证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 26 日 [Table_Title] 业绩短期承压，产品结构优化提升市占 [Table_Title2] 泰晶科技(603738) [Table_Summary] 事件概述 泰晶科技发布 2025 年半年报，25H1 公司实现营收 4.59 亿元， 同比+16.73%；归母净利润为 0.22 亿元，同比-61.59%；扣非归 母净利润 0.11 亿元，同比-74.60%。 业绩短期承压 公司短期业绩承压，主要系：1）为快速响应市场变化、强化客 户黏性，部分产品价格调整；重点推进的车规及有源新产品产 线产能爬坡，单位固定成本分摊较高，导致综合毛利率、净利 润同比下降；2）公司实施员工持股计划，确认股份支付费用约 1300 万元，直接影响归属于母公司所有者的净利润及扣除非经 常性损益后的净利润。 单季度看，25Q2 公司实现营收 2.58 亿元，同比+22.47%，环比 +28.87% ；归母净利润 0.13 亿 元 ， 同 比 -50.33% ，环比 +53.69%；扣非归母净利润 0.11 亿元，同比-55.08%，环比 +3489. ...

8月26日晚，泰晶科技（603738）发布2025年半年度报告，公司2025年上半年实现营业收入4.59亿元， 同比增长16.73%，其中，第二季度营收环比大幅增长28.87%。 半年报显示，在全球电子元件行业持续承压、市场竞争加剧的背景下，泰晶科技通过积极的价格策略、 新产品开发和客户深化合作，实现逆势增长，进一步巩固了市场份额。 高端产品快速放量 半年报显示，作为国内石英晶体频率元器件领域的领军企业，泰晶科技在行业价格下行压力下，紧紧围 绕"扩规模、提效率、优结构"的发展目标，多措并举推动业务高质量发展。报告期内公司加速新产线投 产进程，尤其在TCXO、XO、超高基频、车规级等高端产品线快速释放产能，精准匹配市场需求。通 过持续优化产品结构，减少低附加值产品占比，重点提升微小尺寸、高频差分振荡器、宽温高精度、高 稳定性等高毛利产品比重，显著提升整体盈利质量。 此外，该振荡器可广泛应用于智能网卡(Smart NIC)、加速卡、计算节点以及高速网络设备(如交换机、 路由器)等关键设备，有力赋能算力、服务器、人工智能、光通信与机器人产业的创新发展。低抖动可 编程振荡器可灵活应对任意频率点，大幅缩短交付周期，快速 ...

证券研究报告 | 2025年08月23日 金融工程日报 沪指单边上行站上 3800 点，本周累计涨幅 3.49%创年内最佳 核心观点 金融工程日报 市场表现：20250822 市场全线上涨，规模指数中上证 50 指数表现较好，板 块指数中科创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。 电子、通信、计算机、非银、国防军工行业表现较好，银行、石油石化、农 林牧渔、钢铁、交通运输行业表现较差。服务器、万得元宇宙、炒股软件、 AIPC、ASIC 芯片等概念表现较好，黄酒、宠物经济、家纺、西藏振兴、培 育钻石等概念表现较差。 市场情绪：20250822 收盘时有 81 只股票涨停，有 4 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 1.94%，昨日跌停股票今日收盘收益为 -0.57%。今日封板率 84%，较前日提升 25%，连板率 25%，较前日提升 13%， 封板率创近一个月新高。 市场资金流向：截至 20250821 两融余额为 21468 亿元，其中融资余额 21320 亿元，融券余额 148 亿元。两融余额占流通市值比重为 2.3%，两融 交易占市场成交额比重为 11.0%。 折溢 ...

8月22日，A股再度单边逼空，沪指轻松拿下3800点，科创50暴涨8%，寒武纪、海光信息两大巨头双双 20%涨停，带动GPU、服务器、AIPC概念强势领涨。 6 月以来，寒武纪股价最高涨幅逾 300%，大幅抬升科创板 AI 芯片估值天花板。沐曦股份与摩尔线程则 于 6 月 30 日同日递交科创板招股书，拟分别募资 39.04 亿元和 80 亿元。 市场一度期待寒武纪的"情绪外溢"能让两家后来者坐享高估值，但7月19日的首轮问询显示：监管并未 因板块热度降低盈利及持续经营门槛。 作为国产GPU"四小龙"之一，沐曦股份自称实现千卡集群大规模商用，GPU产品累计销量超2.5万颗， 然而，巨额亏损、关联方交易、单一产品依赖和紧绷的现金流，正成为悬在"国产GPU第一股"头顶的利 剑。 能否顺利 IPO，关键不是寒武纪的市值神话，而是曦云 C500 的迭代节奏和 2024 年下半年能否拿出可 验证的盈利拐点。 持续亏损，资金链紧绷 招股书显示，2022年至2025年一季度，沐曦股份归母净利润分别为-7.77亿元、-8.71亿元、-14.09亿元 和-2.33亿元，累计亏损达32.9亿元，亏损幅度呈现逐年扩大趋势。 巨额亏 ...

大家好，我是基星高照，今天是8月22日，我们来复盘下A股市场，A股今天创多项历史记录，大盘高开后再度单边逼空，沪指轻松拿下3800 点，科创50暴涨8%。 第一个：沪指突破3800点报3825点，再创十年新高。 第二个：A股全天成交2.58万亿元，成交额连续第8日突破2万亿，打破A股历史记录，此前是2024年11月5日—13日，A股市场成交额曾连续7日 达到2万亿元以上。 第三个：寒武纪封上涨停板，总市值超过5200亿元，股价报1243.20元，距贵州茅台股价仅差200多元，为A股市场第二高价股。 第四个：半导体产业链全线爆发，多只芯片主题ETF涨近10%。海光信息、寒武纪双双20%涨停创新高。 从ETF涨跌幅来看，芯片霸屏涨幅前20，ETF涨幅最高的是科创50ETF，涨幅高达15.94%。 板块方面，GPU、服务器、AIPC概念强势领涨；大消费普跌，银行股，宠物经济、民航、培育钻石概念逆势下跌。 AI硬件端调整数日后强势反弹，覆铜板、CPO概念午前涨势扩散。 大金融上下半场两次点火，信达证券、光大证券涨停。 本周沪指累涨3.49%，创年内最佳周表现；深成指涨4.57%，创业板指涨5.85%。 个人操作上，昨 ...

不要浪费任何一场牛市。 作者 | 市值风云基金研究部 编辑 | 小白 今日A股市场迎来里程碑时刻，A股市场延续上攻态势，三大股指飘红，上证指数更是午后突破3800 点关口，截至收盘点数为3825.7点，再创十年新高。 （来源：Choice数据） 盘面上受海内外消息刺激，科技板块动能再激活，GPU、AI算力、服务器等概念涨幅居前。市场代 表性的半导体ETF（512480.SH）早盘一度涨近5%，截至收盘涨幅高达9%，成交额超37亿元。 （来源：市值风云APP） 半导体相关标的涨幅居前，寒武纪又创新高！ 总的来看，半导体相关ETF产品今日成为市场追捧对象，Choice数据显示，半导体ETF大幅上涨，单 日平均涨幅为8%。 其中科创芯片ETF（588200.SH）全体大涨11.92%，成交额达到55亿。 半导体产业ETF（159582.SZ）、半导体龙头ETF（159665.SZ）、半导体ETF（159813.SZ）和半导体 设备ETF涨幅更是高达10%左右。 究其原因之一是半导体ETF核心成分股寒武纪今日大涨20%，股价攀升至1243.2元每股，再度刷新历 史纪录，总市值突破5200亿元。 需要注意的是，从估值角 ...

Group 1 - The stock market reached a new high on August 22, with the Shanghai Composite Index breaking 3800 points during the afternoon session [1] - Key sectors leading the market include GPU, servers, stock trading software, and optical communication, while sectors such as pet economy and air transportation experienced significant declines [1] - Despite the index reaching a new high, individual stock performance showed significant divergence, with a general trend of "more declines than gains" across the market [1] Group 2 - The "hard technology" sector saw a comprehensive surge, with the Sci-Tech Innovation 50 Index rising over 5% [1] - Notably, Cambrian's stock surged over 16% during the session, pushing its total market capitalization above 500 billion yuan [1]

- The report does not contain any quantitative models or factors for analysis

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The WAIC 2025 showcased advancements in AI models, computing chips, and server technologies, indicating a robust growth trajectory for the domestic AI industry [2][5]. - Domestic AI models and intelligent agents are rapidly evolving, with significant improvements in performance and cost efficiency [10][19]. - The report emphasizes the importance of long-term investment opportunities in the domestic AI supply chain, despite external challenges [2][8]. Summary by Sections WAIC 2025 Highlights - WAIC 2025 focused on AI models, computing chips, and servers, featuring top tech companies and innovations [5][6]. - Key products included the Step-3 model by Jieyue Star, SenseNova V6.5 by SenseTime, and Tencent's Hunyuan 3D World Model, showcasing advancements in multi-modal capabilities [10][19][25]. Domestic AI Model Developments - Jieyue Star's Step-3 model achieved state-of-the-art results in various benchmarks, with a total parameter count of 321 billion and activation parameters of 38 billion [11][12]. - SenseTime's SenseNova V6.5 model demonstrated a threefold improvement in cost-performance ratio compared to its predecessor [21][23]. - Tencent's Hunyuan 3D World Model 1.0 gained over 2.3 million downloads, highlighting its popularity and effectiveness in generating editable virtual worlds [25][28]. GPU Innovations - Muxi's flagship GPU, Xiyun C600, represents a significant breakthrough in domestic high-performance GPUs, featuring a complete supply chain and advanced capabilities [7][42]. - Huawei's Cloud Matrix 384, equipped with Ascend 910C chips, offers 300 PFLOPs of computing power, suitable for large model inference and training [46][50]. Investment Opportunities - The report suggests that the domestic AI industry is progressing in multiple areas, including model capabilities and hardware specifications, making it a worthwhile investment focus [2][8].

Report Title - "Science and Technology Sector Rallies, Fund Segments Rise Steadily - Fund Market Tracking 2025.08.15" [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The A-share market strengthened overall, with large, medium, and small-cap representative indices rising over 2%. The growth style was prominent, up 5.0%. Most sectors posted positive returns, with the science and technology sector surging significantly and the banking sector experiencing a notable pullback [6]. - In the fund market, the median return of common stock funds was the highest at 3.6% this week, while international (QDII) alternative investments had the lowest return at -0.5% [6]. - Active equity funds in various sectors rose sharply following the stock market. TMT sector funds led the gains, with a 6.2% increase this week, driving the year-to-date return above 20%. Small and medium-cap and high-valuation stocks showed obvious advantages [6]. - Event-driven private funds had the highest return this year, reaching 27.2% [4]. Summary by Directory 1. This Week's Market Fluctuations 1.1 Performance of Major Asset Classes - The A-share market strengthened, with the CSI 1000 rising 4.1%. The growth style led with a 5.0% increase. Bonds slightly declined, while convertible bonds rose 1.6% driven by the stock market. Hong Kong stocks rose 1.1%, and US stocks rose 0.9%. Gold declined, while other representative commodities rose [9][10]. 1.2 Performance of Industry Themes - Most sectors posted positive returns. The science and technology sector rallied, with sub - industries rising over 5%, and 5G communication and artificial intelligence up over 9%. The pharmaceutical and biological sector also had high gains, with biotech and innovative drugs approaching 4%. The banking sector pulled back 3.2%, and some sub - industries in the cyclical sector declined [13]. 1.3 Performance of Concept Indices - The top five rising concepts were stock trading software, PEEK materials, servers, optical modules (CPO), and liquid - cooled servers, with stock trading software rising 21%. The top five falling concepts were CSSC system, bank selection, central state - owned banks, gold and jewelry, and aircraft carriers, with the CSSC system falling 3.5% [16]. 1.4 Trading Heat Tracking - The top five concepts with the highest trading heat were state - owned enterprise comprehensive, fund heavy - holdings, core assets, specialized and sophisticated small and medium - sized enterprises, and Huijin holdings. The average daily trading volume of state - owned enterprise comprehensive reached 52.49 billion shares. Compared with last week, the top five concepts with rising heat were stock trading software, semiconductor equipment, servers, equal - weighted securities firms, and lithium mines; the top five with falling heat were CSSC system, aircraft carriers, dairy, three - child policy, and SPD [20][21]. 2. Active Equity Fund Tracking 2.1 Classification Returns and Rising Ratios - In the past week, the median return of common stock funds was the highest at 3.6%, and international (QDII) alternative investments had the lowest return at - 0.5%. In the past month, the median return of common stock funds was the highest at 8.3%, and international (QDII) alternative investments had the lowest return at - 0.4%. The highest rising ratio in the past month was for international (QDII) bond funds at 100.0%, and the lowest was for enhanced index bond funds at 0.0%. The lowest maximum drawdown in the past month was for short - term pure bond funds at - 0.1%, and the highest was for international (QDII) alternative investments at - 4.2% [26]. 2.2 Returns of Sub - Labels - From a sector perspective, TMT sector funds rose 6.2% this week, driving the year - to - date return above 20%. Mid - stream manufacturing and pharmaceutical sector funds also rose over 4%. From a style perspective, small - and medium - cap and high - valuation stocks had obvious advantages [28][29]. 2.3 Fund Differentiation within Sectors - In the past week, the Hong Kong stock sector had the lowest differentiation with a return range of 8.9%, and the mid - stream manufacturing sector had the highest with a return range of 21.7%. In the past month, the Hong Kong stock sector had the lowest differentiation with a return range of 18.2%, and the balanced sector had the highest with a return range of 34.9% [31]. 2.4 Fund Differentiation within Styles - In the past week, the low - profitability - quality style had the lowest differentiation with a return range of 17.0%, and the balanced - market - cap and low - growth styles had the highest with a return range of 22.8%. In the past month, the low - profitability - quality style had the lowest differentiation with a return range of 27.8%, and the high - growth and high - quality styles had the highest with a return range of 39.3% [34]. 2.5 Top - Performing Funds in Each Sector - The report lists the top five funds in each sector by return in the past month [38][39]. 2.6 Top - Performing Funds in Each Style - The report lists the top five funds in each style by return in the past month [41]. 3. Private Placement Market Performance 3.1 Overall Performance of the Private Placement Market - Event - driven private funds had the highest return this year, reaching 27.2% [45]. 3.2 Returns of Various Private Placement Types - Stock - strategy private funds: Most high - return products were stock subjective long - only, with year - to - date returns mostly in the 0% - 20% range [48]. - Bond - strategy private funds: Most high - return products were bond composites, with year - to - date returns mostly in the 0% - 5% range [51]. - Portfolio - fund - strategy private funds: All high - return products were FOFs, with year - to - date returns mostly in the 5% - 10% range [55]. - Money - market - strategy private funds: All high - return products were trust products, with year - to - date returns mostly in the 0% - 2% range [58]. - Managed - futures private funds: Most high - return products were based on program trading strategies, with year - to - date returns mostly above 10% [61]. - Relative - value - strategy private funds: Most high - return products were stock - market neutral, with year - to - date returns mostly in the 0% - 10% range [65]. - Macro - strategy private funds: Only three products announced net values this week, and the product of Kua Ke Asset Management had the highest return [69]. - Composite - strategy private funds: Most high - return products were trust products, with year - to - date returns mostly in the 10% - 20% range [72]. - Other - strategy private funds: Most high - return products were under foreign - trade trusts, with year - to - date returns mostly in the 0% - 10% range [75].