报告导读： 具身智能、算力产业链在 2025Q4 有望得到新的催化。 投资建议： 我们认为具身智能、算力供应链将成为汽车行业四季度的重要成长方向，同时欧盟碳排放政策将继续驱动欧洲新能源车市场持续增长。我们维持 行业"增持"评级。 人形机器人零部件等具身智能供应链仍有强催化涌现的潜力。 近年，多家汽车零部件公司已经成功转型为人形机器人供应链上的主力公司。我们认为：如果 特斯拉等头部人形机器人厂商 2025Q4 推出新一代产品，市场将调升 2026 年人形机器人产业链出货预期；如 2026 年全球人形机器人产量达到 10 万台， 预计对应的零部件市场容量将达到合计 100 亿人民币左右；其中核心零部件公司的营收、利润值得重视。 算力供应链部分领域兼有强成长性和供应紧缺性。 根据 AMD ， Open AI 与 AMD 达成战略合作，将在未来几年中投资建设合计达 6GW 的 AI 算力。汽车 工业此前已有多家公司在配套算力的柴发、液冷等领域取得显著进展。我们认为：随着全球算力 Capex 的进一步上调，柴发等紧缺领域的供应链重要性将得 到进一步提升；液冷等新能源车热管理零部件企业有优势的领域，相关企业的优势也将得到 ...

Core Insights - Guanghe Technology (001389) reported a total revenue of 2.425 billion yuan for the first half of 2025, representing a year-on-year growth of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [1] Business Performance - The main business of Guanghe Technology focuses on the research, production, and sales of multi-layer printed circuit boards (PCBs), primarily targeting the mid-to-high-end application market, with significant applications in servers, consumer electronics, industrial control, security electronics, communication, and automotive electronics [1] - Revenue from server PCBs accounts for approximately 70% of the company's total revenue, making it the primary downstream application area [1] - The company has benefited from strong demand in the computing infrastructure sector, leading to robust growth in the supply chain for computing products [1] Manufacturing and Capacity Expansion - The main manufacturing base in Guangzhou has enhanced production capacity and process capabilities through digital transformation, resulting in improved product structure and delivery competitiveness [2] - The Thailand facility officially commenced operations in June 2025 and is currently in the capacity ramp-up phase, with plans to accelerate customer certification and product introduction in the second half of the year [2] Research and Development - Research and development expenses reached 117 million yuan, a year-on-year increase of approximately 46%, reflecting the company's commitment to innovation [2] - The company has developed several core technologies related to server PCBs, establishing independent intellectual property rights and high-precision manufacturing processes [2] - Several key products, including high-performance PCBs for high-end servers and AI server motherboards, have been recognized as high-tech products in Guangdong Province for 2025 [3]

Group 1 - The article highlights the significant impact of Tencent's financial report, indicating that it has led to substantial adjustments in the computing power supply chain [1] - The article notes that the Hang Seng Tech Index experienced a sharp decline following the financial report, suggesting a broader market reaction [1] - There is a contemplation on the future directions of applications in the industry, indicating a shift in focus due to recent developments [1]