证券研究报告 | 行业点评 gszqdatemark 2025 07 01 年 月 日 通信 国产光模块迎来业绩收获期 事件：5 月 21 日工信部印发《算力互联互通行动计划》，要求到 2028 年，基本实现全国公共算力标准化互联，逐步形成具备智能感知、实时发 现、随需获取的算力互联网，为国内算力产业注入强劲动力。 华工科技：产能持续扩张，AI 驱动光模块需求激增。 光模块持续放量，全产业链有望受益。除华工科技以外，其他光通信企业 同样有望受益于光通信高景气度，龙头及稀缺企业有望率先受益。如中际 旭创、新易盛等有望凭借其技术与客户优势进一步巩固市场地位；光模块 上游光器件厂商由于其稀缺性特点也将迎来较大成长空间，如 EML、CW 光源等面临供给短缺问题，国内少数具有技术先发优势的供应商如仕佳光 子、光迅科技、源杰科技等有望通过其技术壁垒具备显著竞争优势。 风险提示：下游需求不及预期，市场竞争风险，地缘政治风险。 增持（维持） 行业走势 -20% -8% 4% 16% 28% 40% 2024-07 2024-10 2025-02 2025-06 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680 ...

Core Viewpoint - The article emphasizes the need for seamless integration between innovation chains and industrial chains, highlighting the transformation of manufacturing towards smart manufacturing and digitalization, moving beyond traditional industrial classifications [1] Group 1: Transformation of Manufacturing - The manufacturing sector is undergoing profound changes, shifting from traditional industrial practices to smart manufacturing, driven by technologies such as AI, blockchain, big data, and cloud computing [1][3] - The traditional reliance on automation and electronic technologies is evolving, with AI becoming a new productive force and data emerging as a critical production resource [1] Group 2: New Manufacturing Framework - A new triadic spatial perspective is proposed, integrating human society, physical society, and information network space, with the C2M (Customer to Manufacturer) model facilitating personalized manufacturing [2] - The future manufacturing system is expected to expand into new areas, such as low-altitude economies, leveraging digital twin technology and large model applications [2] Group 3: Challenges and Strategies - The uneven development of China's manufacturing industry poses challenges, including disparities in regional industrial structures and digitalization levels [2] - The transition to smart manufacturing requires overcoming complex technological systems and upgrading traditional factory management frameworks to industrial internet solutions [2][3] Group 4: Technological Drivers and Ecosystem - Future smart manufacturing will rely on five key technological drivers: "Internet+" for data access, "Big Data+" for data assetization, "AI+" for algorithmic improvements, "Mobile Communication+" for efficiency, and "Blockchain+" for trust mechanisms [4] - The success of China's manufacturing sector will depend not only on technological advancements but also on building a comprehensive industrial ecosystem to enhance competitiveness in international markets [4] Group 5: High-Quality Development Path - The path to smart manufacturing differs fundamentally from traditional automation, focusing on value enhancement alongside efficiency [5] - The recent breakthroughs in AI, such as those by DeepSeek, signify the need for increased technological investment and confidence in China's manufacturing sector as it aims for high-quality development from 2035 to 2049 [5]

Group 1 - The stock of Ruichuang Micro-Nano (688002) has a comprehensive score of 67.22, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 68.48 yuan, with a 5-day cost of 67.56 yuan and a 20-day cost of 63.78 yuan [1] - Over the past year, the stock has experienced 2 instances of hitting the upper limit and has not hit the lower limit [1] Group 2 - On July 1, 2025, the net inflow of main funds was 268.18 million yuan, accounting for 1% of the total transaction amount [2] - The short-term pressure level is at 69.72 yuan, while the short-term support level is at 64.14 yuan [2] - The stock is associated with sectors such as semiconductors, national security, satellite internet, and drones, with respective changes of 0.30%, -0.31%, -0.50%, and -0.36% [2]

Industry Overview - The medical beauty industry is under strict government regulation, with a series of targeted policies aimed at ensuring safe and reliable medical services for consumers [1][2][3] - Key companies in the industry include Aimeike (300896), Haohai Biological (688366), Huaxi Biological (688363), Aoyuan Meigu (000615), Huadong Pharmaceutical (000963), Langzi Co., Ltd. (002612), and Huahan Plastic Surgery (430335) [1] Policy Direction - The government has implemented comprehensive management measures covering operational standards for medical beauty institutions, including establishment criteria, personnel requirements, and equipment maintenance [1] - Enhanced regulatory measures include establishing supervision mechanisms, increasing enforcement checks, and raising penalties for violations [1][2] Market Development - The "China City Medical Beauty Industry Development Index (2024)" indicates that cities like Beijing, Shenzhen, Chengdu, Guangzhou, Shanghai, Jinan, Changsha, Ningbo, Hangzhou, and Chongqing are leading in medical beauty industry performance [4] - Notably, Ningbo has risen from 23rd to 8th place, benefiting from its "246" trillion-level industrial cluster planning, which emphasizes biomedicine [4] Global Trends - According to ISAPS, the total number of surgical and non-surgical procedures globally increased by 3.4% in 2023, reaching 34.9 million procedures [5] - The United States remains the leader in plastic surgery, performing over 6.1 million procedures in 2023, followed by Brazil with 3.3 million [10]

商务部等8部门印发《加快数智供应链发展专项行动计划》，推动有效降低全社会物流成本、增强产业链供应链竞争力和韧性，冷链供应链发展升级迎来新 的契机。中冷联盟会员单位上海宁华供应链管理有限公司，深耕冷链供应链十余载，在稳固冷链底盘业务的同时，率先开辟"供应链服务+"新赛道，成为引 领行业转型升级的新动力。 中冷联盟官微特别采访了宁华供应链董事长王镭先生，分享冷链供应链创新发展经验，为推动冷链行业降本增效与高质量发展带来新的参考价值。 一、依托"产业+资本"双重基因深耕冷链供应链 宁华供应链董事长王镭先生，拥有中欧国际工商学院EMBA学位，是国内农业与冷链物流领域深具战略眼光和资源整合力的资深专家，曾在农业产业投资与 并购领域深耕八年，主导服务了30余家农业企业融资、并购及上市，成功主导募集并管理了三支总规模达15亿元的农业基金。 自2016年起，王镭先生将视野拓展至物流领域，他联合音飞储存（603066）、新宁物流（300013）及维龙资本共同创建宁华供应链，聚焦自动化冷库建设与 运营。2024年，王镭先生再次引领平台升级，携手上海城投控股（SH600649）设立冷链物流产业基金，以独特的"投资+仓配一体化+金融 ...

蚂蚁保险在营销方面，常常以"首月0元""免费领取""限时福利"等极具吸引力的噱头来吸引用户。黑猫投诉平台上的诸多投诉案例所示，许多消费者在不 经意间就被这些所谓的"免费"所迷惑。在打开支付宝时，看到弹出的蚂蚁保险广告宣称可以0元免费领取体验，出于对"0元"的天然好感和缺乏对保险产品 细致了解的情况下，便轻易地点击了领取按钮。而实际上，这背后往往隐藏着自动扣费的陷阱。在用户领取所谓的"0元体验"后，并未得到充分的告知， 就悄然开启了自动扣费模式。这种营销方式，无疑是在利用消费者的信息不对称和贪图小便宜的心理，诱导他们进入保险的消费陷阱。当消费者发现时， 可能已经遭受了数月的莫名扣费，而想要追回款项，会面临诸多困难和阻碍，如客服的推诿、退款流程的繁琐等。 其中，笔者我就亲身体会了更深的套路，我老婆几年前在支付宝上被"首月0元·最高600万医疗保障"的广告吸引，点击投保后，系统默认勾选了"自动续 费"，连续多年来在支付宝平台上购买了健康医疗保险，直到最近手术住院需要报销的时候才查看近年来的保单费用，账单显示保费骤增至了305元。由于 最近手术住院，抱着试一试的心理申请理赔，没想到上面显示理赔审核通过，但需要累计抵扣 ...

Core Insights - The article provides a comparison of the annualized yields of various financial products offered by major platforms, highlighting the differences in returns for consumers [1] Group 1: Annualized Yield Comparison - Tencent's LiCaiTong has a 7-day annualized yield ranging from 1.5960% to 1.0290% [1] - WeChat's Wallet has a 7-day annualized yield ranging from 1.3230% to 1.1400% [1] - Alipay's Yu'e Bao shows a 7-day annualized yield ranging from 1.4370% to 1.1160% [1]

Core Insights - The successful completion of the 5G + Industrial Internet factory project marks a significant milestone in the agricultural machinery industry's smart transformation [1][3] - The project aims to enhance the production line's intelligence through a customized 5G smart factory solution, developed by Beijing Boshan Network Technology Co., Ltd. in collaboration with Hunan Nongyou Machinery Group [1][3] Group 1: Project Overview - The factory upgrade covers an area of 10,560 square meters and involves four spans [3] - The deployment of a 5G independent private network is expected to increase production capacity by 270%, improve production efficiency by 30%, and raise the first-pass inspection acceptance rate to 99% [3] - The project aims to shorten the production cycle by 50% and achieve a 10% energy-saving and carbon reduction target, with an estimated 20% reduction in overall operating costs [3] Group 2: Technological Advancements - The introduction of 5G technology not only promotes the development of the industrial internet but also provides a controllable 5G core network solution for various vertical industry clients [3] - The 5.5G technology enables real-time remote control of production lines and key equipment, ensuring low latency for remote operations and allowing real-time collection of production parameters and operational data [3] - The integration of 5G with industrial internet enhances the security of production information and technical privacy [3] Group 3: Broader Implications - The project demonstrates the vast potential of 5G technology in the industrial sector and offers valuable experience for smart upgrades in other industries [5] - Supported by the Beijing Oriental Beautiful Countryside Development Fund, the project opens new development paths for public welfare by introducing mature and reliable technology into agricultural enterprises [5] - The initiative aims to reduce costs and improve efficiency while providing more economical and effective services to rural areas, agriculture, and farmers [5]

Core Insights - The event on June 25, 2025, marked the launch of the "Hundred Cities and Thousand Parks" initiative in Heilongjiang Province, focusing on the development of the digital economy and promoting the integration of industrial internet and artificial intelligence [1][2] - The initiative aims to create a communication platform for government, industry, academia, and research to accelerate the dual empowerment of industrial internet and artificial intelligence, facilitating the digital transformation of manufacturing and small and medium-sized enterprises [1] Group 1 - The event featured the unveiling of Tianyuan Zhiyun, an integrated management platform for industrial manufacturing, and strategic cooperation agreements for the industrial internet in parks [1] - Experts from China Academy of Information and Communications Technology and Chengdu Research Institute delivered keynote speeches on topics such as industrial internet cybersecurity, 5G-enabled low-altitude economy, and AI in manufacturing [1] - The initiative is part of Heilongjiang's strategy to leverage digital economy as a "new engine" for high-quality industrial development, promoting the application of advanced technologies like 5G and AI [1] Group 2 - Jixi is the first stop of the "Hundred Cities and Thousand Parks" initiative and serves as a pilot city for the digital transformation of small and medium-sized enterprises in the province [2] - The city has developed a distinctive "Jixi experience" in the construction and application promotion of industrial internet identification and analysis, providing a model for the digital transformation of resource-based cities [2] - Projects like the 5G-enabled smart mining factory at Chengshan Coal Mine serve as demonstration examples for the digital upgrade of resource-based cities [2]

Group 1 - The company, Guangdong Aofei Data Technology Co., Ltd., issued convertible bonds totaling 635 million yuan, with a net amount of approximately 626.98 million yuan after deducting issuance costs [3][4][16] - The bonds have a maturity period of 6 years, with an annual interest rate starting at 0.5% in the first year and increasing to 0.7% in the second year [4][5][6] - The initial conversion price for the bonds is set at 22.02 yuan per share, with provisions for adjustments based on various corporate actions [6][8][10] Group 2 - The company reported a significant increase in revenue for 2024, reaching approximately 216.48 million yuan, a 62.18% increase year-over-year [16] - The net profit attributable to shareholders decreased by 12.20% to approximately 12.41 million yuan, while the EBITDA increased by 34.16% to about 82 million yuan [16] - The total assets of the company grew by 36.05% to approximately 11.68 billion yuan, with a debt-to-asset ratio of 71.12% [16] Group 3 - The funds raised from the bond issuance are intended for investment in a new generation cloud computing and artificial intelligence industrial park, with a total project investment of approximately 747.93 million yuan [12][14] - The company has established a strong presence in over 30 cities in China, providing IDC services and other internet comprehensive services [16] - The company has partnerships with major telecommunications providers, enhancing its service offerings in cloud computing and data center operations [16]