美国科技巨头微软公司(MSFT.US)的数据中心供应紧缺危机大概率将比该公司管理层此前所预期时间持续更久，凸显出这家云计算与办公生产力软件巨头在 竭尽全力布局AI以及满足持续井喷式扩张的全球大客户们云计算服务与AI算力需求方面所面临的重大困难。 微软数据中心供应与产能严重紧缺可能延续至2026年，超出管理层此前所预判的"截至2025年底"，叠加近日最新统计数据显示出包括OpenAI在内的全球AI 初创公司疯狂吸金1927亿美元创历史纪录，很大程度上意味着波及全球范围的AI"烧钱大战"仍然如火如荼，这也凸显出全球AI算力产业链"超级牛市轨迹"远 未完结。 缺乏长期且持续可供出租给客户的高性能AI服务器集群以及传统云计算服务器一直是北美地区的云计算巨头们所担心的问题，微软、亚马逊和谷歌自2023 年ChatGPT风靡全球以来都描述了类似的限制问题。亚马逊AWS管理层在今年早些时候明确表示"需求高于供给"，主要约束在核心电力设备、AI芯片以及上 电进度;谷歌则把2025年AI CapEx(AI资本支出)上调至约850亿美元，并指引2026相关支出年还会更高，核心将投向AI算力基础设施领域。微软则始终致力于 平衡其数 ...

据全球知名VC(风险投资)数据提供商PitchBook最新统计数据，全球与人工智能(AI)密切相关联的"烧钱 大战"仍然如火如荼，全球范围的风险投资机构们今年迄今已经向包括OpenAI、Anthropic在内的AI初创 公司投入了大约1927亿美元——再度创下全球风投资金流向AI领域的全新投资纪录，并使2025年度有 望成为首次有超过一半的风投资金流向人工智能相关行业的一年。 正是在英伟达、Meta、谷歌、甲骨文、台积电以及博通等大型科技巨头以及AI算力产业链领军者史诗 级股价涨势与今年以来持续强劲的业绩带领之下，一股史无前例的AI投资热潮席卷美股市场以及全球 股票市场，带动标普500指数以及全球股指基准股指——MSCI全球指数自4月以来大幅上攻，近日更是 不断创下历史新高。 近期全球DRAM和NAND系列存储产品价格大涨，以及前不久远超市场预期的4550亿美元的合同储备的 全球云计算巨头甲骨文，以及全球AI ASIC芯片"超级霸主"博通在近期公布的强劲业绩与未来展望大幅 强化了AI GPU、ASIC以及HBM、数据中心SSD存储系统等AI算力基础设施板块的"长期牛市叙事"。生 成式AI应用与AI智能体所主导 ...

核心竞争力：一站式最优加工解决方案 公司核心竞争力在于提供一站式最优加工解决方案。通过布局PCB生产关键工序及多品类产品，实现应 用场景、技术、供应链等多维度协同，提升产品技术与客户服务能力，助力下游客户提升综合竞争力， 满足PCB先进制造需求。 2025年9月2日至9月30日期间，深圳市大族数控科技股份有限公司迎来了超50家机构密集调研，其中宝 盈基金参与了此次调研活动。本次调研聚焦公司经营情况、核心竞争力、PCB行业发展趋势等要点。 调研活动详情 本次投资者活动关系类别包括特定对象调研、现场参观以及其他券商策略会、电话会议。时间跨度为 2025年9月2日 - 9月30日，地点在公司会议室及北京。上市公司接待人员为副总经理、财务总监兼董事 会秘书周小东，以及证券事务代表周鸳鸳 。参与调研的机构众多，涵盖宝盈基金、平安基金、兴业机 械、华西证券等各类金融机构。 2025年上半年经营亮点突出 大族数控在2025年上半年经营成绩斐然。公司抓住AI服务器高多层板规模增长与技术难度提升的双重 契机，强化汽车电子、消费电子多层板及HDI板加工设备竞争力，新型激光加工方案在高速PCB、类载 板及先进封装领域获客户青睐。上 ...

Core Insights - The communication industry experienced steady revenue growth and improved profitability in the first half of 2025, with total revenue reaching 17,850.03 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 1,604.32 billion yuan, up 11.26% year-on-year [1][2]. Revenue and Profit Analysis - In Q2 2025, the communication industry continued to show robust growth, achieving revenue of 9,424.83 billion yuan, a year-on-year increase of 10.91%, and net profit attributable to shareholders of 986.82 billion yuan, up 12.33% year-on-year [2]. - The adjusted net profit after excluding non-recurring items for Q2 2025 was 912.62 billion yuan, reflecting a year-on-year growth of 12.94% [2]. Sector Performance - The top-performing sectors in terms of revenue growth in H1 2025 included optical modules, communication PCBs, network equipment manufacturers, IoT modules, and base station RF components [2]. - The sectors with the highest net profit growth in H1 2025 were optical modules, communication PCBs, network security and visualization analysis, IoT modules, and network equipment manufacturers [2]. Market Trends - The industry is currently underweight, with capital expenditure on computing power maintaining high growth. The domestic market is accelerating in line with global AI development trends, indicating significant upward potential for the communication industry [3]. - The AI computing power supply chain is expected to continue its rapid development in 2025, driven by evolving demand in inference, which will benefit the communication industry's related supply chain [3]. Recommended Stocks - Key stocks recommended include: - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology, Dekeli [4]. - CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light [4]. - PCB: Hudian Co., Shenzhen South Circuit [4]. - End-side: Guanghetong, ZTE Corporation [4]. - IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network [5]. - Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi [5]. - High-speed Copper Cables: Zhaolong Interconnect [5]. - Operators: China Mobile, China Telecom, China Unicom [5]. - Military Communication Related Stocks: Haige Communication, Qiyi Er, Changying Tong [5]. US Stock Recommendations - Related US stocks include Credo, MaxLinear, Arista Networks, Century Internet, Coherent, Lumentum, Broadcom, Marvell, AXT [6].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The State Council has issued a reply on the implementation plan for the pilot reform of market-oriented allocation of factors in certain regions, starting immediately for a duration of two years in ten pilot areas including Beijing's urban sub-center [1] - The reform aims to deepen the collaborative allocation of factors, enhance allocation efficiency, explore new allocation methods, optimize support for new industries and fields, and promote high-quality development in the service sector [1] - The outlook for future policies and domestic economic data suggests that after the central bank's easing measures in May, the policy is currently in an observation phase, with potential new easing windows anticipated due to external economic conditions [1] Group 2 - The AI computing power industry chain is expected to continue its strong performance, with solid-state batteries, energy storage, and robotics identified as high-potential sectors [1] - Overall performance in the third quarter may decline further, but the AI computing power sector is likely to maintain a favorable performance trend compared to other sectors [1] - The transition from structural bull to a comprehensive bull market is seen as crucial, although a full transition may still require more time [1]

Group 1 - The US and China held talks in Madrid on September 14 regarding trade issues, including US unilateral tariff measures and export controls [4] - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" [2][11] - The Shanghai Stock Exchange announced the candidate list for the third Technology Innovation Advisory Committee, including notable entrepreneurs [2][5] Group 2 - The broad money supply (M2) increased by 8.8% year-on-year in August, with non-bank financial institutions' deposits increasing by 550 billion yuan [5] - The National Internet Information Office released a draft for public consultation on promoting and regulating electronic document applications, proposing the exploration of digital RMB for cross-border payments [5] - The film market's box office for 2025 has surpassed 40 billion yuan as of September 13, 2025, 76 days ahead of 2024 [5] Group 3 - The first project of the third phase of the National Integrated Circuit Industry Investment Fund targets semiconductor equipment, with a capital increase of 4.5 billion yuan for Tuojing Technology [10] - Domestic semiconductor equipment has shown strong growth trends, with the market expected to maintain a long-term scale of over 40 billion USD [10] Group 4 - The "Automobile Industry Stabilization Growth Work Plan" aims to promote the industrial application of intelligent connected technology, with a projected industry value increase of 725.9 billion yuan by 2025 [11] - The plan encourages the development of new business models using data and supports the production of L3-level vehicles [11][13] Group 5 - The "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a new energy storage installation scale of over 180 GW by 2027, driving direct investment of about 250 billion yuan [14][15] - Companies like Haibo Technology and Sungrow Power have reported significant revenue growth in their energy storage systems [15] Group 6 - TCL Technology plans to invest approximately 29.5 billion yuan to build an 8.6-generation printed OLED production line [17] - Haizheng Pharmaceutical has received a CEP certificate for its Tigecycline raw materials, marking a significant step for international market expansion [19] - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to promote applications in intelligent robotics [20]

Group 1 - Oracle reported a staggering remaining performance obligation (RPO) of $455 billion, a year-on-year increase of 359%, igniting market enthusiasm and leading to a nearly 36% surge in its stock price, marking the largest single-day gain since 1992 [1] - Oracle's cloud infrastructure revenue is projected to grow by 77% year-on-year, reaching $18 billion in fiscal year 2026, with further increases expected in subsequent years [1] - Nvidia announced the upcoming launch of a new product, Rubin CPX, designed for complex tasks such as video generation and software development, set to be released by the end of 2026 [2] Group 2 - Microsoft has entered a long-term AI cloud computing partnership with Nebius valued at $19.4 billion, which includes a $2 billion option, effective until 2031 [3] - Meta's founder, Mark Zuckerberg, announced plans to invest approximately $60 billion in AI infrastructure by 2028, indicating a significant increase in capital expenditure among leading firms [3] - The Chinese AI market is projected to reach $81.59 billion by 2028, with a five-year compound annual growth rate (CAGR) of about 33%, driven by technological breakthroughs and increased demand [4] Group 3 - Baidu's new Wenxin large model X1.1 has been officially launched, showing significant improvements in factual accuracy and instruction adherence compared to its predecessor [6] - SenseTime's revenue performance exceeded expectations with a year-on-year growth of 36%, driven by a strong increase in its generative AI business, which grew by 73% [7] - Kintor Group reported a 71% increase in net profit for the first half of 2025, reflecting strong demand in the PCB market and a positive outlook for AI-related options [8]

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by increased demand in key sectors such as wind energy and electronic fabrics [4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 9.1 billion yuan, net profit attributable to shareholders of 1.69 billion yuan, and net profit excluding non-recurring items of 1.70 billion yuan, representing year-on-year increases of 18%, 76%, and 171% respectively [4]. - In Q2 2025, the company recorded total revenue of 4.6 billion yuan, net profit of 960 million yuan, and net profit excluding non-recurring items of 960 million yuan, with year-on-year increases of 6%, 57%, and 108% respectively, and quarter-on-quarter increases of 3%, 31%, and 29% respectively [4]. Group 2: Business Segments - For the fiberglass yarn business in H1 2025, revenue was approximately 7.3 billion yuan, with a year-on-year increase of 17%, and sales volume reached 1.58 million tons, up 4% year-on-year. The net profit excluding non-recurring items was approximately 1.34 billion yuan, a 150% increase year-on-year [5]. - In Q2 2025, the fiberglass yarn business generated approximately 3.7 billion yuan in revenue, a 7% year-on-year increase, with net profit excluding non-recurring items around 730 million yuan, a 92% increase year-on-year [5]. - The electronic fabric business in H1 2025 saw revenue of approximately 1.56 billion yuan, an 18% year-on-year increase, and net profit excluding non-recurring items of around 300 million yuan, a 233% increase year-on-year [6]. - In Q2 2025, the electronic fabric business revenue was 820 million yuan, flat year-on-year, with net profit excluding non-recurring items of 200 million yuan, over a 100% increase year-on-year [6]. Group 3: Market Outlook - The company anticipates continued demand growth in the wind energy sector, benefiting from increased installation capacity and larger blade sizes, which is expected to enhance sales [5]. - The electronic fabric segment is expected to see price increases due to rising PCB prices, with the company’s new production line projected to enhance capacity significantly by 2026 [6]. - The company is focusing on the demand for wind energy yarn, price trends in electronic fabrics, and developments in its specialty fabric business in H2 2025 [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In H1 2025, the company achieved total operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 9.1 billion, 1.69 billion, and 1.70 billion yuan respectively, representing year-on-year increases of 18%, 76%, and 171% [5] - In Q2 2025, the company recorded total operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.6 billion, 960 million, and 960 million yuan respectively, with year-on-year increases of 6%, 57%, and 108%, and quarter-on-quarter increases of 3%, 31%, and 29% [5] Summary by Sections Revenue Performance - The company's revenue from the roving yarn business in H1 2025 was approximately 7.3 billion yuan, a year-on-year increase of 17%, with sales volume of 1.58 million tons, up 4% year-on-year [6] - The revenue from the electronic cloth business in H1 2025 was approximately 1.56 billion yuan, a year-on-year increase of 18%, with net profit excluding non-recurring items of approximately 300 million yuan, up 233% year-on-year [7] Business Outlook - In H2 2025, the focus will be on the demand for wind power yarn, price trends of electronic cloth, and the company's progress in special fabric business layout [8] - The company is expected to maintain a stable cash flow from its wind power generation business, which is gradually expanding its profit scale [8] Financial Forecasts - The company forecasts net profit attributable to shareholders of 3.3 billion, 4.4 billion, and 5.2 billion yuan for 2025, 2026, and 2027 respectively [8] - The current price corresponds to a dynamic P/E ratio of 17x for 2025 [8] Key Financial Metrics - The company is projected to have a gross margin of 27.9% in 2025, with an expected increase to 30.9% by 2027 [12] - The return on equity (ROE) is expected to be 10.3% in 2025, increasing to 13.3% by 2027 [12]