2025-09-01 九月行情展望 长江证券研究所金融工程研究小组 %% %% %% %% research.95579.com 2 8月行情强度 research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% 统计意义上的强度属于一般高的范畴，但鉴于涨幅榜前20有4只起涨时自由流通市值已在100亿以上的个股， 甚至有起步时已1403亿的寒武纪，且起涨时成交额均是10亿量级的，8月的实质强度较大 表1：8月涨幅榜前20 | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 新产品 | 赛诺医疗 | 238 86% . | 13 92 . | 42 81 . | 40 53 . | | 并购重组 | 开普云 | 163 56% . | 62 28 . | 19 71 . | 37 91 . | | 算力 | 华胜天成 ...

Group 1 - The core viewpoint of the news is that multiple public funds have disclosed their mid-year reports, revealing their investment strategies and stock holdings, with a focus on high-growth stocks and value investment strategies [1][3][4] - Several funds, such as Yongying Technology and Yongying Medical Innovation, have reported significant year-to-date returns, with the former achieving 146.23% and the latter 108.94% [3][4] - Fund managers emphasize the importance of focusing on high-growth sectors like electronics and pharmaceuticals, while also seeking undervalued stocks with growth potential [4][5] Group 2 - Specific investment strategies include identifying high-growth companies and maintaining a diversified investment approach to mitigate risks associated with market volatility [5][6] - Fund managers are particularly interested in sectors with strong demand and supply dynamics, such as technology hardware, advanced manufacturing, and real estate [6][7] - Long-term optimism for A-shares and Hong Kong stocks is expressed, highlighting the potential for sustained returns from quality companies in these markets [6][7]

Group 1 - The A-share market experienced a significant rally on August 28, 2025, with all three major indices closing higher: Shanghai Composite Index up 1.14%, ChiNext Index up 3.82%, and Shenzhen Component Index up 2.25% [3] - The total trading volume in the market approached 3 trillion yuan, with over 2800 stocks rising [3] - Cambrian's stock price surged by 15.73%, closing at 1587.91 yuan per share, marking its first position as the highest in A-shares, with a total market capitalization exceeding 630 billion yuan [3] Group 2 - The Chip ETF Tianhong (159310) rose by 6.84%, with a transaction volume of 42.37 million yuan, and notable increases in component stocks such as SMIC (688981) up 17.45% and Cambrian (688256) up 15.73% [3] - The Electronic ETF (159997) increased by 6.38%, with a transaction volume of 47.74 million yuan, and significant gains in component stocks including Shenghong Technology (300476) up 19.59% and SMIC (688981) up 17.45% [3] - As of August 27, the Chip ETF Tianhong (159310) saw a weekly growth of 10.3 million yuan, indicating substantial growth [3] Group 3 - Nvidia reported its Q2 2026 financial results, with revenue reaching 46.743 billion USD, a 56% year-on-year increase, and net profit of 26.422 billion USD, up 59%, with a gross margin of 72.7% [4] - According to the China Semiconductor Association, the market for third-party semiconductor testing and analysis in China is expected to reach 18-20 billion yuan by 2027, with demand for testing and analysis growing faster than the overall semiconductor market [4] - The overall improvement in the semiconductor industry's prosperity is significantly driving the demand for semiconductor testing and analysis [4]

Market Overview - A-shares experienced slight fluctuations in the morning session, followed by a rally in the afternoon, with the Shanghai Composite Index closing up 1.14% at 3843 points, the Shenzhen Component Index up 2.25%, and the ChiNext Index up 3.82% [1][2] - The total trading volume for the day reached 3 trillion yuan, a decrease of 196.9 billion yuan compared to the previous trading day, with over 2800 stocks rising across the market [1] Index Performance - Shanghai Composite Index: 3843.60, +43.25 (+1.14%) [2] - Shenzhen Component Index: 12571.37, +276.30 (+2.25%) [2] - ChiNext Index: 2827.17, +92.05 (+7.23%) [2] - STAR Market 50 Index: 1364.60, +95.74 (+1.58%) [2] - CSI 300 Index: 4463.78, +77.66 (+1.77%) [2] - CSI 500 Index: 7011.16, +148.60 (+2.17%) [2] Sector Performance - The CPO concept stocks surged, with Tianfu Communication and Woge Optoelectronics hitting the daily limit [3] - The copper cable high-speed connection sector rose, with Yidong Electronics reaching a 20% limit up [3] - F5G and 6G concepts saw significant gains, with Tefa Information hitting the daily limit [3] - The satellite internet sector was active, with Wantong Development and Xingwang Yuda also hitting the daily limit [3] - Semiconductor and chip sectors performed well, with SMIC rising over 17% and Cambrian Technology up over 15% [3] - The transgenic sector declined, with Top Cloud Agriculture falling over 7% [3] - The Alzheimer's sector weakened, led by Kangyuan Pharmaceutical [3] - The automotive services, grain concepts, and real estate services sectors experienced notable declines [3]

Group 1 - The core viewpoint of the news highlights a strong performance in the cloud computing and big data sector, with the CSI Cloud Computing and Big Data Theme Index rising by 4.18% as of August 28, 2025, driven by significant gains in key stocks such as Qi Anxin (up 17.79%) and New Yisheng (up 13.84%) [1] - The Big Data ETF (159739) also saw an increase of 4.66%, closing at 1.59 yuan, reflecting the overall positive sentiment in the market [1] - National Securities pointed out that domestic leading companies in optical modules are currently valued at historical averages, and compared to international hardware giants, their valuations are lower, indicating potential for price appreciation [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Cloud Computing and Big Data Theme Index accounted for 53.85% of the index, with notable companies including Zhongji Xuchuang, iFlytek, and New Yisheng [2] - The index comprises 50 listed companies involved in cloud computing services, big data services, and related hardware, aiming to reflect the overall performance of these sectors [1]

Core Viewpoint - The company, Zhengye Technology, has shown a positive financial turnaround in its recent half-year report, indicating growth in revenue and profitability despite a decline in stock price [1] Financial Performance - As of August 27, 2025, Zhengye Technology's stock price was 8.32 yuan, down 5.13% from the previous trading day, with a trading volume of 278 million yuan [1] - The company reported a revenue of 377 million yuan for the first half of 2025, representing a year-on-year growth of 7.71% [1] - The net profit attributable to shareholders was 16.25 million yuan, marking a turnaround from a loss to profit compared to the previous year [1] - The net cash flow from operating activities improved significantly, reaching 60.28 million yuan, a substantial increase from the same period last year [1] Industry Context - Zhengye Technology operates in the specialized equipment industry, focusing on providing industrial inspection intelligent equipment for sectors such as lithium batteries, semiconductors, and PCBs [1]

Core Viewpoint - The company reported a year-on-year increase in revenue for the first half of 2025, but the net profit attributable to shareholders showed a larger loss compared to the previous year, indicating ongoing challenges in profitability despite revenue growth [1][2]. Financial Performance - The company achieved revenue of 172 million yuan in the first half of 2025, representing a year-on-year growth of 16.06% [2]. - The net profit attributable to shareholders was -23.86 million yuan, indicating an increase in losses compared to the same period last year [2]. - The net profit after deducting non-recurring items was -31.79 million yuan, which is a narrower loss compared to the previous year [2]. Business Segment Analysis - The sales of the electromagnetic shielding film business amounted to 86.35 million yuan, showing a decline compared to last year [2]. - The copper foil business generated revenue of 38.32 million yuan, reflecting a year-on-year increase of 6.04% [2]. - The flexible copper clad laminate business saw significant growth, with revenue reaching 13.75 million yuan, a year-on-year increase of 371.67% [2]. Market Position and Challenges - The company is recognized as a leading domestic player in the electromagnetic shielding film sector, having filled a gap in high-end products and breaking the monopoly of foreign companies [2]. - However, the core business of electromagnetic shielding film is facing challenges due to declining profit margins and a decrease in sales volume, attributed to the stagnation in smartphone terminal shipments and increased cost control by manufacturers [2][3]. Stock Performance - The company's stock price has increased by over 100% in 2025, benefiting from the high market demand for PCB-related companies [4]. - The stock price performance is linked to the overall positive sentiment in the PCB market, which has seen significant interest from investors [4]. Future Developments - The company is actively developing new copper foil products for high-speed cable shielding based on customer requirements and is working to stabilize product quality [5]. - There are plans for the company's flexible copper clad laminate products to enter the supply chains of major players like Pengding Holdings and Jingwang [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue for H1 2025 reached 5.351 billion yuan, a year-on-year increase of 15.67%, while the net profit attributable to shareholders was 501 million yuan, up 51.19% year-on-year [2][4] - The growth in performance is attributed to the rapid development of emerging fields such as AI, which has driven demand for high-frequency and high-speed resins, leading to significant increases in the shipment volumes of products like PPO/OPE and hydrocarbon resins [2][3] - The company is strategically positioned in advanced electronic materials, with a comprehensive product solution capability from M4 to M9, catering to various customer needs [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross profit margin of 24.82%, an increase of 1.66 percentage points year-on-year, and a net profit margin of 9.75%, up 2.44 percentage points year-on-year [1][2] - For Q2 2025, revenue was 2.892 billion yuan, a year-on-year increase of 16.13%, and net profit was 294 million yuan, up 51.71% year-on-year [1][2] Product Development and Market Position - The company has made significant advancements in traditional resin products, with synthetic resin products generating 2.810 billion yuan in revenue, a 10.35% increase year-on-year [2] - The company plans to issue 2.5 billion yuan in convertible bonds to fund the industrialization of silicon-carbon negative materials, aiming to capture market opportunities in the lithium battery sector [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 11.603 billion yuan, 13.182 billion yuan, and 14.669 billion yuan, respectively, with net profits expected to be 1.279 billion yuan, 1.632 billion yuan, and 1.944 billion yuan [9] - The company is expected to maintain a strong growth trajectory driven by its leadership in synthetic resins and the development of new energy materials [9]

Core Viewpoint - The Shanghai Composite Index reached 3,800 points on August 22, marking the highest level since August 20, 2015, with an increase of 0.77% [1] Industry Summary - AI chips, minor metals, education, computing power, rare earth permanent magnets, and PCB concepts showed significant gains [1]

Group 1 - The market is experiencing a surge, with the Shanghai Composite Index surpassing 3800 points, marking the highest level since August 20, 2015 [1] - Key sectors showing significant gains include AI chips, minor metals, education, computing power, rare earth permanent magnets, and PCB [1]