8月29日，腾景科技发布2025年半年度业绩报告称，上半年，公司实现营业总收入2.63亿元，较上年同期增长24.29%；实现归属于母公司所有者的净利润 3,658.88万元，较上年同期增长11.47%；扣除非经常性损益的净利润3,462.47万元，较上年同期增长11.68%。 同时，在垂直整合能力建设方面，公司加快推进合肥控股子公司应用于高速光通信领域的部分晶体材料产品扩产，并在客户订单方面取得了积极进展；南京 分公司开展的AR智能眼镜近眼显示光波导+光机模组业务在消费级市场的导入取得积极进展，并逐步开展产品量产交付；推进对控股子公司GouMax的业务 整合，实现在境内合资公司的高迈光通讯技术（福建）有限公司具备独立生产GouMax多型号光测试模块/设备产品的能力；武汉全资子公司已完成高速光引 擎生产试制线的建设，在光引擎封装工艺方面取得积极进展，推动公司实现在光通信领域的技术能力延展、升级，为后续的业务拓展奠定坚实基础。母公司 与武汉子公司协同强化在高速光通信领域的产品布局，在光通信器件技术向硅光、CPO等集成化演进升级的趋势中，为下游客户提供更具价值含量的光通信 产品，不断增强公司在光通信领域的核心竞争力 ...

Core Insights - The company achieved revenue of 1.898 billion and a net profit of 524 million in the first half of 2025, marking a year-on-year growth of 9.87% in net profit despite a complex market environment [1] Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.898 billion and a net profit of 524 million, reflecting a 9.87% increase in net profit year-on-year [1] Group 2: Technological Advancements - The company’s subsidiary, Guoxin New Energy, has made significant progress in its flue gas waste heat recovery project, achieving a recovery of approximately 445,700 GJ of waste heat, saving 117,600 tons of water, and reducing coal consumption by 37,200 tons, resulting in a total reduction of 50,400 tons of CO2 emissions [2] - The company has developed a smart operation platform that utilizes IoT, big data, cloud computing, and AI technologies for real-time monitoring and intelligent control of the entire heating process, significantly improving energy efficiency and reducing energy loss [3] Group 3: Strategic Initiatives - The company plans to increase R&D investment in clean heating and deepen technological innovation to enhance the proportion of clean energy in the heating system, while also promoting collaboration with Moer Thread to leverage technological advantages for resource sharing and collaborative development [4]

积极调整产品结构，盈利能力不断提升。2025 年上半年公司应用于新型数据 中心/新一代带宽网络的服务器、多模光纤、FTTR 等产品销售规模和占比明 显提升，公司 25H1 营业收入 111.17 亿元，虽然同比略有下滑，但公司收入 结构得到优化。公司上半年在多模光纤、数据产品销售等毛利较好的算力领 域实现规模增长，带动整体毛利率水平稳中有升；同时，公司信息化、智能 化降本见到成效，运营效率得到提升，公司实现归母净利润 2.87 亿元，同比 增加 32%，毛利率为 22.22%，同比增长 0.89pct。公司积极拓展海外市场， 海外业务营业收入同比增长 13%，占总营业收入比例超过 34%。 夯实光通信领域，不断进行产品技术突破。公司基于自身在光通信、通信技 术等方面的深耕，持续进行技术研发及产品升级迭代，稳存拓新。公司针对 国内运营商市场巩固存量市场份额，加快新产品布局，2025 年上半年光网络 中标移动普缆、电信 PON 等集采项目；服务器中标中国铁塔、联通数科等项 目；FTTR 出货量持续提升，获取多个工信部万兆光网试点。同时，公司在 光通信领域加速产品升级迭代，自主研发出四管双嵌套式空芯光纤，在 155 ...

证券研究报告 中兴通讯 (763 HK/000063 CH) 港股通 政企业务同比倍增,关注自研芯片导入 华泰研究 中报点评 2025 年 8 月 29 日│中国内地/中国香港 通信设备制造 考虑到公司政企收入高增但毛利率短期承压，且公司上半年通过严格控费予 以应对，我们下调公司近年毛利率及费用率，看好未来毛利率随自研产品导 入而有所改善 ，综上我们调整公司 25-27 年 归 母净利润至 84.91/ 93.82/104.14 亿元（相对前次变动：-5%/-3%/+0.2%）。由于公司自研芯片 或在 26 年放量，我们切换至 26 年估值体系，可比公司 26 年一致预期 PE 均值为 29x，给予 A 股 26 年 PE 32x（由于子公司中兴微具备全栈自研能力 且持续进行品类拓展，相对同行更有优势），目标价 62.76 元（前次目标价 及 PE：39.41 元/25E 21x）；参考 25 年 6 月至今公司 H/A 股动态 PE 比率 均值 69%，汇率 0.91，对应 H 股 26 年 PE 22.04x 及目标价 47.24 港元（前 次目标价及 PE：26.54 港元/25E 13.25x），均维 ...

截至2025年8月29日收盘，上证科创板综合指数(000680)成分股方面涨跌互现，杭可科技(688006)领涨 20.00%，航天宏图(688066)上涨17.94%，开普云(688228)上涨16.52%；磁谷科技(688448)领跌。科创综 指ETF鹏华(589680)最新报价1.27元。 近期大涨的芯片板块今日回调，但科技板块热度不减，市场交投活跃。光大证券指出，近日科技赛道领 涨，AI算力（CPO、铜缆、光通信、PCB等）与半导体（光刻机、先进封装、电子化学品等）带头大 涨，寒武纪股价超过茅台，中芯国际、中际旭创等科技龙头批量创历史新高。市场大幅震荡，一方面， 部分获利盘了结，导致市场盘中一度跳水；另一方面，场外观望资金趁机进场，推动指数触底反弹。展 望后市，市场有望延续上行态势。近期AI赛道持续受到市场的追捧，第三届出海AI营销生产力峰会于8 月29日举办，或将刺激相关概念。 科创综指ETF(589680)紧密跟踪上证科创板综合指数，上证科创板综合指数由上海证券交易所符合条件 的科创板上市公司证券组成指数样本，并将样本分红计入指数收益，反映上海证券交易所科创板上市公 司证券在计入分红收益后的整体表 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][10][14] Core Viewpoints - The company is a leader in the AI PCB market, with significant technological and production capacity advantages solidifying its industry position [1][9] - The company reported a revenue of 9.031 billion yuan for H1 2025, representing a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, up 366.89% year-on-year [5][9] - The company has achieved substantial growth in high-end product demand driven by strong AI computing power needs, leading to a significant increase in profit margins [9][10] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 19.329 billion yuan, with a year-on-year growth of 80.1% [8][12] - The net profit for 2025 is estimated at 5.578 billion yuan, reflecting a year-on-year increase of 383.2% [8][12] - The gross margin is expected to rise to 40.5% in 2025, while the net margin is projected to reach 28.9% [8][12] Market Position and Strategy - The company has established itself as a core supplier for major technology firms, ranking 6th globally among PCB suppliers and 3rd among domestic manufacturers in mainland China [9][10] - The company is actively expanding its global footprint through the establishment of factories and acquisitions, enhancing its high-end manufacturing and service capabilities [10][11] Future Outlook - The report projects significant growth in net profits for 2025-2027, with estimates of 5.578 billion yuan, 9.274 billion yuan, and 14.736 billion yuan respectively [10][12] - The company is expected to benefit from the ongoing demand for AI hardware and the subsequent upgrade of related PCB products, which will likely increase their value [10][11]

Investment Rating - The investment rating for Shunwang Technology is not explicitly stated in the provided content, but the overall performance suggests a positive outlook based on revenue and profit growth [1]. Core Insights - Shunwang Technology reported a strong performance in the first half of 2025, with operating revenue reaching 1.01 billion yuan, a year-on-year increase of 25.09%, and a net profit attributable to shareholders of 162 million yuan, up 69.22% year-on-year [1]. - The company's Q2 2025 results showed steady performance, with operating revenue of 432 million yuan, a 9.3% year-on-year increase, and a net profit of approximately 88 million yuan, reflecting a significant year-on-year growth of 109.61% [1]. - The gaming sector is experiencing a recovery, contributing to increased advertising budgets and revenue growth in network advertising and value-added services, which reached 800 million yuan in H1 2025, up 30.99% year-on-year [3]. Summary by Sections Financial Performance - In H1 2025, Shunwang Technology achieved an operating revenue of 1.01 billion yuan and a net profit of 162 million yuan, with a non-recurring net profit of 140 million yuan, reflecting a growth of 54.21% [1]. - Q2 2025 saw a gross margin of 46.16%, an increase of 6.47 percentage points year-on-year, and a net profit margin of 20.37%, up 9.75 percentage points year-on-year [1]. Gaming Business - The gaming business maintained robust operations, with over 34 million users and around 410,000 paying users in both quarters of H1 2025. The revenue from gaming reached 208 million yuan, a 7.37% increase year-on-year, with a high gross margin of 87.88% [3]. - New games are actively being launched, with titles like "Finger Battle" and "Floating Island Era" progressing towards release [3]. Advertising and Value-Added Services - The increase in advertising revenue is attributed to the favorable product cycle in the gaming industry, with the domestic gaming market's actual sales revenue reaching 168 billion yuan in H1 2025, a year-on-year growth of 14.08% [3]. - The company is benefiting from the normalization of game license issuance, which supports advertising investments [3]. Future Outlook - The company is expected to benefit from the upward trend in the gaming product cycle, leading to increased advertising budgets. Forecasts suggest net profits of 325 million yuan, 405 million yuan, and 627 million yuan for 2025-2027, representing year-on-year growth rates of 28.8%, 24.7%, and 55% respectively [4].

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 ...

科创100ETF基金(588220)，场外联接(A：019861；C：019862；I：022845) 科创100ETF基金紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 数据显示，截至2025年7月31日，上证科创板100指数(000698)前十大权重股分别为博瑞医药(688166)、 百济神州(688235)、华虹公司(688347)、睿创微纳(688002)、翱捷科技(688220)、泽璟制药(688266)、东 芯股份(688110)、中科飞测(688361)、芯源微(688037)、安集科技(688019)，前十大权重股合计占比 23.52%。 截至2025年8月29日 13:41，上证科创板100指数(000698)成分股方面涨跌互现，杭可科技(688006)领涨 20.00%，百济神州(688235)上涨12.25%，厦钨新能(688778)上涨10.30%；盛科通信(688702)领跌。科创 ...

8月29日午后，创业板50、北证50、创业板指、创成长等指数涨幅居前，创业板指一度涨近2%。盘面 上，锂电负极、稀土、动力电池、固态电池等概念活跃，服务器、ASIC芯片、光芯片、光模块CPO、 IDC算力租赁、中芯国际产业链等算力概念板块跌幅居前，寒武纪、中科曙光等算力热门股午后持续大 跌。近期热度较高的云计算50ETF（516630）午后跌超2.5%，持仓股中，曙光数创、奇安信、润泽科 技、拓维信息、中科曙光、东方国信、拓尔思等领跌。 消息面上，中科曙光近日发布2025年中报，业绩符合预期。公司2025年上半年实现营业收入58.5亿元， 同比增长2.41%；归母净利润达到7.29亿元，同比增长29.39%；扣非归母净利润5.69亿元，同比增长 55.2%。公司产品结构优化提升主营业务盈利能力，联营企业海光信息业绩持续高增。招商证券认为， 公司拟与海光信息合并有望构建从芯片设计到算力服务的全栈能力，加速算力产业生态环境构建，提升 与国际龙头企业的同台竞争能力。 （文章来源：每日经济新闻） AI大势所趋，国产算力崛起。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该 指数的AI算 ...