近来，A股、港股均呈现量价齐升的态势，7月10日上证指数更是站稳3500点。就在资本市场一路高歌 之际，随着半年度业绩预告披露窗口期开启，上市公司2025年上半年业绩备受市场关注。电子新材料巨 头东阳光（600673）（600673.SH）正以超预期的业绩增长，验证战略转型的前瞻性。 7月10日晚间，东阳光抛出了一份令市场惊艳的业绩预告——2025年上半年预计实现净利润5.83亿元至 6.63亿元，同比增幅高达157.48%-192.81%；预计实现归母净利润4.71亿元至5.51亿元，同比增幅最高超 200%。 这份被投资者称为"史上最强"的半年报预告，不仅刷新了公司自身业绩纪录，更验证了其向智算中心液 冷及人形机器人领域战略转型的成功路径。同日，东阳光还公布了员工持股计划及参与关联方东阳光药 向参股公司长江药业换股H股的合并换股事项的公告，在股价上行、业绩高增与资本运作的多重利好 下，东阳光正以"技术+产业"双轮驱动模式，加速竞逐未来计算革命与智能制造赛道。 传统与新兴业务双轮驱动业绩腾飞 东阳光的业绩爆发绝非偶然。 2025年上半年，东阳光传统业务板块延续强势表现。第三代制冷剂（HFCs）作为当前的主流 ...

证券研究报告 | 行业周报 2025 年 07 月 09 日 通信 算力催生数据中心向智算发展，推动 PCB 向高阶升级迭代，看好相 关产业链投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002881.SZ | 美格智能 | 买入 | 0.73 | 0.92 | 61.56 | 48.85 | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 161.9 | 48.57 | | 600941.SH | 中国移动 | 买入 | 6.77 | 7.17 | 16.54 | 15.61 | | 601728.SH | 中国电信 | 买入 | 0.38 | 0.4 | 20.08 | 19.08 | 资料来源：长城证券产业金融研究院 本周策略观点： OpenA I向甲骨文租赁数据中心算力，看好未来 AIDC 产业链投资机会。据 据《金融时报》和彭博社援引知情人士报道，O ...

6月30日，南都记者从江门市城市发展投资集团有限公司（以下简称"江门发展集团"）获悉，截至今年 上半年，江门发展集团总资产规模快速增长至超700亿元，创下新高。江门发展集团主要布局产业园区 开发与运营、房地产及城市更新等六大板块，主体信用评级提升至AAA，为江门首家AAA级国企平 台。 根据江门市国资委官网2025年4月29日信息显示，江门发展集团于2022年9月整合重组，围绕江门市"六 大工程"和"百县千镇万村高质量发展工程"，坚持"一体两翼六大板块"战略，布局产业园区开发与运 营、房地产及城市更新等六大板块。2024年底，总资产达698亿元，营业收入、净利润同比增超10%， 主体信用评级获AAA评级并创全国可比债券最低利率纪录，为江门首家AAA级国企平台。 南都记者注意到，2025年2月11日，江门发展集团召开 2025 年工作会议暨高质量发展推进会，明确提出 2025年以"产业投资"为主业，聚焦"内强管理、外拓市场、深化改革"主线，推动混合所有制改革、数字 化转型及资产整合，围绕总投资307亿元推进34个重点项目，深化"十件大事"，包括人才制度改革、产 业集群打造、农文旅融合等，锚定千亿级国企目标，助力 ...

中新社南宁6月25日电(俞靖)广西壮族自治区工业和信息化厅副厅长贤海华25日介绍，今年1—5月，广 西规模以上工业增加值增长8.1%，工业产品出口交货值增长34.8%，其中汽车出口增长24.3%、计算机 通信设备出口增长25.9%。广西正构建跨境产业链供应链，建设面向东盟的先进制造业基地，为企 业"走出去"提供重要机遇。 此外，广西大力推动跨境电商发展，新设立梧州、北海、防城港市跨境电子商务综合试验区，支持海外 仓建设，截至目前已备案海外仓23个，主要分布在越南、美国、泰国等国家。今年1—5月广西跨境电商 进出口额逾230亿元人民币，同比增长逾160%。(完) （文章来源：中国新闻网） 广西通过构建"两国双园"国际产能合作模式、"东部研发设计+广西制造+东盟组装"和"海外原材料+广西 制造+国际市场"三种跨区域跨境产业链供应链合作模式，帮助企业出海。作为广西汽车产业链龙头企 业，上汽通用五菱汽车股份有限公司已在印度尼西亚建成投产整车生产基地，市场占有率连续4年居印 尼首位，带动当地100多家汽车产业链上下游配套企业发展。 中共广西壮族自治区委员会金融委员会办公室二级巡视员韦壮造表示，广西建设中国—东盟跨境贸易 ...

互联网大厂凭借对算力市场趋势的研判和了解，充分考虑自身利益之后，在合作中会挤压算力租赁方利润 空间。其经常以市场低谷期价格的九折甚至更低的价格寻找合作伙伴。 华东某大厂A算力项目验收潜规则：以"关系亲疏"定验收进度 去年，大厂A的H800项目验收中，因算力租赁方与大厂A关系差异出现验收分化：关系密切的租赁方验收 周期短，而普通合作方则面临流程拖延。 对算力租赁方而言，验收延迟直接导致的后果是资金负担加重，尤其对背有金融租赁公司贷款的算力租赁 方而言，其每月仍需偿还贷款利息。此外，以128台服务器的项目为例，验收进度晚一个月，将延迟1000 万资金的进账。 这种"关系主导验收"的潜规则，正将技术标准异化为商业人情的附庸。关于算力市场上更多的"不公"行 为，欢迎添加微信 YONGGANLL6662 交流、爆料。 大厂低价租赁算力真相：T厂低价流标、Z厂增配压本、A厂最为良心 大厂T的算力项目在制定报价时，仍沿用服务器设备涨价前的成本基准，而主流的算力服务器在算力市场 爆火后，均实现了较大的涨幅。其订单报价较现行市场公允价低，算力租赁企业承接项目后将面临亏本风 险，这直接导致大厂T的算力订单出现流标现象。 大厂A因 ...

| | 四、从 月上市到现在已十年，请介绍一下公司对未来的战略发展 | | 2015 | 年 | 5 | | --- | --- | --- | --- | --- | --- | | | 规划？ | | | | | | | 答：公司管理层在"再出发战略"的引领下，秉承"为中华民族争光"的企业宗旨，以创造 | | | | | | | 高端品牌的产品战略定位，坚持雷电防护主产业的持续发展。未来，公司将适应当前经济发 | | | | | | | 展的"新常态"，充分利用行业发展趋势，加强公司战略执行力，发挥上市公司资本平台作用， | | | | | | | 以雷电防护业务为核心，充分发挥技术、市场、人才的协同效应，推动公司业务高质量发展。 | | | | | | | 五、公司在铁路与轨道交通行业的防雷领域主要是做什么，未来发展如何？ | | | | | | | 答：2024 年度，铁路与轨道交通营业收入 4006.25 万元，同比下降 53.84%。主要原因 | | | | | | | 系：1.受大环境影响，铁路行业的防雷投资放缓；2.外来竞争对手增加及同行企业以低价进 | | | | | | | 行市场拓展。目 ...

Group 1: Market Development in Communication Industry - The company has established itself as a key supplier of lightning protection products for major global communication equipment manufacturers such as Ericsson, ZTE, Nokia, and Samsung [1] - In 2024, the company's revenue from the communication sector was 26,360.28 million yuan, a year-on-year decrease of 16.86% due to a slowdown in the communication industry compared to the previous year [1] - The company maintains a significant market share in the lightning protection technology and products within the communication sector [1] Group 2: Expansion into Non-Lightning Protection Products - In 2024, the company achieved revenue of 9,212.93 million yuan from electronic components, a year-on-year decrease of 13.7% [2] - The company has gained supplier qualifications for magnetic components and RF devices from several international first-tier communication equipment manufacturers, achieving bulk sales [2] - The magnetic components are also supplied to various domestic and international manufacturers in the new energy vehicle and medical equipment sectors [2] Group 3: Development in New Energy Vehicles - The company supplies magnetic components to several well-known communication equipment manufacturers and has also passed component verification from multiple new energy vehicle manufacturers [2] - Products supplied include lightning protection devices for charging stations used by electric vehicle manufacturers like NIO [2] Group 4: Applications in Aerospace and Low-Altitude Economy - The company has developed lightning protection devices for aircraft and is exploring applications in flying cars and drones [2] - In the drone sector, the company has participated in electromagnetic protection for large agricultural and forestry drones [2] Group 5: Product Development and R&D - The company offers various specifications of integrated inductors, which are produced using metal powder die-casting technology, suitable for high-frequency, high-power applications [2] - The company is currently in the experimental phase of project development for magnetic components in intelligent computing centers and data centers [2] Group 6: Research and Development in 6G Technology - The company maintains close technical ties with clients in the communication industry and has developed technology samples that have passed system lightning strike tests for 6G prototypes [2] Group 7: Military Products - The company produces various military products, including lightning rods and specialized products for vehicles and portable applications, with some details kept confidential due to security requirements [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is set to absorb and merge with Zhongke Shuguang, aiming to create a world-class intelligent computing center [5][6] - The merger is expected to enhance the company's capabilities in the chip sector and integrate resources from Zhongke Shuguang in machine and data center infrastructure [5][6] - The transaction will simplify governance structures and optimize resource allocation, leading to improved operational efficiency and shareholder returns [7] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 91.0% increase compared to the benchmark index, CSI 300, which only increased by 9.6% [3] - As of June 13, 2025, the current stock price is 137.06 yuan, with a market capitalization of approximately 318.57 billion yuan [3] Merger Details - The merger involves a share exchange where the company will issue A-shares to Zhongke Shuguang's shareholders at a premium of 10% [5] - The exchange ratio is set at 1:0.5525, with the company's share price for the exchange at 143.36 yuan per share [5][8] Financial Projections - Revenue projections for 2025-2027 are estimated at 147.93 billion yuan, 220.54 billion yuan, and 306.90 billion yuan respectively, with corresponding net profits of 31.70 billion yuan, 48.34 billion yuan, and 73.23 billion yuan [9][10] - The expected EPS for the same period is projected to be 1.36 yuan, 2.08 yuan, and 3.15 yuan [9][10] Strategic Advantages - The merger is anticipated to create a closed-loop layout from high-end chip design to complete computing systems, enhancing the company's overall strength in the intelligent computing ecosystem [6][7] - The integration of Zhongke Shuguang's AI capabilities and applications is expected to drive long-term growth and operational synergies [6][7]

Core Viewpoint - Huasheng Co., Ltd. (600156.SH) is planning to acquire 100% equity of Shenzhen Yixin Technology Co., Ltd. through a combination of issuing shares and cash payment, marking a strategic shift from traditional textile industry to intelligent computing center sector [2][3] Group 1: Company Performance - Huasheng Co., Ltd. has faced continuous pressure in its main business, with a declining trend in overall performance and a net profit loss for five consecutive years [2][6] - The company's revenue from 2021 to 2024 was reported as 9.24 billion, 9.01 billion, 5.81 billion, and 7.78 billion respectively, while the non-recurring net profits were -1.07 billion, -1.86 billion, -0.53 billion, and -0.61 billion [9] - The operating cash flow has been negative for most years, with only a net cash flow of 11.79 million in 2023, and a projected -64.09 million in 2024 [9][10] Group 2: Acquisition Details - The acquisition will involve 28 shareholders of Yixin Technology, with 23 being new shareholders as of 2023 [3] - The transaction structure includes issuing shares and cash payment, with additional fundraising through a private placement [3][4] - Yixin Technology, previously listed on the New Third Board, had a revenue of approximately 166 million in 2017 and a net profit of about 16.46 million [4] Group 3: Financial Strategies - To alleviate financial pressure, Huasheng Co., Ltd. has engaged in asset sales, including selling shares of Xiangcai Securities and transferring land use rights [9][10] - The company has a current cash balance of only 110 million, with a high debt ratio, which was reported at 49.59%, 57.37%, 50.54%, and 54.26% from 2021 to 2024 [10]

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 6月9日晚间，海光信息和中科曙光双双公告披露换股吸收合并预案，且双方股票将于6月10日开市起复 牌。根据公告，本次吸收合并方海光信息换股价格为143.46元/股，被吸收合并方中科曙光换股价格为 79.26元/股。本次换股吸收合并中，海光信息拟购买资产的交易金额为换股吸收合并中科曙光的成交金 额为1159.67亿元。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 6月10日开盘，A股三大指数分化，上证指数高开0.07%，电脑硬件、办公用品、汽车等板块涨幅靠前， 软饮料、贵金属跌幅居前。芯片科技股开盘分化，芯片ETF（159995）上涨0.41%，其成分股海光信息 上涨8.72%，闻泰科技上涨0.37%，士兰微上涨0.25%。然而，华大九天、瑞芯微等表现不佳，其涨跌幅 分别是：-1.68%、-0.72%。 国盛证券表示，随着AI发展上升至战略高度，国 ...