公司报告 | 半年报点评 广和通（300638） 证券研究报告 上半年主业稳健，布局 AI 高景气方向驱动未来成长！ 事件： 广和通发布 2025 半年报，25H1 实现营业收入 37.07 亿元，同比下滑 9.02%， 实现归母净利润 2.18 亿元，同比下滑 34.66%，实现扣非净利润 2.02 亿元， 同比下滑 36.06%。 受锐凌无线出表影响，主业稳健： 单 Q2 实现营业收入 18.51 亿元，同比下滑 5.14%，实现归母净利润 1.0 亿 元，同比下滑 31.25%。公司上半年受锐凌无线出表影响较大，剔除锐凌无 线车载前装无线通信模组业务的影响，25H1 营业收入同比增长 23.49%； 归母净利润同比增长 6.54%。 期待毛利率回升： 单 Q2 实现毛利率 15.83%，同比下降 5.82pct，受到产品结构及材料采购价 格波动所致。25H1 智能模组占比 55%以上，原来智能模组毛利高于数传模 组，今年因为存储涨价，智能模组存储占比较高，影响了毛利率。 紧抓 AI 机遇，布局高景气方向： 公司不止于模组企业，打造 AI 研究院，全面向 AI 端侧领域进发，端侧 AI 领域技术布局行业领 ...

Core Insights - The signing of the Jinhu Jinbei General Airport project marks the first official implementation of the domestically developed air traffic control voice communication exchange system by Jiexun Zhihang, indicating the company's commitment to the national low-altitude economic development strategy [1][2] - The reliance on imported core equipment in China's air traffic control has been a long-standing issue, and the increasing demand for low-altitude economic development presents a historic opportunity for domestic equipment manufacturers [1][2] Company Developments - Jiexun Zhihang focuses on a dual development path of "independent research and production + independent intellectual property rights," aiming to provide equipment support not only for traditional civil aviation but also to become a core service provider for low-altitude economic air traffic control equipment [1] - The application of the domestic voice communication system is expected to break the monopoly of foreign manufacturers on key protocols and technologies, addressing communication security risks in low-altitude scenarios [2] Market Opportunities - The customized development of the domestic system will meet the differentiated needs of emergency rescue rapid response, low-altitude logistics dynamic scheduling, and multi-time period flight training, thereby reducing operational costs for general airports and low-altitude service operators [2] - The current policy support and market demand create an unprecedented "golden development window" for domestic low-altitude air traffic control equipment [2] Future Outlook - Jiexun Zhihang plans to use the Jinhu Jinbei Airport project as a starting point to strengthen cooperation with airports, general aviation companies, air traffic control units, and various levels of government, further deepening its strategic layout in the low-altitude economic field [2] - The company aims to contribute to the construction of a safe, efficient, and open low-altitude communication guarantee system, injecting new momentum into the high-quality development of China's low-altitude economy [2]

证券日报网讯天孚通信（300394）9月22日在互动平台回答投资者提问时表示，截至2025年09月19日收 盘，公司股东户数为137755户(合并信用账户)。 ...

Market Overview - The Shanghai Composite Index closed at 3790.40 points, below the five-day moving average, with a decline of 1.00% [1] - The total trading volume of A-shares reached 20,575.39 billion yuan [1] Stocks Exceeding Five-Day Moving Average - A total of 172 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Teruid (特锐德) with a deviation rate of 10.86% and a daily increase of 14.14% [2] - Chuangyuan Xinke (创远信科) with a deviation rate of 10.73% and a daily increase of 19.25% [2] - Ningbo Ocean (宁波海运) with a deviation rate of 7.96% and a daily increase of 9.95% [2] Additional Stocks with Deviation Rates - Other stocks with notable deviation rates include: - Youcai Resources (优彩资源) at 7.66% [2] - Yingfeng Co. (迎丰股份) at 7.52% [2] - Xiangdian Co. (湘电股份) at 7.16% [2] - The table lists various stocks with their respective daily changes, turnover rates, five-day moving averages, latest prices, and deviation rates [2][3]

Core Insights - High New Energy's stock price has dropped 5.05% to 5.64 CNY per share, with a trading volume of 333 million CNY and a turnover rate of 3.76%, resulting in a total market capitalization of 9.801 billion CNY [1] - The stock has experienced a continuous decline over four days, with a cumulative drop of 4.96% during this period [1] Company Overview - High New Energy Technology Group Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on November 14, 1997, with its listing date on July 28, 2010 [1] - The company specializes in the research, development, production, sales, and service of comprehensive management service systems for communication base stations and machine rooms [1] - Main products include information systems for communication base stations/machine rooms and energy-saving systems, as well as applications in vehicle networking, security, finance, and satellite communication [1] Revenue Composition - The revenue composition of High New Energy is as follows: - Vehicle-mounted terminals account for 57.90%, with automotive products at 36.05% - Smart justice and video cloud services contribute 27.08%, including rail transit terminal products at 21.85% - Other segments include power environment monitoring at 5.15% and electronic license plates and vehicle-road cloud services at 2.51% [1] Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in High New Energy, specifically the Huaxia CSI 2000 ETF (562660), which held 125,100 shares in the second quarter, representing 0.34% of the fund's net value [2] - The fund has incurred a floating loss of approximately 37,500 CNY today and a total floating loss of 38,800 CNY during the four-day decline [2] Fund Performance - The Huaxia CSI 2000 ETF (562660) was established on September 6, 2023, with a current scale of 194 million CNY [2] - Year-to-date returns stand at 42.71%, ranking 926 out of 4220 in its category, while the one-year return is 96.64%, ranking 638 out of 3814 [2] - Since its inception, the fund has achieved a return of 61.15% [2] Fund Management - The fund is managed by Ru Ya Yun and Chen Guo Feng, with Ru having a tenure of 3 years and 107 days and a total asset scale of 20.843 billion CNY, achieving a best return of 83.43% and a worst return of -31.74% during his tenure [3] - Chen has a tenure of 2 years and 364 days, managing assets of 374 million CNY, with a best return of 63.74% and a worst return of 1.28% [3]

Group 1 - The core point of the article indicates that Huali Chuantong has experienced a significant decrease in the number of shareholders, with a reduction of 10,642 shareholders as of September 20, resulting in a 9.56% decrease compared to the previous period [2] - The latest stock price of Huali Chuantong is reported at 21.52 yuan, reflecting a decline of 5.36%, and an overall drop of 12.45% since the concentration of shares began [2] - The margin trading data shows that as of September 22, the total margin balance for the stock is 816 million yuan, with a financing balance of 813 million yuan, indicating a decrease of 64.86 million yuan or 7.39% during the current concentration period [2] Group 2 - The company's semi-annual report reveals that it achieved an operating income of 332 million yuan in the first half of the year, representing a year-on-year decline of 9.56%, while net profit reached 2.97 million yuan, marking a year-on-year increase of 4.93% [2] - The basic earnings per share are reported at 0.0045 yuan, with a weighted average return on equity of 0.05% [2]

（文章来源：证券时报网） 数据宝统计，截至11:13，新易盛成交额139.02亿元，超上一日全天。最新股价上涨0.60%，换手率 4.40%。上一交易日该股全天成交额为138.60亿元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the Hong Kong stock market, particularly the technology sector, which is seen as having continued investment potential despite recent fluctuations in market performance [1][3][9]. Core Insights and Arguments - **Market Activity and Fund Flows**: High trading activity is noted, with net inflows in margin financing and a significant return of retail investors. Equity fund positions are above 80%, and new fund issuance in September has exceeded 100 billion [1][2]. - **Impact of Major Shareholder Actions**: Recent reductions in holdings by major shareholders and IPOs have had minimal impact on overall market capitalization [4]. - **Profitability and Market Sentiment**: Although the profit-making effect has slightly decreased, it remains at a high level. Positive sentiment indicators suggest a likelihood of market stability or upward movement, contingent on further accumulation of fundamental and industrial factors [5]. - **Sector Performance**: The technology, media, and telecommunications (TMT) sectors, along with high-end manufacturing, are expected to maintain high growth rates. Specific areas of interest include communication equipment, power grid equipment, computers, engineering machinery, batteries, rail transit equipment, and defense industries [6]. - **U.S. Federal Reserve's Interest Rate Policy**: The Fed's recent interest rate cuts are viewed as preemptive, with historical data indicating strong market performance following such actions. This supports a positive outlook for sectors like innovative pharmaceuticals, Hong Kong technology, consumer goods, and resource products [7]. - **Investment Strategy**: The recommendation is to maintain high portfolio positions, focusing on domestic computing power, Hong Kong technology, and innovative pharmaceutical trends, while also considering sectors related to capacity changes and consumer goods [8]. Additional Important Insights - **Valuation Comparisons**: Hong Kong's market valuation is considered balanced compared to global markets, with foreign investment still underweight in Hong Kong stocks. The appreciation of the RMB and favorable global valuation conditions are expected to attract more foreign capital [3][19][20]. - **Earnings Improvement**: The earnings growth rate for over 500 Chinese companies listed overseas is projected at 9%, indicating a stabilization in profitability after a downturn [21]. - **Technological Sector Dynamics**: Chinese technology companies are increasing capital expenditures, particularly in R&D, which is expected to enhance their growth potential and positively impact related industries [23]. - **Future Market Outlook**: The long-term outlook for the Hong Kong market is optimistic, driven by improving fundamentals, supportive policies, and the potential for significant earnings recovery in leading technology firms [24]. Conclusion - The Hong Kong technology sector is positioned for continued growth, supported by favorable market conditions, improving fundamentals, and strategic investment opportunities. The overall sentiment remains cautiously optimistic, with indicators suggesting that the market has room for further development [27][30].

Core Insights - In the past five trading days, a total of 281 companies were investigated by institutions, with notable interest in companies like Ganfeng Lithium, Hanhai Group, and Dingtong Technology [1][2] Group 1: Institutional Research Activity - 83.27% of the companies investigated had participation from securities firms, with 234 companies being surveyed [1] - Fund companies conducted research on 191 companies, while private equity firms investigated 82 companies [1] - Ganfeng Lithium received the highest attention with 91 institutions participating in its research, followed by Hanhai Group also with 91 institutions [1][2] Group 2: Fund Flow and Stock Performance - Among the stocks investigated by more than 20 institutions, 11 experienced net inflows in the past five days, with Guorui Technology seeing the highest net inflow of 284 million yuan [1] - Hanhai Group and Lais Information also had significant net inflows of 79 million yuan and 70 million yuan respectively [1] - In terms of stock performance, 31 stocks increased in value, with Demingli, Shuanghuan Transmission, and Guangdong Hongda leading with gains of 31.55%, 24.06%, and 21.07% respectively [2] Group 3: Detailed Company Insights - Ganfeng Lithium (603087) was investigated once by 91 institutions, with a closing price of 73.60 yuan and a slight decline of 0.35% [2] - Hanhai Group (001221) also had 91 institutions participating, closing at 67.41 yuan with a notable increase of 17.64% [2] - Dingtong Technology (688668) was investigated by 77 institutions, closing at 108.94 yuan with a gain of 3.26% [2]

Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,828.58, up by 0.22% [4] - The Shenzhen Component Index and the ChiNext Index also experienced gains, indicating a general upward trend in the market [4] Group 2: Company Insights - Zhongheng Electric (002364.SZ) is establishing a joint venture to expand its overseas HVDC product market, with a total investment of 200 million Singapore dollars [6] - Sanwang Communication (688618.SH) reported a stable overall operating situation, with a focus on new fields for growth [7] - Baili Tianheng (688506.SH) is developing an EGFR×HER3 ADC that is expected to become a cornerstone drug for tumors, with HER2 ADC showing potential [11] - Ximai Food (002956.SZ) reported significant growth in its oat product segment, benefiting from cost reductions and increased sales [15] Group 3: Financial Performance - Zhongheng Electric achieved a revenue of 889 million yuan in H1 2025, a year-on-year increase of 14.3%, driven primarily by its data center power business [7] - Sanwang Communication's H1 revenue reached 172 million yuan, up 10.05% year-on-year, although net profit decreased by 36.72% [8] - Baili Tianheng forecasts revenues of 2.251 billion yuan for 2025, with a projected net profit of -527 million yuan [13] - Ximai Food's H1 revenue was 1.149 billion yuan, reflecting an 18.1% increase, with compound oats being a key growth driver [15] Group 4: Investment Recommendations - Zhongheng Electric is rated "Buy-B" with projected EPS of 0.37, 0.56, and 0.78 for 2025-2027 [6] - Sanwang Communication is expected to stabilize and grow in new fields, maintaining a focus on innovation [7] - Baili Tianheng is rated "Buy-B" with a focus on its ADC pipeline and potential market impact [13] - Ximai Food is rated "Add-A" with expected EPS of 0.78, 1.00, and 1.25 for 2025-2027, driven by strong sales growth in oat products [15]