格隆汇10月10日丨中电鑫龙(002298.SZ)在投资者互动平台表示，目前，公司已形成"智慧用能、智慧城 市、智慧新能源"三大业务板块，在算力建设项目建设服务中，可以为客户提供智能输配电设备产品以 及完整的算力建设服务解决方案，典型业务如苏州市人工智能算力中心项目；公司部分相关产品有应用 到芜湖数据中心集群部分相关项目中。未来，公司将持续关注数据中心相关领域发展动态，努力把握潜 在的市场机遇。 ...

最近美国科技圈最火的事，不是出了啥新AI聊天机器人，而是巨头们扎堆"盖房子"。 不过这房子不是给人住的，是装满GPU、专门给AI干活的数据中心。 白宫人工智能高级政策顾问斯里拉姆・克里希南早就在华盛顿的活动上放了话。 特朗普政府推动AI革命的核心就是"多建设"。 还喊出了"建设吧，宝贝，建设吧！"的口号，这话现在在硅谷都快成口头禅了。 巨头们也确实听进去了，砸钱的架势看得人眼花缭乱。 Meta的高管直接说，到2028年要拿6000亿美元搞AI基础设施，全是大型数据中心； OpenAI和甲骨文更狠，联手计划花5000亿美元整个叫"星门" 的数据中心项目； 亚马逊也不含糊，未来两个季度，每个季度都要投超300亿美元进去。 今年以科技股为主的纳斯达克指数已经涨了19%，英伟达、谷歌、微软这些巨头的股价涨幅都超25%。 甲骨文更猛，股价直接飙了75%。 还有数据说，今年美国在AI基础设施和软件上的支出，对GDP的贡献都超过消费支出了。 听起来好像这波投入已经开始见效。 光今年，亚马逊、Meta、微软、谷歌这四家能源消耗大户，预计就有3200亿美元资本支出砸在AI基建 上。 这钱比芬兰整个国家的GDP还多，跟埃克森美孚 ...

来源：环球时报 企业"AI引智"进展不力、"幻觉"问题根深蒂固、算力成本居高不下，当人们对AI的期待超出玩具、进入 实战阶段，就暴露了目前生成式AI的缺陷。这种缺陷导致了AI技术的商业化进程明显滞后于基础设施 建设与金融化进程，给未来营收带来了巨大的不确定性。对此，美国业界和资本形成了"工业泡沫 论"和"金融泡沫论"两派，前者认为数据中心建设是实体投资，将最终突破规模化的阈值，成为电力一 样的基础能源设施；后者则警告当前投资规模已超出理性范畴，过度乐观的预期可能重演当年的互联网 泡沫。 今年以来，作为主要的数据中心投资者，微软、谷歌、亚马逊、Meta这4家企业围绕AI算力疯狂竞 争，"砸"下640亿至1000亿美元不等的巨额现金，却缺少可观回报，其性质近乎"烧钱"。近期OpenAI也 在自身资金有限的情况下，"画饼"将进行5年万亿美元级别的投资，引发了市场对于美国AI科技产业会 不会是泡沫甚至是庞氏骗局的巨大疑虑。 无论是着眼长远的基建布局，还是科技巨头间的资本游戏，美国AI产业发展模式的不均衡问题是毋庸 置疑的。AI推动经济发展绝不能只靠数据中心、算力设施建设的狂飙突进，而需要完成从"硬数 据"到"软价值" ...

（原标题：今年1至8月份韩出口持续增长） 其中，最大出口品类半导体因人工智能与数据中心需求激增、存储器价格反弹而创下历史新高。汽 车虽受美国关税影响导致对美出口下降，但凭借对欧盟、独联体等市场的扩张，整体实现正增长。相 反，钢铁因产业景气低迷及美方关税上调至50%而下滑，石油制品和石化则因国际油价下跌与全球需求 放缓而持续减少。 产业部预计9月前20日累计出口同比增长13.5%，半导体、汽车和生物健康等主要品类表现强劲，有望 实现出口连续四个月增长。贸易投资室长朴正成(音)表示，在美关税等不确定环境下，出口保持正增长 得益于企业竞争力与市场多元化努力。政府将基于本月初公布的美关税谈判后续支持措施，全力维持四 季度出口动能。 韩国《韩联社》9月22日报道，韩国产业通商资源部22日召开会议，审视主要品类出口趋势与风 险。尽管受到美国关税政策影响，今年1至8月韩国出口额仍同比增长0.9%，达到4538亿美元。15大主 要出口品类中，半导体（+16%）、汽车（+1%）、生物健康（+6%）等6类产品出口增加，而钢铁 （-7%）、石油制品（-15%）、石化（-12%）则下降。 ...

Financial Data and Key Metrics Changes - Total sales increased by 2% to $417.3 million from $409 million in the prior year period [9] - Adjusted earnings per share rose by 13.1% to $1.55 compared to $1.57 in the prior year [13] - Operating cash flow improved by 23%, reflecting disciplined execution [4] - Consolidated adjusted EBITDA for the quarter was $88.7 million, with a margin of 21.3%, down from 22.5% in the prior year [13][14] Business Line Data and Key Metrics Changes - Metal Coatings segment achieved a sales increase of 10.88%, driven by higher volumes and infrastructure-related spending [9] - Precoat Metals' sales declined by 4.3% due to a weaker end-market environment, particularly in building construction, HVAC, and appliance end markets [9][10] - Metal Coatings margins were 30.8%, slightly down due to a mix shift towards lower-margin markets [4] Market Data and Key Metrics Changes - End-market sales for utilities increased by 19%, while consumer sales rose by 7.6% [18] - Construction sales were up by less than 1% compared to the same quarter last year [18] - The demand outlook for Precoat's end markets remains mixed, with ongoing tariffs contributing to customer hesitation on non-infrastructure-related projects [6] Company Strategy and Development Direction - The company is focused on technology upgrades, including migrating data systems to Oracle and exploring AI opportunities [8] - AZZ is pursuing strategic growth opportunities through capital allocation strategies and evaluating bolt-on acquisitions to extend market leadership in metal coatings [23] - The company anticipates multi-year tailwinds from infrastructure spending, particularly in energy and power generation capacity [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core markets and growth potential for galvanized steel in construction and industrial projects [4] - The company reiterated guidance for total sales in the range of $1.625 billion to $1.725 billion for the fiscal year 2026 [21] - Management remains optimistic about the operational performance and cash generation capabilities despite potential market choppiness [22] Other Important Information - Interest expense for the quarter was $13.7 million, significantly improved from the prior year due to debt paydown and repricing [12] - The effective tax rate decreased to 21.9% from 25.6% in the prior year, attributed to increased R&D tax credits [13] - The company plans to buy back $20 million of its shares, indicating confidence in its stock value [88] Q&A Session Summary Question: Can you provide more color on Precoat market share gains? - Management noted that share gains were due to reduced pre-painted imports because of tariffs, with a 3% to 4% market share increase offsetting a 9% to 10% market decline [26][27] Question: What are the expectations for Precoat Metals' segment volumes in the back half of the year? - Management indicated that sustaining market share gains and ramping up the Washington facility would be key, with expectations of a rebound in construction [30][31] Question: What would take you to the higher end of the adjusted EBITDA guidance range? - The biggest impact on EBITDA guidance is the loss of AVAIL equity income, with potential upside from operational improvements and market conditions [35][36] Question: Can you provide an update on the M&A pipeline? - Management confirmed a healthy M&A pipeline with nine good opportunities, focusing on bolt-on acquisitions that align with strategic goals [54] Question: What are the expectations for interest expense for the fiscal year 2026? - Management expects interest expense to improve in Q3 and Q4 due to debt paydown and favorable repricing [66] Question: What is the outlook for equity in earnings from unconsolidated subsidiaries? - Management guided for zero equity income from AVAIL for Q3 and Q4, with potential for slight positive contributions in Q4 [68]

有色金属观点更新 20251009 摘要 市场上有传言称几内亚西芒杜铁矿需配套建设冶炼厂才能出口，但我们认为这 种可能性很低。根据我们的测算，如果要在几内亚建设配套的钢铁冶炼厂，每 吨钢需要 150 度电，而几内亚目前的用电量远不足以支持这一需求，其人均用 电量在全球范围内也处于较低水平。此外，几内亚主要依赖天然气和风能发电， 而非传统的煤电或水电。因此，从基础设施角度来看，这种要求不太现实。 中国与 BHP 之间关于结算币种的问题会如何影响市场？ 最近网上有传言称 BHP 与中国矿产资源集团在结算币种问题上存在分歧，并因 此暂停合作。如果这一情况属实，将对中国和澳大利亚的铁矿石贸易产生重大 影响。目前，中国是全球最大的海运铁矿石进口国，而澳大利亚则高度依赖对 中国的出口。从逻辑推理来看，如果双方完全停止合作，将对价格产生长期影 响。然而，目前海外市场反应平淡，BHP 等公司的股票变化不大，而中国 A 股 相关股票如金岭矿业、海南矿业等则涨势明显。这表明国内投资者对这一消息 更为敏感。 几内亚西芒杜铁矿项目预计无需配套冶炼厂即可出口，因当地电力基础 设施难以支持大规模钢铁冶炼，且主要依赖天然气和风能发电。 若 ...

Core Viewpoint - The semiconductor company, Zhaoxin Co., experienced significant stock price fluctuations, with a notable increase followed by a decline, attributed to institutional buying and market activity, while confirming that its business operations remain normal [2] Group 1: Stock Performance and Market Activity - Zhaoxin Co. saw its stock price reach a high of 122.26 CNY per share, with institutional investors purchasing approximately 400 million CNY worth of shares [2] - The company reported a cumulative price deviation of over 30% over two consecutive trading days, confirming that there were no undisclosed significant matters affecting its operations [2] - On October 9, institutional and foreign investors bought nearly 700 million CNY worth of shares, with institutions accounting for about 400 million CNY of this total [2] Group 2: Financial Performance - In the first half of the year, Zhaoxin Co. achieved a revenue of 282 million CNY, but reported a net loss of approximately 60.88 million CNY [3] - The company's chip volume business revenue decreased by 71.11% year-on-year due to reduced demand from major clients, although there was a 24.80% quarter-on-quarter recovery in this segment [3] Group 3: Technological Developments - Zhaoxin Co. has established a comprehensive technology service system centered on large-scale SoC custom design and semiconductor IP development, with applications across various industries including IoT, industrial control, and automotive electronics [3] - The company completed the architecture verification of its DDR5 IP based on a 22nm process, which is crucial for next-generation high-performance computing chips [4] - The self-developed automotive MCU platform has successfully completed testing and verification, ensuring performance and safety through advanced design mechanisms [4] Group 4: Strategic Growth and M&A - The company is actively seeking merger and acquisition opportunities to expand its product range and market presence, aiming for sustainable long-term growth [5]

格隆汇10月9日丨海能实业(300787.SZ)在投资者互动平台表示，公司的电子信号传输产品目前没有应用 于卫星通信、机器人、数据中心等领域。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the copper processing industry, with a focus on high-end product development and international expansion, which is expected to drive profit margins higher [4][16]. - The company's single-ton gross profit for copper products is anticipated to continue its upward trend, benefiting from structural optimization and a shift towards high-margin products [1][3]. - The company is expected to see significant growth in gross profit from copper processing products, projected to increase from 2.5 billion yuan in 2024 to 5.3 billion yuan by 2030 [1]. Summary by Sections Company Overview - The company has been a leader in the copper processing industry for 39 years, providing essential materials to various sectors, including new energy vehicles and semiconductor industries [16][21]. - It has established a comprehensive product matrix, including copper and copper alloy materials, and has a strong international presence with subsidiaries in over 100 countries [16][24]. Traditional Business - The company has shown resilience in its copper processing business, with single-ton gross profit rebounding after hitting a low in 2022, indicating strong performance despite industry challenges [1][46]. - The company has successfully expanded its international operations, achieving a 21.86% year-on-year increase in overseas revenue in the first half of 2025 [2][46]. Emerging Business - The company is strategically investing in high-end sectors such as new energy vehicles, data centers, and robotics, which are expected to enhance its long-term growth potential [3][4]. - The demand for high-end copper materials is increasing due to the rising penetration of new energy vehicles and the shift towards high-voltage architectures [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 716 million yuan, 868 million yuan, and 968 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29.91X, 24.68X, and 22.12X [4][5]. - The report emphasizes the company's strong market position and growth prospects, reinforcing the "Buy" rating [4][6].

半导体IP 深度积累，多下游布局广阔。芯原的主营业务为半导体IP 授权业务和一站式芯片定制业务。 通过20 余年的高研发投入和深度积累，公司已布局GPU IP、NPU IP、VPU IP、DSPIP、ISP IP、 Display ProcessingIP 这六类处理器IP、智能像素处理平台、基于FLEXA 的IP 子系统，1,600 多个数模混 合IP 以及多种物联网连接(含射频)IP 等，并在22nmFD-S0I 工艺上开发了60 多个FD-S0I 模拟及数模混合 IP，为国内外知名客户提供了43 个FD-SOI 项目的一站式设计服务，其中33 个项目已经进入量产，且累 计向45 个客户授权了300 多个/次FD-SOI IP 核。公司根据自身的技术、资源、客户积累，并结合市场发 展趋势，已逐步在AIGC 汽车电子、可穿戴设备、数据中心和物联网这5 个领域形成了一系列优秀的平 台化解决方案，并取得了较好的业绩和市场地位。 战略布局Chiplet 技术和应用，领跑基于Chiplet 的AIGC 和智驾系统赛道。Chiplet 技术及产业化是芯原 的发展战略之一，公司已于五年前开始布局Chiplet 技术的研 ...