证券之星消息，根据市场公开信息及8月26日披露的机构调研信息，海富通基金近期对5家上市公司进行了调研，相关名单如下： 1）潮宏基 （海富通基金参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续围绕客户需求发力产品，打造非遗花丝、 古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗 系列，IP授权涵盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一城一非遗"活动。线上子公 司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 2）维尔利 （海富通基金管理有限公司参与公司特定对象调研） 调研纪要：维尔利在机构调研中透露，公司重视应收账款的回款工作，采取多种措施确保资金回收。生物天然气业务成为未来发展重点，规划到 2027年产能达100万方/天，已签9个项目，部分项目已进入运营阶段。生物天然气可通过绿色认证获取绿色溢价，市场潜力大。子公司 ...

Group 1: Chao Hong Ji (潮宏基) - The company has launched high-weight series products such as Zhenjin Zhenzuan, Fanhua, Huang Caishen, and Palace Culture to enhance customer price and will continue to focus on customer needs for product development [1] - Soufflé, positioned as a gift expert, has opened 60 stores, complementing the main brand, which has introduced non-heritage series products [1] - The online subsidiary's net profit increased by 70.64% year-on-year, driving the integration of online and offline sales [1] Group 2: Tianfu Communication (天孚通信) - In the first half of 2025, the company achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [1] - Growth in active business is driven by the increased delivery of high-speed active products, with strong demand for these products [1] - The company's Thailand factory is in the first phase of production, with the second phase in R&D and customer verification, expecting large-scale production next year [1] Group 3: Dongwu Fund (东吴基金) - As of now, the total asset management scale of the company is 34.515 billion yuan, ranking 97 out of 210 [2] - The best-performing public fund product in the past year is Dongwu Jiahe Advantage Selected Mixed A, with a latest net value of 1.48 and a growth of 103.01% in the past year [2]

3）天孚通信 （彤源投资参与公司线上通讯会） 调研纪要：2025年上半年，天孚通信实现营业收入24.56亿元，同比增长57.84%，净利润8.99亿元，同比增长37.46%。有源业务增长主要源于高速 率有源产品增加交付，公司持续拓展新客户。高速率产品需求旺盛，公司协调供给和产能保障交付。泰国工厂一期投产，二期研发试样及客户验 证，预计明年大规模量产。毛利率下降因产品结构变化，有源产品收入占比提升。CPO配套产品布局早，技术持续迭代，按客户需求推进。公司 保持高强度研发投入，配合客户研发新产品。北美洲销售收入占比小，关税政策影响可控有限。人员规模增加，通过自动化提升效率控制规模。 产品价值量取决于客户设计方案，不同客户存在差异。根据客户需求合理安排新供应商导入。光无源产品产能扩张以订单驱动，确保资源投入有 效性。光有源产品以单模为主，应用于中长距离传输。公司配合客户尝试FU新技术，研发新工艺平台。泰国工厂前期投入大，盈利能力尚未稳 定。 机构简介： 根据市场公开信息及8月26日披露的机构调研信息，知名私募彤源投资近期对3家上市公司进行了调研，相关名单如下： 1）潮宏基 （彤源投资参与公司电话会议） 调研纪要：公 ...

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, promoting the integration of online and offline sales [1] - As of June, the number of stores reached 1,540, with 72 new stores added, and international expansion in Kuala Lumpur, Thailand, and Cambodia exceeded expectations [1] Group 2: Marubi Biological - The company has expanded its audience on Douyin through precise content delivery, leading to an increase in traffic [2] - The strategic investment in the second quarter is expected to convert into growth in the fourth quarter, with the brand "Lianhuo" entering a normal development phase [2] - The small gold needle series has improved customer purchase rates through synergy effects, and the company emphasizes both brand building and advertising investment [2] Group 3: Kangguan Technology - In the first half of 2025, the company achieved revenue of 6.935 billion, a year-on-year increase of 5.06%, and a net profit of 384 million [3] - Revenue from innovative display products increased by 39.16% year-on-year, driven by AI technology and successful overseas brand strategies [3] - The company announced a mid-term dividend of 3.60 yuan per 10 shares, accounting for over 65% of net profit [3] Group 4: Tianfu Communication - The company reported revenue of 2.456 billion in the first half of 2025, a year-on-year increase of 57.84%, and a net profit of 899 million, up 37.46% [4] - Growth in active products is attributed to increased deliveries of high-speed active products, with a strong demand for these products [4] - The company maintains high R&D investment and is expanding production capacity based on orders to ensure effective resource allocation [4]

深圳博普科技有限公司，专注于量化投资领域，利用先进的金融工程思想和自行设计的软硬件交易系 统，通过市场中立的数学统计套利策略为投资者实现低风险的稳健收益。 根据市场公开信息及8月26日披露的机构调研信息，知名私募博普科技近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 1）潮宏基 （深圳博普科技参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续 围绕客户需求发力产品，打造非遗花丝、古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专 家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗系列，IP授权涵 盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一 城一非遗"活动。线上子公司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540 家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

根据市场公开信息及8月26日披露的机构调研信息，知名私募煜德投资近期对3家上市公司进行了调研，相关名单如下： 1）潮宏基 （煜德投资参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续围绕客户需求发力产品，打造非遗花丝、 古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗 系列，IP授权涵盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一城一非遗"活动。线上子公 司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 2）星云股份 （煜德投资管理参与公司特定对象调研&线上会议） 调研纪要：2025年上半年，星云股份着力提升经营质量、聚焦主业，经营毛利率持续改善，费用下降。公司完成向特定对象发行股票工作，引入 新投资者助力未来发展。锂电池产业整体积极，下游电池企业推进固态电池等新技术和海外产能建设，公司受益于需求增长。电池检测在新能源 汽 ...

根据市场公开信息及8月26日披露的机构调研信息，知名私募涌津投资近期对1家上市公司进行了调研， 相关名单如下： 1）潮宏基 （涌津投资参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续 围绕客户需求发力产品，打造非遗花丝、古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专 家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗系列，IP授权涵 盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一 城一非遗"活动。线上子公司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540 家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 机构简介： 涌津投资定位为专业的价值成长投资和低风险套利投资私募管理机构，遵循"自上而下"和"自下而上"相 结合的投研逻辑，坚守"以合理价格买入优秀公司"的投资理念，寻找"有成长的价值"和"有价值的成 长"的公司，尤其是传统王者和新兴龙头。 秉承"感恩、专业、团结、向上"的企业文化，始终以追求投 资者利益最大化为目标 ...

Core Insights - The latest data reveals that 27 private equity firms with over 10 billion yuan in assets have appeared in the top ten shareholders of 94 A-share listed companies, with a total holding value of 34.731 billion yuan [1] Group 1: Private Equity Holdings - In Q2, 18 companies saw increased holdings from these private equity firms, while 47 companies maintained their positions, and 10 companies experienced reduced holdings [2] - Notably, Gao Yi Asset Management reduced its stake in Hikvision (002415) by 12 million shares but still holds a significant value of 9.373 billion yuan [2] - Gao Yi Asset also increased its positions in Longbai Group (002601), Angel Yeast (600298), and Yun Aluminum (000807) by 8 million, 3.5 million, and 8.4 million shares respectively [2] Group 2: Industry Focus - The concentrated holdings of private equity firms are primarily in five sectors: electronics, pharmaceuticals, computers, machinery, and basic chemicals, with the number of heavy stocks being 15, 13, 10, 8, and 7 respectively [3] - The electronics sector is particularly favored, with firms like Dazhongquan Investment and Shanghai Ruijun Asset Management making significant investments in companies like Shengyi Technology (600183) and Yangjie Technology (300373) [3] - The pharmaceutical sector also attracted attention, with new investments in companies like Taiji Group (600129) and increased holdings in companies like Fuyuan Pharmaceutical (601089) [3] Group 3: Market Trends and Insights - The movements of these private equity firms serve as a market barometer, reflecting their insights into global macro changes and China's economic transition [4] - The focus on sectors such as electronics and pharmaceuticals aligns with government support for new productivity and technological innovation [4] - The overall market sentiment is positive, with a mild improvement in the macroeconomic environment and increased investor risk appetite, supported by liquidity in the market [5]

丨证券研究报告丨 公司研究丨点评报告丨潮宏基（002345.SZ） [Table_Title] 潮宏基 2025 年中报点评：单店显著增长，加强 产品研发 报告要点 [Table_Summary] 2025 上半年公司实现收入 41.0 亿元，同比增长 20%，归母净利润 3.3 亿元，同比增长 44%， 单二季度实现收入 18.5 亿元，同比增长 13%，归母净利润 1.4 亿元，同比增长 44%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 李锦 罗祎 张彦淳 潮宏基（002345.SZ） cjzqdt11111 [Table_Title 潮宏基 20252]年中报点评：单店显著增长，加强 产品研发 [Table_Summary2] 事件描述 2025 上半年公司实现收入 41.0 亿元，同比增长 20%，归母净利润 3.3 亿元，同比增长 44%， 单二季度实现收入 18. ...

证券之星消息，2025年8月26日潮宏基（002345）发布公告称公司于2025年8月22日接受机构调研，中信证 券、华泰证券、POLYMER、上海和谐汇资管、东吴基金、路博迈基金、工银瑞信、光大保德信基金、新 华基金、Point72、创金合信基金、汇添富基金、华源证券、长江证券、浙商证券、华西证券、天风证 券、财通证券、山西证券、国联民生证券、中泰证券、开源证券、广发证券、申万证券、平安证券、招商 证券、甬兴证券、国信证券、国盛证券、光大证券、中金公司、国泰海通、信达证券、海通国际、兴业证 券、东方财富证券、东北证券、国泰君安、中邮证券、天治基金、沣沛投资、国富人寿、上海衍进私募、 华福证券、云富投资、深圳华强集团、方正资管、星石投资、盛宇投资、银河基金、浙商资管、嘉实基 金、中金资管、华安基金、华创证券、摩根大通、东方资管、海富通基金、中欧基金、长江养老保险、中 银基金、国彤创丰私募基金、同犇投资、阳光资管、友邦人寿、中信建投、民生加银、金信基金、兴亿投 资、璟恒投资、大家资管、三井住友资管、涌金资本、民生加银基金、汇华理财、名禹资管、方正证券、 涌津投资、长安基金、金鹰基金、华泰资管、慎知资管、格林基金 ...