编号：2025-07 | 投资者关系活动类别 | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 活动参与人员 | 泰康基金 卞学清 | | 时间 | 2025年7月2日14:30-15:30 | | 地点 | 公司会议室 | | 形式 | 线下 | | 上市公司接待人员姓名 | 董事会秘书 刘同刚 | | | 证券事务专员 邓丽婷 | | 交流内容及具体问答记录 | 公司与投资者就其关注的问题进行了交流，主要内容包括： 1、公司认为全年业绩增长的空间是什么？ | | | 目前增长主要来源为AI服务器、消费电子、AIoT等新兴领域 | | | 的技术迭代与国产替代加速。公司将聚焦分销主业，加强应用创 | | | 新及生态服务、供应链服务和产业数据服务等能力建设，把握行 | | | 业发展新机遇。 | | | 2、公司存储主要应用于哪些领域？ | | | 公司2024年授权分销业务中，存储器业务收入206.85亿元，同 | | | 比增长134.32 ...

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]

公司报告 | 首次覆盖报告 亚翔集成（603929） 证券研究报告 AI 驱动半导体资本开支景气延续，看好洁净室龙头出海&大订单持续兑现 深耕洁净室领域多年，布局新加坡大订单持续落地 亚翔集成作为一站式洁净室系统集成工程服务的专业提供商，具备"工程 施工设计+采购+施工+维护"EPCO 的能力，背靠母公司中国台湾亚翔， 深耕 IC 产业链、云计算中心和生化制药等领域，聚焦高附加值的大型洁净 室及机电工程项目，同时公司积极拓展新加坡、越南等海外市场，2024 年 公司累计新签订单为 36.08 亿元，受高基数影响同比下滑 49.60%。公司 4 月份公告中标新加坡世界先进 31.6 亿大订单，有望受益于东南亚地区半导 体产业链转移，我们认为公司仍有较好的订单预期。我们预计公司 25-27 年归母净利润为 4.78、6.34、7.12 亿，估值显著低于同行可比公司，认可 给予公司 2025 年 20 倍 PE，对应目标价 44.83 元，首次覆盖给予"买入" 评级。 AI 驱动下芯片需求持续增长，晶圆厂建设保持较高景气 AI 需求激增带动半导体产业需求，根据 Gartner 预测，2025 年和 2026 年 半 ...

科创板迎来AI芯片上市潮的关键时刻。6月30日晚间，国内GPU领域两大创业公司摩尔线程与沐曦集成 同时披露招股说明书，正式向科创板发起冲刺。其中，因旗下业务与英伟达高度重合，摩尔线程被市场 冠以中国版英伟达的称号，此次该公司拟募集资金80亿元，保荐机构为中信证券。 在AI算力需求爆发与美国芯片管制的双重刺激下，国产GPU站上了前所未有的风口。然而，行业光环 下的财务数据却不容乐观：摩尔线程2022-2024年累计亏损超50亿元。尽管"前辈"寒武纪上市曾点燃市 场热情，但在资本日趋理性的当下，摩尔线程能否重新激发市场热情还未可知。 另一方面，摩尔线程的多名高管均出自英伟达：其中，摩尔线程创始人、董事长、总经理张建中，曾于 2006年4月至2020年9月任英伟达全球副总裁、大中华区总经理；摩尔线程联合创始人、职工董事周苑曾 在2004年10月至2020年9月于英伟达任市场生态高级总监；摩尔线程联合创始人、董事、副总经理张钰 勃曾于2013年10月至2017年11月在英伟达任GPU架构师。 过去几年，人工智能在资本市场迎来吸金热潮，因此在开启上市流程之前，摩尔线程其实已经完成多轮 融资。比较瞩目的是，该公司股东众多 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] AI 特种玻纤升级加速，关注高阶产品放量 ——建材周专题 2025W25 报告要点 [Table_Summary] AI 特种玻纤升级加速，关注高阶产品放量 基本面：水泥价格延续下跌，玻璃库存环比下降 推荐国产替代链和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title AI 特种玻纤升级加速，关注高阶产品放量 2] ——建材周专题 2025W25 [Table_Summary2] AI 特种玻纤布升级加速，关注高阶产品放量 AI 特种玻纤布升级加速。低介电电子布（一代 Low-Dk/二代 Low-Dk/石英纤维布）用在 PCB， 下游是 ...

电子行业 行业研究 | 动态跟踪 利基 DRAM 供需格局重塑中，行情景气度 持续 核心观点 投资建议与投资标的 ⚫ 利基存储市场供需格局重塑中，同时叠加 AI 驱动和国产替代机遇，建议关注兆易创 新、北京君正、复旦微电、德明利、朗科科技、东芯股份、江波龙、佰维存储、恒 烁股份、万润科技、深科技、同有科技、普冉股份、聚辰股份等。 风险提示 ⚫ 下游需求增长不及预期；原厂退出进展不及预期。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 07 月 02 日 看好（维持） | 薛宏伟 | xuehongwei@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524110001 | | 蒯剑 | 021-63325888*8514 | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执业证书编号：S0860523080004 | 朱茜 zhuqian@ori ...

Core Viewpoint - The article highlights the journey of Anhui Ruituo Electronics Co., Ltd. in the LED packaging industry, showcasing its efforts to achieve domestic substitution and break through technological barriers, ultimately contributing to the rise of national brands in China [1][2]. Group 1: Technological Breakthrough - The LED industry faces high technical barriers, with a need for quality control at a PPM level, which was previously dominated by foreign companies [2]. - Ruituo has invested 20 million to introduce AI visual inspection systems and laser marking technology, achieving a 100% defect interception rate and enabling full-process quality traceability [2]. - The shift from experience-driven to data-driven quality control has allowed Ruituo to enter the supply chains of several well-known automotive companies, positioning itself among the leaders in the domestic high-end LED sector [2][3]. Group 2: Domestic Substitution - Ruituo's journey has been challenging, with significant obstacles from 2015 to 2017, but the company focused on long-term strategies and technological advancements to achieve substantial revenue growth over eight years [3]. - The company emphasizes the importance of "long-termism and technological dividends" in the hard-tech sector, opting for patent barriers over cost competition during industry price wars [3]. - Ruituo's products are now widely used in various applications, including TV backlighting, mobile phone flashlights, and automotive lighting, establishing itself as a leading provider of automotive pre-installation solutions [3]. Group 3: Industry Transformation - The LED market is undergoing significant changes, particularly in the automotive sector, driven by the demand for high-reliability and customized light sources due to the rise of electric vehicles [4]. - Despite the growth, high barriers remain, with foreign brands maintaining patent advantages and market dominance through standard-setting and channel control [4]. - Ruituo predicts a wave of domestic LED substitution within three years, driven by advancements in quality control from sampling to full inspection logic, which will enhance the quality advantage of Chinese manufacturing [4]. Group 4: Future Outlook - Ruituo aims to deepen its smart LED research, explore new markets such as IoT and health lighting, and enhance global presence, particularly in Southeast Asia [5]. - The company believes that the LED industry will continuously evolve, with the integration of 5G and AIoT technologies transforming LEDs from simple light sources to intelligent interactive terminals [5]. - Ruituo's story exemplifies the transformation of Chinese manufacturing, demonstrating that innovation can lead to global recognition and influence [6].

Core Insights - The global semiconductor storage industry is entering a structural growth cycle, with Micron Technology reporting record high revenues in its DRAM business for Q3 FY2025 [1][2] - Jiangbo Long, a leading domestic storage company, anticipates a price increase of 5%-10% for enterprise SSDs in Q3, indicating a sustained trend of rising prices and demand in the storage market [1][3] Company Performance - Micron's Q3 FY2025 report shows DRAM revenue reached $7.071 billion, accounting for 76% of total revenue, with a quarter-over-quarter growth of 15.5%, marking a historical high [1] - High Bandwidth Memory (HBM) revenue grew nearly 50% quarter-over-quarter, while data center business revenue doubled year-over-year, driving overall performance [1] - The mobile business unit (MBU) saw a 45% quarter-over-quarter revenue increase, driven by higher DRAM capacity demand, and the embedded business unit (EBU) experienced a 20% growth due to recovering industrial and consumer applications [1] Market Trends - The demand for HBM driven by AI servers is pushing storage technology upgrades, with Micron projecting Q4 FY2025 revenues to grow to $10.4-11 billion and gross margins to improve to 41%-43% [2] - The global strategy of reducing production among storage wafer manufacturers, combined with supply-demand adjustments for DDR4 and DDR5 products, is expected to lead to a 30%-40% increase in DRAM contract prices in Q3 [2] Industry Dynamics - Jiangbo Long indicates that the storage market has begun a substantial price recovery, with a dual driver of server stocking and consumer electronics revival [3] - The company reports a significant increase in enterprise SSD orders, with expected price increases of 5%-10% for eSSD in Q3, aligning with industry trends [3] - Technological breakthroughs in high-end storage and partnerships with companies like SanDisk are enhancing Jiangbo Long's capabilities in customized UFS solutions for mobile and IoT markets [3] Future Outlook - The storage industry is characterized by two main trends: AI computing demand driving storage specification upgrades and domestic supply chain breakthroughs altering the global competitive landscape [4] - The price of 32GB DDR4 RDIMM has risen over 30% since early April, with domestic manufacturers poised to benefit from the price increase cycle due to inventory advantages and stable production [4] - Major players like Micron and Samsung are gradually exiting the DDR4 market, creating opportunities for domestic manufacturers, with projections indicating the domestic storage market could exceed 10 billion yuan by 2025 and reach 20 billion yuan by 2028, with a compound growth rate exceeding 45% [4]

Market Overview - The A-share market continues to show strong fluctuations, with trading volume reaching 1.46 trillion, remaining stable compared to the previous day [1] - Institutional net inflow was 17.8 billion, while both main and retail investors collectively withdrew nearly 40 billion, indicating a typical market behavior of alternating between consolidation and upward movement [1] - The index is operating within a healthy range, approaching the previous high of 3462 points, with a potential breakthrough to the next target of 3500 points [1] Sector Analysis - The leading sectors this year are pharmaceuticals, military industry, and semiconductors, which are expected to remain active in the coming months due to strong mid-to-long-term support [2] - The pharmaceutical sector is driven by domestic substitution, policy support, and international expansion, with recent policies from the National Health Commission promoting the development of innovative drugs and their inclusion in insurance [2] - The military sector benefits from expectations surrounding military parades and ongoing geopolitical tensions, while the semiconductor sector is supported by significant investments from the National Fund into critical areas and recent breakthroughs in optical technology [2] - Overall, the pharmaceutical, military, and semiconductor sectors are identified as the most promising investment opportunities as long as the upward trend remains intact [2]

Core Viewpoint - The Chinese electronic circuit copper foil industry is experiencing rapid development and transformation, driven by the growth of emerging industries such as 5G communication, new energy vehicles, and the Internet of Things, with a projected sales volume of 440,000 tons in 2024, representing a year-on-year increase of 7.32% [1][12]. Industry Overview - Electronic circuit copper foil is a cathodic electrolytic material used as a core conductor in printed circuit boards (PCBs), facilitating electrical connections between electronic components [2]. - The industry can be categorized into electrolytic copper foil and rolled copper foil based on production processes [2]. Industry Development History - The industry has evolved through four stages: 1. Initial stage (1950s-1970s) focused on manual production with low product variety and quality [4]. 2. Localization stage (1980s-1990s) marked by increased demand and technology imports, leading to improved production techniques [4]. 3. Rapid development stage (2000s-2010s) where China became the largest producer globally, emphasizing technological innovation [5]. 4. High-end transformation stage (2010s-present) driven by new industries, with a focus on high-performance materials like ultra-thin copper foil [6]. Industry Supply Chain - The supply chain includes raw materials such as copper and sulfuric acid, production equipment like cathode rollers and foil machines, and downstream applications in communication devices, consumer electronics, and automotive electronics [8]. Market Size - The demand for electronic circuit copper foil is on the rise, with a projected sales volume of 440,000 tons in 2024, reflecting a 7.32% increase year-on-year [12]. Key Companies' Performance - The industry features leading companies such as Jiantao Copper Foil, Nanya Copper Foil, and Copper Crown Copper Foil, with 14 companies reporting sales over 10,000 tons, and five exceeding 20,000 tons [14][16]. - Notable companies include: - Jiantao Copper Foil: Largest domestic producer with advanced technology and a complete supply chain [16]. - Nanya Copper Foil: Strong in high-end copper foil technology [16]. - Copper Crown Copper Foil: Leader in RTF copper foil production, with significant revenue growth [16][18]. Industry Development Trends 1. **Technological Upgrades and High-end Development** - The industry is focusing on high-frequency, high-speed copper foil and ultra-thin products, with domestic companies achieving significant breakthroughs [20]. 2. **Market Demand Changes and New Application Areas** - The growth of 5G communication and new energy vehicles is driving demand for electronic circuit copper foil, particularly in high-performance applications [21][22]. 3. **Industry Chain Collaboration and Global Layout** - Companies are increasingly collaborating within the supply chain and expanding globally to enhance competitiveness and market presence [23].