格隆汇8月21日丨协和电子(605258.SH)公布半年度报告，报告期内，公司实现营业收入45,058.72万元， 同比增长12.13%，实现归属于母公司股东的净利润为2,895.92万元，同比降低8.31%，产品综合毛利率 有所下降。公司自上市以来，一直围绕汽车电子和高频通讯领域开展业务，开发积累了东风科技、星宇 股份等众多客户。随着新能源汽车和智能汽车的兴起与逐步渗透，以及5G等高频通讯的大规模应用， PCB需求进一步增加。报告期内，公司一方面凭借现有客户资源和优势，积极参与客户招投标工作，深 度挖掘新项目合作机会，另一方面利用自身行业优势，积极参加各类行业展会，持续做好客户开发及深 耕工作。 ...

来源：新浪证券-红岸工作室 8月21日，阿莱德跌3.76%，成交额2.02亿元，换手率13.91%，总市值40.88亿元。 异动分析 5G+人形机器人+机器人概念+人民币贬值受益 1、据招股说明书：公司的5G相控阵天线罩拥有优异的性能，在5G高频段透波率最高超过98%。 2、2024年半年报：报告期内，汽车事业部按照公司整体战略规划结合汽车行业的要求不断优化组织架 构，通过五家国内外客户的审核，获取客户新项目的定点意向，并向多家潜在国内外客户提供样品参与 测试。智能装备和人工智能作为公司重点开拓领域，在报告期内通过国内头部人形机器人公司的产品测 试，公司将持续开拓在智能装备和人工智能领域的市场，展开与头部客户的战略合作开发。 3、2025年1月10日互动易：公司产品主要应用于人形机器人驱动系统的热管理，具体进展请关注公司发 布的定期报告。 4、根据2024年年报，公司海外营收占比为52.41%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-3219.08万，占比0.16%，行业排名57/89，连续2日被主力资金减仓；所属行业主力 ...

来源：新浪证券-红岸工作室 8月21日，联特科技跌2.67%，成交额7.57亿元，换手率10.39%，总市值138.75亿元。 异动分析 共封装光学(CPO)+5G+数据中心+人民币贬值受益+芯片概念 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（硅光）、TFLN（薄膜铌酸锂）调制技术的800G光模块，以及用 于下一代产品NPO（近封装光学）/CPO（共封装光学）所需的高速光连接技术、激光器技术和芯片级 光电混合封装技术等。 2、光模块目前主要应用市场包括数通市场、电信市场和新兴市场。其中数通市场是光模块增速最快的 市场，目前已超越电信市场成为第一大市场，是光模块产业未来的主流增长点；电信市场是光模块最先 发力的市场， 5G 建设将大幅拉动电信用光模块需求。公司产品是数据中心和 5G 通信应用领域的上游 关键部件。 3、公司的光模块低功耗设计技术，通过独特的电路设计和算法优化，显著降低光模块产品功耗，在 5G 通信和数据中心应用 ...

Core Viewpoint - Company released its 2025 semi-annual report, showing a revenue of 111 million yuan, a year-on-year increase of 18.44%, and a net profit attributable to shareholders of 6.3153 million yuan, a year-on-year increase of 354.24% [1] Group 1: Business Performance - The company achieved a significant revenue growth of 18.44% in the first half of 2025, driven by its optimized "1+3" development strategy and high R&D investment [1] - The company maintained a high gross margin of 55.67%, an increase of 1.47 percentage points compared to the same period last year, with the electronic testing instruments contributing 97% of the revenue [2] Group 2: R&D and Product Development - R&D investment reached 73.0687 million yuan in the first half of 2025, focusing on market demand and customer orientation to enhance core competitiveness [2] - New products launched during the period include a 44GHz handheld spectrum analyzer and a 41GHz handheld vector signal generator, reflecting continuous product iteration [2] Group 3: Market Opportunities - The information communication market and smart connected vehicles are expected to drive demand for communication testing equipment, with a projected compound annual growth rate of 20.6% for IoT modules from 2021 to 2026 [2] - The smart vehicle market in China is anticipated to reach 282.2 billion yuan by 2025, increasing the demand for automotive electronic testing equipment [2] Group 4: Investment Outlook - The company focuses on self-developed RF communication testing technology and overall solutions, with expected net profits of 16 million, 19 million, and 24 million yuan for 2025-2027, corresponding to P/E ratios of 221, 178, and 145 times [3] - The overall valuation of the machinery equipment industry is around 81 times, indicating that the company's valuation is relatively high, leading to a cautious recommendation [3]

8月21日，聚焦"半导体+消费电子+PCB"等方向的电子ETF（515260）早盘表现稳健，场内价格盘中涨超1.8%，现涨1.1%，基金最新规模为4.41亿元，在同 类ETF中保持稳定表现。 【创"芯"科技，硬核崛起】 聚焦"半导体+消费电子+PCB"等方向的电子ETF（515260）及其联接基金（A类：012550/C类：012551）被动跟踪电子50指数，重仓半导体、消费电子行 业，在计算机设备、光学光电子、元件等领域亦有布局；全面覆盖AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产业；一键布局A股电子 核心资产，如立讯精密、中芯国际、海光信息、寒武纪-U等。 成份股方面，兆易创新涨停，蓝思科技、华勤技术涨超6%，立讯精密涨超5%，歌尔股份、北方华创等个股跟涨。 风险提示：电子ETF被动跟踪中证电子50指数，该指数基日为2008.12.31，发布于2009.7.22，指数成份股构成根据该指数编制规则适时调整，其回测历史业 绩不预示指数未来表现。本文中提及的个股、指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易 动向。基金管理人评估电子ETF的风 ...

Group 1 - The electronic ETF (515260) focuses on sectors such as semiconductors, consumer electronics, and PCBs, showing a stable performance with a current fund size of 441 million yuan and an intraday price increase of over 1.8% [1] - Key stocks in the ETF include Zhaoyi Innovation, which hit the daily limit, and other companies like Lens Technology, Huaqin Technology, and Luxshare Precision, which saw increases of over 6% and 5% respectively [1] - The electronic ETF passively tracks the Electronic 50 Index (931461), which had a daily increase of 0.87%, with top-weighted stocks including Luxshare Precision, SMIC, and BOE Technology [3] Group 2 - The global smart glasses market is expected to see a year-on-year shipment growth of 110% in the first half of 2025, with a projected compound annual growth rate of over 60% from 2024 to 2029, where AI smart glasses will account for 78% of the market [4] - Domestic semiconductor equipment has made breakthroughs in 28nm electron beam measurement and lithography, enhancing the self-sufficiency of the industry chain [4] - The demand for AI-PCB is strong, driven by AI needs and rising tungsten powder prices, with leading companies fully utilizing their production capacity and expanding [4] - The semiconductor industry is experiencing a stable upward trend, with a projected 15%-20% quarterly increase in DRAM prices due to supply-side reductions and strengthened demand from cloud computing and consumer electronics [4] - The electronic industry is in a phase of moderate recovery, with specific attention on AI servers, AIOT, and the localization of automotive electronics [4]

Company Overview - Khaveen Investments is a global investment advisory firm serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm offers a range of services including market and security research, business valuation, and wealth management [1] Investment Strategy - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio with exposure to hundreds of investments across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, blending three core strategies: global macro, fundamental, and quantitative [1] Core Expertise - The firm specializes in disruptive technologies that are transforming modern industries, including Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

截至2025年8月20日15时，通宇通讯股价报19.29元，较前一交易日上涨9.98%。当日开盘价为18.30元， 最高触及19.29元，成交额达16.14亿元。 通宇通讯主营业务为通信设备制造，涉及5G、卫星通信等领域。公司近年来积极布局商业航天产业， 通过收购及合资方式拓展卫星通信业务，产品涵盖船载卫星天线、地面站天线等。 资金方面，8月20日主力资金净流入3.40亿元，近五日累计净流入2.47亿元。 风险提示：市场波动风险，行业政策变化风险，技术研发不及预期风险。 来源：金融界 消息面上，广东省近日发布《广东省推动商业航天高质量发展若干政策措施（2025—2028年）》，提出 支持卫星互联网应用场景创新，并加大对核心技术的资金扶持。通宇通讯作为通信领域企业，有望受益 于政策推动。 ...

当前，包装饮用水行业发展面临多维挑战。张明表示，在成本端，企业承压明显；市场端，则遭遇渠 道"内卷"与价格战冲击；竞争格局上，大企业的规模化、集约化与多元化竞争优势明显，中小企业面临 更多的挑战和困难；产品结构上，新品开发受限，产品同质化严重。 展望未来，张明认为，一方面，要立足"解渴"核心诉求，以规模化、集约化、数智化助力持续占据饮料 市场"基本盘"；另一方面，则要通过提质升级，以新产品、新场景、新渠道等，持续提升品牌定位与产 品附加值，以"量质结合"推动包装饮用水行业高质量发展。 张明表示，包装饮用水市场竞争激烈、产品价格走低、定位上探困难；企业虽努力开拓新产品、新场 景、新渠道，但行业运行仍面临长期压力。 期货日报网讯(记者韩乐)8月20日，在由郑商所、芝加哥商业交易所集团主办，期货日报承办的2025中 国(郑州)国际期货论坛工业品(聚酯)论坛上，中国饮料工业协会技术部主任张明表示，人工智能、5G、 工业互联网等新技术打造包装饮用水智能工厂，集约化、规模化基础上的数字化，正在给包装饮用水行 业带来深刻变革与深远影响。 ...

Group 1 - The company Blue Shield Optoelectronics stated on August 20 that its current business does not involve commercial aerospace construction [1] - The company's affiliated entity, Shanghai Star Semiconductor Co., Ltd., is a baseband chip design company [1] - The relevant chips designed by the affiliated company can be applied in products such as 5G CPE, satellite smartphone prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]