2 September 2025 | 3:43PM HKT We reiterate Buy on Ruijie Networks as we see (1) rising China Cloud capex (GSe BABA Capex in FY2026-28E lifted post 1QFY26 result) to drive switch demand, (2) positive 2H25 outlook with strong visibility into data center switch growth, (3) migration to 400G/800G switches for data center high-speed transmission, and (4) accumulated experience in offering customized white-box solutions for major China CSP clients. We are positive on Ruijie as a local switch leader to ride on the ...

重大活动前游资惯性出货，国家队护盘3830点有支撑 今日消息面： 【算力硬件股短线跳水剑桥科技跌停】CPO等算力硬件股短线跳水，剑桥科技跌停，德科立、锐捷网络跌超10%，华 丰科技、太辰光、东田微、景旺电子、光迅科技、天孚通信跌超5%，新易盛、中际旭创、工业富联等快速下挫。 【数字货币概念震荡下挫中科金财触及跌停】数字货币概念盘中震荡下挫，中科金财触及跌停，中油资本逼近跌停， 四方精创、东信和平、京北方、小商品城、新国都均跌超7%。 【央行公开市场今日净回笼1501亿元】央行今日开展2557亿元7天逆回购操作，操作利率为1.40%，与此前持平。因今 日有4058亿元7天期逆回购到期，当日实现净回笼1501亿元。 今上午大盘高开2点3877点，冲高3885点，探底3828点，午前收3844点。上证50涨0.02%、沪深300、上证指数、深成 指、创业板、科创板、中证500、中证1000跌0.91%、0.79%、2.21%、2.90%、2.36%、2.13%、2.81%。个股涨跌比为 859：4483，涨跌停比48：18。两市半日成交额为1.91万亿，较上个交易日放量805亿。 大盘在3800点上方连续收盘8天， ...

天风证券研究员王奕红、康志毅、唐海清、张建宇昨日发表研报《锐捷网络(301165)：数据中心交 换机快速增长市场地位持续保持领先》，给予公司维持"增持"评级。 （责任编辑：魏京婷） 中国经济网北京9月2日讯 锐捷网络(301165.SZ)今日收报91.54元，跌幅11.65%，总市值728.16亿 元。 ...

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

Group 1 - The CPO concept stocks in the A-share market experienced a significant decline, with major stocks like Dekoli dropping over 14% and Ruijie Network falling over 13% [1] - Other notable declines included Taicheng Light, Tianfu Communication, and Jingwang Electronics, all of which saw drops exceeding 11% [1] - Several stocks hit the 10% daily limit down, including Cambridge Technology and Guangxun Technology, while Kecuan Technology approached the limit down [1] Group 2 - The table lists various stocks with their respective declines, total market capitalization, and year-to-date performance, highlighting Dekoli's market cap at 16.9 billion and a year-to-date increase of 53.07% despite the recent drop of 14.63% [2] - Ruijie Network had a market cap of 72 billion with a year-to-date increase of 77.07%, despite a recent decline of 12.64% [2] - Tianfu Communication, with a market cap of 154.2 billion, experienced a significant drop of 10.73% but has a remarkable year-to-date increase of 205.61% [2]

Group 1 - The core viewpoint of the article highlights a significant decline in computing hardware stocks, particularly in the CPO and liquid cooling server sectors [2] - Companies such as Invec, Megmeet, and StarNet have hit the daily limit down, indicating severe market pressure [2] - Other companies like Tianfu Communication, Taicheng Light, Ruijie Networks, Dekoli, and Oulu Tong have experienced declines exceeding 10% [2]

Group 1 - The CPO concept stocks in the A-share market experienced a significant decline, with major companies like Dekoli and Ruijie Network dropping over 14% and 13% respectively [1] - Other notable declines included Taicheng Light, Tianfu Communication, and Jingwang Electronics, all falling more than 11% [1] - Several companies hit the 10% daily limit down, including Cambridge Technology and Guangxun Technology, while Kecuan Technology approached the limit down [1] Group 2 - Dekoli's stock fell by 14.63%, with a total market capitalization of 16.9 billion [2] - Ruijie Network saw a decline of 12.64%, with a market value of 72 billion [2] - Taicheng Light and Tianfu Communication reported decreases of 11.40% and 10.73% respectively, with market caps of 28.6 billion and 154.2 billion [2]

Group 1 - CPO concept stocks experienced a downturn on September 2, with Cambridge Technology hitting the daily limit down [1] - Ruijie Networks fell over 10%, while Dekoli, Taichengguang, Zhongfu Circuit, and Tianfu Communication all dropped more than 7% [1]

证券研究报告 | 2025 年 09 月 02 日 晨会集萃 制作：产品中心 重点推荐 《策略|中观景气度高频跟踪及运用——中观景气度数据库和定量模型应 用》 1、从整体的行业景气度方面来看，本周电子、医药生物、纺织服饰、家 用电器、非银金融、房地产、环保等行业整体呈上行趋势；食品饮料、银 行、公用事业、商贸零售等行业整体呈下行趋势。2、本周，我们预测了 未来 4 周表现较优的申万二级行业。重视自动化设备、通用设备、摩托车 及其他、工程机械、包装印刷、商用车、铁路公路、房地产开发、房地产 服务、小家电、医药商业、电机Ⅱ、光学光电子、燃气Ⅱ、化学制药等申 万二级行业。相较于上周，新增了通用设备、商用车、房地产开发等。3、 行业配置建议：赛点 2.0 第三阶段攻坚不易，波折难免，重视恒生互联网。 根据经济复苏与市场流动性，可以把投资主线降维为三个方向：1） Deepseek 突破与开源引领的科技 AI，2）消费股的估值修复和消费分层 逐步复苏，3）低估红利继续崛起。红利回撤常在有强势产业趋势出现的 时候，因此低估红利的高度取决于 AI 产业趋势的进展，而 AI 产业趋势的 进展又取决于 AI 应用端和消费端的突破 ...

公司报告 | 半年报点评 锐捷网络（301165） 证券研究报告 数据中心交换机快速增长，市场地位持续保持领先 事件：公司发布 2025 年半年报，公司实现营业收入 66.49 亿元，同比增长 31.84%，归母净利润为 4.52 亿元，同比增长 194%，扣非归母净利润为 4.32 亿元，同比增长 245.14%。经营活动现金净流量为-3.14 亿元，净流出同比 收窄 74.32%。 公司盈利能力提升，数据中心交换机营收快速增长 2025 年上半年，公司毛利率为 33.19%，同比下降 2.79 个百分点，净利率 为 6.80%，同比提升 3.75 个百分点，盈利能力提升。分业务来看，公司网 络设备产品营收为 58.41 亿元，同比增长 46.58%；网络安全产品营收为 2.12 亿元，同比增长 19.14%，其中，数据中心交换机营收为 35.39 亿元，同比 增长 110%，主要是由于面向互联网客户的数据中心交换机产品订单加速交 付，相关营业收入大幅增长，但数据中心交换机毛利率为 20.79%，同比下 降 6.85 个百分点；云桌面解决方案产品营收为 1.89 亿元，同比下降 16.90%。 持续创新产品 ...