每经编辑｜彭水萍 受到基本面和消息面的利好催化，今日早盘通信板块冲击三连阳，光模块含量近30%的通信ETF（515880）涨超2%。 关于业绩表现，从英伟达和北美云厂产业链来看，A股上市公司中能在北美算力产业链占据较大优势的环节主要包括光模块、PCB、ODM等。从我们的跟踪 及已发布的公告看，目前占据主要份额的企业在业绩层面均出现了较大幅度的增长。 通信ETF（515880）很好地代表了AI的行情。通信ETF跟踪通信设备指数，从A股市场中选取涉及通信设备制造、通信技术服务等业务的上市公司证券作为 指数样本，以反映通信设备行业相关上市公司证券的整体表现。通信ETF（515880）在同类ETF中流动性好，光模块占比较高，加上服务器和运营商占比， AI直接相关的成分占比接近60%。 消息面上，在CEO黄仁勋与美国总统特朗普会晤数天后，英伟达于当地时间周一宣称已收到美国政府的许可，恢复向中国销售"特供版"H20芯片。此外，黄 仁勋还称英伟达准备推出一款基于Blackwell架构且符合美国对华出口规定的新GPU，该GPU将可能用于智能工厂和物流等领域。此前，美国政府曾于今年4 月关税冲突的高点限制H20芯片的对华出售， ...

证券研究报告·公司点评报告·通信设备 中际旭创（300308） 2025 半年度业绩预告点评：业绩超预期，产 业需求与技术路线共振 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,718 | 23,862 | 37,110 | 48,220 | 58,220 | | 同比（%） | 11.16 | 122.64 | 55.52 | 29.94 | 20.74 | | 归母净利润（百万元） | 2,174 | 5,171 | 9,074 | 12,971 | 16,681 | | 同比（%） | 77.58 | 137.93 | 75.47 | 42.94 | 28.61 | | EPS-最新摊薄（元/股） | 1.96 | 4.65 | 8.17 | 11.67 | 15.01 | | P/E（现价&最新摊薄） | 87.29 | 36.69 | 20.91 | 14.63 | 11.37 | [关键词： ...

根据市场公开信息及7月16日披露的机构调研信息，知名私募上海湘楚资产近期对1家上市公司进行了调 研，相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 上海湘楚资产管理有限公司成立于2016年1月，注册资本1,000万元人民币，公司注册地址在中国（上 海）自由贸易试验区新进桥路27号13号楼2层。湘楚资产是一家由知名投资人士参股的综合性金融服务 平台，公司高管人员均来自基金、券商等金融机构。xa0湘楚资产拥有一支专业的投研理财团队，致力 于帮助高端优质客户实现理财愿景，在严格控制风险的前提下，合理配置金融产品，以证券投资基金为 主，为客户提供长期、稳健的投资回报。 1）仕佳光子 （上海湘楚资产管理有限公司参与公司特定对象调研） 调研纪要：福可喜玛2025年1-3月实现营业收入8,257.80万元，净利润3,068.65万元。其400G、800G、 1.6T等通讯方案的配套连接器产品已受市场知名客户认可，产品重点应用于数据中心等场景。福可喜玛 是国内领先的MT插芯供应商之一，核心产品是仕佳光子部分产品的核心原材料 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the TMT (Technology, Media, and Telecommunications) sector, with a focus on the semiconductor and AI industries, as well as the communication sector [1][2][4]. Core Insights and Arguments Technology Sector - The 科创 50 Index has been underperforming recently, but there are positive developments expected in advanced semiconductor production capacity, processes, yields, and domestic GPU sectors, suggesting a renewed focus on the entire technology sector, including AI and related fields [1][2]. - AI investment logic is shifting towards the comprehensive changes brought by large models in social efficiency, costs, and intelligence, leading to revenue generation without relying solely on blockbuster apps [1][5]. - The domestic semiconductor sector is expected to see improvements in advanced production capacity and yield, with domestic chips becoming more competitive [3][17]. AI Sector - The valuation of AI is influenced by the application of large models, with expectations for 2026 MV valuations in the range of 25 to 30 times, indicating potential for upward adjustments in A-share supply chain valuations [3][10]. - The AI industry is forming a closed-loop business logic, with significant portions of AI search and coding applications in overseas markets, indicating a shift from R&D to practical applications [8][9]. - The demand for AI applications is growing, particularly in vertical fields such as AI search, coding, and video, with companies like 美图 and 焦点科技 showing strong performance [22][23]. Communication Sector - The communication industry is witnessing a positive trend in the computing power sector, driven by a rebound in US stocks, improved demand expectations, and strong performance [4]. - Telecom operators are expected to see a rebound in user ARPU values, with a stable operational foundation [4]. - The military communication sector is highlighted for potential opportunities related to the 2026 "15th Five-Year Plan" and the 2027 centenary of the military [4]. Other Important Insights - Liquid cooling technology is crucial for managing increasing chip power consumption, with significant market potential for Chinese suppliers [21]. - The AI chip market is facing a notable power gap, with domestic chips expected to gain traction in the second half of 2025 [20]. - The PCB electronics industry is showing strong performance, with a recovery in both assembly and upstream segments, driven by previous declines and market corrections [11][12]. - The overall AI industry is still in its early stages, but catalysts are emerging that could significantly improve its sustainability and growth prospects [13]. Companies to Watch - In the communication sector, companies like 新易盛, 天孚旭创, and others in the domestic supply chain are highlighted for their strong long-term prospects [7]. - In the AI application space, 美图 and 焦点科技 are noted for their impressive growth and innovative applications [22][23]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the TMT sector, particularly focusing on AI and communication industries.

Group 1 - The core viewpoint of the articles highlights the growing significance of eSIM technology in the mobile and IoT sectors, with China Unicom officially launching eSIM services for mobile phones, indicating a shift towards commercial application [1][2] - eSIM is recognized as a crucial innovation in communication technology, expected to reshape the global smart terminal connectivity ecosystem, driven by the demand for "always-on" connectivity and the increase in IoT connections [1][2] - By 2030, it is projected that half of the 61 key IoT scenarios globally will adopt eSIM technology, supported by advancements in 5G RedCap and LPWA networks [1] Group 2 - Industry experts suggest that eSIM may evolve into a "digital identity" for robots and autonomous vehicles, transitioning from a mere connectivity tool to an "intelligent entry point" [2] - The Chinese industrial chain is poised for large-scale implementation of eSIM technology, with expectations of forming core growth areas across consumer electronics, industrial internet, and smart cities over the next decade [2] - Companies like Megvii Smart and Chengtian Weiye are already leveraging mature eSIM technologies, with applications in automotive, smart home, wearable devices, and industrial IoT sectors [3][4]

Group 1: Inflation Trends - The Producer Price Index (PPI) for June 2025 recorded a year-on-year increase of 2.3%, marking the lowest level since September 2024, with market expectations at 2.5% [1] - The core PPI, excluding food, energy, and trade services, remained flat, with a 12-month cumulative increase of 2.5%, indicating low potential inflation stickiness [2] - The overall manageable producer price pressure suggests a likelihood of the Federal Reserve maintaining current interest rates or gradually lowering them [2] Group 2: Sector-Specific Insights - Energy prices saw a 0.6% increase in June, with gasoline prices rising by 1.8% and industrial electricity prices by 2.7%, indicating structural opportunities in the energy sector [3] - The demand for communication and related equipment prices increased by 0.8% in June, reflecting ongoing enterprise demand for 5G upgrades and data center construction [3] - Despite a 0.9% overall decline in transportation and warehousing services, freight forwarding prices rose by 8.0%, highlighting increased demand for logistics optimization amid global supply chain restructuring [3][4] Group 3: Consumer Services and Agricultural Products - Travel accommodation prices dropped by 4.1% in June, the largest monthly decline in six months, indicating short-term pressure on the tourism sector [5] - Egg prices plummeted by 21.8% in June, with a 12-month cumulative increase narrowing to 15.8%, primarily due to oversupply [9] - The price of unprocessed chicken decreased by 25.0%, suggesting potential short-term profitability pressures for poultry farming enterprises [9]

Core Viewpoint - The recent acquisition announcement by Guangyun Da has attracted significant attention in the capital market, marking a strategic expansion into the communication equipment manufacturing sector and an extension of its previous merger and acquisition strategies [1] Group 1: Acquisition History and Strategy - From 2017 to 2022, Guangyun Da conducted three acquisitions to broaden its business lines, including the purchase of 100% of Shanghai Jindong Tang Technology Co., Ltd. for 221 million yuan, and a total of 434 million yuan for a 49% stake in Chengdu Tongyu Aviation Equipment Manufacturing Co., Ltd. [2] - The acquisitions have allowed Guangyun Da to establish a comprehensive laser-focused industrial chain, significantly enhancing its revenue scale and risk resistance, although the deeper effects of these mergers will take time to materialize due to global trade tensions and industry cycles [2][3] - The acquisition of Tongyu Aviation was pivotal for Guangyun Da's strategy to apply advanced laser and 3D printing technologies in the aerospace and military sectors, but the downturn in the aviation manufacturing industry has impacted its performance [3] Group 2: Globalization and Market Expansion - Guangyun Da's acquisition of Yilian Infinite represents a strategic shift towards overseas markets, aligning with the trend of A-share companies expanding internationally during the 14th Five-Year Plan period [4][5] - By 2024, 3,667 A-share companies reported overseas business income, accounting for 68% of total A-share companies, with total overseas revenue reaching 9.52 trillion yuan, a 56.58% increase from 2020 [4] - The acquisition is seen as a proactive step for Guangyun Da to diversify its business and mitigate risks associated with reliance on a single market, leveraging Yilian Infinite's established sales network in Europe, Asia-Pacific, South America, and the Middle East [6] Group 3: Financial Stability and Performance - The acquisition of Yilian Infinite is driven by its stable revenue and profit potential, with commitments of non-net profit of no less than 50 million yuan, 60 million yuan, and 70 million yuan over the next three years, providing Guangyun Da with a solid performance foundation [7] - This merger is viewed as a means to enhance Guangyun Da's revenue scale and net profit, creating a "moat" against risks in a tightening regulatory environment [7] - The acquisition is also seen as a critical step in Guangyun Da's transition from "Made in China" to "Global Intelligent Manufacturing," with sufficient cash reserves and a commitment from the controlling shareholder to support the global strategy [8]

Group 1 - The market remains strong, with significant gains in AI computing power and innovative pharmaceuticals [1] - New Yi Sheng, Shengyi Electronics, and Shengyi Technology reported better-than-expected performance, with New Yi Sheng's net profit for the first half of 2025 expected to exceed 10 billion [1] - Huang Renxun announced the resumption of H20 chip supply, which is likely to boost domestic AI capital expenditure [1] Group 2 - The cloud computing ETF in the Shanghai-Hong Kong-Shenzhen market surged by 7% today after previous adjustments, indicating potential for further growth [1] - The innovative pharmaceutical and CXO sectors are steadily rising, with major institutions continuing to increase their positions [1] - The core logic for innovative pharmaceuticals is focused on overseas business development (BD), while CXO performance is returning to high growth [1]

Core Viewpoint - The China Securities Index for Communication Equipment has shown significant growth, with a 18.77% increase over the past month and a 38.19% increase over the past three months, indicating a strong performance in the communication equipment sector [1][2]. Group 1: Index Performance - The China Securities Index for Communication Equipment opened at 7873.26 points with a trading volume of 73.569 billion yuan [1]. - Year-to-date, the index has risen by 14.73% [1]. - The index is based on companies involved in the communication equipment sector, reflecting the overall performance of these listed companies [1]. Group 2: Index Composition - The top ten weighted companies in the index include: - Xinyi Technology (15.08%) - Zhongji Xuchuang (13.59%) - ZTE Corporation (9.59%) - Industrial Fulian (9.5%) - Tianfu Communication (3.77%) - Zhongtian Technology (3.42%) - Chuan Yin Holdings (3.02%) - Hengtong Optic-Electric (2.71%) - Wentai Technology (2.69%) - Haige Communication (2.22%) [1]. - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (66.81%) and the Shanghai Stock Exchange (33.19%) [1]. Group 3: Industry Breakdown - The index sample shows that communication services account for 82.08% and information technology accounts for 17.92% [2]. - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [2]. - Public funds tracking the communication equipment index include various ETFs and index funds from Guotai, Bosera, and Tianhong [2].

Core Viewpoint - The company, Yealink Network, anticipates a decline in net profit for the first half of 2025 due to uncertainties in the international trade environment, despite stable gross margins and ongoing sales efforts [1][2]. Financial Performance - Yealink Network projects revenue for the first half of 2025 to be between 2.64 billion and 2.667 billion yuan, representing a year-on-year decrease of 0% to 1% [1]. - The expected net profit is between 1.224 billion and 1.251 billion yuan, reflecting a year-on-year decline of 8% to 10% [1]. - The company's non-recurring net profit is estimated to be between 1.14 billion and 1.165 billion yuan, down 7% to 9% year-on-year [1]. Business Operations - The company has made orderly progress in expanding its sales operations, but the uncertainties in the international trade environment have disrupted short-term business developments [1]. - The transition period for the relocation of overseas production capacity has caused a temporary impact on order shipments [1]. - Despite macroeconomic challenges, the company's gross margin remains stable, although the expense ratio has increased due to lower-than-expected revenue growth and the impact of tariff policies [1]. Market Environment - Yealink Network has previously disclosed risks related to international trade policies and tariffs, highlighting the potential challenges posed by the current unstable global political environment and complex geopolitical situations [2]. - The implementation of "reciprocal tariffs" by the U.S. government since 2025 has raised concerns about increased tariff costs, which could compress profit margins and affect the stability of overseas order deliveries [2]. - The company is closely monitoring policy developments and has deployed strategic measures to adapt to potential changes in trade policies [2]. Shareholder Actions - Recently, the company announced that its actual controller's concerted action party, Xiamen Yiwanlian Information Technology Service Co., Ltd., plans to reduce its shareholding by up to 1.8 million shares, representing no more than 0.14% of the total share capital [3]. - The reason for the reduction is attributed to personal funding needs of certain shareholders, with the selling price determined based on market conditions at the time of the sale [3].