中国国际金融股份有限公司 关于华勤技术股份有限公司 （一）投资目的 使用部分暂时闲置募集资金进行现金管理的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为华勤技术股 份有限公司（以下简称"华勤技术"或"公司"）首次公开发行股票并在主板上市的保荐机 构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关法律、行政法规、部门规章及业务规则的要求，对公司使用部分暂时闲置募 集资金进行现金管理的事项进行了认真、审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于2023年6月20日出具的《关于同意华勤技术股份有 限公司首次公开发行股票注册的批复》（证监许可〔2023〕1340号），并经上海证券交 易所同意，公司首次公开发行人民币普通股72,425,241股，每股面值为人民币1.00元，发 行价格为每股人民币80.80元/股，募集资金总额为人民币585,195.95万元，扣除发行费用 后，实际募集资金净额为人民币573,068.36万元，其中超募资金为人民 ...

中国国际金融股份有限公司 | | | | 单位：万元 | | --- | --- | --- | --- | | 序号 | 募集资金投资方向 | 投资总额 | 拟使用募集资金金额 | | 1 | 瑞勤科技消费类电子智能终端制造项目 | 144,513.02 | 92,381.67 | | 2 | 南昌笔电智能生产线改扩建项目 | 40,194.36 | 40,194.36 | | | 面向 AI PC 的新一代笔电及配套技术研发 | | | | 3 | 项目 | 48,403.01 | 34,675.59 | | 4 | 上海新兴技术研发中心项目 | 150,149.55 | 150,149.55 | | 5 | 华勤丝路总部项目 | 99,883.27 | 79,127.08 | | 6 | 华勤技术无锡研发中心二期 | 51,625.00 | 45,705.84 | | 7 | 补充流动资金 | 60,000.00 | 60,000.00 | | | 南昌二期智能终端技术研发与产线改造升 | | | | 8 | | 51,385.41 | 47,765.91 | | | 级项目 | | | | 9 | 汽 ...

华勤技术股份有限公司 2025 年半年度报告 公司代码：603296 公司简称：华勤技术 华勤技术股份有限公司 2025 年半年度报告 1 / 210 华勤技术股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人邱文生、主管会计工作负责人奚平华及会计机构负责人（会计主管人员）章子年 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司半年度不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和 ...

人民财讯8月27日电，华勤技术（603296）8月27日晚间发布半年报，2025年上半年，公司实现营业收入 839.39亿元，同比增长113.06%；归属于上市公司股东的净利润18.89亿元，同比增长46.3%；基本每股 收益1.86元。报告期内，公司业务不断拓展，各产品出货量大幅增加。 ...

Core Insights - The company reported a revenue of 83.939 billion yuan for the first half of 2025, representing a year-on-year growth of 113.06% [1] - The net profit for the same period was 1.889 billion yuan, showing a year-on-year increase of 46.30% [1] - The company will not distribute profits or increase capital reserves through stock dividends for the half-year period [1]

Group 1 - The company TuoSiDa (300607.SZ) has notable clients in the robotics sector, including well-known enterprises such as Bern Optical, Luxshare Precision, Foxconn, and Huaqin Technology [1]

Core Viewpoints - Concerns about AI capital expenditure (capex) peaking in 2026 are overstated, with strong growth certainty expected in 2026-2027 [1][2] - Major cloud service providers (CSPs) are well-positioned to sustain capital expenditure growth due to increasing operating cash flow [4][6] - The entry of new investment players and the expansion of AI application scenarios are driving continued investment in AI [2][9] AI Capital Expenditure Growth - Morgan Stanley predicts a minimum growth rate of 20% for AI capex in 2026, with potential for further growth in 2027 if enterprise-level AI adoption increases [2][8] - The top four CSPs (Google, Amazon, Meta, Microsoft) are expected to see a compound annual growth rate (CAGR) of 23% in EBITDA and operating cash flow from 2022 to 2026 [6][8] - Capital expenditure for these CSPs is projected to rise from $150 billion in 2022 to $398 billion in 2026, while free cash flow is expected to maintain a CAGR of 16% [6][8] Investment Opportunities - The Chinese market for AI capex is still in its early stages, with significant potential for growth driven by companies like ByteDance and Alibaba [12] - Data center companies and server manufacturers are positioned to benefit from both NVIDIA and domestic chip supply growth [12] - The semiconductor supply chain, particularly for Google TPU and NVIDIA, is expected to see robust growth, with Google leading in 2026 [13][14] Pricing Trends and Earnings Adjustments - Price increases in non-AI sectors are becoming widespread, which could drive the next round of earnings per share (EPS) adjustments [18] - Areas experiencing price increases include DRAM, BT substrates, and power ICs, while some sectors may still face downward pricing pressure [18] - The valuation of Asian tech stocks remains reasonable, with expectations for further EPS adjustments driven by rising prices and sustained AI demand [19][20]

电子行业 | 事 件 点 评 超配 电子行业事件点评 （维持） | | --- | | "人工智能+"纲领性文件出台，关注 AI 终端及算力领域 罗炜斌（SAC 执业证书编号：S0340521020001） | | 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn | | 2025 年 8 月 27 日 | | 陈伟光（SAC 执业证书编号：S0340520060001） | | 电话：0769-22119430 邮箱：chenweiguang@dgzq.com.cn | | 行 事件： 业 | | 研 7月31日，国常会审议通过《关于深入实施"人工智能+"行动的意见》。8月26日，国务院公布《关于深 | | 究 入实施"人工智能+"行动的意见》。 | | 点评： | | "人工智能+"纲领性文件正式出台。《关于深入实施"人工智能+"行动的意见》提出到2027年实现 | | 人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%；到2030年新一 | | 代智能终端、智能体等应用普及率超90%；到2035年我国全面步入智能经济和智能社会发展新阶段等 | ...

Core Viewpoint - The domestic computing power industry chain has experienced a significant surge following the release of DeepSeek V3.1, with multiple domestic computing power stocks hitting the limit up and the STAR Market rising nearly 10% [1] Group 1: Market Performance - On August 22, under the leadership of Cambricon, several domestic computing power stocks surged, with Cambricon closing up 11.40% at 1384.93 yuan, approaching a market capitalization of 580 billion yuan [1] - On August 25, the enthusiasm for chip stocks continued, with Haiguang Information rising 12% and Chipone gaining over 5% [1] Group 2: Market Growth Potential - The domestic computing power chip market is expected to reach a trillion-level market, with the market share of domestic chips gradually increasing due to product advancements and improved ecosystem compatibility [1][3] - According to IDC, the market scale for accelerated chips in China is expected to exceed 2.7 million units in 2024, with GPUs occupying 70% of the market share [2] Group 3: Industry Dynamics - Major domestic computing power chip manufacturers include Huawei, Cambricon, Haiguang, and others, with two main technical routes: GPGPU and independent ecosystems [3] - The urgency for domestic computing power replacement is increasing due to geopolitical factors, with expectations for rapid growth in domestic computing power demand and market capacity potentially doubling by 2025 [3] Group 4: Investment and Collaboration - Major internet companies are increasingly adopting domestic chips, especially after the release of the DeepSeek R1 inference model, which has improved the cost-effectiveness and usability of domestic chips [4] - Significant investments in intelligent computing are expected from major companies, with projections indicating that capital expenditures from ByteDance, Alibaba, Baidu, and Tencent could exceed 300 billion yuan by 2025 [6] Group 5: Analyst Ratings - Goldman Sachs raised Cambricon's 12-month target price by 50% to 1835 yuan, maintaining a "buy" rating, citing increased capital expenditure from Chinese cloud service providers and the company's strengthened R&D efforts [7] - The overall outlook for the Chinese AI supply chain is positive, with several companies receiving upgraded ratings from analysts [7]

Group 1 - The "A+H" listing model is gaining momentum, with nearly 20 A-share companies announcing plans to list in Hong Kong since August, indicating a strategic move towards internationalization [1][2] - The new IPO regulations effective from August 4 have provided significant impetus for this trend, allowing for a more flexible allocation mechanism and reducing compliance costs for A-share companies [1][2] - Companies like Greeenme have explicitly stated that their goal for listing in Hong Kong is to enhance their global strategy and improve their international brand image and competitiveness [1][3] Group 2 - Enterprises with large asset scales, high capital expenditures, and mature international operations are becoming the main players in the "A+H" model, utilizing the Hong Kong market for financing to support cross-border mergers and overseas expansions [2] - The "A+H" model is reshaping the valuation system and liquidity structure of Chinese listed companies, with significant foreign capital inflows into Hong Kong stocks, surpassing last year's total by 90% as of mid-2025 [2] - The dual listing structure helps mitigate valuation risks associated with market volatility, as seen with companies like CATL, which attracted substantial international long-term capital post-listing [2][3] Group 3 - There is a noticeable shift in the types of companies pursuing "A+H" listings, with more emerging sectors like renewable materials and biomedicine entering the fray, reflecting a deeper integration of China's tech industry with international capital markets [3] - The continued support from policies and the optimization of related systems are expected to propel the "A+H" model into a new phase of high-quality development, with more competitive Chinese companies likely to pursue this path for global capital and strategic positioning [3] - The maturation of the "A+H" model is a natural outcome of the ongoing deepening of China's capital market openness and a strategic choice for companies to enhance their international competitiveness [3]