证券研究报告 |行业深度 gszqdatemark 2025 09 12 年 月 日 通信 太空算力：苍穹之上的算力新纪元 站在当前时点，我们继续寻找 AI 基础设施的其他延伸方向。市场聚焦于 算力基建中的光模块、交换机等硬件设施，或对 AI 应用的突破充满期待， 但未来当算力规模突破临界点时，对能源、空间及散热的底层逻辑或已发 生质变。当数据中心电量需求激增、美国电力基建滞后之时，美国 Starcloud 千兆瓦级轨道电站与中国"三体计算星座"的实时响应正在昭 示：算力战场或许已从地面延伸到苍穹。 何为太空算力？——部署于太空轨道上的数据中心。太空算力是一种将数 据中心和计算能力部署到太空轨道的技术，通过卫星及其搭载的计算硬件 进行在轨数据处理。其利用星间高速激光通信实现数据传输和实时处理， 并将结果传回地球。因太空中独特的真空环境与光照条件等，太空算力具 备自治智能、实时响应、分布式协作、无需消耗能源等特性，且具备高运 算效率。 算力为何要上天？——能源桎梏与散热困境。随着"星际之门"等大型项 目计划的宣布以及 CSP 各厂商 Capex 的持续上修，爆发式增长的算力需 求已成为确定性趋势，带动电力需求激 ...

证券研究报告 | 宏观研究 gszqdatemark 2025 09 12 年 月 日 宏观点评 通胀慢热 VS 就业快冷——美国 8 月 CPI 点评 事件：北京时间 9 月 11 日 20:30，美国公布 2025 年 8 月 CPI。 核心结论：美国 8 月 CPI 和核心 CPI 符合预期，数据整体表现平淡，不过 同时公布的初请失业金人数意外飙升至近 2 年最高。数据公布后，美联储 降息小幅升温，利率期货隐含的 9、10、12 月连续降息的概率达到 90%。 现阶段美国就业下行风险大于通胀上行风险，美联储 9 月和 10 月大概率 均会降息；12 月和明年是否仍会连续降息取决于就业市场能否触底回升， 以及下一任美联储主席的提名结果，仍需边走边看。 1、美国 8 月 CPI 和核心 CPI 同比符合预期，通胀延续"慢热"状态。 >整体表现：美国 8 月未季调 CPI 同比 2.9%，符合预期，高于前值 2.7%， 是过去 7 个月最高；核心 CPI 同比 3.1%，与预期值和前值持平。季调后 CPI 环比 0.4%，高于预期值 0.3%、前值和过去 12 个月均值 0.2%；核心 CPI 环比 0.3% ...

证券研究报告 | 公司点评 gszqdatemark 2025 09 12 年 月 日 芯原股份（688521.SH） 芯来科技 CPU IP 业务收入在中国 RISC-V IP 企业中位居前列，应用领域广泛。 标的公司芯来科技成立于 2018 年，是中国本土首批 RISC-V CPU IP 提供商之一， 目前拥有员工 100 余人，已累计开发数十款 IP 产品，具有全系列 RISC-V CPU IP 矩阵和领先的车规 IP 产品，自研了全栈的 SoCIP 矩阵和子系统 IP 平台，在中国 本土处于领先地位，已成为全球 RISC-V IP 赛道第一梯队的代表性企业之一，在 全球已授权客户超 300 家，产品广泛应用于 AI、汽车电子、工业控制、5G 通信、 物联网、网络安全、存储和 MCU 等多个领域。2023 年 7 月，芯来科技成为全球 首家通过 ISO 26262 ASIL-D 级别汽车功能安全认证的 RISC-V CPU IP 公司。2024 年，其 CPU IP 业务收入在中国 RISC-V IP 企业中位居前列，标的公司总收入为 7,794.70 万元。报告期内（截至 25Q1），剔除股份支付影响 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance with a significant increase in revenue and net profit for the first half of 2025, achieving a revenue of 1.319 billion yuan, up 67.55% year-on-year, and a net profit of 72 million yuan, up 85.60% year-on-year [1] - The self-owned brand revenue has surged, accounting for 46% of total revenue, with a remarkable growth rate of 242.42% year-on-year [2] - The overall profitability has improved, with a gross margin of 56.92%, an increase of 11.39 percentage points year-on-year, primarily driven by the higher contribution from the self-owned brand business [3] Business Segments Summary - **Brand Management**: Revenue reached 335 million yuan, up 52.53% year-on-year, contributing 25% to total revenue. Notable performance includes a 165% increase in GMV for Bayer's products during the 618 shopping festival [2] - **Agency Operations**: Revenue was 380 million yuan, down 2.79% year-on-year, accounting for 29% of total revenue [2] - **Self-Owned Brands**: Revenue was 603 million yuan, up 242.42% year-on-year, with the brand "Zhanjia" generating 444 million yuan, a 157.11% increase year-on-year [2] Financial Projections - The company is projected to achieve revenues of 2.789 billion yuan, 3.825 billion yuan, and 4.798 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 57.9%, 37.2%, and 25.4% [3][5] - Net profit is expected to reach 180 million yuan, 249 million yuan, and 337 million yuan for the same years, with growth rates of 70.4%, 38.5%, and 35.0% respectively [3][5]

Group 1: Key Insights on Xiangxin Technology (002965.SZ) - The company reported a revenue of 3.6 billion yuan in Q2 2025, representing a year-on-year increase of 22% and a quarter-on-quarter increase of 18% [8] - The automotive parts and accessories manufacturing segment saw a revenue of 1.94 billion yuan, accounting for 54% of total revenue, with a year-on-year growth of 3% [8] - The company is focusing on liquid cooling solutions for servers and robotics, with significant investments in R&D, leading to a 18% increase in R&D expenses [9][10] Group 2: Financial Performance and Projections - For H1 2025, the company achieved a total revenue of 3.6 billion yuan, with a net profit of 110 million yuan, reflecting a year-on-year decrease of 36% [6] - The projected net profits for 2025-2027 are estimated at 350 million, 500 million, and 630 million yuan respectively, with corresponding PE ratios of 33, 23, and 18 [10] Group 3: Industry Context and Growth Opportunities - The company is capitalizing on the growth of the new energy vehicle market, which saw a total sales volume of 6.94 million units, a year-on-year increase of 40% [8] - The communication equipment manufacturing sector is also experiencing growth, with the company’s revenue from this segment reaching 360 million yuan, a year-on-year increase of 146% [8] - The company is developing liquid cooling solutions for both automotive and computing servers, indicating a strategic shift towards high-growth technology sectors [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.6 billion yuan in Q2 2025, a year-on-year increase of 22% and a quarter-on-quarter increase of 18%. However, the net profit attributable to the parent company was 0.3 billion yuan, a year-on-year decrease of 52% and a quarter-on-quarter decrease of 69% [1] - The automotive parts and accessories manufacturing sector showed steady growth, with the company's revenue from new energy vehicle business reaching 1.94 billion yuan, accounting for 54% of total revenue, a year-on-year increase of 3% [1] - The company is actively investing in new growth areas such as liquid cooling servers and humanoid robots, with R&D expenses increasing by 18% year-on-year [2][3] Financial Performance - In H1 2025, the company's revenue was 3.6 billion yuan, with a year-on-year growth of 13%. The net profit attributable to the parent company was 1.1 billion yuan, down 36% year-on-year [1] - The gross profit margin for H1 2025 was 13.0%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 3.2%, down 2.4 percentage points year-on-year [2] - The company expects net profits for 2025-2027 to be 0.35 billion, 0.50 billion, and 0.63 billion yuan respectively, with corresponding P/E ratios of 33, 23, and 18 times [3] Business Segments - The automotive parts and accessories manufacturing sector saw a 40% year-on-year increase in new energy vehicle sales, with the company’s revenue from this segment growing by 3% [1] - The communication equipment manufacturing sector experienced significant growth, with the company’s revenue reaching 0.36 billion yuan, a year-on-year increase of 146% [1] - The company is developing liquid cooling solutions for both automotive and computing servers, and has established partnerships with leading companies in the robotics sector [3]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5]. Core Insights - Alibaba's significant business adjustments present new opportunities for AI e-commerce, particularly through the launch of the "Gao De Street Ranking" and the "Smoke Fire Good Store Support Plan," which aims to drive foot traffic to offline businesses [1][10]. - The penetration of AI in the e-commerce sector is still in its early stages, with less than 10% of the U.S. retail trade utilizing AI as of September 2024, indicating substantial growth potential [2][27]. - Shanghai has introduced 12 new policies to foster an "AI + Digital Advertising" ecosystem, providing unprecedented financial support for AI-driven advertising initiatives [3][40]. Summary by Sections Alibaba's Business Adjustments - Alibaba is focusing on AI and cloud strategies, with a planned investment of 380 billion yuan over three years for cloud and AI infrastructure [9]. - The company's revenue from AI-related products has seen triple-digit year-on-year growth for eight consecutive quarters [9]. - The launch of the "Gao De Street Ranking" aims to consolidate consumer data across various platforms, enhancing competition with other local service platforms [13][14]. AI in E-commerce - Current AI applications in e-commerce include personalized product recommendations, AI-driven chatbots, dynamic pricing, visual and voice search, demand forecasting, fraud detection, content generation, and sentiment analysis [2][20][27]. - The report highlights that the e-commerce ecosystem provides a vast scale for AI deployment across various operational aspects, including customer relationship management, inventory, pricing, and marketing [35]. Shanghai's New Policies - The new policies include financial support for AI advertising initiatives, with subsidies for AI model development, data acquisition, and computing power rental [40][41]. - The measures aim to enhance AI's integration into the advertising industry, promoting innovation and talent development [41][42]. Companies to Watch - The report suggests monitoring companies such as Alibaba, Yiwan Yichuang, Guangyun Technology, Qingmu Technology, Focus Technology, Shiji Information, Baozun E-commerce, Weimeng Group, and Youzan for potential investment opportunities [4][43].

事件：8 月 29 日，公司发布 2025 年中期业绩，2025H1，实现营收 2.9 亿元 /同比-34.0%，归母净利润 0.5 亿元/同比-27.8%，同店日销同比-17.6%。本 次宣派中期股息 1.46 亿元。 坚持平台化转型，嗨啤合伙人门店持续扩张，重启直营开店计划。1）门店数 量上，公司门店网络总数由 2024 年末的 560 家增至 2025H1 的 580 家。2） 门店类型上，报告期末直营 /特许合作 /嗨啤合伙人 酒馆数量分别为 109/39/432 家，报告期内分别-3/-3/+26 家，合伙人门店数期末占比达 74.5%， 是门店网络扩张的主要驱动力。3）门店分布上，报告期内一线/二线/三线及 以下城市/中国内地以外地区门店数分别+1/-6/+24/+1 家至 36/140/399/5 家，三线及以下城市为拓店主要区域。4）公司于 2025 年 5 月重启直营门店 计划，通过在新市场新开门店，以及原有市场迭代并新开门店，以实现门店环 境升级、体验度提高，同时降低租金、人工等成本，实现经营绩效的提升。截 至报告期日，已开及近期将开业门店达 10 家。 直营日销回暖，合伙人门店承压，成本 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 11 年 月 日 瑞迈特（301367.SZ） 25Q2 收入环比持续改善，欧美市场表现亮眼 瑞迈特发布 2025 年半年度报告。2025H1 公司实现营业收入 5.44 亿元，同 比增长 42.30%；归母净利润 1.31 亿元，同比增长 42.19%；扣非后归母净利 润 0.99 亿元，同比增 49.34%。分季度看，2025Q2 实现营业收入 2.79 亿元， 同比增长 46.54%；归母净利润 5941 万元，同比增长 39.92%；扣非后归母 净利润 3913 万元，同比增长 59.94%。 观点：美国市场去库存周期结束，欧洲市场已开始进入主流医保市场，国内市 场调整初见成效，25Q2 收入环比继续改善。设备与耗材均实现高速增长，无 降噪棉呼吸机已在美国市场投放，下半年放量可期。海外本土化布局深化，欧 美市场增速亮眼，全球竞争力持续提升。 美国市场去库存周期结束，国内市场调整初见成效，收入、利润迎来双重增 长。2025Q2 公司收入端、利润端迎来双重增长，主要系：1）美国：呼吸机 市场去库存周期结束，市场恢复稳态。2）欧洲：已基 ...

证券研究报告 | 固定收益点评 gszqdatemark 2025 09 10 年 月 日 固定收益点评 食品价格表现弱于季节性，金价油价和暑期消费仍是拉动 CPI 同比表现 的主要分项。8 月 CPI 同比下跌 0.4%，较上月降幅扩大 0.4 个百分点， 其中翘尾和新涨价分别影响-0.9%和 0.5%；环比前值持平。核心 CPI 同 比增长 0.9%，较上月增幅增加 0.1 个百分点，环比与前值持平，从分项 来看，家用器具、文娱耐用消费品、医疗服务、教育服务、交通工具租赁 费和旅游等多类分项受暑期消费带动影响，同比增速均出现小幅上行或降 幅收窄。 其次，受金价影响其他用品和服务分项仍保持较高水平增长。8 月其他用 品及服务行业同比增长 8.6%，较 7 月增速再度上行 0.6pct，显著高于 CPI 中其他分项和 CPI 整体增速。其他用品及服务行业持续高速增长可能继续 受到黄金价格上涨支撑，8 月国内黄金期货价格同比增长 37.1%，较 7 月 增速微幅回落 0.7pct，整体保持较高增速水平。按照居民消费结构测算 2024 年末该分项权重分别占 CPI 和核心 CPI 的 2.7%和 4.9%，剔除该 ...