全球领先的互连芯片龙头澜起科技（688008.SH），或许即将在A股市场之外开启又一场全新的资本之 旅。 日前，这家成立于2004年、并于2019年成为科创板首批上市企业的科技公司，正式向港交所递交了上市 申请。公开资料显示，自成立之初起，澜起科技就围绕服务器内存模组内存接口芯片克服技术难题和生 态难关，推出了覆盖DDR2-DDR5世代的多款市场主流产品。目前，公司正基于内存接口技术平台和 SerDes技术平台扩展产品矩阵，公司的核心产品内存接口芯片广泛应用于各类服务器，终端客户涵盖众 多知名互联网企业及服务器厂商。据弗若斯特沙利文的资料，按收入计算，澜起科技已经是全球最大的 内存互连芯片供应商，去年的市占率高达36.8%。 凭借20多年的专业知识积累以及对解决数据传输互连难题的专注，澜起科技在内存互连芯片领域掌握了 较为突出的竞争优势。不过以最近几年的财务表现来看，澜起科技亦经历过"压力测试"。2022年是澜起 科技业绩的阶段性高点，当年公司的收入达到36.72亿元。拆分收入结构，这一年互连类芯片贡献收入 27.35亿元，占比74.5%；津逮®服务器平台的收入为9.37亿元，收入占比为25.5%。紧接着的2 ...

截至2025年7月17日 13:33，中证人工智能产业指数(931071)强势上涨1.71%，成分股新易盛(300502)上涨7.98%，拓维信息(002261)上涨6.72%，电科数字 (600850)上涨4.56%，三六零(601360)，中际旭创(300308)等个股跟涨。人工智能ETF(515980)上涨1.74%，盘中一度涨超2%， 冲击5连涨。 流动性方面，人工智能ETF盘中换手4.27%，成交1.40亿元。拉长时间看，截至7月16日，人工智能ETF近1周日均成交2.04亿元。 截至7月16日，人工智能ETF近1年净值上涨40.06%，指数股票型基金排名514/2915，居于前17.63%。从收益能力看，截至2025年7月16日，人工智能ETF自成 立以来，最高单月回报为30.38%，最长连涨月数为3个月，最长连涨涨幅为43.97%，上涨月份平均收益率为6.80%。 人工智能ETF紧密跟踪中证人工智能产业指数，中证人工智能产业指数从为人工智能提供基础资源、技术以及应用支持的公司中，根据人工智能业务占比、 成长水平和市值规模构建指标体系，选取50只最具代表性上市公司证券作为指数样本，以反映人工智能产 ...

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board increased by 937 million yuan compared to the previous day, with significant net purchases in stocks such as Cambricon, Lattice Semiconductor, and Zhongkong Technology [1][2]. Group 1: Financing Balance and Changes - As of July 16, the total margin financing balance of the Sci-Tech Innovation Board reached 161.065 billion yuan, an increase of 939 million yuan from the previous trading day, marking three consecutive days of increase [1]. - Among the 425 stocks with a financing balance exceeding 100 million yuan, 17 stocks had balances over 1 billion yuan, while 114 stocks had balances between 50 million and 100 million yuan [1]. - A total of 340 stocks saw an increase in financing balance compared to the previous day, with 59 stocks experiencing net purchases exceeding 10 million yuan [1]. Group 2: Top Stocks by Net Purchase - Cambricon led the net purchases with a financing balance of 3.646 billion yuan, increasing by 192 million yuan, and the stock rose by 4.90% on the day [2]. - Other notable stocks with significant net purchases included Lattice Semiconductor and Zhongkong Technology, with net purchases of 73.51 million yuan and 48.73 million yuan, respectively [2]. - The average increase for stocks with net purchases exceeding 10 million yuan was 0.78%, with the highest gainers being Frontiers Biotechnology, Weiteng Electric, and Hongwei Technology, which rose by 9.70%, 8.40%, and 8.09% respectively [2]. Group 3: Industry Preferences - The industries attracting the most interest from margin traders included pharmaceuticals, electronics, and computers, with 15, 15, and 12 stocks respectively [2]. - The average ratio of financing balance to market capitalization for the stocks favored by margin traders was 4.19%, with Zhongyan Co. having the highest ratio at 9.83% [2].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

长江商报消息科创板芯片上市公司澜起科技（688008.SH）经营业绩创了新高。 7月13日晚，澜起科技发布的业绩预告显示，2025年上半年，公司预计实现归母净利润11亿元—12亿 元，较上年同期增长85.50%—102.36%。 受益于AI产业趋势，澜起科技的经营业绩出现了强劲增长。 根据业绩预告，经财务部门初步测算，澜起科技预计，2025年上半年，公司实现营业收入约26.33亿 元，较上年同期（法定披露数据）增长约58.17%；实现归母净利润11亿元—12亿元，较上年同期（法 定披露数据）增长85.50%—102.36%；实现扣非净利润10.30亿元—11.20亿元，较上年同期（法定披露 数据）增长89.17%—105.71%。 2025年一季度，澜起科技实现营业收入12.22亿元，同比增长65.78%；归母净利润、扣非净利润分别为 5.25亿元、5.03亿元，同比增长135.14%、128.83%。 二季度，公司预计实现营业收入约14.11亿元，同比增长约52.12%，环比增长约15.47%；实现归母净利 润5.75亿元—6.75亿元，同比增长55.51%—82.56%，环比增长9.46%—28.49%； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The upward trend in the AI industry is driving significant revenue growth for the company, with a projected revenue of approximately 2.633 billion yuan for the first half of 2025, representing a year-on-year increase of about 58.17% [4] - The company expects to achieve a net profit attributable to shareholders of 1.1 to 1.2 billion yuan, a year-on-year increase of 85.5% to 102.36%, with a median estimate of 1.15 billion yuan, reflecting a growth of 93.9% [4] - The company's performance is bolstered by increased demand for its DDR5 memory interface and supporting chips, as well as a rise in sales of high-performance chips [5] Summary by Sections Market Performance - Closing price: 82.71 yuan - Total market capitalization: 94,685.52 million yuan - Total shares outstanding: 1,144.79 million shares - Debt-to-asset ratio: 5.72% [1] Financial Forecasts - Projected revenue for 2025: 5,867 million yuan, with a year-on-year growth rate of 61.24% [7] - Projected net profit for 2025: 2,414 million yuan, with a year-on-year growth rate of 71% [7] - Projected earnings per share for 2025: 2.11 yuan [7] Performance Drivers - The company anticipates continued high growth in Q2 2025, with expected revenue of 1.411 billion yuan, a year-on-year increase of approximately 52.12% [5] - The sales revenue from interconnect chips is projected to reach 1.321 billion yuan in Q2 2025, reflecting a year-on-year increase of about 58.56% [5] - The global AI server market is expected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, further driving demand for the company's products [5]

25Q2 预计扣非净利中值环比+13.8%，高性能 AI 运力芯片放量势头强劲 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,286 | 3,639 | 6,153 | 8,011 | 10,150 | | 增长率 yoy（%） | -37.8 | 59.2 | 69.1 | 30.2 | 26.7 | | 归母净利润（百万元） | 451 | 1,412 | 2,725 | 3,527 | 4,451 | | 增长率 yoy（%） | -65.3 | 213.1 | 93.0 | 29.4 | 26.2 | | ROE（%） | 4.4 | 11.8 | 19.7 | 20.7 | 21.0 | | EPS 最新摊薄（元） | 0.39 | 1.23 | 2.38 | 3.08 | 3.89 | | P/E（倍） | 210.0 | 67.1 | 34.7 | 26.8 | 21.3 | | P/B（倍） | 9.3 | 8.3 | 6.9 | 5. ...

Core Viewpoint - The technology and pharmaceutical sectors have shown significant performance in the first half of the year, with several thematic funds reporting substantial growth in both performance and scale [1][2]. Fund Performance and Scale Growth - The China Europe Digital Economy Mixed Fund saw its scale increase from less than 8 million shares at the end of Q1 to over 900 million shares by the end of Q2, representing a growth of over 10 times [2][4]. - The total subscription for the A and C classes of the China Europe Digital Economy Mixed Fund exceeded 800 million shares in Q2 [2][3]. - The China Europe Information Technology Mixed Fund also experienced significant growth, with total subscriptions exceeding 900 million shares and total scale surpassing 1 billion shares by the end of Q2, marking an increase of over 8 times from approximately 110 million shares at the end of Q1 [3][4]. - The China Europe Sci-Tech Theme Mixed Fund had total subscriptions exceeding 1.1 billion shares in Q2, with total scale exceeding 1.8 billion shares, more than doubling from the previous quarter [5][6]. Changes in Holdings - The substantial growth in fund scale is attributed to strong performance throughout the year, with notable changes in the top ten holdings of several funds [7]. - The China Europe Digital Economy Mixed Fund made significant changes to its top ten holdings, notably increasing its position in Xinyi Technology, which saw a surge in stock price following its half-year earnings forecast [7][9]. - The China Europe Information Technology Mixed Fund also saw Xinyi Technology become its second-largest holding [9][10]. Investment Focus - The fund manager of the China Europe Digital Economy Mixed Fund emphasized a focus on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [8]. - The manager indicated a systematic reduction in exposure to the robotics sector, awaiting a decisive breakthrough in technology before increasing positions again [8]. - The manager of the China Europe Sci-Tech Theme Mixed Fund highlighted the importance of understanding industry trends and company value amidst the volatility of technology investments [12].

2025年7月15日星期二 ➢ 美通胀或升高；特朗普对俄关税威 胁。A股早盘冲高，日内震荡回落。 上证指数涨0.27%报3519.65点，深证 成指跌0.11%，创业板指跌0.45%。能 源金属早盘强势，塑料午后扩大涨 幅。港股午后震荡放大。香港恒生 指数收盘涨0.26%报24203.32点，恒 生科技指数涨0.67%，恒生中国企业 指数涨0.52%。油气股再度走强，贵 金属上涨，有色金属行业涨幅居前。 大盘成交额2103.626亿港元。外盘方 面，欧洲三大股指收盘涨跌不一。 美国三大股指小幅收涨，道指涨0.2%， 标普500指数涨0.14%，纳指涨0.27%。 美国6月CPI料受关税影响加速上涨。 特朗普施压俄罗斯达成停火，否则 将面临税率100%的二级关税。 资料来源：彭博 | 24203.32 | 0.26 | 20.65 | | --- | --- | --- | | 8732.74 | 0.52 | 19.79 | | 5283.50 | 0.67 | 18.25 | | 127.73 | -0.61 | -10.68 | | 3519.65 | 0.27 | 5.01 | | 10684.52 | ...