来源：市场资讯 （来源：财报翻译官） 朋友们，最近外资的动向，真的有点东西！ 不知道大家注意到没有，总被我们吐槽"坏得很"的华尔街巨头——摩根、高盛、瑞银，最近居然不约而 同地盯上了一家A股的高端制造公司：合锻ZN。$合锻智能(603011) 外资不是慈善家，他们真金白银砸进来，绝对不是来短期炒作的。合锻吸引他们的，绝不是眼下这点利 润，而是三个硬核逻辑： 外资买的不是它的过去，而是中国高端制造不可逆转的未来。 第二把火：财报里藏着两个关键积极信号！ 虽然净利润暂时下滑，但我们绝对不能只看这一个数字。财报里有两个关键细节，比利润更重要： 一家二季度业绩还下滑11%的公司，凭什么能同时吸引顶级投行的目光？是短线炒作，还是看到了什么 我们没看到的东西？ 当财官仔细扒开它最新的财报，发现了几组"极度矛盾"的数据： 这说明什么？ 说明这家公司表面上业绩承压，但体内正暗流涌动，很可能在憋一个大招。 今天，财官就带大家盘一盘，合锻到底是不是真的被低估了。 第一把火：三大外资同时买入，他们看中了什么？ 面上业绩：净利润951万，同比下降11%（看起来有点拉垮） 暗里变化：存货13.67亿，创历史新高，同比大增13% 回款能 ...

Group 1 - The core focus of the article highlights the volatility in the stock market, particularly with AI stocks and the contrasting actions of institutional investors and retail investors [1] - The AI stock "Yidian Tianxia" saw a significant surge, with a 20% limit up and a 37.61% turnover rate, attracting 3.75 billion in buying from various investors [3] - Institutional investors are actively trading in "Xizang Tianlu," showing a back-and-forth dynamic with net selling and buying, indicating speculative trading based on policy expectations [3] Group 2 - Nord Shares, a player in solid-state battery technology, experienced a surge with foreign capital heavily investing, indicating confidence in high-end manufacturing and domestic substitution [4] - The article notes a significant retreat from retail investors in the pharmaceutical sector, with major sell-offs in stocks like "Yatai Pharmaceutical" and "Dezhan Health" [4][5] - The article advises caution for retail investors, suggesting they should be quick to act on trends like AI and high-end manufacturing while avoiding speculative plays in policy-driven stocks [6]

Core Insights - The infrared technology industry is experiencing explosive growth due to the acceleration of global smart and digital transformation, particularly in security monitoring, new energy vehicles, and industrial testing [1] - Guangzhi Technology views innovation as its core strategy, leveraging deep technical expertise and continuous R&D investment to establish a significant technological advantage in optoelectronic materials, devices, and system integration [1] Group 1: Technological Advancements - Guangzhi Technology has achieved breakthroughs across the entire infrared industry chain, including the development of large-scale chemical vapor deposition systems for the production of zinc selenide/sulfur, and hot isostatic pressing processes for zinc sulfide [1] - The company has built an 8-inch silicon-based MEMS uncooled infrared detector chip production line, mastering MEMS chip design, manufacturing processes, and packaging technologies [2] - The uncooled detectors have reached a maximum pixel level of one million, showcasing the company's leading technology in the domestic market [2] Group 2: Product Development and Market Applications - Guangzhi Technology has developed various downstream terminal products, including handheld thermal imagers, industrial temperature measurement thermal imagers, security monitoring thermal imagers, gas detectors, and vehicle-mounted night vision systems [2] - The company’s products are widely used in border and coastal defense monitoring, industrial parks, forest fire prevention, and airport air defense scenarios [2] Group 3: Future Outlook - Guangzhi Technology is expected to continue its innovation-driven strategy, accelerating market penetration of infrared terminal products and expanding collaborations with industry leaders [3] - The company aims to deepen the application of material technology in emerging fields, positioning itself more prominently in the high-end manufacturing domestic substitution wave through a dual-driven approach of "technology + market" [3]

文 ｜ 杨帆 姜娅 刘海博 玛西高娃 遥远 裘翔 崔嵘 刘春彤 盛夏 李越 当地时间4月2日，美国总统特朗普签署行政令对中国的进口商品加征3 4%的对等关税，随后北京 时间4月4日中国公布一系列反制措施。与今年前两轮反制相比，中国此次反制力度明显升级，在 关税覆盖商品比例上和美国做到了对等，出口管制的深度进一步提升，同时反制措施的种类也较此 前更为丰富。向后看，特朗普关税仍可能有频繁转折，需更多关注纳瓦罗与卢特尼克的表态。后续 三方面因素或带来形势变化，一是其他国家或地区究竟选择大力对美反制还是"魅力攻势"，二是美 国国内民调的变化，三是民意基础松动后国会的选择。A股策略方面，我们认为此次关税摩擦后， 市场不确定性加大，投资者风险偏好下降明显，建议聚焦核心资产，强化自主可控。海外宏观方 面，我国关税反制政策对美国经济的负面影响主要集中在农业、油气、航空航天设备及零部件、电 子与通信设备等相关行业。农业板块方面，此次中国反制利多农产品价格，农业种植链是稀缺的反 制受益板块。机械板块方面，我们判断自主可控、高端制造国产替代或将加速。 ▍ 事项： 据美国白宫官网，当地时间4月2日，特朗普宣布"对等关税"政策，对中国 ...