从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓江海股份。宏利转型机遇股票A（000828）二季度持有股数929.58 万股，与上期相比持股数量不变，占基金净值比例为5.71%，位居第五大重仓股。根据测算，今日浮盈 赚取约1450.14万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，宏利基金旗下1只基金位居江海股份十大流通股东。宏利转型机遇股票A（000828）二季度 持有股数929.58万股，持股数量与上期相比不变，占流通股的比例为1.13%。根据测算，今日浮盈赚取 约1450.14万元。 宏利转型机遇股票A（000828）成立日期2014年11月18日，最新规模30.28亿。今年以来收益53.64%， 同类排名134/4222；近一年收益103.46%，同类排名133/3795；成立以来收益368.18%。 宏利转型机遇股票A（000828）基金经理为孟杰。 截至发稿，孟杰累计任职时间5年0天，现任基金资产总规模47.85 ...

截至9月4日，上交所融资余额报11528.73亿元，较前一交易日减少45.6亿元；深交所融资余额报 11039.73亿元，较前一交易日减少51.56亿元；两市合计22568.46亿元，较前一交易日减少97.16亿元。 昨日A股收跌-1.25%，报3765.88点。沪深京三市成交额升至2.58万亿元，环比增长1861亿元。 杠杆资金青睐转债标的、钠离子电池、固态电池、超清视频、独角兽相关方向。 融资净卖出前十的股票分别为：寒武纪（-16.26亿元）、胜宏科技（-7.15亿元）、新易盛（-5.81亿 元）、天孚通信（-5.34亿元）、岩山科技（-4.24亿元）、万通发展（-4.14亿元）、卧龙电驱（-4.04亿 元）、中芯国际（-4.03亿元）、工业富联（-3.52亿元）、江海股份（-3.13亿元）。 责任编辑：栎树 个股方面，融资净买入前十的股票分别为：江淮汽车（3.84亿元）、宁波华翔（3.74亿元）、中际旭创 （3.02亿元）、上能电气（2.79亿元）、立讯精密（2.61亿元）、长飞光纤（2.18亿元）、紫光股份 （2.17亿元）、科创50（2.09亿元）、北京君正（2.05亿元）、福莱特（1.88亿元）。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a record high revenue in a single quarter, with 1H25 revenue reaching 2.694 billion yuan, a year-on-year increase of 13.96%. The net profit attributable to the parent company was 358 million yuan, up 3.19% year-on-year [1]. - The demand for aluminum electrolytic capacitors and supercapacitors is expected to rise significantly due to the high voltage requirements in AI servers, leading to increased revenue and profit forecasts for the company [3][4]. - The company is focusing on expanding production capacity for supercapacitors, which are anticipated to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation [3][4]. Financial Performance Summary - In 1H25, the company's aluminum electrolytic capacitor revenue was 2.229 billion yuan, with a gross margin of 26.75%, driven by strong demand in the photovoltaic and UPS power supply sectors [2]. - Supercapacitor revenue reached 162 million yuan in 1H25, marking a year-on-year increase of 48.93%, although the gross margin decreased to 16.86% due to expansion into new application areas [3]. - The company has revised its profit forecast for 2025-2027, expecting net profits of 800 million, 1.1 billion, and 1.5 billion yuan respectively, with year-on-year growth rates of 17%, 45%, and 38% [4][5]. Financial Projections - The projected revenue for 2025 is 5.382 billion yuan, with a net profit of 763 million yuan, reflecting a 16.5% increase from the previous year [5]. - The company's earnings per share (EPS) is expected to rise from 0.84 yuan in 2023 to 1.79 yuan by 2027 [5][21]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.3 in 2023 to 10.0 by 2027, indicating an improving valuation over time [5][21].

核心观点 投资建议：上调盈利预测，维持"优于大市"评级。 （来源：研报虎） 公司单季度营收再创历史新高。1H25公司实现营收26.94亿元(YoY+13.96%)；归母净利润3.58亿元 (YoY+3.19%)；扣非净利润3.44亿元(YoY+8.96%)。对应2Q25公司实现营业收入15.36亿元 (YoY+17.02%，QoQ+32.69%)；归母净利润2.06亿元(YoY-1.92%，QoQ+35.82%)；扣非净利润2.07亿元 (YoY+10.54%，QoQ+51.01%)。盈利能力上，1H25公司毛利率为24.93%(YoY-0.01pct)；净利率为13.42% (YoY-1.46pct)。 AI服务器高压化带来铝电解电容量、价齐升。1H25公司铝电解电容营收22.29亿元(YoY+16.70%)，毛利 率26.75%(YoY+0.19%)。增长主要源于两方面：一是光伏领域因5月31日后上网电价政策由固定价格转 为市场化定价，刺激了抢装需求；二是UPS电源、通信电源等领域需求持续旺盛。新产品方面，MLPC 在AI服务器领域批量交货，固液混合电容器在汽车领域持续增长。随着AI服务器电源高压化，市场 ...

（文章来源：证券日报） 证券日报网讯江海股份9月4日在互动平台回答投资者提问时表示，公司回购进展可关注相关公告。 ...

Summary of Conference Call Records Industry Overview - The AI power supply equipment industry is experiencing significant technological changes, particularly in GPU power consumption, which has increased from 200W to 300W and may double in the future. The number of cards in cabinets is also rising, from 172 to potentially 288 cards, leading to increased cabinet power from 198kW to an expected 500kW or even megawatt levels by 2027-2028. This presents challenges for data center space architecture but also opportunities for leading domestic companies [2][6][10]. Key Points and Arguments - **Market Size and Pricing**: The price of power supplies is approximately 2 yuan per watt. A 200kW cabinet corresponds to a market space of about 40 billion yuan, with the overall market potentially reaching 100 billion yuan when including components like supercapacitors and BBO [4][5]. - **HVDC Technology**: As cabinet power exceeds 250kW, the need for higher energy efficiency will drive the adoption of HVDC paths, with penetration expected to rise from 10% to over 20% by 2026. Major overseas clients are choosing Delta and Veichi Technology, while domestic companies like Megmeet, Kehua, and Kstar are also actively positioning themselves [6][10]. - **Supercapacitors**: Supercapacitors are crucial in AI power supply devices, capable of handling millisecond-level fluctuations. For instance, the JD300 chip can experience a 90% fluctuation, equating to a 1.9kW variation for a 1kW load. Supercapacitors provide high-frequency, long-lifetime energy storage solutions, essential for system stability [7][9]. - **Investment Opportunities**: There are multiple investment opportunities in PSU, HVDC, and DC-DC segments. Companies like Megmeet and HVDC-related firms show strong certainty, while new players like Newray may achieve AC-DC conversion. Jianghai Co., Blok New Materials, and Sanhuan Group may also see new opportunities due to technological changes [12]. Additional Important Insights - **Technological Iteration**: The secondary power supply (ACDC) segment is expected to undergo technological iterations due to increased power density. The core components will change as integration levels rise and switching frequencies increase from 30kHz to 500kHz, presenting substantial investment opportunities [3]. - **Market Potential for Jianghai Co.**: Jianghai Co. has secured significant orders from major clients like Meta for supercapacitors, with each module priced around $5,000. The company is expected to capture a significant market share and gradually realize profits as downstream clients ramp up demand [10]. - **Impact of IFAX**: The anticipated increase in IFAX production in 2026 will lead to changes in the DC-DC segment, with a projected market space of 1.7 billion yuan for chip-level components. Companies like Boke, with integrated advantages, are expected to capture a large share of this market [11].

格隆汇9月3日丨江海股份(002484.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞 价方式回购公司股份1,098,400股，占公司总股本的0.1291%。最高成交价为18.34元/股，最低为18.12元/ 股，总成交金额为人民币19,998,282.00元（不含印花税、交易佣金等交易费用）。 ...

格隆汇9月3日丨江海股份(002484.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞 价方式回购公司股份1,098,400股，占公司总股本的0.1291%。最高成交价为18.34元/股，最低为18.12元/ 股，总成交金额为人民币19,998,282.00元（不含印花税、交易佣金等交易费用）。 ...

因公司实施 2024 年年度权益分派，自 2025 年 5 月 30 日起公司回购股份价 格上限由不超过 20 元/股调整为不超过 19.74 元/股。具体内容详见 2025 年 5 月 23 日公司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）上披露的 《南通江海电容器股份有限公司关于 2024 年年度权益分派实施后调整回购股份 价格上限的公告》（公告编号：2025-032） 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司应在回购期间每个月的前三个交易日内披 露截至上月末的回购进展情况。截至 2025 年 8 月 31 日，公司通过回购专用证券 账户以集中竞价方式回购公司股份 1,098,400 股，占公司总股本的 0.1291%。最 高 成 交 价 为 18.34 元 / 股 ， 最 低 为 18.12 元 / 股 ， 总 成 交 金 额 为 人 民 币 19,998,282.00 元（不含印花税、交易佣金等交易费用）。本次回购股份资金来 源为公司自有资金，回购价格未超过回购方案中的回购价格上限，本次回购符合 相关法律、法规的 ...

证券之星消息，9月3日元件板块较上一交易日上涨0.16%，生益电子领涨。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688183 | 生益电子 | 82.18 | 5.09% | 22.31万 | | 18.03亿 | | 600601 | 方正科技 | 9.12 | 3.52% | 421.05万 | | 37.20亿 | | 002484 | 江海股份 | 34.08 | 3.34% | 84.07万 | | 28.43 Z | | 002916 | 深南电路 | 185.64 | 3.20% | 12.25万 | | 22.61亿 | | 600183 | 生益科技 | 50.99 | 3.01% | 37.73万 | | 18.89 Z | | 002138 | 顺络电子 | 34.42 | 2.44% | 42.95万 | | 15.00亿 | ...