证券之星消息，8月20日元件板块较上一交易日下跌0.6%，江海股份领跌。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。元件板块个股涨跌见下表： 从资金流向上来看，当日元件板块主力资金净流出17.27亿元，游资资金净流入3.85亿元，散户资金净流 入13.41亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002815 | 崇达技术 | 2.80 Z | 12.35% | -1.90 Z | -8.40% | -8962.98万 | -3.95% | | 603920 | 世运电路 | 2.44/乙 | 14.21% | 3735.77万 | 2.18% | -2.81 Z | -16.39% | | 688183 | 生益电子 | 1.26亿 | 5.45% | 1269.44万 | 0.55% | -1.39 Z | -5.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown significant growth in revenue and profit in the first half of 2025, with a year-on-year revenue increase of 24.75% and a net profit increase of 57.22% [9] - The company's capital expenditure in AI is expected to accelerate, with a focus on both edge and cloud applications [9] - The report anticipates continued strong performance driven by product line expansion and market opportunities, particularly in AI-related sectors [6][9] Financial Summary - The company is projected to achieve revenues of RMB 411.55 billion, RMB 501.93 billion, and RMB 591.50 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 45.45 billion, RMB 57.76 billion, and RMB 67.39 billion [6][8] - The expected growth rates for revenue are 17.1% in 2025, 22.0% in 2026, and 17.8% in 2027 [8] - The company's gross margin for the first half of 2025 was 19.07%, with a notable increase in the second quarter to 20.28% [9] Business Performance - In the first half of 2025, the communication board segment generated RMB 102.68 billion in revenue, a year-on-year increase of 17.62% [9] - The consumer electronics and computing board segment saw revenue of RMB 51.74 billion, up 31.63% year-on-year, driven by the recovery in consumer electronics and AI product development [9] - The automotive/server board segment experienced a remarkable revenue growth of 87.42% year-on-year, reaching RMB 8.05 billion, fueled by demand in the AI server market [9] Investment Outlook - The report highlights the successful completion of various investment projects, including the first phase of a factory in Thailand, which is now in trial production [9] - The company plans to increase its capital expenditure to over NT$30 billion in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [9]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002384 | 东山精密 | 52.60 | -3.75% | 83.83万 | 44.42 Z | | 300814 | 中富电路 | 49.10 | -3.06% | 20.44万 | 10.11亿 | | 837821 | 则成电子 | 33.31 | -3.00% | 7.22万 | 2.487Z | | 688183 | 生益电子 | 54.72 | -2.91% | 24.82万 | 13.67亿 | | 301251 | 威尔高 | 60.56 | -2.87% | 12.44万 | 7.53亿 | | 832491 | 圆迪威 | 32.84 | -2.84% | 15.34万 | 5.15亿 | | 301176 | 逸豪新材 | 34.07 | -2.52% | 12.20万 | 4.20亿 | | 301366 | 一博科技 | 43.58 | -2.51% | 10.01万 | 4.38亿 | | 600563 | 法拉电 ...

时报冒说 | 行业指数 | 区间涨幅 | | --- | --- | | (申万二级) | (%) | | 白酒 II | 372.64 | | 元件 | 219.84 | | 其他电源设备 II | 219.30 | | 能源金属 | 208.10 | | 非金属材料 II | 187.96 | | 电池 | 183.18 | | 小ぞ屋 | 165.22 | | 贵金属 | 154.93 | | --- | --- | | 半导体 | 151.53 | | 乘用车 | 143.99 | | 注：GDP数据取前一年度;本图数据来源交易所及Wind | | | 证券时报 | | | 新媒体实验室 出品 | | | 作者：王智佳 胡华雄 | 更多精彩 请登录 | | 设计:冉 超 | 量多精彩管理 > P | （文章来源：证券时报网） | | 2015年 08月21日 | 2021年 02月18日 | 2025年 08月18日 | | --- | --- | --- | --- | | 沪指盘中 最高点位 | 3652.84 | 3731.69 | 3745.94 | | 股市总市值 | 49万亿 | 84万亿 ...

Market Performance - The component sector increased by 1.99% on August 18, with Jing Sai Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers - Jing Sai Technology (871981) closed at 46.56, up 29.98% with a trading volume of 94,900 shares and a transaction value of 415 million [1] - Nanya New Materials (688519) closed at 65.17, up 20.00% with a trading volume of 166,400 shares and a transaction value of 1.061 billion [1] - Yuan Diwei (832491) closed at 33.80, up 14.97% with a trading volume of 212,400 shares [1] Other Notable Performers - Zhongfu Circuit (300814) closed at 50.65, up 10.37% with a trading volume of 330,800 shares and a transaction value of 1.668 billion [1] - Fangzheng Technology (600601) closed at 7.43, up 10.07% with a trading volume of 4.1409 million shares and a transaction value of 3.031 billion [1] Market Capital Flow - The component sector saw a net inflow of 688 million from institutional investors, while retail investors experienced a net outflow of 1.012 billion [2][3] - The top stocks by net inflow from institutional investors included Shengyi Technology (600183) with a net inflow of 2.53 billion [3] Decliners - ST Dongjing (002199) closed at 10.18, down 3.78% with a trading volume of 93,500 shares [2] - Aoshikang (002913) closed at 38.81, down 2.04% with a trading volume of 87,600 shares [2]

Core Viewpoint - The A-share market is experiencing a structural revaluation process driven by national governance capabilities and supportive policies, with a focus on low valuation and high prosperity sectors such as technology and energy independence [3][17]. Market Performance - On August 13, 2025, the Shanghai Composite Index closed at 3683 points, marking a nearly four-year high, with total market turnover returning to 2 trillion yuan, indicating a "eight consecutive days of gains" [2][7]. - On August 15, the Shanghai Composite Index rose by 0.83% to 3696.77 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.60% and 2.61%, respectively, with market turnover exceeding 2 trillion yuan for the third consecutive trading day [3][7]. Investment Themes - Key investment themes include technology manufacturing, new energy materials, and hard technology innovation chains, reflecting a clear market logic driven by industrial policy and capital expectations [3][7]. - The market is witnessing a rotation of themes, with strong performance in sectors like military restructuring and technology-related themes such as liquid cooling servers and humanoid robots [7][14]. Capital Flow - Positive capital flow is noted, with significant net inflows into high-elasticity sectors such as brokerage, auto parts, and components, while high-dividend sectors like telecommunications are preferred by conservative investors [8][12]. - The People's Bank of China reported a rare negative growth in credit for July, with new RMB loans at -50 billion yuan, indicating a shift in capital dynamics [9][10]. Policy Impact - Recent policy measures, including interest subsidies for personal consumption loans and service industry loans, aim to stimulate market confidence and direct funds into consumption sectors [11][12]. - The central bank's liquidity injection through reverse repos reflects ongoing efforts to support the market [11]. Future Outlook - Analysts suggest that if the interest subsidy policies lead to a recovery in actual consumption, corporate earnings may enter a recovery phase, potentially benefiting the A-share market [17]. - The current market sentiment is seen as an extension of the previous rally, with a focus on structural opportunities and value differentiation amid ongoing challenges [17][18].

Core Viewpoint - The A-share market has experienced a significant surge since July, with the Shanghai Composite Index breaking the 3700-point barrier, driven by strong sector performances and positive market sentiment [2][3][4]. Market Performance - As of August 15, 2023, the Shanghai Composite Index closed at 3696.77 points, with a 0.83% increase, while the Shenzhen Component Index and the ChiNext Index rose by 1.60% and 2.61%, respectively [2][3]. - Since July, the overall A-share market has shown steady progress, with a notable performance in sectors such as components, communication equipment, and medical services, each exceeding a 25% increase [2][4]. Sector Analysis - The top-performing sectors since July include: - Components: 30.67% - Communication Equipment: 28.26% - Medical Services: 25.14% [4][5]. - Notable stocks in these sectors include: - Shenghong Technology, with a stock price increase of nearly 70% since July [6]. - New Yisheng, with an increase of over 80% in the same period [6]. Earnings Reports Impact - The release of mid-year earnings reports has positively influenced stock prices, with companies like Industrial Fulian and Shentong Technology seeing significant stock price increases due to strong earnings [9]. - Industrial Fulian reported a 35.58% increase in revenue and a 38.61% increase in net profit for the first half of 2025 [9]. Future Investment Directions - Analysts suggest focusing on sectors with long-term potential, including new consumption, new pharmaceuticals, and hard technology, driven by economic transformation and industrial upgrades in China [10].

Market Performance - The component sector increased by 2.23% compared to the previous trading day, with Zhongfu Circuit leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Zhongfu Circuit (300814) closed at 45.89, up 20.01% with a trading volume of 212,900 shares and a transaction value of 931 million [1] - Nanya New Material (688519) closed at 54.31, up 20.00% with a trading volume of 160,900 shares and a transaction value of 821 million [1] - Yihau New Material (301176) closed at 34.51, up 11.72% with a trading volume of 235,800 shares and a transaction value of 799 million [1] - Other notable performers include Gaohua Technology (688539) up 11.39%, Shengyi Technology (600183) up 10.01%, and Jinan Guoji (002636) up 9.98% [1] Capital Flow - The component sector saw a net inflow of 962 million from main funds, while retail investors experienced a net outflow of 347 million [3] - Speculative funds had a net outflow of 615 million [3]

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量 (万手) ▼ 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 其他电源设备 | 4.91 | 1795.50 | 309.78 | 31.08 | 30 | 1 | | 2 | 元件 | 4.22 | 2061.78 | 588.70 | 23.32 | 54 | ഹ | | 3 | 电子化学品 | 4.12 | 1219.00 | 239.77 | 20.79 | 40 | 1 | | 4 | 金属新材料 | 3.93 | 1623.54 | 248.12 | 23.14 | 31 | 1 | | 5 | 橡胶制品 | 3.92 | 279.90 | 50.66 | 2.78 | 20 | 0 | | 6 | 证券 | 3.82 | 11183.00 | 1493.18 | 205.01 | 50 | 0 | | 7 | 非金属材料 | 3.74 | 124.69 | 40.25 | 4.21 | 13 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [3][4] - The company is the largest FPC manufacturer globally, holding over 30% market share, and is well-positioned to benefit from the growing demand for AI-related products and new categories such as foldable screens and AI glasses [4][5] - The company is expanding its high-end HDI and SLP product lines into the AI server and optical module markets, with ongoing collaborations with well-known server manufacturers and CSPs [5] Financial Performance Summary - In H1 2025, the company achieved a gross margin of 19.07%, an increase of 1.10 percentage points year-on-year, and a net profit margin of 7.49%, up 1.51 percentage points year-on-year [3] - The company has revised its profit forecasts for 2025, 2026, and 2027, expecting net profits of 4.514 billion, 5.515 billion, and 6.502 billion yuan respectively, reflecting an upward adjustment from previous estimates [3][6] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 26.9, 22.0, and 18.7 times respectively, indicating a favorable valuation outlook [6]