证券研究报告 | 2025年08月23日 金融工程日报 沪指单边上行站上 3800 点，本周累计涨幅 3.49%创年内最佳 核心观点 金融工程日报 市场表现：20250822 市场全线上涨，规模指数中上证 50 指数表现较好，板 块指数中科创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。 电子、通信、计算机、非银、国防军工行业表现较好，银行、石油石化、农 林牧渔、钢铁、交通运输行业表现较差。服务器、万得元宇宙、炒股软件、 AIPC、ASIC 芯片等概念表现较好，黄酒、宠物经济、家纺、西藏振兴、培 育钻石等概念表现较差。 市场情绪：20250822 收盘时有 81 只股票涨停，有 4 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 1.94%，昨日跌停股票今日收盘收益为 -0.57%。今日封板率 84%，较前日提升 25%，连板率 25%，较前日提升 13%， 封板率创近一个月新高。 市场资金流向：截至 20250821 两融余额为 21468 亿元，其中融资余额 21320 亿元，融券余额 148 亿元。两融余额占流通市值比重为 2.3%，两融 交易占市场成交额比重为 11.0%。 折溢 ...

8月22日，A股再度单边逼空，沪指轻松拿下3800点，科创50暴涨8%，寒武纪、海光信息两大巨头双双 20%涨停，带动GPU、服务器、AIPC概念强势领涨。 6 月以来，寒武纪股价最高涨幅逾 300%，大幅抬升科创板 AI 芯片估值天花板。沐曦股份与摩尔线程则 于 6 月 30 日同日递交科创板招股书，拟分别募资 39.04 亿元和 80 亿元。 市场一度期待寒武纪的"情绪外溢"能让两家后来者坐享高估值，但7月19日的首轮问询显示：监管并未 因板块热度降低盈利及持续经营门槛。 作为国产GPU"四小龙"之一，沐曦股份自称实现千卡集群大规模商用，GPU产品累计销量超2.5万颗， 然而，巨额亏损、关联方交易、单一产品依赖和紧绷的现金流，正成为悬在"国产GPU第一股"头顶的利 剑。 能否顺利 IPO，关键不是寒武纪的市值神话，而是曦云 C500 的迭代节奏和 2024 年下半年能否拿出可 验证的盈利拐点。 持续亏损，资金链紧绷 2024年末，企业有息债务总额攀升至22.91亿元，其中短期债务5.17亿元，长期债务17.74亿元。当年经 营活动现金流仅能覆盖约24%的债务总额，短期债务覆盖率更是不足30%。 截至202 ...

格隆汇8月22日丨安孚科技(603031.SH)在投资者互动平台表示，FP8是"Float Point 8-bit"的缩写，它是一 种8位浮点数表示，与传统的FP16（16位浮点数）和 FP32（32位浮点数）相比，FP8显著减少了存储， 提高了计算吞吐。例如，在大模型训练中，FP8 使得模型权重和激活值的内存占用直接减半，同样大小 的片上存储可以缓存更多数据，减少与外部内存的交互，从而提升整体效率，同时计算速度较FP16可 提升 2-3倍。象帝先即将推出的伏羲架构B0芯片是为AIPC设计的异构芯片，支持FP8运算。 ...

Core Viewpoint - The technology sector, particularly domestic chip stocks, experienced a significant surge, with the Sci-Tech 50 Index rising over 5%, marking a new three-year high [1][3]. Group 1: Market Performance - The Sci-Tech 50 Index closed with a gain of 5.25%, while the semiconductor equipment index saw an intraday increase of 3.1% [1]. - The AIPC index recorded an intraday rise of 3.95%, with active performance from constituent stocks [1]. - The Shanghai Composite Index rose by 0.67%, reaching a new stage high for three consecutive days, while the Shenzhen Component Index increased by 1.32% and the ChiNext Index by 2.57% [1]. - Nearly 2000 stocks advanced in the A-share market, with significant support from brokerage stocks, which are considered the "bull market flag bearers" [1][12]. Group 2: Chip Industry Highlights - The domestic chip industry saw a comprehensive surge, with stocks like Cambricon Technologies rising by 12%, pushing its market value close to 500 billion yuan [3][6]. - Other notable performers included Haiguang Information, which surged by 17.19%, and Zhongke Shuguang, which hit the daily limit [9]. - The GPU, server, copper-clad laminate, and circuit board sectors led the market gains, reflecting strong investor interest [9][10]. Group 3: Trading Activity - The trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan, although it decreased by approximately 569 billion yuan compared to the previous day [1].

【导 读】 科创50指数大涨 逾5 % ，国产芯片股集体"霸屏"，寒武纪续创新高！ 中国基金报记者 张舟 伙伴们， 今天 是周五了，A股的火爆程度出人意料啊，科技股更是上演狂欢日！ 上午有投资者对基金君直言：我的科创50ETF终于"解套了"。 科创50指数大涨近6% 创逾3年新高 早盘，科技股突然暴涨，带动大盘全线进攻。科创50指数暴涨5.25%，半导体设备指数盘中涨幅达3.1%。 AIPC指数盘中涨幅达3.95%， 成份股 表现活跃。截至收盘，中科曙光10cm涨停，海光信息大涨17.19%，昆仑万维上涨16.28%，寒武 纪-U上涨12.4%，中芯国际上涨8.28%，深信服上涨7.62%。服务器指数盘中一度大涨6.75%，截至收盘，方正科技10cm涨停，中兴通 讯、拓维信息大涨。 今天早盘 A股市场呈现高开 高走 格局， 上涨的个股数量近2000只。值得注意的是，"牛市旗手"券商股，今天表现也非常强劲，较好地支 撑了大盘的上行，汽车股和有色金属股也持续上涨。 截至收盘，上证指数收涨0.67%，连续3日创阶段新高，距离3800点只差"临门一脚"； 深证成指 大 涨 1.32 %，创业板指 大涨2.57 % 市 ...

投资建议：鉴于龙头地位稳固，AIPC、AI 服务器加速渗透，我们预计公司2025-2027 年实现营业收入 773.81/836.82/912.25 亿美元，经调整归母净利润16.28/19.02/22.06 亿美元。对应PE 分别为10.7/9.2/7.9 倍，首次覆盖，给予"增持"评级。 全球最大PC 厂商，根植于中国的真正全球化企业。据IDC 数据，2025年第二季度，公司是全球最大的 PC 厂商，全球市占率扩大至24.8%。公司当前在180 个国家和地区开展业务，全球约有80000 名员工， 18 个全球研发基地，30 多个生产制造基地，是一家真正全球化的公司，需要用全球化的视角去研究。 收入&经调整归母净利润均超彭博预期：2Q25 公司收入同比增长21.9%为188.3 亿美元（高于彭博预期 175.6 亿美元），三大业务集团收入均超彭博预期，其中ISG收入较彭博预期超出10%。公司归母净利润 同比增长108%至5.05 亿美元，与认股权证相关的衍生金融负债公允值收益为1.5 亿美元，经调整归母净 利润剔除了这部分的影响，同比增长22%至3.9 亿美元（高于彭博预期3.5 亿美元）。 风险提示：美国 ...

Core Insights - Hanbo High-tech's stock price reached 19.32 yuan as of August 19, 2025, marking an increase of 3.22 yuan from the previous trading day [1] - The stock opened at 16.42 yuan, with a daily high of 19.32 yuan and a low of 16.39 yuan, indicating significant price movement [1] - The trading volume for the day was 89,148 hands, with a total transaction value of 1.67 billion yuan [1] Trading Activity - The average transaction size on August 19 was 1,219 shares, reflecting a 228.8% increase in trading volume compared to the previous period, indicating heightened trading activity [1] - There was a net inflow of 52.04 million yuan from major funds on that day, with a cumulative net inflow of 45.58 million yuan over the past five days [1] Company Overview - Hanbo High-tech operates in sectors including optical optoelectronics, Anhui region, AIPC, MiniLED, and new energy vehicles [1] - The company's main business focuses on the optoelectronic display field, with products widely used in consumer electronics and automotive electronics [1]

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [2] Core Insights - Lenovo Group demonstrated resilience in its supply chain and operational efficiency, leading to a continuous improvement in profit margins despite a slight decline in overall gross margin [3] - The company achieved a revenue growth of 22% year-on-year in the first quarter of the fiscal year 2025/26, with a non-Hong Kong Financial Reporting Standards operating profit of $630 million, up 10% year-on-year [3][4] - The report highlights strong growth across all main business segments, with significant contributions from the IDG, ISG, and SSG divisions [5][9][12] Summary by Sections Financial Performance - The first quarter of fiscal year 2025/26 saw a revenue of $18.83 billion, reflecting a 22% year-on-year increase, with a gross margin of 14.7%, down 1.9 percentage points [3][16] - Non-Hong Kong Financial Reporting Standards net profit reached $390 million, a 22% increase year-on-year, while the Hong Kong Financial Reporting Standards net profit was $510 million, up 108% [3] Business Segment Performance - IDG business revenue was $13.5 billion, growing 18% year-on-year, with a stable operating profit margin of 7.1% [5][12] - ISG business revenue increased by 36% to $4.3 billion, with AI server revenue more than doubling, although operating profit was negative due to low-margin customer revenue and increased R&D costs [9] - SSG business revenue reached $2.3 billion, a 20% year-on-year increase, maintaining a strong operating profit margin of 22% [12] Market Dynamics - The Chinese market showed a significant recovery with a 36% revenue growth, while the Americas and Asia-Pacific regions also reported strong growth rates of 14% and 39%, respectively [4] - The company gained market share in the Americas, with a PC market share of 24.6%, while the European, Middle Eastern, and African markets grew by 9% [4] Future Projections - Revenue is projected to reach $69.08 billion in fiscal year 2024/25, with a year-on-year growth of 21.5%, and expected to continue growing to $76 billion in 2025/26 [17] - The forecasted net profit for fiscal year 2025/26 is $1.7 billion, reflecting a 22.8% year-on-year increase [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has experienced a turnaround in performance expectations, entering a phase of growth across multiple sectors, particularly in AI and automotive electronics [6][7] - The company is expanding its high-end production capacity, which is expected to drive long-term growth [8] Financial Performance Summary - In H1 2025, the company achieved a revenue of 2.565 billion yuan, representing a year-over-year increase of 19.43%. However, the net profit attributable to shareholders was 196 million yuan, down 11.96% year-over-year [6] - For Q2 2025, revenue was 1.401 billion yuan, up 19.65% year-over-year and 20.33% quarter-over-quarter. The net profit for Q2 was 84 million yuan, down 24.61% year-over-year and 25.56% quarter-over-quarter [6] - The gross margin for Q2 was 20.91%, a decrease of 2.95 percentage points year-over-year, and the net margin was 5.66%, down 3.81 percentage points year-over-year [6] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 525 million, 745 million, and 987 million yuan respectively, with corresponding EPS of 1.66, 2.35, and 3.11 yuan [6][10] - The company expects a significant revenue increase in the coming years, with projected revenues of 5.552 billion, 7.199 billion, and 9.071 billion yuan for 2025, 2026, and 2027 respectively [10] Business Development - The company is diversifying its product structure, with significant growth in data center and server revenues, as well as automotive electronics [7] - The company has established stable partnerships with several well-known Tier 1 manufacturers in the automotive electronics sector [7] Capacity Expansion - The company is in the process of ramping up production capacity at its Thailand factory, which focuses on high-end PCB products for AI servers and automotive electronics [8] - A recent announcement indicated plans to issue convertible bonds to raise up to 1 billion yuan for high-end PCB projects, with a total planned investment of 1.82 billion yuan [8]

Group 1 - The stock price of Siquan New Materials experienced a rapid rebound on August 14, 2025, with an increase of over 2% within 5 minutes [1] - As of 9:35 AM, the stock was priced at 155.06 yuan, with a trading volume of 1.24 billion yuan and a turnover rate of 1.69% [1] - Siquan New Materials focuses on the research and production of new materials, primarily applied in consumer electronics and related fields such as AIPC and AI mobile phones [1] Group 2 - On that day, the net outflow of main funds for Siquan New Materials was 19.92 million yuan, accounting for 0.27% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 50.37 million yuan, representing 0.69% of the circulating market value [1]