另一边，国内政策暖风频吹。央行10天砸了1.4万亿流动性，银行、券商这些"喝水大户"直接受益。再加上陆家嘴论坛要开了，金融大佬们估计要放出大 招，比如降准或者刺激消费，这波政策红利可不能错过。 二、政策面：房地产松绑，科技监管加码 政策这事儿，得看两头。一头是房地产，广州全面取消限购限售，其他城市估计要跟风。地产链上的建材、家居股可能要喘口气，但别指望暴涨，毕竟房住 不炒的基调还在。另一头，证监会最近严查减持，ST板块被摁在地上摩擦，但高质押的题材股风险更大了，散户千万别去接飞刀。 科技这边，半导体、AI算力还是政策重点，但短期估值太高，得等回调。就像买菜，贵了总得等等打折不是？ 三、技术面：3400点拉锯战，关键支撑在哪？ 大家好，我是帮主郑重，做了20年财经记者，也是一直在市场中摸爬滚打的投资者。今天咱们不整虚的，直接唠点实在的——下周A股怎么走？机会在哪？ 风险又在哪？您且听我慢慢道来。 一、消息面：中东火药桶炸了，A股能躲多远？ 最近中东那档子事儿闹得沸沸扬扬，以色列和伊朗直接开干，伊朗核设施都被炸了。这事儿看着远，其实跟咱A股息息相关。油价蹭蹭往上涨，全球供应链 又得抖三抖，A股里那些出口依赖度高的 ...

策 略 研 究 华福证券 策略定期研究 2025 年 6 月 15 日 行业热点：暑假电影档即将拉开序幕，SNEC 大会开幕。（1）暑假电 影档即将拉开序幕，中外影片供给多元。（2）SNEC 大会开幕，行业"反 内卷"共识强化。（3）多家车企承诺账期不超 60 天，产业链资金状况有 望优化。 相关报告 如何看 3400 点拉锯战？ 投资要点： 本周（6/9-6/13）市场先扬后抑，全 A 收跌-0.27%。从指数情况看， 仅创业板指收涨，中证 1000、科创 50 领跌。从风格情况看，医药医疗、 周期领涨，科技、消费领跌。本周 31 个申万行业涨少跌多，有色金属、石 油石化、农林牧渔领涨，建筑材料、家用电器、食品饮料领跌。 策 略 定 期 报 告 市场观察：股债收益差小于+1 标准差，市场情绪提振。（1）市场估 值：股债收益差下降至 1.3%，小于+1 标准差。估值分化系数有所下降。（2） 市场情绪：市场情绪提振，行业轮动强度上升。市场大盘风格占优，微盘 股指数跑赢市场，主题热度主要聚集在稀土永磁、黄金珠宝、油气开采。 （3）市场结构：市场量能环比上升，非银金融、有色金属、传媒多头个股 占比居前，美容护理、计 ...

证券研究报告·行业跟踪周报·电子 电子行业跟踪周报 甲骨文资本开支亮眼，关注二、三线 AI 厂商 相关投资-算力周报 增持（维持） ◼ 甲骨文 25/26 财年资本开支亮眼，关注二、三线 AI 大厂相关投资 本周算力产业链相关公司股价持续强劲。全周行情来看，数通 PCB/CCL 板块中沪电股份+9%、广和科技+7.37%、生益电子+5.66%； 服务器代工方面，工业富联+2.9%。对于算力需求，此前市场关注焦点 仅在北美头部云服务厂商资本开支方面，但二线云服务厂商及其他 AI 相关厂商等长尾客户需求依然值得重视。如本周甲骨文发布 FY25Q4 财 报，公司 25 财年资本支出超 210 亿美元，同增超 3 倍，指引新财年资 本开支将超 250 亿美元。马斯克旗下 xAI 启动了 50 亿美元债务销售， 这笔资金可能有助于马斯克继续大举投资 AI 基础设施。此外如本周黄 仁勋在 GTC 巴黎演讲中提到的英国云服务商 Nebius 和 Nscale，Nebius 已启动了一项 10 亿美元的私人配售，Nscale 正在推进一项总额约 27 亿 美元的融资计划。 ◼ 甲骨文：26 财年资本开支 250 亿美元，数据 ...

Core Viewpoint - Jiangsu Litong Electronics Co., Ltd. has achieved revenue growth in 2024 through strategic transformation into dual main business operations, focusing on precision metal components for LCD TVs and AI computing cloud services, despite a decline in net profit and cash flow [1] Financial Data Analysis - Revenue for 2024 reached 2,247.56 million yuan, an increase of 18.72% year-on-year, primarily driven by the rapid development of the AI computing business, which contributed 455.20 million yuan, a staggering increase of 3,817% [2] - Sales of precision metal components for LCD TVs decreased by 3.06% to 1,527.33 million yuan, while electronic components sales fell by 11.55% to 154.60 million yuan [2] - Net profit attributable to the parent company was 24.62 million yuan, down 38.77% year-on-year, with a non-recurring net profit of 5.89 million yuan, a decline of 71.10% [3] - The manufacturing segment reported a net loss of 115.68 million yuan, with a gross margin of 8.65%, down 6.26 percentage points [3] - AI computing business net profit was 142.31 million yuan, with a gross margin of 53.42%, up 9.39 percentage points [3] Earnings Per Share - Basic earnings per share were 0.10 yuan, a decrease of 37.50%, while non-recurring earnings per share were 0.02 yuan, down 75.00% [4] Expense Analysis - Sales expenses increased by 7.81% to 22.80 million yuan, indicating stable growth [5] - Management expenses rose significantly by 33.66% to 182.48 million yuan, driven by stock incentive plans and rising labor costs [6] - Financial expenses surged by 315.14% to 55.98 million yuan, primarily due to unrecognized financing costs from the AI computing business [7] - R&D expenses grew by 8.77% to 84.26 million yuan, supporting advancements in both AI computing and LCD TV components [8][9] Cash Flow Analysis - Net cash flow from operating activities fell sharply by 89.78% to 74.84 million yuan, indicating potential issues in cash collection or cost control [10] - Net cash flow from investing activities was -372.34 million yuan, a decrease of 54.83%, suggesting a slowdown in fixed asset investments [11] - Net cash flow from financing activities turned negative at -22.77 million yuan, a decline of 105.84%, reflecting significant debt repayments or financing costs [12]

Market Overview - On June 12, A-shares showed mixed performance with the ChiNext index being relatively strong, closing at 2067.15 points, up 0.26% [1] - The total market turnover reached 1.3035 trillion yuan, an increase of 16.9 billion yuan compared to the previous trading day [1] - Over 2300 stocks in the market rose, with new consumption concept stocks becoming active again, particularly in the IP economy and beauty care sectors [1] IP Economy - The IP economy concept remains hot, with LABUBU creating a global phenomenon, and the stock price of Pop Mart, the "first stock of trendy toys" in Hong Kong, reaching a historical high of 283.4 HKD per share [2] - A-share IP economy stocks saw significant gains, with stocks like Baixinglong and Aoya shares hitting the daily limit of 30% and 20% respectively [2] - Companies like Yidian Tianxia and Qingmu Technology reported business cooperation with Pop Mart, indicating a growing relationship within the IP economy [2] Computing Power Industry - The computing power industry chain showed strong performance, particularly in the optical module sector, with Tianfu Communication rising over 10% and Mingpu Optical Magnet hitting the daily limit [4] - Zhongji Xuchuang's stock price increased by 7.43%, with a trading volume of 10.021 billion yuan, indicating strong market interest [4] - The demand for 800G optical modules is expected to grow significantly next year, driven by AI infrastructure and traditional cloud data center upgrades [4][5] Future Market Trends - The technology sector is expected to remain stable, with potential upward momentum driven by dividends, consumption, and technology [6] - The market is anticipated to maintain a steady upward trend following recent monetary policy adjustments, with a focus on sectors like automotive, consumer electronics, and software development [6] - The "technology + consumption" theme is suggested as a potential main rotation line for the second half of the year, with emphasis on AI, humanoid robots, and new consumption opportunities [6]

（原标题：和讯投顾陶亚威：静待科技共振放量） 大家有没有发现一个问题，最近指数不管怎么跳水，都会被收上来，比如说早上跌了一波，10个点立马收上来了，下午小跳了一下，也是立马就 收上来了，而且一直稳在3400点不去做大幅度拉升，跳水了有维护量能也一直维持在1.3万亿左右，有很多人说市场在这个位置站上3400之后不放 量，迟早会暴跌了，和讯投顾陶亚威认为这完全是扯淡，这个位置一直横盘不去做突破的一个主要原因，是市场在等待一个信号，等待科技股全 面反攻。啊科技股如果不走起来，市场是不可能够放量去站稳3400的，因为靠那些小题材和抱团题材是带来不了赚钱效应的，大部分人不赚钱， 那么就没有更多的场外资金愿意进入这个市场，愿意在3400点之上去追高。其实现在这个市场就是在等这些抱团题材或者是小题材彻底轮动结束 了之后，推出一个新主线，能够打造出人气，打造出赚钱效应，带着整个指数和整个指数共振一起往上攻。 科技板块里面的4大题材，啊老婆很早就讲过机器人算力固态电池，眼镜目前来说都是蠢蠢欲动，大家可以去看一下今天的盘面啊有一个信号非常 值得注意，就是计算力和固态电池走强了之后，今天机器人也同步走强了，宏泰在今天早盘放量反包上 ...

证券代码： 300536 证券简称：农尚环境 武汉农尚环境股份有限公司投资者关系活动记录表 | 投资者关系活动 | | | | □特定对象调研□分析师会议 | | --- | --- | --- | --- | --- | | 类别 | | | | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | | | | □现场参观 | | | | | | □其他（请文字说明其他活动内容） | | | | | 参与单位名称及 | 投资者网上提问 | | | | | 人员姓名 | | | | | | 时间 | 2025 12 日（周四）下午 14:30~16:50 | 年 | 6 | 月 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | | | 采用网络远程的方式召开业绩说明会 | | | | | 上市公司接待人 | 1、董事长林峰 | | | | | 员姓名 | 2、董秘贾春琦 投资者提出的问题及公司回复情况 | | | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、新疆阿克苏算力项目：6 月底能否按计划建成并投入运营 ...

Group 1 - The A-share market showed a mixed performance with the Shanghai Composite Index up by 0.07%, Shenzhen Component Index up by 0.05%, and the ChiNext Index up by 0.5%, while the North Star 50 and Sci-Tech 50 indices fell by 0.38% and 0.12% respectively, with a half-day trading volume of 793.75 billion yuan [1] - The IP economy is gaining traction, with companies that have strong IP product development and operation capabilities expected to benefit from increased IP traffic, as highlighted by Guotai Junan's research report [1] - The media sector is experiencing a surge in AI applications, with 2023 anticipated to be a pivotal year for the explosion of open-source large models in China, reshaping the application landscape [1] Group 2 - The Entertainment and Media ETF (516190) closely tracks the China Securities Entertainment and Media Index, covering emerging sectors such as gaming, advertising, film and animation, tourism, and digital publishing, with nearly 70% of its mainboard components and over 30% from the ChiNext board, showcasing both stable performance and high growth potential [2] - The entertainment and media sector is driven by multiple factors including policy support, technological innovation, and cultural export, presenting significant investment value [2]

受此影响， 谷子经济板块最近持续走强，今天上午掀起涨停潮 ，奥雅股份、德艺文创等个股迎 来"20CM"涨停。市场对谷子经济板块的热情，一方面延伸至整个文化传媒板块，另一方面也扩散至新 消费赛道。 WAKUKU、LABUBU，已成为A股市场的高频词。 前者是量子之歌旗下潮玩品牌Letsvan的核心原创产品，后者是泡泡玛特的知名IP。隔夜中概股量子之 歌涨超30%，近4个交易日连续大涨，泡泡玛特今天上午盘中股价再创历史新高。 算力产业链领涨 今天上午， AI主线迎来反弹 。其中，算力产业链领涨，光模块、铜缆高速连接等板块涨幅居前。 中际旭创、天孚通信、博创科技、德科立等龙头股大涨，其中， 中际旭创（300308）上涨8.73%，最新 市值为1305亿元；成交额为77.23亿元，居A股第一 。 | | 、共封装光学 (CPO)。 2168.30 1.79% | | G | | | --- | --- | --- | --- | --- | | 成分股 | 基金 资金 板块分析 | | | 新闻 | | 5展开分析 | | 最新 | 涨幅 ◆ | 流通市值 | | 天孚通信 300394 | | 76.05 | 11 ...

Group 1 - The core viewpoint of the news is the strategic merger between Haiguang Information and Zhongke Shuguang, which is seen as a significant event in the domestic computing power industry, optimizing resource allocation and fostering innovation [1][4] - The merger involves a share exchange ratio of 0.5525:1, with Haiguang Information as the absorbing party and Zhongke Shuguang as the absorbed party, aiming to enhance collaboration between high-end chips and systems [2][5] - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and rights from Zhongke Shuguang, with new shares to be listed on the Sci-Tech Innovation Board [3] Group 2 - The merger is expected to create synergies by combining Haiguang Information's expertise in high-end processor design with Zhongke Shuguang's capabilities in high-end computing and digital infrastructure [4][5] - This strategic move aligns with the trend of promoting domestic self-sufficiency and is seen as a natural response to the demands of technological competition, enhancing the competitiveness of the domestic computing power industry [5] - The merger is the first major absorption merger transaction following the revision of the "Major Asset Restructuring Management Measures" on May 16, indicating a positive trend in the capital market for mergers and acquisitions [6]