证券代码：002130 证券简称：沃尔核材 公告编号：2025－056 深圳市沃尔核材股份有限公司关于购买长园电子（集团）有限公司25%股权的进展公告 本公司及董事会全体成员保证公告内容的真实、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"）于2025年6月18日召开的第七届董事会第三十次会议 审议通过了《关于购买长园电子（集团）有限公司25%股权的议案》，同意公司以人民币34,000万元的 价格购买长园（南京）智能电网设备有限公司（以下简称"南京长园"）持有的长园电子（集团）有限公 司（以下简称"长园电子"）25%的股权。本次股权购买完成后，公司持有长园电子的股权将由75%变更 为100%。公司董事会授权公司管理层办理本次股权购买相关事项的全部手续。 1、名称：长园电子（集团）有限公司 2、类型：有限责任公司（法人独资） 3、法定代表人：廖金萍 4、成立日期：1993年7月29日 5、住所：深圳市坪山区龙田街道竹坑社区沃尔核材厂房101 二、变更后的股权结构 一、变更后的营业执照内容 本次工商变更完成后，长园电子的股权结构如下表： ■ 特此公告。 深圳市沃尔核 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the rapid growth in the computing power hardware and software sector, particularly focusing on companies like Zhongji Xuchuang and other optical module manufacturers, which are experiencing strong growth in technology iteration, user numbers, and CAPEX spending. The valuation levels of these companies are between 15 to 20 times, indicating they are undervalued in a high-quality sector with investment potential [1][2]. Key Insights and Arguments - The global AI server market is booming, with total shipments expected to reach 1.81 million units by 2025, representing a year-on-year growth of 26.3%. High-end AI servers equipped with HBM are projected to exceed one million units, with a growth rate of over 40% [1][5]. - NVIDIA is set to launch the Fusion version of its Nvlink technology in 2025, which will allow seamless connections between third-party CPUs/XPUs and its AI TPUs. This innovation is expected to drive increased investments from cloud vendors and smart hardware sectors, significantly boosting the shipment volumes of A72 and 910B chips [1][9]. - AI inference demand is surging, with Google’s monthly inference volume reaching 480 trillion times in April 2025, a staggering increase of 50 times compared to the previous year. This volume is now six times that of Microsoft and ChatGPT combined, indicating a massive demand for large model software and a spike in TOKEN consumption [1][10]. - ChatGPT has seen continuous growth since its launch in 2023, reaching 620 million monthly active users by May 2023, with a monthly growth rate of 13.59%. This surpasses the user base of traditional social media platforms like X (formerly Twitter) [1][11][13]. Emerging Trends - The computing power sector is witnessing no significant shortcomings, with rapid growth across various dimensions. Companies like Huawei are deploying intelligent computing centers on a large scale, while supporting manufacturers such as Wolong Nuclear Materials are also experiencing rapid growth [3]. - Domestic operators are primarily focusing on domestic computing power configurations, with domestic GPU accounting for 67% in recent procurement by China Mobile and China Telecom. This trend presents significant investment opportunities for domestic suppliers [3][15]. Investment Recommendations - It is recommended to focus on companies with high performance elasticity in the domestic computing power supply chain, such as Huafeng Technology, Shenling Environment, and Yingwei Technology. Second-tier companies like Yuanjie Technology and Guochuang Technology are also suggested for consideration [3][14]. - For conservative investors, companies like Zhongji Xuchuang and Xinyi Sheng are recommended due to their stable performance, albeit with lower elasticity. The context of the US-China technology competition highlights the importance of investing in domestic computing power sectors [14]. Additional Important Points - The overseas market is seeing significant developments, including increased orders for GB200 and GB300 cabinets from North American clients and Meta's acquisition of a 49% stake in Skill AI for $14.3 billion [6]. - The market for ASIC chips is expected to grow significantly, with companies like Broadcom predicting a market share increase from 55%-60% to 20% by 2028 [6][7][8].

上述内容详见公司在《证券时报》《中国证券报》及巨潮资讯网 (www.cninfo.com.cn)刊登的相关公告。 证券代码：002130 证券简称：沃尔核材 公告编号：2025－056 深圳市沃尔核材股份有限公司 关于购买长园电子（集团）有限公司 25%股权的进展公告 深圳市沃尔核材股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日召 开的第七届董事会第三十次会议审议通过了《关于购买长园电子（集团）有限公 司 25%股权的议案》，同意公司以人民币 34,000 万元的价格购买长园（南京） 智能电网设备有限公司（以下简称"南京长园"）持有的长园电子（集团）有限 公司（以下简称"长园电子"）25%的股权。本次股权购买完成后，公司持有长 园电子的股权将由 75%变更为 100%。公司董事会授权公司管理层办理本次股权购 买相关事项的全部手续。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 | 序号 | 股东名称 | 认缴出资额（万元） | 出资比例 | | --- | --- | --- | --- | | 1 | 深圳市沃尔核材股份有限公司 | 12, ...

Industry Overview - The high-speed copper cable sector has seen significant stock price increases, with the index rising by 7.86% from June 23 to June 30 [1] - High-speed copper cables are characterized by low cost, high transmission speed, low energy consumption, and strong substitutability, primarily used for short-distance interconnects in data centers [1] - The high-speed copper cable market is projected to exceed 10 billion yuan in 2025 and 20 billion yuan by 2028, with global AEC sales expected to grow at a compound annual growth rate of 45% from 2024 to 2028 [2] Product Segmentation - High-speed copper cables can be categorized into three types: passive copper cables (DAC), active copper cables (ACC), and active electrical cables (AEC), with AEC offering longer transmission distances and improved signal quality [1][2] - Active cables are expected to see increased market share due to their advantages in transmission distance, thickness, and latency, aligning with the needs of AI clusters [2] Company Insights - Shenzhen Walden Materials Co., Ltd. is experiencing increased demand for its products due to the rapid growth of AI and data center construction, benefiting the entire supply chain [3] - Suzhou Ruikeda Connection Systems Co., Ltd. is focusing on expanding into AI data centers while continuing to serve the automotive and communication sectors, driven by steady demand growth in the connector industry [3]

Investment Rating - The report provides a "Buy" recommendation for the technology sector, specifically highlighting key stocks in electronics, computing, communications, and media [4][7]. Core Insights - The report identifies key stocks in the technology sector for July 2025, including East Mountain Precision, Shenghong Technology, iFlytek, Dameng Data, Huafeng Technology, Wolong Nuclear Materials, Giant Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various segments, driven by technological advancements and market demand, particularly in AI and renewable energy [9][10][11][12][14][15]. Summary by Category Electronics - **East Mountain Precision**: Focuses on FPC and renewable energy, with expected growth driven by Apple's new iPhone models and a strategic acquisition in optical communication [9]. - **Shenghong Technology**: Positioned to benefit from AI computing and data center upgrades, with significant advancements in PCB manufacturing technology [10]. Computing - **iFlytek**: A leading player in AI with strong growth in education, healthcare, and enterprise solutions, leveraging a comprehensive business model [11]. - **Dameng Data**: Positioned as a leader in the domestic database market, benefiting from the acceleration of the domestic software industry [12]. Communications - **Huafeng Technology**: Anticipates growth from AI applications and high-performance connectors, with projected net profits increasing from 278 million to 486 million yuan from 2025 to 2027 [12]. - **Wolong Nuclear Materials**: Maintains a strong position in traditional materials while expanding into new energy products [12]. Media - **Giant Network**: Expected to see growth from new game releases and AI integration in gaming, with positive performance indicators [14]. - **Shanghai Film**: Anticipates growth driven by successful IP management and film releases, with a focus on monetizing popular content [15].

Investment Rating - The report assigns a medium-high risk rating to the industry [3] Core Insights - The semiconductor sector has shown a cumulative increase of 3.68% over the past two weeks, outperforming the CSI 300 index by 2.30 percentage points, ranking 6th among the Shenwan industries [4][11] - The semiconductor sector's price-to-earnings (PE) ratio as of June 26 is 43.91, which is at the 80.39% percentile for the past five years and 69.41% for the past ten years [4][16] Market Review and Valuation - The semiconductor sector has seen a cumulative increase of 6.34% in June, outperforming the CSI 300 index by 3.58 percentage points, ranking 5th among Shenwan industries [11] - Year-to-date, the sector has increased by 1.60%, outperforming the CSI 300 index by 1.31 percentage points, ranking 18th among Shenwan industries [11] Industry News - Xiaomi has launched AI glasses priced from 1999 yuan, featuring a 12MP camera and support for third-party apps [21] - Marvell reported significant growth in AI infrastructure investment, with capital expenditures from major cloud service providers expected to rise from $248 billion last year to $327 billion this year [21] - Foxconn has optimistic projections regarding AI server orders extending to 2027, indicating strong demand in the AI sector [21] Industry Data - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [23] - In April 2025, smartphone shipments in China totaled 22.29 million units, a year-on-year decrease of 1.65% [23] - Liquid crystal panel prices in June 2025 showed a slight decline, with prices for various sizes ranging from $38 to $176 per unit [27] Weekly Perspective - The report suggests focusing on two main lines for investment: AI computing power and AI end-side applications, with expectations for increased demand in both areas [30] - The report highlights the potential for significant growth in AI server shipments and the importance of high-end PCB and CCL production capabilities [30] Key Stocks to Watch - The report identifies several companies to monitor, including Luxshare Precision (002475.SZ) and Pengding Holdings (002938.SZ), which are expected to benefit from AI strategies and demand for high-density printed circuit boards [31]

Core Insights - The report highlights the emerging opportunities in the low Earth orbit (LEO) satellite communication sector, particularly following the MWC 2025 event in Shanghai, which showcased advancements in ground infrastructure for satellite internet [5][6] - The report emphasizes the maturation of the NTN (Non-Terrestrial Network) industry chain and the expected acceleration in ground infrastructure development, driven by upcoming commercial trials of LEO satellite systems [5][6] Industry Commentary: Communication - The MWC 2025 event has spotlighted the LEO satellite internet, presenting at least three catalysts for investment opportunities in this sector [5] - The next-generation LEO constellation design is nearing maturity, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, indicating a shift towards a mainstream NTN network architecture [5] - Major players in the 5G equipment sector, such as Huawei, ZTE, and FiberHome, are expected to benefit significantly from this transition, particularly in baseband, routing, and antenna technologies [5] - The report notes that the upcoming commercial trials of LEO satellite systems will likely lead to increased demand for ground infrastructure, including gateway station projects and related components [5][6] Investment Highlights - The AMD Helios cabinet design is set to compete with the Rubin NVL144 supernode cabinet, indicating a trend towards higher bandwidth and more efficient networking solutions [6] - The Mi400 Helios cabinet is expected to integrate 72 Mi400 GPUs, requiring extensive copper cabling and high-density connectors, which suggests a sustained demand for high-speed copper and optical modules in the coming years [6] Market Overview - The report provides a snapshot of the market performance, noting that the overall market saw mixed results, with the Shenwan Communication Index rising by 1.58% while major indices like the Shanghai Composite Index and Shenzhen Component Index experienced declines [8] - Specific sectors such as optical modules and optical cables saw significant weekly gains, indicating strong investor interest in these areas [8] Regulatory Developments: Non-Bank Financial Sector - The report discusses the introduction of the "1+6" policy measures for the Sci-Tech Innovation Board, aimed at optimizing the classification and evaluation of securities firms, which is expected to enhance the financial service ecosystem for technology innovation [9][10] - The new regulations are designed to support high-quality development and encourage differentiated operations among securities firms, fostering a competitive landscape [10]

Core Viewpoint - The satellite internet sector is poised for significant investment opportunities driven by low Earth orbit (LEO) satellite payloads, ground infrastructure, and ultra-node communication, especially following the MWC Shanghai exhibition [1][2][3] Group 1: LEO Satellite Communication - The next-generation integrated LEO constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, focusing on a network architecture based on NTN systems [1][2] - The launch of consumer-grade satellite networking is expected in the second half of the year, supported by devices like the MateX6, with initial applications centered around space-based private networks [3] Group 2: Ground Infrastructure - Ground infrastructure will significantly benefit from the initiation of LEO satellite trial operations, including the integration of gateway station projects and upstream components like antennas and core networks [3] - Companies like Shanghai Tower are exploring the transformation of traditional communication bases into distributed ground stations capable of satellite ground station functions, addressing challenges in site selection and construction approval [3] Group 3: Key Players and Investment Targets - Major players in the 5G main equipment sector include Huawei, ZTE, and FiberHome, which will be key suppliers of baseband, routing, and antennas for satellite applications [2] - Recommended investment targets for LEO satellite payloads include Xinke Mobile, FiberHome, ZTE, Tongyu Communication, and others, while ground infrastructure targets include Changjiang Communication and China Tower [5][6]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [1]. Core Insights - The NTN (Non-Terrestrial Network) industry chain is maturing rapidly, with ground infrastructure poised for significant development. The MWC Shanghai 2025 highlighted satellite internet as a key focus, presenting at least three catalysts and investment opportunities for the sector [2][15]. - The next-generation low Earth orbit (LEO) constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form. The NTN architecture is becoming mainstream, benefiting major 5G equipment manufacturers such as Huawei, ZTE, and others [3][16]. - As the trial commercial use of low Earth orbit constellations approaches, ground infrastructure will see accelerated growth. The low Earth satellite communication system in China is expected to enter public testing this year, with consumer-level satellite networking anticipated in the second half of the year [4][17]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The NTN industry is expected to benefit from the upcoming commercial trials of low Earth orbit satellites, with significant opportunities in ground infrastructure and satellite payloads [15][17]. - Key companies to watch include: - Low Earth Satellite Payload: Xinke Mobile, Fenghuo Communication, ZTE, Tongyu Communication, Jingxin Communication, and others [20]. - Low Earth Ground Infrastructure: Changjiang Communication, Zhenyou Technology, Xinke Mobile, China Tower, and others [20]. - Super Node Communication: Zhongji Xuchuang, Xinyi Sheng, Wolong Nuclear Materials, and others [20]. 2. Market Overview - The telecommunications index rose by 1.58% during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines [8][18]. - The top-performing sectors included optical modules (+9.6%), optical cables (+8.2%), and liquid cooling (+3.8%) [8][18]. 3. Company Performance - Notable stock performances included Longfly Fiber (+15.10%), Yuanjie Technology (+12.06%), and others leading in gains, while Zhenyou Technology and others faced significant declines [34][36].

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's regulatory inquiry regarding the sale of a 25% stake in its subsidiary, Changyuan Electronics, which is valued at 3.4 billion yuan, below its assessed value of 15.163 billion yuan [1][10]. Valuation and Transaction Price - The valuation of Changyuan Electronics was conducted using the income approach, with the assessed value of 100% equity at 15.163 billion yuan, while the 25% stake is priced at 3.4 billion yuan, indicating a discount of 10.31% from the assessed value [1][12]. - The net assets of Changyuan Electronics increased from approximately 3.71 billion yuan in 2018 to about 11.96 billion yuan currently, reflecting a significant growth [1][10]. Financial Projections - The projected revenue for Changyuan Electronics from 2025 to 2029 is as follows: - 2025: 126.77 million yuan - 2026: 134.34 million yuan - 2027: 140.20 million yuan - 2028: 144.80 million yuan - 2029: 148.88 million yuan - The revenue growth rates are projected to decline from 6.84% in 2025 to 2.82% in 2029 [2][8]. Cost and Profitability - The total operating costs for Changyuan Electronics are projected as follows: - 2025: 90.45 million yuan - 2026: 97.12 million yuan - 2027: 102.52 million yuan - 2028: 106.73 million yuan - 2029: 110.34 million yuan - The gross profit margin is expected to decrease from 28.65% in 2025 to 25.89% in 2029 [3][9]. Cash Flow and Financial Health - The projected cash flows for Changyuan Electronics are as follows: - 2025: 9.16 million yuan - 2026: 9.49 million yuan - 2027: 9.78 million yuan - 2028: 9.91 million yuan - 2029: 9.83 million yuan - The cash flow growth rate is expected to decline from 3.66% in 2025 to -0.82% in 2029 [9][10]. Transaction Rationale - The sale of the 25% stake is aimed at improving liquidity and optimizing the asset structure of the company, as the subsidiary has not provided significant dividends to the parent company [14][17]. - The company has faced financial challenges, including a reported loss of 9.78 billion yuan in 2024, necessitating the sale to repay bank loans and supplement operational funds [18]