中信证券研报表示，需求决定供给是商业世界重要规律，AI大模型与以往截然不同的需求带来产业链 变革机遇。使用OCS构建大型算力集群，在高带宽、低延迟、低成本方面都胜过传统IB、RoCE技术， 该技术路线长期来看有望成为AI基建的主流，从而带动光通信全产业链变革。整机环节建议关注OCS整 机厂商、代工厂商、OTN整机厂商；核心器件环节建议关注光学MEMS代工厂、LCoS生产商；光学零 部件领域建议关注光环行器、微环调制器等市场。 （文章来源：第一财经） ...

晨 会 纪 要 [2025]第 158 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 8 月 27 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：李正威 研究所今日晨会要点如下: 一、行业公司 2.1、电子（李杰） DeepSeek V3.1 发布，看好国产算力需求 市场表现：上周电子行业上涨 8.95% 根据 Wind 数据，上周（2025.08.18-2025.08.22）电子报收 5769.27 点，上涨 8.95%；半 导体报收 6169.20 点，上涨 12.26%；消费电子报收 8615.39 点，上涨 8.26%；元件报收 10930.98 点，上涨 1.68%；光学光电子报收 1666.99 点，上涨 7.13%。 从公司表现来看，表现居前的公司有：科森科技、盛科通信-U、芯原股份、南亚新材、 成都华微；表现靠后的公司有：久量股份、威尔高、冠石科技、福日电子、可立克。 ...

| 稀土 | | 光纤 | 光通信 | | 钨矿 | | --- | --- | --- | --- | --- | --- | | 6.86% | | 5.94% | 5.45% | | 5.41% | | | | | 中原证券金 | 六氟磷酸 | 中钢集团 | | 光模块(CPO) | | 华侨城系 | 服 | 程 | 系 | | 6.77% | | 5.20% | 4.81% | 4.36% | 4.30% | | | | 光芯片 | 宽带提速 | 锂电电解液 | 航天科工系 | | 稀土永磁 6.41% | | 5.09% | 4.28% | 4.18% | 4.17% | | | | | | 打板 | | | 中信通系 | | 首板非ST | 华鑫证券 要服 | 4.10% | GPU | | 5.98% | | 4.88% | 4.22% | 服务器 | 4.08% | | | | | | 4.09% | | | 华西证 | 体育 | 纺织制造 | | | | | -0.28% | -0.30% | -0.31% | 央企旅游 -0.57% | | 家纺 -0.87% | | 央企服 | 航运精选 ...

Core Insights - The first humanoid robot sports event will open on August 14, 2025, showcasing the rapid development of humanoid robots in various scenarios such as factories, hospitals, and hotels [1][4]. Industry Dynamics - On August 11, Xinhai Technology released the dual-system VLA model G0; Zhiyuan Robotics received a multi-million order from Fulian Precision; 1X Robotics demonstrated a 45-pound load capacity; Figure02 achieved breakthroughs in clothing folding; and Star Era indicated that robots could reach 90% efficiency in certain scenarios by next year [2]. - On August 14, Zhiyuan launched the industry's first open-source platform for robot world models, Genie Envisioner [2]. - On August 15, Yushu Technology's subsidiary won the 1500-meter championship at the World Robot Sports Competition [2]. Government News - On August 11, Hangzhou proposed legislation to promote the development of the humanoid robot industry and is seeking public opinion [3]. Company Developments - On August 11, Zhiyuan strategically invested in Yushu Intelligent; on August 12, Songlin Technology partnered with Wuxin Elderly Care for a thousand-unit robot order; and on August 13, Rongtai Health collaborated with Meituan to focus on "robot massage" [3]. Important Upcoming Events - Zhiyuan's full product line will be available for sale on August 18, 2025, on Zhiyuan Mall and JD Mall; the Zhiyuan Supplier Conference is scheduled for August 21, 2025 [3]. Hot Event Commentary - The humanoid robot sports event is expected to highlight the technological advancements in intelligent decision-making and motion collaboration, indicating a positive outlook for the domestic robot industry [4]. Key Focus Areas - The report emphasizes the importance of selecting suppliers with strong capabilities in the humanoid robot sector, focusing on components such as joint modules, dexterous hands, reducers, and sensors [5]. - AI infrastructure is projected to benefit from continued growth, with a focus on companies involved in AI server power density improvements [5]. - The low-altitude economy is advancing rapidly, with a national low-altitude traffic project initiated to standardize air traffic management [6].

Investment Rating - The report maintains an "Outperform" rating for the industry [4][9]. Core Views - The humanoid robot industry is experiencing rapid development, highlighted by the first global humanoid robot competition, showcasing advancements in technology and efficiency [3][16]. - AI infrastructure is projected to see significant investment, with OpenAI planning to invest trillions in AI infrastructure development [4][18]. - The report emphasizes the importance of domestic production and localization in various sectors, particularly in electronic measurement instruments and low-altitude economy [4][7]. Industry Dynamics - Humanoid Robots: Key developments include the launch of the VLA model G0 by Xinghai Tu, a significant order received by Zhiyuan Robotics, and advancements in robot capabilities such as the Neo Gamma's 45-pound load capacity [1][2][21]. - Brain-Computer Interface: A breakthrough in decoding "inner speech" with a 74% accuracy rate has been achieved [26]. - Low-altitude Economy: Shanghai plans to establish a low-altitude industry fund to support development [27][29]. Company Dynamics - Zhiyuan Robotics has made strategic investments and secured significant orders, indicating strong market positioning [2][20]. - Companies like Songlin Technology and Rongtai Health are forming strategic partnerships to enhance their service offerings in the robotics sector [31][32]. Important Events Preview - Zhiyuan Robotics will launch its full product line on August 18, 2025, and hold a supplier conference on August 21, 2025 [2][33]. Key Company Profit Forecasts and Valuations - Several companies in the humanoid robot and AI infrastructure sectors are rated as "Outperform," with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [9][35].

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Market Performance - A-shares reached a new high with a trading volume exceeding 28 trillion yuan, with the Shanghai Composite Index up 0.85% at 3728.03 points[1] - The Shenzhen Component Index rose 1.73%, and the ChiNext Index increased by 2.84%[1] - Hong Kong's Hang Seng Index fell 0.37% to 25176.85 points, while the Hang Seng Tech Index gained 0.65%[1] Economic Policy and Market Stability - Chinese Premier Li Qiang emphasized the need for targeted and effective policies to stabilize market expectations and respond to market concerns[1] - The focus is on enhancing service consumption and stabilizing employment to support economic recovery[11] International Relations and Market Impact - Discussions for a trilateral meeting involving the U.S., Russia, and Ukraine are underway, following positive talks between Trump and Zelensky[1] - The geopolitical situation continues to influence market dynamics, with mixed performances in U.S. and European indices[1] Corporate Developments - Anker Innovations is considering a Hong Kong IPO, aiming to raise approximately $500 million (about 3.9 billion HKD) after a 50% increase in stock price this year[10] - Klook is also planning a U.S. IPO with a target of raising $500 million (about 3.9 billion HKD)[10] Sector Performance - The consumer electronics sector showed strong performance, particularly in AI infrastructure, while healthcare and paper industries remained resilient[1] - The energy storage company, DSD, is set to launch an IPO with a target of raising approximately 7.56 billion yuan, focusing on expanding its lithium-ion battery production[10]

Group 1 - The enthusiasm for public fund research in the A-share market has significantly increased, with 139 public institutions participating in research activities covering 66 stocks, totaling 729 research instances, a 46.39% increase from the previous week [1] - The pharmaceutical and biological industry is the most favored by public fund research, with 10 stocks receiving a total of 151 research instances, leading other industries in both the number of stocks and research instances [1] - The computer industry also saw 4 stocks receiving public fund research, totaling 100 research instances, ranking second among the primary industries [1] Group 2 - Baiya Co., Ltd. (003006) in the beauty and personal care industry received the highest number of public fund research instances at 53, being the only stock in this industry under public research [2] - In the pharmaceutical and biological sector, three stocks made it to the top ten, namely Nanwei Medical, Anjiesi, and Anke Biology (300009), with 46, 32, and 32 research instances respectively [2] - The increase in public fund research activity is attributed to a favorable market sentiment and the intensive disclosure of mid-term reports by listed companies, enhancing market information transparency [2] Group 3 - The current stock market liquidity is expected to remain driven, with increased profitability and potential new liquidity from household savings and foreign capital rebalancing [3] - Some growth industries have gained international competitiveness during China's economic transformation, showing a continuous upward trend despite overall market valuation declines [3] - The attractiveness of the stock market to residents is rising as deposit and bond rates have limited downward space, indicating a trend that is beginning to form [3]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a record high revenue in Q2 2025, with a total revenue of 12.68 billion yuan in H1 2025, representing a year-on-year growth of 31.68%. The net profit attributable to shareholders was 1.426 billion yuan, up 52.98% year-on-year [3] - The demand for printed circuit boards (PCBs) is driven by strong growth in servers, AI servers, and data centers, with notable performance in the automotive sector, particularly in smart driving applications [3] - The company is expanding its production capacity, with significant investments in new projects, including a 2.91 billion yuan investment in the Jiangxi Shengyi Phase II project, which is expected to add 18 million square meters of copper-clad laminate and 34 million meters of bonding sheet capacity upon full production [3] Financial Performance Summary - In Q2 2025, the company reported revenue of 7.069 billion yuan, a year-on-year increase of 35.77%, and a net profit of 863 million yuan, up 59.67% year-on-year [3] - The gross margin for Q2 was 26.85%, an increase of 2.25 percentage points quarter-on-quarter, while the net margin was 13.98%, up 2.67 percentage points [3] - The revenue from copper-clad laminates and bonding sheets reached 8.364 billion yuan in H1 2025, with a gross margin of 23.69%, reflecting a year-on-year increase of 1.99 percentage points [3] Future Financial Projections - The company is projected to achieve revenues of 26.946 billion yuan, 33.905 billion yuan, and 43.511 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32%, 26%, and 28% [4] - The net profit attributable to shareholders is expected to reach 3.321 billion yuan, 4.186 billion yuan, and 5.550 billion yuan for the same years, with growth rates of 91%, 26%, and 33% [4] - The earnings per share (EPS) is forecasted to be 1.37 yuan, 1.72 yuan, and 2.28 yuan for 2025, 2026, and 2027, respectively [4]

Group 1 - The communication sector continues to perform strongly, with communication equipment and electronic components leading the market. The communication equipment ETF (159583) saw an intraday increase of 5.82%, while the AI ETFs also showed significant gains, with the AI ETF (589380) rising by 4.26%. Notably, the prices of these ETFs reached new highs during the trading session [1] - OpenAI's executives announced plans to invest trillions of dollars in AI infrastructure to meet the growing computational demands of AI services. The 2025 China Computing Power Conference is scheduled for August 22-24 in Datong, Shanxi, with Huawei confirmed to participate. This conference is expected to be a key catalyst for policy refinement, technology implementation, and order signing [1] - Continuous development in AI is anticipated to drive demand for high-end optical modules, indicating strong long-term growth potential in the optical module industry [1] Group 2 - The communication equipment ETF (159583) closely tracks the CSI Communication Equipment Theme Index (931271), which selects 50 listed companies involved in communication equipment manufacturing, technology services, and satellite internet construction. The index's components have a high proportion of optical module leaders and computing hardware companies, accurately reflecting the development trends in the optical module and computing industries [1] - The ChiNext AI ETF (159246) tracks the ChiNext AI Index (970070.CNI), which selects 50 companies from the ChiNext market that cover the entire AI industry chain, including hardware, software, and applications, with a focus on communication equipment and optical module leaders [2] - The AI ETF (589380) tracks the Sci-Tech Innovation AI Index, selecting 30 larger market cap companies from the Sci-Tech Innovation Board that provide foundational resources, technology, and application support for AI, covering various innovative applications in high-growth areas like cloud computing and robotics [2]