Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

格隆汇9月4日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司未与英伟达合作开发CPO交换机。公 司具备CPO相关技术储备，曾与腾讯、博通合作，共同参与了CPO技术在交换网络中的创新和落地应 用。 ...

（编辑 袁冠琳） 证券日报网讯 锐捷网络9月4日在互动平台回答投资者提问时表示，公司自研的400G/800G高速光模块产 品主要是面向有高性能计算网络组网需求的互联网厂商，适配其采购的数据中心交换机产品及整体解决 方案进行销售。公司未与英伟达合作开发CPO交换机。公司具备CPO相关技术储备，曾与腾讯、博通合 作，共同参与了CPO技术在交换网络中的创新和落地应用。目前未开展自研交换机芯片业务。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在互动平台表示，目前公司尚无OCS交换机产品，对于新一代网络 架构和技术前沿，公司始终保持着积极关注和探索研究，力求通过发挥自身产品研发创新优势，满足不 断变化的用户需求。公司未与英伟达合作开发CPO交换机。 近期，国务院发布人工智能+行动意见，有 助于加速AI技术迭代演进，推动人工智能赋能各行业实现高质量发展。随着人工智能应用场景向纵深 推进，市场对算力的需求仍将攀升，算力网络作为关键支撑，有望在这一趋势下迎来持续性的发展机 遇。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在互动平台表示，目前公司尚无OCS交换机产品，对于新一代网络 架构和技术前沿，公司始终保持着积极关注和探索研究，力求通过发挥自身产品研发创新优势，满足不 断变化的用户需求。公司未与英伟达合作开发CPO交换机。 近期，国务院发布人工智能+行动意见，有 助于加速AI技术迭代演进，推动人工智能赋能各行业实现高质量发展。随着人工智能应用场景向纵深 推进，市场对算力的需求仍将攀升，算力网络作为关键支撑，有望在这一趋势下迎来持续性的发展机 遇。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司自研的400G/800G高速光模块产品主 要是面向有高性能计算网络组网需求的互联网厂商，适配其采购的数据中心交换机产品及整体解决方案 进行销售。 公司未与英伟达合作开发CPO交换机。公司具备CPO相关技术储备，曾与腾讯、博通合 作，共同参与了CPO技术在交换网络中的创新和落地应用。目前未开展自研交换机芯片业务。 ...

A股市场CPO概念股回调，其中，仕佳光子、天孚通信跌超10%，太辰光、新易盛跌超9%，中际旭创跌 超8%，通富微电、剑桥科技跌超7%，华工科技、长飞光纤跌超6%，锐捷网络、炬光科技、光迅科技、 德科立跌超5%。 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688313 | 仕佳光子 | | -10.69 | 338亿 | 349.85 | | 300394 | 天学通信 | | -10.05 | 1436亿 | 184.56 | | 300570 | 太辰光 | | -9.71 | 261亿 | 59.69 | | 300502 | 新易盛 | | -9.42 | 3328 Z | 307.30 | | 300308 | 中际旭创 | | -8.26 | 4344 Z | 217.84 | | 002156 | 通富微电 | 章 | -7.86 | 494亿 | 10.44 | | 603083 | 剑桥科技 | 1 | -7.09 | 210亿 | 94.06 | | 000988 ...

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

Core Viewpoint - The company's data center business has shown significant growth, with data center switches experiencing a year-on-year increase of 110%, contributing to over 50% of total revenue, leading to accelerated performance growth [1][2]. Group 1: Financial Performance - The company maintained an "overweight" rating, adjusting revenue expectations for 2025-2027 to 14.659 billion, 17.857 billion, and 21.274 billion yuan, with net profits of 1.082 billion, 1.599 billion, and 2.122 billion yuan respectively [2]. - In the first half of 2025, the company reported revenue of 6.649 billion yuan, a year-on-year increase of 31.84%, primarily driven by data center switches, which generated 3.539 billion yuan, reflecting a 110% year-on-year growth [2]. - The overall gross margin decreased by 2.79 percentage points to 33.19%, influenced by the gross margin of data center switches at 20.79%, down 6.85 percentage points year-on-year [3]. Group 2: Cost and Profitability - The company achieved a remarkable net profit of 4.52 billion yuan in the first half of 2025, a year-on-year increase of 194%, with a net profit margin of 8.38%, nearing the quarterly high since its listing in 2022 [3]. - The expense ratios for sales, management, finance, and R&D were 10.23%, 4.65%, 0.06%, and 11.53% respectively, showing a decrease in most areas, which contributed to the improvement in net profit [3].

数据中心交换机继续翻倍增长，净利率重 回高点 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 25H1 数据中心交换机同比+110%，占收比已超过 50%，带动业绩加速增长。 投资要点： 电信运营 [Table_Industry] /信息技术 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 108.78 | [当前价格 Table_CurPrice] (元)： 91.54 [Table_Market] 交易数据 | 52 周内股价 ...