Core Viewpoint - The article discusses the importance of customized services in the semiconductor and fine chemical industries, highlighting the role of Hebei Aoge Fluid Equipment Co., Ltd. as a key player in providing integrated solutions and high-purity equipment for these sectors [3][8][12]. Group 1: Company Overview - Hebei Aoge Fluid Equipment Co., Ltd. was established in 2014 and focuses on various applications in the semiconductor and fine chemical industries, offering products such as clean stirring tanks, high-purity PFA tanks, and chemical turnover barrels [8]. - Aoge positions itself as an integrated service provider with capabilities in design, manufacturing, selection, installation, and debugging, which is rare in the industry [8]. Group 2: Industry Trends - The semiconductor industry is currently undergoing a critical phase of domestic substitution, providing significant opportunities for companies like Aoge to grow and innovate [8][24]. - The market is experiencing rapid adjustments, with new projects and materials being developed, attracting capital and talent, which will accelerate project implementation and equipment iteration [24]. Group 3: Service and Product Capabilities - Aoge emphasizes the need for customized services that meet the specific requirements of clients, ensuring high purity and stability in production processes [12][16]. - The company’s products must meet stringent requirements such as preventing metal ion contamination, corrosion resistance, and ensuring no residual materials after use [9][10]. Group 4: Collaboration and Communication - Effective communication and technical exchanges between equipment suppliers and clients are crucial for successful project execution, as they help mitigate risks and ensure compatibility between equipment and systems [13][14]. - Aoge's approach involves a deep understanding of client needs and a commitment to providing feasible solutions, which enhances collaboration and reduces communication costs [12][14]. Group 5: Future Vision - Aoge aims to become a respected enterprise by focusing on integrity and contributing to the sustainable development of the industry, while continuously improving service quality through technological advancements [26][27]. - The company plans to deepen its involvement in the high-purity sector of the semiconductor industry, leveraging its technical resources and collaborative relationships with suppliers to drive high-quality industry development [27].

此外，华为将于8月12日在2025金融AI推理应用落地与发展论坛上发布AI推理领域的突破性技术成果。业内人士指出，华为的突破有望降低中国AI对HBM技 术依赖，提升大模型性能，强化国产产业链。 民生证券认为，GPT5、Genie 3等海外科技大厂最新模型，推动了全球AI前沿领域的发展，而在H20有望获批许可证的催化下，我国AI产业有望加速发展， 进一步缩小差距，以互联网大厂领衔的AI应用生态有望率先落地。 中国银河证券指出，"AI+"产业发展加速，成为未来十年的重点发展领域。全力支持新质生产力的发展是中国未来10-15年的主要目标之一，AI对于新质生 产力的推动分为三个层次：①各行业与AI结合，利用AI推动传统行业效率和降低运营成本；②AI参与度提升后，主动推动创新和生成新业务模式；③AI会 使得跨行业联动加速，最终实现多行业、上下游以及软硬件的整合。 8月11日，科技成长方向强势上攻，重点布局在国产AI产业链、具备较强国产替代特点的科创人工智能ETF华宝（589520）场内涨幅一度1.69%，现涨 1.26%，成份股方面，云天励飞涨超10%，云从科技、航天宏图涨逾8%，星环科技、福昕软件等个股跟涨。 上交所 ...

国泰海通指出，新兴科技是市场主线，新技术趋势与消费动向带来新商业机会，看好港股互联网、传 媒、国防军工、创新药、电子半导体等领域。电子行业方面，自主可控趋势加速，国产替代前景可期； 计算机行业受益于"人工智能+"政策驱动，AI应用迎来顶层支持；军工行业受抗战80周年阅兵等事件催 化，延续高景气度；机械领域关注人形机器人技术演进，线性运动部件需求提升。此外，煤炭行业反内 卷深化，供需格局逐步改善；公用事业中部分区域旺季电价或上涨，煤电主业盈利修复。整体来看，科 技产业创新持续涌现，资本开支上升趋势明确，为相关行业提供增长动能。 （文章来源：每日经济新闻） 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅可达20%。该指数涵盖科创板 所有上市股票，以反映该板块证券的整体表现。科创综指成分股主要聚焦科技创新领域，覆盖信息技 术、生物医药、新能源等多个高新技术产业，具有研发投入强度高、成长性突出的特征。 ...

今日早参 2025 年 8 月 11 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：经济数据趋弱，联储表态转鸽 上周 7 月 ISM 服务业 PMI 明显回落，首申续申亦超预期上行，显示出美国经 济动能短期下行风险加大。特朗普新一轮对等关税正式生效，美日关税协议 出现争议，中美关税或继续延期 90 天。特朗普任命 Miran 为联储过渡理事， 联储官员表态多数偏鸽。全周来看，美债收益率上行，美股三大股指上涨， 美元走弱，大宗商品涨跌不一。本周关注美国 7 月 CPI（8 月 12 日)、7 月美 国零售（8 月 15 日），美俄阿拉斯加会谈（8 月 15 日）。 风险提示：美国就业数据放缓速度超预期，金融体系脆弱性爆发。 研报发布日期：2025-08-10 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 陈玮 SAC:S0570524030003 SFC:BVH37 ...

Group 1: Market Performance - The technology growth sector is experiencing a strong rally, particularly in the domestic AI industry chain and innovative AI ETFs, with Huabao ETF (589520) showing a peak increase of 1.69% and currently up by 1.26% [1] - The Huabao ETF (589520) saw a net inflow of 12.86 million yuan on August 8, and over the past 10 trading days, it recorded net inflows on 7 occasions, totaling 43.91 million yuan, indicating positive market sentiment towards the sector [1] Group 2: AI Developments - OpenAI has officially launched the GPT-5 model, which is described as the most powerful AI system to date, outperforming previous models in various benchmarks, including programming, mathematics, writing, health, and visual perception [3] - Huawei is set to unveil breakthrough technologies in AI reasoning at a forum on August 12, which is expected to reduce China's reliance on HBM technology and enhance the performance of large models, thereby strengthening the domestic industry chain [3] Group 3: Industry Insights - China Galaxy Securities highlights that the "AI+" industry is accelerating and is a key development area for the next decade, with AI driving new productive forces across three levels: enhancing traditional industry efficiency, fostering innovation and new business models, and accelerating cross-industry integration [4] - The domestic DeepSeek has achieved significant advancements, breaking through overseas computational barriers and establishing a foundation for domestic AI companies to catch up [5] - The Huabao ETF (589520) focuses on the domestic AI industry chain with a strong emphasis on domestic substitution characteristics, featuring a high elasticity profile and a significant weight in semiconductor stocks [5]

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 这几天，有多人 询问 TI是否再次涨价，来问的还有金融圈的人。与6月份 涨价传闻 的情况类 似，当时也是先由圈外人士传出消息 ，随后 我们向芯片分销圈的朋友求证，并联系了原厂代理确 认信息。 需要强调的是， 这次 涨价 传闻与6月份的那次并非同一事件。 6月份的传闻是TI计划上调约3,300多个型号的价格；而 这次 传闻的规模则大幅扩大，称将上涨 约66,000 个型号，而TI 本身 有85,000个型号，可见 涨价 的 覆盖面极广 。 6月份传闻的涨幅为5%–35%不等，而此次据称的涨幅在10%–25%左右。部分型号与上次传闻 的名单有重合。本次还有部分渠道流出了疑似TI向代理商发送的邮件截图，显示几乎所有型号都会 受到影响。 结合 TI 近几年 的业绩走势和财务数据，这一动作的逻辑并不难理解。 TI自2022年四季度起业绩持续下滑，直到 2025年一季度才迎来同比增长 ——当季营收同比增长 11%。到了二季度同比增长更多，达到16%，其中工业市场、个人电子产品、企业 ...

中邮证券指出，基础化工行业盈利持续处于底部区间，主要受成本端供需偏紧与商品端供需宽松的双重 影响。近期草酸、甲酸等产品因出口需求增加及供应收缩价格显著上涨。行业整体估值处于历史低位 （PB为1.94倍），叠加美国制造业库存回升及国内房地产政策刺激预期，内外需有望改善。新材料领域 关注国产替代主线，包括特种气体、电子化学品等方向。 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数从市场中选取涉及先进基础材料、关 键战略材料以及前沿新材料等领域的上市公司证券作为指数样本，以反映新材料产业相关上市公司证券 的整体表现。成分股通常具备较高的科技含量和成长性，代表了中国新材料产业的发展水平与未来方 向。 没有股票账户的投资者可关注国泰中证新材料主题ETF发起联接A（014908），国泰中证新材料主题 ETF发起联接C（014909）。 8月11日午后，新材料50ETF（159761）涨超2.2%。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Views - The impact of the aortic stent price adjustment is gradually diminishing, and the company maintains its long-term growth potential. The company is positioned in a high-growth segment of high-value consumables [5][6]. - The company has completed over half of its annual equity incentive targets, reflecting confidence in future growth [6][37]. - The company is expanding its product offerings, with new products expected to drive revenue growth in the peripheral intervention segment [10][20]. Company Overview - The company focuses on the research, production, sales, and service of aortic and peripheral vascular interventional medical devices. As of September 2024, its products are used in over 2,400 hospitals in China and have entered 40 countries, saving over 330,000 lives globally [4][20]. - The company has a total market capitalization of 138 billion yuan and a total share capital of 1.23 billion shares [3]. Financial Performance - The company expects revenues of 1.519 billion yuan, 1.894 billion yuan, and 2.331 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 25%, and 23% [5][12]. - The projected net profit attributable to the parent company for the same years is 617 million yuan, 737 million yuan, and 904 million yuan, with growth rates of 23%, 20%, and 23% [5][12]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 22.27, 18.72, and 15.25, respectively [5][12]. Product Development - The company has launched new products, including the Cratos branched stent, which is expected to enhance market acceptance and replace older models [7][10]. - The company is set for a significant year in 2025 for the release of new peripheral products, which are anticipated to become a new growth engine [10][20]. Market Position - The company holds a leading position in the domestic market for aortic interventional products, with a market share of 29% as of 2021 [20]. - The company’s aortic intervention stent revenue has shown a compound annual growth rate (CAGR) of 39% from 2016 to 2023 [20][26].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][7]. Core Viewpoints - The company has benefited from significant growth in high-end products, with a 213% quarter-on-quarter increase in net profit for Q2 2025. The first half of 2025 saw revenue of 2.305 billion yuan, a year-on-year increase of 43.06%, and a net profit of 87 million yuan, up 57.69% year-on-year [2][13]. - The company's M8 grade materials are now in small-batch production for AI servers, and the gross margin for copper-clad laminates increased by 1.78 percentage points year-on-year in the first half of 2025 [3][4]. - The company is positioned as a leading domestic copper-clad laminate manufacturer, with a market share of approximately 3.2% globally, and is expected to benefit from the domestic substitution process [6]. Financial Summary - Revenue projections for the company are as follows: 2,983 million yuan in 2023, 3,362 million yuan in 2024, 4,774 million yuan in 2025, 6,180 million yuan in 2026, and 7,591 million yuan in 2027, with growth rates of -21.1%, 12.7%, 42.0%, 29.4%, and 22.8% respectively [1]. - The net profit attributable to the parent company is projected to be -129 million yuan in 2023, 50 million yuan in 2024, 253 million yuan in 2025, 511 million yuan in 2026, and 821 million yuan in 2027, with year-on-year growth rates of -387.9%, 138.9%, 403.6%, 101.7%, and 60.7% respectively [1]. - The company’s return on equity (ROE) is expected to improve from -5.3% in 2023 to 20.7% in 2027 [1]. Product and Market Development - The company has achieved significant sales growth in its main products, with revenue from copper-clad laminates reaching 1.78 billion yuan in the first half of 2025, a year-on-year increase of 41.88% [3]. - The company is expanding its production capacity, with plans to reach nearly 4 million sheets per month by the end of 2025, supported by new factories in Shanghai, Jiangxi, Jiangsu, and Thailand [5]. - The company is actively involved in various high-performance product sectors, including 5G, cloud computing, AI, and automotive applications [3][4].

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数聚焦于新材料产业，从市场中选 取涉及先进基础材料、关键战略材料及前沿新材料等领域的上市公司证券作为指数样本，涵盖金属、化 工、建材等行业中具有技术创新和高成长性的企业，以反映新材料相关上市公司证券的整体表现和市场 趋势。 没有股票账户的投资者可关注国泰中证新材料主题ETF发起联接A（014908），国泰中证新材料主 题ETF发起联接C（014909）。 天风证券指出，新材料行业面临下游需求高景气和国产替代机遇，龙头公司凭借高技术壁垒有望迎 来快速成长期。当前光伏玻璃市场成交良好，库存持续下降，组件企业备货积极，8月订单价格预计小 幅上调；电子纱市场刚需支撑稳定，高端产品货源趋紧，需求表现相对良好。玻纤价格处于相对低位， 后续风电 ...