【8月26日涨停分析】今日共71股涨停，连板股总数14只，25股封板未遂，封板率为74%（不含ST股、 退市股）。焦点股方面，算力产业链的华胜天成14天8板、园林股份7连板，液冷服务器概念股腾龙股份 10天6板、汉钟精机与川润股份走出8天5板。 转自：智通财经 ...

8月26日，A股早盘探底回升，三大指数小幅上涨，半日成交额1.68万亿，较上个交易日缩量3983亿。截 至午间收盘，沪指涨0.11%，深成指涨0.73%，创业板指涨0.21%。 华为概念股集体走高，华为欧拉、昇腾、鸿蒙等方向领涨，君逸数码、拓维信息、天融信等多股涨停。 1、游戏板块走强 游戏板块震荡走强，三七互娱涨停，冰川网络、巨人网络、完美世界、吉比特跟涨。 点评：消息面上，国家新闻出版署正式公布2025年8月游戏版号审批结果，共166款国产网络游戏和7款 进口网络游戏获批，单月总量达173款，刷新年内新高。国泰海通证券认为，游戏行业迈入景气周期， 关注行业趋势与产品潜力。 2、华为概念走高 华泰证券认为，成交放出巨量，市场短期内分歧加大。不过下跌调整对于当下的行情而言是降温，有利 于慢牛行情的发展。目前牛市行情还是结构性的，而随着未来投资者把积极的预期从行业上升到整个社 会经济发展后，牛市才能进入到普涨格局。 盘面上，热点较为杂乱，游戏板块走强，三七互娱涨停；猪肉概念持续拉升，牧原股份逼近涨停；华为 概念股集体走高，拓维信息等多股涨停；算力产业链维持强势，大元泵业斩获12天7板；化工板块冲 高，海阳科技涨 ...

【8月22日连板股分析：连板股晋级率不足三成 算力产业链继续领涨】今日共77股涨停，连板股总数12 只，其中三连板及以上个股3只，上一交易日共11只连板股，连板股晋级率27.27%（不含ST股、退市 股）。个股方面，全市场超3300只个股上涨，逾百股涨停或涨超10%，连板股表现不佳，仅3只连板股 晋级，其中自然涨停（非一字涨停）的只有成飞集成1只。板块方面，赚钱效应仍旧集中在算力产业 链、稀土永磁等少数方向，并未向全市场扩散，算力产业链的权重股继续领涨，寒武纪、海光信息、中 际旭创涨超10%，新易盛、胜宏科技涨超8%；白酒板块集体走强，二季度业绩大幅增长的舍得酒业涨 停，水井坊、迎驾贡酒涨超7%，权重股泸州老窖涨超6%，山西汾酒涨近5%。 转自：智通财经 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 通信 光模块：从涨业绩到提升估值 当前光模块等算力板块行情持续火热，而在财报季算力业绩兑现的背景 下，市场普遍存在疑问：光模块行情进展到了哪里？持续性如何？我们认 为，目前光模块的行情仅仅是个开始，其行业正经历从业绩高速增长向提 升估值的关键阶段，头部企业正值从"盈利兑现"到"价值重估"的新阶 段，股价驱动因素将由业务驱动转向业绩+估值双重驱动。 【客观事实：估值的纵向与横向对比】 纵向对比来看，国内光模块龙头估值处于历史估值中枢。我们将国内海外 链光模块龙头目前估值与其自身的历史十年数据进行对比。截至本周 五收盘，从 PE（TTM）角度来看，新易盛、中际旭创均位于历史十年 的中值附近，PE（（FY1，最近预测年度）角度看，两者位于较低位置（（ 体图表参见正文部分）。这种估值仅是统计意义上的水平，受到预测方 法等因素影响，我们只是拉到同一水平线观察。 作者 横向对比来看，国内龙头相比于海外各硬件巨头估值更低。我们选取同样 是硬件设施厂商的海外巨头进行对比，根据市场一致预测，英伟达、博 通、AMD 在 26 年的预测 PE ...

机构调研热度持续升温 8月以来，半导体领域获得机构密集关注。统计数据显示，共有21只半导体股获得机构调研。纳芯微成为调研热点，吸引135家机构参与。盛美上海紧随其 后，获得125家机构调研。紫光国微同样受到青睐，124家机构参与调研活动。 8月22日，半导体板块呈现强劲上涨态势。海光信息、寒武纪-U、杰华特等个股涨幅超过10%。芯原股份、盛美上海、中芯国际等公司股价表现活跃。寒武 纪-U股价突破1100元每股关口。算力产业链同步走强，PCB概念、算力租赁、CPO等相关板块涨幅明显。 资金流向与筹码变化 融资资金对半导体板块表现出浓厚兴趣。8月21日，获融资净买入1亿元以上的个股达到44只。指南针融资净买入额位居首位，当日净买入5.3亿元。浪潮信 息、中国联通分别获得4.06亿元、3.73亿元净买入资金。四方精创、北方华创、寒武纪-U等个股同样获得大额资金青睐。 筹码集中度出现显著变化。240只个股公布8月20日股东户数数据。与8月10日相比，130只个股股东户数出现下降。14只个股股东户数降幅超过一成。江顺科 技股东户数降幅最大，环比下降24.66%。海泰科股东户数环比下降24.35%。恒勃股份股东户数环比下 ...

Market Performance - The three major stock indices experienced fluctuations in the morning but rallied in the afternoon, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index all reaching new highs for the year [1] - At the close, the Shanghai Composite Index rose by 1.04% to 3766.21 points, the Shenzhen Component Index increased by 0.89% to 11926.74 points, and the ChiNext Index gained 0.23% to 2607.65 points [2] Trading Volume and Market Activity - The total trading volume in the Shanghai and Shenzhen markets reached 24.489 trillion yuan, with nearly 3700 stocks closing in the green [1] - There were 86 stocks hitting the daily limit up, with a limit-up rate of 80% (excluding ST and delisted stocks) [1] Sector Performance - The semiconductor sector saw significant gains in the afternoon, with companies like Cambrian Intelligence reaching a historical high [1] - Consumer stocks, particularly in the liquor sector, rebounded, with companies like Jiu Gui Jiu achieving consecutive limit-ups [1] - The consumer electronics sector also showed strong performance, with stocks like Anjie Technology hitting the daily limit [1] - Conversely, high-priced stocks collectively fell, with several stocks, including Zhongheng Electric, hitting the daily limit down [1] Notable Stocks - Ji Min Health achieved a five-day limit-up streak, while companies in the automotive supply chain, such as Tenglong Co., had five limit-ups in six days [1] - The computing power industry saw stocks like Electronic City and Hanzhong Precision Machinery performing well, with multiple consecutive limit-ups [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week of August 11-17, 2025, saw the Shanghai Composite Index rise by 1.70%, the Shenzhen Component Index by 4.55%, and the ChiNext Index by 8.58%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.66% during the same period [2][11]. - Within the telecommunications sector, the highest increase was observed in the communication network equipment and devices sub-sector, which rose by 12.40%. In contrast, the communication engineering and services sub-sector had the lowest increase at 1.22% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 49.23%, followed by Guangku Technology at 48.90% and Beiwai Technology at 41.12% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with the Shenwan Communications Index rising by 7.66% during the week [11]. - The sub-sector of communication network equipment and devices led the gains with a 12.40% increase, while communication engineering and services saw a modest rise of 1.22% [14]. Notable Developments - The successful launch of the GW 08 satellite constellation on August 9, 2025, marked a significant advancement in satellite internet capabilities, focusing on applications such as intelligent connected vehicles and marine fisheries [18]. - ZTE Corporation and China Mobile achieved a global first by completing a real-world verification of a single-core hollow fiber with a transmission capacity of 114.9Tb/s, showcasing advancements in optical communication technology [20][21]. - Lumentum reported a substantial increase in revenue driven by AI-related services, with a 55.9% year-over-year growth in the fourth fiscal quarter [22][23]. Future Focus Areas - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment [3].

Core Viewpoint - The recent market sentiment has shifted from a slow bull to a fast bull, with significant capital inflows and historical highs in net purchases from both domestic and foreign investors [2][30]. Group 1: Market Dynamics - On a single day, main funds net bought over 100 billion yuan, while southbound funds net bought over 30 billion HKD, marking a historical high [2]. - The trading volume of northbound funds also saw a substantial increase, indicating heightened market activity [2]. - Concerns about market overheating are present, but indicators suggest that the current bull market has not yet peaked [4]. Group 2: Key Indicators - The absolute turnover rate is currently around 4%, which is typical for strong market conditions, suggesting that the current bull market is expected to be robust [4]. - The long-term trend of turnover rates indicates that the market is still climbing, with no signs of reaching a peak yet [4]. - The financing balance relative to the free float market value is at a median level, indicating that leveraged funds still have room to grow [5]. Group 3: Economic Context - Despite lower-than-expected economic indicators, the stock market remains strong, driven by liquidity rather than short-term economic fluctuations [13]. - The People's Bank of China has shown a cautious attitude towards further monetary easing, with no immediate plans for rate cuts unless there are unexpected actions from the Federal Reserve [12]. Group 4: Sector Performance - The most favored sectors by market funds include non-bank financials, electronics, and computers, with significant net inflows recorded [31]. - Conversely, sectors such as defense, banking, and public utilities experienced the largest net outflows [31]. Group 5: Industry Trends - The textile, apparel, and commercial trade sectors are currently in a recession quadrant, while the computer and steel industries are in an expansion quadrant [35]. - The pharmaceutical, media, and commercial trade sectors are expected to see an increase in their economic outlook over the next six months, while the banking and agricultural sectors may experience a decline [36].

Core Viewpoint - The investment logic in the computing power industry chain is shifting from a focus on AI chips to the exploration of specific segments within the industry [1][9]. Group 1: Market Performance and Trends - On August 14, Cambrian (688256.SH) saw its stock price surge over 14%, reflecting the optimistic expectations of the AI computing power industry [2]. - The performance of companies in the industry is mixed, with optical module manufacturers like NewEase (300502.SZ) expecting a net profit increase of up to 385.47% year-on-year, while domestic chip and server manufacturers show more modest growth [2]. - AI servers are projected to be the main growth driver in the server market, with significant increases in shipment volumes expected throughout the year [2][6]. Group 2: ODM Market Dynamics - According to IDC, the revenue from the "ODM Direct" model in the global server market is expected to grow by 155.5% year-on-year by Q4 2024, capturing 47.3% of the market share [4]. - Major cloud service providers like Amazon, Google, and Microsoft are driving this growth, with their combined capital expenditure plans for 2025 exceeding $340 billion (approximately 2.5 trillion RMB) [5]. Group 3: Segment-Specific Growth - High-speed optical modules are benefiting directly from the demand in the AI server market, with NewEase and Zhongji Xuchuang both forecasting substantial profit increases [6]. - Data center switch manufacturers are also experiencing growth, with companies like Ruijie Networks (301165.SZ) expecting net profit increases of 160.11% to 231.64% [7]. - Memory interface chip demand is rising, with companies like Lanke Technology (688008.SH) projecting significant revenue growth due to the AI industry trend [7]. Group 4: High-End AI Components - High Bandwidth Memory (HBM) is a critical component in AI training chips, with Nvidia consuming over 60% of the HBM market [8]. - The HBM market is experiencing a supply-demand imbalance, leading to a forecasted price increase of 5% to 10% by 2025 [8]. Group 5: Domestic Computing Power Landscape - Domestic computing power demand is shifting from supply issues to strategic concerns, with a notable decrease in the share of externally sourced chips in the AI server market [12]. - Haiguang Information reported a revenue increase of 45.21% year-on-year, focusing on general processors and co-processors for AI applications [12][13]. - The integration of Haiguang Information and Zhongke Shuguang aims to enhance the competitiveness of domestic computing power [13]. Group 6: Future Outlook and Challenges - By 2030, it is predicted that China's share of global semiconductor mature process capacity will reach 48%, with a compound annual growth rate of 18.8% for 12-inch wafer capacity [14]. - Despite current challenges, companies like China Mobile (600941.SH) are continuing to invest heavily in AI, with capital expenditures reaching 584 billion RMB [14]. - The transition from general-purpose AI models to specialized tools requires significant adaptation and engineering efforts, emphasizing the need for a robust domestic computing foundation [15].

Group 1 - The three major stock indices opened lower, with the Shanghai Composite Index down 0.18%, the Shenzhen Component Index down 0.28%, and the ChiNext Index down 0.2% [1] - The computing power industry chain led the decline, with significant pullbacks in GPU and CPO sectors; artificial intelligence showed weakness [1] - The lithography machine and brain-computer interface themes were active [1]