证券研究报告——晨会聚焦 2025 年 10 月 17 日 | 10 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600029.SH | 南方航空 | | 600428.SH | 中远海特 | | 601233.SH | 桐昆股份 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 000524.SZ | 岭南控股 | | 688249.SH | 晶合集成 | | 002916.SZ | 深南电路 | | 002241.SZ | 歌尔股份 | | 002609.SZ | 捷顺科技 | 中银晨会聚焦-20251017 ■重点关注 【宏观经济】前三季度进出口数据点评*陈琦 朱启兵。9 月我国出口同比增 速延续正增长。东盟、欧盟对 9 月我国出口同比增速仍有支撑。高技术产品 进口仍相对活跃。 【宏观经济】9 月通胀点评*张晓娇 朱启兵。9 月 CPI 同比增速低于万得一 致预期，PPI 同比增速略高于万得一致预期；9 月食品价格对 CPI 同比增速 的拖累较明显，能源价格环比下降对 CPI 环比增速影响较大，贵金属消费品 价格同比增速继 ...

（记者 王晓波） 劲拓股份（300400.SZ）10月16日在投资者互动平台表示，劲拓股份当前在售电子热工设备应用于 PCBA生产环节，与鹏鼎控股和深南电路等建立了良好的业务关系，劲拓股份上半年订单增长也受益于 公司客户的发展。公司生产经营和客户合作的具体情况，敬请以公司于巨潮资讯网 （www.cninfo.com.cn）披露的定期报告、临时性公告为准。 每经AI快讯，有投资者在投资者互动平台提问：鹏鼎，深南等PCB龙头企业都是公司大客户！在PCB需 求大增的情况下，龙头企业都会扩大生产和设备更新，公司相关设备是否也有较大增量需求？ ...

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - PCB business revenue reached 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [1] - The packaging substrate business generated 1.740 billion CNY in revenue, a 9.03% increase, but with a gross margin of 15.15%, down 10.31 percentage points [1] - The electronic assembly business reported revenue of 1.478 billion CNY, a growth of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [1] PCB Business Applications - The PCB business focuses on mid-to-high-end products, primarily serving communication devices, data centers, and automotive electronics [2] - Significant revenue growth in the first half of 2025 was driven by demand in communication, data center, and automotive sectors, particularly for 400G and above high-speed switches and optical modules [2] - The increase in PCB business gross margin was attributed to higher revenue scale and improved factory capacity utilization [2] Production Capacity Utilization - The overall capacity utilization for PCB business remained high due to sustained demand in computing and automotive electronics [3] - The packaging substrate business saw a notable improvement in capacity utilization year-on-year, driven by increased domestic storage market demand [3] Technology and Project Development - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [4] - The Guangzhou packaging substrate project is advancing steadily, with the first phase connected in Q4 2023 and ongoing improvements in production capacity [4] Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [5] - Revenue from electronic assembly was 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total revenue, respectively [5] Raw Material Price Trends - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and inks, with some prices continuing to rise due to commodity market fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6]

证券之星消息，10月15日大基金概念板块较上一交易日上涨1.26%，华大九天领涨。当日上证指数报收 于3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。大基金概念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) | | --- | --- | --- | --- | --- | --- | | 301269 | 华大九天 | 135.42 | 7.30% | 26.73万 | 35.81亿 | | 688702 | 盛科通信 | 116.35 | 3.79% | 4.00万 | 4.61亿 | | 600584 | 长电科技 | 41.92 | 2.77% | 84.12万 | 34.48 Z | | 002916 | 深南电路 | 202.00 | 2.75% | 8.62万 | 17.05亿 | | 002371 | 北方华创 | 412.38 | 2.58% | 10.86万 | 44.01 乙 | | 000021 | 深科技 | 29.50 | 2.25% | 182.06万 | 52.96ZZ5 | | 688508 ...

Market Overview - The component sector increased by 4.65% on October 15, with Weir leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in the Component Sector - Weir Shang (301251) closed at 58.56, up 13.16% with a trading volume of 85,600 shares and a turnover of 480 million [1] - Xingsen Technology (002436) closed at 20.64, up 10.02% with a trading volume of 1,079,800 shares and a turnover of 2.114 billion [1] - Shengyi Technology (600183) closed at 62.06, up 10.00% with a trading volume of 577,500 shares and a turnover of 3.402 billion [1] - Jianghai Co., Ltd. (002484) closed at 30.77, up 6.84% with a trading volume of 377,700 shares and a turnover of 1.133 billion [1] Market Capital Flow - The component sector saw a net inflow of 1.737 billion from main funds, while retail funds experienced a net outflow of 668 million [2] - The main funds showed a significant interest in Shenghong Technology (300476) with a net inflow of 694 million [3] - Xingsen Technology (002436) also attracted main fund inflows of 206 million, indicating strong institutional interest [3] Individual Stock Performance - Shenghong Technology (300476) had a net inflow of 694 million from main funds, but saw a net outflow of 285 million from speculative funds and 409 million from retail investors [3] - Shengyi Technology (600183) experienced a net inflow of 482 million from main funds, with outflows from both speculative and retail investors [3] - Xingsen Technology (002436) had a net inflow of 206 million from main funds, but faced outflows from speculative and retail investors [3]

从资金流向上来看，当日元件板块主力资金净流出22.07亿元，游资资金净流入5.94亿元，散户资金净流 入16.13亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300408 | 三环集团 | 3.59亿 | 8.60% | -3294.28万 | -0.79% | -3.26 Z | -7.81% | | 002636 金安国纪 | | 1.95 亿 | 48.68% | -9016.06万 | -22.54% | -1.05 Z | -26.14% | | 688519 南亚新材 | | 7585.71万 | 12.58% | -1785.81万 | -2.96% | -5799.90万 | -9.62% | | 600183 生益科技 | | 7056.96万 | 2.02% | -2375.99万 | -0.68% | -4680.96万 | -1.34% | | 300 ...

每经AI快讯，10月14日，A股PCB板块震荡走弱，江南新材触及跌停，深南电路、杭电股份、东山精 密、鹏鼎控股、兴森科技、沪电股份等跟跌。 （文章来源：每日经济新闻） ...

图片来源：世界知识产权组织（WIPO） 今年以来深南电路已公布的国际专利申请1个，较去年同期减少了80%。结合公司2025年中报财务数 据，今年上半年公司在研发方面投入了6.72亿元，同比增5.06%。 数据来源：企查查 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。 证券之星消息，根据企查查数据显示深南电路（002916）公布了一项国际专利申请，专利名为"PCB组 件及PCB组件加工方法"，专利申请号为PCT/CN2024/133083，国际公布日为2025年10月9日。 专利详情如下： ...

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

北京排排网保险代理有限公司总经理杨帆对《证券日报》记者分析称，整体来看，养老险公司与保险资产管理公司调研更 为积极，主要是因为其资金久期较长、对稳定性要求较高，需要通过深入调研来甄别并布局具备长期盈利能力的核心资产。养 老险公司作为养老第三支柱的关键参与主体，还需构建差异化投资组合，以匹配不同客户的多元化需求。保险资管公司则承担 着为多家险企及其他机构管理资金的责任，通过积极调研不断完善投资策略，提升投资绩效，以在市场竞争中保持优势。 本报记者 冷翠华 Wind资讯数据显示，今年前三季度，险资机构（包括保险公司和保险资产管理公司）共计调研A股上市公司14128次，其 中，电子元件、医疗设备等科技板块上市公司获得险资机构高度关注。 业内人士认为，险资在建仓前、持仓期都可能对上市公司进行调研。今年以来，险资机构对科技板块上市公司调研较多， 与其看好该板块当前的投资潜力紧密关系，这与险资长期持有大量银行股等高股息板块股票并不矛盾。作为长周期、大体量资 金，险资的权益资产配置具有持股分散、策略多元等特征。 泰康资产调研次数最多 根据国家金融监督管理总局最新数据，截至今年二季度末，保险资金运用余额已突破36万亿元，其中 ...