每日经济新闻 国盛证券指出，阿里有望修正云服务预期差，国内算力初步闭环。具体而言，阿里二季度Capex达 386亿元，创历史新高。阿里云收入增长继续加速至26%，AI相关产品收入已连续8个季度实现三位数同 比增长。阿里已建立AI全栈技术能力，此外，阿里AI芯片或迎突破，面向广泛的AI推理任务，与英伟 达的架构兼容，由国内企业代工生产。开源证券观点认为，未来三年，阿里将投入超过3800亿元，用于 建设云和AI硬件基础设施。AI驱动阿里云进入正循环，同时阿里资本开支的高增长有望驱动国产AI算 力链迎基本面拐点。 阿里巴巴资本开支大超预期，显示AI算力需求强劲，国产算力链又迎重磅催化。公开信息显示， 云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器 件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合 计费率最低的ETF。 9月1日，A股三大指数高开后集体翻绿。盘面上，芯片股延续强势，算力概念股盘初活跃，创新药 概念股异动拉升。近期热度较高的云计算50ETF（516630）一度涨超1%，持仓股中，数据港、千 ...

Market Overview - The A-share market showed slight gains with the three major indices rising, particularly in small and mid-cap stocks, with over 3100 stocks in the green and a half-day trading volume of 1.83 trillion yuan, down 24.6 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.12%, the Shenzhen Component Index by 0.11%, and the ChiNext Index by 0.55% [1] - Recent market structure has shown significant differentiation, with large tech stocks leading the market while other sectors rotate quickly [1] Sector Performance Gold Sector - The gold and precious metals sector surged, with multiple stocks such as Western Gold and Hunan Silver hitting the daily limit [2] - New York gold futures rose nearly 1% to a historical high of $3550 per ounce, while spot gold increased to $3482.2 per ounce [2] - Several international financial institutions are bullish on gold prices, with UBS raising its 2026 price target to $3700 per ounce and Bank of America predicting a peak of $4000 per ounce by mid-2026 [2] Innovative Pharmaceuticals - The innovative drug sector strengthened, with companies like BeiGene and Maiwei Biotech reaching historical highs [3] - The National Healthcare Security Administration recently published a preliminary list of innovative drugs for 2025, featuring new drugs and CAR-T products [3] - Structural allocation in innovative drugs is recommended as they rapidly develop towards internationalization [3] Chip Sector - Chip stocks experienced a rise and subsequent pullback, with stocks like Liyang Chip hitting the daily limit [4] - Positive news includes Alibaba's AI product revenue growth and Goldman Sachs raising the target price for Cambricon to 2104 yuan [4] - The restructuring plan of Huahong Semiconductor, which involves acquiring a 97.5% stake in Huali Micro, has been announced [4] Institutional Insights Market Outlook - According to招商证券, the probability of the market maintaining a bullish trend in September remains high, although the slope may be slower compared to August [5] - The key drivers for upward movement are the accumulation of profit effects and continuous inflow of incremental funds [5] - Focus areas include AI computing, semiconductor autonomy, solid-state batteries, commercial aerospace, controllable nuclear fusion, and innovative pharmaceuticals [5] Investment Recommendations - 中信证券 suggests focusing on resources, innovative pharmaceuticals, consumer electronics, chemicals, gaming, and military industries in September [6] - The potential for a weaker dollar due to possible Fed rate cuts may catalyze a new round of growth in resource sectors, particularly precious metals and copper [6] - The innovative drug sector is expected to see an increase in catalytic events, with recent market adjustments clearing out short-term speculative funds [6] Market Structure - 东方证券 notes that the market is likely to continue a strong oscillating pattern in September, with major indices still having upward momentum but limited space for growth [6] - High-end manufacturing, domestic substitution, and anti-involution sectors are identified as having potential for rebound [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector in the ChiNext market, with significant gains in AI-related stocks and ETFs, particularly the ChiNext AI ETF (159363) reaching new highs [1][3] - The ChiNext AI ETF (159363) saw a price increase of over 5% on its opening day, with a rapid trading volume exceeding 200 million yuan, indicating strong market interest and capital inflow [1][3] - Alibaba's latest financial report shows high growth in capital expenditure and cloud business, with AI-related product revenue achieving triple-digit growth for eight consecutive quarters, reflecting a robust investment in AI infrastructure [3] Group 2 - Citic Securities reports that despite geopolitical disruptions affecting overseas computing chip supplies, Alibaba is committed to investing in AI infrastructure, signaling a steady progress in the self-sufficiency of domestic AI chips [3] - The outlook for the AI sector remains positive, with expectations of continued innovation and growth in the second half of 2025, driven by AI demand and capital expenditure from domestic cloud providers [3] - The ChiNext AI ETF (159363) has reached a new scale of over 4.4 billion yuan, with an average daily trading volume exceeding 500 million yuan in the past month, ranking first among six ETFs tracking the ChiNext AI index [3]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with key indices showing positive movements, particularly in sectors like chips, solid-state batteries, and digital currencies, while other sectors like military and finance are underperforming [1][2]. Group 1: Market Performance - As of September 1, the Shanghai Composite Index rose by 0.24%, the Shenzhen Component Index increased by 0.57%, and the ChiNext Index gained 1.23% [1]. - Chip stocks continued to perform strongly, with companies like Tailin Micro and Liyang Chip hitting the daily limit, and others like Huahong Semiconductor and Allwinner Technology rising over 10% [2]. Group 2: Institutional Insights - According to招商证券, the market is likely to maintain a trend of oscillating upward, driven by the accumulation of profit effects and continuous inflow of incremental funds [3]. - 中信证券 suggests focusing on four key areas for investment in September: resources, innovative pharmaceuticals, consumer electronics, and military sectors, highlighting the potential for precious metals and copper due to a possible Fed rate cut [4]. - 东方证券 indicates that the market structure is showing significant differentiation, with technology stocks leading the market, and anticipates a continued oscillating upward trend for major indices, although the upward space may be limited [5].

9月1日，大数据产业ETF（516700）早盘表现活跃，场内价格现涨2.4%。 成份股方面，数据港涨停，光环新网和紫光股份表现亮眼，当日涨幅分别高达7.74%和7.42%。另一方 面，神州泰岳、天融信和广联达走势相对疲软，当日跌幅分别为1.09%、0.84%和0.13%。 大数据产业ETF（516700）被动跟踪中证数据指数（930902），该指数当日涨幅为2.53%，指数前十大 权重股分别为科大讯飞、浪潮信息、恒生电子、紫光股份、润泽科技、拓维信息、中国长城、中国软 件、用友网络、网宿科技。 大数据产业ETF（516700） 前十大成份股 | 股票简称 | 代码 | 权重 | 当日涨跌幅 | 总市值 | | --- | --- | --- | --- | --- | | 中科曙光 | 603019 | 9.95% | 2.01% | 1320 亿 | | 科大讯飞 | 002230 | 8.66% | 1.48% | 1251 亿 | | 浪潮信息 | 000977 | 6.09% | 4.29% | 1030 亿 | | 恒生电子 | 600570 | 4.73% | 2.69% | 728 亿 | | ...

从光模块产业到创新药，中国企业正在全球市场上展现出强大的竞争力。创新已成为中国企业出海的通 行证，帮助企业在全球价值链中向上攀升。 产品出海撬动全球市场 截至8月30日，券商等机构8月份对627家上市公司进行了调研。在调研中，机构尤为关注上市公司在海 外市场的销售及布局情况，出海成为调研中的高频话题。数据显示，8月以来，多个领域的A股上市公 司都在通过创新实现出海突破。从行业分布看，工业机械、电子元件等领域的出海热度较高。 上半年，多家A股上市公司通过技术创新推出具有全球竞争力的产品，成功打入国际市场。 光模块行业表现尤为亮眼。中际旭创半年报显示，2025年上半年实现营收147.89亿元，同比增长37%， 净利润39.95亿元，同比大幅增长69.4%。公司在研发方面持续加大投入，上半年研发投入达5.86亿元， 同比增长11.12%。作为全球主力光模块供应商，公司超80%光模块销往国外，市场份额持续提升，国外 业务毛利率大幅提升至43.32%。 受益于AI算力的需求爆发，新易盛的海外营收占比更是高达94.47%，境外销售金额98.6亿元。新易盛表 示，报告期内，公司受益于数据中心算力投资的发展，销售收入较上年同 ...

科华数据 20250829.docx AceCamp AI 2025-08-30 摘要 科华数据 2025 年上半年现金流改善，但计提 9,800 万元资产减值影响 单期利润。数据中心业务收入增长 16.77%，毛利率 29.35%，其中数 据中心产品收入增长 34.19%，毛利率 36.06%。 公司聚焦核心产品和技术创新，加大海外市场开拓，通过准时制、 IPD、LTC 等管理变革提升经营效益，并在高毛利、高壁垒行业寻找新 机会。 科华数据作为国内算力重要标的，受益于 AI 产业发展，尤其是在电源、 HVDC、液冷等领域具备丰富产品线和出海战略，未来成长空间巨大。 国内收入略降，海外收入增长 24.73%，主要得益于新能源和数据中心 领域的出海战略。数据中心业务在腾讯高压直流市场占据近 80%份额， 并积极拓展阿里巴巴等大客户。 数据中心业务核心产品包括 UPS、HVDC、SST 及液冷技术，其中 UPS 不断更新，HVDC 在大客户中占据重要地位，液冷技术实现从 0 到 1 的 突破，并推出液冷 Pod。 IDC 服务包括租赁业务和算力平台 2.0，目标上架率 85%，算力平台集 成算力筑基、资源融通和平 ...

第四，9月创新药催化事件料将明显增多，同时近期的科技切换也出清了此前囤积在板块当中追逐趋势的短钱，创新药在 此轮调整后有望继续上行。配置上，9月建议继续聚焦资源、创新药、消费电子、化工、游戏和军工。 国泰海通：未来股指还会有新高 随着上证指数站上3800点创下十年新高，市场分歧和疑虑也随之增加。我们认为，中国股市不会止步于此，股指还有新 高。2025年以来，我们看多中国的逻辑是一贯的：第一，中国转型进展加快，经济社会发展的不确定性下降。第二，无 风险利率下沉，长期资本和居民入市进入历史性转折与时代趋势。第三，资本市场改革，社会各界对中国资产的价值观 念和风险认识因此而系统性改观，打开了资本市场发展的空间。 市场也不必过虑阶段性调整，首先两融规模/流通市值处于历史均值，两市整体估值水平不高，多数权重股价在低位，总 体并未显示过热。其次，美联储9月降息概率上升，或为中国央行宽松与重启国债交易提供契机；增量经济支持举措有望 出台。因此中国股市上升的动力是健康的，是可持续的，继续看升中国A/H表现。综合来看，随着市场参与者和投资逻辑 的多元化，行情不会仅仅局限于小市值，未来有望出现扩散，滞涨且盈利质量更好的中盘股或低 ...

Group 1 - The Federal Reserve's potential interest rate cut in September is complicated by President Trump's attempt to dismiss board member Lisa Cook, marking a historic intervention [2] - Central Huijin significantly increased its holdings in ETFs, with a total market value reaching 1.28 trillion yuan, a nearly 23% increase from the end of last year [2] - The manufacturing and non-manufacturing sectors showed signs of expansion in August, with the manufacturing PMI at 49.4% and non-manufacturing PMI at 50.3%, indicating improved market confidence [2] Group 2 - A total of 42 A-share listed brokerages reported a combined revenue of 251.87 billion yuan for the first half of 2025, a year-on-year increase of 30.8%, with net profit rising by 65.08% to 104.02 billion yuan [3] - Alibaba has increased its order for Cambricon GPUs to 150,000 units to address a computing power crisis, while also developing its own AI chips to reduce reliance on Nvidia [3] - Cambricon has become the new "stock king" in A-shares, driven by economic transformation towards technology innovation and increased capital inflow [3] Group 3 - Active equity funds have performed well in the first eight months of the year, with an average return exceeding 23%, and 21 funds achieving over 100% growth [4] - The RMB appreciated by 0.84% against the USD in August, reaching a near ten-month high, with expectations of breaking the 7 mark by year-end [4][5] - Gold prices rose significantly in August, with a cumulative increase of over 5%, driven by inflation data and market uncertainty regarding the Federal Reserve's independence [5] Group 4 - Meituan reported a revenue of 91.84 billion yuan for Q2 2025, an 11.7% year-on-year increase, although adjusted net profit fell by 89% to 1.493 billion yuan [5] - The core local commerce segment generated 65.3 billion yuan, while new business segments contributed 26.5 billion yuan, indicating resilience in diverse operations [5]

点击招商研究小程序查看PDF报告原文 公司公告25年中报，25H1 收入806.1 亿元同比+2.6%，毛利 55.4 亿元同比+3.1%，归母净利 17.3 亿元同比+14.0%，毛利率6.88%同比+0.03pct，净利率2.15%同比+0.24pct。结合公司近况，我们 点评如下 ： Q2业绩超市场预期，毛利改善源于业务结构优化，净利双位数增长主因公司财务费用有所缩减。 Q2 业绩超市场预期（beat 1-2 亿），单季度收入437.3亿元同比+3.9%环比+18.6%，毛利 32.3 亿元 同比+12.1%环比+38.5%，归母净利11.1 亿元同比+22.1%环比+78.1%，毛利率 7.36%同比+0.54pct 环比+1.06pct，净利率 2.53%同比+0.38pct 环比+0.85pct。通过分析公司业务经营情况及利润表，我 们认为此次公司业绩超预期源自于两方面：1）公司业务结构改善，汽车电子业务保持高速增长， 带动毛利率有一定改善；2）期间费用有所减少，其中研发费用、销售费用、管理费用合计同比基 本持平，而财务费用大幅缩减了 1.34 亿元。 业务结构： 1）消费电子业务：收入609.7 ...