本报讯 （记者张敏）近日，赛晶科技集团有限公司（以下简称"赛晶科技"）发布2025年中期业绩并召 开业绩说明会。 数据显示，2025年上半年，赛晶科技实现销售收入8.88亿元，同比增长35%；归母净利润达9377.3万 元，同比增长178%。 具体来看，作为赛晶科技的传统优势业务，常规直流电及柔性输电板块在2025年上半年延续强劲表现， 成为营收贡献的"压舱石"。数据显示，该板块报告期内实现收入3.85亿元，同比增长38%。从项目推进 节奏看，公司上半年重点完成了2024年签约的"沙特中南""甘肃至浙江"两大项目的核心交付任务，同时 顺利收尾2023年项目的剩余订单。 自研功率半导体业务则是公司战略布局的核心赛道，2025年上半年也持续迎来新进展。数据显示，该板 块上半年销售收入达5315万元，同比增长231%，环比增长23%。 新能源发电及储能板块作为赛晶科技重点培育的增长项目，今年上半年同样保持高增长态势，与前两大 板块形成协同发力格局。该板块凭借在储能系统集成等领域的技术积累，成功切入国内多个大型储能项 目，同时在分布式光伏、风电配套设备领域实现市场份额提升，为公司营收增长提供了重要补充，也为 长期把握 ...

国泰海迪址券 研究所 2025年研究 居生活 8月18、19、25、26日全天 9:00-17:40- 8月26日 (周三) 先进制造篇 保管席分析 力设备与新能 力遺留与筋 博亚 首席分析 首席分析 市值与创新 产直属分析 8月26日 (周二) 医药+科技篇 历长、科技组 物医药官席分 通信官席分 f 技营席分 时间安排: 8月18、19、25、26日全天 9:00-17:40 查看完整议程 国泰海通 ·2025研究框架培训邀请函｜洞察价值，共创未来 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 | 8月25日周一 | 周期篇 | 8月26日周二 | 医药+科技+先进制造篇 | | --- | --- | --- | --- | | 9:00-9:45 | 非金属类建材研究 | 9:00-9:40 | 生物医药研究 | | 9:45-10:30 | 有色金属研究 | 9:40-10:20 | 传播文化研究 | | 10.00 11.10 | / A rea who . H. TT ches | 10 00 11 00 | da => 7.77 chs | | 10:30-11:15 | 公用事业价 ...

Macro Economic Overview - The decline in construction demand has slowed down year-on-year, with construction starts remaining at seasonal lows and cement dispatch volumes stabilizing [5][6] - Industrial production remains at a historically high level, although some sectors like chemical chains and automotive tire production have seen a decrease in operating rates [5][6] - The demand for construction materials is weak, with a slight recovery in rebar demand due to a low base in 2024, while automotive sales have also declined [6] Commodity Prices - International commodity prices are fluctuating, with oil prices declining and copper and aluminum prices remaining stable [7] - Domestic industrial product prices are experiencing weak fluctuations, with the South China comprehensive index showing a downward trend [7] Real Estate Market - New housing transactions remain at historical lows, with a significant drop in transaction volume in major cities compared to previous years [8] - The second-hand housing market also shows weak performance, with transaction volumes in key cities like Beijing and Shanghai declining [8] Export Trends - Exports are expected to show a year-on-year increase of around 7% to 9% for the period before August 17, driven by a lack of significant declines in high-frequency data [9] Investment Strategy - The North Exchange 50 index has shown strong upward momentum, breaking through the 1500-point mark, indicating a potential new equilibrium [11][12] - The index is characterized by smaller market capitalization and concentrated themes, which can lead to significant price elasticity with marginal changes in fund flows [12][13] Company-Specific Insights Meituan (01357.HK) - The company focuses on its core imaging business, with AI driving an increase in subscription rates, leading to an upward revision of net profit forecasts for 2025-2027 [17][19] - The user base is large, and the company is expanding globally while improving its product offerings [20] Leap Motor (09863.HK) - The company is accelerating self-research in intelligent driving, with revenue forecasts for 2025-2027 being revised upwards due to strong brand demand [22][23] - The company expects significant growth in vehicle deliveries and profitability from its partnerships and new product launches [24] InvoTech (002837.SZ) - The company reported a 50.25% increase in revenue for H1 2025, driven by the growth of its liquid cooling products in data centers [27][28] - The company is expanding its production capacity and focusing on R&D to enhance its competitive edge [29] Shengquan Group (605589.SH) - The company achieved a 51.2% increase in net profit in Q2, with plans to issue convertible bonds to fund new energy battery material projects [31][32] - The company is positioned to become a leading provider of biomass and chemical new materials solutions [34] Jinneng Technology (603113.SH) - The company reported a 24.1% increase in revenue for H1 2025, with significant growth in its olefin and carbon black production [36][37] - The company is expanding into the hydrogen energy sector and has adjusted its convertible bond price to enhance liquidity [38] China Shenhua (601088.SH) - The company is initiating a large-scale asset acquisition to strengthen its integrated operations, with expected stable profitability and high dividend returns [40][41] - The acquisition involves high-quality assets that will enhance the company's overall profitability and operational efficiency [42][43] Aofei Data (300738.SZ) - The company is a leading provider of IDC services, expanding its data center footprint across China and benefiting from the growth of AI applications [45][46] - The company has established partnerships with major internet firms and is focusing on enhancing its cloud computing capabilities [49] China Hongqiao (01378.HK) - The company reported an 8.48% increase in revenue for H1 2025, driven by higher prices for alumina and electrolytic aluminum [50][51] - The acquisition of additional equity in Yunnan Hongtai is expected to enhance its production capacity and profitability [52]

Group 1 - The article outlines a comprehensive research framework training program titled "洞察价值，共创未来" (Insight Value, Co-create Future) scheduled for August 18-19 and August 25-26, 2025, focusing on various sectors including macroeconomics, consumption, finance, cycles, medicine, technology, and manufacturing [18][19]. - The training sessions will cover a wide range of topics, with specific time slots allocated for each area of research, such as food and beverage, internet applications, and renewable energy [14][15][16]. - The event will take place at the Guotai Junan Financial Bund Plaza in Shanghai, emphasizing the importance of in-depth analysis across all sectors [18]. Group 2 - The training program is designed to enhance the research capabilities of analysts and is led by various chief analysts specializing in different fields, ensuring a comprehensive approach to industry analysis [8][10]. - Participants will have the opportunity to engage with experts in macroeconomic research, strategy, fixed income, and various sector-specific studies, fostering a collaborative learning environment [14][15][16]. - The program aims to equip analysts with the necessary tools and insights to navigate the complexities of the financial markets and identify potential investment opportunities [18].

2025 年 08 月 11 日 开源晨会 0811 | | | | ——晨会纪要 | | --- | --- | --- | --- | | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | 沪深300 | | 创业板指 | wumengdi@kysec.cn | | 80% | | | 证书编号：S0790521070001 | | 60% | | | 观点精粹 | | 40% 20% | | | 总量视角 | | 0% | | | 【宏观经济】充分释放宏观政策效果——宏观周报-20250810 | | -20% | | | 【宏观经济】实物价格表现好于服务——宏观经济点评-20250809 | | 2024-08 | 2024-12 2025-04 | | 【策略】市场的双轮驱动：科技 & PPI 交易——投资策略周报-20250809 | | 数据来源：聚源 | | | | | | | | 【策略】市场的双轮驱动系列二——全球科技共舞——投资策略专题-20250808 | | 昨日涨跌幅前五行业 | | | 【固定收益】把握票息与利差压缩的"鱼尾"行情——固收专题-202508 ...

Core Viewpoint - The article outlines the schedule and topics for the 2025 research framework training organized by Guotai Junan Securities, emphasizing a comprehensive approach across various sectors and inviting participation from interested parties [19]. Group 1: Event Schedule - The training sessions are scheduled for August 18-19 and August 25-26, covering a range of topics from macroeconomic research to sector-specific studies [14][19]. - The first two days focus on total, consumption, and financial sectors, while the latter two days will delve into cyclical, pharmaceutical, technology, and manufacturing sectors [19]. Group 2: Research Topics - The training will include sessions on food and beverage research, retail and service research, textile and apparel research, internet applications, home appliances, agriculture, forestry, animal husbandry, and fishery research [15]. - Additional topics will cover macroeconomic research, strategy research, overseas strategy research, fixed income research, fund evaluation, financial engineering, small and medium-sized enterprises, and new stock research [15][16]. - The second week will feature non-metallic building materials, non-ferrous metals, public utilities, biological medicine, cultural communication, electronics, and various engineering and manufacturing studies [16][17].

Core Insights - The report highlights the ongoing macroeconomic adjustments aimed at addressing "involution" in corporate competition, emphasizing the need for quality improvement and orderly exit of outdated capacities [7][8][9] - The A-share market has shown resilience despite external uncertainties, with significant participation from retail investors and a focus on sectors like technology and finance [12][15][19] - The solid-state battery industry is accelerating its industrialization, with key milestones set for 2027 and 2030, indicating a robust growth trajectory [35][36] Macro Economic Analysis - Recent macro policies focus on promoting a unified national market and addressing low-price competition among enterprises, with an emphasis on enhancing product quality [7][8] - The construction and cement industries are implementing "anti-involution" measures, including production cuts to stabilize the market [8] - Consumer policies are being optimized to stimulate spending, with initiatives like tax refunds and subsidies to boost consumption [8] Market Strategy - The report identifies two main opportunities in the market: the resurgence of new stocks and thematic investments in deep-sea technology, which are expected to outperform in the current economic climate [13][19] - A suggested investment strategy includes a diversified approach focusing on technology, military, finance, and stable dividend stocks, alongside gold [19] Industry Insights - The solid-state battery sector is experiencing rapid advancements, with companies like Ningde Times and others making significant progress towards mass production [35][36] - The REITs market is showing strong performance, with environmental REITs leading the way, indicating a favorable investment environment for income-generating assets [39][41] - The non-bank financial sector is witnessing a positive outlook, particularly for brokerage firms, as they report better-than-expected mid-year results [44][45] Company Recommendations - The report recommends focusing on leading companies in the liquor industry, such as Kweichow Moutai and Shanxi Fenjiu, as they are expected to recover from recent demand pressures [32][33] - In the semiconductor sector, companies involved in probe station equipment are highlighted for their growth potential, driven by increasing domestic demand and technological advancements [29][27]

Group 1 - The core viewpoint is that the rapid development of artificial intelligence (AI) is reshaping the investment logic in the technology sector, transitioning from a narrative of "value stocks" to "growth stocks" [1][25][26] - The investment strategy in the technology sector is evolving, emphasizing a combination of top-down and bottom-up approaches to capture fundamental changes and opportunities within the industry [1][28] - The proportion of holdings in "hard technology" within public funds has increased significantly, with the share of Sci-Tech Innovation Board stocks rising from 10.31% in H1 2021 to 41.78% in H2 2023, indicating a shift in investment focus [1][29] Group 2 - Active technology funds have shown superior long-term performance compared to passive funds, with an annualized return of 8.98% from January 2014 to April 2025, significantly outperforming passive technology indices [2][10] - A timing strategy based on the CSI TMT Index has been developed, utilizing five effective indicators, achieving a total success rate of 52.36% and an excess annualized return of 11.39% [2][10] - The differentiation in technology sub-sectors is increasing, with a higher degree of industry dispersion, which poses greater challenges for fund managers who previously relied on concentrated positions in single sectors for returns [1][39][42] Group 3 - The investment strategies of active technology funds are categorized into five types, each suited to different market phases, including Beta-type funds focusing on high positions, Alpha-type funds selecting high-growth stocks, and flexible rotation funds [3][11] - The market sentiment, as reflected by financing balances, indicates a shift towards left-side layout trends, with a significant increase in financing balances for AI indices, suggesting a growing bullish sentiment [1][35][33] - The performance of technology stocks is increasingly driven by their ability to convert R&D investments into cash flow and technological barriers, marking a transition from speculative narratives to application-driven evaluations [1][27][26]

作为链接企业与资本市场的核心枢纽，董事会秘书在战略决策与市场响应间发挥着不可替代的协同作 用。他们既要精准传递企业价值主张，又需统筹监管合规与资本效能，从而驱动公司在合规框架下实 现商业价值与社会价值的双重跃升。 潘洁女士上任以来一直以专业性赋能治理，以创新性驱动价值，积极推进合规经营，强化投资者关系 管理，始终以规范、透明、高效为准则，推动公司治理与资本战略深度融合，为正泰电器注入了新的 活力与专业力量。 0 1 历经二十一载岁月沉淀，新财富金牌董秘评选已成为中国资本市场极具权威性与公信力的标杆评选，不仅见证 了中国资本市场蓬勃发展的壮阔征程，更以专业视角镌刻下时代变革的深刻印记。金牌董秘群体凭借卓越的专 业素养与创新实践能力，持续优化上市公司治理、深化投资者关系管理，已然成为推动中国资本市场向高质量 发展迈进的一股重要力量。 值此新财富董秘评选二十一周年之际，诚邀历届金牌董秘，分享企业战略、发展历程与职业经验，以实战洞见 解构资本风云，共探行业发展逻辑。 1984年，改革开放的春风吹遍了大江南北，温州作为中国改革开放的前沿阵地，迎来了前所未有的发 展机遇。在温州乐清县柳市镇，有一家名叫"求精开关厂"的小厂 ...

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [7] Core Viewpoints - The acceleration of the national unified electricity market is driving the construction of ultra-high voltage (UHV) projects, which are essential for achieving interconnection within the national grid [2][19] - The construction of UHV is not only to meet renewable energy consumption but also to address long-term energy imbalances, with significant demand for long-distance transmission solutions [14][41] - The report anticipates a peak in approvals for UHV projects, with expectations of 5-6 direct current (DC) and 3-4 alternating current (AC) projects approved in 2025, a significant increase from 2024 [3][45] Summary by Sections UHV Project Acceleration - The report predicts that the pace of UHV project approvals will accelerate, with an expected average of 6-7 UHV projects starting annually during the 14th Five-Year Plan period [1][3] - The expected annual order volume for UHV projects is projected to reach approximately 46 billion yuan, a 182% increase compared to the average winning bid amount from 2020 to 2024 [3][14] Market Dynamics - The UHV equipment market is characterized by high barriers to entry and concentrated profits, with major equipment components accounting for 80% of the market share [5][15] - Key suppliers such as State Grid NARI, Pinggao Electric, China XD Electric, and XJ Electric are expected to benefit significantly from the upward cycle of the sector [6][15] Back-to-Back Projects - Back-to-back DC transmission projects are crucial for addressing the power interconnection needs of adjacent provinces with asynchronous grids, with 5-6 projects expected to be approved within the year [4][16] - The report highlights that suppliers of converter transformers and converter valves are likely to see significant benefits from these projects [4][16] Financial Projections for Key Companies - State Grid NARI is projected to generate net profits of 1.15-1.64 billion yuan from each conventional/flexible DC UHV project, with an estimated profit elasticity of 1.1-1.6% [6][18] - Pinggao Electric is expected to earn 0.84/1.05 billion yuan from each DC/AC UHV project, with a profit elasticity of 4.2%/5.3% [6][18] - China XD Electric is projected to earn 2.4/1.2 billion yuan from each DC/AC UHV project, with a profit elasticity of 10.1%/5.0% [6][18] - XJ Electric is expected to generate net profits of 0.66-0.99 billion yuan from each conventional/flexible DC UHV project, with a profit elasticity of 3.1-4.7% [6][18]