森松国际 (2155 HK) 港股通 新签订单高增,海外医药动能释放 证券研究报告 2025 年 8 月 29 日│中国香港 医疗器械 公司公告，1H25 实现收入 26.87 亿元（-23%yoy），归母净利润 3.38 亿元 （-10.1%yoy），主因 24 年底在手订单扰动+确认贸易应收款减值亏损（但 补贴相关其他收入提升）。公司 1H25 新签订单 60 亿元（+89.5%yoy）， 在手订单 106 亿元（+20.4%yoy），创历史新高，主因海外制药 CAPEX 需 求强势修复，公司抓住机会有效转化订单（此外，新签订单所带来的预付款 提升使公司经营现金流显著改善）。考虑公司在手订单体量+平均交期+潜 在减值亏损确认，我们预计公司 25 年归母净利润同比略有增长。但伴随减 值亏损减少+25 年新签订单或显著增长，我们看好公司自 26 年起恢复双位 数归母净利润同比增长。 制药板块高质量新签订单强势回归，绿色能源订单或接棒驱动成长。 生物制药板块 1H25 实现收入 7.97 亿元（+20% yoy），主因高效完成北非 核心药品市场首座模块化工厂相关订单+稳步交付 24 年底医药在手订单。 展望 2 ...

Group 1 - The core viewpoint of the articles highlights the performance of the Sci-Tech Innovation Board 100 Index and its related ETF, indicating a mixed performance among constituent stocks with notable gains from companies like Hangke Technology and BeiGene [1][2] - As of August 28, the Sci-Tech 100 ETF fund reached a scale of 6.971 billion yuan, leading the market in tracking the Sci-Tech 100 Index [1] - The top ten weighted stocks in the Sci-Tech 100 Index account for 23.52% of the index, with companies such as Borui Pharmaceutical and Huahong Semiconductor among the leaders [2] Group 2 - The technology sector experienced a pullback, particularly in semiconductors, yet market activity remains robust with ongoing rotations among AI computing-related sectors [1] - Shanxi Securities suggests that the market is likely to continue reaching new highs, recommending a focus on individual stock marginal changes and performance-based safety margins during pullbacks [1]

Group 1 - The ChiNext index and other related indices showed strong performance, with the ChiNext index rising nearly 2% [1] - Sectors such as lithium battery anodes, rare earths, power batteries, and solid-state batteries were active, while computing-related sectors like servers and ASIC chips faced declines [1] - Zhongke Shuguang reported its 2025 mid-year results, achieving a revenue of 5.85 billion yuan, a year-on-year increase of 2.41%, and a net profit of 729 million yuan, up 29.39% year-on-year [1] Group 2 - The cloud computing 50 ETF (516630) experienced a decline of over 2.5%, with major holdings like Zhuhai Shuguang and Qi Anxin leading the losses [1] - The cloud computing 50 ETF tracks an index with a high AI computing content, covering popular sectors such as optical modules, computing leasing, data centers, and AI servers [2] - The ETF is noted for having the lowest total fee rate among ETFs tracking this index [2]

Group 1 - The focus is on the performance of the Xinchuang ETF fund (562030), which has seen a decline of 2.19% in its market price, with mixed performance among constituent stocks [1] - Huawei Cloud reported a nearly 250% year-on-year growth in overall computing power, with the number of customers using Ascend AI cloud services increasing from 321 last year to 1714 this year [3] - The Xinchuang industry is transitioning from being policy-driven to a dual-driven model of policy and market, with significant growth expected in the market size, projected to exceed 2.6 trillion yuan by 2026 [4] Group 2 - The Xinchuang ETF fund passively tracks the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, and information security [6] - There are four key investment rationales for the Xinchuang industry: geopolitical tensions increasing the need for self-sufficiency, government procurement likely to recover, breakthroughs in technology by domestic manufacturers, and the approach of critical procurement timelines [7]

8月29日，市场早盘震荡反弹，创业板领涨，截止午间收盘，创业板50ETF（159949）涨2.67%，报 1.344元，换手率8.37%，成交额20.82亿元，显示市场关注度较高。 资金面数据显示，近期创业板50ETF出现一定资金流出。近5个交易日内，资金净流出34.98亿元；近20 个交易日累计净流出58.07亿元。截至2025年8月28日，该基金流通规模为243.87亿元。 | | 1.344 +0.035 +2.67% | | | 创业板50ETF 流 | | | --- | --- | --- | --- | --- | --- | | | | | | 159949 | | | SZSE CNY 11:30:00 休市 | | | | | 通融/ ● + | | 净值走势 | | 华安创业板50ETF | 文年 | 39.85% 120日 | 38.84% | | 要比 | 25.92% 委差 | 42930 | 5日 | 9.09% 250日 | 95.92% | | 河市 | 1.348 | 3604 | 20日 | 28.37% 52周高 | 1.31 | | 英国 | 1.347 | 8304 ...

8月29日，A股光模块CPO等AI算力产业链集体回调，截至10点07，聚焦光模块、AI软件&应用等环节的创业板人工智能指数回调超2%，成分股天孚通 信、太辰光、深信服等逆市上涨，长芯博创跌超14%。 热门ETF中，同类费率最低的创业板人工智能ETF华夏（159381）盘中成交额已快速突破1.7亿元，实时数据显示，该ETF获得超千万资金净申购，显示 资金看好情绪。拉长时间看，近5个交易日，该ETF获得资金净流入超1.3亿元。 创业板人工智能ETF华夏（159381）：跟踪创业板人工智能指数（970070.CNI），精准布局AI产业链龙头，聚焦高景气AI算力（光模块CPO权重占比超 40%）+AI中游软件+应用，高效地捕捉AI主题行情，目前该ETF场内综合费率仅0.20%，位居同类最低。值得注意的是，今年以来，其跟踪的创业板人工智 能年内累计上涨超80%，显著跑赢CS人工智、科创AI等同类AI指数。 相关产品：创业板人工智能ETF华夏（159381）、5G通信ETF（515050）、人工智能AIETF（515070）。 （责任编辑：王治强 HF013） 近期AI板块催化众多，引燃资金积极加仓情绪。2025年8月2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company has experienced significant growth in revenue and net profit, with a revenue of 1.105 billion yuan, representing a year-on-year increase of 128.26%, and a net profit of 151 million yuan, up 940.64% year-on-year [4][8]. - The demand for high-speed connectors is expected to grow due to the increasing needs in AI computing and the automotive sector, particularly in electric vehicles [4][8]. - The company is projected to achieve net profits of 353 million yuan, 668 million yuan, and 873 million yuan for the years 2025 to 2027, respectively [2][8]. Summary by Sections Company Overview - The company has capitalized on the accelerating global digitalization and energy transition, leading to a robust performance in its communications and new energy vehicle sectors [8]. Financial Performance - The company reported a significant increase in both revenue and net profit for the first half of 2025, driven by strong performance in its communications and industrial new energy vehicle businesses [4][8]. - The company’s R&D investment reached 64.974 million yuan, a 27.31% increase year-on-year, focusing on high-speed and system-level innovations [8]. Market Opportunities - The global market for backplane connectors is expected to reach 3.69 billion USD by 2031, driven by AI server demands [8]. - The automotive high-frequency and high-speed connector market in China is projected to reach 13.62 billion yuan by 2025, fueled by the rise of smart driving and smart cockpit applications [8]. Strategic Initiatives - The company is enhancing its strategic positioning in communications, defense, and industrial sectors, focusing on high-speed connector advantages and expanding its client base [8]. - The company is also pursuing technological breakthroughs in high-speed products and system-level interconnect solutions for emerging fields like low-altitude economy and AI [8].

Group 1 - The three major indices opened mixed on August 29, with the Computer ETF (159998) down by 1.00% and a trading volume exceeding 100 million yuan, leading its category [1] - As of August 28, the latest circulating scale of the Computer ETF (159998) was 3.663 billion yuan, ranking first among its peers [1] - The Cloud Computing ETF (517390) was down 1.65% with a premium rate of 0.19%, and it has seen a net inflow of over 14 million yuan in the past four days [1][2] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes internet companies from Hong Kong and leading A-share computing firms [2] - Huawei's cloud computing CEO reported a nearly 250% year-on-year growth in overall computing power, with clients using Ascend AI cloud services increasing from 321 to 1714 [2] - Major AI companies are rapidly building large-scale GPU clusters, with a focus on rental models due to the global shortage of high-end AI chips, indicating a sustained demand for GPU cloud services [2] Group 3 - Industrial profits in July showed a narrowing year-on-year decline, driven by policies aimed at boosting domestic demand, with notable improvements in the computer manufacturing sector [3] - The semiconductor and communication equipment industries are highlighted for their resilient performance and potential for profit recovery [3]

Industry Trends - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product at HotChip 2025, aimed at connecting geographically dispersed data centers to create a 1 billion watt AI super factory, which implies over 660,000 GPUs assuming a single GPU power of 1.5 kW [2][3] - The Spectrum-XGS product addresses the limitations of traditional scale-up and scale-out approaches due to power and physical space constraints in data centers, utilizing core algorithms, hardware collaboration, and software optimization to solve communication delays, congestion, and synchronization issues in cross-regional GPU clusters [2][3] - Initial users of the Spectrum-XGS will include CoreWeave, with potential support for Oracle and SoftBank's Stargate project, indicating a significant acceleration in DCI construction [2][3] Product Developments - The release of DeepSeek V3.1 on August 21 brings enhancements in hybrid inference architecture, improved reasoning efficiency, and better performance in tool usage and agent tasks compared to the previous version [3] - DeepSeek V3.1 is optimized for the next generation of domestic chips, particularly focusing on the FP8 precision, showcasing a significant performance improvement in programming and search agents [3] - The market anticipates advancements in chip performance under chiplet architecture and enhanced soft-hard collaboration, suggesting that domestic chips may evolve from being merely functional to being highly efficient [3] Market Performance - The overall market showed mixed results during the week of August 18-22, 2025, with the Sci-Tech Innovation Board index rising by 13.31%, the Shenwan Communication index by 10.84%, and the ChiNext index by 5.85% [4] - The top three performing sectors were the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%) [4] - Notable individual stock performances included ZTE Corporation, Gaolan Co., Cambridge Technology, and Heertai, with increases of +32.21%, +24.75%, +23.65%, +20.55%, and +17.41% respectively [4]

Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of 2025, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, with a year-on-year increase of 37.75%, driven by opportunities in AI computing power upgrades, a recovery in the storage market, and the electrification and intelligence of automobiles [1] Business Performance - The PCB (Printed Circuit Board) segment, as the main revenue contributor, achieved an income of 6.274 billion yuan, reflecting a year-on-year growth of 29.21%, with a gross margin of 34.42%, up by 3.05 percentage points [1] - The packaging substrate business generated revenue of 1.740 billion yuan, marking a year-on-year increase of 9.03% [1] - The electronic assembly business reported revenue of 1.478 billion yuan, with a year-on-year growth of 22.06% [1] Capacity Utilization and Raw Materials - The PCB business benefited from high capacity utilization due to demand in AI computing and automotive electronics, which significantly supported revenue growth [1] - The company noted price increases in certain raw materials, such as gold salt, and will continue to monitor price changes while communicating with suppliers and customers [1] R&D Investment - The company placed a strong emphasis on R&D, investing approximately 672 million yuan in the first half of 2025, which accounts for 6.43% of total revenue [2] - Ongoing R&D projects include advancements in next-generation communication, data centers, and automotive electronics-related PCB technologies, as well as improvements in FC-BGA substrate product capabilities and RF substrate technology [2]