中交（中卫）大数据科技有限责任公司总经理韦星屹表示，智算中心区别于传统数据中心，除关注基础 设施建设，还要重视与智算中心相关的能源、网络、增值服务。 当前，深圳正在打造"多元供给、强算赋能、泛在连接、安全融通"的中国算网城市标杆。韦星屹介绍， 该公司在宁夏中卫投资建设的中交智数谷项目一期预计在今年8月可正式投运，届时，深圳、中卫这两 座相隔两千多公里的城市有望在深入实施"东数西算"工程中加快协同创新。 首先在算力资源互补与跨域调度方面，中交智数谷可通过中国算力网与深圳算力枢纽互联，将中卫的绿 色算力与深圳的算法、数据优势结合，形成"西部训练+东部推理"协同模式。中交智数谷通过参与粤港 澳大湾区一体化算力服务平台，实现算力资源统一纳管与弹性分配，供深圳企业按需调用。 其次，绿色能源与技术创新方面也可以联动。韦星屹介绍，中卫作为宁夏新能源基地，可通过绿电交易 为深圳算力中心提供清洁电力，助力深圳实现"双碳"目标。 2025中国智算产业生态发展大会近日在深圳举行，各界专家齐聚鹏城，共同探讨如何通过供需协同、生 态共建，助力算力产业高质量发展。 在人工智能（AI）与数字化转型的浪潮中，算力已成为推动产业升级与创新发展 ...

高盛发表7月亚太区策略报告，按盈利重评领先指标(Earnings revision leading indicator, ERLI)准则列出最 新的买入股(只列港股及中概股)名单： 腾讯(00700.HK)、阿里-W(09988.HK)、小米-w(01810.HK)、友邦(01299.HK)、拼多多(PDD.US)、港交所 (00388.HK)、中国平安(02318.HK)、快手(01024.HK)、国寿(02628.HK)、中国财险(02328.HK)、联想集 团(00992.HK)、金蝶国际(00268.HK)、瑞声科技(02018.HK)、中金公司(03908.HK)、比亚迪电子 (00285.HK)、名创优品(09896.HK) 7月4日，全球知名投行高盛发布的亚太区7月策略报告中，将联想集团（00992）纳入其基于盈利重评领 先指标 (Earnings revision leading indicator, ERLI)的港股及中概股买入名单。这一决策既反映了市场对联 想在AI产业链中全栈布局的认可，也与公司近期斩获的近2亿元轨道交通智能化订单形成共振，凸显其 在政企数字化与消费级AI终端的双重增长动 ...

又是一年的半年期，哪些赛道业绩爆发的会更高？和讯投顾邹同树在盘点2025几个赛道报和年报预告周 期时恩熙，资金会更更加慎重的看待行业和公司的基本面，对于业绩增长性更高的行业，也会是资金在 当下会去做选择的方向，大家看到了逻辑交易起来也就更能够心应手做到心中有数了，点下关注看到最 后相信会让你有所收获的。截至2025年7月3日早上，120家公司发布了半年度业绩预告，其中预增企业 占比达到68%，整体预期率超过了三成，显示出上市公司上半年整体业绩表现良好，业绩高增长，企业 主要集中在医药生物、半导体、高端制造、新能源以及消费复苏等领域，这些行业的一个共同特点是支 持力度大，市场需求旺盛以及技术创新活跃。 先讲一下半导体赛道，这个赛道主要看设备存储芯片和材料，如半导体主要驱动力在于国产替代加涨 价，AI算力存储芯片需求大增，国产晶圆厂扩产潮拉动材料订单2025年市场规模预计1,740亿，增速超 过25%，涨价猛的方向主要在光刻胶，HB m材料、硅片如AR f胶，国产突破啊价格涨幅达到18%，ps微 硅通孔材料涨价达到25%。12月份大硅片产能也出现紧张，半导体设备主要受益于国产替代加速国内晶 圆厂扩产潮，国产设备自 ...

Group 1: Fund Performance Overview - Public funds' performance in the first half of the year shows that pharmaceutical-themed funds and North Exchange-themed funds performed the best, with the top two funds being Huatai-PineBridge Hong Kong Advantage Select Fund C and A shares, yielding 86.68% and 86.48% respectively [1] - Six out of the top ten active equity funds are pharmaceutical-themed, with Changcheng Pharmaceutical Industry Select Fund A and C shares achieving returns of 75.18% and 74.73%, ranking third and fourth [2] - The North Exchange-themed funds also performed well, with CITIC Securities North Exchange Select Fund A/C achieving over 80% returns, making it the highest-yielding active equity fund [2] Group 2: Investment Strategies and Market Trends - The strong performance of pharmaceutical-themed funds is attributed to the innovative drug market, focusing on companies with disruptive innovations and those with products entering commercialization [2] - The North Exchange market benefits from its thematic positioning and overall market uptrend, with high volatility providing trading opportunities [3] - Analysts note that the small-cap style, represented by the North Exchange, aligns with market trends, with sectors like artificial intelligence and robotics driving stock price increases [4] Group 3: Underperforming Funds - The Galaxy Junrong Fund I shares had the worst performance among active equity funds, with a decline of 37.89% in the first half of the year, and also showed poor long-term performance [5] - The fund manager's preference for resource and traditional consumer stocks has led to significant underperformance, with the fund's assets shrinking dramatically due to large redemptions [8] - Several funds under the Caitong brand also ranked poorly, with significant adjustments in holdings reflecting a shift away from overseas computing power stocks to domestic ones [9][10] Group 4: Fund Manager Analysis - The fund manager of Galaxy Junrong has shown a high concentration in specific sectors, which has resulted in unstable performance due to market fluctuations [12] - Caitong's fund manager has shifted focus to domestic computing power, anticipating growth in AI-related investments, but faces challenges due to reliance on imported high-end chips [10][11] - The analysis indicates that the fund manager's strategy of high concentration and frequent sector rotation has led to inconsistent annual returns [11][12]

Core Viewpoint - The company, Lianhua Holdings, is responding to an inquiry from the Shanghai Stock Exchange regarding the sustainability and profitability of its computing power service business, which has shown high gross margins but incurred losses in 2024 [1][2]. Financial Performance - In 2024, the computing power service business generated revenue of 80.64 million yuan, with a gross margin of 42.45%, but reported a net loss of 14.56 million yuan [1][2]. - The breakdown of costs includes operating costs of 46.41 million yuan (57.55% of revenue), financial expenses of 26.13 million yuan (32.40%), and asset impairment losses of 11.26 million yuan (13.96%) [1][2]. Investment Recovery - The company has invested a total of 637.92 million yuan in fixed assets for its computing power services, with an expected cash inflow of 610.33 million yuan over the next five years, resulting in an estimated investment recovery period of approximately 4.86 years [2][5]. Financing and Costs - The computing power business primarily relies on external financing, with total borrowings of 509.38 million yuan as of the end of 2024, leading to significant interest expenses that impacted profitability [1][2]. - The average capital cost for the company is calculated at 5.13%, with interest expenses for the computing power business amounting to 26.28 million yuan, which is 180.53% of the net profit [5][6]. Client and Supplier Relationships - The company disclosed its top ten clients for the computing power service, detailing contract amounts, revenue recognition, and payment statuses, indicating a diverse client base [6][7]. - There are no significant related party transactions or conflicts of interest identified between the company and its clients or suppliers, ensuring the integrity of business operations [6][7]. Asset Impairment - The company recognized an asset impairment loss of 11.26 million yuan due to market price fluctuations affecting the value of its computing power equipment, which is a significant factor contributing to the overall losses [2][5].

Core Viewpoint - The company, Jiangsu Litong Electronics Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting significant fluctuations in revenue and profit margins across its business segments, particularly in the precision metal stamping and computing power sectors [1][2]. Financial Performance - In 2023, the company achieved revenue of 1.893 billion yuan, which decreased by 6.53% year-on-year, while in 2024, revenue rose to 2.248 billion yuan, marking an 18.72% increase. However, the net profit attributable to shareholders dropped significantly from 20.38 million yuan in 2023 to 5.89 million yuan in 2024, reflecting declines of 41.94% and 71.10% respectively [1][2]. - The computing power business generated revenue of 455.197 million yuan in 2024, a staggering increase of 3817% compared to 11.621 million yuan in 2023, with a gross margin of 53.42%, up by 9.39 percentage points [12][16]. Business Segments Analysis - The precision metal stamping segment saw a decline in both revenue and gross margin, with the gross margin dropping from 14.84% in 2023 to 8.58% in 2024, attributed to increased costs and competitive pricing pressures in the television market [6][9]. - The computing power segment benefited from early market entry and strategic partnerships with major players like NVIDIA, leading to a robust growth trajectory in revenue and maintaining a high gross margin [3][4]. Market Conditions - The Chinese intelligent computing power market is projected to maintain a compound annual growth rate of over 60% from 2020 to 2024, with AI computing power reaching 725.3 billion EFLOPS in 2024, a 74.10% increase year-on-year [2][3]. - The television market in China experienced a retail volume decline of 1.80% in 2024, despite a 15.70% increase in retail sales value, indicating a shift towards larger screen sizes and advanced technologies [6][7]. Competitive Landscape - The company’s computing power revenue and gross margin are competitive within the industry, with peers also experiencing significant growth due to the AI boom. For instance, comparable companies reported substantial increases in their computing power revenues [4][5]. - The company’s gross margin in the computing power sector is positioned at a mid-level compared to peers, influenced by the structure of its computing power business and the types of servers utilized [5][6]. Operational Adjustments - The company is actively managing costs and reducing low-margin orders in response to declining profitability in its manufacturing segment, particularly in the precision metal stamping business [10][11]. - The company has implemented measures to enhance operational efficiency, including cost control and waste reduction strategies, particularly in its overseas production facilities [11][12].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 小鹏 G7 上市点评：辅助驾驶进入 L3 级算力 时代，本地端 VLA+VLM 能力再进阶 买入（维持） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 股价走势 -17% 6% 29% 52% 75% 98% 121% 144% 167% 190% 2024/7/4 2024/11/2 2025/3/3 2025/7/2 小鹏汽车-W 恒生指数 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 30,676 | 40,866 | 94,687 | 167,573 | 249,073 | | 同比(%) | 14.23 | 33.22 | 131.70 | 76.97 | 48.64 | | 归母净利润（百万元） | (10,375.78) | (5,790.26) ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自工商时报 。 随 着 AI 算 力 需 求 暴 增 ， 资 料 中 心 电 力 架 构 正 迎 来 十 年 最 大 升 级 ， 英 伟 达 领 军 的 800V 高 压 直 流 （HVDC）技术，预计2027年全面导入兆瓦级AI机柜，将牵动第三代半导体代工版图重组。台积 电（2330）日前宣布两年内逐步退出氮化镓（GaN）市场，其大客户纳微半导体（Navitas）急寻 新来源，多方角力下，台系功率元件、电源管理芯片产业链将迎新竞争格局。 将外部工业用交流电转换为800V直流电，可使相同尺寸导线传输功率增加85％；相较于传统架 构，英伟达800V HVDC，主要差异在于多一道800V直流电降压至54V直流电的程序，法人分析， 该架构需使用高规的耐高压PMIC（电源管理IC），但在个别Compute Tray则沿用原先中低压 PMIC即可。 未来Compute Tray中的Power IC需求将提升，如记忆体电压必须由54伏转到12伏。尽管目前为海 外业者如英飞凌、MPS的天下，但台厂致新（8081）、茂达（6138）持续抢攻，从一般型伺服器 入局，有望 ...

Market Overview - The Hong Kong stock market opened lower and fell further, with the Hang Seng Index closing down 0.64% at 23916.06 points, with a total turnover of 267.81 billion HKD [1] - The Hang Seng Index dropped 1.52% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell 1.75% and 2.34%, respectively [1] Blue-Chip Stocks Performance - Alibaba Health (00241) led the decline among blue-chip stocks, falling 6.64% to 4.22 HKD, contributing a loss of 3.04 points to the Hang Seng Index [2] - Alibaba announced the pricing of a zero-coupon exchangeable bond totaling 12 billion HKD, with an initial exchange price of 6.23 HKD per share of Alibaba Health, representing a 48% premium over the hedge placement price [2] - Other notable blue-chip movements included Xinyi Solar (00968) rising 4.73% and AIA (01299) falling 4.42% [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba and Xiaomi both down over 1%, while Baidu rose 1.48% [3] - Pharmaceutical stocks gained strength, with Rongchang Bio (09995) up 15.01% and several others also showing significant increases [3][4] - The solar energy sector saw a general rise, with Xinyi Energy (03868) up 15% following government support for the industry [5][6] Regulatory and Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives [4] - Citigroup anticipates multiple catalysts for the innovative drug and biotechnology sector by the second half of 2025, including commercial collaborations and favorable pricing environments [4] Cryptocurrency and Stablecoin Trends - The stablecoin sector continued to gain traction, with Guotai Junan International (01788) rising 10.62% as the Hong Kong Monetary Authority prepares to accept license applications for stablecoin operations [6] - The market for stablecoins is expected to expand beyond cryptocurrency trading into broader payment applications, enhancing market scale and trading activity [6] Gold Stocks Performance - Gold stocks experienced weakness, with notable declines in companies like Tongguan Gold (00340) and China Gold International (02099) [7] - Strong U.S. non-farm payroll data has diminished expectations for interest rate cuts, impacting gold prices negatively [7] Notable Stock Movements - XPeng Motors (09868) faced pressure, closing down 6.56% despite the launch of its new G7 model [8] - Data center stocks rose, with Global Data (09698) up 6.09%, driven by increasing demand for AI computing power [8] - Jitu Express (01519) saw a significant rise of 5.49%, supported by positive growth forecasts related to its operations with TikTok Shop [9]

计算机行业 2025 年 7 月 4 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 超配（维持） 计算机行业双周报（2025/6/20-2025/7/3） 行 业 国内科技巨头争相抢滩 AI 医疗，有望加快 AI 垂类应用场景落地 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/6/20-2025/7/3）累计上涨4.48%，跑赢沪深300指数1.23个百分 点，在31个申万一级行业中排名第15名；申万 ...