Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

金融界消息 截至2025年8月1日收盘，普天科技（002544）报收于22.81元，下跌0.91%，换手率1.92%， 成交量13.02万手，成交金额2.98亿元。 资金流向方面，今日主力资金净流入2261.44万元，占比成交额7.6%。其中，超大单净流出1247.82万 元、占成交额4.19%，大单净流入3509.26万元、占成交额11.79%，中单净流出流出61.55万元、占成交 额0.21%，小单净流出2199.89万元、占成交额7.39%。 普天科技最新一期业绩显示，截至2025一季报，公司营业总收入8.71亿元、同比减少19.58%，归属净利 润1639.80万元，同比减少201.78%，扣非净利润2308.84万元，同比减少266.75%，流动比率1.445、速动 比率1.169、资产负债率59.60%。 天眼查商业履历信息显示，中电科普天科技股份有限公司，成立于1994年，位于广州市，是一家以从事 建筑安装业为主的企业。企业注册资本68053.389万人民币，实缴资本68053.389万人民币。公司法定代 表人为沈文明。 通过天眼查大数据分析，中电科普天科技股份有限公司共对外投资了9家企业，参与 ...

证券之星消息，8月1日通信服务板块较上一交易日下跌0.6%，南凌科技领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。通信服务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) | | | --- | --- | --- | --- | --- | --- | --- | | 300921 | 南凌科技 | 24.50 | -5.22% | 15.08万 | | 3.74Z | | 603322 | 超讯通信 | 36.93 | -3.98% | 9.61万 | | 3.57亿 | | 000889 | 中嘉博创 | 3.70 | -3.90% | 85.75万 | | 3.20亿 | | 300442 | 润泽科技 | 48.18 | -3.23% | 27.65万 | | 13.38亿 | | 300738 | 奥飞数据 | 20.46 | -2.20% | 46.88万 | | 9.59 Z | | 002115 | 三维通信 | 8.32 | -2.00% | 33.87万 | | 2.82亿 | ...

Group 1 - The company, Putian Technology, focuses on three main business areas: public communication, private communication, and smart applications, as well as intelligent manufacturing [2] - The company's PCB products are widely applicable in high-end fields such as communication, electricity, high-speed rail, aerospace, and special equipment, with a small portion exported [2] - The company will disclose significant information in accordance with regulations through designated media, including China Securities Journal, Securities Times, and Giant Tide Information Network [2]

Group 1 - The company, Putian Technology, focuses on three main business areas: public network communication, private network communication and smart applications, and intelligent manufacturing [1] - The company's PCB products are widely applicable in high-end fields such as communication, electricity, high-speed rail, aerospace, and special equipment, with a small portion of products exported [1]

Group 1 - The core viewpoint indicates that the high-end equipment sector is experiencing significant growth, with the CSI High-End Equipment Sub-Index rising by 1.43% as of July 28, 2025, and notable individual stocks like Optoelectronics Co. and Gaode Infrared seeing substantial gains [1][2] - The high-end equipment ETF (159638) has shown a strong performance, with a recent increase of 1.36%, marking its third consecutive rise, and a total trading volume of 20.92 million yuan [1] - Over the past year, the high-end equipment ETF has achieved a net value increase of 34.71%, with the highest monthly return recorded at 19.30% since its inception [1] Group 2 - The military industry is showing strong performance, with 67 companies reporting their 2025 semi-annual earnings forecasts, of which 41 are expected to see profit increases, while 26 anticipate declines [1][2] - The military sector's valuation has reached a new level compared to the end of 2024, indicating a broad upward potential with limited downside risk [2] - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, with significant contributors including AVIC Shenyang Aircraft, Aero Engine Corporation, and AVIC Optoelectronics [2][4]

Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

Performance Forecast - The company expects a net loss of between 15 million to 30 million yuan for the current reporting period, compared to a profit of 39.32 million yuan in the same period last year, indicating a decline of 138.15% to 176.3% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 20 million to 40 million yuan, down from 36.53 million yuan last year, reflecting a decrease of 154.75% to 209.5% [1] - Basic earnings per share are anticipated to be a loss of 0.02 to 0.04 yuan per share, compared to earnings of 0.06 yuan per share in the previous year [1] Reasons for Performance Change - The public communication sector is experiencing a slight decline in revenue due to intensified industry competition, along with a decrease in gross profit margin [1] - The private network communication and smart application sectors are seeing a reduction in revenue as the company actively cuts back on inefficient businesses with long payment cycles [1] - The smart manufacturing sector is facing a slight revenue decline due to specific customer demand cycles, alongside increased costs from rising precious metal prices and investments in technological innovation [1] Strategic Adjustments - The company plans to dynamically adjust and optimize management measures, accelerate breakthroughs in new technologies, and explore new markets [2] - There will be a focus on strengthening cost and expense management to enhance market competitiveness and profitability [2]

[CETC Potevio Science and Technology Co., Ltd. 2025 H1 Earnings Forecast Analysis](index=1&type=section&id=%E4%B8%AD%E7%94%B5%E7%A7%91%E6%99%AE%E5%A4%A9%E7%A7%91%E6%8A%80%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Core Earnings Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant shift from profit to loss in H1 2025 compared to the prior year H1 2025 Key Performance Indicators Forecast | Item | Current Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: CNY 15 million - 30 million | Profit: CNY 39.32 million | Decline: 138.15% - 176.3% | | **Net Profit After Non-recurring Items** | Loss: CNY 20 million - 40 million | Profit: CNY 36.53 million | Decline: 154.75% - 209.5% | | **Basic Earnings Per Share (EPS)** | Loss: CNY 0.02/share - 0.04/share | Profit: CNY 0.06/share | - | [Audit Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The preliminary financial data in this earnings forecast has not yet been audited by a certified public accountant - The relevant financial data in this earnings forecast has **not been audited** by a certified public accountant[3](index=3&type=chunk) [Performance Fluctuation Analysis and Outlook](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance decline is attributed to broad challenges across all business segments, with countermeasures planned [Reasons for Performance Decline](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The loss stems from a combination of intensified competition, strategic business adjustments, and rising costs - Pressure across all business segments contributed to the overall loss[4](index=4&type=chunk): - **Public Network Communications**: Experienced declines in both revenue and gross margin due to intensified competition - **Private Network Communications and Smart Applications**: Revenue decreased due to a strategic scale-back of inefficient businesses with long collection cycles - **Intelligent Manufacturing**: Faced a slight revenue drop from cyclical demand and a lower gross margin due to increased costs from R&D, restructuring, and raw materials [Future Countermeasures](index=2&type=section&id=%E6%9C%AA%E6%9D%A5%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company will focus on technological innovation, market expansion, and cost control to improve profitability - The company plans to implement the following measures to enhance market competitiveness and profitability[5](index=5&type=chunk): - Dynamically adjust and optimize management and control measures - **Accelerate new technology breakthroughs** and new market development - **Strengthen cost and expense control** [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are advised that these preliminary figures are subject to change pending the final audited H1 2025 report - This earnings forecast is a preliminary estimate; **final data will be disclosed in the official 2025 semi-annual report**[6](index=6&type=chunk)

Core Viewpoint - Puxian Technology (002544) announced an expected net profit loss of 15 million to 30 million yuan in the first half of 2025, representing a year-on-year decline of 138.15% to 176.3% [1] Financial Summary - The projected net profit loss for the first half of 2025 is between 15 million and 30 million yuan [1] - This loss indicates a significant decline compared to the previous year, with a decrease of 138.15% to 176.3% [1]