Group 1 - The company, Shenzhen Walke Technology Co., Ltd., has received a civil judgment from the Shenzhen Intermediate People's Court regarding its lawsuit against Changyuan Technology Group Co., Ltd. [1][2] - The lawsuit sought compensation for investment loss amounting to RMB 56,008,304.84, along with additional claims for stamp duty and commission losses [1][2] - The court ruled to dismiss all claims made by the company, and the company is responsible for the case acceptance fee of RMB 322,205.58 [2][4] Group 2 - As of the announcement date, the company and its subsidiaries do not have any other significant undisclosed litigation or arbitration matters [3] - The judgment is a first-instance ruling, and the company has the option to appeal within fifteen days [2][4] - The financial impact of this judgment on the company's current or future profits is expected to be minimal [4]

一、诉讼的基本情况 公司于 2024 年 2 月 22 日收到了广东省深圳市中级人民法院下发的《受理案件 通知书》【（2024）粤 03 民初 2592 号】，公司向广东省深圳市中级人民法院提起了民 事诉讼，诉讼请求：判令长园科技集团股份有限公司（以下简称"长园集团"）赔偿 公司投资差额损失人民币 56,008,304.84 元；判令长园集团赔偿公司印花税损失人 民币 56,008.30 元（以投资差额损失的千分之一计算）以及佣金损失 16,802.50 元 （以投资差额损失的万分之三计算）；本案全部诉讼费用由长园集团承担。 上述内容详见公司于 2024 年 2 月 24 日披露在《证券时报》《中国证券报》及巨 潮资讯网(www.cninfo.com.cn)的《关于提起诉讼的公告》（公告编号：2024-005）。 证券代码：002130 证券简称：沃尔核材 公告编号：2025-059 深圳市沃尔核材股份有限公司 关于提起诉讼的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市沃尔核材股份有限公司（以下简称"公司"或"沃尔核材"）于近日收到 了广东 ...

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating a positive outlook for the sector's performance relative to the benchmark index [3]. Core Insights - The rapid development of artificial intelligence (AI) is intensifying competition for traffic entry points, with significant investments in hardware driving further efficiency in AI applications. Major cloud service providers are increasing their investments in computing power, driven by the competition for massive traffic and advertising revenue [1]. - Meta's Q2 2025 revenue reached $47.52 billion, a 22% year-over-year increase, with earnings per share of $7.14, up 38%. Microsoft reported Q4 FY2025 adjusted earnings per share of $3.65, exceeding expectations, with quarterly revenue of $76.44 billion, an 18% increase [1]. - The report highlights that both Meta and Microsoft attribute their performance improvements primarily to growth in cloud services, with significant increases in advertising impressions and prices contributing to revenue growth [1]. Summary by Sections AI and Cloud Services - The report emphasizes that the AI-driven growth in cloud services is a key factor behind the strong performance of major tech companies. Microsoft's Azure cloud computing revenue exceeded $75 billion, reflecting a 34% year-over-year increase, with capital expenditures projected at $30 billion for Q1 FY2026 [1]. - The ongoing investments in AI by cloud providers are expected to yield substantial returns, as the demand for computing power continues to outstrip supply [1]. Hardware and Infrastructure - The report suggests that the current phase of rapid development in the computing power sector is driven by the competition for traffic entry points and the expansive market potential for AI applications. The demand for computing infrastructure is anticipated to grow steadily as companies invest in AI models and customized services [2]. - Recommended companies to watch include those in fiber optics, optical modules, and copper cables, indicating a focus on hardware growth in the communication sector [2].

证券日报网讯沃尔核材7月31日在互动平台回答投资者提问时表示，公司高度重视投资者关系管理，积 极与投资者保持沟通交流。未来公司将持续优化投资者沟通机制，让投资者更全面地了解公司的业务布 局、战略规划以及核心竞争优势等，持续传递公司内在价值，并以稳健的经营业绩切实回报广大投资 者。 （文章来源：证券日报） ...

Core Viewpoint - The company has developed 224G high-speed communication cables using physical foaming technology and solid material technology, which have passed strict certification from leading global clients and are now being delivered in large quantities [1] Group 1 - The mainstream technical solutions for 224G high-speed communication cables are physical foaming technology and solid material technology [1] - The company's 224G high-speed communication cables have undergone rigorous certification and are currently in mass production [1] - The current products with lotus core structure are primarily used in PCIe series products, but their applicability to higher-speed 224G communication cables and next-generation products remains uncertain [1]

证券日报网讯沃尔核材（002130）7月31日在互动平台回答投资者提问时表示，公司将持续加大研发创 新力度，依托领先的技术实力、卓越的产品品质和高效的客户需求响应能力，提升产品的综合性价比， 增强客户黏性，不断提升核心竞争力，扩大市场影响力。 ...

Core Viewpoint - The company,沃尔核材, is a comprehensive solution provider for high-speed data communication and alternative energy power transmission, focusing on polymer radiation-modified new materials and has established a complete industrial chain from copper core wire to finished copper cables [1] Industry Outlook - The communication cable industry is expected to grow from $18.2 billion in 2025 to $22.8 billion in 2029, with a CAGR of 5.7% [2] - Traditional communication devices will continue to dominate the market, accounting for 58.5% in 2024, while high-speed communication devices will account for 14.8% [2] - The global high-speed copper cable market is projected to grow at a CAGR of 26.9%, increasing from $1.9 billion to $4.9 billion between 2025 and 2029 [5] Market Position - In the heat shrink materials sector, the company ranks first globally with a market share of 20.6% and 58.5% in China [6] - The company is the largest manufacturer of DC charging guns for new energy vehicles in China, holding a market share of 41.7% [6] - The company is the second-largest high-speed copper cable manufacturer globally, with a market share of 24.9% [7] Financial Performance - The company's revenues for 2022, 2023, and Q1 2024 were $5.337 billion, $5.719 billion, and $1.759 billion, respectively, with net profit margins of approximately 12.37%, 13.25%, and 15.36% [9] - The electronic materials segment, primarily heat shrink materials, saw a revenue growth of 27.9% in 2024, contributing 37.6% to total revenue [10] - The new energy vehicle segment achieved a revenue of $1.38 billion in 2024, growing by 27.6% [11] Competitive Advantages - The company is the only domestic producer capable of mass-producing 224G PAM4 copper cables, with a stable yield rate of over 90% [15] - The company has sufficient core production equipment, with five machines for producing high-speed copper cables, and plans to acquire more [16][17] - The company maintains a healthy cash flow, with net cash flows from operating activities of $1.035 billion, $860.1 million, and $942.9 million from 2022 to 2024 [13] Customer and Supplier Dynamics - The company has a low concentration of customers, with the top five customers contributing 12.6%, 11.5%, and 12.7% of revenue from 2022 to 2024 [14] - The company’s largest customer, Amphenol, accounted for 4.0% of total revenue in 2024, indicating a diversified customer base [14] Growth Drivers - The demand for high-speed copper cables is expected to surge due to the introduction of NVIDIA's GB200 AI computing server, which utilizes copper interconnect technology [8] - The company is positioned to benefit from the increasing capital expenditures of major cloud service providers, projected to grow by 50% [24] Valuation Insights - The company's A-share PE ratio for 2025 is 22.6x, which is lower than the average of 37x for NVIDIA-related stocks [29]

Group 1 - The core technology solutions for the current 224G high-speed communication cables are physical foaming technology and solid material technology [1] - The company has developed 224G high-speed communication cables based on these two technology solutions, which have passed strict certification from leading global customers and are now being delivered in large quantities [1] - The current lotus core structure products are mainly used for PCIe series products, and there is uncertainty regarding their application in higher-speed 224G high-speed communication cables and next-generation products [1] Group 2 - An investor raised a question regarding the potential confusion between the company's products and those of New Asia Electronics, specifically about the supply of high-frequency high-speed cables to Amphenol [3] - The company supplies high-speed communication cables (single-channel 224G) for data center servers, which are distinct from the products offered by New Asia Electronics [3]

盘后数据出炉。 今日（7月30日），A股市场走势分化。截至收盘，上证指数报3615.72点，上涨0.17%；深证成指报11203.03点，下跌 0.77%；创业板指报2367.68点，下跌1.62%。两市合计成交18442.79亿元，较上一交易日增加411.09亿元。 1. 两市主力资金净流出近530亿元 今日沪深两市主力资金开盘净流出140.23亿元，尾盘净流出15.26亿元，两市全天主力资金净流出529亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 八炭史超碰 | 超大单净买入 | | 2025-7-30 | -529.00 | -140. 23 | -15.26 | -253. 30 | | 2025-7-29 | -272. 18 | -181.52 | 18. 05 | -136.96 | | 2025-7-28 | -112. 73 | -66. 20 | -2. 30 | -28.15 | | 2025-7-25 | -309. 84 | -137.84 ...

Core Viewpoint - The company,沃尔核材, emphasizes its commitment to innovation and customer satisfaction in the high-speed communication cable market, serving both international and domestic clients [1] Group 1: Clientele and Market Position - The main clients of the company include international firms such as Amphenol, HARTING, Molex, and TE Connectivity, as well as domestic connector companies like Luxshare and Infineon [1] - The high-speed communication cables supplied by the company are utilized by major server manufacturers in both international and domestic markets [1] Group 2: Innovation and Competitive Edge - The company plans to increase its investment in research and development to enhance its technological capabilities and product quality [1] - The focus on efficient customer demand response is aimed at improving core competitiveness and gaining trust from more end customers [1]