我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年6月13日 ● 国内金融市场 ● 股指期货 · | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3402.66 | 0.01% | 上证当月连续 | 2682.2 | 0.02% | | 深证成指 | 10234.33 | -0.11% | 沪深当月连续 | 3883.6 | 0.06% | | 创业板指 | 2067.15 | 0.26% | 恒生期货指数 | 31013.11 | -1.2% | 宏观消息汇总 1. 央行、外汇局:进一步加大金融支持海峡两岸融合发展力度, 为两岸融合发展示范区建设提供有力的金融支撑 三、上市公司聚焦 1。 矽电股份(301629)：公司是国内首家实现12吋晶圆探针台产业 化应用的设备厂商 2 南极光(300940)：公司是目前唯一通过任天堂认证的LCD背光 模组供应商,在Switch 2背光模组中的供应商地位较为稳固 3. 金现代(300830)：目前公司的轻骑兵低代码开发平台已经适配 Deep ...

截至2025年6月12日 13:57，中证电信主题指数(931235)上涨0.24%，成分股天孚通信(300394)上涨 10.18%，中际旭创(300308)上涨7.39%，联特科技(301205)上涨6.70%，银之杰(300085)上涨3.83%，光迅 科技(002281)上涨3.77%。电信ETF基金(560690)上涨0.61%，最新价报1.33元。 AI算力再迎催化。6月11日，英伟达CEO黄仁勋在法国巴黎宣布，计划在欧洲投资建设20家"AI工厂"， 欧洲的AI算力将在两年内增长10倍，助力欧洲的工业领军企业加速所有制造应用，涵盖从设计、工程 和仿真到工厂数字孪生和机器人技术的各个环节，从而推动欧洲成为AI工业革命的领导者。黄仁勋 称，量子计算正迎来关键拐点，未来几年将强大到足以解决一些有趣的全球性问题。 国金证券认为，受益于AI需求驱动和国内外互联网厂商资本开支增长，服务器、连接器等龙头公司业 绩亮眼。以太网交换机市场结构性分化，看好交换机板块业绩触底回升。国内大模型迭代、落地应用有 望加速。建议关注国内AI发展带动的服务器、IDC、交换机、连接器等板块，以及海外AI发展带动的服 务器、光模块等 ...

Group 1 - The AI computing power sector is experiencing a strong rebound, with the A500 ETF (512050) showing positive performance, particularly with stocks like Tianfu Communication rising over 12% [1] - The A500 index has outperformed the CSI 300 index since September 24, 2022, with a return of 22.59% compared to the CSI 300's 21.22% as of June 11, 2025, indicating the index's inherent high potential [1] - A significant net inflow of 90.88 million yuan was recorded for the A500 ETF, reflecting strong market interest [1] Group 2 - The A500 ETF and its linked funds are noteworthy due to their large market liquidity and scale, with the ETF's average daily trading volume consistently ranking first in its category since its launch [2] - The A500 ETF has a current scale exceeding 15 billion yuan, with management fees at 0.15% and custody fees at 0.05%, making it one of the lowest in its category [2]

证券研究报告 | 2025年06月11日 电子行业周报 优于大市 WSTS 调高全球半导体销额预期，二季度存储产业链持续回暖 AI 算力带动科技情绪回暖，关注 ASIC、存储及端侧创新。过去一周上证上 涨1.13%，电子上涨3.60%，子行业中元件上涨7.46%，电子化学品上涨1.53%。 同期恒生科技、费城半导体、台湾资讯科技上涨 2.25%、5.88%、2.09%。尽 管1Q25受益于国补及AI端侧创新、2Q25受益于关税缓冲期内的抢出口需求， 电子板块业绩强劲增长；但在中美关税博弈、宏观需求承压的背景下，投资 者对于 3Q25 业绩持续性及 AI 应用落地的速度预期仍普遍谨慎；过去一周在 北美算力强势上涨的带动下，相关映射链条成为主要情绪拉动点，伴随新消 费板块回落，行业关注度明显提升。考虑到近期科技板块催化集中：苹果 WWDC、华为新品发布、字节火山引擎大会等，均有望成为强化 AI 端侧创新 预期的重要催化剂。我们坚定看好 2025 年电子板块在"宏观政策周期、产 业库存周期、AI 创新周期"共振下的"估值扩张"行情，当前时点重点关注 ASIC、存储及端侧创新，继续推荐澜起科技、翱捷科技、德明利、圣邦 ...

Market Overview - US stock market declined on Wednesday, with the S&P 500 ending a three-day rally, which may put pressure on A-shares at the opening [2] - The China Golden Dragon Index rose by 0.08%, indicating a positive performance for Chinese concept stocks [2] Technical Analysis - The Shanghai Composite Index closed at 3402.32 points, maintaining above the 3400 mark, but trading volume decreased to 1.26 trillion, down 160 billion from the previous day, suggesting weak buying interest [2] - If trading volume remains low, the index may test the 3380 point support level [2] - The ChiNext Index increased by 1.21%, but the new energy sector lagged, with Ningde Times affecting overall sentiment [2] - The brokerage sector saw a net inflow of 3.7 billion, indicating potential upward movement if major brokers like CITIC Securities and Oriental Fortune show strong early performance [2] Policy Directions - Three key policy directions identified: 1. US-China trade talks focusing on rare earth and semiconductor equipment exports, with China issuing temporary export licenses for rare earth materials to three major US automakers [3] 2. Hydrogen energy pilot projects, with the National Energy Administration outlining directions for green hydrogen production and zero-carbon parks, potentially benefiting equipment manufacturers like Hupu Co. and Xue Ren Co. [3] 3. Local special bonds issuance, with 180 billion issued in the first two weeks of June, likely stabilizing infrastructure stocks like China Communications Construction and China Railway Construction [3] Sector Rotation - Focus on whether technology and brokerage sectors can resonate positively in early trading [3] - The AI computing industry chain may see funding inflows due to the upcoming delivery of Nvidia's Blackwell chips [3] - Defensive sectors like Yangtze Power, with a dividend yield over 5%, and Hu Nong Commercial Bank, known for low valuation and high dividends, are suitable for risk-averse investments [3] Investment Strategy - Key focus on trading volume; if the first hour's trading volume exceeds 380 billion, the index may approach 3417 points; if it falls below 1.2 trillion, consider reducing positions to avoid potential pullbacks [4] - Long-term investors should consider semiconductor equipment, AI computing, and consumer electronics, which are at historical low valuations and have multiple policy catalysts [4] - Short-term traders should monitor hydrogen energy pilot projects and urban renewal themes, paying attention to the strength of leading stocks [4]

国元证券近日发布电子行业周报：WSTS发布最新预测，将2025年全球半导体销售额预 测值由前次的6972亿美元提高至7009亿美元，同比增长11.2%，并预计2026年继续增长8.5% 至7607亿美元。其中逻辑和存储器得益于人工智能、云基础设施和先进消费电子等的持续需 求，2025年将保持两位数增长；模拟芯片在2024年下降2%后，2025/2026年将恢复增长且增 速呈上升趋势，分别为2.6%/4.8%。 需平衡。我们认为，在经历了长时间陆资厂商大规模扩张、全球产业重心的 几度变迁之后，LCD的高世代演进趋势停滞、竞争格局洗牌充分，推荐京东方A等。与 此同时，LCD产业的崛起增强了国产电视品牌及ODM的出海竞争力，推荐兆驰股份、康冠 科技、传音控股等。 以下为研究报告摘要： 核心观点 AI算力带动科技情绪回暖，关注ASIC、存储及端侧创新。过去一周上证上涨1.13%，电 子上涨3.60%，子行业中元件上涨7.46%，电子化学品上涨1.53%。同期恒生科技、费城半导 体、台湾资讯科技上涨2.25%、5.88%、2.09%。尽管1Q25受益于国补及AI端侧创新、2Q25 受益于关税缓冲期内的抢出口需求，电子板 ...

证券代码：300308 证券简称：中际旭创 中际旭创股份有限公司 投资者关系活动记录表 | 投资者关 | ☑特定对象调研 □分析师会议 □媒体采访 □业绩说 | | --- | --- | | 系活动类 | 明会 □新闻发布会 □路演活动 | | 别 | □现场参观□其他 （电话会议） | | 参与单位 | 易方达基金、广发基金、泰康资产、华宝基金、博时基金、永赢基金、 | | | 东方阿尔法基金、财通资管、财通基金、中邮基金、申万菱信基金、新 | | 名称 | 华基金、长江资管、盘京投资、东吴基金、长盛基金、诺德基金、国泰 | | | 海通证券、国信证券、长江证券 | | 时间 | 2025 年 6 月 日（星期三）15:00—16:30 | | 地点 | 公司会议室 | | 上市公司接 | 公司副总裁、董事会秘书王军先生 | | 待人员姓名 | | | | 基础设施建设和 | | | 将有较大 | | 投资者关系 | 幅度增长。此外，还有部分客户也给出了 1.6T 光模块的部署计划和需 | | 活动主要 内容介绍 | 求指引，预计 需求也将在 年出现快速增长。 1.6T 2026 | | | Q2：传统数 ...

Market Performance - A-shares experienced a collective rise on June 11, with the Shanghai Composite Index up by 0.52%, surpassing 3400 points, while the Shenzhen Component and ChiNext Index rose by 0.83% and 1.21% respectively [1] - The total market turnover reached 128.66 billion yuan, with over 3400 stocks rising [1] Sector Highlights - The rare earth permanent magnet sector saw significant gains, with companies like Beikong Technology and Zhongke Magnetic Industry hitting daily limits, and others like Huayang New Material and Ningbo Yunsheng also reaching their limits [1] - The automotive parts sector performed well, with multiple stocks including Tongxin Transmission and Meichen Technology hitting daily limits [1] - Short drama game concept stocks became active again, with companies like Yue Media and Yuanlong Yatu reaching their limits [1] Securities Sector Outlook - The securities sector showed active performance, with firms like Industrial Securities and Xinda Securities reaching daily limits [2] - Research from Kaiyuan Securities suggests that the securities sector is expected to maintain good growth in mid-year reports due to low baselines and improving trading volumes [2] - Minsheng Securities indicates that positive policy adjustments and liquidity support are likely to boost market confidence, with high trading activity expected to continue into 2025 [2] Foreign Investment Perspective - Foreign institutions are optimistic about A-shares, with insights from Li Changfeng of Legg Mason highlighting the long-term investment value of the Chinese stock market due to improving corporate earnings and reform benefits [3] - Nomura Orient International Securities notes that the static valuation of the CSI 300 index remains undervalued by 25.6% compared to its ten-year average, making it attractive for long-term investors [3]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 11 年 月 日 芯原股份（688521.SH） 国产算力中坚力量，一站式定制化&IP 领军 一站式定制化&IP 领军，潜心研发致力未来。芯原股份主要服务为面向消 费电子、汽车电子、计算机及周边、工业、数据处理、物联网等广泛应用 市场所提供的一站式芯片定制服务（（24 年占比 68%）和半导体 IP 授权服 务（24 年占比 32%），公司 2024 年营收 23.22 亿元，截至 2025 年一季 度末，公司在手订单金额为 24.56 亿元，创公司历史新高，在手订单已连 续六季度保持高位。从新签订单角度，2025 年一季度公司量产业务新签 订单超 2.8 亿元，截至 2025 年一季度末量产业务在手订单超 11.6 亿元， 对公司未来的业务拓展及业绩转化奠定坚实基础。截至 2024 年，公司研 发人员达 1800 人，占比 89.37%，公司注重研发与人才培养，我们看好公 司的研发积累，进一步提升公司的收入水平，并在规模效应下摊薄费用率， 优化公司利润。 自研 ASIC 需求井喷，设计服务行业迎历史机遇。一站式芯片定制服务 是指向客户 ...

Market Overview - A-shares opened higher on June 11, with the Shanghai Composite Index surpassing 3400 points during the midday session, ultimately closing up by 0.52% at 3402.32 points [1] - The Shenzhen Component Index rose by 0.83% to 10246.02 points, while the ChiNext Index increased by 1.21% to 2061.87 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 12,555 billion, a decrease of 1,598 billion from the previous trading day [1] Sector Performance - The financial sector led the gains, with significant activity in rare earth permanent magnets, short drama games, automotive parts, solid-state batteries, and digital currency themes [1] - The rare earth sector continued to strengthen, with several stocks hitting the daily limit or rising over 10% [3] - Automotive stocks showed strong performance throughout the day, with multiple stocks also hitting the daily limit or rising over 10% [3] - The pharmaceutical sector experienced a downturn, with several stocks declining over 6% [3] - Communication stocks faced notable declines, with several companies dropping over 5% [3] Investor Sentiment and Market Outlook - Citic Securities noted that investor sentiment in May was generally stable, with expectations of continued market risk appetite due to improved US-China trade relations [5] - Zhongyuan Securities indicated that the market's liquidity remains ample following recent monetary policy adjustments, with expectations for further policy support [6] - Dongguan Securities highlighted the potential for structural opportunities in the market driven by positive economic indicators and technological breakthroughs [7] - Shenwan Hongyuan suggested that the market may remain in a consolidation phase, with a focus on key economic data and policy developments in June [8]