消息面上，1)长江电子团队指出存储行业周期反转，供需逻辑改善，AI及数据需求推动DRAM、NAND 等增长，美股存储公司大涨，A股相关标的受关注；2)德明利获阿里、字节等大额存储订单，企业级 SSD收入占比提升，产能扩张计划明确，国产化替代及车规存储布局加速；3)DeepSeek V3.2模型发布推 动AI降本增效，寒武纪等国产芯片厂商完成适配，优化算力部署效率，凸显软硬件协同能力。 截至09月30日09:35，科创芯片ETF指数588920.SH上涨1.99%，其关联指数科创芯片000685.SH上涨 1.92%；主要成分股中，寒武纪-U上涨4.16%，中芯国际上涨3.15%，澜起科技上涨3.10%，海光信息上 涨1.24%，佰维存储上涨6.14%。 券商研究方面，东吴证券指出AI驱动PCB技术全面升级，封装载板正向高线路密度与大尺寸演进，IC封 装基板作为芯片封装核心材料，在线宽线距等关键性能指标上持续突破，以适配CoWoS等先进封装技 术要求，该类高端基板需具备L/S≤2微米的高密度布线能力及100mm x 100mm大尺寸规格，为AI、高性 能计算提供基础支撑；招商证券则关注存储芯片领域，强调美光通过 ...

Investment Rating - The report maintains a "Buy" rating for companies such as OmniVision Technologies (603501.CH), Q Technology (1478.HK), and NIO Inc. (9866.HK/NIO.US) as key tracking targets in their respective segments [5] - Additionally, it reiterates a "Buy" rating for Leapmotor (9863.HK), Sunny Optical Technology (2382.HK), Horizon Robotics (9660.HK), and Yangjie Technology (300373.CH) as industry leaders [5] - The report also suggests investors pay attention to potential opportunities in companies like InHand Networks (1760.HK), Sijia Technology (580.HK), ZhiXing Technology (1274.HK), Youjia Innovation (2431.HK), Wingtech Technology (600745.CH), and CR Micro (688396.CH) [5] Core Insights - The technology industry is experiencing significant opportunities driven by technological innovation across various sectors, including consumer electronics, new energy vehicles, intelligent driving, and power semiconductors [2][3] - In the consumer electronics sector, there is a notable surge in demand for products like action cameras and panoramic cameras, which is expected to continue into the second half of the year and next year [2] - The new energy vehicle market is in a product explosion phase, with companies like NIO seeing demand growth driven by successful product definitions [2] - Intelligent driving technology is rapidly evolving, with significant opportunities for industry players as technology applications and product implementations progress [3] - The power semiconductor industry is witnessing a stabilization in competition, with some manufacturers experiencing price increases in certain product areas [3][5] Summary by Sections Consumer Electronics - The report highlights a demand explosion in the consumer electronics sector, particularly for action and panoramic cameras, which is expected to provide substantial growth momentum for smartphone supply chain players [2] - Innovations in components such as high-pixel image sensors and periscope camera modules are anticipated to create growth opportunities even in a stable smartphone market [2] New Energy Vehicles - New energy vehicle companies are experiencing a demand surge, particularly with successful product definitions leading to a "supply-demand imbalance" phase, which is expected to enhance fundamentals and valuations [2] Intelligent Driving - The intelligent driving sector is characterized by rapid technological iterations, with significant opportunities for breakthroughs as industry players adopt new technologies [3] - The domestic chip manufacturer Horizon Robotics is seeing large-scale applications of its intelligent driving chips in automotive companies [3] Power Semiconductors - The power semiconductor industry is experiencing a reduction in traditional cyclical fluctuations, with some manufacturers reporting stability and potential price increases in specific product areas [3] - There remains substantial room for domestic substitution in the power semiconductor sector, with a stable competitive landscape [5]

9月27日，中国石油大庆石化尿素散料装车改造项目经过25天试运行，实现装车模式优化。装车提速意味着农资运输周期的缩短，成本控制带来的价格优势 与稳定供应，强化了大庆石化在区域农资市场的竞争力。 随着成品油市场发生趋势性变化、化工市场"内卷"竞争加剧，如何答好拓市场、扩销量、增份额的"效益试卷"，大庆石化瞄准重点领域与核心技术，攻坚研 发、生产环节，谋划产业布局和市场供给，推动"通用产品创王牌、专用产品创高端"战略落地见效。今年前8个月，橡塑产品在东北市场配置率同比提高 5.36%，新材料和高附加值产品产量同比分别增加近3万吨、2000吨，产销协同能力持续提升。 锻造市场"硬通货" 在大庆石化聚烯烃部低压装置生产线上，拉丝料5000S已经连续生产30多年。这款荣获国家金质奖章的产品，凭借优良的成型性能与机械强度，成为远洋网 绳下游厂家指定原料，在市场中保持"质优价高"优势，是聚乙烯产品阵营中的"王牌"产品。 经过长期的生产优化与市场培育，大庆石化拉丝料5000S已实现连续稳定生产与供应，即使货源紧张时，该产品仍比同类产品的价格高数百元，客户优先选 择。"更换原料要承担设备改造的成本，而且下游企业已充分挖掘原料的 ...

格隆汇9月29日丨英唐智控(300131.SZ)在互动平台表示，在车载显示芯片领域，公司已实现批量交付。 目前国内本土具备该产品大规模量产能力的企业较少，公司已走在了车载显示芯片国产化替代的前沿。 ...

过去一年涨幅超过200%的基金。这可不是普通的上涨，而是真正的"火箭式"拉升。 | 基金代码 | 基金名称 | 近1年涨幅 | 近3月涨幅 | 成材以来回报 | | --- | --- | --- | --- | --- | | 018993 | 中欧数字经济混合发起A | 230.73% | 97.43% | 197.66% | | 018994 | 中欧数字经济混合发起C | 228.80% | 96.84% | 194.08% | | 001412 | 德邦鑫星价值灵活配置A | 221.47% | 118.94% | 277.35% | | 002112 | 德邦鑫星价值灵活配置C | 221.13% | 118.82% | 271.65% | | 018124 | 永赢先进制造智选混合A | 205.63% | 23.47% | 150.74% | | 018125 | 永赢先进制造智选混合C | 204.40% | 23.22% | 148.42% | | 014938 | 同泰产业升级混合A | 203.26% | 117.46% | 111.46% | | 014939 | 同泰产业升级混合C ...

随着机器人产业迅猛发展，机器人细分在逐步加深，各行各业场景渗透在快速加大。 机器人产业与 AI 科技融合 商业智能成最新共创契机 机器人产业在深度学习、生成式 AI 、多模态感知等维度与 AI 科技深度结合，显著提升了机器人自主 学习、任务规划与动作执行的智能化水平 。当前， 无论是机器人场景应用企业，还是下游机器人本 体制造和集成企业，甚至中游和上游的部件和零配件企业，都在积极关注 和参与 AI 融合技术创新和 AI 共创场景开拓。 但在对机器人的多维度 AI 科技集成中，商业智能的集成目前是一个巨大的空白。比如在工业机器人 应用中，之前都是"工厂大脑" MES 来做感知数据处理，并给各处单元中控和上位机派发指令，工业 机器人只是被动接收指令和执行动作。在这个过程中， 机器人没有企业业务数据和商业智能的实时输 入，导致机器人对 "为什么要执行动作、什么是最佳执行时机、执行动作之后需要做什么"都不理 解，从而不能基于业务场景做出实时的自主决策，这成为影响机器人"感知 - 决策 - 执行"闭环版图 上的严重缺憾，也成为机器人产业链 AI 解决方案的最新共创契机。 细分加深与泛行业渗透加大 供给挑战持续升级 20 ...

9月26日，北京碧水源科技股份有限公司（证券代码：300070，证券简称：碧水源）迎来上海证券、普 华永道等4家机构参与的分析师会议。此次调研围绕公司竞争优势、内部管控、研发成效及业务协同等 多方面展开，透露诸多关键信息。 据公告显示，本次投资者关系活动于2025年9月26日（周五）14:00 - 15:30，在北京碧水源大厦举行，上 市公司接待人员为公司证券事务代表。 碧水源积极响应"双碳"目标，专注膜产业链技术应用基础研究，加大研发投入实现高端膜产业原创技术 突破。在国产化应用替代方面，成功参与黄骅市海水综合利用一体化工程中标，创新性结合光伏和储能 系统，实现"绿电制绿水"，落地自主开发的双膜海淡集成技术；为中电建舟山海淡厂提供高性能海水淡 化反渗透膜产品，实现国产化替代；产品在巴基斯坦瓜达尔港海水淡化项目获高度认可。在提升智能制 造水平方面，膜装备制造能力显著提升，自主研发的V - MBR装备升级，成本降低25%；推进膜生产线 智能化升级，建设全自动化膜元件生产线，常规反渗透膜生产速度提升至20米/分。 与中交集团协同发展 业务布局上，中交集团整合碧水源完善环保产业链，碧水源借助中交集团影响力实现协同效 ...

证券代码：300070 证券简称：碧水源 北京碧水源科技股份有限公司投资者关系活动记录表 答：截至半年度，公司的应收账款约 124 亿元，其中主要是来自早期 PPP 项目的积累。一方面，这些项目的应收随着时间推移到了计提比例较高的阶段， 所以这几年看到计提的坏账金额较高。那么等过了这个阶段，金额也会下降。 另一方面，计提比例较高的部分，我们通过化债或其他多方式收回的可冲抵坏 账的部分，也会对公司利润产生积极影响。在近两年中，我们制定了一整套应 收账款清收工具箱，并实施了一系列内外部策略以加快应收账款的回收速度。 在内部，我们建立了一套完善的应收账款管理流程和坏账减少的奖惩机制，组 建了专业的管理与催收团队，并设定了年度目标。这些目标被分解到各个部门， 并定期检查进度，以确保应收账款和存货的降低工作有序进行。今年，我们还 设定了新的目标和激励政策，通过优化内部管理制度、增强员工的风险意识和 收款能力等措施，全面提升了应收账款的回收效率。此外，公司积极参与政府 的债务重组项目，有效解决了部分项目的应收账款问题。我们也在密切关注政 策动向，针对不同项目的特点，加强与客户的沟通与合作，以促进应收账款的 快速回收。 问 ...

Core Viewpoint - Tongfu Microelectronics achieved a net profit attributable to shareholders of 412 million yuan in the first half of 2025, representing a year-on-year increase of 27.72% [1] - The company reported a net profit of 311 million yuan in Q2, marking a year-on-year growth of 38.60% and a quarter-on-quarter increase of 206.45% [1] Group 1 - The rapid growth in the company's performance is primarily due to seizing domestic opportunities and increasing market share in various application fields such as mobile phones, home appliances, and automotive [1] - The collaboration with key clients, particularly AMD, has continued to show growth momentum, benefiting from strong market demand and significant revenue increases across AMD's business segments [1] - The company's diversified layout is expected to capture favorable market opportunities by deepening cooperation in high-growth sectors like AI and automotive electronics, while actively expanding domestic substitution demand [1] Group 2 - The company is well-positioned to benefit from the rapid growth of AMD's performance, the increasing demand in AI and other fields, and the broader trend of domestic substitution [1] - The leading packaging and testing technology and good progress in cutting-edge research are expected to support the company's growth trajectory [1] - The investment rating is maintained at "Buy" based on the company's strong fundamentals and growth prospects [1]

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index increasing by 0.21%, the Shenzhen Component rising by 1.06%, the CSI 300 up by 1.07%, and the ChiNext Index gaining 1.96% for the week [1] - Key sectors that performed well include electric power equipment, non-ferrous metals, semiconductors, chips, and memory storage, while sectors like optical modules (CPO), copper-clad laminates, tourism, and duty-free shops lagged [1] Hong Kong Market - The Hang Seng Index decreased by 1.57%, the Hang Seng Tech Index fell by 1.58%, and the Hang Seng Healthcare Index dropped by 2.79%, indicating a phase of high-level fluctuations in the Hong Kong market [2] Investment Opportunities - A brokerage firm suggested that a true bull market has not yet begun, with potential opportunities arising from the easing of liquidity constraints and a possible rebound in Hong Kong stocks that have been stagnant [4] - The People's Bank of China emphasized the need for appropriate monetary policy and counter-cyclical adjustments, signaling a supportive environment for investment [4] ETF and Fund Performance - The recent surge in ETFs continues, with the second batch of 14 science and technology bond ETFs seeing five reach over 10 billion yuan in assets [5] - Active equity funds have shown remarkable performance, with several funds achieving over 200% returns since September 2022 [5] U.S. Market Indicators - The U.S. core PCE price index rose by 2.9% year-on-year and 0.2% month-on-month, aligning with expectations and potentially influencing the Federal Reserve's interest rate decisions [5] - The U.S. stock market experienced adjustments, with the S&P 500 and Nasdaq both declining, while small-cap stocks performed relatively well [5]