2025 年 07 月 21 日 Kimi：Researcher、K2 双线突破，强化学习革 新与开源智能的双擎驱动 —计算机行业点评报告 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 计算机 沪深300 相关研究 1、《计算机行业周报：Grok4 屠榜 验证 Scalinglaw 有效，高德地图推 出小高智能体》2025-07-16 2、《计算机行业周报：谷歌发布全 新多模态大模型 Gemma3n，阿里达摩 院发布医疗 AI 模型 DAMOGRAPE》 2025-06-30 3、《计算机行业点评报告：优步 （UBER.O）：战略技术攻坚筑壁 垒，生态破局启新程》2025-06-28 2025 年 6 月，Moonshot AI 推出 Kimi-Researcher，通过端 到端强化学习实现多轮搜索推理，在 Humanity's Last Exam 基准以 26.9% Pass@1 刷新 ...

证券代码：003040 证券简称：楚天龙 楚天龙股份有限公司投资者关系活动记录表 编号：【2025】0721 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | | □媒体采访 | □业绩说明会 | 投资者关系活动类 | | □新闻发布会 | □路演活动 | 别 | | □现场参观 | | | | ☑其他 | 投资者线上交流会 | | | 天风证券股份有限公司 | 1. | | | 中信建投基金管理有限公司 | 2. | | | 上海贵源投资有限公司 | 3. | | | 国泰君安资产管理股份有限公司 | 4. | | | 中信证券股份有限公司 | 5. | | | 6. | LCRICH CAPITAL MANAGEMENT | | | 承珞（上海）投资管理中心（有限合伙） | 7. | | | 长江证券股份有限公司 | 8. | | | 兴业基金管理有限公司 | 9. | 参与单位及人员 | | 中国人保资产管理有限公司 | 10. | | | 工银瑞信基金管理有限公司 | 11. | | | 东兴基金管理有限公司 | 12. | | | 循远资产管理（上海）有限公司 | ...

Economic Overview - Zhejiang's GDP for the first half of the year reached 45,004 billion yuan, with a year-on-year growth of 5.8%, surpassing the national average [1] - The growth rates for the primary, secondary, and tertiary industries were 3.5%, 5.6%, and 6.0% respectively [1] - Industrial added value increased by 7.6%, while the service sector grew by 6.0% and agriculture by 3.6% [1] Export Performance - Zhejiang contributed 19.8% to the national export growth, the highest in the country [3] - Total import and export volume reached 2.73 trillion yuan, a 6.6% increase year-on-year, with exports at 2.07 trillion yuan, growing by 9.1% [3] - The export of mechanical and electrical products was 970.54 billion yuan, up 10.7%, accounting for 46.8% of total exports [4] Consumption Trends - Social retail sales in Zhejiang totaled 18,979 billion yuan, with a growth of 5.3%, accelerating by 0.8 percentage points from the first quarter [6] - E-commerce played a significant role, with online retail sales increasing by 27.4%, outpacing overall retail growth by 22.1 percentage points [7] - New retail formats, such as instant retail and flash sales, have emerged as key growth drivers [7] Industrial Development - The added value of industrial enterprises above designated size grew by 7.6%, with private enterprises contributing 77.9% to this growth [9] - Key manufacturing sectors, including computer communication electronics and automotive, saw growth rates of 18.0% and 17.6% respectively [9] - High-tech manufacturing and digital economy sectors also demonstrated robust growth, with increases of 12.7% and 12.0% respectively [10] Price Trends and Income Distribution - Consumer prices in Zhejiang saw a slight decline, with a year-on-year decrease of 0.2% [11] - The per capita disposable income for urban residents was 43,293 yuan, growing by 4.7%, while rural residents saw a 5.7% increase to 25,986 yuan [11] - The income gap between urban and rural residents has narrowed, indicating improved income distribution [11]

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 港股与全球资金流动：南下资金流入减少，外资边际流入发达市场。 本期恒生指数收涨 2.8 % ，全球主 要市场多数上涨，印尼综指（ +3.8% ）涨幅居前。资金维度： 1 ）南下资金单周净买入下降至 214.6 亿元，处 2022 年以来 76% 分位。本期（截至 07/18 ）外资流入港股 0.3 亿美元。 2 ）本期（截至 07/16 ）发达市场主动 / 被动资金净流动 -35.1 亿 /70.8 亿美元，新兴市场主动 / 被动资金净流动 -8.5/17.2 亿美元。仅外资口径看，本期全球外资主要流入发达市场，其中美国（ +30.2 亿美元）与日 本（ +11.6 亿美元）居前。含各国内资的全球资金整体流动看，美国 / 韩国流入居前，美股工业 / ...

7月21日，A股市场整体上涨。 截至收盘，上证指数收报3559.79点，上涨0.72%，深证成指收报11007.49点，上涨0.86%，创业板指收 报2296.88点，上涨0.87%，北证50指数上涨2.38%。A股市场合计成交17274.28亿元，较上一交易日增 加1339.22亿元。 1. A股市场全天主力资金净流出136.41亿元 今日A股市场主力资金开盘净流出52.22亿元，尾盘净流入15.76亿元，全天净流出136.41亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-7-21 | -136.41 | -52. 22 | 15. 76 | -9.08 | | 2025-7-18 | -256. 41 | -65. 68 | -5.90 | -135.30 | | 2025-7-17 | 69.86 | -16. 82 | 13. 64 | 124. 01 | | 2025-7-16 | -134. 35 | -8.00 | ...

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "Data Processing Method, Device, and Electronic Equipment," with publication number CN120335915A, filed on March 2025 [1] - The patent describes a method for data processing that includes obtaining a request to present a UEFI system configuration interface and reading a first configuration file from a read-only storage medium [1] - The first configuration file is written to the read-only storage medium before the UEFI system leaves the factory, and the method involves generating at least one target configuration item based on the first and a second configuration file [1] Group 2 - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 565 million HKD and has invested in 107 enterprises, participated in 5,000 bidding projects, and holds 1,751 trademark records and 5,000 patent records [2] - Additionally, Lenovo (Beijing) Co., Ltd. possesses 238 administrative licenses [2]

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

主力资金净流出的行业有20个，计算机行业主力资金净流出规模居首，全天净流出资金93.19亿元，其 次是电子行业，净流出资金为20.52亿元，净流出资金较多的还有医药生物、银行、通信等行业。 资金面上看，两市主力资金全天净流出69.45亿元，今日有11个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨2.06%，全天净流入资金31.93亿元，其次是建筑材料行业，日 涨幅为6.06%，净流入资金为20.38亿元。 计算机行业资金流入榜 沪指7月21日上涨0.72%，申万所属行业中，今日上涨的有27个，涨幅居前的行业为建筑材料、建筑装 饰，涨幅分别为6.06%、3.79%。跌幅居前的行业为银行、综合，跌幅分别为0.77%、0.34%。计算机行 业位居今日跌幅榜第三。 计算机行业今日下跌0.31%，全天主力资金净流出93.19亿元，该行业所属的个股共335只，今日上涨的 有154只，涨停的有1只；下跌的有174只。以资金流向数据进行统计，该行业资金净流入的个股有87 只，其中，净流入资金超5000万元的有5只，净流入资金居首的是淳中科技，今日净流入资金1.34亿 元，紧随其后的是优刻得、科创信 ...

资金面上看，两市主力资金全天净流出69.45亿元，今日有11个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨2.06%，全天净流入资金31.93亿元，其次是建筑材料行业，日 涨幅为6.06%，净流入资金为20.38亿元。 主力资金净流出的行业有20个，计算机行业主力资金净流出规模居首，全天净流出资金93.19亿元，其 次是电子行业，净流出资金为20.52亿元，净流出资金较多的还有医药生物、银行、通信等行业。 钢铁行业今日上涨3.44%，全天主力资金净流入4.08亿元，该行业所属的个股共44只，今日上涨的有43 只，涨停的有4只；下跌的有1只。以资金流向数据进行统计，该行业资金净流入的个股有24只，其中， 净流入资金超5000万元的有7只，净流入资金居首的是重庆钢铁，今日净流入资金1.03亿元，紧随其后 的是柳钢股份、抚顺特钢，净流入资金分别为9794.87万元、8514.98万元。钢铁行业资金净流出个股 中，资金净流出超千万元的有6只，净流出资金居前的有包钢股份、钒钛股份、马钢股份，净流出资金 分别为9629.28万元、5969.50万元、5229.18万元。（数据宝） 沪指7月21 ...

| 2025 年 07 月 21 日 一周市场回顾 | 证券研究报告-一周市场回顾 分析师:马遥识途 | | --- | --- | | 一周市场回顾 | 资格证书:S1330524050001 联系邮箱:mayst@hxzb.cn 联系电话:15201282186 | | (2025.07.14-2025.07.18) | 相关研究 | | | 一周市场回顾 (2025.07.07 - | | | 2025.07.11) | | A 股市场: | 2025.07.15 | | | 一周市场回顾 (2025.06.30 - | | . 本周 A 股上证指数上涨 0.69%,收于 3534.48 点,深证成指上涨 | 2025.07.04) | | 2.04%. 收于 10913.84点,创业板指上涨 3.17%,收于 2277.15点。 | 2025.07.07 | | | 一周市场回顾 (2025.06.16— | | 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 | 2025.06.20) | | 0.28%、上涨 0.99%、上涨 1.09%,成长风格类板块代表指数中小 | | ...