本报记者 于 宏 值得一提的是，头部券商整体上调研较为活跃。按调研次数排列，中信证券调研次数居首，累计达304 次；其次为中金公司，月内累计调研281次；国泰海通、长江证券、天风证券月内调研次数分别为269 次、242次、237次。 关注企业"出海" 值得注意的是，在券商调研过程中，中国企业"出海"、海外业务拓展情况备受关注。据梳理，月内接受 券商调研次数前十名的上市公司中，有9家在调研中都被问及在海外市场的销售情况或对海外市场的布 局情况。例如，中宠股份被问及目前公司旗下品牌"出海"发展情况、海外产业链布局进展及墨西哥工厂 的建设情况；若羽臣被问及未来在品牌"出海"方面有哪些计划、主要锚定哪些区域市场；水晶光电被问 及公司新加坡运营总部和越南基地建设进展、全球化人才队伍建设情况等。 "当前，'出海'已成为中国企业重要的战略布局方向。"中国国际经济交流中心经济研究部副部长刘向东 在接受《证券日报》记者采访时表示，通过全面布局与深耕海外市场，中国企业能够有效把握发展机 遇，开拓业务版图，打造新的盈利增长点，为业绩增长提供坚实支撑。未来，中国企业需进一步搭建全 球化组织架构与运营体系，可与海外企业合作以实现快速突 ...

Core Viewpoint - Crystal Optoelectronics (002273) reported a strong performance in its 2025 mid-year report, with significant increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - The total revenue for the first half of 2025 reached 3.02 billion yuan, a year-on-year increase of 13.77% - The net profit attributable to shareholders was 501 million yuan, up 17.35% year-on-year - In Q2 2025, revenue was 1.538 billion yuan, reflecting a 17.45% increase compared to the same quarter last year - The net profit for Q2 was 280 million yuan, showing a 12.8% year-on-year growth [1] Profitability Metrics - The gross margin improved to 29.46%, an increase of 6.73% year-on-year - The net margin rose to 16.81%, up 1.54% year-on-year - Total selling, administrative, and financial expenses amounted to 166 million yuan, accounting for 5.5% of revenue, which is an 18.26% increase year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.37 yuan, a rise of 19.35% year-on-year - The company's net asset value per share was 6.66 yuan, up 8.58% year-on-year - Operating cash flow per share decreased to 0.36 yuan, down 28.69% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 10.62% last year, indicating a generally average capital return rate - Analysts expect the company's performance in 2025 to reach 1.236 billion yuan, with an average EPS forecast of 0.89 yuan [3] Fund Holdings - Notable funds holding Crystal Optoelectronics include Invesco Great Wall Quality Evergreen Mixed A and Dongwu Mobile Internet Mixed A, with significant changes in their holdings [4] Strategic Planning - The company is focusing on its "15th Five-Year Plan," which aims to leverage advancements in AI and AR technologies, ensuring proactive positioning in emerging markets [5]

Group 1 - The core viewpoint of the articles highlights the active engagement of securities firms in researching listed companies, with a focus on identifying investment opportunities amid the recent performance disclosures of A-share companies [1][2]. - As of August 28, securities firms have conducted research on 627 listed companies, totaling 8,276 research instances, with 67 companies receiving more than 30 inquiries each [2]. - The industrial machinery and electronic components sectors are among the most researched, with 48 companies in industrial machinery and 42 in electronic components [2]. Group 2 - Notably, the leading securities firms have been particularly active in conducting research, with CITIC Securities leading at 304 instances, followed by CICC with 281 instances [3]. - The topic of Chinese companies "going overseas" has emerged as a significant focus during these research activities, with many companies being questioned about their overseas market strategies and developments [4]. - Analysts view the "going overseas" strategy as a promising investment theme, with evidence suggesting it positively impacts companies' return on equity (ROE) and profit margins [5].

Group 1 - The core viewpoint of the report indicates that Crystal Optoelectronics has achieved steady growth in the first half of the year, with continuous optimization of its industrial structure and gradual improvement in profitability [1] - The company focuses on three core business directions: consumer electronics, automotive optics, and AR/VR, expanding its product matrix from single components to a combination of components, modules, and solutions [1] - In the consumer electronics sector, the company deepens collaboration with industry leaders to develop innovative optical products [1] Group 2 - In the AR/VR field, the company emphasizes technological research and development, having established a business layout that includes waveguide plates, 3D modules, core optical components, diffraction wafers, and reflective plates, as well as other 2D and 3D optical products required for smart head-mounted devices [1] - The company aims to collaborate with industry leaders to tackle optical challenges in the AR/VR sector and promote industry development [1] - The report maintains a "buy" rating for the company [1]

Group 1 - The core viewpoint of the report indicates that Crystal Optoelectronics has achieved steady growth in the first half of the year, with continuous optimization of its industrial structure and gradual improvement in profitability [1] - The company focuses on the optical sector, targeting three core business directions: consumer electronics, automotive optics, and AR/VR [1] - The product matrix has expanded from a single component to include components, modules, and solutions, indicating a diversified approach to product offerings [1] Group 2 - In the consumer electronics field, the company deepens collaboration with industry leaders to develop innovative optical products [1] - In the AR/VR sector, the company emphasizes technological research and development, having established a business layout that includes waveguide plates, 3D modules, core optical components, diffraction wafers, and reflective plates, as well as other 2D and 3D optical products required for smart head-mounted devices [1] - The company aims to collaborate with industry leaders to tackle optical challenges in the AR/VR field and promote industry development [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved steady growth in the first half of 2025, with revenue of 3.02 billion yuan, a year-on-year increase of 13.8%, and a net profit of 500 million yuan, up 17.3% year-on-year [1]. - The company is focusing on three core business areas: consumer electronics, automotive optics, and AR/VR, expanding its product matrix from components to modules and solutions [1][4]. - The company is committed to R&D innovation, with R&D investment reaching 190 million yuan in the first half of 2025, a year-on-year increase of 9.2% [4]. Summary by Sections Consumer Electronics - In the first half of 2025, the consumer electronics segment generated revenue of 2.54 billion yuan, a year-on-year increase of 12.8%, with a gross margin of 29.5% [2]. - The company is enhancing cooperation with major North American and Korean clients, optimizing product structure, and expanding its production capacity in Vietnam [2]. - The semiconductor optics segment is also expanding into new applications, maintaining a strong market share in key products [2]. Automotive Optics and AR/VR - The automotive electronics (AR+) business achieved revenue of 240 million yuan in the first half of 2025, a year-on-year increase of 79.1% [3]. - The company has made significant breakthroughs in AR-HUD technology and is expanding its market presence through collaborations with major domestic clients [3]. - In the AR/VR sector, the company has achieved key breakthroughs in reflective and diffractive waveguide technologies, positioning itself to capture market opportunities in smart glasses [3]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.59 billion yuan, 9.02 billion yuan, and 10.35 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [4][6]. - The expected net profits for the same years are 1.27 billion yuan, 1.57 billion yuan, and 1.83 billion yuan, with growth rates of 23%, 24%, and 16% [4][6]. - The current stock price corresponds to a PE ratio of 30, 24, and 21 for 2025, 2026, and 2027, respectively [4].

（记者 王瀚黎） 每经AI快讯，水晶光电8月28日发布公告称，公司第七届第二次董事会会议于2025年8月27日以通讯表 决的方式召开。会议审议了《关于调整2025年度董事、高级管理人员薪酬方案的议案》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

据证券时报·数据宝统计，A股中属于苹果产业链相关概念股共有90多只，主要集中在电子、机械设备等 行业。年内上述概念股平均涨幅超40%，远远超过上证指数涨幅，隆扬电子、汇成真空、杰普特、强瑞 技术等9只个股年内股价翻番。 数据来源：证券时报中心数据库 从苹果概念股今年上半年业绩来看，按照半年报、业绩快报、业绩预告下限（无下限则取公告数值）统 计，截至8月27日，有28只概念股净利润同比增长，26只净利润同比下降，5只减亏，还有1只扭亏为 盈，报喜比例超五成。 其中，有5只概念股上半年净利润增幅超100%。金田股份净利润增幅最高，上半年实现归母净利润3.73 亿元，同比增长203.86%，公司此前在投资者互动平台上表示，目前已与苹果公司就低碳再生材料签署 《总体开发与供应协议》，旨在为其长期提供低碳再生材料，共同推进低碳可持续发展。 从机构关注度来看，7月以来有31只概念股获得机构调研，水晶光电、奥普特、工业富联、闻泰科技的 关注度较高，调研机构均在100家以上。 当地时间8月26日，苹果公司公布媒体邀请函，宣布美东时间9月9日下午1点（北京时间9月10日凌晨1 点），在加州库比蒂诺的苹果园区举行发布会，主题为： ...

Core Viewpoint - Water Crystal Optoelectronics reported a revenue of 3.02 billion yuan for the first half of 2025, marking a year-on-year growth of 13.77%, and a net profit of approximately 500 million yuan, up 17.35% year-on-year, driven by strong demand in the consumer electronics sector and strategic market expansions [1] Group 1: Financial Performance - The company achieved a net cash flow from operating activities that declined by 28.69% year-on-year [1] - Basic earnings per share were 0.37 yuan, with a gross margin of 29.46%, compared to 27.6% in the same period last year [1] Group 2: Market Dynamics - The consumer electronics industry in China benefited from effective subsidy policies, while emerging markets in Latin America, Asia-Pacific, and the Middle East and Africa experienced strong replacement demand due to 5G upgrades [1] - The global smartphone market is projected to maintain a growth rate of 1% to 2% year-on-year in the first two quarters of 2025, with AI smartphones expected to reach a penetration rate of 34% by 2025 [2] Group 3: Product Development and Market Expansion - Water Crystal Optoelectronics is focusing on imaging optical components, automotive electronics, and reflective materials, establishing three growth curves in consumer electronics, automotive optics, and AR/VR [1][3] - The company has expanded its production capacity in Vietnam, adding high-end filter production lines to serve the Southeast Asian market [2] - The company has successfully overcome technical challenges in the coating filter project for North American clients, achieving mass production [2] Group 4: Strategic Initiatives - In the automotive optical business, the company has secured new project orders from leading domestic manufacturers and joint ventures, expanding its market coverage [3] - The company is actively collaborating with leading domestic and international firms in the AR/VR sector, achieving breakthroughs in reflective and diffractive waveguide technologies [3] - Water Crystal Optoelectronics aims to become a leading provider of AR optical display solutions, diversifying its product matrix to include core optical components and 3D vision [4]

智通财经APP讯，水晶光电(002273.SZ)发布2025年半年度报告，报告期内，公司实现营业收入30.2亿 元，同比增长13.77%。实现归属于上市公司股东的净利润5.01亿元，同比增长17.35%。实现归属于上市 公司股东的扣除非经常性损益的净利润4.46亿元，同比增长14.10%。基本每股收益0.37元。 ...