Group 1 - The company’s main business includes smart terminals such as smart wireless routers, smart cloud-managed switches, smart IoT gateways, and smart home central controllers. Wireless devices include wireless AP/AC, wireless routers, 4G/5G routers, and wireless CPE terminals [2] - As of August 31, 2025, the company has repurchased a total of 454,300 shares through a dedicated repurchase account, accounting for approximately 0.66% of the current total share capital. The repurchase plan aimed at maintaining company value and shareholder rights has been completed, while the repurchase for equity incentives or employee stock ownership plans has not yet been completed [2] - The company will implement the repurchase plan for equity incentives or employee stock ownership based on market conditions and will fulfill information disclosure obligations in accordance with relevant laws and regulations [2]

Group 1 - The "Top 100 Private Enterprises in Guangdong Province 2025" list was released, with Huawei ranking first, followed by BYD and Tencent, all exceeding 660 billion RMB in revenue for 2024 [1] - The entry threshold for the "Top 100 Private Enterprises in Guangdong Province 2025" was set at 12.33 billion RMB, with four companies exceeding 400 billion RMB, twelve exceeding 100 billion RMB, and sixty-six exceeding 20 billion RMB in revenue for 2024 [1] - The revenue figures for the top three companies are: Huawei at 862.072 billion RMB, BYD at 777.102 billion RMB, and Tencent at 660.257 billion RMB [1] Group 2 - The entry threshold for the "Top 100 Private Manufacturing Enterprises in Guangdong Province 2025" was 5.68 billion RMB, with seven companies exceeding 100 billion RMB and forty-three exceeding 20 billion RMB in revenue for 2024 [2] - The entry threshold for the "Top 50 Private Service Enterprises in Guangdong Province 2025" was 7.19 billion RMB, with four companies exceeding 100 billion RMB and twenty-one exceeding 20 billion RMB in revenue for 2024 [2]

（文章来源：证券时报网） 数据宝统计，截至10:24，中际旭创成交额100.77亿元，超上一日全天。最新股价上涨2.97%，换手率 2.17%。（数据宝） ...

股价刚创新高，股东减持接踵而至。 9月26日，光模块龙头中际旭创（300308.SZ）发布公告称，公司控股股东中际投资计划未来三个月减持 公司股份不超过550万股，占公司总股本的0.49%。 就在近期，公司股价触及457元的历史新高，截至9月26日收盘报413.7元，若按照最新收盘价计，此次 减持套现金额约22亿元。 公司股价站上历史高位之际，控股股东选择"落袋为安"。这并非孤例。记者据Wind不完全统计，仅本 周末（9月26日至28日），A股市场就有100家上市公司密集发布减持公告，涉及硬件设备、半导体、医 药生物、消费等热门赛道。 股价翻数倍，股东"组团"减持 具体看来，中际旭创公告显示，中际投资合计持有公司股份1.27亿股，占公司总股本的11.42%，本次减 持以大宗交易方式进行。中际投资及其一致行动人承诺，自本次减持计划完成后12个月内不减持公司股 份。 公司9月17日晚间公告显示，7月1日至9月17日，特定股东苏州益兴福企业管理中心（有限合伙，下 称"益兴福"）及其一致行动人，总共减持该公司463.41万股，合计持股比例由9.417%减少至8.9999%。 按照三季度股价均值300元计，益兴福可能套 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company's server computing business is expected to have a promising future, with strong performance in the government and enterprise sectors [1] - The company achieved a revenue of 71.55 billion yuan in the first half of 2025, a year-on-year increase of 14.51%, while net profit attributable to shareholders decreased by 11.77% [4] - The report highlights the company's proactive expansion into intelligent computing data center projects [5] Financial Performance - In Q2 2025, the company reported a revenue of 38.59 billion yuan, a year-on-year increase of 20.92% and a quarter-on-quarter increase of 17.04% [5] - The net profit attributable to shareholders for Q2 2025 was 2.60 billion yuan, a year-on-year decrease of 12.94% but a quarter-on-quarter increase of 6.16% [5] - The gross profit margin for Q2 2025 was 30.90%, down 8.08 percentage points year-on-year [5] Business Segments - The operator network segment saw a revenue of 35.06 billion yuan in the first half of 2025, a year-on-year decrease of 5.99% [6] - The government and enterprise business segment achieved a revenue of 19.25 billion yuan, a year-on-year increase of 109.93% [8] - The consumer business segment reported a revenue of 17.24 billion yuan, a year-on-year increase of 7.59% [9] Future Projections - Revenue forecasts for the company are 137.92 billion yuan, 153.50 billion yuan, and 170.54 billion yuan for 2025, 2026, and 2027 respectively [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.79 yuan, 1.91 yuan, and 2.14 yuan respectively [10] - The report anticipates a positive growth trend in the company's intelligent computing business, particularly in the context of rising demand for AI computing power [10]

Core Insights - The article discusses the performance and trends in the Chinese communication equipment industry, particularly focusing on the production of mobile communication base station equipment [1] Industry Overview - According to the National Bureau of Statistics, the production of mobile communication base station equipment in China reached 534,000 RF modules in July 2025, representing a year-on-year increase of 43.2% [1] - Cumulatively, from January to July 2025, the total production of mobile communication base station equipment was 3.214 million RF modules, showing a cumulative decline of 2.9% [1] Market Research - The report titled "2025-2031 China Communication Equipment Industry Market Monitoring and Development Trend Analysis Report" by Zhiyan Consulting provides insights into market trends and forecasts for the communication equipment sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Market Overview - On September 26, the market continued its recent trend of low-volume consolidation, with the Shanghai Composite Index down 0.65%, the Shenzhen Component down 1.76%, and the ChiNext Index down 2.60%[3] - Since reaching a new high of 3899 on September 18, the market has been consolidating around the 5-day moving average, indicating a potential choice of direction ahead[1] Sector Performance - The sectors that saw the most significant inflows on September 26 were passenger cars, auto parts, and wind power equipment, while the largest outflows were from consumer electronics, IT services, and communication equipment[4] - The shipbuilding industry, which has experienced a significant pullback, is highlighted as a potential short-term rebound opportunity[1] Economic Indicators - The petrochemical industry is projected to achieve an average annual growth of over 5% in value added from 2025 to 2026, as per a plan issued by seven government departments[5] - China's digital service trade reached 1.5 trillion yuan in the first half of 2025, marking a year-on-year growth of 6%[9] Fund Dynamics - The stock private equity position index reached a year-to-date high of 78.41%, reflecting a 0.37 percentage point increase from the previous week, indicating a growing optimism among private equity firms[12] - A new private equity fund with a total scale of 20 billion yuan was established in Qingdao, marking a significant development in the insurance private equity sector[11]

Core Insights - The report provides a summary of recommended stocks across various industries for October 2025, highlighting key investment logic for each stock [2]. Industry Summaries Electronics - Aojie Technology (688220.SH) is recommended due to its dual capabilities in connectivity and processing, benefiting from the AI trend in edge computing. The company has a strong presence in 2-5G cellular communication and various mainstream communication protocols [2]. Telecommunications - ZTE Corporation (000063.SZ) is identified as a leading telecommunications equipment provider, poised to benefit from the development of domestic computing power and possesses self-controlled chip capabilities [2]. Power Equipment and New Energy - Goldwind Technology (002202.SZ) is noted for its leadership in wind turbines, with a strategy that enhances profitability and a growing order book. The company is expected to see improved margins due to rising wind turbine bid prices and a recovery in wind farm transfer business [2]. - Sungrow Power Supply (300274.SZ) is highlighted as a leader in photovoltaic inverters and energy storage systems, with significant demand in overseas markets and a focus on integrated solutions for solar power generation and energy storage [2]. Real Estate and Construction - Shenghui Integrated (603163.SH) is recognized for its cleanroom engineering services, with a strong position in the global market outside Taiwan, particularly in potential collaborations with major clients like TSMC [2]. Automotive - XPeng Motors (9868.HK) is projected to increase its revenue significantly over the next few years, with a focus on high-end autonomous driving models and a positive outlook on profitability despite current losses [2]. Metals and Materials - Minmetals Resources (1208.HK) is expected to see a 50% increase in copper production from 2024 to 2029, with significant cost reduction potential from ongoing expansions [2]. Internet - Alibaba Group (9988.HK) is positioned as a full-stack AI service provider, with a focus on enhancing its cloud computing market share and maintaining steady growth in its e-commerce business [2]. Pharmaceuticals - Nanwei Medical (688029.SH) is anticipated to benefit from the domestic medical device procurement reforms and is expected to show strong growth in overseas markets [2]. Food and Beverage - Babbi Foods (605338.SH) is expected to improve its store efficiency through new product offerings and strategic acquisitions, with a positive trend in management confidence reflected in recent executive stock purchases [2].

从融资净买入金额来看，有25只个股获融资净买入超亿元。其中，中际旭创、赛力斯、宁德时代融资净 买入金额排名前三，分别获净买入5.97亿元、5.91亿元、4.8亿元。 从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中品茗科技、佳电股 份、康为世纪融资买入额占成交额比重排名前三，分别为81.88%、33.52%、32.9%。 每经AI快讯，Wind数据显示，A股9月26日共有3719只个股获融资资金买入，有505股买入金额超亿元。 其中，赛力斯、新易盛、中际旭创融资买入金额排名前三，分别获买入34.85亿元、29.28亿元、28.15亿 元。 ...

格隆汇9月29日丨中际旭创(300308.SZ)在投资者互动平台表示，3.2T产品也会根据客户需求布局不同的 技术路线。 ...