截至8月29日，国力电子股东户数5374.00，较上期增加1.92%；人均流通股17736股，较上期减少 1.88%。2025年1月-6月，国力电子实现营业收入5.69亿元，同比增长70.49%；归母净利润3573.36万元， 同比增长142.68%。 分红方面，国力电子A股上市后累计派现9836.14万元。近三年，累计派现6831.35万元。 机构持仓方面，截止2025年6月30日，国力电子十大流通股东中，兴全多维价值混合A（007449）位居 第三大流通股东，持股286.68万股，持股数量较上期不变。兴全合丰三年持有混合（009556）位居第六 大流通股东，持股165.85万股，相比上期减少20.28万股。 9月18日，国力电子盘中上涨2.06%，截至10:27，报67.38元/股，成交4809.20万元，换手率0.76%，总市 值64.22亿元。 资金流向方面，主力资金净流出198.51万元，特大单买入130.30万元，占比2.71%，卖出104.62万元，占 比2.18%；大单买入1428.70万元，占比29.71%，卖出1652.88万元，占比34.37%。 国力电子今年以来股价涨66.53%，近5 ...

2025 年 9 月 17 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 45,675 | -0.85 | 29.99 | | 恒生工商业 | 15,108 | 0.84 | 34.29 | | 恒生地产 | 18,991 | -1.46 | 27.35 | | 恒生公用事业 | 36,666 | 0.02 | 2.81 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 环球主要股市上日表现 收市价 升跌（%） 单日 年内 恒生指数 26,439 0.19 31.80 恒生国企 9,386 0.23 28.76 恒生科技 6,078 1.48 36.02 上证综指 3,862 -0.23 15. ...

Company Overview - Jingda Co., Ltd. is located in Tongling City, Anhui Province, and was established on July 12, 2000, with its listing date on September 11, 2002 [1] - The company specializes in the manufacturing and sales of enameled wire, bare copper wire, electrical cables, and drawing dies [1] - The main business revenue composition includes enameled wire (72.24%), automotive and electronic wires (14.36%), special conductors (4.85%), and others [1] Financial Performance - As of June 30, 2025, Jingda Co., Ltd. achieved a revenue of 11.856 billion yuan, representing a year-on-year growth of 14.28% [2] - The net profit attributable to the parent company was 306 million yuan, showing a year-on-year increase of 6.03% [2] - Cumulative cash dividends since the A-share listing amount to 1.907 billion yuan, with 712 million yuan distributed over the past three years [3] Stock Performance - On September 17, the stock price increased by 2.13%, reaching 8.64 yuan per share, with a trading volume of 311 million yuan and a turnover rate of 1.70% [1] - Year-to-date, the stock price has risen by 19.34%, with a 7.20% increase over the last five trading days [1] - The total market capitalization of Jingda Co., Ltd. is 18.569 billion yuan [1] Shareholder Structure - As of June 30, 2025, the number of shareholders is 109,600, a decrease of 2.86% from the previous period [2] - The average circulating shares per person increased by 2.95% to 19,613 shares [2] - Notable shareholders include Xingsheng Trend Investment Mixed Fund, which is the eighth largest shareholder with 20 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 2.4356 million shares [3]

Company Overview - Changguang Huaxin is located in Suzhou, Jiangsu Province, and was established on March 6, 2012. The company went public on April 1, 2022. Its main business involves the research, manufacturing, and sales of semiconductor laser chips, devices, and modules, which are core components in the laser industry [2]. - The revenue composition of Changguang Huaxin includes: high-power single-tube series (76.98%), VCSEL and optical communication chips series (11.47%), high-power bar series (5.54%), other (5.05%), and waste sales (0.96%) [2]. Financial Performance - For the first half of 2025, Changguang Huaxin achieved operating revenue of 214 million yuan, representing a year-on-year growth of 68.08%. The net profit attributable to the parent company was 8.97 million yuan, reflecting a year-on-year increase of 121.13% [2]. - Since its A-share listing, Changguang Huaxin has distributed a total of 115 million yuan in dividends, with 47.46 million yuan distributed over the past three years [3]. Stock Market Activity - On September 16, Changguang Huaxin's stock price decreased by 2.01%, trading at 74.01 yuan per share, with a total transaction volume of 246 million yuan and a turnover rate of 3.09%. The company's total market capitalization is 13.046 billion yuan [1]. - Year-to-date, Changguang Huaxin's stock price has increased by 89.82%, with an 8.61% rise over the last five trading days, a 2.04% decline over the last 20 days, and a 37.92% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on February 7, where it recorded a net purchase of 52.2285 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Changguang Huaxin was 14,500, an increase of 9.23% from the previous period. The average circulating shares per person were 7,323, a decrease of 2.40% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.4084 million shares, a decrease of 123,900 shares from the previous period. The Southern CSI 1000 ETF (512100) is a new entrant among the top ten shareholders, holding 954,700 shares [3].

Core Viewpoint - Jingda Co., Ltd. experienced a stock price decline of 2.11% on September 16, with a current price of 8.35 CNY per share and a total market capitalization of 17.946 billion CNY [1] Financial Performance - For the first half of 2025, Jingda Co., Ltd. reported revenue of 11.856 billion CNY, reflecting a year-on-year growth of 14.28%, and a net profit attributable to shareholders of 306 million CNY, which is a 6.03% increase compared to the previous year [2] - The company has distributed a total of 1.907 billion CNY in dividends since its A-share listing, with 712 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Jingda Co., Ltd. was approximately 109,600, a decrease of 2.86% from the previous period, while the average circulating shares per person increased by 2.95% to 19,613 shares [2] - Notable changes in institutional holdings include the entry of XINGQUAN Trend Investment Mixed Fund as the eighth largest shareholder with 20 million shares, and an increase in holdings by Hong Kong Central Clearing Limited to 19.8724 million shares [3] Stock Performance - Year-to-date, Jingda Co., Ltd.'s stock price has increased by 15.33%, with a 1.83% rise over the last five trading days, a 4.02% decline over the last 20 days, and a 13.14% increase over the last 60 days [1]

美国能源部长预计核聚变将在8年内走出实验室，迈向商业化发电，为全球清洁能源格局带来革命性变 革。 9月16日，据媒体报道，美国能源部长Chris Wright表示，核聚变发电技术有望在未来十年内实现商业化 应用。Wright预测，商业化核聚变发电最快可能在8年内实现，最迟不会超过15年。 这一表态为长期面临技术挑战的核聚变产业注入了新的信心。核聚变技术被视为未来清洁能源的重要解 决方案，具备提供大量无碳电力的潜力，但多年来商业化进程缓慢。 核聚变技术模拟太阳和恒星的能量产生机制，理论上可以提供几乎无限的清洁电力，且不产生温室气体 排放或长期放射性废料。 Wright表示，核聚变领域的创新步伐正在加速。"创新的速度比以往任何时候都要快，"他说，"这项技 术即将到来，令人兴奋。" 核聚变技术已成为顶级投资者和机构的重点关注领域。包括亚马逊创始人贝索斯（Jeff Bezos）、微软 创始人比尔·盖茨和PayPal联合创始人Peter Thiel在内的科技巨头已向该领域投入数十亿美元资金。 近年来，核聚变产业还获得了更广泛的资本支持。主权财富基金、国家开发银行和风险投资机构纷纷加 入投资行列，表明市场对核聚变商业化前 ...

AI是新的通用目的技术（GPTs），具有持续改进、普遍适用和互补创新的特征。通用目的技术是经济增长的引擎，但它并非即插即用，需要花费较长的 时间才能对生产率产生实质影响。蒸汽机、发电机和计算机分别在发明118年、91年和49年，在商业化54年、40年和21年后，才开始明显推动生产率提 高。如下图所示。 图：通用目的技术从发明和商业化到明显提升生产率的年限，注：AI指的是迄今时间。 数据来源：根据Paul David（1990）、Stephen Oliner&Daniel Sichel（2000）、Nicholas Crafts（2018）和欧洲央行（2020）数据整理。 人工智能术语提出已有69年，机器学习革命已有13年，新一轮AI浪潮如火如荼，然而生产率增速并没有明显加快。欧盟每小时劳动生产率在2023年下降 0.6%，2024年增长0.4%，远低于1995—2019年1%的年均水平（来源：欧盟统计局、欧洲央行）。 一、生产率滞后效应 美国2020年以来劳动生产率平均增速为1.8%，尚不及2.2%的长期平均水平。如下图所示。未来十年，AI带来的劳动生产率仅增长0.4%—0.9%（OECD， 2024），对全 ...

Market Overview - The market experienced a slight overall decline despite indices challenging upward [3] - The Shanghai Composite Index fell by 0.26%, while the Shenzhen Component and ChiNext Index rose by 0.63% and 1.52%, respectively, both reaching new highs for the year [3] Pre-made Dishes Sector - The pre-made dishes sector saw significant activity, with stocks like Delisi and Longda Meishi hitting the daily limit [5] - The sector initially surged nearly 2% before closing with a gain of 1.23% [5] - A draft national standard for food safety in pre-made dishes has reportedly passed expert review and will soon seek public opinion [5] Ningde Times - Ningde Times opened significantly higher, gaining over 6% at the start, and later surged more than 14% during trading, closing up 9.14% [9] - The company’s guidance for 2026 was raised to 1100 GWh, reflecting a year-on-year increase of 46% [9] - The lithium battery sector saw a rise of 2.5% in the morning, but retreated to a final gain of only 0.22% as Ningde Times' momentum slowed [9] Real Estate Sector - Shoukai Co. experienced a volatile trading session, initially hitting the daily limit before dropping over 3% and then recovering to close at the limit again [12] - The overall real estate sector mirrored this volatility, initially declining over 1.8% before rebounding to close up 0.57% [13] Construction Sector - Shanghai Construction saw a significant rise, with reports of increased resource reserves, although the company did not confirm any new announcements [16] - Other construction companies also experienced upward movement, indicating a broader interest in the sector [16]

Group 1 - The article discusses the lagging effect of productivity in relation to the adoption of AI as a general-purpose technology, highlighting that significant improvements in productivity take time to materialize after the technology is commercialized [3][6][10] - Historical examples show that technologies like the steam engine, generator, and computer took many years after their invention and commercialization to noticeably enhance productivity [3][5] - Current productivity growth rates in the EU and the US are below historical averages, with EU labor productivity declining by 0.6% in 2023 and expected to grow by only 0.4% in 2024, while US productivity growth since 2020 averages 1.8%, below the long-term average of 2.2% [6][10] Group 2 - AI adoption rates are still low, with the EU's enterprise AI adoption rate averaging 13.5% and the US at 9.2%, indicating that AI's impact on economic growth will not be significant in the short term [7][10] - Despite the low profitability of AI model companies, there is a high expectation for future returns, leading to increased capital expenditures among major internet companies in the US and China [11][13] - In 2024, capital expenditures for major US internet companies are projected to reach $245 billion, significantly contributing to GDP growth, with AI data center spending surpassing consumer spending for the first time [13][15] Group 3 - The article draws parallels between the current AI wave and historical technological expectations, suggesting that belief in AI's potential is driving economic growth more than the technology itself [18][19] - The discussion extends to nuclear fusion as a future energy source, with significant investments being made in fusion technology, indicating a similar pattern of high expectations and investment as seen with AI [20][24] - The article concludes by highlighting the dichotomy of belief in technological advancements, questioning whether the current AI and nuclear fusion trends will fulfill their promises or follow historical patterns of delayed realization [27][29]

9月15日，高澜股份盘中上涨2.03%，截至14:24，报30.14元/股，成交9.14亿元，换手率11.47%，总市值 92.00亿元。 资金流向方面，主力资金净流出7776.47万元，特大单买入3441.60万元，占比3.77%，卖出6584.67万 元，占比7.20%；大单买入1.80亿元，占比19.74%，卖出2.27亿元，占比24.81%。 高澜股份今年以来股价涨49.50%，近5个交易日涨5.61%，近20日跌2.59%，近60日涨79.94%。 今年以来高澜股份已经2次登上龙虎榜，最近一次登上龙虎榜为8月19日，当日龙虎榜净买入9810.67万 元；买入总计6.09亿元 ，占总成交额比13.95%；卖出总计5.11亿元 ，占总成交额比11.70%。 责任编辑：小浪快报 高澜股份所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：汽车热管理、核聚 变、专精特新、特高压、小盘等。 截至6月30日，高澜股份股东户数3.70万，较上期增加10.25%；人均流通股7343股，较上期减少9.30%。 2025年1月-6月，高澜股份实现营业收入4.18亿元，同比增长47.81%；归母净利润22 ...