行 业 及 产 业 行 业 研 究 / 行 业 点 评 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 联系人 郝知雨 (8621)23297818× haozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 海外本土两手抓，光通信、算力基 建共振 看好 ——通信算力网络行业点评 本期投资提示： 证 券 研 究 报 告 表：通信行业部分重点上市公司估值表 | 证券代码 | 证券简称 | | 2025/6/6 | | Wind 一致预期净利润（亿元） | | | PE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价(元) | 总市值（亿元） | 2024 | 2025E | 2026E | 2025E | 2026E | | 000988.SZ | 华工科技 | 44.77 | 450.16 | 12.21 | 16.85 | 21. ...

据参考消息网报道，马来西亚前总理马哈蒂尔在 "亚洲的未来" 年度论坛上称中国不会轻易被美国击败。他 还抨击特朗普的关税政策令自身陷入孤立，预言美国将在3个月内被迫取消关税。 马哈蒂尔的这番话掷地有声。他说，美国越来越保守的政策取向没办法阻止中国的发展势头。美国打关税 牌，把整个世界当成 "假想敌"，到头来自己陷入孤立不说，生活成本还被抬高，自己人倒先吃上亏。这哪 是阻挡别国发展的架势，分明是自己给自己 "使绊子"。 马哈蒂尔资料图 再看中国，存在时间比美国长得多，是少数延续至今的古老文明之一。中国人勤劳又技能娴熟，坐拥全球 最大的消费市场，产业链条完整，技术储备扎实，整体市场规模比欧美加起来还大，有技术能耐也有底气 去抵御经济增长放缓。这么一看，美国想靠点小手段就拖垮中国，根本不现实，中国根本不是那么好对付 的。 马哈蒂尔还对美元在全球金融体系里一家独大表示担忧，觉得世界该转向以黄金为基础的新型国际货币， 用于贸易结算。 马哈蒂尔资料图 军事领域，美国一年军费超 1 万亿美元，中国国防预算按汇率算约 2530 亿美元。可中国在航天工程、人 工智能、电子信息技术这些军事技术方面突飞猛进，军事实力一步步往上走。 ...

6月6日，A股三大指数震荡走弱，全天成交1.18万亿元，较前一交易日缩量1398亿元，全市场涨跌个股数相当。 市场热点聚焦贵金属、民爆概念、农药兽药板块，另外，盲盒经济、谷子经济板块走低。 高位股方面，百利电气反包涨停走出15天8板，共创草坪晋级5连板，摘帽概念的金时科技4连板、永悦科技5天4板。 | 代码 | 名称 | 涨幅 | 现价 几天几板� | 涨停分析 | | --- | --- | --- | --- | --- | | 800328 | ST联合 | +4.97% | 6.34 7连板 | 重大资产重组+包装饮用水+ | | 600753 | *ST海钦 | +4.98% | 7.38 9天5板 | 大宗商品供应链+一季报诚? | | 600468 | 百利申气 | +9.96% | 7.95 9天5板 | 可控核聚变+超导+电网设备 | | 605099 | XD共创草 | +10.00% | 36.53 5手板 | 足球概念+体育产业+人造草 | | 603879 | 永悦科技 | +10.03% | 6.47 5天4板 | 物流无人机+不饱和聚酯树】 | | 603017 | 中衡设计 | ...

Core Insights - The stock ETF market experienced a net outflow of 5 billion yuan on June 5, despite the A-share indices collectively rising [1][2] - Broad-based ETFs saw the largest net outflows, while industry-themed and strategy-style ETFs recorded net inflows [1][3] ETF Market Overview - As of June 5, the total scale of 1,110 stock ETFs in the market reached 3.53 trillion yuan, with a total share reduction of 464.7 million [3] - The net outflow amount was approximately 5.02 billion yuan based on the average transaction price of the day [3] Specific ETF Performance - The largest net outflows were from broad-based ETFs, totaling 6.23 billion yuan, with the Huatai-PB300 ETF and the CSI A500 ETF both experiencing significant outflows [3][4] - Notable individual ETFs with net outflows included the ChiNext ETF (4.3 billion yuan), the Sci-Tech 50 ETF (4.05 billion yuan), and the Hu-Shen 300 ETF (3.83 billion yuan) [3][4] Sector Analysis - The technology sector saw a rebound, leading to discussions about the return of the "technology main line," yet technology ETFs faced net redemptions as some investors opted to take profits [3] - Short-term market sentiment is improving, which may support a rebound, but there are concerns about valuation divergence and external risks [3] Inflows in Specific ETFs - Despite the overall outflow, certain ETFs, particularly in the information technology sector, saw significant inflows, with the National Information Innovation ETF leading with a net inflow of 2.3 billion yuan [5][6] - The top five inflow sectors included information technology (1.91 billion yuan), dividends (1.01 billion yuan), defense and military (490 million yuan), media (420 million yuan), and cloud computing (370 million yuan) [6][7] Notable ETF Inflows - The top inflow ETFs included the Dividend Low Volatility ETF (598 million yuan), the Information Innovation ETF (550 million yuan), and the Big Data ETF (442 million yuan) [8] - Other ETFs with notable inflows were the Freedom Cash Flow ETF and the Robotics ETF, both exceeding 180 million yuan [7][8]

6月5日晚，国科微发布了详细的交易预案，上市公司拟以发行股份及支付现金等方式收购中芯集成电路 （宁波）有限公司（简称"中芯宁波"，标的公司）94.366%的股权。 据了解，中芯宁波系为配合当地产业发展战略，于2016年由当地产投基金、中芯国际等多方联合成立。 中芯宁波股东——也是此次交易的股权转让方，包括了宁波甬芯、宁波经开区产投、宁波金帆三家宁波 当地的国资机构。中芯宁波在中芯国际集团内部的位置，是作为重要联营企业而存在。 公司专注于射频前端、MEMS传感器、高压模拟等特种工艺技术，是国内少数实现量产制造BAW滤波 器的厂商，属于半导体特种工艺晶圆制造领域具备技术稀缺性的优质标的。 据悉，滤波器是射频前端的核心器件，提供手机无线通信功能，技术研发难度较高。中芯宁波产品在手 机端的成功搭载，标志着已打破海外厂商在滤波器制造领域的工艺垄断，有望破解我国通信芯片行业长 期面临的"卡脖子"问题。 从基本面来看，中芯宁波未经审计的主要财务数据显示，截止今年一季度，公司总资产规模达45.18亿 元，所有者权益达15.67亿元。但是，中芯宁波因多种原因，导致公司报告期内存在较大规模亏损。 2024年中芯宁波全年的净利润为 ...

序号股东名称持股比例1迈迪优选供应链（辽宁）有限公司51%2锦润（天津）数智科技有限公司46%3 张立3% 来源：金融界 天眼查App显示，近日，迈迪优链（天津）数智科技有限公司成立，法定代表人为张立，注册资本1000 万人民币，迈迪优选供应链（辽宁）有限公司、锦润（天津）数智科技有限公司持股。 企业名称迈迪优链（天津）数智科技有限公司法定代表人张立注册资本1000万人民币国标行业信息传 输、软件和信息技术服务业>互联网和相关服务>互联网信息服务地址天津市武清开发区福源道北侧金 融商务楼2号楼1505室37号企业类型有限责任公司营业期限2025-6-5至无固定期限登记机关天津市武清 区市场监督管理局 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；工业互联网数据服务； 互联网数据服务；互联网安全服务；互联网销售（除销售需要许可的商品）；物联网技术服务；物联网 应用服务；物联网技术研发；物联网设备销售；数字技术服务；数字视频监控系统销售；数据处理和存 储支持服务；数字文化创意内容应用服务；数字文化创意技术装备销售；智能农业管理；软件开发；云 计算装备技术服务；信息安全设备销售；人工智能双创 ...

来源：北京日报 "这两个模块，是星地量子直接通信系统的关键组成部分，能完成信息传输、解码的任务。"北京量子院 副院长、清华大学教授龙桂鲁介绍，传统保密通信分为密钥分发、密文传输双信道结构，而量子直接通 信技术使用单信道结构，在直接传递信息的同时，还能感知、阻止窃听，技术难度更高。 要实现星地量子直接通信，相关设备在抵达太空前，会面临重重考验。火箭升空的巨大加速度和剧烈振 动、太空中的极大温差和高能粒子辐射等影响，都可能导致相关器件损坏、失效。 "北京技术"由"北京箭"搭载升空。记者从北京量子信息科学研究院获悉，近日，该院星地量子直接通信 系统模块级验证圆满完成，标志着我国星地量子直接通信技术正式迈入空天地一体化量子直接通信网络 的构建阶段。 5月29日，本市商业航天企业箭元科技研发的元行者一号验证型火箭，完成了首次海上飞行回收试验。 这枚火箭上，搭载了两个小盒子，它们是北京量子院量子直接通信团队自主研发的量子直接通信激光器 模块和相位编码模块。 "当前北京商业航天领域的快速发展，给了我们更多机会。"龙桂鲁表示，航天标准器件的成本较高，团 队希望通过设计方式的改进，在实现目标任务的同时不断降低成本。例如，实现抗 ...

Group 1 - The core viewpoint emphasizes the necessity of a 100% success rate in engineering projects, highlighting that even a single failure negates previous successes [1] - The team from the Shanghai Institute of Technical Physics has achieved significant breakthroughs in key technologies related to space optical transmission, with an average age of 32 [1][2] - The team successfully completed the quantum key distribution experiment using a hot air balloon, overcoming extreme conditions and equipment failures [2] Group 2 - The team participated in the world's first quantum science experimental satellite project, "Mozi," which was launched in 2016, marking a significant advancement in China's space science research [2] - The team is currently working on the development of a quantum micro-nano satellite and has made breakthroughs in laser communication, enabling high-speed data transmission over long distances [3] - The team is focused on enhancing independent innovation capabilities and is engaged in ongoing projects such as medium and high-orbit quantum satellites [3]

Market Performance - The Shanghai Composite Index rose by 0.23% to 3384.10 points, marking a three-day increase [1] - The Shenzhen Component Index increased by 0.58% to 10203.50 points, also achieving three consecutive days of gains [1] - The ChiNext Index saw a rise of 1.17% to 2048.62 points, continuing its three-day upward trend [1] - Total trading volume in the two markets reached 1.29 trillion yuan, exceeding 1 trillion yuan for six consecutive days [1] Sector Performance - The components sector performed notably well, surging by 5.15% [1] - Consumer electronics and communication equipment sectors followed, with increases of 3.22% and 3.14% respectively [1] - The AI index on the ChiNext rose by 3.33%, with several AI ETFs also showing significant gains [1][4] ETF Performance - The Information Technology ETF (512330.SH) increased by 3.98%, with a total share size of 555 million [3] - The AI ETF from Huaxia (159381.SZ) rose by 3.86%, with a share size of 272 million [4] - The 5G ETF (159994.SZ) increased by 3.40%, with a total share size of 1.733 billion [5] - The overall market saw 785 non-currency ETFs rise, accounting for 68% of the total [1] Valuation Metrics - The latest PE-TTM for the CSI 500 Information Technology Index is 98.22, lower than the 98.48% level maintained over the past three years [4] - The PE-TTM for the ChiNext AI Index stands at 74.41, below the 63.38% level of the past three years [5] - The PE-TTM for the CSI 5G Communication Index is 26.46, also lower than the 29.28% level over the last three years [5] Market Sentiment - The S&P 500 Consumer Select Index showed a premium of 24.20%, indicating strong market sentiment [8] - The S&P 500 Index also experienced a premium of 15.80%, reflecting positive investor sentiment [8]

Group 1 - The AI computing power sector is showing strong performance, with significant gains in optical module stocks and related companies [1] - The domestic market for optical modules is expected to benefit from the expansion of data centers by major cloud providers, which hold a combined market share of approximately 71% [1] - Major global companies like Amazon, Google, Microsoft, and Meta are projected to significantly increase their capital expenditures, collectively exceeding $300 billion by 2025 [1] Group 2 - The Huaxia AI Computing ETF (159381) is highlighted for its low fee structure and high elasticity, tracking the entrepreneurial board AI index [2] - The top ten holdings of the Huaxia AI Computing ETF include leading optical module companies and key players in the chip design and cloud computing sectors [2] - The annual management fee for the Huaxia AI Computing ETF is 0.15%, with a custody fee of 0.05%, making it one of the lowest in its category [2]