Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board increased by 1.9 billion yuan compared to the previous day, indicating a growing interest from investors in this sector [1]. Financing Balance Overview - As of July 21, the total margin financing balance on the Sci-Tech Innovation Board reached 164.42 billion yuan, with a daily increase of 1.9 billion yuan, marking six consecutive days of growth [1]. - There are 427 stocks with a financing balance exceeding 100 million yuan, and 17 stocks with balances over 1 billion yuan [1]. Stocks with Significant Financing Inflows - The stocks with the highest net financing inflows include: - Ding Tong Technology: 408 million yuan, up by 121 million yuan, with a daily increase of 10.11% [2]. - Lanqi Technology: 3086 million yuan, up by 109.71 million yuan, with a daily decrease of 2.04% [2]. - Chengdu Xian Dao: 394 million yuan, up by 65.78 million yuan, with a daily increase of 6.38% [2]. Sector Performance - The average increase for stocks with net financing inflows exceeding 10 million yuan was 1.28%, with notable gainers including: - Jian Kai Technology: up by 20.00% - Tie Jian Heavy Industry: up by 19.90% - New Rui Shares: up by 16.50% [2]. - The sectors attracting the most financing interest include pharmaceuticals, electronics, and machinery, with 25, 21, and 16 stocks respectively [2]. Financing Balance as a Percentage of Market Value - The average financing balance as a percentage of the circulating market value for stocks with significant net inflows is 3.86% [2]. - The stock with the highest financing balance relative to its market value is Rongbai Technology, with a financing balance of 1.326 billion yuan, accounting for 12.61% of its market value [2]. Notable Stocks with Decreased Financing Balances - Stocks with decreased financing balances include: - SMIC: down by 101 million yuan - Junshi Biosciences: down by 41.39 million yuan - Jinpan Technology: down by 40.12 million yuan [1].

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

Market Overview - The Shanghai Composite Index closed at 3500.62 points, below the five-day moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 926.995 billion yuan [1] Stock Performance - A total of 881 A-shares have prices that surpassed the five-day moving average [1] - Stocks with significant deviation rates include: - Yangdian Technology (13.80%) - Jujie Microfiber (13.15%) - Jindao Technology (9.04%) [1][2] - Stocks with minor deviation rates that just crossed the five-day moving average include: - Shanghai Laishi - Langsha Shares - Shanhe Intelligent [1] Individual Stock Data - Yangdian Technology (301012) had a trading rate of 20.02% with a latest price of 23.14 yuan and a deviation rate of 13.80% [2] - Jujie Microfiber (300819) also had a trading rate of 20.02%, latest price of 28.18 yuan, and a deviation rate of 13.15% [2] - Jindao Technology (301279) reported a trading rate of 13.38%, latest price of 25.00 yuan, and a deviation rate of 9.04% [2]

Summary of the Conference Call for Jintong Technology Industry and Company Overview - **Company**: Jintong Technology - **Industry**: Communication and Automotive Technology Key Points and Arguments Financial Performance - In Q2 2025, Jintong Technology's net profit margin increased to **15.1%**, driven by AI-driven gross margin growth and profits from the mass production of **112G products** [2][4] - Revenue for the first half of 2025 reached **785 million yuan**, a year-on-year increase of **7.37%**, with net profit at **114 million yuan**, up **130%** [4] Product Demand and Production - **112G product** shipments reached **1.3 to 1.5 million units** in Q2 2025, with expectations for continued growth in Q3 and beyond [2][5] - **224G new products** are gradually ramping up, with expected monthly demand to reach **500,000 units** by Q3 [2][6] - The company is preparing **30% additional capacity** to meet accelerating customer demand for **112G and 224G products** [3][25] Liquid Cooling Solutions - The liquid cooling solution has been certified by customers and is expected to enter mass production soon, addressing AI speed increases and heat dissipation challenges [2][7] - The liquid cooling product's cost is primarily in the heat sink, with a **2×8 specification** heat sink priced between **2,000 to 3,000 yuan**, significantly higher than traditional solutions [19] Automotive Business Focus - The BMS (Battery Management System) project is a key focus, with two automated production lines expected to start mass production by the end of **2025 to early 2026**, targeting an annual output of **300,000 to 400,000 units** at a price of **1,200 to 1,500 yuan** each [10][11] - The automotive sector is facing cost and competitive pressures, leading the company to focus on high-value projects like BMS and collaborate closely with major clients such as BYD and BMW [10][13] Market Dynamics - The communication business now accounts for approximately **80%** of revenue, up from **70%**, due to weak demand in the automotive market [14] - The company is experiencing a decline in **56G product** shipments, which have dropped to **100,000 to 120,000 units** per month from previous levels of **150,000 to 200,000 units** [21] Future Outlook - The company anticipates that the liquid cooling product demand will increase as the market transitions from **400G to 1.6T**, with potential high-value orders expected [24] - Jintong Technology is investing heavily in new product development, particularly in liquid cooling technology, to ensure it becomes a new growth driver [30] Challenges and Strategies - The automotive industry is under significant pressure, with competition leading to price wars, but the company is optimizing internal management and focusing on high-margin products to improve profitability [13][28] - The Malaysian factory is expected to break even by the end of **2025**, with current monthly losses reduced to below **1 million yuan** [26][27] Collaboration and Partnerships - The company collaborates with several well-known enterprises in the communication field, including **Aviation Optical and Amphenol**, to enhance product offerings and market reach [9] Additional Important Information - The company is actively expanding its production capabilities and investing in new technologies to meet future market demands, particularly in the AI and automotive sectors [29][30]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

[Dongguan Dingtong Precision Metal Technology Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Dongguan%20Dingtong%20Precision%20Metal%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Performance Forecast Summary](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates significant performance growth in H1 2025, with revenue projected to increase by 73.51% to CNY 785 million, net profit attributable to shareholders by 131.75% to CNY 114 million, and non-recurring net profit by 134.83% to CNY 106 million 2025 H1 Performance Forecast vs. 2024 H1 Actual | Metric | 2025 H1 Forecast | 2024 H1 Actual | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | **Operating Revenue (CNY Million)** | 784.5484 | 452.1678 | +73.51% | | **Net Profit Attributable to Shareholders (CNY Million)** | 114.2615 | 49.3028 | +131.75% | | **Non-recurring Net Profit Attributable to Shareholders (CNY Million)** | 106.2836 | 45.2589 | +134.83% | - The performance forecast data represents preliminary estimates by the company's finance department and has not been audited by a certified public accountant[2](index=2&type=chunk) [Analysis of Performance Growth Drivers](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Change) Significant performance growth is primarily driven by robust demand in the communications business and effective cost control, fueled by increased global infrastructure investment and strong demand for high-speed I/O connectors - Revenue growth is primarily driven by increased domestic and international infrastructure investment, leading to strong demand for communication products and a healthy order backlog[4](index=4&type=chunk) - Core product growth includes sustained demand for **112G series high-speed I/O connectors** like QSFP-DD/OSFP, with **224G products** also entering small-batch production[4](index=4&type=chunk) - Profit growth is attributed to increased revenue, continuous new product development enhancing competitiveness, and strict, effective control over raw material procurement, product sales, and costs, maintaining a favorable net profit margin[4](index=4&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company states no significant uncertainties affecting the accuracy of this performance forecast have been identified, emphasizing that these preliminary, unaudited figures are subject to the final 2025 semi-annual report - The company has not identified any significant uncertainties affecting the accuracy of this performance forecast[5](index=5&type=chunk) - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, cautioning investors about investment risks[6](index=6&type=chunk)

Group 1 - The company DingTong Technology (688668) expects to achieve an operating revenue of 785 million yuan in the first half of 2025, representing a year-on-year growth of 73.51% [1] - The company anticipates a net profit attributable to shareholders of the parent company of 114 million yuan for the first half of 2025, reflecting a year-on-year increase of 131.75% [1] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be 106 million yuan for the first half of 2025, which indicates a year-on-year growth of 134.83% [1]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

证券代码：688668 证券简称：鼎通科技 公告编号：2025-030 特此公告。 东莞市鼎通精密科技股份有限公司董事会 东莞市鼎通精密科技股份有限公司 关于子公司注销完成的公告 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个别及连带责任。 东莞市鼎通精密科技股份有限公司（以下简称"公司"或"鼎通科技"）于 2025 年 5 月 14 日召开第三届董事会第十一次会议、第三届监事会第九次会议审议通 过了《关于拟注销子公司的议案》，同意注销全资子公司鼎通科技研发中心(长沙) 有限公司（以下简称"子公司"或"长沙研发中心"），并授权公司相关人员办理 相关手续。详见公司于 2025 年 5 月 15 日在上海证券交易所网站披露的《关于拟 注销子公司的公告》（公告编号：2025-022）。 近日，长沙市开福区市场监督管理局下发的予以注销研发中心的登记通知书， 长沙研发中心的注销登记手续已办理完毕。本次注销长沙研发中心，不会对公司 整体业务的发展和盈利水平产生重大不利影响，不存在损害公司及股东利益的情 形。 2025 年 6 月 26 日 ...

Core Points - The announcement details the first vesting results of the 2024 Restricted Stock Incentive Plan for Dongguan Dingtong Precision Technology Co., Ltd, with a total of 472,080 shares to be listed for trading on June 26, 2025 [1][8] - The stock subscription method is offline, and the shares are part of an equity incentive program aimed at motivating key personnel [1][3] Group 1: Incentive Plan Details - The decision-making process for the stock vesting was approved by the board and the supervisory committee, ensuring compliance with relevant regulations [2][3] - The first grant date for the restricted stock was set for April 8, 2024, with a grant price of 24.00 CNY per share [4][5] - The total number of shares granted under the plan is 1,180,200, with 472,080 shares being vested in the first period [5][8] Group 2: Stock Vesting and Listing - The vested shares will be listed for trading on June 26, 2025, and the total number of shares listed is 472,080 [1][8] - The total share capital before the vesting was 138,729,646 shares, which will increase to 139,201,726 shares after the vesting [7][8] - The number of individuals receiving the vested shares is 48, with a vesting ratio of 40% for both senior management and other incentivized personnel [5][8] Group 3: Financial Impact - The company reported a net profit of 52,896,288.61 CNY for Q1 2025, with an earnings per share of 0.38 CNY; the vesting of shares will dilute this figure based on the new total share capital [8]