Core Insights - Mianyang is recognized as a city thriving on technology and innovation, with a strong historical foundation in scientific development [1] - By the end of 2024, Mianyang will have 20 national defense research institutes and over 260 innovation platforms, ranking 15th among China's top 100 cities in terms of technological innovation strength [1] Industry Development - Mianyang has developed a robust industrial scene, exemplified by the successful live demonstration of the A2-W robot by Zhiyuan Robotics, showcasing the city's advanced industrial capabilities [2] - The city has established a complete industrial chain in electronics and new energy, supported by leading companies such as Changhong and BOE [2] Technological Advancements - iFlytek has launched a robot super brain platform application center in Mianyang, indicating the city's strong technological foundation and favorable business environment [3] Financial Integration - Mianyang has become the first prefecture-level city in China to have service bases for the Shanghai, Shenzhen, and Beijing stock exchanges, enhancing the connection between local industries and capital markets [4] Company Success Stories - Huafeng Technology, a state-owned enterprise, has seen steady revenue growth since 2020 and successfully listed on the Shanghai Stock Exchange in 2023, becoming the first state-owned enterprise in Sichuan to do so [5][6] - The local government played a crucial role in facilitating Huafeng Technology's IPO by resolving competitive issues with another state-owned enterprise [7] Talent Attraction and Retention - Mianyang has implemented various measures to attract and retain talent, including the establishment of a talent group and a special fund of 1 billion yuan for talent development [8] - The city has successfully attracted high-end talent, which has led to significant business transformations, such as the upgrade of Fulin Precision's operations [8] Ecosystem and Collaboration - Mianyang is characterized as a city that integrates cutting-edge technology, solid industry, and a livable environment, fostering a collaborative ecosystem for businesses [9]

Core Insights - Mianyang is recognized as a technology-driven city, with a strong emphasis on innovation and a rich history in scientific development [6] - The city hosts 20 national defense research institutes and over 260 innovation platforms, ranking 15th among China's top 100 cities in terms of technological innovation strength [6] - Recent developments include the successful live demonstration of a general-purpose embodied robot by Zhiyuan Robotics, marking a significant milestone in industrial automation [4][6] Industry Development - Mianyang has established a complete industrial chain in electronics and new energy, supported by leading companies such as Changhong, BOE, and Huikang [7] - The city is becoming a hub for artificial intelligence, with iFlytek announcing the establishment of an application center for its robot super brain platform [7] - The integration of industry and finance is highlighted by the establishment of service bases for major stock exchanges, enhancing the connection between local industries and capital markets [8] Company Performance - Huafeng Technology, a company specializing in connectors, has seen steady revenue growth since 2020 and successfully listed on the Shanghai Stock Exchange in 2023, becoming the first state-owned enterprise from Sichuan to do so [9][10] - The local government played a crucial role in facilitating Huafeng's IPO by resolving competitive issues with another state-owned enterprise [10] - Financial support from local institutions has been instrumental in the development of companies like Changhong Energy, providing various credit resources to meet funding needs [10] Talent and Innovation - Mianyang is actively attracting talent through initiatives such as the "Technology City Talent Card," which offers exclusive services to talent in various sectors [11] - The government has implemented policies to support talent acquisition and retention, including a talent evaluation mechanism and the establishment of a talent development fund [12] - The collaboration between local enterprises and high-end talent has led to significant advancements in innovation, exemplified by the partnership between Fulin Precision and a doctoral team for robotics development [12]

◎记者 孙小程 用1年的时间弥补10年技术差距、从被唱衰到领跑产业，这两句话浓缩了华丰科技的"逆袭"发展之路。 近日，上海证券报记者走进华丰科技，与公司总经理刘太国进行深度对话。近年来，华丰科技以"系 统、高速"为核心理念，不仅实现了通信领域的技术突破，更将业务版图拓展至低空经济、人形机器人 等新兴领域。在连接器这个看似小众的赛道，华丰科技正在书写属于自己的"产业传奇"。 背水一战，从被唱衰到领跑 在记者采访的前两天，华丰科技的一位客户在会议室直接发火了——因为生产规模未跟上。最近甚至同 时有两家客户，提前一小时到生产线上蹲守，产品一下线马上拉走。 这样的火爆程度超出绝大多数人的预料。华丰科技的业务曾一度萎靡，也让其被不少人唱衰。华丰科技 在刚开始推进员工持股时，员工的参与积极性远低于预期。 "当时的财务报表确实很难看。"尽管如此，刘太国仍然选择坚定下注华丰科技的未来，"哪怕我倾家荡 产，也请给我一次机会，万一我们能闯出一条路来呢？" 这场豪赌需要双管齐下：一方面通过混改激活企业活力，另一方面集中全力突破连接器技术瓶颈。连接 器承担的所有工作看似简单——传信号和传能源，实则暗藏玄机。"一个产品做下来，大的工艺 ...

同时，华丰科技在新能源汽车领域也有新进展，开发了车载光纤连接器、低成本模块化充电插座等产 品。随着新能源汽车智能化程度不断提高，对连接器的性能要求也越来越高。华丰科技的这些新产品有 助于提升新能源汽车的智能化水平，为智能驾驶等人工智能应用在汽车领域的拓展提供了硬件支持。此 外，华丰科技在低空载人eVTOL领域开发了高压、低压电控箱产品。 华丰科技作为我国率先从事电连接器研制和生产的核心骨干企业，其连接器产品在高精尖数据传输领域 占据关键地位。在当前"人工智能+"浪潮下，数据的高速、稳定传输至关重要，华丰科技的产品为AI服 务器、数据中心交换机、核心路由器等设备提供了不可或缺的解决方案。 华丰科技相关负责人表示，公司紧抓数据中心基础设施升级、AI算力需求爆发及新能源汽车渗透率提 升三重机遇，业绩实现突破性增长。上半年，在AI服务器需求激增的背景下，华丰科技凭借前瞻性技 术布局和快速产业化能力，深度绑定头部AI服务器厂商，成功实现市场占位与规模跃升，进一步巩固 了其在人工智能产业链中的地位。 报告期内，华丰科技在超算领域持续发力，相继开发多款56G、112G背板及模组产品，并向224G持续 升级迭代。这些高速产品 ...

Core Viewpoint - Huafeng Technology has achieved significant growth in the first half of 2025, driven by opportunities in data center infrastructure upgrades, AI computing power demand, and the increasing penetration of new energy vehicles [1][2]. Financial Performance - In the first half of 2025, Huafeng Technology reported revenue of 1.105 billion yuan, a year-on-year increase of 128.26%, surpassing the total revenue of the previous year [1]. - The net profit attributable to shareholders reached 151 million yuan, recovering from a loss of 17.93 million yuan in the same period last year, with a record quarterly net profit of 119 million yuan in Q2 [1]. Industry Position and Collaborations - The company has established strong partnerships with leading AI server manufacturers and internet application clients, including Huawei, Inspur, Alibaba, Tencent, and ByteDance, enhancing its market position [2]. - Huafeng Technology has developed multiple high-speed products, including 56G and 112G backplane and module products, to meet the growing demands of AI applications for massive data processing [2]. Product Development and Innovations - In the new energy vehicle sector, Huafeng Technology has introduced products such as onboard optical fiber connectors and waterproof Ethernet connectors, which support the increasing intelligence of vehicles [3]. - The company is also advancing in the eVTOL and defense sectors by developing high-pressure and low-pressure electric control box products and military-grade high-speed connectors [3]. Future Outlook - The demand for high-precision data transmission connectors is expected to grow with the continuous development of AI technology and its applications across various fields [3]. - Huafeng Technology is positioned to leverage its technological advantages and market presence to play a more significant role in the AI industry, potentially leading to further performance breakthroughs [3].

证券研究报告 华丰科技 (688629 CH) Q2 业绩释放，高速线模组"从一到十" 华泰研究 中报点评 投资评级(维持): 增持 SAC No. S0570523080006 SFC No. BUP971 gaomingyao@htsc.com 目标价(人民币): 88.35 王兴 研究员 wangxing@htsc.com SAC No. S0570523070003 SFC No. BUC499 +(86) 21 3847 6737 高名垚 研究员 王珂 研究员 SAC No. S0570524080005 wangke020520@htsc.com +(86) 755 8249 2388 SFC No. BWA966 唐攀尧* 联系人 SAC No. S0570124040002 tangpanyao@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 88.35 | | --- | --- | | 收盘价 (人民币 截至 8 月 25 日) | 78.50 | | 市值 (人民币百万) | 36,188 | | 6 个月平均日成交额 (人民币百万) | ...

Summary of Key Points Core Viewpoint - In August 2023, a total of 673 companies released their semi-annual reports for 2025, with 353 companies reporting a year-on-year increase in net profit, while 320 reported a decline. Additionally, 389 companies saw an increase in operating revenue, and 284 experienced a decrease. Notably, 255 companies had both net profit and operating revenue growth, while 186 companies reported declines in both metrics. The company with the highest profit growth was Huahong Technology, with an increase of 3480.57% [1]. Group 1: Company Performance - Huahong Technology reported a net profit of 79.63 million yuan, with a staggering year-on-year increase of 3480.57% and operating revenue of 315.94 million yuan, up 17.17% [1]. - Other notable performers include: - Guangda Tongchuang with a net profit of 23.22 million yuan, a year-on-year increase of 2699.69%, and operating revenue of 74.99 million yuan, up 48.31% [1]. - Qiming Information reported a net profit of 14.19 million yuan, up 2568.50%, with operating revenue of 32.99 million yuan, an increase of 6.51% [1]. - New Yisheng achieved a net profit of 394.23 million yuan, a 355.68% increase, with operating revenue of 1,043.72 million yuan, up 282.64% [1]. Group 2: Revenue Trends - A total of 71 companies experienced a doubling of their performance metrics, indicating strong growth potential in the market [1]. - The overall trend shows that while many companies are experiencing growth, there are also significant numbers reporting declines, highlighting a mixed performance landscape [1]. - Companies like Huafeng Technology and Yongding Co. also reported substantial increases in both net profit and operating revenue, with year-on-year growth rates of 940.64% and 917.66%, respectively [1].

Group 1 - The satellite internet concept stocks are active, with China Satellite achieving two consecutive trading limits and Huafeng Technology reaching a historical high [1] - On August 26, China successfully launched 10 low-orbit satellites for satellite internet using the Long March 8 rocket, marking a significant step in commercial satellite internet operations [1] - The upcoming military parade on September 3 is expected to create investment opportunities in the defense and military industry sectors, as historical data shows significant price increases in defense stocks before major parades [1] Group 2 - The "August 1" military industry ETF (512810) covers various sectors including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, serving as an efficient investment tool for core defense assets [2] - On August 26, the defense industry ETF (512810) experienced a net subscription of over 35.83 million yuan, indicating strong buying interest despite market corrections [4]

Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

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