With improving GPU supply to the China market (Link), new GPU platforms in 2H25 driving a new product cycle, and growing local chipset platforms to capture the generative AI demand in China, we reiterate our positive view on the China AI servers supply chain and upgrade Inspur to Buy from Neutral. Inspur is the local leader in AI servers, expanding from providing servers powered by global-tier GPUs to servers powered by local chipset platforms, benefiting from the better GPU supply, new product cycle, and e ...

截至2025年7月18日 14:23，上证科创板半导体材料设备主题指数上涨0.45%，成分股拓荆科技上涨 4.43%，神工股份上涨2.61%，中微公司上涨1.91%，华兴源创上涨0.81%，华海诚科上涨0.78%。科创半 导体ETF（588170）上涨0.30%，最新价报1.02元。 从资金净流入方面来看，科创半导体ETF近5天获得连续资金净流入，最高单日获得1621.47万元净流 入，合计"吸金"3042.52万元，日均净流入达608.50万元。 中微公司公告称，预计2025年半年度归属于母公司净利润为6.8亿元-7.3亿元，同比增长 31.61%-41.28%。报告期内，公司营业收入约49.61亿元，同比增长43.88%，其中刻蚀设备和LPCVD薄 膜设备收入大幅增长。公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提 升，在先进逻辑器件和先进存储器件中多种关键刻蚀工艺实现大规模量产。 拓荆科技7月17日晚间发布业绩预告，预计公司2025年第二季度实现归属于母公司所有者的净利润2.38 亿元~2.47亿元，同比增长101%~108%。 数据显示，截至2025年6月30日，科创半导体ET ...

点击招商研究小程序查看PDF报告原文 拓荆科技发布25Q2业绩预告，25Q2预计收入12.1-12.6亿元，同比+52%-58%/环比 +70.7%-77.8%；归母净利润2.38-2.47亿元，同比+100.6%-108.2%/环比增加3.85-3.94亿 元，大幅扭亏。公司整体市占率持续提升，先进机台逐步进入规模量产阶段。 25Q2收入同环比高增长，利润环比明显改善。 25Q2预计收入12.1-12.6亿元，同比 +52%-58%/环比+70.7%-77.8%；归母净利润2.38-2.47亿元，同比 团队成员： 王恬、程鑫、 谌薇、 涂锟山、 研究助理（王虹宇、赵琳、王焱仟）。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14/15/16/17/18/19/20年《水晶球》电子2/4/1/2/3/3/2/3/3名，10/14/15/16/17/18/19/20年《金牛 奖》TMT/电子第1/2/3/3/3/3/2/2/1名，2018/2019 年最具价值金牛分析师。 投资评级定义 股票评级 + ...

Group 1 - Chinese assets are experiencing a resurgence, with NIO and Li Auto rising nearly 7% as foreign investment increases in A-shares [2] - The Invesco Global Sovereign Asset Management Research indicates a noticeable recovery in interest from international investment institutions towards the Chinese market, managing approximately $27 trillion in assets [2] - Several foreign institutions express optimism about Chinese assets due to the stable economic performance, policy benefits, and improved corporate earnings outlook [2] Group 2 - The U.S. House of Representatives has advanced cryptocurrency legislation, supported by President Trump, which has led to significant stock price increases for companies in the crypto sector [3] - Blue Ocean Interactive surged over 45% after announcing the establishment of LK Crypto, focusing on mainstream crypto asset management and RWA [3] - Hong Kong is actively developing stablecoin products, creating a dual regulatory framework that connects the U.S. dollar stablecoin with the mainland [3] Group 3 - The Hong Kong IPO market is witnessing a surge, with a significant increase in financing amounts, reflecting global capital's confidence in China's industrial upgrade and consumption potential [7] - On July 9, the Hong Kong Stock Exchange saw five companies queueing for listing in a single day, raising over 10 billion HKD [7] Group 4 - The domestic consumption and investment policies are being emphasized by the Chinese government to strengthen the domestic circulation [5][6] - Analysts highlight the urgency and necessity of promoting consumption as a core strategy for economic growth [6] Group 5 - The A-share market has seen an increase in financing balance for eight consecutive days, totaling an increase of 44.038 billion CNY, indicating positive market sentiment [10] - Analysts suggest that the current macro environment and market risk appetite signal potential for further market growth [10] Group 6 - The number of private equity MOM products registered this year has reached a new high, with 43 products registered by July 15, surpassing the total for the past nine years [14] - This trend indicates a strong interest in the MOM fund model, which allows for diversified asset management [14] Group 7 - The beverage brand Wahaha is facing a decline in sales following a family dispute involving its chairman, which has raised concerns among distributors [16] - The internal family conflict could potentially disrupt the competitive landscape of the Chinese beverage industry [16] Group 8 - The domestic electric vehicle market is seeing significant growth, with L2-level assisted driving penetration exceeding 50% [18] - The heavy truck sales in the first half of the year have increased by approximately 7%, with new energy heavy trucks being a major highlight [18] Group 9 - The stock market is experiencing fluctuations, with the Shanghai Composite Index slightly declining by 0.03% to 3503.78 points [19] - The Hong Kong market is also showing mixed performance, with the Hang Seng Index and the Hang Seng Tech Index experiencing slight declines and gains, respectively [19] Group 10 - The U.S. stock market has seen gains driven by positive economic data and corporate earnings reports, with the S&P 500 rising by 0.45% [20] - Approximately 88% of S&P 500 companies that have reported earnings exceeded analyst expectations, boosting investor confidence [20] Group 11 - Several foreign investment banks have expressed positive views on the Chinese market, with Citigroup raising its ratings for Chinese and Korean markets to "overweight" [21] - Citigroup projects the Hang Seng Index to reach 25,000 points by the end of the year and the CSI 300 Index to reach 4,200 points [21] Group 12 - The stock market's investment logic is shifting towards cash flow analysis in a low-interest-rate environment, with a focus on high-dividend and strong cash flow companies [22] - Analysts are optimistic about sectors such as automotive, electronics, and traditional high-growth areas like AI and pharmaceuticals [22]

大家早上壕！ 先看海外要闻： 美国零售销售数据强劲、上周首申失业金人数下降，美元和美股齐涨，标普和纳指收盘创下新高。 美股收盘标普500指数收涨0.54%，道指涨幅0.52%，纳指涨幅0.74%。 奈飞财报后一度跌2%。百事可乐收涨7.4%。微软、英伟达涨约1%。 纳斯达克金龙中国指数收涨1.23%，中概股比特起源涨超90%，水滴和新蛋涨超17%，蔚小理至多涨7%。台积电公布超预期绩报，ADR再涨 3.38%，连续三日收于历史新高。 对利率敏感的2年期美债收益率一度涨超3基点。美元收涨0.33%，收复前一日主要跌幅。 黄金盘中跌超1.1%后反弹，但仍收跌0.28%。原油先跌后涨，美油较日低涨近2%。美国国会通过稳定币法案后，加密货币短线走高。 英国《自然》评价Kimi K2发布：中国AI模型"又一个DeepSeek时刻"。 美国众议院压倒性优势投票通过三大加密货币法案。 OpenAI发布ChatGPT Agent。 国内重大事件汇总： 3、重庆印发《重庆市培育新能源汽车动力电池回收利用产业工作方案（2025—2027年）》：到2027年新能源汽车动力电池回收网络区县覆盖率 达90%。 4、上海市七部门印发《上 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including changes in control, asset sales, investments, and performance forecasts, which may present investment opportunities and risks for investors. Group 1: Control Changes and Major Transactions - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to two trading days [3] - Tiger Medical is selling 95.09% of its stake in Lixin Pharmaceutical for approximately $34.11 million [4] - ST Lifan announced that its operational situation has not changed significantly despite a stock price fluctuation of 42.54% over two trading days [9] Group 2: Investments and Acquisitions - Sdic plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity [5] - Dongfang Yuhong's subsidiary intends to acquire 100% of Chile's Construmart for about $123 million [6] - Huaitian Thermal Power has been recommended as the owner of a 700,000 kW wind power project, aligning with its investment strategy [7] Group 3: Performance Announcements - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, a year-on-year increase of 16.67% [14] - Tuojing Technology expects a net profit increase of 101% to 108% in Q2 2025, driven by new product breakthroughs [15] - Weicheng Bio anticipates a net profit of 30.06 million yuan for the first half of 2025, reversing a loss from the previous year [17] Group 4: Contracts and Strategic Partnerships - State Grid Information won contracts totaling 966 million yuan from the State Grid Corporation [21] - Beizhi Technology signed a contract worth 164 million yuan with a major client [22] - Mould Technology received a project letter of intent for exterior parts with an expected total sales of 2.044 billion yuan [23] Group 5: Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24% [25] - Yutai Micro's shareholder intends to reduce holdings by up to 3% due to personal funding needs [26] - Alter's controlling shareholder plans to reduce holdings by up to 3% [27]

一、停牌 1、海伦钢琴：实际控制人筹划控制权变更事项，股票停牌。 二、定增 1、威力传动：拟定增募资不超过6亿元，用于风电增速器智慧工厂（一期）、补充流动资金。 2、胜宏科技：向特定对象发行股票申请获得深交所审核通过。 三、回购、增持 1、红塔证券：拟1亿元-2亿元回购股份，用于减少公司注册资本。 2、帝欧家居：实际控制人及其一致行动人、部分董事和高级管理人员拟增持3750万元公司股份。 四、对外投资 1、斯迪克：投资5.09亿元建设高端功能性膜材扩产项目。 2、华润双鹤：拟出资4000万元参与设立华润医药产业投资基金二期。 3、星环科技：筹划发行H股股票并在香港联合交易所有限公司上市。 4、东方雨虹：拟1.23亿美元收购智利建材零售商100%股权。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 5、长华集团：收到国内某新能源车企客户定点，预计总销售金额约2.35亿元。 6、金利华电：投资建设年产300万片特高压玻璃绝缘子生产线项目，项目拟投资金额为1.86亿元。 五、业绩变动 1、杭州银行：上半年净利为116.62亿元，同比增长16.67%。 2、中微公司：预计上半年净利 ...

Corporate Announcements - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to 2 trading days [3] - Tiger Med is selling 95.09% of its stake in Lixin Pharmaceutical to Charoen Pokphand Group for approximately $34.11 million [4] - Stik's wholly-owned subsidiary plans to invest about 509 million yuan in expanding high-end functional film production [5] - Oriental Yuhong's wholly-owned subsidiaries intend to acquire 100% of Chile's Construmart for approximately $123 million, which operates around 31 building material supermarkets [6] Performance Reports - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, a year-on-year increase of 16.67% [8] - Tuojing Technology expects a net profit increase of 101% to 108% for Q2 2025, with revenue projected between 1.21 billion to 1.26 billion yuan [9] - Microchip Biotech anticipates a net profit of 30.06 million yuan for H1 2025, reversing a loss from the previous year, driven by increased sales of specific products [10] - Zhongwei Company expects a net profit increase of 31.61% to 41.28% for H1 2025, with revenue around 4.961 billion yuan [12] - Qianyuan Power reported a net profit of 12.7 million yuan for H1 2025, a decrease of 4.54% year-on-year [13] - Xiamen Tungsten's net profit for H1 2025 was 972 million yuan, down 4.41% year-on-year, attributed to the absence of significant investment gains from the previous year [14] Major Contracts - State Grid Information Technology announced winning contracts totaling 966 million yuan from the State Grid Corporation for equipment procurement [16] - Beizhi Technology signed a contract worth 164 million yuan with Jushi Group for equipment procurement [17] - Mould Technology received a project letter for exterior parts from a luxury car client, with expected total sales of 2.044 billion yuan over five years [18] Shareholder Actions - Huasheng Lithium Battery's shareholder plans to reduce holdings by up to 2.24% of the company's total shares [20] - Hongta Securities intends to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 12.76 yuan per share [22]

大唐发电：上半年上网电量同比增长1.30% 7月17日晚，大唐发电（601991）发布公告称，截至2025年6月30日，公司及子公司累计完成上网电量约 1239.93亿千瓦时，同比上升1.30%。其中，风电和光伏上网电量同比分别增长31.27%和36.35%。 资料显示，大唐发电成立于1994年12月，主营业务是以火电为主的发电。 所属行业：公用事业–电力–火力发电 所属行业：有色金属–小金属–钼 微芯生物：上半年净利润预增35% 7月17日晚，微芯生物（688321）发布2025年上半年业绩预告，公司预计上半年实现营业收入4.07亿 元，同比增长35%；预计实现归属于母公司所有者的净利润约3006万元，同比增加173%，同比扭亏为 盈。 资料显示，微芯生物成立于2001年3月，主营业务是药物技术开发、相关成果商业应用。 7月17日晚，北自科技（603082）发布公告称，公司与巨石集团淮安有限公司签订了《设备采购合 同》，合同总金额为1.64亿元。 资料显示，北自科技成立于2002年10月，主营业务是智能物流系统和装备的研发、设计、制造与集成业 务。 所属行业：机械设备–自动化设备–其他自动化设备 金钼股份： ...

Performance Forecast - The company forecasts a net profit of between 238 million and 247 million yuan for the second quarter of 2025, representing a year-on-year increase of 101% to 108% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be between 215 million and 224 million yuan, showing a year-on-year increase of 235% [1] Previous Year Performance - In the second quarter of 2024, the company achieved an operating income of 795.10 million yuan [1] - The net profit attributable to the parent company was 118.62 million yuan [1] - The net profit after deducting non-recurring gains and losses was 64.17 million yuan [1] - The net cash flow from operating activities was -178.46 million yuan [1] Reasons for Performance Changes - The significant growth in operating income for the second quarter of 2025 is attributed to the company's strategic focus on domestic substitution in semiconductor equipment, leveraging its advanced technology in thin film deposition equipment and three-dimensional integration bonding equipment [1] - The company’s advanced process verification machines have successfully passed customer certification and are entering large-scale production [2] - The gross profit margin for the second quarter is expected to improve significantly compared to the previous quarter, indicating a steady recovery [2] - The net cash flow from operating activities is expected to increase significantly year-on-year due to a substantial rise in advance payments and sales collections [2]