资料显示，海能达通信股份有限公司位于广东省深圳市南山区高新区北区北环路9108号海能达大厦，成 立日期1993年5月11日，上市日期2011年5月27日，公司主营业务涉及主要从事对讲机终端、集群系统等 专业无线通信设备的研发、生产、销售,并提供整体解决方案,是全球主要的专业无线通信设备提供商之 一和我国专业无线通信行业的龙头企业。主营业务收入构成为：终端44.36%，系统42.37%，OEM及其 他13.27%。 海能达所属申万行业为：通信-通信设备-通信网络设备及器件。所属概念板块包括：区块链、智能汽 车、世界杯、华为汽车、核心网等。 截至6月30日，海能达股东户数29.05万，较上期增加1.57%；人均流通股4415股，较上期减少1.54%。 2025年1月-6月，海能达实现营业收入22.59亿元，同比减少17.50%；归母净利润9358.18万元，同比减少 42.37%。 8月29日，海能达盘中下跌2.03%，截至13:46，报13.06元/股，成交6.95亿元，换手率4.11%，总市值 237.51亿元。 分红方面，海能达A股上市后累计派现3.09亿元。近三年，累计派现0.00元。 资金流向方面，主力 ...

Company Overview - Fenghuo Communication is located in Wuhan, Hubei Province, and was established on December 25, 1999, with its listing date on August 23, 2001. The company specializes in the research, production, and sales of network information security products and mobile information products [1][2]. Financial Performance - For the first half of 2025, Fenghuo Communication reported operating revenue of 11.117 billion yuan, a year-on-year decrease of 19.73%. However, the net profit attributable to shareholders increased by 32.02% to 287 million yuan [2]. - The company has cumulatively distributed 3.791 billion yuan in dividends since its A-share listing, with 494 million yuan distributed over the past three years [3]. Stock Performance - As of August 29, Fenghuo Communication's stock price was 27.43 yuan per share, with a year-to-date increase of 42.26%. In the last five trading days, the stock rose by 3.28%, and over the past 20 and 60 days, it increased by 24.06% and 33.60%, respectively [1]. - The company has seen a net outflow of 55.32 million yuan in principal funds recently, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 128,200, a decrease of 8.49% from the previous period. The average number of circulating shares per person increased by 9.28% to 9,102 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 15.7589 million shares, an increase of 242,300 shares from the previous period [3].

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]

策略主题报告 证券研究报告 2025 年 08 月 28 日 还是靠出海赚钱！——再论出海定价"十大关键" 虽然 2025 年全球市场环境对于中国企业出海出口并不算友好，但我国出口依 旧体现出了较强韧性，2025 年 1-7 月出口增速（以人民币计）达 7.30%，同时 2024 年中国制造业 500 强海外员工增长 14.26%，2025 年上半年对"一带一 路"沿线非金融类 OFDI 亦延续高增 20.70%。就资本市场定价而言，相较于去 年上半年出海出口链大规模β定价，虽然年初至今出海出口链定价由β定价减 弱，但依然是 2025 年以来主动权益基金超额业绩的主要来源。事实上，当我 们对年初至今收益排名在前 25%的主动权益基金重仓持股进行梳理后发现"赚 钱还是看出海"：2025 年初至今收益越高的主动权益基金其对于出海的配置敞 口整体越高——整体而言，收益前 25%的主动权益基金其对出海的配置比例较 全部主动基金高出了 5.47 pct。而从配置线索层面观察，亦能够发现：无论 是重仓全球 AI 算力链或是重仓创新药 BD，还是重仓新消费下的泡泡玛特，其 背后本质均为出海。事实上，"赚钱还是看出海"背后核 ...

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.1% and the ChiNext Index down 0.58%, with sectors like rare earth permanent magnets, energy metals, liquid cooling services, and insurance leading the declines [1] - Galaxy Securities forecasts increased market volatility, suggesting that technology growth will remain the mainstream, while military and non-ferrous sectors may see rotational rebounds [1] - The market is expected to enter an acceleration phase, with a recommendation to focus on relatively low-positioned sectors and quality stocks to wait for rotation and rebound opportunities [1] Group 2 - China Merchants Securities indicates that the market is currently in the second phase of a bull market, characterized by capital-driven dynamics and a focus on key sectors, recommending attention to innovative drugs, CXO, domestic computing power, robotics, and domestic AI agents [2] - The mid-year report performance disclosure is nearing completion, with high median growth rates observed in non-bank, agriculture, non-ferrous metals, steel, electronics, and machinery sectors for the first half of the year [2] - Analysts have recently upgraded profit forecasts for various sectors, including cross-border e-commerce, communication network equipment, LED, lithium battery equipment, medical R&D outsourcing, fluorochemical, gaming, film and animation production, and wind power components for 2025 [2] Group 3 - Orient Securities suggests that the market is facing a short-term adjustment but does not expect a major wave of correction, with strong support in the 3700-3750 point range [3] - The market is anticipated to undergo wide fluctuations to complete a "gear shift," returning to a "slow bull" atmosphere, with new highs still possible [3] - In the "slow bull" market, there is a focus on non-bank sectors and continued optimism for technology growth sectors, particularly AI computing, aerospace and military, and AI applications [3]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

Company Overview - Mingpu Optoelectronics Co., Ltd. is located in Dongguan, Guangdong Province, established on June 25, 2008, and listed on September 29, 2017. The company specializes in the research, production, and sales of optoelectronic communication components [1][2]. Financial Performance - For the first half of 2025, Mingpu Optoelectronics achieved operating revenue of 806 million yuan, representing a year-on-year growth of 0.84%. The net profit attributable to shareholders was -73.04 million yuan, showing a year-on-year increase of 7.78% [2]. - As of June 30, the number of shareholders increased to 65,400, up 14.93% from the previous period, while the average circulating shares per person decreased by 12.96% to 2,714 shares [2]. Stock Performance - On August 27, the stock price of Mingpu Optoelectronics rose by 2.03%, reaching 25.12 yuan per share, with a trading volume of 302 million yuan and a turnover rate of 6.91%. The total market capitalization stood at 5.903 billion yuan [1]. - Year-to-date, the stock price has increased by 7.44%, with a 6.08% rise over the last five trading days, an 18.77% increase over the last 20 days, and a 34.84% increase over the last 60 days [1]. Business Segmentation - The company's main business revenue composition includes: magnetic components (58.20%), optical communication products (19.16%), power adapters (12.23%), communication power supply system equipment (7.55%), and others (2.84%) [1]. Dividend Distribution - Since its A-share listing, Mingpu Optoelectronics has distributed a total of 45.48 million yuan in dividends, with 6.98 million yuan distributed over the past three years [3].

8月27日，太辰光盘中上涨2.00%，截至10:09，报121.38元/股，成交7.50亿元，换手率3.26%，总市值 275.69亿元。 资金流向方面，主力资金净流出4281.30万元，特大单买入4579.55万元，占比6.11%，卖出8763.15万 元，占比11.69%；大单买入2.04亿元，占比27.23%，卖出2.05亿元，占比27.36%。 太辰光今年以来股价涨68.82%，近5个交易日跌2.43%，近20日涨2.59%，近60日涨56.76%。 今年以来太辰光已经2次登上龙虎榜，最近一次登上龙虎榜为2月5日，当日龙虎榜净买入1.57亿元；买 入总计7.00亿元 ，占总成交额比20.16%；卖出总计5.43亿元 ，占总成交额比15.64%。 资料显示，深圳太辰光通信股份有限公司位于广东省深圳市坪山区坑梓街道秀新社区锦绣中路8号太辰 光通信科技园-101(1、2、3号楼)(一照多址企业)，成立日期2000年12月12日，上市日期2016年12月6 日，公司主营业务涉及光器件的研发、生产和销售。主营业务收入构成为：光器件产品98.02%，其他 1.81%，光传感产品0.17%。 太辰光所属申万行业为： ...

8月27日，光库科技盘中上涨2.12%，截至10:17，报90.89元/股，成交7.89亿元，换手率3.58%，总市值 226.48亿元。 资金流向方面，主力资金净流出5578.59万元，特大单买入3878.00万元，占比4.91%，卖出7101.28万 元，占比9.00%；大单买入1.94亿元，占比24.55%，卖出2.17亿元，占比27.53%。 光库科技所属申万行业为：通信-通信设备-通信网络设备及器件。所属概念板块包括：3D打印、光纤光 缆、激光概念、5G、激光雷达等。 截至6月30日，光库科技股东户数3.80万，较上期增加1.70%；人均流通股6496股，较上期减少1.55%。 2025年1月-6月，光库科技实现营业收入5.97亿元，同比增长41.58%；归母净利润5186.97万元，同比增 长70.96%。 分红方面，光库科技A股上市后累计派现1.91亿元。近三年，累计派现8271.42万元。 机构持仓方面，截止2025年6月30日，光库科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股200.90万股，相比上期增加90.10万股。南方中证1000ETF（512100）位居第八大流 ...

Core Viewpoint - The company, Wuhan LianTe Technology Co., Ltd., is experiencing significant growth in its optical communication module business, particularly benefiting from the demand in data centers and 5G applications, alongside favorable currency conditions due to the depreciation of the RMB [2][4]. Company Overview - Wuhan LianTe Technology was established on October 28, 2011, and went public on September 13, 2022. The company specializes in the research, production, and sales of optical communication transceiver modules [7]. - The main revenue composition includes 93.93% from optical modules of 10G and above, 5.09% from below 10G modules, and minor contributions from processing services and components [7]. Market Position and Performance - As of March 31, 2025, the company reported a revenue of 236 million yuan, marking a year-on-year growth of 31.02%, and a net profit of 18.7 million yuan, which is a staggering increase of 499.92% [8]. - The company has a significant overseas revenue share of 89.07%, which is positively impacted by the depreciation of the RMB [2]. Product and Technology - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production. It is currently working on advanced technologies such as EML, SIP, and TFLN modulation for 800G optical modules [2][3]. - The optical modules are primarily used in the data communication market, which has become the fastest-growing segment, surpassing the telecom market. The 5G construction is expected to significantly boost the demand for optical modules in telecommunications [2]. Investment and Trading Activity - On August 26, the company's stock rose by 4.48%, with a trading volume of 1.234 billion yuan and a turnover rate of 15.35%, leading to a total market capitalization of 15.468 billion yuan [1]. - The average trading cost of the stock is 106.84 yuan, with the stock price nearing a resistance level of 121.85 yuan, indicating potential for upward movement if this level is surpassed [6].