2025 年 7 月 11 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 通信行业 超配（维持） 通信行业双周报（2025/6/27-2025/7/10） 行 业 AI 带来 DWDM 流量增长 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（6/27-7/10）累计上 涨3.91%，跑赢沪深300指数2.29个百分点，涨幅在31个申万一级行业中 位列第9位；申万通信板块7月累计上涨0.19%，跑输沪深300指数 ...

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 股东名称 | 视京呈通信（上海）有限公司 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东、实控人及一致行动人 | | | | □是 | | √否 | | | | 直接持股 5%以上股东 | | | □是 | √否 | | | | | | 股东身份 | | | | | | | | | | 董事、监事和高级管理人员 | | | | □是 | √否 | | | | | 其他：5%以下股东 | | | | | | | | | | 32,802,770股 持股数量 | | | | | | | | | | 持股比例 0.66% | | | | | | | | | | 当前持股股份来源 | 其他方式取得：32,802,770股 | | | | | | | | | 上述减持主体无一致行动人。 | | | | | | | | | | 二、减持计划的实施结果 | ...

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -10 million and -5 million yuan, indicating a loss compared to the same period last year [1][2] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -23.15 million and -18.15 million yuan [2] - The preliminary financial data is subject to final confirmation in the official 2025 semi-annual report [1][2] Group 2 - The previous year's profit total was 19.93 million yuan, with a net profit attributable to shareholders of 0.01 yuan per share [2] - The main reasons for the expected loss include an investment loss of approximately -13.52 million yuan and a decline in consolidated operating revenue due to subsidiaries exiting or transforming their business [2]

7月10日，慢性肾脏病新药开同®复方α-酮酸片300片在京东健康线上首发。该药为肾脏营养原研药物， 由费森尤斯卡比公司研发。京东健康将充分发挥自身全渠道优势和医疗健康服务能力，提升这款新药的 可及性，帮助慢性肾脏病患者获得更便捷、更经济的长期治疗方案，降低断药和停药风险，提升患者长 期用药依从性。 开同®复方α-酮酸片的生产企业费森尤斯卡比是德国费森尤斯集团旗下的核心业务公司，长期专注于为 重症及慢性病患者提供高质量的医疗解决方案。深耕中国市场四十余年，费森尤斯卡比在药品、临床营 养、医疗器械等领域均积累了深厚的专业实力。 京东健康联合包括费森尤斯卡比在内的药企合作伙伴，致力于为患者提供优质的药品供给。此外，京东 健康率先在行业内打通"医+检+诊+药"全链路闭环，能为各类慢性病患者提供更便捷、更科学、更专业 的一站式诊疗方案。 未来，京东健康将继续深化药企合作，在进一步提升慢性病所需药品可及性的同时，持续优化患者的长 期用药体验，推动我国慢性病防治水平的提升。 慢性肾脏病是威胁人类健康的主要疾病之一。根据《柳叶刀》最新研究数据，目前我国成人慢性肾脏病 患者达1.323亿，患病率达10.8%，即每10个人中就有 ...

（二）业绩预告情况 证券代码：601360 证券简称：三六零 公告编号：2025-033号 三六零安全科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 三、本期业绩预亏的主要原因 报告期内，公司业绩预亏的原因主要系公司为加强产品宣传、扩大市场影响， 销售费用投入增加。 四、风险提示 截至目前，公司未发现影响本次业绩预告内容准确性的重大不确定因素。本 次业绩预告未经注册会计师审计。 五、其他说明事项 利润约为-3.2 亿元至-2.4 亿元。 润约为-3.4 亿元至-2.5 亿元。 （三）本次业绩预告的财务数据未经审计机构审计。 二、上年同期业绩情况 （一）利润总额：-2.20 亿元。归属于母公司所有者的净利润：-3.41 亿元。 归属于母公司所有者的扣除非经常性损益的净利润：-5.16 亿元。 （二）基本每股收益：-0.05 元/股。 以上预告数据仅为初步核算数据，具体准确的财务数据以公司正式披露的 特此公告。 三六零安全科技股份有限公司董事会 ? 本次业 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of MacAudie, with a current stock price of 15.9 yuan and a PE ratio of 50.00 times, indicating a higher valuation compared to the industry average [1][2] - As of the first quarter of 2025, MacAudie reported a revenue of 316 million yuan, representing a year-on-year increase of 5.91%, and a net profit of 34.88 million yuan, with a year-on-year growth of 9.70% [1] - The company's main business includes the production and sales of epoxy insulation components, optical microscopes, molds, and medical testing products, along with medical diagnostic services and energy internet technology research and operation [1] Group 2 - In terms of market capitalization, MacAudie has a total market value of 8.227 billion yuan, ranking 103rd in the electric grid equipment industry, which has an average PE ratio of 37.07 times and a median of 39.07 times [1][2] - The latest data shows that eight institutions hold shares in MacAudie, with a total holding of approximately 336.88 million shares valued at 5.596 billion yuan [1] - The sales gross margin for MacAudie stands at 41.77%, indicating a healthy profitability level within its operational framework [1]

智通财经7月11日电，香港交易所信息显示，美国银行在哔哩哔哩-W的持股比例于07月08日从6.25%降 至6.07%。 ...

Group 1 - Prit's announcement to establish a subsidiary in Nansha, Guangzhou, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The number of A-share companies mentioning Nansha in their 2024 annual reports has increased to 216, with over 10 billion yuan of funds flowing into the area [1][2] - The "Nansha Plan" aims to develop Nansha into a strategic platform for cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area, attracting significant investments from various sectors [1] Group 2 - Guangzhou Port's fixed asset scale increased from 193.65 billion yuan in 2022 to 290.67 billion yuan in 2024, with a total increase of 9.7 billion yuan [2] - In 2022, Guangzhou Port raised 4 billion yuan through stock issuance and recorded a cash inflow of 13.022 billion yuan, both reaching a ten-year high [2] - The international general terminal project at Nansha Port is set to enhance the logistics system, with an investment of 7.472 billion yuan and a designed annual throughput capacity of 15.5 million tons of general cargo [3] Group 3 - COSCO Shipping's subsidiary in Nansha has invested 600 million yuan, with total assets of 2.377 billion yuan and a net profit of 327 million yuan in 2024 [4] - The logistics sector in Nansha is supported by the establishment of a wholly-owned subsidiary by COSCO Shipping, focusing on international shipping and logistics [3][4] Group 4 - Fuan Energy has increased its stake in Nansha Storage to 70% and invested in a comprehensive energy petrochemical storage base with a capacity of 918,300 cubic meters [6] - The petrochemical park in Xiaohu Island is recognized as a specialized chemical park, with a planned area of 9.7 square kilometers [7] - The food and agricultural products import-export center project by Agricultural Products Co. is set to establish a hub in Nansha, covering an area of 200,000 square meters [8] Group 5 - Watson Bio has established a production base in Nansha with a focus on mRNA technology and set up a 1.2 billion yuan investment fund [9] - The company has seen its operating profits decrease from 84 million yuan in 2022 to 38 million yuan in 2024, benefiting from a preferential tax rate starting in 2024 [9] - Tianrunxin has established a subsidiary in Nansha, aiming to develop a security technology industry hub in the Greater Bay Area [10][11]

Core Insights - The Shenzhen Douyin Group's new headquarters, known as the Haikou Center, has begun employee occupancy and is set to be completed by December 2024, marking a significant milestone for Douyin in Shenzhen [3] - The project is designed by the internationally renowned firm Ennead and constructed by China State Construction Engineering Corporation, featuring a total building area of approximately 77,000 square meters and a height of 150 meters, consisting of 36 floors [5] - The design philosophy of the Haikou Center emphasizes "flow and continuity," aiming to break traditional office layouts and enhance the workspace experience [7] Design and Features - The building incorporates a unique layered facade design that combines horizontal shading devices with suspended outdoor platforms on the 9th to 13th floors, creating a strong visual rhythm [7] - Full-height glass curtain walls allow ample natural light, while the shading system reduces heat and optimizes indoor lighting, significantly improving energy efficiency and comfort [8] - The interior design transforms vertical space into a three-dimensional social network, featuring green-filled suspended platforms and open staircases to foster employee interaction and alleviate the closed-off feel of traditional offices [11] Technological Innovations - The construction process actively employs advanced technologies, such as high-precision laser leveling robots for floor pouring, which significantly enhance efficiency and reduce waste [13] - The use of new PP hollow plastic formwork accelerates construction progress and promotes material recycling, thereby minimizing environmental impact [13] Location and Accessibility - The Haikou Center is strategically located in the Nanshan Haikou Business Financial Headquarters Base, within the core area of the Guangdong-Hong Kong-Macao Greater Bay Area, offering expansive views and proximity to Shenzhen Bay [15] - The new headquarters is only about a 10-minute drive from Tencent's headquarters, enhancing its accessibility within the business district [15]

Core Viewpoint - Tianrongxin (002212.SZ) expects a net loss of 60 million to 70 million yuan for the first half of 2025, representing a year-on-year reduction in losses by 65.98% to 70.84% [1] Financial Performance - The company is implementing a quality improvement and efficiency enhancement strategy, leading to a significant reduction in losses [1] - Revenue in the second quarter increased by over 8% year-on-year [1] - Gross margin improved by more than 4 percentage points compared to the previous year [1] Cost Management - The company has optimized its competitive strategy to enhance revenue quality [1] - Sales, research and development, and management expenses decreased by over 13% year-on-year [1]