Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The company is actively engaging in new business ventures and has become a strategic shareholder in multiple high-quality enterprises [2] - A strategic cooperation agreement has been signed with Keton Technology, the general agent of NVIDIA in China, to explore the layout of intelligent computing centers [8] - The company aims to leverage its extensive customer resources to assist Keton Technology in expanding into various sectors, including internet enterprises and AI companies [8] Financial Summary - Projected revenue for 2024 is 4,208.40 million, with a decrease of 20.35% from the previous year, followed by a gradual recovery in subsequent years [3] - Expected net profit attributable to the parent company for 2025 is 288.73 million, showing a significant increase of 134.16% compared to 2024 [3] - Earnings per share (EPS) is projected to grow from 0.58 in 2024 to 2.33 in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 53.60 in 2024 to 13.47 in 2027, indicating improving valuation over time [3] Basic Data - The closing price of the stock is ¥31.35, with a total market capitalization of 6,609.11 million [4]

证券研究报告 2025年07月27日 请务必阅读正文之后的信息披露和免责申明 1 摘要 周思考：房地产指数的长期超额与销量增速和房价增速的趋势性变化相关。短期来看，近一年房地产指数超额收益呈现脉冲式锯齿形态，具有周期短、波动剧烈、与 政策强关联三大特征。我们认为，这一现象是因为近期地产股表现主要受短期刺激政策博弈驱动，而基本面复苏较弱则难以支撑行情持续性。具体来看，近6轮上涨波 段中指数超额收益均值达13%，平均持续18天。我们认为，短期来看，若7月政治局会议或相关部委政策释放更积极的房地产刺激信号，地产指数或开启新一轮脉冲式 上行；中长期视角下，当前商品房销量与房价跌幅已现收窄趋势，但指数仍处低位，待基本面止跌回稳态势进一步明确确认后，板块有望迎来持续性行情。 市场回顾：本周（7.14-7.18），全A上涨1.86%，市场继续上攻。板块方面，机器人、稀土相关概念表现强势。当周全A日均成交额达15397亿元，较前周增加466亿元， 市场活跃度高位震荡。市场情绪方面，当周平均上涨家数为2779家，较前周减少275家；平均涨停家数由前周的68家减至61家，赚钱效应有所减弱。资金流向方面， 策略报告：投资策略专题 ...

行 业 研 究 通信 2025 年 07 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-07 2024-11 2025-03 通信 沪深300 相关研究报告 《谷歌云增速超预期，谷歌上调资本 开支，海外 AI 链或迎估值提升—行 业点评报告》-2025.7.24 《海外 AI 或估值提升，国内 AI 迎基 本面拐点—行业周报》-2025.7.20 《英伟达将恢复 H20 在华销售，核心 利好 AIDC 链—行业点评报告》- 2025.7.15 谷歌上调资本开支，Qwen3 模型迎更新，看好全 球 AI 共振 ——行业周报 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0790124020006 | 谷歌上调资本开支，云客户订单持续增长，T ...

Group 1 - The seminar on "AI New Era, Energy Efficiency Drives the Future" highlighted the rapid evolution of AI data center (AIDC) power solutions towards high power and high density architectures, with key technical challenges such as power system design needing urgent attention [1] - Shanghai Xinwei Technology Group's acquisition of Chongqing Wanguo Semiconductor Technology Co., Ltd. is a significant step in the company's strategy to enter the AIDC power device sector, with an estimated investment of around 10 billion RMB expected to be completed by the end of 2025 [1][3] - The transition from kilowatt-level to megawatt-level power density cabinets and the exponential increase in computing power demand for large model training were discussed, emphasizing the need for advancements in power system design and efficient cooling solutions [2] Group 2 - The global HVDC market is projected to grow from 1 billion USD to 15.7 billion USD from 2024 to 2029, with a compound annual growth rate of 73%, indicating a strong demand for high voltage direct current solutions [2] - Xinwei Group's acquisition of approximately 39% of Chongqing Wanguo's shares makes it the controlling shareholder, with plans for further capital increases as part of its strategic investment [3] - Chongqing Wanguo has developed proprietary technology and has a strong domestic and international customer base, which will be enhanced under Xinwei Group's control through capacity expansion and technology upgrades [4]

Market Overview - A-shares experienced a slight decline on July 25, with the three major indices closing lower, while the Sci-Tech 50 index rose by 2.07% driven by semiconductor stocks [1] - The semiconductor sector saw significant gains, with stocks like ASR Technology hitting the daily limit and companies like Cambricon Technologies rising over 10% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 57.4 billion yuan from the previous trading day [1] Sector Performance - Key sectors that performed well included semiconductors, education, medical devices, and AI applications, while sectors like liquor, diversified finance, and engineering machinery faced declines [2] Institutional Insights - Institutions suggest focusing on sectors with high growth potential such as semiconductors, consumer electronics, artificial intelligence, and low-altitude economy, amidst a backdrop of economic recovery and policy support [3] - The steel industry is expected to shift towards quality improvement and efficiency enhancement, driven by technological upgrades and innovation [3] - AI's impact on companies like Google Cloud is becoming more evident, with expectations of increased capital expenditure in the coming years [3] Regulatory Developments - The Ministry of Industry and Information Technology announced plans to promote the orderly exit of outdated photovoltaic production capacity and will regularly publish a list of compliant enterprises [4] - The Shanghai Stock Exchange aims to accelerate the implementation of innovative systems on the Sci-Tech Innovation Board, aligning with national strategic needs [5] Emerging Trends - There are indications that Shanghai may issue demonstration operation licenses for smart connected vehicles during the World Artificial Intelligence Conference in 2025, marking a potential new phase for Robotaxi commercialization [6][7]

今日截至10:08，科创人工智能ETF华夏（589010）上涨1.24%，盘初高开，盘中一度强势上涨超 1.5%，有望持续受到世界人工智能大会的利好刺激。持仓股方面，云从科技暴涨13.23%，虹软科技上 涨4.75%，恒玄科技、星环科技、优刻得等涨幅超3%。流动性方面，盘中换手5.16%，成交总额超360万 元，量能强劲释放。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼 具高研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 每日经济新闻 （责任编辑：董萍萍 ） 消息方面，近日，蚂蚁集团正式成立通用人工智能研究中心，这一动作标志着其从金融科技向AI 基础研究的战略延伸。由蓝振忠、武威等AI领域明星学者领衔的团队配置，显示出蚂蚁在AGI赛道上的 技术野心。 开源证券表示，看好海外A ...

证券研究报告 通合科技 (300491 CH) 充电业务稳增长，AIDC 献增量 通合科技为充电模块的领军企业，公司专注于直流电源为核心的电力电子产 品，在新能源汽车、智能电网、航空航天三大战略方向均衡发展。公司 24 年受到充电桩竞争加剧而盈利有所下滑，我们预计充电桩盈利能力或已见 底。随着全球充电桩建设提速、AI 发展驱动数据中心建设提速、电网投资稳 定增长，公司有望实现多业务协同稳健增长，我们维持"增持"评级。 充换电：24 年竞争加剧致盈利能力下滑，看好 25 年量增利稳 公司充换电站充电电源业务主要为充电模块以及交直流控制板等产品。公司 充电模块历经九代更迭，产品力优异，充电模块电压最高可达 1000V，充电 桩通过充电模块并联冗余配置，充电功率最高可至兆瓦级。公司 24 年充换 电业务收入 7.83 亿，同比+20.4%，主要系下游需求向好（24 年我国充电 基础设施增量为 422.2 万台，同比+24.6%），毛利率 21.26%，同比-6.32pct， 主要系行业竞争加剧导致产品降价。公司持续扩大产品矩阵，不断推出液冷 充电模块、储充充电模块、符合海外标准的充电模块，新品占比提升支撑毛 利率， ...

截至2025年7月22日 11:26，国证通信指数上涨0.02%，成分股太辰光上涨12.60%，东信和平涨停，联特科技上涨5.15%，信维通信上涨5.11%，仕佳光子上涨 4.82%。通信ETF(159695)多空胶着。拉长时间看，截至2025年7月21日，通信ETF近1周累计上涨7.32%，涨幅排名可比基金第一。 截至7月21日，通信ETF近1年净值上涨39.22%。从收益能力看，截至2025年7月21日，通信ETF自成立以来，最高单月回报为24.48%，最长连涨月数为3个 月，最长连涨涨幅为23.48%，上涨月份平均收益率为6.09%。 通信ETF紧密跟踪国证通信指数，国证通信指数选取沪深北交易所通信产业相关上市公司编制而成的，用以反映中国证券市场上通信行业证券价格变动的趋 势，并为市场增加新的指数投资品种。 消息面方面，据英伟达官网消息显示，英伟达已正式提交申请，计划恢复面向中国市场销售H20GPU。国元证券分析认为，国内GPU供给瓶颈或极大缓解， 国内数据中心建设节奏或亦将同步加快，推荐同步关注国内AIDC建设引致的硬件及服务商业绩弹性。 国金证券指出，北美云厂商加速AI算力投资，推动800G光模块需 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]