通信 周跟踪（20250707-20250713） 领先大市-A(维持) 2025 年 7 月 17 日 行业研究/行业周报 通信行业近一年市场表现 行业动向： 1）Grok4 发布，xAI 宣称达到最新的 SOTA（最先进的模型） 资料来源：最闻 7 月 10 日，马斯克宣布推出 xAI 下一代大模型 Grok4，其推理能力相较于前 代提升了 10 倍，主要得益于 Grok4 推理的强化学习再度提升了 10 倍的计算量， 这意味着后训练和推理领域的 scalinglaw 仍在发挥作用。Grok4 在 HLE（人类最 后的考试）中成绩刷新新高，马斯克认为，Grok4 目前在所有学科都达到了博士 后的水平。应用方面，Grok4 的语音能力相较于上代速度快了 2 倍，在真实物理 世界执行复杂操作任务的能力大幅领先，被认为在编程、机器人训练、科学模拟、 前沿课题研究等领域可以实现更佳的效果。 相关报告： 【山证通信】山西证券通信行业周 2）Kimi 发布最新一代 MoE 模型 K2 并宣布开源，在自主编程、工具调用、 数学推理能力上表现大幅进步 跟踪：Coreweave 开启首批部署 GB300， 星网发展有望加速 ...

Group 1 - The copper cable high-speed connection sector is experiencing significant activity, with Jin Tian Co., Ltd. (601609) hitting the daily limit up, indicating strong investor interest [1] - Other companies in the sector, such as Tai Chen Guang (300570), Hui Lv Ecological (001267), De Run Electronics (002055), Zhao Long Interconnect (300913), and Woer Nuclear Materials (002130), also saw their stock prices rise, reflecting a broader trend in the industry [1] - The movement of "smart money" towards these stocks suggests a strategic investment approach, potentially indicating future growth opportunities within the copper cable sector [1]

瑞财经 严明会 近日，据港交所，深圳市沃尔核材股份有限公司（以下简称"沃尔核材"）向港交所提交上市申请书，联席保荐人为中信建投国际、招商证 券国际。 招股书显示，沃尔核材成立于1998年6月，于2007年在A股主板上市。公司是高速数据通信与可替代能源电力传输综合解决方案提供商，亦是制造及销售 高速数据通信重要元器件高速铜缆市场的领军企业。 沃尔核材专注于高分子辐射改性新材料研发、制造和销售，是一家高速数据通信与可替代能源电力传输综合解决方案提供商。 公司产品涵盖高速铜缆、汽车数据通信线、工业自动化及机器人线缆、单壁热缩管、医疗管及新能源汽车DC充电枪等2500多种，主要应用于通信行业(如 算力中心、AI等)和可替代能源行业(如新能源汽车、电网和核电站等)。 现金短缺的情况下，沃尔核材仍常年保持着分红的习惯，尤其是此次赴港IPO前，更是实施了大手笔分红。 2022年-2024年，沃尔核材分别派息4410万元、5040万元、2.12亿元。2025年6月16日，即递表当天，公司宣布再度派息1.71亿元。 相关公司：沃尔核材sz002130 沃尔核材营业收入持续增长的同时，公司应收账款水涨船高。 2022年-2024 ...

长江商报消息 ●长江商报记者 杨蝶 热缩材料行业龙头沃尔核材（002130.SZ）盈利能力稳步提升。 日前，沃尔核材公告，预计2025年上半年实现归属于上市公司股东的净利润（以下简称"净利润"）约 5.45亿元至5.87亿元，同比增长30%至40%。 沃尔核材最新披露的业绩预告显示，2025年上半年，公司预计实现净利润约5.45亿元至5.87亿元，扣除 非经常性损益后的净利润（以下简称"扣非净利润"）约5.11亿元至5.5亿元，同比均增长30%至40%。 分季度看，2025年第一季度，沃尔核材的净利润为2.5亿元，同比增长35.86%；扣非净利润为2.41亿 元，同比增长39.48%。结合上述业绩预告数据可以测算，2025年第二季度，公司预计净利润在2.95亿元 至3.37亿元之间，同比增长25.53%至43.4%；扣非净利润在2.7亿元至3.09亿元之间，同比增长22.73%至 40.45%。 对于盈利增长，沃尔核材称，市场需求持续提升，公司各业务板块营业收入均实现了不同程度增长。其 中，公司通信线缆与新能源汽车产品业务板块增速较快，主要原因是公司通信线缆业务受益于数据通信 等下游行业需求的快速释放，相关产 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

2025.07. 11 作者 | 一财资讯 截至午盘，上证指数涨1.05%，深成指涨0.94%，创业板指涨1.19%。全市场超2800只个股上涨。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NN | 3546.50 | 36.82 | 1.05% | | 399001 | 深证成指 | र | 10731.19 | 100.06 | 0.94% | | 399006 | 创业板指 | S | 2215.53 | 25.95 | 1.19% | 盘面上，稀土永磁、大金融板块全线爆发，CRO、小金属板块涨幅居前，PCB、游戏板块走弱。 "黄金平替"，单日大跌6%！ 具体到个股来看，北方稀土、东方财富、药明康德获净流入28.01亿元、20.78亿元、16.07亿元。 净流出方面，ST华通、沃尔核材、金安国纪遭抛售4.67亿元、4.06亿元、3.06亿元。 机构观点 德讯投资顾问刘奎军认为，本周沪指带量站上3500点，主要做多动能来自银行等金融板块，市场情 绪回暖虽充足，但赚钱效应 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Views - The company is experiencing rapid growth in its communication cable segment, driven by increased demand from downstream industries such as data communication. This has led to a significant rise in revenue and net profit [2][3]. - The company has a robust order backlog and is actively developing next-generation high-speed communication cables, including a focus on 448G technology [2]. - The lifecycle of high-speed copper cables is expected to extend, supported by the ongoing construction of AI infrastructure overseas, which favors copper cables for short-distance transmission [3]. Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 5.45-5.87 billion yuan for the first half of 2025, representing a year-on-year increase of 30%-40%. The net profit after excluding non-recurring items is expected to be 5.11-5.50 billion yuan, also reflecting a 30%-40% increase [1]. - For the second quarter of 2025, the company anticipates a net profit of 2.95-3.37 billion yuan, indicating a quarter-on-quarter growth of 18%-35% and a year-on-year growth of 26%-43% [1]. - Revenue projections for 2025-2027 are 82.89 billion yuan, 125.68 billion yuan, and 156.51 billion yuan, respectively, with net profits expected to reach 13.51 billion yuan, 23.92 billion yuan, and 30.86 billion yuan [3]. Operational Insights - The company is enhancing its production efficiency through automation and optimizing its product structure, which is contributing to improved profitability [2]. - The company has secured production capacity ahead of demand, with key equipment already delivered and more on the way, positioning it well for future growth [3]. Market Position - The company is recognized as a leading international supplier of high-speed communication cables, leveraging its technological and production capacity advantages to maintain a competitive edge [3].

Group 1 - Wolong Nuclear Material expects a net profit increase of 30% to 40% for the first half of 2025, projecting a profit of 545 million to 587 million yuan, driven by rising demand in electronic materials, communication cables, power products, and new energy vehicles [1] - The company reported significant growth across all business segments, with communication cables and new energy vehicle products showing the fastest growth rates [1] - Wolong Nuclear Material's performance improvement is attributed to efficiency enhancements, cost reductions, and structural optimization, indicating strong internal growth drivers [1] Group 2 - Boqian New Materials anticipates a net profit increase of 70.40% to 101.55% for the first half of 2025, estimating a profit of 93 million to 110 million yuan, supported by the recovery in the consumer electronics market and increased demand for high-performance MLCCs from AI servers [2] - The company has seen a significant improvement in its product structure, contributing to the substantial rise in net profit [2] - Boqian New Materials is also a major producer of silver-coated copper powder for photovoltaic applications, which may benefit if the industry shifts from silver to silver-coated copper [2] Group 3 - Liansheng Technology's subsidiary, Meishan Liansheng, plans to raise 60 million yuan through a capital increase to introduce external investors, acquiring a 2.91% stake by Qiongcheng Xingdan Industrial Equity Investment Partnership [3] - The parent company Tianjin Liansheng has waived its preemptive subscription rights for this capital increase, which includes potential share buyback obligations under specific conditions [3] - This move aims to attract strategic resources, but the specific terms may impact the listed company's equity [3]

Group 1 - The company expects a significant increase in net profit attributable to shareholders for the first half of 2025, projecting a year-on-year growth of 30% to 40% [3][7] - The growth in revenue across various business segments, including electronic materials, communication cables, power products, and new energy vehicle products, is attributed to rising market demand [3] - The communication cable business has experienced rapid growth due to increased demand from downstream industries, particularly in data communication [3] Group 2 - The new energy vehicle product segment continues to grow positively, supported by ongoing industrial policy initiatives [3] - The company has enhanced its profitability through measures such as improving automation levels, increasing production efficiency, and optimizing product structure [3]

Group 1 - iFlytek expects a significant reduction in losses for the first half of 2025, with projected revenue growth of 15%-20% and net profit growth of 30%-50% compared to the same period last year [1][2] - The company anticipates a gross profit increase of over 600 million yuan, with total sales receipts around 10.3 billion yuan, reflecting a year-on-year increase of approximately 1.3 billion yuan [1][2] - iFlytek's strategic focus on artificial intelligence and continuous investment in R&D, which constitutes about 20% of revenue, has led to healthy growth in its core business, particularly in the consumer sector [2][3] Group 2 - Seres expects a net profit increase of 66.20% to 96.98% for the first half of 2025, with projected net profit between 2.7 billion to 3.2 billion yuan [4] - The company's performance is attributed to its commitment to a software-defined vehicle strategy and the successful launch of new products in the second quarter of 2025 [4] Group 3 - WuXi AppTec anticipates a 44.43% increase in adjusted net profit for the first half of 2025, with expected revenue of approximately 20.8 billion yuan, a year-on-year growth of about 20.64% [5][6] - The growth is driven by the company's focus on its integrated CRDMO business model and the successful sale of part of its stock in WuXi XDC Cayman Inc., contributing an estimated gain of 3.21 billion yuan [6] Group 4 - China Shipbuilding expects a net profit increase of 98.25% to 119.49% for the first half of 2025, with projected net profit between 2.8 billion to 3.1 billion yuan [10] - The company has benefited from improved order structures and effective cost control, leading to significant revenue growth [10] Group 5 - Huadian Power anticipates a net profit increase of 62.62% to 70.22% for the first half of 2025, with projected net profit between 642 million to 672 million yuan [20] - The growth is attributed to effective cost reduction strategies and stable production processes [20] Group 6 - Lotus Holdings expects a net profit increase of 58.67% to 68.59% for the first half of 2025, with projected net profit between 160 million to 170 million yuan [21] - The company's new product development and sales have shown significant results, particularly in the new retail sector [21] Group 7 - Dongyangguang anticipates a net profit increase of 157.48% to 192.81% for the first half of 2025, with projected net profit between 583 million to 663 million yuan [28] - The company is accelerating its strategic layout in the intelligent computing and humanoid robot sectors, which has begun to yield revenue [28] Group 8 - Walden Materials expects a net profit of 545 million to 587 million yuan for the first half of 2025, reflecting a year-on-year growth of 30% to 40% [29] - The growth is driven by increased market demand across various product lines, including electronic materials and new energy vehicles [29] Group 9 - Sanmei Holdings anticipates a net profit increase of 146.97% to 171.67% for the first half of 2025, with projected net profit between 948 million to 1.042 billion yuan [30] - The company benefits from a favorable competitive landscape and rising demand for its fluorinated refrigerants [30]