英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 8 月 25 日 上周五两市成交额超 2.5 万亿，量能仍处于强势区域。从当前市场走势来看， 指数在短期内或有加速上涨的趋势。一方面，科技股的大涨带动了市场人气，吸 引了更多资金入场。另一方面，市场的赚钱效应逐渐凸显，投资者的风险偏好持 续提升，进一步推动指数上行。然而，这种加速上涨或是阶段冲高的信号，投资 者需适当留意节奏。虽然市场大趋势向好，但随着指数的快速攀升，波动节奏可 能会加大。在上涨过程中，可能会面临获利盘回吐、政策调整等因素的影响，从 而引发市场的短期波动。 操作上，建议投资者顺势而为但多一分理性和警惕。根据不同的情况，采取 不同的策略，有业绩支撑且形态走势良好的个股，可持仓待涨。对近期涨幅过大 且缺乏基本面强支撑的标的，可降低风险敞口。另外，可将注意力转向有业绩支 撑的低估值板块，并严格控制仓位，保持操作的灵活性。在趋势未发生根本性逆 转前，仍可参与，但必须留一份清醒，时刻关注券商和量能这两大核心变量的动 向。 请务必阅读最后一页的免责条款 1 沪指突破 3800 点，短期内或有加速上涨趋势，顺势而为但多一分警惕 分析师：惠祥凤 ...

阿联酋 Apollo Go 开始在阿联酋进行无人驾驶汽车测试 百度已在阿联酋启动 Apollo Go 自动驾驶汽车的开放道路测试，并计划在 Uber 大规模部署数千辆自动驾驶汽车，这将是亚洲和中东地区的首次推出。百 度 CEO 李彦宏本周在百度第二季度财报电话会议上透露，测试于8月在迪拜和阿布扎比的指定区域开始。此前，百度在3月与迪拜道路和交通管理局 （RTA）达成协议，预计今年底在迪拜部署100辆RT6机器人出租车，并在2028年将车队扩展至1000辆。（AGBI） 新疆乌鲁木齐至迪拜国际货运航线开通 8月16日，一架满载18.49吨新疆当季水果和特色干果的全货机从乌鲁木齐天山国际机场起飞，直飞阿联酋迪拜阿勒马克图姆国际机场。这标志着乌鲁木齐 至迪拜国际货运航线正式开通。该航线的开通，填补了乌鲁木齐至迪拜直飞货运包机的空白，大幅提升了货物运输时效。过去货物经阿拉木图、塔什干等 中亚城市中转需20小时至30小时，如今直飞仅需约6小时，效率提升超70%，成功打造了"从产地直抵海外仓"的物流专线。（中华人民共和国国家邮政 局） 阿联酋上半年并购交易额达254亿美元 2025年上半年，阿联酋的并购交易额为254亿美 ...

智算中心驱动电力需求，预计达 40GW，占新增量的 85%，标志着数 据中心建设从云计算转向 AI 算力需求，国内互联网巨头如阿里、腾讯自 2023 年 Q3 起增加资本投入，预计 2024 年高速增长后，2025 年全面 放量。 字节跳动引领国内 IDC 数据中心大规模资本开支，2024 年占据 2.5GW 招标总量的 2GW，相当于国内存量市场 1/10 的规模，其 TOKEN 数快 速增长，并对未来两年日均 TOKEN 数做出积极预期。 运营商在智算领域投资增长明确，2024 年起三大运营商平均每家落地 两个万卡集群，中国移动进行年度最大规模 AI 服务器招标，对高密度、 高能效技术方案需求强烈，逐步提升机架功率。 数据中心技术向更高密度和高能效发展，全球平均机架功率已提升至 10 千瓦以上，液冷机柜可超过百千瓦。万国、世纪互联等公司机柜建设能 力显著提高，反映行业对高性能解决方案的追求。 AI 算力集群推动单体数据中心规模扩大至四五十兆瓦以上，部分达 100 兆瓦以上，选址从一线城市向能耗宽松地区转移，乌兰察布成为新增数 据中心重要区域，2024 年总投资约 1,400 亿元，签约机架规模达 110 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.39 CNY, based on a PE ratio of 61 times for 2025 [4][2]. Core Views - The company's H1 2025 revenue reached 2.935 billion CNY, a slight increase of 0.47%, while the net profit attributable to the parent company was 87 million CNY, down 77.49% [1]. - The decline in profitability is attributed to several factors, including a decrease in military product orders, rising raw material costs, and increased depreciation [8]. - The company expects a recovery in defense revenue in the second half of the year, driven by improved order fulfillment and cash collection efforts [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are adjusted to 6.537 billion CNY, 8.246 billion CNY, and 9.873 billion CNY, respectively, with expected growth rates of 30.1%, 26.1%, and 19.7% [3]. - The forecasted EPS for 2025, 2026, and 2027 are 0.99 CNY, 1.77 CNY, and 2.20 CNY, respectively [2]. - The company's gross margin is expected to decline to 34.3% in 2025, with net profit margins stabilizing at 6.9% [3]. Market Position and Outlook - The company is positioned as a leader in military connectors, with significant market share in aerospace and missile sectors, benefiting from the recovery in defense spending and technological advancements [8]. - The company is also focusing on expanding into emerging markets and new industries, such as commercial aerospace and data centers, which are expected to drive future growth [8].

证券研究报告 | 2025年08月24日 英维克（002837.SZ） 优于大市 2025H1 营收同比+50%，积极建设海外资源平台 英维克 2025 年上半年总营业收入 25.73 亿元，同比上升 50.25%；归母净利 润 2.16 亿元，同比上升 17.54%；扣非归母净利润 2.02 亿元,同比上升 18.05%。公司 2025H1 的 ROE（摊薄）为 7.16%。公司 2025 年二季度单季营 收 16.41 亿元，同比上升 69.67%；归母净利润 1.72 亿元，同比上升 40.92%。 机房温控业务快速增长，机柜温控业务稳健发展。2025 年上半年公司机 房温控和机柜温控业务同比分别增长 57.9%/32.0%，收入分别达到 13.5 亿元/9.3 亿元。机房温控：在 AI 算力功耗大幅提升背景下，机房温控 的液冷技术加速导入。公司作为全链条液冷开创者，率先推出高可靠 Coolinside 全链条液冷解决方案，持续受益数据中心发展，2025 年上 半年公司在算力的设备及机房的液冷相关营业收入超过 2 亿元。机柜温 控：公司是最早涉足电化学储能系统温控的厂商，在储能温控行业处于 领导地位，是 ...

随着2025年A股中期业绩披露进入关键节点，资本市场的中期图景逐渐清晰。截至8月21日收盘，全市 场有1300多家上市公司揭晓上半年"成绩单"，其中有800余家公司营业收入出现上涨，700多家公司归母 净利润出现上涨。 通信设备行业表现尤为亮眼，成为此次中期业绩披露季的"明星赛道"。在34家已披露报告的通信设备企 业中，超七成营收和净利攀升，还有企业净利增幅超17倍；与之呼应的是，该板块超七成个股年内股价 上涨，业绩高增标的股价涨幅最高超270%，形成"业绩爆发＋股价走强"的强联动格局。 全市场中期业绩"多点开花" 随着2025年中期业绩逐步披露，资本市场交出了一份颇具看点的中期答卷。Wind数据显示，截至8月21 日收盘，全市场已有1300多家上市公司对外揭晓了2025年上半年成绩单，其中有800多家公司上半年营 业收入实现正增长。营收增长率超过50%的有88家，超过100%的有23家。 增速排名前三的分别是海创药业、贤丰控股和北京文化。今年上半年，海创药业的营业收入为1316.71 万元，而上年同期仅有10.97万元，同比增长11899.08%。据介绍，海创药业专注于肿瘤、代谢性疾病等 重大治疗领域的创新 ...

Group 1: Energy and Coal - In July 2025, China's total electricity consumption reached 1,022.6 billion kWh, marking a year-on-year increase of 8.6%, the first time it has exceeded 1 trillion kWh in a single month [2] - The demand for thermal power increased, with industrial thermal power generation reaching 602 billion kWh in July, up 4.3% year-on-year and 21.9% month-on-month, boosting demand for thermal coal [2] - As of August 20, 2025, coal prices at Qinhuangdao Port reached 707 RMB/ton, a month-on-month increase of 10.6%, recovering 15.0% from the low of 615 RMB/ton on June 12 [2] Group 2: Oil and Gas - OPEC+ announced a significant increase in September production targets by 547,000 barrels per day, with additional quotas for the UAE, leading to a gradual decline in oil prices [3] - As of August 20, 2025, WTI and Brent crude oil futures prices fell by 9.5% and 7.8% respectively compared to the end of July, reaching 62.71 and 66.84 USD/barrel [3] - Long-term oil price support is expected from high-dividend energy companies with production and cost reduction capabilities, recommending China National Offshore Oil Corporation (CNOOC) and China Petroleum [3] Group 3: Petrochemicals - The global ethylene industry is undergoing a restructuring, with high-cost capacities in Europe, Japan, and South Korea being phased out, while low-cost capacities in the Middle East and the U.S. are increasing [4] - The supply-demand balance in the ethylene industry has not yet reached a turning point, but the global supply structure is shifting towards lower-cost regions [4] - Companies benefiting from this trend include Baofeng Energy, Satellite Chemical, and Hengli Petrochemical [4] Group 4: Securities and Wealth Management - The trading activity in the market has significantly increased, with new account openings leading to a drop in commission rates, some as low as 0.08% [5] - The average daily trading volume in A-shares reached 1,484.4 billion RMB, a 40% increase compared to 2024 [5] - Wealth management transformation is seen as a key to breaking through challenges, with potential for new growth through service upgrades and innovative tools [5] Group 5: Construction and Engineering - The Chinese government has emphasized the need to support the smooth construction and operation of existing PPP projects, which may alleviate the accounts receivable risks for construction companies [6] - The funding for these projects primarily relies on local special bonds, which may lead to competition between new and existing projects [6] - Recommended companies include China Railway Construction Corporation, China Communications Construction Company, and China State Construction Engineering [6] Group 6: Healthcare and Consumer Goods - The company Steady Medical reported a revenue of 5.296 billion RMB in the first half of 2025, a year-on-year increase of 31.3%, with a net profit of 492 million RMB, up 28.1% [8] - The company is expected to recover from the impact of the "315" industry incident, with core categories likely to continue driving growth [8] - The company is positioned as a dual-driven health enterprise, focusing on both consumer and medical sectors [8] Group 7: Internet and Technology - Kuaishou's second-quarter revenue reached 35 billion RMB, a year-on-year increase of 13%, exceeding market expectations [9] - The company is expected to accelerate B-end commercialization with the launch of a subscription plan in the third quarter [9] - The long-term penetration of AI applications in Kuaishou is anticipated to enhance its revenue streams [9] Group 8: Aviation and Transportation - China Civil Aviation Information Network reported a revenue of 3.895 billion RMB in the first half of 2025, a decrease of 3.6%, but a net profit increase of 5.9% to 1.448 billion RMB [15] - The company is expected to benefit from the steady growth in civil aviation demand and maintain its leading position in the industry [15] - The growth in aviation information technology processing volume is a positive indicator for future performance [15] Group 9: Chemicals and Materials - Kanglong Chemical reported a revenue of 6.441 billion RMB in the first half of 2025, a year-on-year increase of 14.9%, with a net profit of 756 million RMB, up 9.5% [16] - The company is expected to continue its positive growth trajectory due to strong demand in the industry and its robust core business capabilities [16] - The company maintains a "buy" rating based on its performance and market outlook [16] Group 10: Agriculture and Livestock - Minhe Livestock reported a revenue of 986 million RMB in the first half of 2025, a year-on-year decrease of 5.88%, with a net loss of 214 million RMB [27] - The company is facing pressure from falling chick prices, but there are signs of recovery in prices due to improved supply-demand dynamics [27] - The potential for price recovery and capacity reduction in the white-feathered chicken market is a key focus for future performance [27]

Core Viewpoint - The company, Weicet Technology, has experienced explosive growth in its performance in the first half of 2025, driven by increasing demand for advanced packaging testing services in the semiconductor industry [1][2]. Financial Performance - In the first half of 2025, Weicet Technology achieved revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit of 101 million yuan, up 831.03% [1][2]. - The second quarter of 2025 saw revenue reach 349 million yuan, marking a historical high for the company, with a year-on-year growth of 41.68% and a net profit of 75 million yuan, which is over five times the previous year [2]. - The company's cash flow from operating activities for the first half of 2025 was 339 million yuan, a 67.70% increase from the same period last year [2]. Business Segments - Weicet Technology's core business includes wafer testing and finished chip testing, covering the entire lifecycle of chip testing services [2][4]. - In the first half of 2025, wafer testing revenue was 351 million yuan, accounting for 55.40% of total revenue, while finished chip testing revenue was 254 million yuan, making up 40.09% [2]. Market Performance - The company's stock price has been active in the secondary market, closing at 76.2 yuan per share on August 21, 2025, with a year-to-date increase of 70.28% and a total market capitalization of 11.35 billion yuan [3]. Research and Development - Weicet Technology has been increasing its investment in R&D, with a total investment of 466 million yuan from 2020 to the first half of 2025, representing 12.95% of total revenue in the first half of 2025 [5]. - The company has a total of 499 R&D personnel, accounting for 23.62% of the total workforce, which is an increase of 1.37 percentage points year-on-year [5].

Investment Rating - The report maintains a "Positive" investment rating for the industry [12] Core Insights - The cooling methods for data centers are transitioning from air cooling to liquid cooling due to the increasing power consumption of chips and single cabinets. Liquid cooling technologies offer significant advantages such as higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [6][19] - The report highlights the growth of liquid cooling solutions, particularly single-phase cold plate cooling, which currently accounts for over 90% of liquid cooling applications in data centers. The technology is maturing, and small-scale commercial applications are being promoted [6][19] - The report suggests that various cooling media will emerge as opportunities in the liquid cooling market, with a focus on companies involved in the production of these cooling liquids [10][52] Summary by Sections Data Center Cooling Transition - The report discusses the shift to liquid cooling as a response to the rising power density of chips, particularly in AI servers, which are pushing the limits of traditional air cooling methods. The maximum power density for traditional air-cooled cabinets is around 20 kW, while future designs may reach up to 600 kW [7][25][29] Cooling Media Opportunities - Different cooling media are being explored for single-phase and two-phase cooling solutions. For single-phase cooling, common media include ethylene glycol solutions and propylene glycol solutions, while two-phase solutions primarily use refrigerants and low-boiling point fluids [8][41] - The report emphasizes the need for cooling liquids that meet specific technical requirements, such as excellent insulation properties, low surface tension, and high thermal conductivity [9][42] Investment Recommendations - The report recommends focusing on companies involved in the liquid cooling media industry, including: - Juhua Co., Ltd. (fluorinated liquids + refrigerants) - Sinoma Science & Technology (fluorinated liquids) - Yonghe Technology (fluorinated liquids + refrigerants) - Haohua Technology (fluorinated liquids + refrigerants) - Sanmei Co., Ltd. (refrigerants) - Xin'an Chemical (silicone oil) - Xingfa Group (silicone oil) [10][52]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6][14]. Core Insights - The company reported a revenue of 634 million yuan for the first half of 2025, representing a year-on-year increase of 47.53%. The net profit attributable to shareholders reached 101 million yuan, up 831.03% year-on-year, with a sales gross margin of 34.50% [3][4]. - The overall capacity utilization rate of the company exceeds 90%, driven by trends such as the increase in smart driving penetration, the explosion of data centers and AI computing power, and accelerated domestic substitution [4][5]. - The company is actively expanding its high-end testing capacity, with significant investments planned for projects in Wuxi and Nanjing, and aims to enhance its market competitiveness through these expansions [5][6]. Financial Performance - The company is projected to achieve revenues of 1.56 billion yuan, 2.00 billion yuan, and 2.50 billion yuan for the years 2025, 2026, and 2027, respectively. Net profits are expected to be 251 million yuan, 355 million yuan, and 499 million yuan for the same years [10][11]. - The report indicates a consistent growth rate in revenue, with expected growth rates of 46.21%, 45.02%, 28.28%, and 25.00% for the years 2024 to 2027 [10][11]. Capacity Expansion - The company plans to invest 1.3 billion yuan in the second phase of its integrated circuit chip wafer-level and finished product testing base project, and 987 million yuan in the Shanghai headquarters project to strengthen its market position [5][6].