成都新易盛通信技术股份有限公司 2025 年半年度报告全文 成都新易盛通信技术股份有限公司 2025 年半年度报告 2025-035 2025 年 8 月 1 成都新易盛通信技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人高光荣、主管会计工作负责人林小凤及会计机构负责人(会计 主管人员)王子风声明：保证本半年度报告中财务报告的真实、准确、完整。 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 21 | | 第五节 重要事项 25 | | 第六节 股份变动及股东情况 29 | | 第七节 债券相关情况 38 | | 第八节 财务报告 39 | 成都新易盛通信技术股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均已出席了审议本次半年报的董事会会议。 公司在经营管理过程中可能面临的风险 ...

Group 1 - The A-share market has reached a milestone with the number of electronic industry companies with a market value exceeding 100 billion yuan surpassing that of banks for the first time, with 21 electronic companies compared to 20 banks as of August 25 [1][2] - The total number of companies with a market value exceeding 100 billion yuan has increased to 168, up from 135 at the beginning of the year, marking a growth of 33 companies [1][2] - The structure of the A-share market has shifted significantly, with the previous dominance of traditional sectors like banking and oil being replaced by new economy sectors such as electronics and biomedicine [2][3] Group 2 - The rise of "new economy" sectors, particularly in TMT (Technology, Media, and Telecommunications), has led to the emergence of 10 new companies with a market value exceeding 100 billion yuan, primarily linked to AI [5][6] - The electronic industry has 21 companies in the 100 billion yuan club, with significant players in the PCB and semiconductor sectors, including Shenghong Technology and Huada Semiconductor [5][6] - Traditional industries such as media, automotive, and construction have also seen new entrants into the 100 billion yuan market cap club, demonstrating strong performance and investor interest [8][9] Group 3 - Companies like Century Huatong and Xiaoshangcheng have made significant gains, with Century Huatong's stock price increasing by 333% since "924" and Xiaoshangcheng's market cap reaching a historical high of 126.2 billion yuan [9][10] - The performance of traditional industry leaders in construction, petrochemicals, and machinery has also contributed to their return to the 100 billion yuan market cap, showcasing resilience in these sectors [10]

Group 1 - The A-share market has seen significant growth, with the margin trading balance reaching a new high of 2.155 trillion yuan as of August 22, marking the highest level in 10 years [1] - The Shanghai Composite Index and Shenzhen Component Index hit new highs, with respective peaks of 3883.56 points and 12477.97 points [1] - The margin trading balance has exceeded 2 trillion yuan for 14 consecutive trading days, indicating high market sensitivity and strong trading activity [1] Group 2 - As of August 22, the financing balance reached 2.14 trillion yuan, accounting for 2.30% of the circulating market value, with a net buying amount of 81.74 billion yuan [2] - The number of individual investors participating in margin trading has increased significantly to 7.5852 million, while institutional investors number nearly 50,000 [2][3] - The average maintenance margin ratio has risen to 290.69% as of August 22, up from 277.2% on August 1, indicating a safer leverage environment [3] Group 3 - The electronics sector leads in margin trading balance with 271.96 billion yuan, followed by computer, non-bank financial, pharmaceutical, power equipment, machinery, and automotive sectors, each exceeding 100 billion yuan [4] - The electronics sector also recorded the highest net buying amount of 43.08 billion yuan during the period from August 5 to August 22 [4] - Notable stocks with high margin trading balances include Dongfang Caifu and China Ping An, each exceeding 20 billion yuan [4] Group 4 - Five stocks saw net buying amounts exceeding 2 billion yuan, with notable increases in share prices, such as Cambrian (up 80.42%) and New Yisheng (up 48.41%) [5]

Group 1 - The core viewpoint of the article highlights that the advancement rate of consecutive limit-up stocks is below 30%, with the computing power industry chain continuing to lead the market [1] - A total of 77 stocks hit the daily limit, with only 12 consecutive limit-up stocks, and only 3 stocks achieved three consecutive limit-ups or more [1] - The overall market saw over 3,300 stocks rise, with more than 100 stocks hitting the limit or rising over 10%, indicating a lack of broad market participation in the limit-up stocks [1] Group 2 - The computing power industry chain and rare earth permanent magnet sectors are the main areas of profit, with significant gains concentrated in these few directions [1] - Key stocks in the computing power industry chain, such as Cambrian, Haiguang Information, and Zhongji Xuchuang, rose over 10%, while Xinyi Sheng and Shenghong Technology increased by over 8% [1] - The liquor sector also showed strong performance, with Shede Liquor hitting the limit due to substantial growth in Q2 earnings, and other notable stocks like Shui Jing Fang and Ying Jia Gong Jiu rising over 7% [1]

Market Performance - On the morning of the 25th, the three major stock indices in Shanghai and Shenzhen opened higher, with the Shanghai Composite Index reaching its highest closing level since August 18, 2015, and the Shenzhen Component Index and ChiNext Index hitting their highest closing levels since August 24, 2022 [1] - The total trading volume in the two markets exceeded 3 trillion yuan, with a half-day trading volume surpassing 2 trillion yuan, indicating strong market activity [1] - Key technology stocks showed strong performance, with notable gains in companies such as Cambrian (up 11.40%), Haiguang Information (up 12.92%), and Zhongji Xuchuang (up 14.74%) [1] Institutional Insights - The market is supported by improvements in domestic fundamentals, liquidity, and overseas conditions, suggesting a positive trend despite short-term fluctuations [2] - There is a prevailing "bull market mentality," making it difficult for the trend to reverse once established, with valuation differentiation among sectors not being severe [2] - The market is witnessing a rotation from small-cap growth stocks to large-cap growth stocks, with expectations for profit improvement driving the next phase of market performance [2] Regulatory Developments - A national standard for "Design Guidelines for Elderly Furniture" has been approved, set to be implemented on February 1, 2026, aimed at enhancing furniture products' compatibility with the needs of the elderly [3] - Shanghai has announced adjustments to its real estate policies, including reducing housing purchase restrictions and optimizing housing provident fund policies, effective from August 26, 2025 [5] ETF Market Growth - The number of ETFs with a scale exceeding 100 billion yuan has surpassed 100, collectively accounting for over 3.7 trillion yuan, which is more than 70% of the total ETF market size [6] - Various types of ETFs, including passive index equity funds and bond funds, have contributed to this growth, indicating a robust interest in ETF investments [6]

Core Viewpoint - The A-share market has shown strong performance recently, with the margin trading balance reaching 21,467.95 billion yuan, indicating increased investor confidence and market activity [2][11]. Margin Trading Balance - As of August 21, the A-share margin trading balance reached 21,467.95 billion yuan, with a financing balance of 21,319.52 billion yuan, marking a significant increase over the past nine weeks [2][4]. - The margin trading balance surpassed the 20 trillion yuan mark for the first time since July 2015, reflecting a notable shift in market dynamics compared to ten years ago [2][11]. Industry Performance - From August 18 to August 21, 30 out of 31 industries saw an increase in financing balances, with the electronics, computer, and communication sectors leading in net buying amounts of 23.30 billion yuan, 11.63 billion yuan, and 7.62 billion yuan, respectively [4][6]. - The coal industry was the only sector to experience net selling, amounting to 0.02 billion yuan [4]. Investor Behavior - Investors have shown a preference for popular stocks, with 251 stocks receiving over 100 million yuan in additional financing during the specified period [8]. - The top five stocks with the highest net buying amounts included SMIC, Cambrian, Zhongji Xuchuang, Northern Rare Earth, and Zhinan Compass, with net buying amounts of 1.87 billion yuan, 1.73 billion yuan, 1.56 billion yuan, 1.25 billion yuan, and 1.16 billion yuan, respectively [8][9]. Market Dynamics - The current market structure is considered more optimized and mature compared to ten years ago, with a more stable influx of funds and a preference for emerging industries and growth styles [11][12]. - Analysts suggest that the increase in margin trading balance reflects a structural activity and a recovery in risk appetite, with a more rational financing structure and improved regulatory framework compared to 2015 [12].

Core Viewpoint - The A-share market experienced a significant increase in trading volume, with the total transaction amount exceeding 30 trillion yuan for the first time this year, marking a historical high and the second highest in history [1][3]. Trading Volume - As of August 25, the combined trading volume of the Shanghai, Shenzhen, and North markets surpassed 30 trillion yuan, reaching a new annual high [1]. - The previous record for trading volume was set on October 8 of the previous year, when it first crossed the 30 trillion yuan mark, reaching approximately 34.85 trillion yuan [3]. Market Performance - Multiple indices, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR Market 50 Index, continued to rise, reaching new highs during the session [3]. - The Shanghai Composite Index increased by 1.51%, the Shenzhen Component Index rose by 2.26%, the ChiNext Index gained 3%, and the STAR Market 50 Index climbed 3.2% [4]. Stock Activity - Over ten stocks recorded trading volumes exceeding 10 billion yuan, with several stocks, including Dongfang Caifu, Hanwha U, Northern Rare Earth, and Haiguang Information, surpassing 20 billion yuan in trading volume [3]. - The most popular stock, Hanwha U, saw a price increase of over 11%, closing at 1384.93 yuan per share [6]. Sector Performance - Sectors such as optical fiber, optical modules, optical communication, rare earth permanent magnets, and satellite internet showed significant gains [4]. - The top-performing sectors included optical communication with a rise of 5.77% and rare earth permanent magnets increasing by 5.65% [5].

Group 1 - The ChiNext index surged over 3% as of noon on August 28, 2025, reaching a nearly three-year high, indicating a positive trend in the A-share market driven by recovering market confidence and improved liquidity [1] - The ChiNext ETF Guangfa (159952) rose by 1.35%, with a peak increase of over 3% during the session, reflecting strong performance among component stocks such as Jinli Permanent Magnet, which increased by 19.14%, and Lepu Medical, which rose by 12.67% [1] - The top ten weighted stocks accounted for 52.52% of the index, with notable gains from Zhongji Xuchuang (up 10.90%) and others like Xinyi Sheng and Yiwei Lithium Energy also showing positive trends [1] Group 2 - The Ministry of Industry and Information Technology emphasized the need to enhance computing power resource supply quality and promote the construction of green data centers, which could benefit the technology sector [1] - DeepSeek's optimization for domestic chip compatibility is expected to significantly benefit application sectors, particularly in finance and healthcare, potentially driving AI applications as a key market trend [2] - The latest scale of the ChiNext ETF Guangfa reached 12.09 billion yuan, marking a three-month high, with a recent increase of 81.6 million shares over the past week and a net inflow of 17 million yuan over four out of the last five trading days [2]

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong performance, rising 4.28% as of August 25, 2025, with notable gains in constituent stocks such as Zhongji Xuchuang (300308) up 12.12% and Yuntian Lifei (688343) up 10.01% [1][4] - The Artificial Intelligence ETF (515980) has also performed well, increasing by 3.50% and achieving a cumulative rise of 14.76% over the past week [1][3] Market Activity - The Artificial Intelligence ETF has a turnover rate of 10.49% with a half-day trading volume of 433 million yuan, indicating active market participation [3] - The ETF's latest scale reached 3.945 billion yuan, marking a new high since its inception, with a net inflow of 249 million yuan over the past four days [3][4] Index Performance - Over the past ten trading days, the China Securities Artificial Intelligence Industry Index has increased by 27.34%, outperforming similar indices such as the CS Artificial Intelligence Theme Index (24.22%) and the Sci-Tech Innovation AI Index (23.95%) [4] - The index is designed to comprehensively and balancedly track 50 stocks with high AI revenue and growth potential, focusing on both infrastructure and application layers [3][4] Investment Opportunities - The current low penetration rate of AI large models suggests significant growth potential in the industry, with capital expenditures expected to rise alongside revenue growth from these models [4] - The index has been upgraded to allow for quarterly adjustments, enabling quicker incorporation of companies benefiting from AI technology and better assessment of relative industry trends [7]

Group 1: Market Overview - The non-ferrous metal sector showed strong performance, particularly the rare earth permanent magnet segment, with leading stocks Baogang Co. and Northern Rare Earth reaching their daily limit and increasing by 8.45% respectively [1][3] - The overall market saw significant gains, with the Shanghai Composite Index rising by 0.86%, the Shenzhen Component Index by 1.61%, and the ChiNext Index by 2.22% [1] Group 2: Non-Ferrous Metals Sector - The rise in the non-ferrous metals sector is attributed to two main factors: increased expectations for a Federal Reserve rate cut and supportive domestic policies aimed at boosting demand [5] - The recent implementation of a management measure for rare earth mining and separation is expected to sustain upward pressure on rare earth prices, especially with strong demand from the electric vehicle sector [5] Group 3: Computing Power Sector - The computing power sector also experienced significant gains, with leading stocks such as Cambrian, Haiguang Information, and Zhongji Xuchuang showing notable increases [1][5] - NVIDIA's recent launch of the Spectrum-XGS Ethernet is anticipated to enhance AI computing capabilities, potentially transforming distributed data centers into a billion-watt AI super factory [7]