪) down 1.16% - OmniVision (豪威集团) up 0.07% - Lattice Semiconductor (澜起科技) up 0.65% - GigaDevice (兆易创新) down 0.18% - JCET (长电科技) unchanged - Unisoc (紫光国微) up 2.67% - Chipone (芯原股份) down 1.74% - Rockchip (瑞芯微) up 1.60% [1]