8月27日上午，A股市场盘中拉升。创业板指盘中突破2800点整数关口，再创近期新高。 业内人士指出，近期，新能源、创新药以及光模块、电子通信表现较好，助力创业板指持续走强，板块走强的大 背景是A股市场赚钱效应提升，2024年9月24日以来，震荡区间已经实现向上突破，反映整个市场风险偏好改变。 从长周期来看，市场进入到一轮估值扩张周期。一些细分方向迎来景气度拐点，如生物医药、电力设备、新能源 等，从产业到市场都出现了趋势性转变。即便经历了7月份的一轮上涨后，创业板目前仍处于估值低估阶段，依 然有投资性价比。 成份股中，中科创达（300496）、长川科技（300604）、新易盛（300502）均涨超10%，天孚通信（300394）、 亿纬锂能（300014）等纷纷大涨。 | 序号 代码 | | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 7 | | 300496 中科创达 | 79.18 | 10.55 | 15.37% | | 2 | | 300604 长川科技 | 57.88 | | 6.94 13.62% | | 3 | 30 ...

中国基金报记者 晨曦 8月27日上午，A股市场盘中拉升。创业板指盘中突破2800点整数关口，再创近期新高。 成份股中，中科创达、长川科技、新易盛均涨超10%，天孚通信、亿纬锂能等纷纷大涨。 | 序号 代码 | | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300496 | 中科创达 | 79.18 | 10.55 | 15.37% | | 2 | 300604 | 长川科技 | 57.88 | 6.94 | 13.62% | | 3 | 300502 | 新易盛 | 315.60 | 33.56 | 11.90% | | 4 | 300394 | 天字通信 | 156.31 | 11.53 | 7.96% | | 5 | 300014 | 亿纬锂能 | 54.27 | 3.92 | 7.79% | | 6 | 300207 | 欣旺达 | 24.59 | 1.52 | 6.59% | | 7 | 300308 | 中际旭创 | 333.00 | 19.00 | 6.05% | | 8 | 300748 | 金力永磁 | ...

Core Viewpoint - The company,沃尔核材, is a comprehensive solution provider for high-speed data communication and alternative energy power transmission, focusing on polymer radiation-modified new materials and has established a complete industrial chain from copper core wire to finished copper cables [1] Industry Outlook - The communication cable industry is expected to grow from $18.2 billion in 2025 to $22.8 billion in 2029, with a CAGR of 5.7% [2] - Traditional communication devices will continue to dominate the market, accounting for 58.5% in 2024, while high-speed communication devices will account for 14.8% [2] - The global high-speed copper cable market is projected to grow at a CAGR of 26.9%, increasing from $1.9 billion to $4.9 billion between 2025 and 2029 [5] Market Position - In the heat shrink materials sector, the company ranks first globally with a market share of 20.6% and 58.5% in China [6] - The company is the largest manufacturer of DC charging guns for new energy vehicles in China, holding a market share of 41.7% [6] - The company is the second-largest high-speed copper cable manufacturer globally, with a market share of 24.9% [7] Financial Performance - The company's revenues for 2022, 2023, and Q1 2024 were $5.337 billion, $5.719 billion, and $1.759 billion, respectively, with net profit margins of approximately 12.37%, 13.25%, and 15.36% [9] - The electronic materials segment, primarily heat shrink materials, saw a revenue growth of 27.9% in 2024, contributing 37.6% to total revenue [10] - The new energy vehicle segment achieved a revenue of $1.38 billion in 2024, growing by 27.6% [11] Competitive Advantages - The company is the only domestic producer capable of mass-producing 224G PAM4 copper cables, with a stable yield rate of over 90% [15] - The company has sufficient core production equipment, with five machines for producing high-speed copper cables, and plans to acquire more [16][17] - The company maintains a healthy cash flow, with net cash flows from operating activities of $1.035 billion, $860.1 million, and $942.9 million from 2022 to 2024 [13] Customer and Supplier Dynamics - The company has a low concentration of customers, with the top five customers contributing 12.6%, 11.5%, and 12.7% of revenue from 2022 to 2024 [14] - The company’s largest customer, Amphenol, accounted for 4.0% of total revenue in 2024, indicating a diversified customer base [14] Growth Drivers - The demand for high-speed copper cables is expected to surge due to the introduction of NVIDIA's GB200 AI computing server, which utilizes copper interconnect technology [8] - The company is positioned to benefit from the increasing capital expenditures of major cloud service providers, projected to grow by 50% [24] Valuation Insights - The company's A-share PE ratio for 2025 is 22.6x, which is lower than the average of 37x for NVIDIA-related stocks [29]

Group 1 - The core technology solutions for the current 224G high-speed communication cables are physical foaming technology and solid material technology [1] - The company has developed 224G high-speed communication cables based on these two technology solutions, which have passed strict certification from leading global customers and are now being delivered in large quantities [1] - The current lotus core structure products are mainly used for PCIe series products, and there is uncertainty regarding their application in higher-speed 224G high-speed communication cables and next-generation products [1] Group 2 - An investor raised a question regarding the potential confusion between the company's products and those of New Asia Electronics, specifically about the supply of high-frequency high-speed cables to Amphenol [3] - The company supplies high-speed communication cables (single-channel 224G) for data center servers, which are distinct from the products offered by New Asia Electronics [3]

Group 1: Industry Overview - The evolution of communication technology is driving innovation and transforming industries, significantly impacting the digital economy and society as a whole [1] - Shenzhen's electronic communication companies are focusing on innovation-driven development strategies, resulting in the emergence of high-quality tech enterprises that contribute to industrial change and economic transformation [1] Group 2: Company Performance - Kema Technology reported a revenue of 857 million yuan for 2024, representing a year-on-year growth of 78.45%, and a net profit of 311 million yuan, up 279.88% [1] - Kema Technology's R&D investment for 2024 is 66.32 million yuan, an increase of 42.52%, with over 20 million yuan spent in Q1 2024, reflecting a 15.53% year-on-year growth [2] - Feirongda is involved in multiple key industries, including consumer electronics and new energy vehicles, and is optimizing its product structure to align with market trends [2] Group 3: R&D and Innovation - Kema Technology's continuous investment in technology innovation is key to its leadership in the semiconductor equipment sector [2] - Guanghetong, a leading provider of IoT wireless communication modules, has invested 591 million yuan, 716 million yuan, and 719 million yuan in R&D from 2022 to 2024, respectively, and holds numerous patents to support its expansion in IoT applications [3]

Core Viewpoint - The electronic communication industry is experiencing significant activity and investment, driven by a combination of strategic state support, technological innovation, and market dynamics, leading to high growth and interest from various capital sources [3][4][5]. Group 1: Industry Overview - The electronic communication sector is characterized as a technology and capital-intensive industry with long investment cycles and high risks, yet it is crucial for national security and economic development [4]. - The industry encompasses various segments including chips, communication equipment, terminal manufacturing, and software applications, indicating a long industrial chain and numerous enterprises [3][4]. - The sector has seen a resurgence in 2024, with revenue growth rates leading among major industries, as reported by Wind data [4]. Group 2: Investment Dynamics - Private equity and venture capital are playing a vital role as "innovation engines," focusing on early to mid-stage projects to support technological advancements and industry upgrades [3][4]. - Public funds are increasingly engaging with electronic communication companies, with a notable rise in the number of public fund institutions conducting research on A-share companies in the sector [5]. - The investment logic has shifted from "single-point technology" to "industrial ecology," with a trend towards early and smaller investments [7][9]. Group 3: Future Trends - The future of the electronic communication industry is expected to revolve around innovation and self-sufficiency, driven by emerging technologies such as cloud computing, big data, and artificial intelligence [10]. - The capital market's role is evolving from mere financial investment to value discovery, with a focus on supporting companies with core technologies and enhancing their operational capabilities [11][12]. - The industry is moving towards a model of "ecological co-construction," emphasizing collaboration between capital and technology to strengthen the foundation for future advancements [12].

Core Viewpoint - The news highlights the upcoming IPO of Zhaoyi Innovation, a leading storage chip manufacturer in China, aiming to expand its overseas business footprint while celebrating its 20th anniversary [2]. Group 1: Company Background and Growth - Zhaoyi Innovation, known as a prominent non-foundry Flash supplier globally, has achieved significant milestones with the support of long-term capital partners like Yingfu Tech [2]. - The company was founded in 2005 by Zhu Yiming and initially received its first round of financing from Yingfu Tech and Tsinghua Science Park, with Yingfu Tech investing 1.03 million yuan for a 24.03% stake [2]. Group 2: Investment and Partnerships - Yingfu Tech is recognized as a seasoned investment institution in the technology sector, holding a 7.77% stake in Zhaoyi Innovation before its public listing [3]. - In August 2023, Zhaoyi Innovation announced a significant investment of 50 million yuan as a limited partner in a fund managed by Yingfu Tech, aiming to leverage the expertise and resources of the investment firm to enhance its industry positioning and profitability [3]. Group 3: Fund and Industry Relationships - Yingfu Tech has invested in nearly 150 projects over its 25-year history, nurturing 23 companies to go public, with several of these companies now contributing as limited partners in the Beijing Science and Technology Innovation Fund [4]. - The collaboration between Yingfu Tech and its portfolio companies exemplifies a mutual growth dynamic, fostering a robust network of resources and channels for future investment opportunities and value-added services [4].

Group 1: Market Trends and Focus Areas - The semiconductor sector has become the focal point of public fund research, with Lexin Technology being the most investigated company, receiving attention from 67 funds [1][3] - Other notable companies in the electronics and communication sectors include Yihua Da and Tianfu Communication, which were investigated by 65 and 57 funds respectively [1][3] - The overall trend indicates a strong interest in technology-related investments, particularly in AI computing and semiconductor industries, driven by policy support and industry upgrades [1][4][6] Group 2: Investment Strategies and Outlook - Multiple public funds have expressed optimism for the second half of the year, highlighting technology as a long-term investment theme [5][6] - Funds are focusing on cyclical sectors due to strong price and profit elasticity amid economic recovery and supply constraints [5] - The emphasis on technology investments is seen as a response to external uncertainties, with a push for high-level technological self-reliance in China [7]

Group 1 - The Zhengdong New District is hosting a job fair on June 7, 2023, aimed at attracting college graduates for employment and entrepreneurship to support high-level development in the area [1] - The job fair will cover various industries including electronic communication, business services, education and training, manufacturing, biomedicine, cultural media, food, agriculture, real estate, insurance finance, and logistics, offering nearly 3,500 job positions [1] - Over 40 companies have registered to participate in the job fair, including Guangzhou Yuehao Food, Shanghai Zihe Information, and Jiangsu Kepu Textile [1] Group 2 - A separate job fair organized by the Erqi District Human Resources and Social Security Bureau will take place on June 5, 2023, targeting recent graduates and unemployed youth [2] - The event will feature over 6,800 job openings in key areas such as new media operations, management trainees, e-commerce, technical engineering, administration, design, accounting, law, computer science, and human resources management [2] - The job fair will include a recruitment area, an exhibition area for companies, and mobile options for resume submission to enhance job matching and face-to-face recommendations for job seekers [2]

Group 1 - The A-share market experienced a significant rally, with all major indices rising, particularly the ChiNext Index, which surged 1.37% to reclaim the 2000-point mark [1] - The rally was driven by three main factors: the global AI boom fueled by Nvidia's strong earnings report, improved policy environment attracting foreign investment, and a U.S. court decision easing trade tensions [1][2] - The Shanghai Composite Index rose by 0.7% to 3363.45 points, while the Shenzhen Component and ChiNext Index increased by 1.24% and 1.37%, respectively, indicating a clear shift in market sentiment [1] Group 2 - The technology sector led the market, with significant gains in computer, pharmaceutical, and electronic communication industries, while defensive sectors like gold and consumer goods faced declines [2][3] - The healthcare sector outperformed with a 4.09% increase, driven by innovative drug companies and positive developments from the ASCO annual meeting [3] - The stablecoin concept saw a surge due to the implementation of Hong Kong's stablecoin regulations, significantly boosting the fintech sector by over 30% [3]