策略研究 · 周度报告 地缘风险缓和、港股反弹回升 2025年06月29日 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读："持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23，公募基金一季度持仓释放哪些信号? 2025-04-08, 汇金入市,坚定看多 2025-04-03, 港股 2025 年二季度投资展望: 从估值修 复到盈利兑现 2025-04-02, 2025 年二季度 A 股投资展望: 风格切换, 均衡配置 2025-03-23, 港股市场 2025 年以来行情拆解 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13, 地方两会对 ...

Core Viewpoint - The AI computing hardware industry is experiencing significant growth, with major companies increasing their procurement of computing servers and related components, driven by advancements in technology and rising demand for higher performance [1][2][3]. Group 1: AI Computing Hardware Market Dynamics - AI computing servers are in a phase of rapid growth, with increased procurement from major manufacturers [2][3]. - The price of PCB (Printed Circuit Board) has doubled this year due to upgrades in layers and materials [2]. - The demand for 800G switches is expected to see exponential growth in the second half of the year, with a potential upgrade to 1.6T products next year [2][10]. Group 2: Key Players and Opportunities - Key players in the computing server market include Huajin Technology, Inspur Information, Zhongke Shuguang, and Luxshare Precision [5]. - PCB companies such as Fangzheng Technology, Shenghong Technology, Hudian Co., and Dongshan Precision are positioned to benefit from the high demand [2][8]. - Power supply companies like Megmeet and Oulu Tong are also expected to perform well due to increased demand for power modules and ICs [16][18]. Group 3: Technological Advancements and Trends - The single-unit usage of PCBs has increased, with enhancements in server functionalities leading to higher demand for advanced PCB materials [6][8]. - Domestic PCB manufacturers are advancing to higher layer counts, with many reaching 44 to 46 layers and using upgraded materials [6][8]. - The overall procurement volume for PCBs is anticipated to exceed expectations, driven by material upgrades and increased production of 800G switches [9][10]. Group 4: Future Outlook and Projections - The growth trajectory for the PCB industry is expected to remain strong, with significant profit increases due to price hikes associated with product upgrades [18][20]. - The switch market is projected to see substantial growth, with 800G switches already in mass production and 1.6T switches expected to follow [10][12]. - The storage chip market is experiencing a price increase, but this trend is expected to reverse by the end of the year or early next year [13].

据追风交易台消息，高盛在最新的多篇报告中唱多小米，将小米目标价从65港元上调至69港元，维持买入 评级，预计2024-2027年收入和净利润复合增长率分别为27%和40%。 高盛表示，YU7预售远超市场预期，其创纪录表现将巩固小米在高端汽车市场的领导地位。AI眼镜则开启小米生态新篇 章，有望复制TWS耳机爆发式增长轨迹，中国智能眼镜市场2025年预计达290万副，小米AI眼镜预计占据10%的市场份 额。YU7的成功也为宁德时代带来直接利好，高盛预计麒麟电池渗透率将在下半年重新开始增长，将显著提升宁德时代的 盈利能力。 作者 | 赵 颖 编辑 | 硬 AI 昨晚小米发布会杀疯了，YU7预售表现创纪录，AI眼镜开拓生态新边界，高盛全面看好小米表现。 小米YU7电动SUV于6月26日正式发布，首小时订单量达到28.9万辆，远超市场预期，这一强劲表现将巩 固小米在中国高端汽车市场的领导地位。 高盛表示，预售远超市场预期，YU7定价保持了高度竞争力： YU7发布3分钟内即获得20万订单，其中锁单量达12.2万，1小时内订单总数攀升至28.9万辆，这一表现远超 此前预期的24小时内15万订单目标，显示消费者对小米高端SU ...

算力概念板块指数日K线图 张大伟 制图 ◎记者 徐蔚 6月27日，A股市场呈现震荡分化走势。截至收盘，上证指数跌0.7%，深证成指涨0.34%，创业板指涨 0.47%，北证50指数涨1.06%。全市场成交额为15756亿元，较前一个交易日缩量475亿元。 盘面上，市场热点较为分散。午后生肖行情再起，多只带"马"字个股涨停。算力硬件股全天走强，中京 电子等涨停。有色金属概念股展开反弹，北方铜业等涨停。多元金融股一度冲高，弘业期货4连板。银 行股集体调整，近20只银行股跌超3%。 其次，市场风格的切换也促使资金从银行板块流出。昨日，资金呈现从银行等防御性板块流向成长型板 块的态势，A股消费电子、算力等科技概念股活跃，行业"跷跷板效应"凸显。 蛇年未过半，生肖行情已开始炒"马"。6月27日，A股市场多只带"马"字个股大涨，玉马科技、野马电 池、三羊马、云中马、飞马国际等个股涨停。万里马、天马新材涨超10%，威马农机、汉马科技、神马 电力等跟涨。 一直以来，A股市场常有在农历年末炒作"生肖"的行情出现，而今年对"马"的炒作发酵更早。从这些 带"马"字股背景来看，除证券名称带"马"外，相互之间关联性并不大，且涉及行业广 ...

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. (Shangmi Technology), a provider of commercial Internet of Things (BIoT) solutions, is transitioning from the Science and Technology Innovation Board (STAR Market) to the Hong Kong Stock Exchange, backed by major investors like Ant Group, Meituan, and Xiaomi. The company has achieved profitability from 2022 to 2024, contrasting with its previous losses during its STAR Market application [1][3][4]. Financial Performance - Shangmi Technology reported revenues of RMB 34.04 billion, RMB 30.71 billion, and RMB 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 1.60 billion, RMB 1.01 billion, and RMB 1.81 billion during the same period [4][6]. - Despite a decline in revenue and net profit in 2023, the company has significantly improved its financial performance compared to its previous application period [4][6]. Business Model and Revenue Structure - The company claims to be the "largest Android-based BIoT provider globally," but over 98% of its revenue comes from hardware sales, indicating a reliance on a single revenue stream [3][6]. - The revenue from smart device sales for 2022-2024 was RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion, representing 99.5%, 98%, and 99.5% of total revenue, respectively [6][10]. Production and Cost Structure - Shangmi Technology relies heavily on OEM and ODM manufacturing, with over 92% of its products produced by third-party manufacturers, which affects its cost control and quality management [7][8][11]. - The gross profit margins for 2022-2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [7][11]. Shareholder Activity - Prior to the Hong Kong IPO, existing shareholders, including Ant Group's Yunxin Investment, have begun to reduce their stakes, indicating potential concerns about the company's future valuation and performance [2][13]. - Ant Group reduced its stake from 29.99% to 27.27% as part of a share transfer, reflecting a strategy to realize returns after a prolonged wait for the company's IPO [13]. Market Challenges - Shangmi Technology faces significant challenges in transitioning its business model from hardware sales to a more diversified IoT ecosystem service, which will be crucial for its valuation in the Hong Kong market [12][13]. - The company must address concerns regarding its business moat and the sustainability of its growth strategy amid competition and market dynamics [13].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 最近，美股市场发生多件大事。 6月25日， 英伟达 股价涨超4%，突破了今年1月初创下的历史高点，总市值已经接近3.8万 亿美元，超越微软重夺全球市值第一。 6月26日美股三大指数集体收涨， 纳指、标普 500指数逼近历史新高 。 | 涨跌幅(%) | 序号 证券代码 | 证券名称 | | 总市值(亿元) | 所属GICS行业 (2级) | | --- | --- | --- | --- | --- | --- | | NVDA.O | ר | 英伟达 | 64.38 | 37824.88 | 半导体产品与设备 | | 18256.28 | 2 META.O | Meta-A | 43.97 | | 软件与服务 | | 微软 | 3 MSFT.O | | 38.50 | 36973.19 | 软件与服务 | | 10493.23 | ব TSLA.O | 特斯拉 | 36.06 | | 汽车与汽车零部件 | | 亚马逊 | 5 ...

针对近几天小米相关两件高关注度的事件，小米集团公关部总经理王化6月27日发文回应。 首先是网传的"小米前总监冯XX"的大瓜。经核实，该人曾于2016年9月入职小米食堂，岗位为切配（切 菜），由于旷工原因同年11月被开除，其短暂的工作时间内从未担任小米公司任何总监职位。 而且2013年还没有智能音箱这个概念，行业内最早出现智能音箱的品类是2014年11月亚马逊推出了内置 语音助手的智能音箱，国内出现智能音箱产品在2017年，百度、阿里及小米都推出自己的智能音箱。 第三：顺为资本创立至今，主导投资了超过六百家创业公司，参与过的创投合作项目评估会上万起，从未 有过 创业者反馈类 似的不愉快经历。顺为资本在每次项目讨论与决策过程中，始终坚持对创业者给予足 够的尊重。即便最终未能投资，也会明确表达对创业者的敬意。 综合自：王化微博、公开消息 责编：叶舒筠 校对：王蔚 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 另外针对前几天猫王创始人曾德钧 ...

Core Viewpoint - Xiaomi's recent product launch, particularly the YU7 electric SUV and AI glasses, has garnered significant market attention, with Goldman Sachs raising its target price for Xiaomi and projecting strong growth in revenue and net profit for the coming years [1][3]. Group 1: YU7 Electric SUV - The YU7 electric SUV pre-sale exceeded market expectations, achieving 289,000 orders within the first hour, significantly surpassing the initial target of 150,000 orders in 24 hours [4][5]. - The YU7 is competitively priced with standard, Pro, and Max versions priced at 253,500, 279,900, and 329,900 RMB respectively, maintaining a competitive edge compared to similar models [5]. - The YU7 features advanced technology, including a 96.3 kWh battery with a CLTC range of 835 km, making it the longest-range model among pure electric SUVs with battery packs under 100 kWh [6][7]. - Goldman Sachs has adjusted its electric vehicle delivery forecasts for Xiaomi upwards by 1-6% for 2025-2027, anticipating deliveries of 411,000, 800,000, and 1,174,000 units respectively [7]. Group 2: AI Glasses - Xiaomi's AI glasses are expected to capture 10% of the Chinese smart glasses market by 2025, with projected shipments of 200,000 units in a market expected to reach 2.9 million units [8][9]. - The AI glasses are competitively priced starting at 1,999 RMB, featuring a lightweight design and advanced functionalities, which may accelerate consumer adoption [8]. - The AI glasses market is projected to grow rapidly, with a compound annual growth rate of 56% from 2024 to 2030, mirroring the explosive growth seen in the TWS earphone market [9]. Group 3: Impact on CATL - The success of the YU7 is expected to benefit CATL, as Xiaomi becomes a significant customer for CATL's high-end battery products, with Xiaomi's share of CATL's domestic electric vehicle battery installations rising from approximately 4% to 10% [10][11]. - Goldman Sachs predicts that the penetration rate of CATL's high-end Kirin battery will recover in the second half of 2025, driven by the demand for models like the YU7 [11][12]. - The improvement in product structure is anticipated to enhance CATL's profitability, with projected mixed unit gross profit increasing from 152 RMB/kWh in 2025 to 169 RMB/kWh by 2030 [12].

市场全天冲高回落，三大指数涨跌不一。沪深两市全天成交额1.54万亿，较上个交易日缩量421亿。盘 面上，市场热点较为杂乱，个股涨多跌少，全市场超3300只个股上涨。从板块来看，算力硬件股再度走 强， 联特科技20CM涨停。有色金属概念股展开反弹， 北方铜业等涨停。大金融股一度冲高， 弘业期 货4连板。下跌方面， 银行股集体调整，近20只银行股跌超3%。板块方面， 有色金属、铜缆高速连 接、 CPO、 多元金融等板块涨幅居前，银行、 油气、 跨境支付、 白酒等板块跌幅居前。截至收盘， 沪指跌0.7%， 深成指涨0.34%， 创业板指涨0.47%。 ...

证券研究报告 | 公司点评报告 2025 年 06 月 27 日 小米集团-W（01810.HK） 发布手机、AI 眼镜、汽车等人车家新品，YU7 大定订单超市场预期 TMT 及中小盘/电子 事件：小米集团举办小米人车家全生态发布会，正式发布小米 YU7、小米 MIX Flip 2、小米 AI 眼镜，以及平板、红米手机、可穿戴、科技家电等系列新品。 我们点评如下： 强烈推荐（维持） 目标估值：NA 当前股价：56.65 港元 基础数据 | 总股本（百万股） | 25949 | | --- | --- | | 香港股（百万股） | 21433 | | 总市值（十亿港元） | 1470.0 | | 香港股市值（十亿港元） | 1214.2 | | 每股净资产（港元） | 9.2 | | ROE（TTM） | 9.9 | | 资产负债率 | 46.7% | | 主要股东 | Sunrise Vision Holdings | | | Limited | | 主要股东持股比例 | 16.2098% | 股价表现 % 1m 6m 12m 绝对表现 7 79 220 相对表现 3 58 186 资料来源：公司数据、招商证 ...