2025 年 09 月 18 日 机构关注度环比回升：计算机、传媒、有色金属 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn jianyuhan@kysec.cn 证书编号：S0790525050005 "机构调研信息"是投资者决策过程当中，重要的信息补充 机构调研是资本市场信息传递和价值挖掘的重要环节。对于专业机构而言，是深 度研究、投资决策的关键步骤。相较财务信息，机构调研具备披露及时、信息多 维且深入等优势。往往在调研结束后 1-2 天内，公司以公告方式对外披露，主要 内容包含参会人员信息、会议问答等，投资者与公司管理层之间的问答往往涉及 行业最新动态及公司运营细节。 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 计算机、传媒、有色金属等关注度环比增加 周度：上周，全 A 的被调研总次数小幅下跌，低于 2024 年同 ...

近5日机构合计调研267家公司，汇川技术、聚和材料、晶盛机电等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（9月11日至9月17日）两市约267家公司被机构调研，调研机构类 型显示，证券公司共对224家公司进行调研，即83.90%的上市公司调研活动有证券公司参与；基金公司 调研178家，位列其后；阳光私募机构调研91家，排名第三。 机构调研榜单中，共有56家公司获20家以上机构扎堆调研。汇川技术最受关注，参与调研的机构达到 393家；聚和材料被263家机构调研，榜单中排名第二；晶盛机电、厦钨新能等分别被122家、101家机构 调研。 机构调研次数来看，有7家公司被机构调研3次，分别是云图控股、凌钢股份、兴蓉环境等，机构调研最 为密集。 市场表现上，机构扎堆调研股中，近5日上涨的有41只，涨幅居前的有苏大维格、双环传动、苏宁环球 等，涨幅为28.49%、25.98%、18.61%；下跌的有14只，跌幅居前的有欢瑞世纪、诺思格、齐鲁银行 等，跌幅为8.10%、4.38%、3.63%。（数据宝） 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | ...

证券研究报告 | 2025年09月17日 $\begin{array}{l}\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\\ \mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\end{array}$ 市场表现：20250916 规模指数中中证 2000 指数表现较好，板块指数中科 创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。纺织服装、 计算机、综合金融、消费者服务、汽车行业表现较好，农林牧渔、银行、有 色金属、食品饮料、石油石化行业表现较差。宇树机器人、呼吸机、海航系、 PVC 地板、减速器等概念表现较好，钨矿、稀土、鸡产业、猪产业、生物育 种等概念表现较差。 市场情绪：20250916 收盘时有 89 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘收益为-2.70%。今日 封板率 74%，较前日提升 6%，连板率 27%，较前日提升 7%，连板率创近 一个月新高。 市场资金流向：截至 ...

Group 1 - Silicon carbide (SiC) is a third-generation wide bandgap semiconductor material that significantly outperforms traditional silicon-based devices in high-temperature, high-voltage, and high-frequency applications, making it widely used in electric vehicles, photovoltaic energy storage, and 5G communication [1] - The explosive growth of AI computing power has created a new demand for SiC, which addresses the heat dissipation challenges of high-power chips and supports energy efficiency upgrades in data centers [2][4] - SiC's thermal conductivity reaches 490W/mK, over three times that of silicon, and its thermal expansion coefficient is well-matched with chip materials, enhancing heat dissipation and packaging stability [4] Group 2 - NVIDIA's H100 GPU has a power consumption of 700W, with the next-generation Rubin processor expected to exceed 1000W, highlighting the limitations of traditional silicon intermediates [2] - NVIDIA plans to replace silicon intermediates in its CoWoS packaging with SiC, resulting in a temperature drop from 95°C to 75°C for the H100 chip, reducing cooling costs by 30% and doubling chip lifespan [4] - By 2027, SiC intermediates are expected to meet 10% of high-end GPU demand, as TSMC advances SiC packaging technology [6] Group 3 - The demand for electricity in AI data centers is projected to increase nearly 100-fold, necessitating a shift from traditional 54V power supply architectures to an 800V high-voltage direct current (HVDC) framework [7] - Implementing SiC devices in data centers can reduce copper usage by 45% and save over $100,000 in electricity costs annually for every 10MW data center, significantly improving energy efficiency [7] Group 4 - The silicon carbide supply chain has the highest technical barriers and value concentration in the substrate segment, which accounts for 47% of total device costs [11] - Tianyue Advanced is a leading domestic supplier of SiC substrates, holding over 50% market share in China and 22.8% globally, focusing on automotive-grade and power device sectors [12] - Tianjie Heda, another key player, has a significant market share in 6-inch substrates and is positioned to benefit from the growing demand in the photovoltaic sector [13] Group 5 - Jing Sheng Mechanical and Electrical is a leading domestic semiconductor equipment manufacturer, achieving a dual advantage in equipment manufacturing and material production in the SiC sector [15] - The company has developed core equipment for the entire substrate processing chain, enabling a 30% reduction in substrate processing costs [16] - By 2025, Jing Sheng plans to expand its production capacity significantly, supported by substantial investments from national funds [16]

Investment Rating - The report maintains an "Outperform" rating for the military industry [1] Core Views - The military industry is experiencing a revenue rebound, with significant increases in inventory and contract liabilities. In the first half of 2025, 141 listed companies in the military sector achieved a total revenue of 254.549 billion yuan, a year-on-year increase of 9.3%. However, the net profit attributable to shareholders decreased by 1.1% to 15.526 billion yuan [7][11][13] - The overall inventory of these companies reached 310.839 billion yuan, up 19.8%, while contract liabilities totaled 152.030 billion yuan, increasing by 14.9% [11][13] - The report suggests focusing on specific sub-sectors for investment opportunities, including the aircraft and aero-engine supply chain, missile and unmanned combat equipment, and military trade-related enterprises [17] Summary by Sections Industry Overview - The military industry is showing signs of recovery, with a notable increase in revenue and contract liabilities. The overall gross margin for the industry is 18.7%, which is a slight increase from the previous year [13][16] - The report indicates a shift in industry dynamics, with upstream electronic components benefiting first, followed by downstream core components and equipment [16] Market Performance - In the first two weeks of September 2025, the military sector indices experienced significant adjustments, with the defense and military industry index dropping by 7.90%, underperforming compared to the broader market [18][24] - The report highlights that the military sector's performance was negatively impacted after the "September 3" military parade, leading to a sell-off in military stocks [18][20] Company Dynamics - Notable companies in the sector include: - **博实股份**: Signed a major contract worth approximately 235.1132 million yuan [43] - **埃斯顿**: Became the first domestic robot brand to lead the Chinese industrial robot market with a market share of 10.5% [44] - **融发核电**: Reported a sufficient backlog of orders and is progressing according to production plans [46] - **中航西飞**: Expanding strategic cooperation with Airbus to meet production needs for the A320 series [47] - **晶盛机电**: Achieved domestic production of semiconductor equipment and is advancing global customer validation for silicon carbide substrates [48] Investment Recommendations - The report recommends focusing on ETFs related to the military sector, such as 富国中证军工龙头 ETF and 国泰中证军工 ETF, as potential investment vehicles [2]

证券研究报告 | 2025年09月16日 金融工程日报 沪指冲高回落，创业板指走强 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 市场表现：20250915 规模指数中沪深 300 指数表现较好，板块指数中创业 板指表现较好，风格指数中沪深 300 成长指数表现较好。电新、汽车、农林 牧渔、传媒、煤炭行业表现较好，通信、国防军工、综合、银行、有色金属 行业表现较差。高送转、游戏出海、量子材料、CRO、大豆等概念表现较好， 快手平台、钨矿、小红书平台、光纤、网络可视化等概念表现较差。 市场情绪：20250915 收盘时有 82 只股票涨停，有 13 只股票跌停。昨日涨 停股票今日收盘收益为 1.35%，昨日跌停股票今日收盘收益为-1.68%。今日 封板率 67%，较前日下降 6%，连板率 20%，较前日下降 1%。 市场资金流向：截至 20250915 两融余额为 23700 亿元，其中融资余额 23533 亿元，融券余额 167 亿元。两融余额占流通市值比重为 ...

9月16日早盘，A股三大指数集体走低，上证指数盘中下跌0.17%，电脑硬件、休闲用品、汽车零部件等板块涨幅靠前，基本金属、农业跌幅居前。芯片科技 股继续走强，截至10点17分，芯片ETF（159995）上涨1.21%，其成分股龙芯中科上涨14.29%，海光信息上涨5.90%，晶盛机电上涨3.47%，澜起科技上涨 3.33%，华海清科上涨3.29%。 每日经济新闻 招商证券表示，全球贸易格局的演变促使芯片半导体自主可控上升为我国产业发展的关键战略，政府部门持续加码对该领域的政策扶持。AI 创新周期赋能 叠加关税背景下自主可控预期强化，细分领域景气持续复苏，芯片半导体产业已开启新一轮向上周期。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 ...

长江证券指出，该政策为储能行业发展提供明确指引，叠加宁夏等地推出储能容量电价机制，进一步提 升项目经济性。当前大储需求持续超预期，户储景气度稳步提升，产业链价格逐步触底，行业整体进入 景气上行周期。随着政策红利释放，储能系统集成及核心设备厂商有望持续受益。 华西证券分析指出，海外因素方面，美联储9月降息已成市场"共识"，后续中美谈判进展将成为影响全 球风险偏好的重要因素。对于A股而言，本轮牛市驱动力并未改变，政策依旧对"稳股市"提供有力支 持，居民端潜在增量资金也依旧充沛。结构上，牛市行情中景气赛道有望在产业变迁过程中享受估值溢 价；政策维度，十月将召开四中全会，硬科技、新质生产力领域或有较多政策催化；产业维度，近期海 外AI产业资本开支预期持续增强，市场对此反应积极；盈利维度，A股盈利筑底阶段需在结构上精选高 景气赛道，从2025年盈利预期来看，TMT领域亮点较多。 截至2025年9月15日收盘，创业板指数(399006)一度涨超2%，收涨1.51%，样本股圣邦股份(300661)上涨 20.00%，湖南裕能(301358)上涨10.77%，宁德时代(300750)上涨9.14%，芒果超媒(300413)， ...

行业看，以行业内被调研公司数量占比（近六个月移动平均）来衡量，当前机构关注度较高的行业包括电子、纺服、医药、有色、军工、汽车、 机械、计算机等，近一个月机构关注度显著提升的行业包括轻工、电子、食饮、电力设备、家电、医药、纺服、农牧等。 今年以来机构调研公司数量占比持续抬升。随着市场赚钱效应不断扩散，今年以来机构调研热情高涨，被调研公司数量占比也持续抬升。 大类板块看，今年以来TMT、医药、制造、周期板块机构关注度持续抬升。近一个月消费板块机构关注度开始提升，而金融地产机构关注度有所 下降。 个股层面，9月以来调研参与机构家数居前的个股主要包括：电子（澜起科技、深南电路、炬光科技、领益制造、乐鑫科技等）、电力设备（晶盛 机电、高测股份、隆基绿能）、机械设备（埃斯顿、中联重科、博众精工、凌云光等）、计算机（石基信息、博思软件）、游戏（恺英网络）、 化学制品（多氟多）、化学制药（兴齐眼药）等。 | 证券代码 | 证券名称 | -级行业 | 二级行业 | 总市值(亿元) | 调研机构家数 | 区间涨跌幅 (%0 | | --- | --- | --- | --- | --- | --- | --- | | 30031 ...

证券之星消息，9月15日光伏设备板块较上一交易日上涨0.43%，晶盛机电领涨。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。光伏设备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) | | | --- | --- | --- | --- | --- | --- | --- | | 300316 | 晶盛机电 | 38.07 | 8.49% | 69.61万 | | 26.24亿 | | 688147 | 微导纳米 | 47.99 | 8.28% | 19.84万 | | · 9.34亿 | | 688680 | 海优新材 | 52.10 | 5.32% | 4.42万 | | 2.26亿 | | 603381 | 永臻股份 | 24.65 | 4.58% | 13.97万 | | 3.47亿 | | 301168 | 通灵股份 | 40.74 | 2.93% | 3.41万 | | 1.38亿 | | 688556 | 高测股份 | 11.26 | 2.74% | 58.59万 | | 6.56亿 | | ...