Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,683.46, up by 0.48%, and the Shenzhen Component Index rising by 1.76% to 11,551.36 [4]. Industry Commentary - In the chemical pharmaceutical sector, the oral GLP-1 small molecule receptor agonist has reached phase III clinical endpoints, showcasing weight loss potential in domestic pipelines during U.S. clinical trials [5][6]. - The AI-powered slag removal equipment developed by Qingda Environmental Protection has been recognized as internationally leading, aiming for a smart operation model with self-sensing and self-diagnosing capabilities [8][9]. Company Commentary - Qingda Environmental Protection (688501.SH) has received approval for a private placement to raise up to 150 million yuan, aimed at enhancing liquidity. The company is expected to see significant revenue growth driven by the demand for flexible transformation in thermal power generation [8][9]. - 361 Degrees reported a strong performance in e-commerce channels with a mid-year dividend payout ratio of 45%, reflecting robust growth in online sales [8]. - Industrial Fulian (601138.SH) reported a 35.58% year-on-year increase in revenue for the first half of 2025, driven by strong demand for AI servers and high-speed switches [17][19]. - Zhigao Machinery (920101.BJ) is recognized as a "small giant" in the engineering machinery sector, focusing on rock drilling equipment and air compressors, with a strong market presence [16]. Financial Performance - Qingda Environmental Protection anticipates revenue between 900 million to 1.25 billion yuan for the first half of 2025, representing a year-on-year growth of 75.1% to 143.2% [9]. - 361 Degrees expects revenues of 113.67 billion, 127.14 billion, and 141.10 billion yuan for 2025-2027, with net profits projected to grow steadily [12]. - Industrial Fulian's EPS is projected to be 1.56, 2.01, and 2.61 yuan for 2025-2027, maintaining a "buy-A" rating based on strong growth prospects [19].

Core Viewpoint - Industrial Fulian reported a strong performance in Q2 2025, with revenue and net profit reaching historical highs, driven by robust growth in AI server and high-speed switch businesses [1] Financial Performance - In Q2 2025, the company's revenue reached 200.34 billion yuan, a year-on-year increase of 36% [1] - Net profit for the same period was 6.88 billion yuan, up 51% year-on-year [1] Business Segments - The AI server business showed strong competitiveness, with overall server revenue growth exceeding 50% and cloud service server revenue increasing by 150% year-on-year [1] - AI server revenue grew by over 60% year-on-year, indicating a significant demand in this segment [1] - The demand for high-speed switches remains strong, with revenue from 800G high-speed switches nearly tripling compared to the entire year of 2024 [1] - The precision components business benefited from the popularity of certain high-end smartphone models, with shipment volume increasing by 17% year-on-year [1] Future Outlook - The trend of high-end smartphone upgrades driven by AI is expected to sustain terminal demand for the precision components business [1] - Earnings per share forecasts for 2025-2027 are adjusted to 1.59, 2.19, and 2.59 yuan respectively, reflecting an increase in the proportion of high-end products [1]

怎么看 AI 服务器电源 PCB？20250813 摘要 AI 服务器电源 PCB 市场需求激增，单 GB200 机柜供电需求高达 198 千瓦，推动一次电源向更高功率密度（如 12 千瓦、30 千瓦）升级，对 电源 PCB 的导流和散热能力提出更高要求。 二次电源 PCB 需采用 HDR 技术，如 30 层二阶三叠构 HDI 板，需满足 高耐热、高纵横比（10:1）、小孔径（50 微米）及严苛的热循环和耐 压测试，以保障 AI 服务器 DCDC 环节的稳定运行。 威尔高作为台达的核心供应商，在一次、二次、三次 AI 服务器电源 PCB 领域均有显著优势，尤其在二次电源 HDI 板的材质和工艺上满足严苛标 准，是该领域的重要受益者。 国内电源 PCB 供应商正逐步向上游扩展，威尔高已获得核心电源 OEM 厂商认证，其泰国工厂盈利超出预期，受益于 AI 服务器电源领域的客户 进展和产能、良率爬坡。 三次电源 VRM 板对 PCB 要求严格，需具备高效率（90%以上）、大电 流承载、高顺态响应、良好 EMI 控制及耐高温等特性，通常采用多层板 和厚铜箔设计。 Q&A AI 服务器电源系统的结构是怎样的？ AI 服 ...

中国经济网北京8月13日讯 工业富联(SH:601138)今日股价涨停，截至收盘报43.68元，涨幅 10.00%，总市值8674.62亿元。 （责任编辑：康博） ...

另据彭博社报道， 收购完成后，富士康将负责该工厂的运营工作，并计划将其转型为AI服务器制造基地或 直接用作数据中心。 资料显示，自2019年宣布进军电动汽车设计和生产以来，富士康一直为中国台湾汽车制造商供应汽车，但 其海外业务举步维艰，面临着与其合作的美国电动汽车初创企业失败等问题。 今年5月，日本三菱汽车寻求开拓新的市场，将从富士康采购电动汽车，用于在大洋洲市场销售。根据计 划，这些电动汽车将由富士康（又名"鸿海精密工业"）以原始设备制造商（OEM）的方式供应，这是这家 中国台湾制造商首次与日本汽车制造商达成此类协议。该电动汽车预计将于2026年下半年开始销售。 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：天天IC 8月10日，多家媒体报道称， 软银集团通过其壳公司Crescent DuneLLC以3.75亿美元（约合人民币27 亿元）的价格，收购了富士康位于美国俄亥俄州的电动车工厂。 这座工厂始建于1966年，最初由通用汽车建 ...

Core Viewpoint - The report from Minsheng Securities indicates that Industrial Fulian has shown strong operational performance in the first half of the year, driven by its AI business, leading to rapid business growth [1] Financial Performance - In Q2 2025, the company achieved a gross margin of 6.50%, with a quarter-over-quarter decrease of 0.23 percentage points, and a net profit margin of 3.43%, with a quarter-over-quarter increase of 0.16 percentage points [1] Business Growth - Revenue from 800G switches in the first half of the year increased nearly threefold compared to 2024, confirming the product's competitiveness amid the demand for data center bandwidth upgrades [1] - The company is leading in AI sector layout, continuously optimizing its product structure, and further highlighting its advantages in the global supply chain [1] Strategic Alliances - On July 30, 2025, Dongyuan Electric and Hon Hai Technology formed a strategic alliance to provide comprehensive data center construction solutions, including servers, cooling systems, and power infrastructure, to meet the substantial market demand across Taiwan, the United States, Southeast Asia, and the Middle East [1] Product Development - The company is collaborating closely with clients to develop key technologies for the next generation of liquid-cooled cabinets, which is expected to enhance profitability in the GB300 cabinet [1] - With the rapid ramp-up of AI servers and 800G switches, the GB200 is anticipated to bring significant performance growth to the company [1]

中银证券研报指出，2025年上半年工业富联营收净利润稳健增长，云计算业务持续突破，通信及网络设 备稳健成长。盈利能力方面，公司25H1实现毛利率6.60%，同比-0.13pct，单季度来看，公司25Q2实现 毛利率6.50%，同比+0.50pct/环比-0.23pct。公司预计北美四大云服务商2025年资本开支同比有望实现高 速增长，其中AI云基础设施投入占比将显著提升，带动高端AI服务器需求增长。交换机业务方面，上 半年800G高速交换机营收较2024全年增长近三倍。公司通过深化合作与优化产品结构，巩固了在核心 客户群体的市场份额，进一步夯实了公司在全球高性能计算及AI基础设施领域的竞争力。考虑全球AI 基础设施景气度有望持续上行，公司不断推进先进产品研发，且多元业绩弹性有望加速释放，维持"买 入"评级。 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 16.38 billion, a year-on-year increase of 24.75%, and a net profit of 1.23 billion, up 57.2% year-on-year, indicating robust growth driven by product structure optimization and improved operational efficiency [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 8.29 billion, a year-on-year increase of 28.7%, and a net profit of 745 million, up 159.6% year-on-year, reflecting significant profitability improvements [1][2]. - The gross margin for Q2 was 20.3%, an increase of 4.8 percentage points year-on-year, while the net margin reached 8.9%, up 4.5 percentage points year-on-year [1][2]. Group 2: Business Structure Analysis - Revenue from communication boards was 10.27 billion, a year-on-year increase of 17.6%, with a gross margin of 16.0% [2]. - Revenue from consumer electronics and computer boards was 5.17 billion, up 31.6% year-on-year, with a gross margin of 24.5% [2]. - Revenue from automotive and server applications reached 810 million, a remarkable increase of 87.4% year-on-year, driven by new product certifications and collaborations [2]. Group 3: Capital Expenditure and Future Outlook - The company has increased its capital expenditure (Capex) for AI PCB to over 30 billion New Taiwan dollars (approximately 7-9 billion RMB) for 2025-2026, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [3][11]. - The company is actively expanding its production capabilities in Thailand and Kaohsiung, with plans for new production lines for ultra-high-layer products [3][11]. Group 4: Long-term Growth Drivers - The company anticipates a significant growth cycle from 2025 to 2027, driven by innovations in AI-related products such as AI smartphones, foldable devices, and AI glasses [4][20]. - The demand for high-end AI products is expected to drive a new round of capital expenditure expansion, with a focus on GPU/ASIC terminal customers [4][20].

2025年1月-6月，福日电子实现营业收入53.33亿元，同比增长0.42%；归属净利润2208.44万元，同比增 长123.62%。 截至6月30日，福日电子股东户数10.38万，人均流通股5712股。 8月13日，福日电子盘中上涨7.04%，截至10:41，报18.56元/股，成交31.29亿元，换手率30.1%，总市值 110.06亿元。 资料显示，福建福日电子股份有限公司位于福州开发区科技园区快安大道创新楼，公司是福建省电子信 息行业的龙头企业，其主要从事智能手机等智能终端产品的ODM/JDM/OEM、LED封装、LED 应用产 品及LED 工程项目建设的研发、制造和销售。2023年，公司实现营收106.41亿元，总资产77.94亿元， 旗下中诺通讯位列2022年广东省电子信息制造综合实力百强企业第45位。 ...

证券研究报告 | 公司点评报告 2025 年 08 月 13 日 鹏鼎控股（002938.SZ） % 1m 6m 12m 绝对表现 31 26 52 相对表现 27 20 28 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 Aug/24 Dec/24 Apr/25 Jul/25 (%) 鹏鼎控股 沪深300 25Q2 业绩高增，上修 AI PCB Capex 加速产能扩张和客户导入 TMT 及中小盘/电子 事件：公司公告 25H1 收入 163.8 亿 同比+24.75%；归母净利润 12.3 亿同 比+57.2%；扣非归母净利 11.5 亿 同比+51.9%，毛利率 19.1%同比+1.1pct， 净利率 7.5%同比+1.5pct。结合公司母公司臻鼎科技的财报信息及公司近况， 我们点评如下： 强烈推荐（维持） 当前股价：51.84 元 基础数据 | 总股本（百万股） | 2318 | | --- | --- | | 已上市流通股（百万股） | 2307 | | 总市值（十亿元） | 120.2 | | 流通市值（十亿元） | 119.6 | | 每股净资产（MRQ） | 13. ...