（原标题：天岳先进(688234.SH/02631.HK)"AH"双平台：全球碳化硅龙头港股上市，打开AI算力与AI 眼镜第二增长曲线） 天岳先进于2025年8月20日正式登陆港交所主板，成为国内首家实现"A+H"双平台布局的碳化硅衬底企 业。 此次港股引发市场火热认购——散户超额认购倍数超2,800倍，成为名副其实的超购王；国际配售获多 家产业及金融资本抢筹，基石投资者包括国能环保、和而泰、未来资产证券等机构。 一、全球龙头潜质：碳化硅产业的中国名片 市场热情如潮水般涌来并非偶然，核心原因可以归结为四点。 首先公司在市场份额层面完成"量的确权"。弗若斯特沙利文报告显示，2024年全球碳化硅衬底市场规模 为88亿元人民币，预计2030年达585亿元，2024—2030年复合增长率37.1%，为上游衬底龙头提供穿越 周期的容量与价格支撑；在这一浪潮中，天岳2024年以16.7%的全球衬底收入份额稳居前三、导电型细 分市占率22.8%跃居全球第二。 值得一提的是，公司收入从2022年的4.17亿元增长至2024年的17.68亿元，并在2024年扭亏为盈，毛利率 升至24.6%，净利1.79亿元，经营现金流亦转正， ...

一、全球龙头潜质：碳化硅产业的中国名片 市场热情如潮水般涌来并非偶然，核心原因可以归结为四点。 首先公司在市场份额层面完成"量的确权"。弗若斯特沙利文报告显示，2024年全球碳化硅衬底市场规模 为88亿元人民币，预计2030年达585亿元，2024—2030年复合增长率37.1%，为上游衬底龙头提供穿越 周期的容量与价格支撑；在这一浪潮中，天岳2024年以16.7%的全球衬底收入份额稳居前三、导电型细 分市占率22.8%跃居全球第二。 值得一提的是，公司收入从2022年的4.17亿元增长至2024年的17.68亿元，并在2024年扭亏为盈，毛利率 升至24.6%，净利1.79亿元，经营现金流亦转正，量与质的改善已在财务结果中兑现。 其次在技术维度实现"质的飞跃"。公司贯通设备与热场设计、粉料合成、晶体生长、衬底加工与检测的 全流程能力，率先完成2—8英寸的商业化并于2024年推出业内首款12英寸样品，标志着在大尺寸化与缺 陷控制上的系统性突破。截至最新披露，公司累计专利超500件，技术壁垒由"点状创新"转为"体系化护 城河"，并获得国际权威与客户验证。天岳凭借8英寸批量交付能力与自研工艺迭代，完成从产品级到平 ...

Group 1: Market Performance - The market experienced a rebound with the Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan compared to the previous trading day, marking six consecutive days of trading volume exceeding 2 trillion yuan [1] - Over 3,600 stocks in the market rose, with notable gains in sectors such as liquor, semiconductors, AI glasses, and small metals [1] Group 2: Company Announcements - Muyuan Foods announced a cash dividend of 9.32 yuan per 10 shares, with a total dividend amount of 5 billion yuan, following a 34.46% year-on-year increase in revenue to 76.463 billion yuan and a staggering 1,169.77% increase in net profit to 10.53 billion yuan [2] - Heng Rui Medicine reported a 15.88% increase in revenue to 15.761 billion yuan and a 29.67% increase in net profit to 4.45 billion yuan for the first half of 2025 [3] - Wei Ce Technology disclosed a remarkable 831.03% increase in net profit to 101 million yuan, with revenue growing by 47.53% to 634 million yuan, driven by increased investment in advanced chip testing [4]

Group 1 - The stock price of ZhiJian Electronics experienced fluctuations on August 20, closing at 48.14 yuan, down 2.49% from the previous trading day [1] - The opening price was 49.30 yuan, with a high of 49.50 yuan and a low of 46.83 yuan, resulting in an intraday volatility of 5.41% [1] - The trading volume was 70,310 hands, with a transaction amount of 336 million yuan, and a turnover rate of 13.90% [1] Group 2 - The company specializes in the research, production, and sales of lithium-ion batteries, primarily used in consumer electronics [1] - ZhiJian Electronics is part of several concept sectors, including batteries, Chongqing sector, AI glasses, specialized and innovative enterprises, and solid-state batteries [1] - The total market capitalization of the company is 4.757 billion yuan, with a circulating market value of 2.435 billion yuan [1] Group 3 - On August 20, the net outflow of main funds for ZhiJian Electronics was 12.9737 million yuan, accounting for 0.53% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 33.5282 million yuan, representing 1.38% of the circulating market value [1] - A rapid rebound was observed at 10:38 AM, with a rise of over 2% within five minutes and a transaction amount of 194 million yuan [1]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of August 20, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 嘉实绿色主题股票发起式A with a net value of 1.1888, up from 1.1232 [2] 2. 嘉实绿色主题股票发起式C with a net value of 1.1712, up from 1.1066 [2] 3. 宏利领先中小盘混合 with a net value of 0.9990, up from 0.9500 [2] 4. 中航远见领航混合发起C with a net value of 1.3618, down from 1.2951 [2] 5. 中航远见领航混合发起A with a net value of 1.3704, down from 1.3033 [2] 6. 国联安科创芯片设计ETF with a net value of 1.3214, up from 1.2581 [2] 7. 东方阿尔法优势产业混合A with a net value of 1.7251, up from 1.6440 [2] 8. 东方阿尔法优势产业混合C with a net value of 1.6814, up from 1.6024 [2] 9. 永赢半导体产业智选混合发起C with a net value of 1.4539, up from 1.3865 [2] 10. 永赢半导体产业智选混合发起A with a net value of 1.4715, up from 1.4033 [2] - The bottom 10 funds with the lowest net value growth include: 1. 申万赛信医药先锋股票C with a net value of 0.6109, down from 0.6369 [4] 2. 申万菱信医药先锋股票A with a net value of 0.6196, down from 0.6459 [4] 3. 华富健康文娱灵活配置混合C with a net value of 1.4777, down from 1.5389 [4] 4. 华富健康文娱灵活配置混合A with a net value of 1.4886, down from 1.5502 [4] 5. 红十创新医疗保健股票 with a net value of 1.5397, down from 1.5957 [4] 6. 东方阿尔法健康产业混合发起C with a net value of 1.1568, down from 1.1961 [4] 7. 东方阿尔法健康产业混合发起A with a net value of 1.1578, down from 1.1971 [4] 8. 恒生新药 with a net value of 2.0024, down from 2.0690 [4] 9. 金鹰责任投资混合A with a net value of 0.5689, down from 0.5876 [4] 10. 景顺长城医疗产业股票C with a net value of 1.6703, down from 1.7251 [4] Market Trends - The Shanghai Composite Index opened lower but rebounded, closing higher, while the ChiNext Index showed a W-shaped recovery with a slight increase [6]. - The total trading volume reached 2.44 trillion, with a market breadth of 3,676 gainers to 1,587 losers [6]. - Leading sectors included chemical fiber, semiconductors, and hotel catering, each with gains exceeding 3% [6].

长盈精密（300115.SZ）近期在互动易回答投资者提问时表示，公司向Meta的AI眼镜提供结构件产品， 正在为其他头部品牌客户开发相关产品。 根据相关统计数据，2025年上半年国际智能眼镜市场出货量同比增长110%，其中Meta的AI眼镜占据 70%以上。今年第二季度全球AI眼镜出货约87万部，其中Meta出货约72万部，市场份额达到83%。Meta AI眼镜已成为行业标杆产品，持续引领市场发展。 在 Meta 2025年的财报电话会议上，Meta宣布人工智能眼镜将成为将超级智能融入日常生活的主要方 式。据相关报道，Meta将于下个月推出更加"高阶"的AI眼镜—Hypernova。相比Meta Ray-Ban眼镜， Hypernova将搭载高清单目可用显示屏用于显示迷你应用程序和提示，还可通过附带的腕戴式配件进行 控制，并配备AI聊天机器人。 据上述信息判断， Meta未来还将持续加大AI眼镜产品的投入和发展。长盈精密作为Meta AI眼镜的结构 件产品供应商，未来或有望持续受益。 各机构普遍看好AI眼镜行业长期发展。中金公司预计2028年全球AI/AR眼镜出货有望达到3500万部，年 复合增长率约为119 ...

格隆汇8月20日｜A股主要指数今日集体上涨，沪指续创10年新高；截至收盘，沪指涨1.04%报3766点， 深证成指涨0.89%，创业板指涨0.23%，科创50指数涨3.23%创年内新高。全天成交额2.45万亿元，较前 一交易日缩量1923亿元，全市场超3600股上涨。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3766.21 11926.74 1615.16 | | | | +38.92 +1.04% +105.11 +0.89% +18.49 +1.16% | | | | 科创50 | 创业板指 | 万得全A | | 1148.15 | 2607.65 | 5970.70 | | +35.88 +3.23% +5.91 +0.23% +57.08 +0.97% | | | | 沪深300 | 中证500 | 中证A500 | | 4271.40 6728.07 5075.22 | | | | +48.02 +1.14% +72.76 +1.09% +58.39 +1.16% | | | | 中证1000 中证2000 中证红利 | | | | 7305.46 ...

Market Overview - The A-share market experienced a rebound after hitting a low, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index all reaching new highs for the year [1] - The total trading volume for the day was 2.41 trillion, a decrease of 180.1 billion compared to the previous trading day, marking the sixth consecutive day with trading volume exceeding 2 trillion [1][6] - The market showed a mixed performance with over 3,600 stocks rising, indicating a broad-based rally [1] Sector Performance - Key sectors that saw significant gains included white wine, semiconductors, AI glasses, and small metals, while sectors such as film, chemical pharmaceuticals, CRO, and vitamins faced declines [2] - Notable individual stock performances included a surge in chip stocks, with Cambrian Technology hitting a historical high, and a rebound in consumer stocks, exemplified by the two consecutive trading limit increases of JiuGuiJiu [1][2] Index Performance - By the end of the trading session, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index saw a modest gain of 0.23% [3]

Core Viewpoint - Zhongjing Electronics (002579) reported a significant turnaround in its financial performance for the first half of 2025, driven by demand recovery in artificial intelligence, automotive electronics, and high-end consumer electronics markets [1] Financial Performance - The company achieved an operating revenue of approximately 1.618 billion yuan, representing a year-on-year increase of 21.29% [1] - The net profit attributable to shareholders was approximately 18.29 million yuan, marking a return to profitability compared to a loss of 12 million yuan in the same period last year [1] - Basic earnings per share were 0.0299 yuan, a recovery from -0.12 yuan in the previous year [1] Market and Product Development - The growth in performance was supported by the gradual release of high-end production capacity from the new factory in Zhuhai, with a product upgrade towards high-end HDI boards and high-layer count (HLC) PCBs [1] - The company is actively expanding its customer base in emerging fields such as AI servers and AI glasses, transitioning from an ODM model to direct supply to end customers, which contributed to a 45.75% year-on-year increase in overseas sales revenue [1] Research and Development - In the first half of the year, the company invested a total of 84.88 million yuan in R&D, reflecting a year-on-year increase of 14.77% [1] - The focus of R&D efforts includes the development of 800G optical modules and 6G high-frequency technologies, among 24 key projects aimed at product upgrades [1]

本文来自微信公众号：还是不举手就发言，作者：周航，题图来自：视觉中国 自从手机取代PC，成为新一代通用计算平台后，所有人都在问：下一个是谁？这个话题大家已经讨论了十年。 有人说是IoT物联网，有人说是可穿戴设备；也有人觉得可能出现在家居、汽车这些空间。通用计算平台带来的市场机会实在太诱人了，可能是千亿、万 亿美金级别的市场。 如果说PC以"亿"为计量单位，手机是十亿，那未来会不会有百亿甚至千亿台设备的连接？ 在这个过程中，AR、VR、XR一次又一次被推上舞台。微软的HoloLens、Meta的Oculus、苹果的Vision Pro……无数公司在这条赛道上深耕二十多年，想 要摘下这颗"皇冠上的明珠"。毕竟，谁能定义下一代平台，谁就可能拥有新的操作系统和生态。 家居与汽车的尝试 电视已经被验证行不通了。电视的核心价值是内容和沉浸感，而不是计算平台。 汽车呢？我们每天有十分之一的时间都在车上。智能化的关键在自动驾驶，这已经是万亿级的机会。特斯拉FSD走在前列，中国公司也在奋力追赶。 家居领域，智能音箱和电器已经普及，但多数只是"控制"，还没有发展成复杂的交互与通用平台，未来的突破可能在于更深入的环境自适应。 苹果 ...