来源：滚动播报 广和通发布公告称，正在进行申请发行境外上市外资股（H股）并在香港联交所主板挂牌上市的相关工 作，香港联交所上市委员会于2025年9月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次 发行上市的保荐人已于2025年9月26日收到香港联交所向其发出的信函，其中指出香港联交所上市委员 会已审阅公司的上市申请，但该信函并不构成对上市的批准，也不表示将获得批准。公司本次发行上市 尚需取得香港证券及期货事务监察委员会和香港联交所等相关监管机构、证券交易所的最终批准，该事 项仍存在不确定性。 ...

证券代码：300638 证券简称：广和通 公告编号：2025-065 深圳市广和通无线股份有限公司 深圳市广和通无线股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行上市"）的相关工作，香港联交所上市委员 会于 2025 年 9 月 25 日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的保荐人已于 2025 年 9 月 26 日收到香港联交所向其发出 的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并不 构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请 提出进一步意见或附加条件。 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关监管机构、证券交易所的最终批准，该事项仍存在不确定性。公司将根据 该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 深圳市广和通无线股份有限公司 二О二五年九月二十九日 关于香港联交所审议公司发行 境外上市外资股（H 股）的公告 本公司及董事会全体成员保证信息披露的内容 ...

广和通晚间公告，公司正在申请发行境外上市外资股（H股）并在香港联合交易所有限公司主板挂牌上 市。香港联交所上市委员会于2025年9月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次 发行上市的保荐人已于2025年9月26日收到香港联交所向其发出的信函，其中指出香港联交所上市委员 会已审阅公司的上市申请，但该信函并不构成对上市的批准，也不表示将获得批准。如有需要，香港联 交所可能会对申请提出进一步意见或附加条件。 ...

2025年9月25日，香港联交所上市委员会举行上市聆讯，审议深圳市广和通无线股份有限公司发行境外 上市外资股（H股）并在港交所主板挂牌上市申请。9月26日，公司本次发行上市保荐人收到港交所信 函，显示上市委员会已审阅申请，但该信函不构成上市批准，也不代表将获批准，港交所或提进一步意 见或附加条件。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][50]. Core Views - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The three major telecom operators are still important assets for dividend allocation, with stable operations and increasing dividend ratios, suggesting a long-term investment strategy [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the Pangu 128 ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of Nvidia systems [3][29]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - In terms of sector performance, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with a projected EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with a projected EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with a projected EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - Guanghe Tong reported a net profit of 218 million yuan for H1 2025, a year-on-year decline of 34.66%, with Q2 net profit at 100 million yuan, down 31.25% [1] Financial Performance - The company achieved a net profit of 2.18 billion yuan in H1 2025, reflecting a 34.66% decrease compared to the previous year [1] - In Q2 2025, the net profit was 1.0 billion yuan, showing a decline of 31.25% year-on-year [1] Business Development - Guanghe Tong is not just a module enterprise but is also establishing an AI research institute, focusing on the AI edge computing sector, where it has a leading technological layout [1] - In the robotics sector, the company has developed the Fibot project based on Qualcomm's high-performance platform and has formed strategic partnerships with leading companies in the embodied intelligence robotics field [1] - The RTK visual fusion positioning solution has been partnered with top manufacturers in the multi-legged robot sector [1] - A dedicated robotics team has been established, focusing on lawn mowing robots and embodied intelligence robots [1] Future Outlook - After the H-share fundraising is completed, 55% of the funds will be allocated to the edge computing and robotics sectors, with plans to continue expanding the R&D team [1] - Despite the pressure on overall operating conditions and sales gross margin in 2024, the company's proactive layout in edge AI and robotics presents significant future growth potential [1] - The adjusted net profit forecast for 2025-2027 is 540 million, 690 million, and 850 million yuan respectively, down from previous estimates of 580 million, 730 million, and 880 million yuan [1] - Corresponding PE valuations for 2025-2027 are projected at 45, 35, and 29 times [1] - The company maintains an "overweight" rating [1]

Group 1: Fixed Income and Monetary Policy - The report discusses the anticipation surrounding the resumption of government bond trading, highlighting a shift from "buying long" to "buying short" under supportive monetary policy, with a focus on liquidity management [2][4][27] - It is expected that if interest rate cuts occur, the impact on the bond market will depend on the magnitude of the cuts, with a likely continuation of a 10 basis point reduction seen in the first half of the year [2][28][29] - The report emphasizes that regardless of whether bond trading resumes, liquidity concerns are manageable due to the central bank's diverse monetary policy tools [27][28][29] Group 2: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects expected to drive growth [6][9] - The report notes that the early drug development process in China is significantly faster than the global average, saving 30%-50% of time [9] - Future prospects for the industry are optimistic, with increased innovation expected to unlock greater commercial value [9] Group 3: Agricultural Sector - The dairy sector is experiencing a strong supply contraction, with expectations that the phase of destocking is nearing its end [10] - The meat cattle sector is entering a super cycle, with domestic supply tightening due to reduced imports and a long replenishment cycle [10] - The report suggests that the interconnection between dairy and meat cattle sectors will enhance profitability for related enterprises [10] Group 4: Technology Sector - The report highlights the rapid growth of Meige Intelligent, driven by demand in the smart connected vehicle and edge AI hardware markets, with a 44.50% increase in revenue year-on-year [32] - The company is expanding its applications in various sectors, including drones, AR glasses, and robotics, showcasing its strong capabilities in edge AI [34][35] - Despite a decline in overall gross margin, the company anticipates improvements in profitability in the latter half of the year [33][36] Group 5: Investment Recommendations - The report recommends focusing on sectors such as innovative pharmaceuticals, new energy, and new consumption, which are expected to benefit from seasonal demand and improving economic conditions [11] - Specific companies to watch include China Shengmu, Guangming Meat, and Fucheng Co., which are positioned well within the agricultural sector [10]

Group 1 - The core products of the company include AI modules and edge AI solutions, as well as robotic products such as lawn mowing robots, mobile robot solutions, and the embodied intelligence robot development platform Fibot [1] - The company is exploring the integration of physical AI, which combines artificial intelligence with physics to enhance the understanding of the physical world, thereby driving advancements in robotics, autonomous driving, and high-end manufacturing [3] Group 2 - Investors have inquired about the company's offerings related to physical AI and whether it provides hardware components for robots or humanoid robots [3]

Core Viewpoint - Guanghetong's H1 2025 financial results show a decline in revenue and net profit, but excluding the impact of a specific business segment, the company experienced growth in core operations [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 3.707 billion yuan, a year-on-year decrease of 9.02%, and a net profit attributable to shareholders of 218 million yuan, down 34.66% [1]. - In Q2 2025, the company reported operating revenue of 1.851 billion yuan, a decline of 5.14%, with a net profit of 100 million yuan, down 31.25% [2]. - Excluding the impact of the wireless communication module business from Ruilin, H1 2025 operating revenue grew by 23.49%, and net profit increased by 6.54% year-on-year [2]. Gross Margin Analysis - The gross margin for Q2 2025 was 15.83%, a decrease of 5.82 percentage points, attributed to product mix and fluctuations in material procurement prices [3]. - Smart modules accounted for over 55% of the revenue, with increased storage costs affecting the gross margin due to a higher proportion of storage in smart modules [3]. Strategic Initiatives - The company is expanding beyond module manufacturing by establishing an AI research institute and advancing into the AI edge computing sector, positioning itself as an industry leader [4]. - In the AI toy sector, the company launched an AI toy model solution that integrates domestic and international AI models, enhancing smart toys with AI capabilities [4]. - In robotics, the company has formed strategic partnerships with leading firms in embodied intelligence and is developing a dedicated robotics team focusing on lawn mowing and embodied intelligent robots [4]. - The company introduced the next-generation AI voice assistant FiboVista, which integrates with the Volcano Engine's model for automatic speech recognition and text-to-speech capabilities, already applied in connected vehicles [4]. Profit Forecast and Investment Recommendations - Considering the overall operational challenges and pressure on sales gross margin for 2024, the company is actively pursuing new applications in AI and robotics, indicating significant future growth potential [5]. - The adjusted net profit forecasts for 2025-2027 are 540 million, 690 million, and 850 million yuan, respectively, with corresponding PE valuations of 45, 35, and 29 times [5].

格隆汇9月23日丨广和通(300638.SZ)在互动平台表示，公司 AI 产品主要包括 AI 模组及端侧 AI 解决方 案，公司机器人产品主要包括割草机器人、移动机器人解决方案及具身智能机器人开发平台 Fibot。 ...