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].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 14.265 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 722 million yuan [1] - A total of 257 stocks had net inflows, while 332 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 379 stocks rose, with two stocks hitting the daily limit up, including Puyuan Information and Awei New Materials, while 200 stocks declined [1] - The top three stocks with the highest net inflow of funds were Cambrian Technology (76.922 million yuan), Haiguang Information (11.294 million yuan), and Hengxuan Technology (8.704 million yuan) [2] Continuous Fund Flow - There are 56 stocks that have seen continuous net inflows for more than three trading days, with Zhongkong Technology leading at seven consecutive days [2] - Conversely, 136 stocks have experienced continuous net outflows, with Guanda Materials leading at 18 consecutive days [2] Key Stocks with Fund Inflows - Cambrian Technology: 76.922 million yuan net inflow, 13.66% inflow rate, and a 4.90% increase [2] - Haiguang Information: 11.294 million yuan net inflow, 5.21% inflow rate, and a 0.63% increase [2] - Hengxuan Technology: 8.704 million yuan net inflow, 9.51% inflow rate, and a 0.63% increase [2] Key Stocks with Fund Outflows - Juchip Technology: 9.357 million yuan net outflow, with a 3.22% decrease [1] - SMIC: 8.240 million yuan net outflow [1] - Sitaiwei: 6.821 million yuan net outflow [1]

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

行 业 及 产 业 机械设备 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 张婧玮 A0230523090001 zhangjw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230122080001 sumeng@swsresearch.com 2025 年 07 月 15 日 25H1 需求温和复苏，下半年建议 关注设备更新+科技赋能 看好 ——机械行业 2025 年中报业绩前瞻 相关研究 证券分析师 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 - ⚫ 我们对 20 家重点跟踪的机械公司 2025Q2 业绩增速预测如 ...

7月13日，上海证券交易所正式发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务 规则，进一步增强科创板制度包容性、适应性，更好服务科技创新和新质生产力发展。 对此，科创板上市公司董事长、券商投行负责人、创投机构投资人纷纷发声，或点赞科创板新政， 或"振奋"制度包容性，或建言改革"试验田"更高质量发展。 市场声音 各方发声 科创板改革新政 ◎记者 何昕怡 中控技术董事长、总裁崔山认为，科创板"1+6"新政以提升制度包容性和适应性为导向，为人工智能、 半导体、医药生物等需要长期研发投入的硬科技企业，构建了更为高效的价值实现路径。一方面，此次 出台的政策措施为"创新价值"的估值逻辑提供了制度支持，使企业的技术成熟度、发展潜力等指标获得 资本市场更多关注；另一方面，针对优质科技企业最需要资金支持的成长期，相关举措提供了更具包容 性的制度安排。 和辉光电董事长傅文彪表示，科创成长层的设立，精准锚定了一批技术壁垒高、发展潜力巨大但尚未达 到盈利门槛的"明日之星"。科创板为这类高研发投入、高成长性的硬科技企业开辟了专属的资本通道， 助其跨越"死亡谷"，加速核心技术攻关和产业化进程。这些改革，共同构建了更完善 ...

Group 1 - Foreign institutions conducted a total of 4,766 research visits to A-share companies in the first half of 2025, with over 1,000 visits to companies on the Shenzhen Main Board, ChiNext, and STAR Market [2][3] - Huichuan Technology was the most favored A-share company, receiving 485 visits from foreign institutions, followed by Mindray Medical with 299 visits [3] - Point72, a prominent hedge fund, led the research visits with 116 in the first half of 2025, focusing on 84 companies including Huichuan Technology, Xiaogoods City, and Aopute [3] Group 2 - Multiple foreign institutions hold an optimistic view on the performance of A-shares in the second half of 2025, citing strong market resilience and increased confidence in Chinese assets [3][4] - Morgan Stanley Fund believes that the current external environment does not pose substantial pressure on A-shares, viewing short-term disturbances as manageable [4] - Invesco's CIO for mainland China and Hong Kong anticipates the continuation and expansion of the "old for new" consumption policy, which is expected to drive economic growth in the coming months [4]

◎记者 孙小程 "科创板不仅是融资平台，更是创新'加速器'，它推动中控技术实现了技术自主化从点至面、研发投入 从量到质、创新资源从国内到全球的跨越，让中国高端装备的'硬科技'成色闪耀于重大工业场景。"谈 及上市以来的收获，中控技术副总裁、首席财务官、董秘房永生如是概括。 高端装备制造业是强国之基，为加快发展新质生产力、建设现代化产业体系提供重要支撑。近年来，科 创板着力打造先进制造业集群，超百家高端装备制造业企业齐聚板块，涵盖工业母机、工业机器人、激 光加工、工业自动化控制系统等先进工艺装备，下游覆盖轨交、汽车、电力、航空、物流等国计民生重 点领域，构建起协同创新、产业集聚的发展格局。 房永生回顾道："自2020年成功登陆科创板以来，公司始终将'硬科技'作为立身之本和发展引擎。上市 不仅是对我们过往技术积累的认可，更极大地赋能了公司核心技术的深化与突破，公司'硬科技'成色在 多个维度得到了显著增强。" 再看电力设备行业。我国已形成完善的电力装备产业链，科创板电力设备企业近年来延续稳健增长态 势，有力保障能源安全，推动工业绿色化发展。 其中，智能电网设备链主企业南网科技坚持以科技创新为引领，2024年推动全国唯 ...

2025年7月1日，中控技术披露接待调研公告，公司于6月11日接待睿远基金、中金公司、国寿养老等27 家机构调研。 中控技术最新股价44.69元，较前一收盘价跌0.22元，跌幅0.49%，总市值353.32亿元。其 所处软件开发行业滚动市盈率平均119.95倍，中值84.76倍，中控技术32.37倍排名第7位。 调研显示，中 控技术近期中标陕煤榆林化学1.31亿元订单，为1500万吨/年煤炭分质清洁高效转化示范项目相关工程 的全厂集散控制系统与安全仪表系统框架采购协议。公司将依托新架构构建智能闭环，融合前沿技术助 力打造卓越级智能工厂。 6月12日，公司推出PLC新品M4Pro，具备高可靠性等优势，适配多行业场 景，聚焦专业领域，精准响应高端装备复杂控制需求。公司凭借全链路质量保障体系等实现IT与OT深 度融合。 公司流程工业AI时序大模型TPT自去年6月推出后，已在多装置取得突破性应用。近日，凭借 核心技术优势入围中石化人工智能场景应用项目，标志进入全面深化应用阶段，将打造有自主知识产权 的AI模型。 天眼查资料显示，中控技术成立于1999年12月7日，以仪器仪表制造业为主。截至2025年3 月31日，股东 ...

Group 1 - As of June 30, 2025, a total of 163 public fund institutions conducted research on 1,943 A-share listed companies, with a total of 40,093 research instances [1] - Public fund institutions are able to gain deeper insights into companies' operational conditions, development strategies, and industry positions through research, aiding in more accurate assessments of future profitability and growth potential [1] - There were 233 stocks that received at least 50 instances of research, with 189 stocks receiving between 50 to 99 instances, 41 stocks receiving between 100 to 199 instances, and 3 stocks receiving over 200 instances [1] Group 2 - The electronic industry led with a total of 7,376 research instances across 229 stocks, significantly outperforming other industries [2] - The pharmaceutical and biological industry and the mechanical equipment industry ranked second and third, with 5,150 and 4,958 research instances respectively [2] - The electronic industry is experiencing significant development opportunities driven by the acceleration of emerging technologies such as artificial intelligence, IoT, and 5G, supported by government policies [2] Group 3 - Other industries with high research frequency include computer, electric equipment, basic chemicals, automotive, telecommunications, national defense, and textile and apparel [3] - A total of 113 public fund institutions conducted more than 100 research instances, with leading institutions like Bosera Fund and Huaxia Fund conducting 971 and 870 instances respectively [3] - Public fund institutions are increasing research efforts to identify potential investment targets by focusing on technological barriers, industry synergy potential, and sustainable development capabilities [3]

截至2025年6月27日收盘，中控技术(688777)报收于44.38元，上涨0.02%，换手率0.82%，成交量6.4万手，成交额2.85亿元。 董秘最新回复 投资者： 请问这两年合同负债持续下滑的原因是什么？ 董秘： 尊敬的投资者，您好！合同负债通常指的是公司已收或应收客户对价而应向客户转让商品的义务，但合同负债的波动并不一定直接对应于 公司整体经营状况的未来预期。公司积极洞察市场机会，深入参与全球先进制造业自动化、数字化、智能化变革，潜心挖掘行业新增长点及客户 新需求，同时加快向工业AI公司的战略转型，探索工业AI发展之路。目前公司经营情况稳健，且在新项目获取方面仍保持着积极态势，并仍将持 续投入于技术研发和市场拓展领域，以确保长期增长动力。谢谢！ 投资者： 公司一季度出现负增长，请问公司对二季度不出现负增长有没有信心？我就不问你们对增长有没有信心这个问题了。 董秘： 尊敬的投资者，您好！2024年，面临全球宏观经济复杂、下游行业周期性波动等多重压力，公司通过优化资源配置、加速工业AI业务落地 等举措，展现了业务韧性。2025年是公司战略切换的关键期，工业AI研发投入前置，短期业绩承压，但技术转化即将进 ...