蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 风险提示： 板块业绩不达预期；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 1、本周 观 点： 中报验证业绩持续回暖，加仓 AI 应用及国产化 2、深度跟 踪 ： AI 应用：顶层设计出台，商业化进程加速 周观点 中报验证业绩持续回暖，加仓 AI 应用及国产化 中报披露已经完毕，业绩持续回暖。 中报已披露完毕， 2025H1 ，按中位数法，计算机行业的营收、归母利润、扣非利润的同比增速中位数分别为 3.17% 、 7.6% 、 6.28% ，延续 2025Q1 的回暖趋势。随着业绩的持续改善，以及政策和创新红利的不断释放，从中长期来看，计算机板块的上行趋势预计将有持续性。 真空期将至，加仓 AI 应用及国产化。 在业绩披露窗口期，业绩增速具有比较优势的算力、互联网券商更受青睐。 9 月处于中报和三季报之间，业绩真空期的属性较 强，建议加大对 AI 应用及国产化的配置比例，上述两个方向均属于一定程度上受中报压制的高弹性板块，且景气度上行，有望在 9 月跑出相对收益。 阿里 ...

国家知识产权局信息显示，合肥维信诺科技有限公司、昆山国显光电有限公司取得一项名为"显示屏补 偿方法、装置、设备及存储介质"的专利，授权公告号CN 116129795 B，申请日期为2022年12月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，合肥维信诺科技有限公司，成立于2018年，位于合肥市，是一家以从事计算机、通信 和其他电子设备制造业为主的企业。企业注册资本2200000万人民币。通过天眼查大数据分析，合肥维 信诺科技有限公司参与招投标项目939次，专利信息3695条，此外企业还拥有行政许可31个。 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国计算机行业市场产销格局及未来前景研判报告》 根据国家统计局数据显示：2025年6月中国电子计算机整机产量为3437万台，同比增长9.6%；2025年1-6 月中国电子计算机整机累计产量为17902.2万台，累计增长8.2%。 上市企业：海尔智家（600690）,神州数码（000034）,浪潮信息（000977） ...

Wind统计显示，8月25日，申万31个一级行业中有28个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入113.29亿元；获融资净买入居前的行业还有通信、有色金属、电力设备、计算 机、非银金融、汽车、机械设备等，净买入金额均超10亿元。 个股方面，8月25日有2147只个股获融资净买入，净买入金额在1亿元以上的有86股。其中，16股获融资 净买入额超3亿元。胜宏科技获融资净买入额居首，净买入15.78亿元；融资净买入金额居前的还有北方 稀土、阳光电源、工业富联、新易盛、海光信息、东方财富、寒武纪等股，净买入金额均超6亿元。 ...

1. Report Industry Investment Rating - Not explicitly mentioned in the report 2. Core Views of the Report - In July 2025, the national economy showed steady progress with new driving forces growing. Industrial production increased rapidly, consumption grew steadily, and investment maintained potential despite a slight slowdown [2][14] - The combined policies of anti - involution and expanding domestic demand continued to boost high - quality economic growth. Anti - involution policies aimed to optimize supply, and policies like consumer credit subsidies expanded domestic demand [4][15] - Humanoid robots moved towards scenario - based applications with improved autonomy. The first humanoid robot games and the World Robot Conference demonstrated their development [4][16] - In the context of increasing anti - involution efforts on the supply side, it's necessary to focus on whether the demand side can resonate with the supply side. Industries such as photovoltaics, lithium batteries, and new energy vehicles, as well as the AI industry, are recommended for attention [4][16] 3. Summary by Relevant Catalogs 3.1 Core Views - In July 2025, the national economy had positive performance. Industrial added value increased by 5.7% year - on - year, equipment and high - tech manufacturing grew significantly, and the output of 3D printing equipment, industrial robots, and new energy vehicles increased by 24.2%, 24.0%, and 17.1% respectively. Social consumer goods retail总额 was 387.8 billion yuan, with some categories showing strong growth. 1 - 7 months' fixed - asset investment increased by 1.6% year - on - year, and investment in some industries grew rapidly [2][14] - Anti - involution policies included industry associations' resistance to malicious competition and the central bank's focus on price stability. The consumer credit subsidy policy covered a wide range of consumption areas, promoting economic growth [4][15] - Humanoid robots achieved improvements in flexibility and scenario - based applications, and the high国产化率 at the World Robot Conference indicated enhanced autonomy [4][16] - Investment suggestions included focusing on emerging industries' anti - involution progress and the development of the AI industry, especially domestic AI's performance and application scenarios [4][16] 3.2 North Exchange Market Performance - The North Exchange 50 Index rose 2.40% from August 11th to 15th. Its annual increase was 42.25%, second only to the Wind Micro - cap Stock Index. The index had high volatility. Electronics and computers led the gains this week, while beauty care and national defense and military industries declined. GEBICA and Haineng Technology led the individual stock gains [17][21][28] 3.3 North Exchange 50 Activity Increase - The trading volume of the North Exchange 50 in the week of August 11th - 15th was 128 billion yuan, an increase from the previous week. However, due to a larger increase in the trading volume of the Wind All - A Index, its trading volume ratio decreased to 1.22% [33] 3.4 North Exchange 50 P/E Ratio Valuation at a Relatively High Level - On August 15th, the median P/E ratio (TTM) of the North Exchange 50 was 64 times, higher than the 29 - times median of the Wind All - A Index [34]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the manufacturing and non-manufacturing sectors in China, specifically analyzing the National Bureau of Statistics (NBS) Purchasing Managers' Index (PMI) for July 2023. Core Insights and Arguments 1. **Manufacturing PMI Decline**: The NBS manufacturing PMI fell to 49.3 in July from 49.7 in June, which is below market expectations. The new orders sub-index saw the most significant decrease, dropping to 49.4 from 50.2, indicating a contraction in demand [1][3][10]. 2. **Non-Manufacturing PMI Decline**: The NBS non-manufacturing PMI decreased to 50.1 in July from 50.5 in June, slightly below market expectations. This decline was primarily driven by a slowdown in the construction sector, which fell notably to 50.6 from 52.8 [1][9][10]. 3. **Adverse Weather Impact**: The weakness in the July PMIs is attributed to adverse weather conditions, including high temperatures and heavy rainfall, which affected construction activity [1][10]. 4. **Trade-Related Sub-Indexes**: The manufacturing new export order sub-index decreased to 47.1 in July from 47.7 in June, indicating a decline in export demand. The import sub-index remained flat at 47.8 [4][8]. 5. **Price Dynamics**: The input cost sub-index increased to 51.5 from 48.4, while the output prices sub-index rose to 48.3 from 46.2, suggesting that deflationary pressures have eased somewhat due to recent increases in commodity prices [8][10]. 6. **Sector-Specific Performance**: Certain sectors such as railway, shipbuilding, aerospace equipment, and electronics showed output and new orders sub-indexes above 50, while sectors like chemical raw materials and cement remained below 50, indicating contraction [3][9]. Additional Important Insights - **Employment Sub-Index**: The employment sub-index inched up to 48.0 from 47.9, suggesting a slight improvement in employment conditions despite overall PMI declines [3]. - **Enterprise Size Impact**: The PMI for large enterprises fell to 50.3 from 51.2, while small enterprises saw a decline to 46.4 from 47.3. Medium enterprises, however, experienced a rise to 49.5 from 48.6 [8]. - **Government Policy Influence**: The government's focus on addressing overcapacity and excessive price competition is impacting the manufacturing sector, as indicated by the contrasting trends in output and price sub-indexes [1][10]. This summary encapsulates the key findings and insights from the conference call regarding the current state of the manufacturing and non-manufacturing sectors in China, highlighting the challenges posed by weather conditions and government policies.

盘面上来看，行业板块、概念跌多涨少。其中，计算机、通信、生物制品等行业涨幅靠前；辅助生殖、液冷、肝炎、国资云、复合集流体等概念 走势活跃。钢铁、有色金属、房地产、煤炭、证券、保险、电力设备、化工、交通运输等行业跌幅居前；低碳冶金、水产养殖、租售同权、钛白 粉、锂矿、免税、钒电池、黄金、白酒等概念走势较弱。涨停个股主要集中在医药生物、机械设备、电力设备等行业。 个股涨跌情况，截至收盘，沪深两市合计1016只个股上涨，4064只个股下跌，平盘个股62只，停牌的个股8只。不含当日上市新股，共有50只个股 涨停，9只个股跌停。 涨停股中，从连续涨停天数来看，大于或等于2天的个股有14只，其中，西藏旅游9连板，连续涨停板数量最多；南方路机4连板；阳光乳业、中化 装备、安正时尚均3连板；德展健康、胜通能源、奇正藏药、汇绿生态、英维克、南新制药等9股均2连板。 （原标题：数据复盘丨辅助生殖、液冷等概念走强 龙虎榜机构抢筹13股） 7月31日，上证指数全天震荡走低；深证成指早盘一度小幅回升，随后回落走低，午后震荡下探；创业板指早盘冲高回落，随后有所回升，午后震 荡走低；科创50指数早盘一度小幅上扬，随后震荡回落，午后冲高回落 ...

沪深300今日主力资金净流出107.63亿元，创业板净流出153.23亿元。 （原标题：【31日资金路线图】两市主力资金净流出超300亿元 计算机行业实现净流入） 盘后数据出炉。 7月31日，A股市场整体下跌。截至收盘，上证指数报3573.21点，下跌1.18%；深证成指报11009.77点， 下跌1.73%；创业板指报2328.31点，下跌1.66%。两市合计成交19360.35亿元，较上一交易日增加917.56 亿元。 1. 两市主力资金净流出超300亿元 今日沪深两市主力资金开盘净流出21.65亿元，尾盘净流出94.92亿元，两市全天主力资金净流出300.8亿 元。 2. 沪深300主力资金净流出超100亿元 校对：高源 3.计算机行业实现净流入 4. 主力资金净流入居前20股 5.机构龙虎榜 6.机构最新关注个股 责编：李丹 ...

Financial Performance - The company expects a net loss attributable to shareholders of between 9.5 million and 13 million yuan for the first half of 2025, compared to a profit of 8.0365 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of between 9.4 million and 12.9 million yuan, down from a profit of 8.1718 million yuan year-on-year [1] - For the year 2024, the company reported an operating income of 640 million yuan, a decrease of 10.36% compared to 713.96 million yuan in 2023 [2][3] - The net profit attributable to shareholders for 2024 was 12.27 million yuan, a decline of 65.18% from 35.23 million yuan in 2023 [2][3] - The net profit after deducting non-recurring gains and losses for 2024 was 11.22 million yuan, down 66.52% from 33.53 million yuan in 2023 [2][3] - The basic earnings per share for 2024 was 0.18 yuan, a decrease of 68.42% from 0.57 yuan in 2023 [3] Cash Flow and Assets - The net cash flow from operating activities for 2024 was 94.65 million yuan, an increase of 678.77% compared to a negative cash flow of 16.35 million yuan in 2023 [2][3] - Total assets at the end of 2024 were approximately 1.073 billion yuan, a decrease of 2.94% from 1.106 billion yuan at the end of 2023 [3] - The net assets attributable to shareholders at the end of 2024 were approximately 897 million yuan, a slight decrease of 0.47% from 901 million yuan at the end of 2023 [3] IPO and Fundraising - The company raised a total of 496.78 million yuan from its initial public offering, with a net amount of 442.33 million yuan after deducting issuance costs [4] - The actual net fundraising amount was 5.94 million yuan less than the originally planned amount of 501.76 million yuan [4] - The funds raised are intended for projects including the production of optoelectronic film devices, the establishment of a research and development center, and to supplement working capital [4]

Group 1: Core Insights - The article highlights the potential for the computer industry to benefit from a wave of debt resolution policies, particularly through the case of Ruiwei Technology, which aims to become the first publicly listed "enterprise-level AI visual intelligence company" in Hong Kong [1][2] - Ruiwei Technology has experienced a remarkable average annual revenue growth rate exceeding 120% in recent years and is expected to turn profitable in 2024 [1][7] Group 2: Industry Context - The Chinese government has introduced an unprecedented debt resolution plan to address local government hidden debts amounting to 14.3 trillion yuan over the next five years, which is expected to accelerate payment collections for To G companies [2] - Many companies in the computer sector have long payment cycles due to their To G business, leading to significant accounts receivable pressures [2][4] Group 3: Financial Performance - In 2024, Ruiwei Technology's revenue is projected to grow by 63%, with accounts receivable increasing by 76%, indicating a healthy alignment between receivables and revenue [7] - The company has improved its cash flow, achieving a net cash flow of 14.32 million yuan in 2024, a significant turnaround from negative cash flows in previous years [7][16] Group 4: Technological Edge - Ruiwei Technology has established a comprehensive technology system around AI vision and optical imaging, which includes 168 registered patents, primarily self-developed [8][10] - The company has received multiple recognitions, including being listed as a "key small giant" by the Ministry of Industry and Information Technology, highlighting its competitive advantages [8][10] Group 5: Market Position - Ruiwei Technology holds an 8.9% market share in the Chinese civil aviation visual intelligence product market, leading its closest competitor by 7.3 percentage points [13] - The company has a high customer concentration, with the top five clients contributing 73.6% of its revenue, but this concentration is seen as a competitive advantage due to the strong demonstration effect in the aviation sector [13][14] Group 6: Future Prospects - The company plans to expand its technology applications beyond civil aviation into commercial real estate and freight sectors, while also exploring international markets [15] - Ruiwei Technology is expected to launch a collaborative robot for baggage handling in 2025, indicating a strategy for cross-selling opportunities [15][16]