精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展——汇聚科技 （1729.HK）首次覆盖报告 汇聚科技是定制电线互连方案供应商，立讯精密是控股股东。基于：1）AI算力 维持景气度，公司数据中心电线组件、特种线缆、服务器ODM业务收入持续高 速增长；2）汽车智能化趋势推动汽车线缆需求高速增长，Le o n i K与公司汽车 线束相关业务有望持续发挥渠道、技术等协同效应。 点击注册小程序 摘自： 精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展——汇聚 科技（1 7 2 9 .HK）首次覆盖报告 （点击阅读原文） 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快 ...

截至2025年8月29日 09:48，中证半导体产业指数(931865)下跌3.59%。成分股方面，北方华创(002371)领跌6.48%，芯源微(688037)下跌5.84%，上海新阳 (300236)下跌5.74%，寒武纪(688256)下跌4.91%，中微公司(688012)下跌4.44%。半导体产业ETF(159582)下跌3.48%，最新报价1.89元。拉长时间看，截至 2025年8月28日，半导体产业ETF近1周累计上涨19.65%，涨幅排名可比基金1/2。 流动性方面，半导体产业ETF盘中换手18.98%，成交3903.71万元，市场交投活跃。拉长时间看，截至8月28日，半导体产业ETF近1周日均成交6760.19万 元。 截至2025年8月29日 09:48，上证科创板芯片指数(000685)下跌3.32%。成分股方面，盛科通信(688702)领跌7.87%，翱捷科技(688220)下跌7.70%，恒玄科技 (688608)下跌6.15%，芯源微(688037)下跌5.84%，寒武纪(688256)下跌4.91%。科创芯片ETF博时(588990)下跌8.91%，最新报价2.28元。拉长时间看 ...

沪深北三市昨日全天成交额为28302亿元，较前一个交易日缩量1707亿元。盘面上，锂电池、锂矿概念 爆发，宁德时代一度涨超14%；保险股普涨，新华保险创历史新高；酿酒板块拉升，会稽山涨停；创新 药板块走高，皓元医药涨超13%；小金属概念走强，盛屯矿业、广晟有色等多股涨停。算力硬件股局部 活跃，工业富联尾盘涨停。 工业富联总市值突破1万亿元 8月29日早盘，工业富联总市值突破1万亿元，为2018年上市以来首次。午后，工业富联股价持续走高， 尾盘涨停，收盘报53.83元/股，总市值达1.07万亿元。公司8月股价累计涨幅超55%。 万亿元市值的A股上市公司，主要分布在金融、能源、消费、通信、新能源等板块，如四大行（工、 农、中、建），贵州茅台，中国移动，中国石油、宁德时代等。工业富联进入这一梯队，背后是公司在 AI算力基础设施领域的全面爆发。 今年上半年，受益于AI相关业务强势增长，工业富联营收净利均创历史同期新高：实现营收3607.6亿 元，同比增长35.6%；归母净利润121.1亿元，同比增长38.6%。在业界关注的GB200系列产品上，工业 富联已实现量产爬坡，良率持续改善，出货量逐季攀升。 山西证券分析师方 ...

Core Insights - The AI computing power sector has recently strengthened, with key stocks like New Yisheng, Zhongji Xuchuang, and Tianfu Communication reaching new highs, leading to significant fund performance in this area [1][2] - As of August 28, 25 funds have doubled their net value in the last three months, with 50 funds showing over 90% growth, primarily due to heavy investments in the AI computing power sector [1][2] - The surge in fund performance is attributed to accelerated AI commercialization, increased capital expenditure from overseas cloud providers, and strong demand from the supply chain [1][5] Fund Performance - The "doubling funds" list has seen a significant reshuffle, with seven active equity funds achieving over 100% net value growth in the last three months [2] - The top three funds in this category are Yongying Technology Smart Selection A, AVIC Opportunity Navigation A, and Xin'ao Performance Driven A, with growth rates of 139.25%, 132.12%, and 127.12% respectively [2] - A total of 21 active equity funds have shown net value growth rates exceeding 90%, all heavily invested in the AI computing power sector [2][3] Investment Focus - The 21 funds with over 90% growth all hold New Yisheng, with 20 holding Zhongji Xuchuang and 19 holding Tianfu Communication, indicating a strong focus on these stocks [3] - The market for CPO technology, which is crucial for AI computing, is expected to grow significantly, with a projected annual growth rate of 172% from 2023 to 2030 [4] - Domestic companies in high-end optical modules hold a 70% global market share, positioning them well to benefit from the current AI computing wave [4] Policy and Demand Dynamics - The resurgence of the AI computing sector is driven by a combination of policy support and surging demand, as funds shift focus from the previously hot innovative drug sector to AI [5][6] - The Chinese government has introduced policies to promote AI across various industries, creating a favorable environment for the development of the AI industry chain [6] - The demand for AI computing is expected to explode, driven by advancements in generative AI products and increased capital expenditure from major cloud providers [7] Future Outlook - Industry experts predict potential differentiation among AI-themed funds, with some funds likely to take profits [8] - The concentration of investments in leading stocks like "Easy Zhong Tian" may lead to significant benefits during market upswings but could also pose risks during downturns [8] - Long-term investment opportunities remain in the AI computing power sector, with expectations of sustained growth in demand [9][10]

腾景科技股份有限公司 腾景科技股份有限公司（以下简称"公司"）为践行以投资者为本的理念， 推动上市公司持续优化经营、规范治理和积极回报投资者，大力提高上市公司质 量，助力信心提振、资本市场稳定和经济高质量发展，结合公司自身发展战略、 经营情况和财务情况，公司制定了 2025 年度"提质增效重回报"行动方案。2025 年上半年，公司根据行动方案内容，积极开展和落实各项工作，现将 2025 年上 半年主要进展及成效情况报告如下： 一、聚焦主营业务，坚持创新推动业务提质升级 创新，推动业务提质升级，巩固和提升公司的核心竞争力。 较上年同期增长 11.68%，盈利能力持续提升。 半年度评估报告 报告期内，公司持续加大业务开拓力度，加强品牌建设及市场宣传，参加美 国西部光电展、美国光纤通讯展、慕尼黑上海光博会、德国慕尼黑激光及光电展 等多场国内外行业展会，展示公司最新技术成果和产品应用，加强与行业专家与 客户的交流，提升行业知名度，积极开发各应用领域的客户订单，及时掌握前沿 技术趋势和行业需求动态。 在产品研发及量产方面，公司持续推进在半导体设备、高速光通信、空间光 通信及消费电子等领域的产品研发与量产进程，为公司相关 ...

Group 1 - The stock price of Cambrian Technology Co., Ltd. surged nearly 16%, reaching a new high of 1587.91 CNY per share, surpassing Kweichow Moutai, which has long held the title of the A-share king [1] - Despite Cambrian's impressive stock performance, its total market capitalization is approximately 664.3 billion CNY, significantly trailing Kweichow Moutai [1] - Kweichow Moutai's stock price has declined by 3.36% this year, contrasting with the overall A-share market's increase of nearly 15%, raising questions about the sustainability of Cambrian's rise [1][2] Group 2 - Cambrian's stock price increase is attributed to its alignment with the AI computing trend and strong performance in the first two quarters of the year [2] - The projected revenue for Cambrian this year is between 5 billion to 7 billion CNY, which appears insufficient when compared to its high market capitalization of 660 billion CNY [2] - Kweichow Moutai remains a strong player in the liquor industry, with a stable fundamental outlook despite a slowdown in growth [4] Group 3 - The current A-share market exhibits structural bull market characteristics, with sectors like AI, technology, and rare earths becoming market hotspots [4] - Cambrian's ability to maintain its strong stock performance will require time to validate, as market sentiment may drive short-term gains, but long-term performance will depend on fundamental company metrics [4] - Kweichow Moutai's stock performance serves as a significant reference point for the market [4]

证券代码：688205 证券简称：德科立 公告编号：2025-043 无锡市德科立光电子技术股份有限公司 关于首次公开发行部分募投项目延期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 无锡市德科立光电子技术股份有限公司（以下简称"公司"、"德科立"）于 开发行部分募投项目延期的议案》，同意公司将首次公开发行股票部分募集资金 投资项目"高速率光模块产品线扩产及升级建设项目"和"光传输子系统平台 化研发项目"达到预计可使用状态的日期进行延期。公司本次募投项目延期事 项在董事会审批权限范围内，无需提交股东会审议。现将相关事项公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会 2022 年 6 月 13 日出具的《关于同意无锡市 德科立光电子技术股份有限公司首次公开发行股票注册的批复》（证监许可 〔2022〕1231 号），公司首次向社会公开发行人民币普通股（A）股 24,320,000 股，每股发行价格为 48.51 元，募集资金总额为 1,179,763,200.00 元，扣除总发 行费用 85,409, ...

此次业绩增长的核心驱动力来自于旗下子公司科通技术的卓越表现。作为AI算力供应链的核心供应 商，科通技术深度服务云端AIDC、边缘侧AI智能硬件等关键赛道。得益于其与Nvidia(英伟达)、 Xilinx(赛灵思)、Intel(英特尔)、AMD(超威半导体)等全球逾80家顶尖芯片原厂的紧密合作，科通技术高 效响应市场对高性能AI芯片的旺盛需求，带动订单量实现高速增长。科通技术不仅提供硬件，更向"AI 基础设施+AI智能终端"领域输出软硬件一体化解决方案，并通过自研AI大模型和专业知识库，为数万 家创新客户提供从芯片选型到系统集成的深度技术支持，巩固了其作为集团核心增长引擎的地位。 在核心业务稳步向前的同时，公司旗下另一重要板块硬蛋科技也展现出多元化的增长潜力。硬蛋科技采 用"双轮驱动"策略，一方面紧抓国产AI算力的发展机遇，与华为等国内领军企业深化合作，依托华为昇 腾AI服务器为大学和科研企业提供算力解决方案;另一方面，持续巩固新能源赛道，聚焦两轮车换电及 电池梯次利用。此外，为支撑产业生态发展，公司旗下硬蛋产业学院持续为行业输送专业人才，已累计 培养超过8000名芯片应用工程师，为产业链的AI数字化转型提供了 ...

机械设备/专用设备 投资评级：增持（维持） ——公司信息更新报告 | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 146.10 | | 一年最高最低(元) | 146.98/47.09 | | 总市值(亿元) | 192.47 | | 流通市值(亿元) | 192.47 | | 总股本(亿股) | 1.32 | | 流通股本(亿股) | 1.32 | | 近 3 个月换手率(%) | 294.65 | 股价走势图 公 司 研 究 芯碁微装（688630.SH） 2025 年 08 月 29 日 单季度收入、利润创历史新高，超载状态彰显行业高 景气 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 2025-08 芯碁微装 沪深300 相关研究报告 《芯碁微装：领先的 LDI 设备公司， 受益 PCB 设备投资扩张与先进封装产 业趋势—公司深度报告》-2025.7.29 | 陈蓉芳（分析师） | 陈瑜熙（分析师） | | --- | --- | | chenrongfang@kysec.cn | che ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding market expectations, driven by growth in AI computing power, storage market recovery, and automotive electrification [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 10.453 billion, a year-on-year increase of 25.63%, and a net profit of 1.360 billion, up 37.75% year-on-year [2]. - Q2 2025 saw revenue reach 5.670 billion, representing a 30.1% year-on-year increase and an 18.6% quarter-on-quarter increase, with net profit of 870 million, up 42.9% year-on-year and 76.7% quarter-on-quarter [3]. - The gross margin for Q2 was 27.59%, an increase of 0.47 percentage points year-on-year, while the net margin was 15.33%, up 1.38 percentage points year-on-year [3]. Business Structure - PCB Business: Revenue of 6.270 billion, a year-on-year increase of 29.2%, accounting for 60% of total revenue, with a gross margin of 34.42% [4]. - Substrate Business: Revenue of 1.740 billion, a year-on-year increase of 9.0%, accounting for 16.6% of total revenue, with a gross margin of 15.2% [4]. - Electronic Assembly Business: Revenue of 1.480 billion, a year-on-year increase of 22.1%, accounting for 14.1% of total revenue, with a gross margin of 15.0% [4]. Future Outlook - In H2 2025 and the medium to long term, the company expects continued acceleration in AI computing power client acquisition and capacity expansion, with ongoing product structure optimization [5]. - The company is actively advancing new project construction, including the Thailand factory and the fourth phase project in Nantong, to support future capacity expansion [5].