Core Viewpoint - Kirin Trust (688152.SH) is a significant partner of Huawei in the Euler and Kunpeng ecosystems, focusing on the development of domestic solutions based on these technologies [1] Group 1: Partnership and Product Development - The company is a key partner of Huawei in the openEuler and Kunpeng ecosystems, being a standing committee member of the openEuler community and one of the first commercial distributors of openEuler [1] - Kirin Trust has launched a commercial version of the operating system based on openEuler and continues to iterate on it, collaborating with Huawei to create a comprehensive domestic solution that includes "Kirin Trust Operating System + Kirin Trust Cloud Desktop + Kirin Trust Cloud Platform + Kunpeng Server" [1] - The Kirin Trust Operating System, CentOS security hardening suite products, and services are now available on Huawei Cloud's marketplace [1] - The company has introduced a domestic intelligent computing integrated machine product based on the "Kunpeng 920 architecture server + Ascend AI card" [1] Group 2: Financial Goals and Market Position - For 2025, the company has set a performance assessment target for its equity incentive plan at an operating revenue of no less than 450 million yuan [1] - The details of the equity incentive plan can be found in the company's disclosed summary announcement [1] - The newly launched domestic intelligent computing integrated machine is still in the early stages of market promotion, with only a few orders received, and is not expected to significantly impact the company's operating performance at this time [1]

根据wind数据，半导体设备ETF（159516）实时盘中净流入2000万份，规模突破30亿元，近10日净流入 超2亿元，资金抢筹半导体设备资产。 没有股票账户的投资者可关注国泰中证半导体材料设备主题ETF发起联接C（019633），国泰中证半导 体材料设备主题ETF发起联接A（019632）。 注：数据来源wind、截至2025.7.31，半导体设备ETF规模为30.65亿，在同类6只产品中排名第一。如提 及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表 现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任 何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的 产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 湘财证券表示，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端侧AI算力的需求 上行，驱动高性能以太网交换机、先进存储产品、GPU及边缘计算/端侧算力芯片等多种半导体硬件的 市场需求稳步增长。传统消费电子领域，智能手机、PC及IOT板块弱复苏态势延续，叠加国产 ...

我国海洋油气开发始于上世纪60年代末的渤海湾浅海作业区，深海资源主要位于南海。2011年，公司开 始供应中石化、中石油浅海卡簧式隔水导管；2014年，公司开始供应中海油浅海螺纹式隔水导管；2017 年与中海油研究总院等科研部门联合，承担国家"十三五"科研课题，共同攻关深水表层导管国产化项 目；2019年，通过实现对材料性能、防倒转型式、焊接工艺等难题的攻破，在南海完成1500米海试并取 得圆满成功，标志着深海技术实现了实质性突破。 深水表层导管成功应用在中国首个海上大型深水自营气田"陵水17-2"、平均水深超过1000米的"陵水25- 1"、我国海上首个超高温超高压气田"乐东10-1"、我国海上首个超深大位移井项目"恩平21-4"等多个国 家重点项目上。公司深水表层导管产品成功突破了深海工况的适应性瓶颈，性能达到并超越国外同类产 品，成为国内迄今为止全面掌握深海隔水导管核心技术并实现国产化替代的独家厂商。 截至目前，山东祺龙海洋石油钢管股份有限公司根据海洋钻井作业形式，研发形成了四大系列、50多种 规格的隔水导管。构建起国内唯一一家集研发、管体制造、接头制造、总装配、整管试验及现场服务六 位一体的全产业链公司 ...

Core Viewpoint - Silver alloy target materials are crucial conductive materials in semiconductor integrated circuits, with increasing demand driven by the growth of high-end electronic products and advancements in semiconductor technology [1][5][18]. Group 1: Market Overview - The market size for silver-based alloy targets in China is projected to reach approximately 135 million yuan in 2024, with a total consumption of 22.38 tons, and is expected to grow to 160 million yuan and 26.89 tons in 2025 [1][5][7]. - The G6.0 generation line is the primary consumer of silver alloy targets, utilizing 19.22 tons in 2024, which is expected to increase to about 23.56 tons in 2025 [7][18]. Group 2: Industry Chain - The upstream of the silver alloy target industry includes high-purity silver and alloy materials, involving silver mining and high-purity metal refining [9]. - The midstream consists of the manufacturing of silver alloy targets, which are widely used in high-end manufacturing sectors such as semiconductors, OLED displays, and energy industries [9][11]. Group 3: Production Process - The manufacturing process of silver alloy targets involves raw material purification, alloy melting, casting, forging, rolling, heat treatment, and machining, with impurity content and microstructure being critical factors affecting target quality [11][18]. Group 4: Competitive Landscape - The silver alloy target market is dominated by foreign companies, with Japan's Mitsubishi holding over 50% of the market share in 2024, followed by South Korea's LT at 34.95% and Germany's Materion at 6.8% [13][15]. - Domestic companies such as Fujian Astone and Shenzhen Top New Materials are in the early stages of research and development, focusing on alloying and preparation process control [15][18]. Group 5: Patent Technology - Various companies are developing innovative technologies for silver alloy targets, including methods to enhance mechanical properties and corrosion resistance through specific alloying elements [17]. Group 6: Industry Development Trends - The silver alloy target industry is characterized by high technical barriers and significant potential for domestic substitution, as China gradually advances in research and innovation in this field [18][20].

Core Insights - The article highlights the rapid development of the heat exchanger industry cluster in Daye City, Hubei Province, which has grown to include 192 enterprises with a total output value exceeding 16 billion yuan and a domestic market share of 38% by 2024 [1][12]. Company Development - Hubei Difen Heat Exchanger Co., Ltd. has evolved from a county-run agricultural machinery enterprise established in the 1950s to a leading player in the heat exchanger sector, producing over 2,000 types of heat exchangers [2][4]. - Difen's products are utilized in significant projects, including the world's largest single-unit capacity hydropower generator at the Baihetan Hydropower Station, with over 50% of its products supplied to Fortune 500 companies [2][4]. - The company has successfully tackled key technologies previously monopolized by foreign firms, achieving a market share of one-third in the domestic heat exchanger market [4][6]. Industry Innovation - The heat exchanger industry in Daye has seen collaborative innovation, with companies like Sruier Heat Exchanger Co., Ltd. emerging from Difen's influence, focusing on technological advancements and product quality [7][9]. - Sruier has developed a green and efficient finned gas heat exchanger, boasting a product lifespan 15% to 20% longer than competitors, and has established partnerships with prestigious universities for ongoing research [9][11]. - The industry cluster has produced 320 invention patents and achieved over 30 technology transfer projects, indicating a strong emphasis on innovation and collaboration [12]. Future Outlook - Daye City aims to enhance the heat exchanger industry's value, targeting an output value of 26 billion yuan by 2027, with an increase in quality SMEs to 220 and a rise in effective invention patents to 437 [13]. - The cluster is also focusing on digital transformation, with 33 companies completing digital upgrade projects and an 86% coverage rate for digital diagnostics [12][13].

注：数据来源wind、截至2025.7.29，半导体设备ETF规模为31.17亿，在同类6只产品中排名第一。 如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来 表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成 任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配 的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 半导体设备ETF（159516）迎盘中净流入，规模突破30亿元！规模同类第一！ 根据wind数据，半导体设备ETF（159516）实时盘中净流入300万份，规模突破30亿元，近10日净 流入超2.4亿元，资金抢筹半导体设备资产。 湘财证券表示，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端 ...

Group 1: ETF Performance and Liquidity - The Sci-Tech Chip ETF has a turnover rate of 3.52% during trading, with a transaction volume of 1.157 billion yuan [3] - As of July 29, the ETF's latest scale reached 33 billion yuan, marking a one-year high and ranking first among comparable funds [3] - Over the past week, the ETF's share increased by 30 million shares, also ranking first among comparable funds [3] - In the last 21 trading days, the ETF experienced net inflows on 15 days, totaling 3.178 billion yuan [3] - The ETF's financing net purchase amount reached 10.0419 million yuan this month, with a latest financing balance of 1.702 billion yuan [3] - The ETF's net value increased by 74.24% over the past year, ranking first among comparable funds [3] Group 2: Industry Insights and Market Trends - The resurgence of H20 is providing more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [4] - This shift is expected to encourage domestic manufacturers to accelerate product iteration and strengthen the move towards full-stack autonomy, supporting the trend of domestic substitution [4] - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index accounted for 57.76% of the index, including major players like SMIC and Cambrian [4] Group 3: Stock Performance - The performance of key stocks in the Sci-Tech Chip Index shows varied results, with SMIC down by 0.87% and Cambrian down by 1.38%, while companies like Langchao Technology saw an increase of 1.37% [6] Group 4: Investment Opportunities - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The integration of Aisino's self-developed digital twin platform with NVIDIA Omniverse aims to empower the domestic manufacturing sector's transition from "manufacturing" to "intelligent manufacturing" [4] - NVIDIA Omniverse is an open platform designed for virtual collaboration and real-time simulation, with significant market potential, already adopted by over 700 companies and more than 70,000 individual creators [5] - The expansion of Omniverse usage is expected to create three industry opportunities, particularly benefiting the simulation market, computational power, delivery, and enterprise sectors [6][7] Summary by Sections Industry Trends - The report highlights the ongoing demand for computational power driven by sovereign AI and token consumption, indicating a sustained need for traditional AI targets [3] Company Focus - Aisino Technology is positioned to extend its delivery capabilities from large models and AI agents to AI platform delivery, with potential applications in various sectors including energy, finance, and manufacturing [7] - The report notes that Omniverse could enhance efficiency in downstream manufacturing, exemplified by Foxconn's production line layout cycle being shortened by 50% [8] Market Opportunities - The report emphasizes the potential for domestic simulation market demand to grow, with local alternatives like Songying Technology's ORCA system emerging to compete with Omniverse, offering localized and cost-effective solutions [8]

Group 1 - Company Huqin Technology announced a strategic investment of 2.39 billion yuan for a 6% stake in Anhui Jinghe Integrated Circuit Co., marking its first foray into the semiconductor wafer manufacturing sector [1] - The investment will allow Huqin Technology to nominate one director to Jinghe and includes a commitment not to transfer shares for 36 months, signaling strong strategic collaboration [1] - This move aligns with Huqin's strategy to extend its reach into upstream sectors of the industry, enhancing its technological capabilities and product competitiveness [1] Group 2 - Huqin Technology expects to achieve operating revenue of 83 billion to 84 billion yuan for the first half of 2025, representing a year-on-year increase of 110.7% to 113.2% [2] - The company's net profit attributable to shareholders is projected to be between 1.87 billion and 1.90 billion yuan, with a year-on-year growth of 44.8% to 47.2% [2] - The growth is driven by the surge in demand for smart hardware amid global digital transformation and AI trends, supported by Huqin's "3+N+3" product matrix [2] Group 3 - Jinghe Integrated Circuit reported revenue of 5.07 billion to 5.32 billion yuan for the first half of 2025, reflecting a year-on-year growth of 15.3% to 21.0% [3] - The company's net profit attributable to shareholders is expected to be between 260 million and 390 million yuan, with a significant year-on-year increase of 39.0% to 109.6% [3] - Jinghe's rapid iteration of manufacturing processes and product expansion, including the mass production of 40nm display driver chips and 55nm CIS chips, indicates strong growth momentum in the context of domestic semiconductor industry replacement [3] Group 4 - Huqin Technology's investment in Jinghe is a strategic extension of its core capabilities in ODM, focusing on efficient operations, research and development, advanced manufacturing, and precision components [3] - Previous acquisitions by Huqin, such as Huayu Precision and Yiluda Holdings, have strengthened its competitive position in smart terminal components and acoustic modules, respectively [3] - The entry into wafer manufacturing is seen as a practical implementation of Huqin's supply chain consolidation and competitive enhancement strategy [3]

Core Viewpoint - Haoshi Electromechanical Co., Ltd. reported a revenue of approximately 703 million yuan for the first half of 2025, representing a year-on-year growth of 14.21%, and a net profit attributable to shareholders of 63.38 million yuan, up 15.41% year-on-year [2][3] Financial Performance - Revenue for the reporting period was 703,223,171.69 yuan, compared to 615,705,227.09 yuan in the same period last year, reflecting a growth of 14.21% [3] - Net profit attributable to shareholders was 63,382,376.16 yuan, an increase from 54,917,914.03 yuan, marking a growth of 15.41% [3] - Net profit excluding non-recurring gains and losses was 44,215,093.71 yuan, up 45.08% from 30,476,870.25 yuan [3] - Basic and diluted earnings per share were both 0.21 yuan, an increase of 16.67% from 0.18 yuan [3] - The weighted average return on equity was 5.13%, up from 4.88% [3] Business Segments - The core business of high-end equipment manufacturing includes CNC machine tools, robots, and core components for new energy vehicles, with significant growth in demand across these sectors [4] - The spindle products achieved rapid growth, generating over 450 million yuan in sales, a year-on-year increase of 27.17%, accounting for 64.56% of total operating revenue [4] - The robot core functional components business saw sales revenue of 12.21 million yuan, a remarkable growth of 127%, representing 1.74% of the main business revenue [5] Market Dynamics - The demand for specialized processing equipment in the PCB industry has significantly increased due to rapid growth in AI computing infrastructure and continuous upgrades in consumer electronics [4] - The company has successfully developed a range of core components for intelligent robots, achieving full domestic production and breaking reliance on imports [6] - The products, including harmonic reducers and joint modules, cater to various industries such as automotive manufacturing, metal products, food and beverage, and logistics, indicating a broad application scope [6]