Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a strong revenue performance in Q2 2025, with a year-on-year increase of 36.2% and a quarter-on-quarter increase of 21.6%, driven by the robust demand for 800G optical modules and the initial shipments of 1.6T products [2][6] - The gross margin significantly improved due to the accelerated penetration of silicon photonics solutions and the increased shipment of high-end products [2][6] - The company has a strong operating cash flow, with a net cash flow from operating activities reaching 3.218 billion yuan in H1 2025, a substantial increase of 232.5% year-on-year [2][6] - The company has initiated a mid-term dividend plan, proposing a cash dividend of 4 yuan per 10 shares, reflecting confidence in its financial health [2][6] - The company is actively expanding production capacity and inventory to enhance its delivery capabilities for high-end modules, further solidifying its leading position in the industry [2][6] Summary by Sections Revenue Performance - In H1 2025, the company achieved a revenue of 14.79 billion yuan, a year-on-year increase of 37.0%, and a net profit of 4.0 billion yuan, up 69.4% year-on-year [6] - Q2 2025 revenue reached 8.11 billion yuan, with a year-on-year growth of 36.2% and a quarter-on-quarter growth of 21.6% [6] Profitability - The gross margin for Q2 2025 was 41.5%, an increase of 8.1 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [2][6] - The net profit margin for Q2 2025 was 29.7%, reflecting a year-on-year increase of 7.1 percentage points and a quarter-on-quarter increase of 6.0 percentage points [2][6] Cash Flow and Dividends - The company reported a net cash flow from operating activities of 3.218 billion yuan in H1 2025, marking a significant year-on-year increase [2][6] - The introduction of a mid-term dividend plan indicates the company's commitment to returning value to shareholders [2][6] Production and Capacity Expansion - The company is actively expanding its production capacity and inventory, with total inventory reaching 9.17 billion yuan, a 30.0% increase from the beginning of the year [2][6] - Ongoing projects, such as the expansion of the high-end optical module industrial park, are aimed at enhancing production capabilities [2][6] Future Outlook - The company expects continued growth in revenue and profitability, with projected net profits of 9.238 billion yuan, 11.683 billion yuan, and 13.756 billion yuan for 2025, 2026, and 2027, respectively [2][6]

（原标题：揭秘涨停丨贵金属板块掀起涨停潮） 今日29股封单资金超1亿元。 涨停战场： 2股封单资金逾8亿元 从连续涨停天数看，天普股份斩获7连板，德创环保实现5连板，建业股份4连板，兆新股份、三维通信、*ST惠程3股均3连板；另有飞马国际、德 新科技、国轩高科等十余股收获两连板。 以封单金额计算，今日29股封单资金超过1亿元。数据港、天普股份逾8亿元，分别为8.7亿元、8.21亿元；德创环保、兆易创新、利欧股份、建业 股份封单金额逾4亿元；华工科技、国轩高科封单金额均在2亿元以上。 数据港9月1日主力资金净流入2.16亿元，占总成交额42.09%；游资资金净流出1.14亿元，占总成交额22.2%；散户资金净流出1.02亿元，占总成交 额19.89%。2025年上半年，公司实现营收约8.11亿元，同比增长4.13%；归母净利润8495.86万元，同比增长20.37%。 数据港作为国内少数获得多家世界级互联网公司认可的专业数据中心服务商，已在全国建成35座数据中心，折算标准机柜超7.42万个，IT负载规 模达371.1兆瓦，可支撑每秒200亿亿次运算量级算力。公司是阿里云定制化IDC的主要供应商。 天普股份7连板 ...

出海逻辑已成为基金挖掘弹性、评估逆周期能力的重要参考指标。 在经济平稳增长的背景下，公募基金在掘金成长投资的策略上，渐已形成出海逻辑既是寻找增量空间，也是对冲传统市 场业务风险的共识——只有出海才有望形成超越宏观数据与行业增速的业绩表现。 今年以来，公募基金十强产品的业绩表现，以及公募十大重仓股的内在特点，都反映出海品种成为基金寻找优秀机会、 挖掘高质量投资的主要落脚点。 出海指标成基金重仓依据 优质的出海品种正成为公募抱团买入的核心。天相数据统计显示，截至今年6月末，公募基金前十大重仓股名单包括腾讯 控股、宁德时代、阿里巴巴-w、新易盛、小米集团、紫金矿业等公司，这些基金下注最多的重仓股，几乎无一例外的指 向出海，为基金在穿越周期的投资中提供攻守兼备的依托。 尤其是今年新晋名单的新易盛，是公募十大重仓股中出海收入比例最高的公司，截至今年6月末，该公司来自海外收入的 贡献达到78.70%，如此之高的出海数据，自然也成为基金经理趋之若鹜的对象，新易盛也是当前冠军基金产品的第一大 股票，截至8月31日，永赢科技智选基金今年以来收益超1.75倍，位列全市场业绩第一。 医药基金经理路演句句离不开"BD"（海外授权许可 ...

Core Viewpoint - The company is experiencing rapid growth in its marine segment due to the commencement of the Jiangsu Dafeng offshore wind project, with expected marine segment revenue exceeding 7 billion by the end of the year, doubling from the previous year [1][4][8] Financial Performance - In the first half of 2025, the company reported revenue of 23.6 billion, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion, up 7.38% year-on-year [2][3] - The second quarter of 2025 saw revenue of 13.844 billion, a 5.09% year-on-year increase and a 41.90% quarter-on-quarter increase, with net profit of 940 million, reflecting a 14.14% year-on-year growth [3] Marine Business Growth - The company has secured marine orders totaling approximately 13.3 billion, laying a solid foundation for future growth, with marine segment revenue in the first half of 2025 reaching 2.896 billion, a 37.19% increase year-on-year [4] - The company has successfully won multiple international submarine cable projects, including significant contracts in the Middle East and Southeast Asia [4] New Product Development - The company is actively developing anti-resonant hollow core fibers and other products, which are expected to create a second growth curve [1][6] - The company has established a comprehensive R&D system for hollow core fiber technology, aiming to enhance its capabilities in various applications [6][7] Future Outlook - The company anticipates that the marine segment will continue to grow, with confirmed projects in the second half of 2025, including offshore wind projects and oil and gas projects [1][4][8] - Profit forecasts for the company indicate net profits of 3.584 billion, 4.118 billion, and 4.724 billion for 2025 to 2027, with corresponding price-to-earnings ratios of 15X, 13X, and 12X [8]

截至发稿，凌云光市值为179亿元。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ 每经AI快讯，凌云光（SH 688400，收盘价：38.86元）9月1日晚间发布公告称，截至2025年8月31日， 公司通过上海证券交易所交易系统以集中竞价交易方式首次回购公司股份约1.75万股，占公司总股本约 4.61亿股的比例为0.0038%，回购成交的最高价为28.63元/股，最低价为28.49元/股，支付的资金总额为 人民币约50万元。 2024年1至12月份，凌云光的营业收入构成为：机器视觉占比72.56%，光通信占比27.44%。 （记者 曾健辉） ...

Group 1: Market Performance - On September 1, stocks of "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication) and "Dehua" (Dekeli, Huagong Technology) reached historical highs, leading the CPO and optical communication module sectors [1] - Zhongji Xuchuang saw a price increase of 14.42%, peaking at nearly 414 yuan; Xinyi Sheng rose over 9%, reaching nearly 400 yuan; Tianfu Communication increased by 11.90%, with a peak above 225 yuan [1] - The trading volumes for Xinyi Sheng and Zhongji Xuchuang were 24.7 billion yuan and 23.2 billion yuan, respectively, ranking just behind Hanwujing at 25.07 billion yuan [1] Group 2: Financial Performance - Alibaba's Q1 FY2026 report indicated a capital expenditure of 38.6 billion yuan for "AI + Cloud," a 220% year-on-year increase, with AI-related product revenue growing for eight consecutive quarters [3] - Hanwujing reported significant revenue growth and improved net profit margins, indicating strong downstream demand and advantages of a light asset model [3] - New Yisheng's net profit surged by 355.86% to 3.942 billion yuan, while Zhongji Xuchuang's net profit increased by 69.40% to 3.995 billion yuan, and Tianfu Communication's net profit rose by 37% to 899 million yuan [4] Group 3: Industry Outlook - The domestic and international computing power industry is experiencing positive synergy, with expectations for increased demand for domestic computing power driven by investments from internet giants and accelerated production of domestic AI chips [4] - The CPO technology is recognized as a mainstream product form for high-speed optical communication, significantly reducing power consumption and costs [5] - Companies involved in CPO/OIO development, such as FAU, MPO, and CW laser manufacturers, are expected to maintain their competitive advantages in the CPO/OIO field [5]

AI的影响力正从纯粹的科技公司向外溢出。长城基金基金经理刘疆近日指出，人工智能（AI）对经济 的重塑效应有望堪比移动互联网，其影响是全方位、深层次的，不仅限于科技行业，更将广泛渗透至传 统领域，为"AI+"标的带来历史性机遇。 "中长期而言，AI会大幅提升传统行业的生产经营效率，并深刻改变整个经济和社会的生产力与生产关 系。"刘疆表示。这种影响已开始映射到二级市场，投资者正在积极寻找并布局那些能够有效利用AI技 术进行智能化升级、从而提升核心竞争力的企业，无论其身处科技行业还是传统领域。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月1日，"易中天"（新易盛、中际旭创、天孚通信）"德华"（德科立、华工科技）股价携手创历史新 高，领涨CPO、光通信模块板块。截至当天收盘，中际旭创涨幅达14.42%，股价盘中最高近414元；新 易盛涨幅超9%，股价盘中最高近400元；天孚通信涨幅11.90%，盘中最高超225元；华工科技涨停；德 科立盘中股价也创下新高，达131.33元，但最终收跌。成交额方面，新易盛、中际旭创分别为247亿 元、232亿元，仅次于寒武纪（250.7亿元）。 近日，国内外算力产业链利好共振。阿里巴巴2026财年第一季度（截至2025年6月底）财报显示，单 季"AI+云"资本开支达386亿元，同比增长220%。AI应用带动传统计算存储类产品的增长，带动阿里云 收入至333.98亿元，同比增长26%，创三年来的最高增速，AI相关产品收入连续八个季度同比三位数增 长。寒武纪上半年营收高速增长，净利率改善显著，多项财务指标显示下游需求旺盛及轻资产模式优 势。 国金证券研报认为，伴随互联网巨头资本开支投入与国产AI芯片量产加速，长期看好国产算力需求增 长，ID ...

营业部 卖五 民生证券股份有限公司武汉武大园路证券营业部 5.99 9633.28 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖三，买入金额1900.84万元，卖出金 额1.62亿元，合计净卖出1.43亿元，深股通为第一大买入营业部及第一大卖出营业部，买入金额为4.78 亿元，卖出金额为4.71亿元，合计净买入764.60万元。 资金流向方面，今日该股主力资金净流入6.54亿元，其中，特大单净流入10.63亿元，大单资金净流出 4.08亿元。近5日主力资金净流入12.59亿元。 融资融券数据显示，该股最新（8月29日）两融余额为42.05亿元，其中，融资余额为41.78亿元，融券余 额为2719.70万元。近5日融资余额合计增加8.61亿元，增幅为25.94%，融券余额合计增加709.27万元， 增幅35.28%。（数据宝） 华工科技9月1日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 47831.81 | 47067.22 | | 买二 ...

丨证券研究报告丨 公司研究丨点评报告丨新易盛（300502.SZ） [Table_Title] Q2 云商客户拉货强劲，交付能力优势显著 报告要点 [Table_Summary] 云商大客户加速拉货叠加新产品放量，公司在核心物料获取及产能扩张上保持一定优势，25Q2 环比实现高增；25H1 职工薪酬显著增加，对净利率带来一定影响；泰国产能保障+股权激励落 地，增量动能持续释放。ASIC 渗透率提升的趋势下，公司凭借领先布局，份额有望持续提升。 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新易盛（300502.SZ） cjzqdt11111 [Table_Title2] Q2 云商客户拉货强劲，交付能力优势显著 [Table_Summary2] 事件描述 市场表现对比图(近 12 个月) -25% 128% 281% 434% 2024/8 2024/12 2025/4 2025/8 新易盛 沪深300 ...