近期，A股上市公司半年报加速披露，前十大流通股东数据透露出机构行踪。数据显示，二季度养老基 金新进入20余只个股的前十大流通股东名单。根据二季度末的股价数据计算，养老基金二季度新增持有 市值超1亿元的个股有11只，分别为宏发股份、卫星化学、生益电子、鱼跃医疗、杰瑞股份、安琪酵 母、泰恩康、华测检测、海信家电、共达电声、剑桥科技。此外，养老基金二季度新进入潍柴重机、华 峰铝业、鲁西化工、京能电力、诺瓦星云、福达股份、天秦装备、山外山、高新兴、九芝堂、多利科 技、中策橡胶、维峰电子、保立佳等个股的前十大流通股东名单。(中证金牛座) ...

Group 1: Macroeconomic Insights - In July, the growth rate of broad fiscal expenditure slowed to 12.1% from 17.6% in June, with an estimated year-on-year growth of 7.6% after excluding special bonds, which is still higher than the nominal GDP growth of 3.9% in Q2, indicating that fiscal easing supports nominal growth [2] - The broad fiscal deficit recorded 352.5 billion yuan, an increase of approximately 213.4 billion yuan year-on-year, highlighting the continued liquidity injection into the real economy through special bonds and capital injections [2] Group 2: Market Activity and Investment Trends - A-share market activity has rebounded, with trading volumes increasing and the number of active retail investors reaching a year-to-date high, indicating sustained interest from retail investors [3] - Private equity product registrations were high, with 666 new products registered in early August, a 6% increase from July, suggesting robust private investment activity [3] - Foreign and insurance capital are expected to be significant sources of incremental investment, with insurance capital's market entry ratio increasing in Q2 2025 [3] Group 3: Industry Developments - The State Administration of Radio and Television's new measures aim to enhance the supply of quality content for television, which is expected to boost viewership and commercial levels in the film and television industry [8] - The strategic importance of rare earths is highlighted, with expectations of price increases due to supply-demand imbalances in 2025-2026, driven by geopolitical factors and domestic policies [9] - The automation of warehousing through robotics is anticipated to transform the logistics industry, with a focus on enhancing efficiency and reducing costs [10] Group 4: Company-Specific Insights - China Everbright Bank has been rated as "Accumulate" with a target price of 4.62 HKD, benefiting from group resources and a strong non-interest income base [12] - Crystal International, a leading garment manufacturer, has been rated "Buy" with a target price of 7.38 HKD, supported by its global presence and strategic acquisitions [13] - Dingdong Maicai, a fresh e-commerce leader, has been rated "Accumulate" with a target price of 2.77 USD, focusing on product strength and market expansion [13] Group 5: Financial Performance Highlights - The financial performance of various companies shows promising growth, with notable increases in revenue and net profit across sectors such as energy, pharmaceuticals, and technology [18][20][22] - For instance, Longyuan Power reported a revenue of 156.57 billion yuan in H1 2025, with a net profit of 33.75 billion yuan, exceeding expectations due to favorable wind power pricing [21] - The performance of companies like Huazhong Medicine and Meihua Biological indicates stable growth and potential for future profitability, supported by innovative product pipelines and market demand [24][33]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 5.73 RMB [7][5]. Core Insights - The company reported a revenue of 8.97 million RMB and a net profit of 0.26 million RMB for 1H25, marking a year-on-year increase of 36% and a return to profitability, primarily driven by the successful expansion of its vehicle terminal business and an increase in the proportion of high-quality B-end business, leading to a significant improvement in gross margin [1][2]. - The vehicle terminal business achieved a record revenue of 5.19 million RMB in 1H25, up 47.3% year-on-year, with automotive terminal and rail transit terminal products generating revenues of 3.23 million RMB and 1.96 million RMB, respectively [2][3]. - The company has a comprehensive C-V2X product matrix and is well-positioned to benefit from the integration of vehicle-road-cloud construction, with significant growth potential in the vehicle-road-cloud market projected to reach 417.4 billion RMB by 2030 [4][5]. Summary by Sections Financial Performance - In 1H25, the company achieved a gross margin of 37.25%, an increase of 3.69 percentage points year-on-year, attributed to an improved product mix and a higher proportion of quality B-end business [3]. - The company’s sales expense ratio, management expense ratio, and R&D expense ratio decreased significantly, reflecting a substantial dilution of expense ratios due to revenue growth [3]. Business Segments - The vehicle terminal business revenue reached 5.19 million RMB, with automotive terminals growing by 79.1% year-on-year and rail transit terminals by 14.0% [2]. - The electronic license plate and vehicle-road-cloud business generated 0.23 million RMB, up 14.3% year-on-year, while the smart justice and video cloud business achieved 2.43 million RMB, a 19.2% increase [2]. Market Outlook - The company has been actively involved in smart connected vehicle demonstration zones and pilot projects since 2019, positioning itself favorably for future local tenders related to vehicle-road-cloud integration [4]. - The report forecasts a compound annual growth rate (CAGR) of 80% for the vehicle-road-cloud market from 2025 to 2030, indicating substantial growth opportunities for the company [4]. Profitability Forecast - The company’s net profit forecasts for 2025-2027 are 0.63 million RMB, 1.38 million RMB, and 1.74 million RMB, respectively, with a projected price-to-earnings (PE) ratio of 72x for 2026 [5][11].

Core Insights - The company reported a strong performance in the first half of 2025, with revenue reaching 897 million yuan, a year-on-year increase of 36%, and a net profit of 26.29 million yuan, up over 680% [1] - The growth was driven by all business segments, particularly the vehicle terminal products, which generated 520 million yuan in revenue, a 47% increase year-on-year [1] - The rapid growth of the new energy vehicle market in China and the expansion of overseas markets provided significant opportunities for the company [1] Business Performance - The company achieved a turnaround in profitability, with steady growth in main business revenue across four segments: vehicle terminals, smart justice and video cloud, electronic license plates and vehicle-road cloud, and power environment monitoring, all showing double-digit growth [2] - Vehicle terminal products emerged as a key growth driver, with revenue of 323 million yuan, a 79.05% increase, while rail transit terminal products generated 196 million yuan, a 13.95% increase [2] - The overseas business also showed strong growth, with revenue of 150 million yuan, up over 50% year-on-year, establishing multiple benchmark projects in international markets [2] Competitive Advantages - The company has built a robust capability system focusing on innovation, smart manufacturing, and quality management, which supports high-speed growth and long-term competitiveness [3] - It maintains stable R&D investment and has been recognized as a "National Enterprise Technology Center" and a "National Intellectual Property Advantage Enterprise" [3] - The company has established a customer-oriented R&D system that enhances product development efficiency and quality while reducing costs [3] Manufacturing and Quality Control - The company has developed an advanced smart manufacturing system and a reliable supply chain network, enhancing production capabilities in specialized bases located in Guangzhou and Hangzhou [4] - Investments in automated production lines and advanced testing equipment have significantly improved delivery capabilities and product quality [4] - A comprehensive quality management system has been established, achieving various international certifications, indicating high standards in product reliability and service [5] Market Validation - The vehicle terminal products have seen historic sales growth, with a 79% increase in volume, validating the company's large-scale delivery capabilities [7] - Cumulative production and delivery of vehicle communication terminals have exceeded 13 million units, with products integrated into numerous mainstream vehicle models [7] - The company has identified vehicle communication as a core growth engine and is optimizing resource allocation to enhance support for high-value segments [7]

关于为全资子公司高新兴物联融资提供担保或反担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 高新兴科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召 开第六届董事会第三十次会议，审议通过《关于为全资子公司高新兴物联融资提 供担保或反担保的议案》，为满足子公司日常经营及业务发展对资金的需求，董 事会同意为全资子公司高新兴物联科技股份有限公司（以下简称"高新兴物联"） 向银行等金融机构申请融资提供担保或反担保，具体担保范围、担保期限等以最 终签署的担保合同为准；并同意由公司法定代表人或法定代表人的授权人士代表 本公司与银行或融资机构签署所有相关的法律文件。详细情况如下： 证券代码：300098 证券简称：高新兴 公告编号：2025-050 高新兴科技集团股份有限公司 4.注册地址：深圳市南山区西丽街道松坪山社区科苑北路 78 号共享大厦 A 座 606 5.法定代表人：刘双广 6.注册资本：7,281.5534 万元人民币 | 序 | 银行/机构名称 | | 担保额度 | 担保方式 | 担保 | | --- | ...

（二）本次计提资产减值准备的范围和金额 公司及下属子公司对 2025 年半年度各项资产计提的减值准备合计约 3,477.19 万元，具体情况如下表： 证券代码：300098 证券简称：高新兴 公告编号：2025-052 高新兴科技集团股份有限公司 关于计提 2025 年半年度资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为真实、客观地反映公司的财务状况及资产价值，高新兴科技集团股份有限 公司（以下简称"公司"）根据《企业会计准则》及深圳证券交易所等相关规定， 对截至 2025 年 6 月 30 日合并财务报表范围内相关资产计提资产减值准备。现将 本报告期内（2025 年半年度）计提资产减值准备的具体情况公告如下： 一、计提资产减值准备情况概述 （一）计提资产减值准备原因 为真实反映公司财务状况和经营成果，公司依据《企业会计准则》及公司会 计政策的相关规定，基于谨慎性原则，公司对截至 2025 年 6 月 30 日的各项资产 进行了减值迹象的识别和测试，根据识别和测试结果，计提了相关资产减值准备。 单位：万元 | 项目 | 本期计提 | | ...

证券代码：300098 证券简称：高新兴 公告编号：2025-051 根据《公司章程》和《深圳证券交易所创业板股票上市规则》等相关规定， 本次公司为高新兴瑞联授信提供担保事项不构成关联交易。本事项无需提交股东 大会审议。 高新兴科技集团股份有限公司 二、被担保人基本情况 关于为控股子公司高新兴瑞联申请银行授信提供担保的公告 1、被担保人的名称：深圳高新兴瑞联科技有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2、统一社会信用代码：91440300MACM2TBJ4T 一、担保情况概述 高新兴科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召 开第六届董事会第三十次会议，审议通过《关于为控股子公司高新兴瑞联申请银 行授信提供担保的议案》，为满足子公司日常经营及业务发展对资金的需求，董 事会同意为控股子公司深圳高新兴瑞联科技有限公司（以下简称"高新兴瑞联"） 向中国工商银行股份有限公司深圳红围支行（以下简称"中国工商银行"）申请 人民币不超过 3,000 万元整的银行授信提供连带责任担保，保证期间从担保合同 生效日期至主合同项下 ...

高新兴科技集团股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：高新兴科技集团股份有限公司（以下简称"公司"） 单位：元 | 非经营性资金占 | | 占用方与上 | 上市公司 | 2025 | 年初往来资 | 年半年度往来累计 2025 | 年半年度往来 2025 | 2025 | 年半年度偿还 | 年半年度期末 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | 资金占用方名称 | 市公司的关 | 核算的会 | | 金余额 | | | | 累计发生金额 | 往来资金余额 | 占用形成原因 | 占用性质 | | | | | 联关系 | 计科目 | | | 发生金额(不含利息) | 资金的利息(如有) | | | | | | | | 控股股东、实际 | | | | | | | | | | | | | | | 控制人及其附属 | - | - | - | | - | | - | - | - | - | | - | - | ...

证券代码：300098 证券简称：高新兴 公告编码：2025-053 高新兴科技集团股份有限公司 关于召开 2025 年第一次临时股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开的基本情况 1、股东大会届次：2025 年第一次临时股东大会。 2、会议召集人：公司第六届董事会第三十次会议于 2025 年 8 月 18 日审议 通过了《关于召开公司 2025 年第一次临时股东大会的议案》，决定于 2025 年 9 月 10 日（星期三）召开公司 2025 年第一次临时股东大会。 3、会议召开的合法、合规性：董事会召开本次股东大会会议符合《中华人 民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上 市规则》《上市公司股东会规则》等有关法律法规、规则以及《公司章程》的 规定。 4、会议召开日期和时间： （1）现场会议日期和时间：2025 年 9 月 10 日（星期三）14:30 （2）网络投票日期和时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 9 月 10 日，9:15-9:25，9:30- ...

一、监事会会议召开情况 1、高新兴科技集团股份有限公司（以下简称"公司"）第六届监事会第二 十次会议于 2025 年 8 月 18 日在广州市黄埔区科学城开创大道 2819 号一号楼一 楼党建会议室以现场表决的方式召开。 2、本次会议通知于 2025 年 8 月 8 日以电子邮件的形式发出。 3、会议应参加监事 3 人，实际参加监事 3 人，公司董事会秘书刘佳漩列席 了本次会议。 4、会议由公司监事会主席黄海涛主持。 5、本次会议的召集、召开程序符合《中华人民共和国公司法》《公司章程》 及相关法律、法规的规定。 证券代码：300098 证券简称：高新兴 公告编号：2025-048 高新兴科技集团股份有限公司 第六届监事会第二十次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1 特此公告。 高新兴科技集团股份有限公司 监 事 会 2025 年 8 月 18 日 二、监事会会议审议情况 （一）审议通过了《公司 2025 年半年度报告全文及其摘要》的议案 经审核，监事会认为董事会编制和审核的公司 2025 年半年度报告的程序符 合法律、行政法规和中 ...