Group 1 - The market focus on Kosen Technology opened down by 1.70% [1] - Wante Development, a computing chip concept stock, reached a limit up after 11 days of trading [1] - The computing industry chain stock, Garden Holdings, also reached a limit up after 5 days of trading [1] Group 2 - Chuanrun Co. opened up by 5.01% after 4 days of trading [1] - Digital currency concept stock Yuyin Co. opened up by 1.20% after 4 days of trading [1] - Zhongyou Capital opened up by 1.59% after 3 days of trading [1] Group 3 - Power stock Shimao Energy reached a limit up in the auction [1] - Military industry stock Weilon Co. opened up by 5.81% after 4 days of trading [1] - Chengfei Integration opened up by 4.80% after 3 days of trading [1] Group 4 - PCB sector stock Honghe Technology opened up by 9.88% after 4 days of trading [1] - Founder Technology opened up by 4.06% after 3 days of trading [1]

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 通信 光模块：从涨业绩到提升估值 当前光模块等算力板块行情持续火热，而在财报季算力业绩兑现的背景 下，市场普遍存在疑问：光模块行情进展到了哪里？持续性如何？我们认 为，目前光模块的行情仅仅是个开始，其行业正经历从业绩高速增长向提 升估值的关键阶段，头部企业正值从"盈利兑现"到"价值重估"的新阶 段，股价驱动因素将由业务驱动转向业绩+估值双重驱动。 【客观事实：估值的纵向与横向对比】 纵向对比来看，国内光模块龙头估值处于历史估值中枢。我们将国内海外 链光模块龙头目前估值与其自身的历史十年数据进行对比。截至本周 五收盘，从 PE（TTM）角度来看，新易盛、中际旭创均位于历史十年 的中值附近，PE（（FY1，最近预测年度）角度看，两者位于较低位置（（ 体图表参见正文部分）。这种估值仅是统计意义上的水平，受到预测方 法等因素影响，我们只是拉到同一水平线观察。 作者 横向对比来看，国内龙头相比于海外各硬件巨头估值更低。我们选取同样 是硬件设施厂商的海外巨头进行对比，根据市场一致预测，英伟达、博 通、AMD 在 26 年的预测 PE ...

Group 1 - The core viewpoint of the news highlights a significant rise in the cloud computing ETF Huatai (159273), which increased by 2.59% on August 22, 2025, with a premium of 0.34% and over 160 million yuan attracted in a single day, accumulating over 300 million yuan in net inflows within 12 days of listing [1][2][4] - The majority of the index component stocks of the cloud computing ETF Huatai showed positive performance, with notable increases such as Zhongke Shuguang rising over 8% and Tuo Wei Information and Huasheng Tiancai both rising over 6% [2][3] - The release of DeepSeek-V3.1 is a significant event, featuring enhanced agent capabilities, hybrid thinking modes, and improved efficiency, which is expected to support the next generation of domestic chips [1][4][5] Group 2 - The report from CITIC Securities indicates that Tencent's recent earnings call suggests a diversification in the supply of inference chips, benefiting domestic chip manufacturers, with Tencent's AI chip reserves sufficient for current model training and upgrades [4][6] - The AI boom is driving a rapid growth phase in the computing power industry, with an expected compound annual growth rate of 46.2% from 2023 to 2028, leading to a significant increase in demand for high-performance computing resources [6][7] - The cloud computing ETF Huatai is positioned to capture the historical opportunities presented by the AI-driven computing power wave, covering a wide range of sectors including hardware, cloud computing services, IT services, and data center operations [8]

Group 1 - A total of 69 stocks reached the daily limit up today, with 11 stocks achieving consecutive limit ups [1] - 10 stocks attempted to limit up but failed, resulting in a limit up rate of 87% (excluding ST and delisted stocks) [1] - Key focus stocks include Kosen Technology with a 6-day consecutive limit up, Wantong Development with 6 limit ups in 11 days, and Garden Shares with 5 consecutive limit ups [1] Group 2 - Digital currency concept stock Yuyin Co. achieved 4 consecutive limit ups, while power sector stock Shimao Energy also reached 4 consecutive limit ups [1]

Group 1 - The semiconductor sector experienced a strong upward trend on August 22, with stocks like Haiguang Information, Cambrian-U, and Jiewate rising over 10% [1] - Notable companies such as Chipone, SMIC, and Shengmei Shanghai showed active stock performance, with Cambrian-U's stock price surpassing 1100 yuan per share [1] - The computing power industry chain also strengthened, with significant gains in related sectors such as PCB concepts, computing power leasing, and CPO [1] Group 2 - Institutional research interest in the semiconductor field has intensified, with 21 semiconductor stocks receiving institutional attention in August [3] - Naxin Micro emerged as a research hotspot, attracting participation from 135 institutions, followed by Shengmei Shanghai with 125 institutions, and Unisoc with 124 institutions [3] - The semiconductor industry led all sectors with 76 research frequencies, while the general equipment sector followed with 60 [3] Group 3 - Financing funds showed strong interest in the semiconductor sector, with 44 stocks receiving net purchases of over 100 million yuan on August 21 [4] - Zhinan Compass topped the net purchase list with 530 million yuan, followed by Inspur Information and China Unicom with 406 million yuan and 373 million yuan, respectively [4] - Significant changes in shareholder concentration were noted, with 130 out of 240 stocks reporting a decrease in shareholder numbers compared to August 10 [4]

转自：智通财经 【8月21日涨停分析】今日共43股涨停，连板股总数9只，27股封板未遂，封板率为61%（不含ST股、退 市股）。焦点股方面，科森科技晋级5连板，成为市场新的高度板；算力产业链的园林股份走出4连板； 吉视传媒尾盘涨停上演"地天板"录得14天8板。 ...

Market Performance - The three major stock indices experienced fluctuations in the morning but rallied in the afternoon, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index all reaching new highs for the year [1] - At the close, the Shanghai Composite Index rose by 1.04% to 3766.21 points, the Shenzhen Component Index increased by 0.89% to 11926.74 points, and the ChiNext Index gained 0.23% to 2607.65 points [2] Trading Volume and Market Activity - The total trading volume in the Shanghai and Shenzhen markets reached 24.489 trillion yuan, with nearly 3700 stocks closing in the green [1] - There were 86 stocks hitting the daily limit up, with a limit-up rate of 80% (excluding ST and delisted stocks) [1] Sector Performance - The semiconductor sector saw significant gains in the afternoon, with companies like Cambrian Intelligence reaching a historical high [1] - Consumer stocks, particularly in the liquor sector, rebounded, with companies like Jiu Gui Jiu achieving consecutive limit-ups [1] - The consumer electronics sector also showed strong performance, with stocks like Anjie Technology hitting the daily limit [1] - Conversely, high-priced stocks collectively fell, with several stocks, including Zhongheng Electric, hitting the daily limit down [1] Notable Stocks - Ji Min Health achieved a five-day limit-up streak, while companies in the automotive supply chain, such as Tenglong Co., had five limit-ups in six days [1] - The computing power industry saw stocks like Electronic City and Hanzhong Precision Machinery performing well, with multiple consecutive limit-ups [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week of August 11-17, 2025, saw the Shanghai Composite Index rise by 1.70%, the Shenzhen Component Index by 4.55%, and the ChiNext Index by 8.58%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.66% during the same period [2][11]. - Within the telecommunications sector, the highest increase was observed in the communication network equipment and devices sub-sector, which rose by 12.40%. In contrast, the communication engineering and services sub-sector had the lowest increase at 1.22% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 49.23%, followed by Guangku Technology at 48.90% and Beiwai Technology at 41.12% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with the Shenwan Communications Index rising by 7.66% during the week [11]. - The sub-sector of communication network equipment and devices led the gains with a 12.40% increase, while communication engineering and services saw a modest rise of 1.22% [14]. Notable Developments - The successful launch of the GW 08 satellite constellation on August 9, 2025, marked a significant advancement in satellite internet capabilities, focusing on applications such as intelligent connected vehicles and marine fisheries [18]. - ZTE Corporation and China Mobile achieved a global first by completing a real-world verification of a single-core hollow fiber with a transmission capacity of 114.9Tb/s, showcasing advancements in optical communication technology [20][21]. - Lumentum reported a substantial increase in revenue driven by AI-related services, with a 55.9% year-over-year growth in the fourth fiscal quarter [22][23]. Future Focus Areas - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment [3].

Core Viewpoint - The recent market sentiment has shifted from a slow bull to a fast bull, with significant capital inflows and historical highs in net purchases from both domestic and foreign investors [2][30]. Group 1: Market Dynamics - On a single day, main funds net bought over 100 billion yuan, while southbound funds net bought over 30 billion HKD, marking a historical high [2]. - The trading volume of northbound funds also saw a substantial increase, indicating heightened market activity [2]. - Concerns about market overheating are present, but indicators suggest that the current bull market has not yet peaked [4]. Group 2: Key Indicators - The absolute turnover rate is currently around 4%, which is typical for strong market conditions, suggesting that the current bull market is expected to be robust [4]. - The long-term trend of turnover rates indicates that the market is still climbing, with no signs of reaching a peak yet [4]. - The financing balance relative to the free float market value is at a median level, indicating that leveraged funds still have room to grow [5]. Group 3: Economic Context - Despite lower-than-expected economic indicators, the stock market remains strong, driven by liquidity rather than short-term economic fluctuations [13]. - The People's Bank of China has shown a cautious attitude towards further monetary easing, with no immediate plans for rate cuts unless there are unexpected actions from the Federal Reserve [12]. Group 4: Sector Performance - The most favored sectors by market funds include non-bank financials, electronics, and computers, with significant net inflows recorded [31]. - Conversely, sectors such as defense, banking, and public utilities experienced the largest net outflows [31]. Group 5: Industry Trends - The textile, apparel, and commercial trade sectors are currently in a recession quadrant, while the computer and steel industries are in an expansion quadrant [35]. - The pharmaceutical, media, and commercial trade sectors are expected to see an increase in their economic outlook over the next six months, while the banking and agricultural sectors may experience a decline [36].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 近期，A股市场再创新高，科技成长板块成主推力，尤其算力产业链的CPO和PCB等亮眼表现带动了科 技板块的整体上扬。那么，本轮行情能持续多久？后续科技板块细分领域机会如何挖掘？围绕这些投资 者关注度较高的问题，长城基金基金经理储雯玉进行了具体解析。储雯玉表示，9月份之前市场不太会 存在大的系统性风险，但如果市场过热，上行力量也会受到限制，所以当前比较适合寻找结构性机会， 比如进行板块间的高低切换，或等待高位板块的回调布局机会。 具体到科技创新方向，储雯玉认为，由于部分科技热点板块已经接近或超过前期高点，市场也在酝酿高 低切换，比如近几个交易日PCB、光模块、稳定币、半导体制造等方向都有退潮迹象，而相对低位的AI 应用、半导体设计板块逐渐活跃。因此近期可重点关注计算机、传媒、半导体等板块。另外，三季度是 传统消费电子旺季，还可密切关注新产品发布可能带来的投资机会。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会 ...