135只个股今日获机构买入型评级，17股机构首次关注。 | 002327 | 富安娜 | 1 | -0.14 | 29.02 | 纺织服饰 | | --- | --- | --- | --- | --- | --- | | 002422 | 科伦药业 | 1 | 3.41 | 32.22 | 医药生物 | | 002436 | 兴森科技 | 1 | 4.45 | 560.31 | 电子 | | 002461 | 珠江啤酒 | 1 | -0.47 | 19.32 | 食品饮料 | | 002484 | 江海股份 | 1 | 4.41 | 38.52 | 电子 | | 002487 | 大金重工 | 1 | 10.01 | 23.21 | 电力设备 | | 002517 | 恺英网络 | 1 | 4.1 1 | 25.64 | 传媒 | | 002555 | 三七互娱 | 1 | 3.32 | 16.00 | 传媒 | | 002594 | 比亚迪 | 1 | 3.13 | 31.52 | 汽车 | | 002609 | 捷顺科技 | 1 | 1.49 | 79.1 1 | 计算机 | | 002612 | 朗姿 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603019 中科曙光 | | 1.53 Z | 2.78% | -1.33 Z | -2.42% | -2019.77万 | -0.37% | | 000066 | 中国长城 | 7016.87万 | 4.17% | -2664.85万 | -1.58% | -4352.02万 | -2.59% | | 000977 | 浪潮信息 | 6223.66万 | 1.44% | -1022.91万 | -0.24% | -5200.75万 | -1.21% | | 301330 熵基科技 | | 4256.12万 | 9.23% | -2182.79万 | -4.73% | -2073.33万 | -4.50% | | 002152 广电运通 | | 3756.43万 | 7.01% | -2192.99万 | -4.09% | -1563.45万 | -2.92% | ...

流动性方面，AI人工智能ETF盘中换手10.23%，成交2.83亿元，市场交投活跃。拉长时间看，截至9月4日，AI人工智能ETF近1周日均成交4.32亿元。 费率方面，AI人工智能ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年9月4日，AI人工智能ETF近1月跟踪误差为0.006%，在可比基金中跟踪精度最高。 截至2025年9月5日 14:23，中证人工智能主题指数(930713)强势上涨5.25%，成分股新易盛(300502)上涨12.61%，中际旭创(300308)上涨12.39%，均胜电子 (600699)上涨10.00%，协创数据(300857)，寒武纪(688256)等个股跟涨。AI人工智能ETF(512930)上涨5.10%，最新价报1.98元。拉长时间看，截至2025年9月4 日，AI人工智能ETF近2周累计上涨7.18%，涨幅排名可比基金1/4。 数据显示，截至2025年8月29日，中证人工智能主题指数(930713)前十大权重股分别为新易盛(300502)、中际旭创(300308)、寒武纪(688256)、澜起科技 (688008)、中 ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and profit, indicating sustained high demand for computing power in the domestic market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 80.192 billion yuan, a year-on-year increase of 90.05%, and a net profit attributable to shareholders of 799 million yuan, up 34.87% year-on-year [1]. - In Q2 2025, the company recorded revenue of 33.334 billion yuan, a year-on-year growth of 36.30%, and a net profit of 336 million yuan, reflecting a 15.63% increase year-on-year [1]. - The company's gross margin in Q2 2025 was 6.09%, an increase of 2.64 percentage points quarter-on-quarter, while the net profit margin was 1.01%, up 0.03 percentage points quarter-on-quarter [1]. Market Position - The company maintains a leading position in the server market, with its server and storage products consistently ranking among the top globally [1]. - In Q1 2025, the company held the second-largest global market share in servers and the largest in China, while its storage installation capacity ranked among the top three globally and first in China [1]. Innovation and Development - The company has been increasing its R&D investment to drive innovation in computing power and algorithms [2]. - In 2025, the company launched the Yuan Brain R1 inference server, which supports 16 standard PCIe double-width cards, and introduced the Yuan Brain CPU inference server for efficient deployment of new generation inference models [2]. - The company also rolled out the Yuan Brain Enterprise Intelligence DeepSeek integrated machine and the EPAI platform to facilitate AI application development across various industries [2]. Liquid Cooling Strategy - The company has adopted a comprehensive strategy for liquid cooling, leading the domestic market in this area for four consecutive years [3]. - The Yuan Brain computing factory, which began operations in early 2025, has improved the load capacity of air-cooled cabinets to 50kW and liquid-cooled cabinets to 130kW, achieving a PUE value below 1.1 [3]. Investment Outlook - As a leading domestic server manufacturer, the company is expected to benefit from the growth of the AI industry and increasing demand for liquid cooling solutions [3]. - The projected EPS for 2025 and 2026 are 2.05 yuan and 2.72 yuan, with corresponding PE ratios of 31 and 23 times [3].

2025 年 9 月 4 日 投资要点： 卢芷心 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | 收盘价(元) | 62.64 | | --- | --- | | 总市值（亿元） | 922.15 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.70 | | ROE（TTM） | 12.23% | | 12 月最高价(元) | 69.15 | | 12 月最低价(元) | 30.68 | SAC 执业证书编号： S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 评 报 告 资料来源：东莞证券研究所，iFinD 买入（维持） 浪潮信息（000977）2025 年半年报业绩点评 公 司 点 公司业绩双位数增长，服务器龙头地位稳固 事件：公司发布2025年半年报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于 ...

资金面上看，两市主力资金全天净流出925.47亿元，主力资金净流入的行业仅有3个，银行行业净流入 资金29.25亿元；商贸零售行业净流入资金18.65亿元；美容护理行业净流入资金8332.65万元。 沪指9月4日下跌1.25%，申万所属行业中，今日上涨的有11个，涨幅居前的行业为商贸零售、美容护 理，涨幅分别为1.63%、1.19%。跌幅居前的行业为通信、电子，跌幅分别为8.48%、5.08%。计算机行 业今日下跌3.17%。 计算机行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002195 | 岩山科技 | -9.98 | 24.25 | -300620.18 | | 603019 | 中科曙光 | -8.68 | 7.75 | -77924.20 | | 688343 | 云天励飞-U | -8.13 | 11.67 | -55131.18 | | 000977 | 浪潮信息 | -5.84 | 7.46 | -49682.36 | | 300803 | 指南针 | -2.3 ...

9月4日，浪潮信息跌5.01%，截至发稿，报59.50元/股，成交37.01亿元，换手率4.12%，总市值875.92亿 元。 资料显示，浪潮电子信息产业股份有限公司位于山东省济南市高新区草山岭南路801号,北京市海淀区上 地信息路2号2-1号C栋，成立日期1998年10月28日，上市日期2000年6月8日，公司主营业务涉及计算机 软、硬件及其他信息产品的开发、生产、销售以及系统集成等。主营业务收入构成为：电子行业 100.00%。 从基金十大重仓股角度 数据显示，九泰基金旗下1只基金重仓浪潮信息。九泰天奕量化价值混合A（008077）二季度增持200 股，持有股数2100股，占基金净值比例为5.75%，位居第七大重仓股。根据测算，今日浮亏损失约6594 元。 九泰天奕量化价值混合A（008077）成立日期2020年5月29日，最新规模131.07万。今年以来收益 30.07%，同类排名2152/8180；近一年收益64.82%，同类排名1386/7978；成立以来收益43.64%。 九泰天奕量化价值混合A（008077）基金经理为袁多武、霍霄。 截至发稿，袁多武累计任职时间5年44天，现任基金资产总规模1. ...

晨会纪要 核心结论 分析师 【宏观】如何看待后市宏观叙事的变化？ 往后看，我们认为股票和债市有望逐步"脱钩"，市场提前定价盈利修复与 资本流入预期。与此同时资产面临再配置逻辑：一是美联储有望重启降息后， 美元弱势周期引发全球资本再配置，二是居民超额储蓄有望进一步流向股 市。短期来看，情绪尚未达到极端亢奋，但关注微观交易拥挤带来的风格再 平衡，叙事向消费、有色、其他创新产业（创新药、固态电池等）倾斜。 【国防军工】西锐（2507.HK）首次覆盖报告：人群渗透提升，领航高端消 费 公司边际上正逐步推进产能扩张，以及服务网络建设，伴随未来交付能力& 产品矩阵丰富度提升，业绩端有望实现加速，预计 25/26/27 公司分别实现 净利润 1.7/2.1/2.6 亿美元，对应 PE14.0/11.2/9.2X，看好后续估值持续修复， 以及潜在业绩催化，首次覆盖给予"买入"评级。 【电子】盛科通信（688702.SZ）2025 年半年报点评：深耕交换机芯片领 域，高端产品持续推进 我们预计公司 2025 年-2027 年营业收入为 13.53 亿元、17.76 亿元、21.95 亿元，同比增长 25.1%、31.3%、23 ...

浪潮信息（000977.SZ）2025 年半年报点评 公司点评 | 浪潮信息 业绩持续增长，下游需求确定性高 业绩摘要：2025 年上半年，公司实现营业收入 801.92 亿元（YoY+91%）， 实现归母净利润 7.99 亿元（YoY+34%）。其中，公司 2025Q2 单季度实现营 业收入 333.34 亿元（YoY+36%），归母净利润 3.36 亿元（YoY+16%）。 我们认为：公司作为服务器行业的头部企业，长期与重点客户保持良好的商 务关系，在 AI 服务器领域技术储备较为充足。公司的合同负债等指标进一 步表明下游客户正持续加大算力基础设施领域的投入，在此背景下，公司有 望获得确定性较高、弹性较大的增长。 投资建议：我们预计公司 2025 年-2027 年归母净利润为 26.38 亿元、31.85 亿元、46.18 亿元，维持"买入"评级。 风险提示：下游需求不及预期；公司海外供应链稳定性不及预期；人工智能 技术落地和商业化不及预期；宏观经济不及预期。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Core Viewpoint - The stock of Inspur Information has shown significant fluctuations, with a year-to-date increase of 26.04% and a recent decline of 1.64% over the past five trading days, indicating volatility in investor sentiment and market conditions [1]. Company Overview - Inspur Information, established on October 28, 1998, and listed on June 8, 2000, is based in Jinan, Shandong Province, and specializes in the development, production, and sales of computer software, hardware, and other information products, as well as system integration [1]. - The company operates entirely within the electronics industry, with 100% of its revenue derived from this sector [1]. Financial Performance - For the first half of 2025, Inspur Information reported a revenue of 801.92 billion yuan, reflecting a year-on-year growth of 90.65%, while the net profit attributable to shareholders was 7.99 billion yuan, up 33.77% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 14.89 billion yuan in dividends, with 6.46 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Inspur Information was 320,000, a decrease of 3.03% from the previous period, with an average of 4,595 shares held per shareholder, an increase of 3.12% [2]. - The top shareholders include Hong Kong Central Clearing Limited, holding 46.82 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have all increased their holdings [3]. Market Activity - On September 3, the stock price reached 65.19 yuan per share, with a trading volume of 1.187 billion yuan and a turnover rate of 1.26%, while the total market capitalization stood at 95.968 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 286 million yuan on August 20, indicating significant trading interest [1].